Even in dreams, we seek meaning and coherence through the stories of the dream. There are dreams that do not mean anything, as we say; they flicker like a film being run too quickly. Other dreams are so full of meaning that we wake up and know there is something we must retain ­ dreams that contained both remains of the day and pictures of childhood and the past, symbols like fire and bridges and sea and cliffs and deserted houses. The brain makes us both dream and attempt to interpret our dreams. Freud spoke of the causality of dream; Jung of the finality of dream. One, then, was about the cause of dreaming and the other about the intention with a dream. Fairy tale and myth have illuminated the idiom of dreams, and the idiom of dream has illuminated fairy tales and myths. Let us take a single example: travel. Some of the oldest fairy tales in the world are about departure and travel. So are many dreams. On waking up, we are confused because we cannot remember which town we were in, which streets and which houses. Hans Christian Andersens first fairy tale, called The Travelling Companion, is known in countless earlier variations. The oldest go back to one of the scripts that were not incorporated into the Old Testament, the so-called apocryphal texts. Here, the story is told of a son who takes leave of his father to embark on a great journey to Equatana to find a wife. It is a dangerous journey, but on the way he meets a travelling companion who presents himself as a human being, but in fact is a disguised angel. In Andersens story, the travelling companion is a dead man whom the main character, called Johannes, once freed from a debt. On his journey, Johannes had gone into a church and seen a coffin containing the dead man. In the middle of the night two men force their way into the church. They want to throw the dead man out as revenge for his not having paid them what he owed them. When Johannes hears the size of the debt, he pays what the dead man owed and continues his journey the following day. The two who wanted revenge laugh and accept the money and leave the dead man in peace. As Johannes goes on, he meets a stranger who joins him as a travelling companion. Andersen keeps the revelation of who the travelling companion is until the end of the story. That the dead can join us on our journey between life and death is something we know from our dreams. The fairy tale requires an interpretation like any good dream. Jung says that in the world of dream we are our own theatre, our own author and stage director, our own actors and scenographers, indeed even our own critics. This means that dreams probably come from the creative, imaginative part of the brain, while the process of interpreting them requires the critical side of the brain, the side containing the ability to think logically and to analyse. I am grateful for my teachers in school and at university. If we had not learned to analyse, we would be at the mercy of the last speaker, subject to any cheap propaganda and easy effect. Heinrich Böll recalls that he had a teacher who allowed his pupils to analyse Hitlers speeches. There was no need for him to say what he thought about Hitler ­ it was sufficient that he asked critical, analytical questions of a factual, academic nature. The speeches could not survive that, and they fell apart. Long live analysis. And yet we seek more than analysis. Analysis of course means to break up, to loosen in Greek ­ while the Greek word synthesis means putting together and creating a whole. The brain enables us to do both. We can experience a work of art, a picture, a cathedral, a piece of sculpture, a novel, a drama or a poem as a whole. We can then analyse what it is that makes such a great impression on us, and after having taken the entire thing apart, we can put it all together again to form the whole by which we were first fascinated. But memory and recollection, dreams and interpretation are not the only impulses from the brain. There is yet another dimension: the ethical impulse. Kant called this impulse the categorical imperative. I believe this means that it is always required of us that we shall be human. But of course, we are all human beings together. A human being is not something we are, but something we must try to become. In everyday language we say in Danish, After this he / she will never be a human being again. In Shakespeares plays there are human beings who go totally to pieces after participating in inhuman deeds. Lady Macbeth is a single example. Her brain cannot encompass all the blood and brutality to which she has been a witness. She becomes a sleepwalker and is worn down by nightmares that drive her to suicide. Primo Levi, who was a concentration camp prisoner, tried to write his way out of the inhumanity of which he had been a victim and to which he had been a witness, but he also chose death. If This is a Man, is the title of one of his shocking and unforgettable books. It surely means: if this is a human being, why do you treat him as a non-human. Ecce Homo ­ Behold, this, too, is a human being like you ­ were already the words of Pontius Pilate. 14 Annual Report 1999 1999 was both an eventful and a successful year for H. Lundbeck A/S. The years biggest event was the Supervisory Board Arne V. Jensen (Chairman) Flemming Lindeløv Lars Bruhn (Vice-Chairman) Henrik He Board of Management Erik Sprunk-Jansen President & CEO Flemming Juul Jensen Executive Vice Pres Contents The basis of our activities Group financial highlights 1995-1999 Report 1999 An Essay on T Acalypha wilkesiana (East Indies). Copperleaf is a foliage plant that is related to the common Poins The basis of our activities The basis of our activities is the brain and its functions ­ and the dis Report 1999 Significant events in the financial year The substantial growth in recent years resultin Profit for the year (DKKm) 650 600 550 500 450 400 350 300 250 200 150 100 50 0 1995 1996 Profit for Profit before tax was DKK 926 million, while profit after tax and minority shareholders was DKK 616 Research and development costs (DKKm) 900 800 700 600 500 400 300 200 100 0 1995 1996 1997 1998 1999 Today, manufacturers of generic products are allowed to market and sell generic Cipramil® in a numbe Income from Celexa® (DKKm) 800 700 600 500 400 8% 300 200 100 0 1996 1997 1998 1999 6% 4% 2% 0 9% 18 Agaricus bisporus (Europe). The Portobello mushroom is an ordinary, brown garden mushroom that is gr expressions, their peculiar qualities. Memory can think of a name. But for recollection the name is Even in dreams, we seek meaning and coherence through the stories of the dream. There are dreams tha Oreocereus doelzianus (The Andes). The hairs protect the cactus against the cold and the strong morn It seems to me that more than memory and recollection it is the ethical impulse that makes the human A multitude of nuances in language speak of fundamental moods that derive from the brain. Mood, humo Fucus serratus. Serrated wrack. A form of brown alga. Common in Danish waters. 18 Readers who do not share Kierkegaards religious view of life can nevertheless not get away from Kier Research and Development thus strengthened our total development portfolio in 1999, partly through p Rebutia heliosa (Bolivia). A rather hardy, conical cactus that has adapted to great heights and a ha progress with the aim of uncovering new molecular mechanisms involved in the development of depressi Development portfolio Compound Almotriptan S-enantiomer Rasagiline TV 1203 Siramesine Gaboxadol Lu 3 Cipramil® prevents depression Lundbeck has carried out two studies of the prophylactic effect of Cip The patients were then randomised ­ in accordance with a code ­ for double-blind treatment with eith Citalopram benefits society Depression is a severe disease that results in a massive loss of working Alocasia odora (tropical Asia). Green foliage plant. Grown for its appearance. and 60 years of age, Fucus serratus. Serrated wrack. A form of brown alga. Common in Danish waters. Lundbeck on the worl Despite the growing use of antidepressants, the market will be affected in the years ahead by the ex In the 1960s, treatment of anxiety was revolutionised with the introduction of benzodiazepines, whic prove diagnosis of the disease. It is estimated that, within any given year, around 25% of patients Hibiscus (tropical plant). Better known in Denmark as the Hawaii flower. The beautiful stamens can b Lundbecks products Antidepressants Cipramil®/Seropram®/Cipram®/Celexa®/Sepram® (citalopram) Indicati Brassica oleracea. Better known as red cabbage. An edible cultivated plant that has been known since Growth in a good environment Lundbeck regards it as vital that fast growth and continuous improvemen Accounts Accounts Accounts Summary for the Group 1993-1999 Profit and loss account (DKKm) Net turnover Profit before research Ratios Net profit ratio (%) Return on assets (%) Return on equity (%) R&D costs as a percentage Comments on the accounts Accounting policies The Accounts have been prepared in accordance with Int In addition, Lundbeck expected a profit before tax above DKK 900 million, which is consistent with t Comments on the accounts Costs Lundbecks total costs, exclusive of financial items and tax, were DK DKK 7 million in 1999, against a net loss of DKK 2 million in 1998. Net currency income included in Comments on the accounts Cash flow Lundbecks cash flow from operating activities amounted to DKK 83 The Supervisory Board proposes distribution of a dividend of DKK 2.25 per share, or DKK 130 million. Comments on the accounts Incentive plans Three new incentive plans were introduced at Lundbeck in c The company has authorisation to grant 500,000 options. On 17 June 1999, the company purchased 500,0 Comments on the accounts Managing financial risks Lundbecks growing internationalisation through th Foreign currency risk Foreign currency exposure is a result of Lundbecks international activities. U Accounting policies General The annual accounts and the consolidated accounts have been prepared in Tax The parent company is jointly taxed with the two Danish and some of the foreign subsidiaries. Th Accounting policies Public loans and grants State development loans with a forgivable clause are re The net revaluation of shareholdings in subsidiaries is taken to the reserve for net revaluation acc Accounting policies Cash flow statement The consolidated cash flow statement is presented according Profit and loss account for the year ended 31 December 1999 Parent Company 1998 DKKm 2,095.5 702.5 Balance sheet at 31 December 1999 Assets Parent Company 1998 DKKm 15.7 25.7 41.4 503.8 168.6 113.7 Balance sheet at 31 December 1999 Liabilities Parent Company 1998 DKKm 110.0 205.9 1,457.3 45.0 1,8 Cash flow statement for the year ended 31 December 1999 Group 1999 DKKm 862.3 153.0 - 4.0 1,011.3 9 Signatures Copenhagen, 29 Februrary 2000 The Supervisory Board and the Board of Management have tod Notes 1. Net turnover Parent company 1998 DKKm 281.4 1,490.9 253.1 70.1 2,095.5 1999 DKKm 308.8 1,7 2. Staff costs - continued Incentive plans: In 1999, the company introduced a share option plan for Notes 3. Writedowns and provisions for Serdolect® Parent company 1998 DKKm 1999 DKKm The years writ 5. Audit fees Parent company 1998 DKKm 1999 DKKm Deloitte & Touche: Auditing services Non-auditi Notes 6. Financial items, net Parent company 1998 DKKm 49.3 5.1 43.7 12.8 110.9 18.9 8.4 23.9 4.8 2 7. Tax on the profit for the year Parent company 1998 DKKm 131.6 - 2.2 1999 DKKm 154.0 1.4 Current t Notes 8. Intangible and tangible fixed assets Group Product rights DKKm Purchase price at 1.1.1999 Land and buildings DKKm 687.8 1.8 - 0.8 194.7 5.3 878.2 171.9 0.2 43.5 4.2 211.4 666.8 Plant and ma Notes 9. Shares in subsidiaries Total DKKm Book value at 1.1.1999 Adjustment due to changed account 9. Shares in subsidiaries - continued Currency Nominal capital `000 200 1,000 200 400 5 60 500 5,000 Notes 10. Other shareholdings and other receivables Parent company Other shareholdings DKKm 9.6 94. 13. Capital and reserves Group Share capital DKKm Capital and reserves at 1.1.1998 Adjustment due to Notes 13. Capital and reserves - continued Parent company Share capital Share premium Reserve for n 14. Provisions for pensions and similar commitments Group The majority of the employees of the Group Notes 15. Provisions for deferred tax Group Temporary differences between calculations for accounti 15. Provisions for deferred tax - continued Parent company Temporary differences between statements Notes 16. Other provisions Group Share options for Group management and key employees DKKm Provisio 17. Long term debt Parent company 1998 DKKm 20.1 1999 DKKm 15.9 Mortgage debt due after five years 1 Notes 19. Contractual obligations Rental and leasing obligations Lundbeck has commitments amounting 20. Contingent liabilities Letters of intent The parent company has issued letters of intent to subs Notes 21. Financial derivatives Currency risk Net forward exchange contracts outstanding at 31 Dece 21. Financial derivatives - continued Interest rate risk The interest rate risk has been calculated Notes 22. Related party transactions Lundbeck defines related parties as: - The companys principal 24. Earnings per share (EPS) Earnings per share (EPS) is calculated as: (profit after tax and minori Shareholder Information Market value 1999 The allotment of shares in connection with the flotation Salvinia natans (tropical/subtropical plant) and Lemna (worldwide). Floating water ferns and duckwee Lundbeck worldwide For further information please see our homepage: www.lundbeck.com The UK Region Photos Thomas Grøndahl, Rigmor Mydtskov, et al. Design and production CreaVision A/S Reproduction No H. Lundbeck A/S 9 Ottiliavej DK-2500 Copenhagen - Valby Denmark Tel: +45 3630 1311 Fax: +45 3630 19