Slovenia Lundbeck Pharma AS Presernova 1 (2. nadstropje) SLO-2000 Maribor Tel/Fax: +386 62 221 943 Regional Vice President: Ernst Kutrovatz Area Manager: Valerija Bali-Babli Spain Lundbeck España S.A. Av. Diagonal, 605, 9 o-1a E-08028 Barcelona Tel: +34 93 494 9620 Fax: +34 93 494 9660 General Manager: Xavier Marti Switzerland Lundbeck (Schweiz) AG Cherstrasse 4 CH-8152 Opfikon-Glattbrugg Tel: +41 1874 3434 Fax: +41 1874 3444 Regional Vice President: Franz Schneller Sweden H. Lundbeck AB Rundgången 30 B P.O. Box 23, S-250 53 Helsingborg Tel: +46 4225 4300 Fax: +46 4220 1719 Regional Vice President: Rolf Gisel-Ekdahl South Africa Lundbeck South Africa (Pty) Limited 372 Oak Avenue, Ferndale ZA-2125 Randburg Tel: +27 1 1886 7810 Fax: +27 1 1886 1081 Managing Director: Ben Christen United Kingdom Lundbeck Limited Sunningdale House Caldecotte Lake Business Park, Caldecotte GB-Milton Keynes MK7 8LF Tel: +44 19 08 64 9 966 Fax: +44 19 08 64 7 888 Regional Vice President: Jarne Elleholm The Czech Republic H. Lundbeck A/S Mosnova 4 CZ-150 00 Prague 5 Tel: +420 2 5731 4135-6 Fax: +420 2 5731 2200 Manager: Martin Pospisíl Egypt Lundbeck Egypt Scientific Office c/o Copad Egypte 11, Emad El Din Street ET-Cairo Tel: +20 2 589 7719 Fax: +20 2 589 0250 Managing Director: Mahmoud Hosney Abdel Kader Israel Lundbeck Israel c/o A. Lapidot Pharmaceuticals Ltd. Hashita St. 8, P.O. Box 3552 EL-Caeserea Industrial Park 38900 Tel: +972 6 630 9630 Fax: +972 6 623 0888 Manager: Zipi Natan Japan H. Lundbeck A/S Japan Representative Office 1-2-18 Naka-Kasai Ukita Homes, Room 1402 JP-Edogawa-Ku, Tokyo 134 Tel: +81 3 3869 1558 Fax: +81 3 3869 1559 Manager: Gido Shumitsu Pakistan Lundbeck Scientific Office c/o Pharmeceutical management Services (Pvt) Ltd. C6-2B, 3rd Street, Bath Island, Clifton PAK-Karachi Tel: +92 21 587 4954 Fax: +92 21 587 4957 Country Manager: Syed Aqeel Abbas Poland H. Lundbeck A/S Warsaw Branch Office Kubickiego 9/6 PL-02-954 Warszaw Tlf.: +48 22 642 1076 Fax: +48 22 642 5872 Acting Manager: Teresa Bugera-Piecuch Russia Lundbeck Russia Office 355 Myasnitskaya, 47 RU-103084 Moskva Tel/fax: +7 095 207 72 10 Head of Representative Office: Sergei Ivanov Saudi Arabia H. Lundbeck A/S c/o Annahdah Medical Co. Ltd. Makkah Road P.O. Box 4683 SA-Jeddah 21412 Tel: +966 2 6891 208 (ext. 405) Fax: +966 2 6896 064 Manager: Abdul Rhman A. Ali Singapore A/S Lundbeck Overseas Far East Representative Office 10 Anson Road 26-11 International Plaza SGP-079903 Singapore Tlf.: +65 220 9177 Fax: +65 220 6848 Asst. Regional Manager: Raymond Lam Slovakia H. Lundbeck A/S Zastúpenie pre Slovensko Bajkalská 18/A SK-82108 Bratislava 2 Tel: +421 7 566 87 85 Fax: +421 7 566 55 26 Manager: Vladimir Marko United Arab Emirates Lundbeck Dubai c/o Modern Pharmaceutical Co. Airport Road, Port Saeed P.O. Box 1586, UAE-Dubai Tel: +971 4 823 571 Fax: +971 4 823 565 Gulf Countries & Indian Subcontinent: Area Manager: Mammen Mathew USA The Lundbeck Corporation Law Offices of Krush & Modell Mr Davis M. Brandes 10 Rockefeller Plaza New York, NY-10020, USA Tlf.: +1 212 373 1919 Fax: +1 212 373 1920 Representative offices: Bulgaria A/S Lundbeck Overseas Representative Office World Trade Center, Office 906 36, Dragan Tzankov Blvd. BG-1040 Sofia Tel: +359 2 971 3345 Fax: +359 2 971 3387 Product Manager: Albena Petrova The Lundbeck Foundation Ottiliavej 9 DK-2500 Copenhagen - Valby Tel: +45 3630 5230 Fax: +45 3630 4163 Lundbeck International Neuroscience Foundation Dalbergstrøget 5 DK-2630 Taastrup Tel: +45 4371 4373 Fax: +45 4371 4273 35 Contents Supervisory Board and Board of Management A clear vision The way forward A continuously dev Supervisory Board Arne V. Jensen (Chairman) Jørgen Fakstorp (Vice-Chairman) Lars Bruhn Henrik He Board of Management Erik Sprunk-Jansen President Eva Steiness Executive Vice President Research an Georgios Peros, Abstract, 1990 A clear vision Lundbeck has a clear vision. We intend to become one The way forward Strategy is planning - the ability to see where we are, where we are going and how A visionary goal Our goal is to become one of the worlds leading companies in the treatment of psych A continuously developing organisation Lundbeck is a continuously developing company. Growing inter Group structure The Lundbeck Foundation H. Lundbeck A/S Synthesis factories Region Scandinavia &am The pharmaceutical industry Market conditions in the pharmaceutical industry In 1996, the global ph K. Nathanael, Sunset, 1997 Sales and marketing The sales figure for 1997 places Lundbeck as one of Lundbecks products Lundbecks research and development activities are concentrated on developing new Koprianos, Town, 1996 Lastly, Lundbeck has a promising substance under development for treatment of The Supervisory Boards Report Net turnover (DKKm) 3,000 2,662 Net turnover 2,500 2,000 1,500 1,000 During the last few years, the pharmaceutical industry has undergone marked changes, resulting in a The Supervisory Boards Report Average number of employees 2,500 Subsidiaries Parent companies 2,000 At the annual general meeting on 16 May 1997, the employee bonus/profit distribution scheme that had The Supervisory Boards Report Lundbeck International Psychiatric Institute As a specialist in psych Spyros Loukidis, Windows, 1995 17 Environmental Report The Managements Declaration Lundbeck regards openness about the companys healt Environmental Report 1997 In 1997, Lundbeck continued developing a health, safety and environmental Environmental Report Lundbeck - general Lundbeck has its headquarters, with its management, adminis K. Fyra, Abstract, 1994 The first steps in the process are often carried out in Seal Sands, while t Environmental Report Summary of the Groups environmental status Below a short summary is given of t the waste water, while the remaining approx. 1,200 tonnes are sent to a special chemical waste dispo The Lundbeck International Psychiatric Institute The Lundbeck International Psychiatric Institute Ex ment, education of patients and their families, and Quality Management within psychiatric treatment. Art can overcome prejudices In Greece, as in many other countries, the general attitude to psychiat Giannis Papadakis, Abstract, 1997 Strengthening local collaboration The exhibitions are held in col PsychiatryLink an Internet introduction http://www.psychiatrylink.com will give you the possibility Lundbeck presents http://www.psychiatrylink.com The development of the first version of Lundbecks ne EPOS EPOS: European Post-marketing Observational Serdolect®/Serlect® project: increasing our unders Giannis Pachis, Excommunication, 1997 Unlike controlled clinical trials, the EPOS project has been My dream changes from colour to black and white Depression is about the worst thing anyone can exper The pieces fall into place That was the start of a life with changing psychopharmacological drugs, a Lundbeck worldwide Parent company H. Lundbeck A/S Ottiliavej 9 DK-2500 Copenhagen - Valby Tel: +45 Slovenia Lundbeck Pharma AS Presernova 1 (2. nadstropje) SLO-2000 Maribor Tel/Fax: +386 62 221 943 R The Lundbeck Foundation Award for Outstanding Research The Lundbeck Foundation, which makes substant V. Kafivas, Garden, 1996 Accounts 37 Summary for the Group 1993-1997 Profit and loss account (DKKm) Net turnover Profit before R&D c Key figures Average number of employees Average number of shares (million)*) Earnings per share (DKK Comments on the accounts Profit for the year In 1997, profit developed positively. Profit for the y The limited effect of the policy changes in 1997 is due to the movement in the size and composition Comments on the accounts Under the changed accounting policies, the results of foreign subsidiaries At the end of 1997, Lundbecks new antipsychotic drug, Serdolect®/Serlect®, had been launched in 10 E Comments on the accounts Other operating income, net Other operating income, net, amounted to DKK 8 In 1997, capital investments totalled DKK 188 million against DKK 224 million in 1996. As in 1996, t Financial comments General In 1997, the Lundbeck Groups financial income and expenses were affected The Groups loans on mortgage credit-like terms at 31 December 1997 Outstanding debt CIBOR-based loan Financial comments At the present moment it is very likely that Italy, Spain and Portugal will also Lundbecks exchange rate index (1988 = 100) 104 102 100 98 96 94 92 90 88 (Jan.) 89 90 91 92 93 94 95 Accounting policies General The annual accounts and the consolidated accounts have been prepared in The consolidated accounts are prepared on the basis of the accounts of the parent company and the su Accounting policies Provision is made in the balance sheet for the present value of plans which are The cost of new buildings and erection by the company of its own technical installations and machine Profit and loss account for the year ended 31 December 1997 Parent company 1996 DKKm 1,411.1 503.6 Per share ratios (DKKm) 150 137 Net asset values Cash flow 125 100 80 82 114 Earnings per share Balance sheetat Assets Parent company 1996 DKKm 18.0 9.6 27.6 386.1 140.4 101.5 146.6 774.6 95.4 5. Balance sheetat Liabilities Parent company 1996 DKKm 110.0 56.1 1,086.2 1,252.3 1997 DKKm 110.0 77. Statement of sources and application of funds for the year ended 31 December 1997 Group Notes Oper Signatures Copenhagen, 12 March 1998 The Supervisory Board and the Board of Management have today c Notes to the profit and loss account 1 Net turnover Parent company 1996 DKKm 263.0 874.7 176.9 96.5 Production, distribution, administration, and research and development costs incl. depreciation etc. Notes to the profit and loss account 4 Other operating income Parent company 1996 DKKm 3.1 3.1 1997 6 Tax on the profit for the year Parent company 1996 DKKm 1.3 0.8 1997 DKKm 49.7 - 0.1 Tax due on th Notes to the balance sheet 7 Intangible and tangible fixed assets Group: Research and development c Land and buildings DKKm Technical plant and machinery DKKm Other fixtures and fittings, tools and Notes to the balance sheet 8 Shares in subsidiaries Total DKKm Book value at 1.1.1997 Adjustment du 8 Shares in subsidiaries - continued Net asset value at 31.12.1997 DKKm H. Lundbeck A/S, Norway H. L Notes to the accounts 9 Other shareholdings and other receivables Parent company Other shareholding 11 Capital and reserves Group 1996: Share capital DKKm Capital and reserves at 1.1.1996 Adjustment d Notes to the accounts 11 Capital and reserves - continued Parent company 1996: Share capital Revalu 12 Provisions for pensions Group: The Group operates with two types of pension plans: defined contri Notes to the accounts 13 Provisions for deferred tax Group: Temporary differences between calculati 13 Provisions for deferred tax - continued Parent company: Temporary differences between calculation Notes to the accounts 15 Contractual obligations Rentals and leasing obligations Lundbeck has commi Notes to statement of sources and applicational funds 17 Adjustments Group: 1997 DKKm Depreciation e Michalis Manolopoulos, Landscape, 1997 Lundbecks new logo Lundbeck has introduced a new logo that clearly expresses our identity, vision an