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May 9th, 2005 2004 Annual Report Released While the plasma industry saw a continuation of a turbulent market from 2003 into 2004, consolidated sales increased for the 10th consecutive year. Octapharma achieved 22 years of positive profit with 30 million Euros and an operating cash flow of 36 million Euros. The return on invested capital and return on average net assets were stabilized at the level of 12% and 14% respectively. 2004 was a year for consolidation and preparation for the future. Octapharma turned its attention to cost containment by reducing the workforce and by maintaining tight control over operating expenses. For the first time in the company history, operating expenses were reduced to below 17% of the net sales. At the same time, significant investments, valued at 23 million Euros, were made in the areas of R&D, production, and in new offices in the USA - all of which will reinforce the platform for future growth in 2005 and beyond. Looking ahead, 2005 should see improvements in the markets in general. All plasma fractionators have been scaling back on plasma centers and production which is expected to reduce the availability of products. With one of the most modern plasma product portfolios in the industry, augmented most recently with the addition of Wilate, our new factor VIII/ von Willebrand factor concentrate, we look forward to considerable growth, especially in the US market. In addition, as a company to hold the status of a recognised supplier to the National Blood Authority in Australia, Octapharma is now active on all continents. Please visit the financial page to download the annual report or request a hard copy. © Octapharma AG, 2005 |