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Annual
report
2017
2017
a breakthrough year,
better serving our customers
and their animals
The year 2017 will be an outstanding one in Ceva’s history: it was the year our sales broke the symbolic
€1 billion barrier, confirming our position as the sixth largest animal health company in the world.
This step was more than simply symbolic: the company’s performance this year proved the robustness
of our business model and opened up new horizons by increasing our investment capacity.
Ceva’s business grew by 20% overall, with two-thirds than 1,000 new colleagues. I am particularly proud of
of this growth attributable to our acquisition of a number our knowhow and work in achieving this .
of companies in 2016: Hertape Inovo, Brazil, Polchem,
Nevertheless, these good results were also driven by
India, Biovac, France and Ebvac in China, as well as the
organic growth, achieving an historic 9% increase
purchase of a number of ex-Merial products.
(at constant scope and exchange rates).
This included a number of swine vaccines - Circovac®, To round off these excellent results, our operating profit
Parvoruvax ®, Parvovax ® and Progressis ®, which rose by 30%, as we worked together on a number of
reinforced our existing range, allowing us to build on projects designed to improve our business efficiency.
the experience we have acquired in vaccinology,
especially in poultry. Our 2017 result was particularly pleasing as we posted
good results across the company: our 4 species teams,
The fact that these acquisitions were able to bear fruit 2 pharmaceutical and biological units, R&D, industrial
in 2017 was largely thanks to the commitment of our and logistics teams and geographical regions, all worked
teams, which allowed us to successfully integrate more together to achieve this.
N°
6
global company
€ 1. 1
billion
sales
+1000 +20 % new employees worldwide growth
As in previous years, we also launched a number of It was a year that saw our biggest products continue
innovative new products: to make progress throughout the world. 15 of them,
compared to 12 last year, have now passed the
FELISCRATCH by FELIWAY®, designed to control
threshold of €10 million in sales.
unwanted cat scratching.
Ultimately 2017 illustrates our constant focus on
Zeleris®, which successfully combines an antibiotic
finding new ways to meet our customers’ expectations,
not used in human medicine with an anti-inflam-
while also working to improve the quality of our
matory, for the treatment of bovine respiratory disease
services.
and pain management.
This is what prompted us to have our hatchery
Circovac®, which protects piglets from the PCV2 virus,
vaccination program, the C.H.I.C.K program,
one of the most important diseases affecting swine.
independently, quality approved by Bureau Veritas,
This product is marketed in synergy with Hyogen®, a
a global leader in Testing, Inspection and Certification.
vaccine against mycoplasma infections, developed
by our own teams. We were pleased to see the It was also the basis for our significant investments
completion of the registration of Circovac® in China, in our industrial facilities, with the aim of improving
by far the world’s largest swine market. efficiency in three ways: industrial performance,
Despite all their diversity, animal welfare needs to be pivotal to them all. Respect for animals is an essential pre-requisite
of human-animal relationships. In this context, veterinarians have a crucial role to play. Animal well-being begins
with the preservation of animal health, for, like human beings, they are also subject to diseases and the suffering
caused by them. For all these reasons and to mark the 250th anniversary of the ENVA (National Veterinary School of
Alfort), Ceva co-organized a seminar entitled ‘Animal welfare and society’ 1. It brought together actors from many
different backgrounds involved in these issues: producers, veterinarians, social scientists and two former ministers.
We are pleased to thank all the participants for the quality of the discussions that were held. The contributions below
provide a summary of the ideas put forward at the seminar. They allow us to look at this issue in a new light, without
caricature, and to undertake everyday actions to place animal welfare at the heart of our activities.
1 With the support of AALEENA (Alumni Association of the National School of Administration), the AAEAEA (Association of Alumni and friends of the Alfort School)
and the RSPV (Veterinary Public Health Network), to all of whom we extend our thanks.
Since its creation, Ceva has been one of the fastest growing animal health companies. To keep up with
this dynamic growth and provide its customers with products that meet the highest quality standards,
on time, the company makes massive investments in its production facilities each year. In 2017, our
teams set in motion four major construction projects, 3 at our French pharmaceutical sites in Libourne,
Laval and Loudéac and last but not least at our European vaccine production centre in Budapest,
Hungary.
Ceva has also benefited from the «Factories of the Future» programme developed by the medium-sized
companies business club (ETI), in our home region of Nouvelle-Aquitaine, France. This approach aims to make
companies more efficient in three areas: industrial performance, employee workplace well-being, and respect
for the environment.
Libourne - Nouvelle-Aquitaine
a new investment to better serve our customers
and strengthen our regional roots
By investing € 8.5 million, the group will provide increased The new building will facilitate flows on the site by
storage capacities for pharmaceuticals and vaccines locating the production areas closer to the various
while improving the movement and flow on the site. storage areas: the finished products can thus be
The new 2,600 m2 industrial building will be equipped transferred directly to distribution without requiring
with dynamic racks, the modular nature of which will external transport.
provide maximized storage capacity equivalent to
The delivery is scheduled for November 2018. Ceva
6,000 pallets. It will include:
has also initiated a study to reorganize the whole
A cold storage area for finished and semi-finished products, Libourne site in order to improve our employees’
with 850 m² of surface area and a height of 15 metres working conditions and bring teams closer together,
An ambient temperature storage area for storing by providing the conditions for more fruitful
packaging materials collaborative work.
Ceva Phylaxia
European centre for vaccine
production completes a
“Full Circle of Innovation”
The Ceva Phylaxia Campus has a long history in known. The company will relocate production of these
Hungary, having been present for more than 100 years. vaccines to the new facility by 2019, bringing swine
Today, the campus lies at the center of a global vaccine production back to the center of a plant that in 1912
network with Budapest being Ceva’s single largest R&D began as the Phylaxia Serum Producing Company,
and production center. Over 95% of current production producing the first vaccine against classical swine fever.
is exported to countries around the world.
Part of the new production facility will also be dedicated
In July 2017, Ceva opened a completely new facility, to producing new technology vaccines used in poultry
adding 3900 m2 to the existing campus at a cost of hatcheries. These vaccines use a virus strain named
€ 25 million creating some 60 new jobs. after József Marek, a veterinary scientist who worked
Ceva Phylaxia’s recent growth has largely been driven at Phylaxia, ensuring that his innovation will continue
by the production of poultry vaccines but at the end to have impact through the billions of doses of vaccine
of 2016, Ceva acquired a number of key swine vaccines, that will be produced in the new facility and used by
from the ex-Merial range, Circovac®, being the best poultry producers throughout the world.
Brazil
In 2017, Ceva Brazil successfully integrated Hertape
Saude Animale Ltda and Inova Biotecnologia Saude
Animale Ltda. The acquisition of these businesses
in late 2016 was our largest ever acquisition and
enabled Ceva’s entry into the strategically important
global foot-and-mouth vaccine market.
Spain
Ceva Spain achieved the best performance of any of the Ceva subsidiaries in 2017: sales grew by 33% with equally strong profit
growth and more than 90% of turnover concentrated on the company’s strategic products – these are its most important and
innovative products that really distinguish Ceva from its competitors.
The 2017 results are due to the hard work done over the previous years – building teams,
finding the right leaders, aligning with Ceva’s strategy, developing the right business
models for each business unit and providing excellent administrative support. It includes
significant achievements in all the business units: in ruminants we achieved 20% growth
even in a declining market and reinforced our position as leader in reproduction; in poultry
we developed real partnerships with the key accounts through the full implementation of
the C.H.I.C.K. Program; in the very competitive swine sector we integrated new vaccines into our range and
developed a new team able to deliver our innovative products and services. Finally, the companion animal
figures speak for themselves, in just four years we have increased turnover fourfold.
Alex Martino, Ceva Spain country manager
Over the past 5 years, Ceva Turkey has established itself as a trusted advisor to poultry vets
and producers. We have more than doubled our sales for poultry over the past 5 years and
also expanded the market. In ruminants, we have succeeded in becoming the reference for
reproduction management products. Ceva Turkey’s success is due to a good balance between
individual performance and team solidarity and spirit. Each of our employees needs to be
the best in their area of expertise – the one that the customer seeks out when they need support.
To that end, we are committed to training, developing and listening to our team members. We also need to provide
leadership in the country – currently Ceva holds the chair of VISAD, the organisation representing the animal
health industry in Turkey.
Yavuz Uzun, Ceva Turkey country manager
VALÉRIE MAZEAUD DR. GABRIEL RSHAID DR. MARC PRIKAZSKY DR. PASCAL ANJOT
LEGAL DIRECTOR GLOBAL OPERATIONS CHAIRMAN & CEO PHARMACY UNIT DIRECTOR
& FRANCHISES DIRECTOR
N°1
in hatchery
2 nd
global supplier
22 billion
doses of new techno
vaccination of poultry vaccines hatchery vaccines in 2017
18%
global vaccine
800
poultry
180
vet specialists close
market share professionals to you
1/4
1 in 4 chickens globally is vaccinated with
175
hatchery specialists
Ceva’s new technology vaccines at your service
14 % 54 %
6% 2%
Ceva
Global leader in Supplier A
new techno hatchery Supplier B
vaccines supply-2017 Supplier C
Others
24 %
1 Innovative hatchery
the equipment is in sound working condition and training
customers’ staff in good vaccination procedures. C.H.I.C.K. is the
vaccines first quality animal health services program to be independently
certified by Bureau Veritas. The program has now been officially
Investment over 20 years has enabled Ceva approved in South Africa, Spain, Turkey, The Philippines, Mexico,
to provide the largest range of vaccines that Russia, and Poland.
3 Field
can be used in the hatchery, either in ovo or
monitoring
administered to day-old-chicks. The full range
of vaccines includes highly innovative
immune complex, recombinant, inactivated & veterinary services
and live vaccines. Ceva has been at the
Ceva’s Global Protection Service (GPS) concept offers poultry
forefront of the shift to vaccination in the
companies an objective, effective and organized approach
hatchery and this approach offers multiple to vaccination monitoring, disease diagnosis and control,
benefits: better quality vaccination leading and tracking epidemiological trends over time on their farms.
to better protection and reduced usage of The GPS protocol provides guidelines for what samples need
antibiotics later on; reduced handling and to be collected at what ages and frequencies and how the
vaccination of day-old-chicks and older birds samples should be analysed to enable poultry companies’
leading to enhanced welfare; increased vets and managers to assess the efficacy of vaccination
efficiency and reduced waste leading to cost regimes and support decision making and fine tuning of
savings and more worker-friendly conditions. their veterinary investments.
Hatchery system
Ceva Ecat-iD Campus
4 Diagnosis
network
and laboratory 6 Autogenous vaccination services
In addition to off-the-shelf solutions, Ceva can offer
bespoke vaccines to address specific local disease
Ceva has three scientific support and investigation
challenges identified on individual farms. So far, this
units serving the USA, Europe and China. The units
service includes autogenous vaccines against bacterial
provide experts and laboratory support for diagnosis,
and viral diseases in the US from the Biomune Campus
in running trials and monitoring results in customers’
in Kansas and bacterial diseases in Europe, and soon
facilities. In addition, the units carryout scientific
viral diseases will also be covered in Europe from the
studies to build knowledge on existing products as
Ceva Biovac Campus in Angers, France.
well as innovations still under development.
The Poultry team in Brazil have for several years worked hard to promote the success of Transmune, a vaccine, which today
protects 72% of the country’s broilers from Gumboro disease, a contagious viral disease with serious economic consequences.
Our SG Cevac S. Galinarom, Corymune 4 and 7 vaccines are also strengthening their positions, as primary products in the control
of salmonellosis.
But 2017 will be remembered above all as the year of the successful launch of a new vaccine, IBras®, designed specifically to
prevent a local variant of infectious bronchitis for which no satisfactory response had been found, at the time of its launch.
1 Assayag, 2012
Ceva’s poultry team was early to recognise the emerging demand of consumers to be certain about the quality of
their food and in 2016 took the initiative to approach the Bureau Veritas Group to obtain the International Quality
Recognition for our C.H.I.C.K. hatchery vaccination program. Our subsidiary in South Africa was the first to achieve
this important recognition and in 2017, 17 subsidiaries followed suit: Spain, Turkey, the Philippines, Mexico, Russia,
Poland, UK, Vietnam, Argentina, Malaysia, Thailand, Indonesia, Egypt, Romania, Brazil, Colombia and France.
Our poultry team took a very early interest in hatchery nation: vaccine management, use of injection machines,
vaccination, which alone can guarantee that all chicks vaccination techniques, control and audit of vaccination
are vaccinated properly under much less stressful programs, as well as continuing training for hatchery
conditions than in on-farm vaccination: concerns for personnel, to ensure that hatchery personnel apply
animal health, after all, are closely bound to concerns good vaccination practices and are kept informed of
for animal welfare. the latest developments and news in the vaccination
field. Launched in 2009, the C.H.I.C.K. Program
Hatcheries can play a decisive role in disease elimination experienced spectacular growth at hundreds of
strategies, provided that they are well-equipped, hatcheries around the world. This is shown in the table
well-managed and employ trained personnel. It was below. Very early on, it benefited from the introduction
this strict requirement that gave rise to the development of innovative data management tools (2013-2014) that
of the C.H.I.C.K. Program, a comprehensive service made it possible to monitor performance as part of a
program covering the five aspects of hatchery vacci- process of continuous improvement of results.
The Ceva swine team took advantage of the opportunity provided by the Iowa Pork Congress, held
in Des Moines in January 2017, to stage the official US launch of Ceva’s flagship iron supplement for
piglets, GleptoForte®. With around 5,000 vets and producers in attendance from the large swine
producing states in the Midwestern United States, the event was an ideal opportunity to demonstrate
how Ceva’s rapidly growing range of quality swine products, backed up by best-in-class technical
services, is increasingly meeting their herd health needs.
During 2017, Ceva launched Smartvac™, the first-ever connected, automatic vaccinator for piglets. The innovative
Smartvac™ injector has a host of smart features that helps ensure fast, safe and accurate vaccination, complemented
by a link via Bluetooth to Ceva’s smartphone or tablet application Vaccinomics™. The award-winning Vaccinomics™
application allows comprehensive measurement and instant reporting of all relevant data to allow tracking of
the quality of vaccination sessions in a continuous improvement approach.
Since 2008, the Ceva Desvac We know that vaccination sessions are a
campus in Saint-Barthéle- delicate balance between speed and quality
my-d’Anjou, France has been of execution. The Smartvac™ injector and
busy combining its unique its accessories have been designed to the
expertise in vaccination highest ergonomic standards to achieve
equipment with the skills
‘peace of mind’ and meet the demands of
and resources of Ceva to form a powerful vaccine
the field, regardless of the number of piglets
to be vaccinated
technology partnership. This partnership reflects
Ceva’s recognition that it is not enough just to
Benoit Jonet, Ceva Desvac campus general manager
develop and supply world-class vaccines; rather
comprehensive vaccination solutions are needed. The Smartvac™ injector is packed full of innovative
Previously focused on the poultry sector, Ceva features that deliver a wide range of benefits on
Desvac’s new generation automated injector, the farm.
Smartvac™, now extends the benefits of The injector is safe and convenient to use and allows
high-quality automated vaccination to the swine the operator to set instantaneously the right dose,
sector. for the vaccination session.
Ceva has been directly present in China since 2002, following of 20% a year and in 2016 achieved sales of 140 million
the signature of a partnership with the distributor, Trinity. RMB (USD 22 million). Swine vaccines have been the major
In the following years, our presence steadily increased until driver of this impressive growth and account for well over
the creation of the joint-venture, Ceva HuaDu in 2011, half of sales.
designed to share knowledge and ensure the company’s EBVAC was founded by the China Animal Health and Epide-
international swine (and poultry) expertise could be applied miology Center (CAHEC), through its subsidiary company
to local conditions and the disease challenges in China. Qingdao Yebio, a part of the National Institute of the Ministry
In February 2017, Ceva’s presence in China was significantly of Agriculture.
boosted with the signing of a The company is recognized by the government
major new joint-venture
agreement with Chinese swine
as a ‘National High-Tech Enterprise’.
vaccine specialist EBVAC. Harry Picard, Ceva China country manager
The agreement saw the creation
of a new business, Ceva Ebvac, Ceva will hold the majority of shares in the new company,
Ceva Ebvac. By bringing together Ceva’s products and services
focused on swine vaccines. This
with the Ebvac portfolio of vaccines the aim is to create the
historic agreement was signed in
most innovative company in the swine vaccines market sector.
the presence of both the Chinese and French prime
ministers. Since it was founded in 2005, EBVAC, based in Ceva Ebvac has recently made significant investment to build
Hangzhou City, near Shanghai, has focused on swine and a world-class industrial facility that together with major R&D
poultry vaccine research, production and service. Over investment will allow the business to continue it impressive
the past 5 years, the company has grown at an average growth record.
*www.statista.com
pigs are raised here and demand for pork products Circovac® is an inactivated vaccine for use against porcine circovirus
is set to rise even further. If you are not present in
type 2 (PCV2). Uniquely amongst PCV2 disease vaccines, it is based
on the whole virus.
China, you simply cannot be considered a global PCV2 first emerged in North America in the late 1990s, since when it has
swine company. spread to most swine producing regions. The virus was initially associated
Marc Prikazsky, Chairman and CEO of Ceva with a clinical syndrome known as postweaning multisystemic wasting
syndrome (PMWS) but today the disease is mainly seen under a subclinical
form with growth retardation and heterogeneity of pigs within a batch.
The launch events for Circovac® in China were an opportunity to
provide an update on PCV2 related diseases and to demonstrate the
benefits of the vaccine to technical managers from the country’s
largest swine producers.
China has around 40 million sows, 10 million of which are kept in industrial farms.
This represents a huge potential market for Circovac® and the Ceva swine team is
very motivated to capture a big part of it. In this market, with one international
competitor and a crowd of more than 30 local vaccines, the Ceva swine team is
now focused on demonstrating the superior benefits of Circovac® through imple-
mentation of impactful trials and by providing excellent veterinary services to the
key accounts. Our huge ambitions for Circovac® in China will help Ceva to become
a leading player in the biggest swine market in the world.
Antonin Bonneau, Ceva China swine business manager
Bovine respiratory disease (BRD) affects up to 25% of calves in Europe. The disease is the most important
cause of deaths in young stock accounting for 30% of all calf mortality. In May 2017, Ceva was granted market
authorisation by the European Medicines Agency for a new product, Zeleris®. For the first time, this new product
combines a powerful antibiotic, florfenicol, with a long-acting non-steroidal anti-inflammatory, meloxicam.
In the past, treatment of BRD required two separate injections to deliver these two types of medications.
With the advent of combination products, this became possible in one shot. Now Ceva’s new combination
product offers a range of additional benefits to farmers and vets. Zeleris® has already been well received in
Europe. With other marketing authorisations expected soon, the benefits of this important new product will
be extended worldwide.
Bovine respiratory disease affects up to 25% of Europe’s Zeleris® was developed as part of Ceva’s Cevolution Program,
30 million calves. Infected animals usually have a fever and which embodies the company’s commitment to smart,
exhibit coughing due to infection of the lower respiratory tract. responsible innovation in antibiotics:
Pulmonary inflammation can have a long-lasting effect on the antibiotic used is not classified as being
growth rates and liveweight gain. critically important for human medicine.
Zeleris® also offers the advantage of
Zeleris® is the ‘perfect match’, combining an antibiotic well suited ensuring good compliance as it requires
to the treatment of BRD infection (florfenicol) with a long-acting only one injection, displays excellent
non-steroidal anti-inflammatory drug (meloxicam) to relieve syringability and is packaged in
inflammation and reduce fever. Florfenicol, which is not used lightweight and unbreakable CLAS® vials.
in human medicine, is active against the most commonly isolated Finally, it reduces the pain of animals, a
bacterial pathogens involved in BRD, Mannheimia haemolytica, major concern for veterinarians and
Pasteurella multocida and Histophilus somni. producers.
in 2018 the C antigen will be dropped from the There is very strong political
vaccine formulation. This is being done because FMD support for vaccination
serotype C has not been detected in the country for
against FMD in Latin
more than 10 years. In addition, in 2019, the volume
of vaccine injected is to be reduced from the current
America and we are working
5 ml to 2 ml. closely with governments and
veterinary authorities. There
Looking ahead, Fernando De Mori, is optimistic: is a critical need for high-quality vaccines. With
“Ceva Brazil has already produced some batches of our state-of-the-art production facilities and
the new two-antigen vaccine formulation which
excellent quality control processes we have a
have been approved by the government’s testing
100% record for successful release of all the
program, so we look to be well placed to cope with
producing the new formulations. Going forward, batches of vaccine we have produced.
our objectives are to focus on increasing efficiency Jean-Charles Tissot, Ceva Latin America zone director
of vaccine production and reducing costs, thereby
further increasing profitability. This is more important With the capacity of the Ceva vaccine production facility
to us than simply increasing production volume and at Juatuba in Minas Gerais state standing at around
market share.” 160 million doses there is still potential to increase sales
further, beyond the current total of around 90 million
In addition to sales in Brazil, exports to other Latin doses per year. Jean-Charles adds: “We are currently in
American countries continued uninterrupted the process of registering our vaccine in other Latin
following the acquisition. 40 million doses of vaccine American countries. We are also looking beyond Latin
were sold to Uruguay, Paraguay, Bolivia and America with a view to selling our FMD antigens to vaccine
Venezuela, in line with the prior year’s volumes. manufacturers in Asia.”
Two key areas of focus for reprodAction are Valla, Technical Manager at Ceva Italy addressed many
management of ‘open’ cows and replacement heifers. technical topics such as: bovine oestrus cycle and
Open cows (animals that are neither pregnant nor synchronization protocols for fixed time-artificial
milking) cost money, they must be looked after but insemination (AI) through use of PRID® Delta ; the impact
are not generating any income. Rapidly identifying of infectious diseases on reproductive performance,
these animals, deciding what to do with them and, focusing on bovine viral diarrhoea virus (BVDV) and
if appropriate, taking urgent steps to get them in calf Coxiella burnetii infections; treatment options and the
is a priority for herd managers. Similarly, managing best way to prevent disease through vaccination with
replacement heifers to ensure they calve at the optimal Mucosiffa® & Coxevac®; and even the management of
time is essential for a profitable herd. heat stress. Overall, the importance of improving
During 2017, the reprodAction team were extremely reproductive performances for the sustainability and
active carrying out an extensive global training program productivity of dairy farmers was emphasised.
for farmers and vets, and Ceva staff. Some highlights Meanwhile, Ceva’s ruminant team in Germany held the
included: first reprodAction Expert Forum in Dusseldorf on the
The first Italian reprodAction Workshop, held in Rome importance of identifying non-pregnant cows as early
in October 2017. Thirty-eight veterinarians, coming as possible after insemination, attended by an invited
from all over Italy, attended a three-day workshop which audience made up of leaders from universities, insemi-
focused on management of reproduction in high nation centres, breeding societies and influential vet
producing dairy cattle. Alessio Valenza and Federico practices. The team also held a press conference and a
Randi, Ceva Global Technical Managers, and Giorgio technical presentation about the anoestrus cow and
Cats are territorial animals and mark their territory to orient themselves. When they scratch, they leave
both visual and olfactory messages, the latter includes the emission of pheromones from their paw pads.
When cats are stressed they tend to scratch the furniture in the house more intensely. More than half of
cat owners complain about this behaviour and often feel helpless to stop it.
FELISCRATCH by FELIWAY® was designed to address Clinical trials have proven that FELISCRATCH by
this concern. The product works by emitting a FELIWAY® effectively reduces or eliminates unwanted
message of both a visual (blue lines) and olfactory scratching on vertical and horizontal surfaces. More
nature, which encourages the cat to scratch at a than 8 out of 10 cats started using their scratching
location chosen by the owner, such as on a scratching posts within 7 days of using the product. It comes in
post rather than the couch. This allows the owner to an easy to use pack of 9 pipettes that are applied once
respect the cat’s natural needs, since the “normal” a day during the 1st week, then once a week during
scratching is not prevented, but simply redirected week 3 and week 4. It is available from veterinarians,
to a suitable surface. pet shops, specialty stores and online retail sites.
pheromone range
through innovation and
particularly important role to play in the
marketing excellence, United States to help prevent declawing
is a major growth driver
When it comes to animal welfare, FELISCRATCH by FELIWAY® has a
for our companion decisive role to play in the American market. For years, many owners
animal business. We aim to continue to have resorted to surgery to amputate young cats’ claws; 20 million
develop the calming category, with the cats in the US are declawed. The practice is considered to be
addition of convenient solutions for our unnecessary and harmful by all experts in the field of feline welfare.
customers and their beloved pets to ensure The American Association of Feline Practitioners, which strongly
opposes declawing, suggests pheromone products as one of the
they stay “happy together” , protecting the alternatives to declawing. Ceva has made a number of materials
essential human-animal bond. available to make cat owners aware that declawing can permanently
François Bost, Ceva companion animal corporate marketing director harm cat health and welfare http://www.savethecouches.com
Helping to ensure the quality of the relationship This new product is remarkably effective against
between humans and companion animals is one fleas and ticks. It is 97% effective at 3 hours, and
of the 3 priorities set out in Ceva’s vision. Ceva 100% starting from the 6th hour. That’s a feat for
began its focus on the need to add improved feline this class of drugs, which are usually far less
medicines with the introduction of the FELIWAY® fast-acting.
product line, which was enriched this year by the
arrival of FELISCRATCH by FELIWAY®. Catego® not only kills fleas by contact, but also
breaks their life cycle, thus preventing any form
Our companion animal teams have also focused of re-infestation. As for ticks, it is effective even
recent research and development on the introduction before they bite. That is an asset, since we
of parasiticides. In 2017, Ceva USA launched Catego®, know that these parasites are carriers of
the first fast-acting topical against fleas and ticks zoonotic diseases that can sometimes be
specially designed for cats. difficult to treat, such as Lyme disease.
To respond to this situation, the Dermatology team at The Seb line regulates excess fat and controls bad
the Ceva Sogeval Campus developed a unique product odours
line, which takes into account the specific nature of The Care line permits frequent cleaning of the skin
each animal. The DOUXO® range offers not only a and ears
shampoo, but also includes innovative no-rinse solutions
that are easy to use (‘like stroking’): mousses, sprays Having well
(micro-emulsions), impregnated cotton swabs (pads) understood the need
and pipettes (spot-ons).
for well being of
The feline and canine skin barrier is vital in protecting
both animals and
them against penetration by microbes, allergens and
toxins. It also helps to retain water within the body.
their owners, the DOUXO® range
The DOUXO® formulas developed and patented by our
has grown quickly all around the
teams are designed to provide complete protection for world.
the skin barrier ecosystem of dogs and cats. They act Mélanie Bélliard, Ceva companion animal corporate marketing
on four levels: manager - dermatology & antiinfective
Winners were selected after thorough vetting of all the Vice President of the British Veterinary Association and
nominees by a WVA committee. One winner was selected has been active in promoting that organisation’s strategy
from each of the six regions covering North America, on animal welfare and promoting the five welfare needs,
Latin America, Europe, Africa, North Africa/Middle East necessary for the physical health and mental wellbeing
and Asia/Oceania. In addition to a certificate, each of animals in the UK’s Animal Welfare regulations.
winner received a monetary award of 5,000 Euros.
Dr Marlyn Romero from Colombia, who was nominated
The 6 winners of the WVA Animal Welfare Awards for for the Awards following her work in Colombia and
2017 Award were: Latin America on research into animal welfare issues,
Dr Joseph Othieno from Kenya, who has raised particularly in slaughterhouses. She has authored
awareness of animal health issues in Kenya through his numerous publications on the subject and is leading
veterinary work and on a wider scale through his a research group looking at animal welfare on the theme
journalism. As well as being a respected veterinarian, of ‘One Health’.
he regularly writes articles on veterinary issues in
Dr Daniel Ventura from the Philippines, who was cited
newspapers and makes regular appearances on
for his work in promoting animal health in his home
television.
country, particularly in the field of veterinary education
Dr Sean Wensley from the UK, who devoted much of and spearheading a steering committee that has
his professional life to the issue of animal welfare. promoted the adoption of a syllabus entitled ’Advanced
He worked on various international welfare projects as Concepts in Animal Welfare’. He has also led a campaign
a young volunteer veterinarian. He is currently Senior called ‘Better Lives for Dogs’ and recently organised a
mass rabies vaccination day for dogs and their owners management of stray dogs which is a huge problem
in Cebu City, Philippines. in Egypt. He also acted as Chairman of the Egyptian
Professor Johann (Hans) Coetzee from USA, who has Federation for Animal Welfare for four years.
been active in animal welfare for many years, particu-
larly in the area of cattle where he has led research I am delighted and honoured to present
looking at ways of advancing methods to treat livestock here today the 2017 WVA Animal
better. Key examples of his work include co-founding Welfare Awards to six remarkable
the biannual International Symposium on Beef Cattle
Welfare. He has also been involved in work looking at veterinarians from across the world,
the subject of pain management issues in the who are contributing in their daily lives
production of farm animals and has been a regular
to the protection and welfare of various
commentator in the media on these subjects.
species of animals.
Dr Shehab Osman from Egypt, who was nominated
for his work as Chairman of the Cairo Society for the René Carlson, Immediate past President, WVA
Prevention of Cruelty to Animals (SPCA) and for
promoting a variety of animal welfare issues in his Looking ahead, the 2018 WVA Animal Welfare Awards
country and on the international scene. He also advises will be presented during the 34th World Veterinary
Egyptian government departments and health Congress being held in Barcelona, Spain in May. Once
authorities on a number of areas, including the again, Ceva will be proud to support the event.
Burkina Faso, like other West African countries, has lots While crossbreeding has no impact on the milk yield of
of cattle but locally produced milk is sufficient to meet the inseminated cow, crossbred calves that are born
only about 10% of local demand. As a result, fresh milk following AI will inherit characteristics from both parents,
can often be hard to find, prices are high and the country including for females the potential for higher milk yields.
spends around USD 20 million a year on imports of Since 2016, Ceva has been applying its expertise in
powdered milk and other dairy products. managing reproduction in cattle in a project seeking to
boost milk production in Burkina Faso. The aim is to
One reason for this milk produce 1200 female and 1200 male crossbreds.
deficit is that the vast The choice of breed for the donor bulls is critical. Perhaps
majority of Burkina Faso’s surprisingly, the breeds selected for crossing with the
cows are low-yielding, Burkinabe cows in the project are two traditional French
zebus, typically producing breeds, the Tarentaise and Montbéliarde. The Tarentaise
up to 2-3 litres of milk per day. In compa- was originally bred in the Tarentaise valley in the French
Alps, while the Montbéliarde originated in the mountain
rison, in industrialized countries, average valleys and foothills of the Franche-Comté region, close
production from dairy breeds is around to the Swiss border. Although both breeds originated in
40 litres a day. On the plus side, however, areas a long way away from Burkina Faso, both have
the local zebu is very well adapted to the characteristics which make them very well adapted to
harsh local environment. the local environment and farming system.
Marie Ducrotoy, Ceva project manager Public Health The Ceva team travelled to Burkina Faso in late 2016 to
lay the foundations for the ‘Vache du Faso’ project. This
One solution to Burkina Faso’s national milk deficit is to involved mobilizing the Fula pastoralists and providing
training for the local AI technicians.
crossbreed the low-yielding local cows with more
productive dairy breeds. The most convenient way of Building on Ceva’s expertise in the management of
doing this is through artificial insemination (AI), using reproduction in cattle, the first step was to use Ceva
semen from carefully selected bulls from a suitable breed. products to synchronise the reproductive cycles of cows
Pierre-Marie Borne, Ceva’s Director of Public Health, Zoonoses and Food Safety at Ceva, was recently
a guest speaker at the World Conference on Quality Assurance in Veterinary Education, organized as
part of the 33rd World Veterinary Congress held in Incheon, South Korea in August 2017.
During his talk, Pierre-Marie explained that despite their many differences, private companies like Ceva and academic
institutions such as veterinary schools have synergistic roles to play in enabling the continuing professional
development of veterinarians. By working together, he suggested, the private and public sector could help enhance
the veterinarian’s contribution to the important fields of food safety and security, disease control (including zoonotic
diseases), human-animal relations and animal welfare.
One Health means approaching things through diverse of Veterinary Sciences. This training cycle gave thirty
sanitary, economic and social contexts. This is the basis veterinarians the opportunity to acquire or reinforce
behind Ceva’s “Together, beyond animal health” social their abilities to help small independent farmers better
vision, which engages the company to do much more manage their farms in regard to sanitary conditions.
than simply develop effective medicines. Pierre-Marie
Early results were very encouraging, and have led us
explained to delegates how the company’s combined
to continue this type of commitment, as we did recently
offer of highly-specialised tools and manuals and
in Bangladesh, where malnutrition rates are among the
highly-practical training opportunities was playing a
world’s highest. It is estimated that 41% of children
vital role in enhancing vet’s skills, knowledge and
under five there suffer from stunted growth. Poultry
competencies, building on their initial training and
production is their primary source of animal protein.
professional experience.
Such production however is carried out in a difficult
Speaking immediately after the Conference on Quality epidemiological environment, and, although the sector
Assurance, Dr René Carlson, World Veterinary Association is organized in regard to reproduction, the rearing of
Immediate Past President, said: “Ceva has been extremely broilers is mainly the work of independent small farmers,
supportive of animal welfare as well as veterinary who have limited access to specialized veterinary skill
education and I think that their approach provides an in the field.
opportunity for veterinarians around the world to take
To remedy this situation, Ceva, in partnership with
their basic competencies to advanced levels and really
the Bill and Melinda Gates Foundation, the National
serve public health.”
Veterinary School of Maisons-Alfort, and the College
Thus in 2015 in Myanmar, Ceva created a training cycle of Veterinary Medicine of the Sher-e-Bangla Agricul-
for poultry veterinarians in partnership with the National tural University of Dhaka, decided to organize intensive
Veterinary School of Alfort and the Nay Pyi Taw College courses that would combine theory and practice,
Charities the world over face a constant struggle to raise the funds they need to enable them to fulfil
their charitable purposes. It’s no different for TOLFA, an animal welfare charity, registered in the UK
and India with its operational base in Rajasthan, Northern India. But thanks in part to carefully targeted
and ongoing support from Ceva, TOLFA’s fund raising operations and other vital back-office functions
have gone from strength to strength. This means that more animals in need are being treated and
more people are being educated about kind and safe interaction with animals.
TOLFA, short for Tree of Life for Animals, has a big vision: programme and 5,358 pets treated at its veterinary
‘to bring healing, compassion and hope to India’s sick clinic. In addition, 1,329 school pupils were taught its
and injured animals, and empowerment to the commu- animal welfare and rabies awareness syllabus.
nities of which they are a part.’ Ceva’s relationship with TOLFA dates back to 2012 when
It brings its vision to life by running a busy animal Rachel Wright, TOLFA’s founder, was recognised as the
hospital and rescue centre for owner-less animals that Welfare Nurse of the Year in the inaugural Ceva Awards
reside on India’s streets; through a rabies eradication for Animal Welfare. Since then the company has provided
programme based on neutering and vaccination of financial, practical and moral support to the charity.
owner-less dogs; by helping local villagers care for their During 2017, the focus has been on helping TOLFA be
animals; by operating a vet clinic for pet owners; and more effective in its fund raising so that it can concen-
by teaching children how to become kind and compas- trate on helping more animals and engaging with more
sionate members of society and take care of not only communities.
the animals in their locality but to be considerate to
Ceva’s support during the year included contributing
the environment and other human beings as well.
towards the salary of Clara Nowak, TOLFA’s executive
TOLFA’s achievements during 2017 were impressive: director in the UK, providing access to a specialist donor
5,967 animals admitted to its rescue centre and hospital, management software package and directly sponsoring
22,497 animals treated through its rural outreach printing of fundraising calendars and greeting cards.
Ceva embarks on a
major new partnership
with Dogs for Good
Living up to its Together, beyond animal health’ vision, Ceva has recently embarked on a major new
long-term partnership with the UK charity Dogs for Good. The charity enables adults and children
who live with a wide range of physical and mental health issues to live more fulfilling and independent
lives through carefully planned interventions with dogs. This exciting new partnership will see Ceva
provide financial, practical and moral support through a coordinated programme that aims to help
Dogs for Good transform the lives of even more people in the future.
For 30 years Dogs for Good has For people to meet their responsibilities
brought greater independence and and understand the role of the dog as a
companionship to many people companion and co-worker they need to
through partnerships with highly have the most up to date information
trained assistance dogs. Building on
covering the basics of healthcare,
their experience of training and
socialisation, behaviour, social networks and canine
working with assistance dogs over
cognition amongst other topics. We have a growing
responsibility to provide this information within our
the years inspired them to explore
own sphere of operation but it is clear that the information
other ways dogs can help individuals,
would be of interest and value to the wider world of
families and communities. Today
those living and working with dogs. Those searching
Dogs for Good uses creative and for this information can find a plethora of fragmented
inspiring partnerships between and disjointed sources of information which are usually
people and dogs to meet the diverse slanted to reflect the interests of the providers. While
needs of those with physical disabi- an excellent information service concerning cats is
lities, learning disabilities, autism, provided by International Cat Care, no such database
dementia and those living the of information, pulled together and accessible in one
after-effects of stroke and other place, currently exists for dogs.
debilitating diseases. Peter Gorbing, Chief Executive of Dogs for Good
2017 Ceva made a and impact on the family unit as a whole. The University
of Lincoln’s Dr Daniel Mills, who specialises in animal
donation to enable Dogs behaviour and in exploring the potential benefits of
for Good to start work on keeping animals, is an old friend of Ceva.
its ambitious programme of work to
The ground-breaking study, led by Dr Mills, confirmed
establish the charity as the ‘go to’ source that pet dogs can have a highly positive effect on
of trusted, authoritative information on autistic children and the whole family unit. Some of
all aspects of dogs. Our investment has the findings from the study, for which 500 dog owning
enabled work to begin on pulling together families with autistic children were surveyed, included:
and packaging the information Dogs for 85% reported their child was happier in the presence
Good already has available, identifying of the family dog
and addressing gaps, and making this 60% reported their child was less likely to have a
information available in accessible and meltdown
engaging ways through a well-designed of 62 families tracked before and after they got a dog,
online platform. 69% of parents showed reduced stress levels within
Martin Mitchell, 10 weeks of getting their pet
Ceva group communication director
The project’s research findings provided a solid
But for Martin that is just the start: “For some years foundation on which Dogs for Good built their Family
now Ceva has been a passionate advocate of human- Dog Service. The result is that the charity has been
animal relations. Dogs for Good epitomises the concept able to support many more families with a child with
of the human-animal bond in practice so I am really autism: while Dogs for Good has provided around 80
excited about working with them in the coming years. fully-trained assistance dogs, they have helped some
The support they provide to individuals and families 800 families benefit from pet dogs through their Family
affected by a wide range of health issues is awe inspiring Dog Service.
but as a company we are especially keen to support
Children with autism tend to be anxious, can be
their pioneering work with families with autistic
withdrawn, often display repetitive behaviours and
children.”
are prone to ‘melt-downs’ when they become
One way that Dogs for Good provide support to families overwhelmed by their surroundings. The presence of
with a child with autism is by providing fully-trained a well-trained pet dog can help them feel much less
assistance dogs. These dogs can make a huge difference anxious, encourage them to become more engaged
to the lives of families with a child with autism but and motivated, can disrupt repetitive behaviours and
training the dogs takes nearly two years and is expensive generally promotes a calmer environment that benefits
meaning only a limited number of families can benefit. the whole family both in the home and outside.
Ten years ago, the charity began to realise that perhaps Going forward, one area in which Ceva hopes to support
not all children with autism needed an assistance dog; Dogs for Good is in developing an online learning
simply having a well-trained pet dog in the home resource so that even more families with a child with
might also be beneficial. Dogs for Good therefore autism can enjoy the benefits that a carefully chosen
teamed up with the National Autistic Society and the and properly trained and managed pet dog can bring.
Since 1996 the charity Assistance Dogs Australia has We chose Assistance Dogs
been training and making available assistance dogs to
because it was nicely in
people living with a wide range of disabilities, thereby
providing them with greater freedom and independence. line with Ceva’s focus on
To date, over 200 dogs have been provided by the human-animal interaction.
charity, entirely free of charge, to both individuals as
Chris Abbott, Ceva Australia & New Zealand country manager
well as care institutions and special schools. With each
dog costing over AUD 35,000 (USD 27,500) up to the
point it is placed with its new owner, Assistance Dogs
relies entirely on donations to fund its vital work.
cattle for trypanosomosis and Having available the latest innovative treatments such as VERYL® is one thing,
internal parasites. but making the correct diagnosis under field conditions in Africa, where several
similar bloodborne diseases can affect cattle concurrently, is much more complex.
VERYL® is a unique formulation that combines a
That’s why, Ceva’s introduction of the VerYDiag testkit marked a significant step
tried and tested drug to treat trypanosomosis,
forward in the control of this major disease. The kit was the result of several years’
diminazene aceturate, with a medication used to
of collaborative research with a number of expert partners: GALVmed, CIRAD
treat parasitic worm infections, levamisole.
and the University of Bordeaux.
Animals infected As Cyrille Chevtzoff, Ceva’s Ruminant Vet Service Manager for Africa, Middle East,
with gastrointestinal Eastern Europe and Turkey Africa, explains: “Not only is VeryDiag® the first penside
parasites are often test for trypanosomosis, it is the first commercially available penside test for any
much more susceptible livestock disease in Africa, so this is a big step forward. We are therefore introducing
to trypanosome infec- a totally new concept to our veterinary colleagues in Africa and we are still in the
promotion phase. But already there is a lot of interest in the product and it has
tion and show greater clinical signs been very well received.”
as trypanosomes reduce immune
responses. After extensive research VeryDiag® needs just one drop of blood, requires no specialist equipment or
knowledge, and gives a definitive result in around 10 minutes.This allows
and development, Ceva has therefore professionals to prescribe the appropriate treatment and is especially important
introduced this exciting new combi- in helping cattle owners to recognise symptoms of the disease before the clinical
nation product that offers exceptional signs appear.
efficacy against both trypanosomes One enthusiastic advocate of the new test is Dr J. Henri Pell-Minhiaud, the president
and gastrointestinal parasites. Treat- of the association of private veterinary practitioners of Ivory Coast:
ment with VERYL® eliminates the
For my part, I believe that the approach to
parasites and stimulates the immune
the diagnosis of bovine trypanosomiasis in
system enabling infected cattle to
the field with VerYDiag® is revolutionary
recover more quickly and return to
and should be adopted by veterinary practi-
full productivity.
tioners as it has many benefits.
Cyrille Chevtzoff, Ceva ruminant vet service manager Dr J. Henri Pell-Minhiaud, President of the association of private veterinary
for AMEET zone practitioners of Ivory Coast
Since its introduction in 2016, we now have some great examples of how the test has been used in different countries:
In Burkina Faso and Mali, where a cattle genetic improvement programme is underway. Infection with trypanosomes, the parasites
that cause trypanosomosis, can reduce fertility. So, before cows are inseminated with semen from carefully selected bulls of improved
breeds, VerYDiag® is used. Any cows which test positive are treated with a trypanocidal drug, such as Veriben®, before artificial
insemination (AI) is carried out.
Previously, in some regions of Senegal and Cameroon it was thought that trypanosomosis occurred only at some times of the year.
Careful testing with the VerYDiag® has revealed, however, that cattle can be infected throughout the year. This finding has enabled
vets and herders to treat their animals earlier, before clinical signs are obvious, thereby minimising any reduction in productivity.
Since 2006, the H5N1, H5N2 and H5N8 strains of HPAI have been vaccinate against low pathogenicity avian influenza (LPAI) to protect
officially reported in Benin, Burkina Faso, Cameroon, Côte d’Ivoire, breeders and commercial layers. There are also reports that,
Democratic Republic of the Congo, Djibouti, Egypt, Ghana, Libya, unofficially, vaccination is being used in another country’s
Niger, Nigeria, South Africa, Sudan, Togo and Zimbabwe. In addition, commercial poultry sector against LPAI – vivid evidence of farmers’
the H7N1 strain has been reported in Algeria in 2016 and 2017. disarray in the face of avian influenza.
During 2017, strains of HPAI were confirmed in 12 African countries Control of HPAI in Africa depends largely on surveillance and
spanning North, West and Central, East and Southern Africa. biosecurity and, in the event of an outbreak, movement controls,
Confirmation of the H5N8 strain in Uganda in 2017 is the first quarantine, culling and decontamination.
confirmed case in East Africa representing a potential threat to the
In October 2017, Reza Bentaleb, Africa Poultry Business Unit
large poultry industry in the region.
Manager, took part in Poultry Africa 2017, an expo and leadership
In Egypt, the World Health Organisation (WHO) report that one conference, held in Kigali, Rwanda. There he shared Ceva’s
person died as a result of infection with HPAI (H5N1) in 2017. insights into the changing face of avian influenza and the role
Previously in Egypt, over 120 people have died from H5N1 with that new vaccine technology could play in being part of the
the peak occurring in 2015. The disease is considered to be endemic solution for Africa’s poultry industry, if this approach was officially
in the country’s poultry flocks. Other than Egypt, fortunately there sanctioned.
have been no other reported human deaths due to HPAI in Africa
since 2007, when a single case fatality was reported in Nigeria. Avian influenza has changed
In addition to threats to human life, these HPAI outbreaks have during the past few years. It is
resulted in significant losses due to poultry deaths, culling and now caused by more types of
impacts on trade, and unquantified impacts on people’s lives and virus and is present in more
livelihoods.
countries. The risk is much
During 2017, South Africa was particularly severely impacted by higher than before, so now is perhaps the time
HPAI. Outbreaks of the H5N8 strain were reported in commercial to discard old dogmas and adapt to the new
chickens, commercial ducks, ostrich, wild birds and in hobby and
backyard poultry throughout the country, including Eastern Cape,
situation.
Free State, Gauteng, Kwazulu-Natal, Mpumalanga, North West and Reza Bentaleb, Ceva poultry business unit manager for Intertropical Africa
Western Cape. In the Western Cape, more than 2 million birds have Ceva’s new generation vector vaccine - Vectormune® AI - offers real
been killed or culled due to HPAI during 2017 with the economic advantages over previously available inactivated whole virus vaccines.
impact estimated to exceed R800 million (USD 70 million). It provides strong protection against a wide variety of H5 type HPAI
With the exception of Egypt, vaccination is not currently allowed viruses, overcomes maternally-derived antibodies and so can be
against HPAI in any African country. Algeria, Tunisia and Morocco reliably used in the hatchery.
Alain de Woillemont,
Group CFO
In 2017, the Ceva group saw another year of double-digit tunity to continue our R&D and industrial investment
growth, exceeding the symbolic watershed of €1 billion efforts. In certain higher-risk countries, we have also
in revenue, which will enable us to increase our invest- secured a significant portion of our liquidity.
ments and take advantage of economies of scale.
To maintain our growth and strengthen our profitability,
The strategic acquisitions made at the end of 2016 and we have launched several performance-driven excel-
the beginning of 2017 contributed to growth in turnover lence initiatives at all levels of the business (not only in
totaling 14%. Growth in turnover at constant scope our plants, but in support functions as well). The work
came to 6%, including a negative impact of 3% due to we have undertaken, through the program entitled
exchange rate fluctuations. Despite these fluctuations, “Quantum: From Data to Value” , will help us to achieve
we should emphasize that all our species and geographic greater data security and harmonization starting in
areas posted solid growth. 2018. This will undoubtedly help make our decision-
The group’s operating income was up more than 30% making processes even more efficient.
on 2016. This confirms, once again, our ability to
The steady progress in our results confirms the
integrate acquisitions, deliver on our commitments
robustness of Ceva’s business model. We have business
and advance our profitability. On this last point, the
today in more than 110 countries, and our expertise is
improvement of our financial ratios is the happy
recognized worldwide. The effort we put into maintaining
consequence of the positive trend in our product mix
our ability to innovate and operate flexibly, while
and the economies of scale we are making.
maximizing our collaborative work as an ecosystem,
The group’s other financial priority is still to generate are the best drivers of success in an increasingly complex
and secure our cash flow, which will give us the oppor- environment.
Turnover for the year totaled €1099 million in 2017, + 20% compared to €912.3
million in 2016 and + 9% at constant scope and exchange rates.
Operating profit rose by nearly 31%, to €205.2 million, compared to €156.9 million in 2016.
At constant exchange rates and scope, the Group’s operating profit grew by +17.5%.
Consolidated Profit & Loss account Senior Mendel / Consolidated Balance sheet Ceva
* Excluding capitalised R&D, which if included brings this figure close to 10% of sales.
Investments (M€)
2015 2016 2017
Consolidated Profit & Loss account Senior Mendel / Consolidated Balance sheet Ceva
Financing (M€)
Stockholders’ Equity, Group Share Net Debt
2015 256.1 M€ 2015 367.4 M€
2016 318.1 M€ 2016 566.4 M€
2017 349.8 M€ 2017 698.1 M€
Consolidated Profit & Loss account Senior Mendel / Consolidated Balance sheet Ceva
Other activities (inc. trade, toll manufacturing) 24.9 2% 21.8 2% 3.0 14%
Employees by service
2015 2016 2017
Total employees
2015 3 779
2016 5 050
2017 5 578
Consolidated Profit & Loss account Senior Mendel / Consolidated Balance sheet Ceva
Sales in the Companion Animals sector grew by 12%, with particularly good
performance in the «Behaviour» (+11%) and «Antiparasitic» (+11%) ranges,
and the new vaccines segment. Sales grew by 9% in Europe.
Consolidated Profit & Loss account Senior Mendel / Consolidated Balance sheet Ceva
Consolidated Profit & Loss account Senior Mendel / Consolidated Balance sheet Ceva
Expenses
Distribution expenses Commercial expenses
The distribution expense-to-sales ratio represented Commercial expenses rose by nearly €35 million,
3.9% of net sales in 2017, stable compared to 2016. with savings of 1 point compared to 2016, amounting
The efforts made by the dedicated working group are to 23.5% of sales.
bearing fruit and distribution expenses have now
returned to 2014 rates.
Consolidated Profit & Loss account Senior Mendel / Consolidated Balance sheet Ceva
Operating result before taxes and financial expenses 120.5 147.3 182.9
Consolidated Profit & Loss account Senior Mendel / Consolidated Balance sheet Ceva
The analysis of the consolidated cash flow statement included The acquisitions of property, plant and equipment correspond
in the attached financial statements shows the following: to investments in the Group’s primary industrial sites: Ceva
Sante Animale, Ceva Biomune and Ceva Phylaxia.
EBITDA totaling €238.8 million,
In 2017, the group invested nearly €23 million for the acquisition
Cash flow from operations accounting for €145.7 million.
of technology licenses and patents. These investments were
Total investments for financial year 2017 (net of financial made to support the design of new products.
leasing) totaled €239.1 million, including €90.4 million for
As of December 31, 2017, gross free cash flow and investments
acquisitions in property, plant and equipment and intangible
amounted to €233.1 million, as compared to €282.6 million
assets, and €148.7 million in financial fixed assets (in particular
at the end of the prior financial year.
for acquisitions of new companies and the acquisition of a
number of products from the ex- Merial business).