Kvartalsrapport Q1 2023

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===== SIDA 1 =====

Q1 
 
Interim report  
January - March 
 
 20
23

===== SIDA 2 =====

Interim report January - March 2023    |   2 
Interim report January - March 2023  
Positive start to the year 
First quarter 
▪ Revenue increased 30 per cent to EUR 88.1m (67.9) 
▪ Organic growth 13 per cent, companion animal business 16 per cent (excl. Diagnostics) 
▪ Operating profit (EBIT) increased by 66 per cent to EUR 18.5m (11.2),  
▪ Adjusting for items affecting comparability EUR -2.6m (-4.7) and PPA related amortisation, adjusted 
EBITA increased by 27 per cent to EUR 26.1m (20.5) at a margin of 29.6 per cent (30.2) 
▪ Profit for the quarter totalled EUR 5.5m (5.5) 
▪ Earnings per share before and after dilution EUR 0.01 (0.01) 
▪ Adjusted earnings per share before and after dilution EUR 0.02 (0.03) 
▪ Cash flow from operating activities EUR 1.1m (11.1), net cash flow EUR 3.4m (44.2) 
Last twelve months pro-forma (April 2022 to March 2023)  
▪ Pro-forma revenue, including all acquisitions closed between 1 April 2022 and 31 March 2023, as if 
Vimian had owned them for the full period, EUR 320.6m (reported 301.5m) 
▪ Pro-forma adjusted EBITA EUR 84.1m (reported 79.0m) at 26.2 per cent margin (reported 26.1) 
Significant events during the first quarter 
▪ On 10 January, 6.019.086 C-shares were converted into ordinary shares. Pursuant to agreements 
entered between Vimian and certain shareholders in connection with the rollover conducted in 
connection with the listing in 2021, the C-shares will vest over a three-year period. 
▪ On 22 March, Vimian signed an agreement to acquire Vettr, a veterinary services platform in Australia. 
The acquisition was consolidated on 3 April 2023. 
▪ On 24 March, Vimian held an Extraordinary General Meeting resolving to carry out an issue of not 
more than 15,502,391 new ordinary shares to partly finance the acquisition of Viking Blues Pty Ltd (the 
non-regulated part of Bova in Australia). 
 
 
 
 
 
 
 
Financial key ratios 
 
1 Refer to Note 9 and the section on Alternative performance measures for more information.  
2 Refer to Note 3 and the section on Items affecting comparability for more information.  
 
  
Q1 Q1 LTM Full-year
EURm, unless stated otherwise 2023 2022 Δ% 22/23 2022
Revenue 88.1 67.9 30% 301.5 281.3
Organic revenue growth (%)¹ 13% 7% 5 pp na 4%
Operating profit (EBIT) 18.5 11.2 66% 46.7 39.4
Adjusted EBITA¹ 26.1 20.5 27% 79.0 73.4
Adjusted EBITA margin (%)¹ 29.6% 30.2% -0.6 pp 26.2% 26.1%
Profit for the period 5.5 5.5 0% -7.2 -7.2
Items affecting comparability² -2.6 -4.7 -44% -13.2 -15.3
Earnings per share before dilution (EUR) 0.01 0.01 -11% 0.01 -0.02
Earnings per share after dilution (EUR) 0.01 0.01 -11% 0.01 -0.02
Cash flow from operating activities 1.1 11.1 -90% 15.3 25.3
Net debt/Adjusted LTM EBITDA, Proforma (x)¹ na na - 3.1x 3.0x
30% 
Total revenue growth 
 
13% 
Organic revenue growth 
 
27% 
Adj. EBITA growth   
 
29.6% 
Adjusted EBITA margin 
 
Financial calendar 
17 August 2023 Interim 
report for the second 
quarter 2023 
2 June 2023 Annual 
General Meeting 
8 November 2023 Interim 
report for the third quarter 
2023 
15 February 2024 Year-end 
report 2023 
For further information,  
please contact 
Carl-Johan Zetterberg 
Boudrie 
CFO  
carl-johan.zetterberg@vimian.com  
+46(0)703 35 84 49 
 
Maria Dahllöf Tullberg  
Head of IR 
maria.tullberg@vimian.com 
+46 736 26 88 86

===== SIDA 3 =====

Interim report January - March 2023    |   3 
Message from our CEO 
Positive start to the year 
I am pleased to report that Vimian had a positive 
start to the year with strong growth and 
profitability. We continued to see solid demand 
from veterinary clinics for our innovative products 
and services, as pet owners seek better and more 
advanced care for their loved ones. 
Our efforts to accelerate organic growth proved 
successful and we delivered 13 per cent organic 
growth in the quarter. Excluding Diagnostics, our 
companion animal business grew 16 per cent, with 
average price increases of five per cent. The 
adjusted EBITA margin improved compared to the 
fourth quarter to 29.6 per cent supported by an 
extended annual ordering programme in MedTech. 
Net cash flow in the quarter is impacted by the 
build-up of receivables related to the programme 
as customers pay in monthly instalments over the 
year. 
We continued to integrate acquired companies and 
closed three strategically important add-ons. I am 
pleased to conclude that we reached pro-forma 
revenues of EUR 320.6 million and adjusted EBITA 
of EUR 84.1 million for the twelve months ending 31 
March 2023. 
All segments off to a good start 
In Specialty Pharma, we delivered solid organic 
growth led by Specialty Nutrition and Specialty 
Pharmaceuticals. We launched 25 new products, 
launched our new allergy test PAX in the US and 
Europe, and hosted our annual virtual Education 
Week with 2,000 veterinarians. We established 
direct sales for our dermatology and specialty care 
brands in France and Belgium, preparing for Spain 
in the third quarter. In March, we acquired the non-
regulated part of Bova in Australia continuing to 
build a global leader in customized specialty 
pharmaceuticals. 
In MedTech, we closed a successful annual 
ordering programme. Our customers purchase 
their annual need of orthopedic products in one 
order, improving efficiency and reducing 
shipments. This frees up time for our sales force to 
focus on new customers over the next quarters.  
Veterinary Services has seen a strong start to the 
year with double digit growth in most markets and 
solid improvement in profitability. New member 
growth was strong, and we reached 5,300 
members. In March, we welcomed Vettr to 
complement our services offering in Australia.  
In Diagnostics, the core veterinary business 
continues to grow, and our cost program is starting 
to generate positive impact. We have launched a 
new, key innovation platform, Ovacyte, in the 
equine market in France and DACH. This AI-
enabled parasite detection platform has received 
positive feedback from customers, and we are 
currently planning for its global launch.  
Advancing the ESG agenda 
We are progressing our ESG agenda hosting our 
first “Month of Ethics” in February with all-
employee trainings. We integrated a new set of 
ESG criteria in our commercial due diligence 
process and published our ESG report in May, 
including our Scope 1 & 2 emissions of 1,793 
tCO2e for 2022, well below peer average. We are 
setting reduction targets and plans and will be 
including Scope 3 emissions in the next phase. On 
the people agenda, we are launching our first 
Group-wide employee survey in May. We are proud 
to have 45% female leaders, and we have 
improved diversity in executive management 
during the year. 
The global economy remains under pressure, and 
we continue to monitor demand closely. The 
expanded annual ordering program pulled-forward 
MedTech sales from the second and third quarter.  
In April, the US patent dispute was settled, and our 
US team can now maintain full focus on customers 
and business operations. We have initiated the 
process to retrieve compensation under the 
indemnification protection and will update the 
market once conclusive.  
Overall, we are pleased to deliver a strong start to 
the year in a challenging environment, and we look 
forward to continuing supporting our customers 
with new innovative products and services.  
Stockholm, May 2023 
Dr. Fredrik Ullman 
CEO of Vimian Group AB (publ)
 
 
“ We continued to see solid 
demand from veterinary 
clinics for innovative 
products and services

===== SIDA 4 =====

Interim report January - March 2023    |   4 
 
Group performance 
First quarter 2023 
Revenue  
Revenue increased to EUR 88.1m (67.9). Organic 
revenue growth was 13 per cent, primarily driven 
by MedTech 24 per cent boosted by the AOP 
programme and pull-forward of sales. Solid growth 
in Veterinary Services 16 per cent and Specialty 
Pharma 9 per cent, partly offset by an 18 per cent 
decline in Diagnostics, still held back by phase out 
of Covid-sales. Acquisitions contributed to a 
growth of 16 per cent and a positive impact from 
currency movements of 2 per cent. 
Revenue per segment, Q1 2023 
 
Operating profit  
Operating profit amounted to EUR 18.5m (11.2), 
corresponding to a margin of 21.0 per cent (16.4). 
Operating profit included items affecting 
comparability of EUR -2.6m (-4.7). For information 
on items affecting comparability, refer to Note 3. 
Adjusted EBITA 
Adjusted EBITA increased by 27 per cent to EUR 
26.1m (20.5) at a margin of 29.6 per cent (30.2). 
Profitability in the first quarter is supported by the 
annual ordering programme in MedTech with 40 
per cent adjusted EBITA margin in the segment. 
Sequential margin improvement in Veterinary 
Services and Diagnostics.  
Adjusted EBITA per segment, Q1 20231 
 
1 Adjusted EBITA before central costs. 
Financial items 
Net financial items amounted to EUR -8.5m (-2.2). 
This consists of three main parts: financing costs 
of EUR -3.0m (average interest 4.8 per cent), 
adjusted contingent considerations including 
discounting impacts of EUR -3.1m and a negative 
exchange-rate impact of EUR -2.4m. During the 
quarter, future earn-outs to Global One, Bova and 
Best Paw have been re-valued at higher levels 
following strong performance from the companies.  
Tax 
The tax expense for the quarter amounted to EUR -
3.6m (-3.4).  
Profit for the quarter 
Profit amounted to EUR 5.5m (5.5). Earnings per 
share before dilution amounted to EUR 0.01 (0.01). 
Earnings per share after dilution amounted to EUR 
0.01 (0.01). Adjusted for items affecting 
comparability of EUR -2.6m (-4.7) adjusted 
earnings per share amounted to 0.02 (0.03). 
Capital expenditure 
Capital expenditure amounted to EUR 0.7m (0.9) 
primarily related to investments in new allergy test 
development in Specialty Pharma and the 
completion of the North American offices including 
warehousing for the MedTech segment. 
39%
41%
6%
13% Specialty Pharma
MedTech
Diagnostics
Veterinary
Services
34%
53%
4%
10% Specialty Pharma
MedTech
Diagnostics
Veterinary
Services
“ Strong organic growth 
and profitability in the first 
quarter

===== SIDA 5 =====

Interim report January - March 2023    |   5 
Cash flow 
Cash flow from operating activities amounted to 
EUR 1.1m (11.1), with negative impact from change 
in working capital. Higher account receivables 
driven by the AOP programme in MedTech. Cash 
flow from investing activities of EUR -17.2m (-80.9), 
primarily related to M&A with three add-on 
acquisitions closed during Q1 2023.  
Net working capital 
Net working capital amounted to EUR 72.9m (43.7) 
at the end of March, up from EUR 59.7m at the end 
of December. Inventory increased by EUR 3m, 
receivables increased by EUR 20m driven by the 
annual ordering programme where customers 
purchase their estimated full year demand of 
orthopedic products, paying in monthly 
instalments. 
Net debt and cash and cash equivalents 
At the end of the period, net debt amounted to 
EUR 292.8m, versus EUR 257.5m per 31 December 
2022. Cash and cash equivalents amounted to EUR 
45.9m at the end of the period.  
On 4 April 2023, Vimian’s subsidiary Veterinary 
Orthopedic Implants LLC (“VOI”) reached a 
settlement agreement with DePuy Synthes 
Products, Inc. and DePuy Synthes Sales, Inc. 
resolving the patent dispute between the parties. 
Under the terms of the agreement, the defendants 
are obliged to make a single payment of USD 70 
million, payable in the second quarter of 2023. Per 
the end of 2022, Vimian has booked an “other 
current liability” of USD 70 million and a claim of 
USD 56 million (USD 70 million minus USD 20 
million withheld at acquisition plus USD 6 million of 
legal costs) towards the sellers of VOI as a 
“current receivable”. This has no impact on net 
debt. Vimian’s view is that through the purchase 
agreement for the acquisition of VOI, Vimian has 
contractual indemnification protection for the 
amount of the settlement and all legal costs to 
date.  
Per the 31 March, net debt in relation to pro-forma 
adjusted EBITDA over the past 12-month period 
was 3.1x, compared to 3.0x per 31 December 2022.  
Reports 
Vimian’s financial reports and presentations are 
published on our website www.vimian.com
.

===== SIDA 6 =====

Interim report January - March 2023    |   6 
Segment performance  
First quarter 2023 
Vimian operates through four reporting segments: Specialty Pharma, 
MedTech, Veterinary Services and Diagnostics 
Segment – Specialty Pharma 
 
 
Revenue  
Total revenue in the first quarter grew 15 per cent 
to EUR 34.5 million (30). Solid organic revenue 
growth of 9 per cent, contribution from 
acquisitions 5 per cent and positive impact from 
currency movements 1 per cent. 
Organic growth accelerated to 9 per cent driven by 
strong growth in Specialised Nutrition with the US 
growing 15 per cent and above 40 per cent growth 
in Specialty Pharmaceuticals. Solid growth in 
Dermatology & Specialty Care led by the ICF brand 
benefitting from evidence-based formulations. 
As expected, allergy test sales declined as volumes 
are transferred to the new allergy test (PAX) with 
better precision. The US and European launch of 
the canine version of the allergy test has been well 
received by key opinion leaders, veterinarians and 
reference labs. The feline and equine tests will be 
launched during the second half of 2023. Allergy 
treatment sales continued to see solid growth. 
Geographically, the strongest growth is seen in the 
US and Benelux, lowered by the UK. Italy (15 per 
cent of segment sales) returned to growth in the 
quarter after a challenging 2022.  
In the development of new allergy vaccines, first 
phase of studies on laboratory dogs has been 
completed and the first client owned dog studies 
are planned for the second half of 2023. 
Adjusted EBITA 
Adjusted EBITA increased to EUR 9.3 million (9.1) 
at a margin of 27.1 per cent (30.4). During the first 
quarter the segment has made significant 
investments in completion and commercial launch 
of the new allergy test PAX – shifting volumes from 
legacy tests, educating veterinarians, and pushing 
a broad marketing campaign. Investment has been 
made into establishing direct distribution of 
dermatology and specialty care products in France 
and Belgium, now done internally.  
Acquisitions 
The acquisition of Viking Blues Pty Ltd. (the non-
regulated part of Bova in Australia) with EUR 10m 
revenue and around 40% EBITDA margin 
(announced in the second quarter 2022) was 
completed on 27 March. This is a milestone in 
Vimian’s ambition to create a leading global 
position in customized specialty pharmaceuticals 
and establish a research and innovation hub for 
the Group.  
Several milestones in the integration of acquired 
companies reached during the quarter including: 
▪ Nextmune UK Labs (formerly Avacta) now fully 
integrated into Nextmune UK, performing all 
tests for UK market. Following Brexit, domestic 
testing is more efficient.  
▪ Nextmune Scandinavia Logistics (formerly 
Axaeco) now perform logistics for Nextmune 
Scandinavia. Warehousing to be centralised in 
Q2. 
▪ Nextmune France (formerly LDCA) now sells the 
Nextmune portfolio in France, having shifted 
from distributor to direct sales. 
▪ Cross-fertilisation of leads and congress co-
attendance between Nextmune Scandinavia and 
Specialty Pharmaceuticals in Scandinavia (as 
part of European expansion for Specialty 
Pharmaceuticals)
Q1 Q1 LTM Full-year
Amounts in EUR 000's 2023 2022 Δ 22/23 2022
Revenue 34 522 29 965 15% 128 815 124 258
EBITA 7 918 6 669 19% 27 329 26 080
Adjusted EBITA 9 34 5 9 100 3% 35 538 35 293
Adjusted EBITA margin (%) 27.1% 30.4% -3.3 pp 27.6% 28.4%
15% 
Revenue growth 
 
9% 
Organic revenue growth 
 
3% 
Adjusted EBITA growth 
 
27.1% 
Adjusted EBITA margin

===== SIDA 7 =====

Interim report January - March 2023    |   7 
 
Segment – MedTech 
 
 
Revenue  
Total revenue in the first quarter grew 43 per cent 
to EUR 36.5 million (25.6). Strong organic revenue 
growth of 24 per cent, contribution from 
acquisitions 15 per cent and positive impact from 
currency movements of 3 per cent. 
 
Strong organic growth of 24 per cent reflects 
successful completion of the expanded annual 
ordering programme (AOP) with high rate of new 
and returning customers. The programme now 
contains the full Movora brand portfolio and grew 
by over 20 per cent reaching approximately EUR 
10m in the first quarter. The AOP results in a pull 
forward of sales from the second and third 
quarters. AOP customers receives their estimated 
full year demand of orthopedic products in one 
shipment, saving time and transportation costs, 
and pay in monthly instalments.  
 
From a regional perspective, the US operations 
remain resilient delivering strong growth. A slower 
start to the year in Europe and in Australia and 
New Zealand during January and February summer 
holiday months, re-accelerating in March.   
Adjusted EBITA 
Adjusted EBITA grew 51 per cent to EUR 14.6 
million (9.7) at a margin of 40 per cent (37.9). 
Normal seasonality for the MedTech segment with 
high margin in the first quarter normalising during 
the year. Rolling twelve months margin at 31.6 per 
end of March benefits from the pull in of high 
margin sales from the second and third quarter. 
During 2022 the segment has strengthened the 
team, added key management positions, and built 
the sales force in Europe. 
Acquisitions 
No new acquisitions were completed during the 
first quarter. Following six acquisitions during 2021 
and 2022 establishing local presence in key 
markets, strengthening the product portfolio – 
work to optimise the supply chain has been 
initiated; rationalise inventory locations, SKU’s, 
distribution, and further digitalising the supply 
chain and cooperation across the Group.
  
Q1 Q1 LTM Full-year
Amounts in EUR 000's 2023 2022 Δ 22/23 2022
Revenue 36,495 25,562 43% 112,373 101,440
EBITA 14,238 8,711 63% 35,922 30,395
Adj
usted EBITA 14,608 9,687 51% 35,516 30,594
Adjusted EBITA margin (%) 40.0% 37.9% 2.1 pp 31.6% 30.2%
43% 
Revenue growth 
 
24% 
Organic revenue growth 
 
51% 
Adjusted EBITA growth 
 
40.0% 
Adjusted EBITA margin

===== SIDA 8 =====

Interim report January - March 2023    |   8 
Segment – Veterinary Services 
 
 
Revenue  
Total revenue for the first quarter grew 102 per 
cent to EUR 11.6 million (5.7). Strong organic 
revenue growth of 16 per cent, contribution from 
acquisitions 89 per cent and negative impact from 
currency movements -3 per cent. 
 
Solid member growth with over 400 new members 
in the quarter, reaching 5,300 members. Continued 
strong conversion of membership upgrades with 16 
per cent of members now in the pro tier. 
The largest revenue stream comes from supplier 
contracts based on member clinics’ total 
purchasing, benefitting from new and renegotiated 
agreements.  
Double digit growth across most markets with the 
largest contribution from France, Spain, and 
Sweden. 
Co-owned clinics now account for almost 40 per 
cent of segment revenue. The clinics delivered 8 
per cent organic growth with a 3 per cent 
improvement in adjusted EBITA margin driven by 
primarily initiatives in pricing, staffing management 
and better procurement terms as part of Vimian. 
Adjusted EBITA 
Adjusted EBITA grew 167 per cent to EUR 2.7 
million (1.0) at a margin of 23.6 per cent (17.8). 
Sequential margin improvement as revenue growth 
accelerates on the back of a solid year of member 
recruitment, price increases and re-negotiated 
supplier agreements.  
Recently acquired companies Vertical Vet and 
heiland.com contributed positively to profitability in 
the first quarter. 
Acquisitions 
During the first quarter Veterinary Services 
acquired one veterinary clinic in Sweden and 
signed an agreement to acquire Vettr, a member 
services platform for veterinary clinics in Australia, 
which was consolidated from 3 April. 
 
Vettr complements VetFamily’s Australian services 
platform Independent Vets of Australia (IVA), 
acquired in July 2021, establishing VetFamily as a 
leading service provider to independent veterinary 
clinics across Australia. The CEO David Butchart 
will continue to lead the company as part of 
VetFamily and Vimian Group. 
  
Q1 Q1 LTM Full-year
Amounts in EUR 000's 2023 2022 Δ 22/23 2022
Revenue 11,573 5,735 102% 39,441 33,603
EBITA 2,628 272 867% 6,284 3,928
Adj
usted EBITA 2,729 1,022 167% 9,069 7,362
Adjusted EBITA margin (%) 23.6% 17.8% 5.8 pp 23.0% 21.9%
102% 
Revenue growth 
 
16% 
Organic revenue growth 
 
 
167% 
Adjusted EBITA growth 
 
23.6% 
Adjusted EBITA margin

===== SIDA 9 =====

Interim report January - March 2023    |   9 
Segment – Diagnostics 
 
 
Revenue  
Revenue declined by 18 per cent to EUR 5.5m (6.7). 
Organic decline 18 per cent benefit from currency 
movements 0.5 per cent and no impact from 
acquisitions.  
Organic decline of -18 per cent reflects the phase-
out of Covid related sales which accounted for 
around 20 per cent of sales in the first quarter 
2022. Core veterinary diagnostics sales delivered 
organic growth of around 6 per cent, the third 
consecutive quarter of growth.  
Highest growth seen in APAC offsetting a more 
moderate development in Europe and North 
America.  
A new diagnostics platform, Ovacyte, was 
launched in the equine market in France and 
DACH during the first quarter. Ovacyte is an AI-
enabled parasite detection platform launched in 
partnership with a technology company.  
 
 
 
 
 
 
 
 
 
 
 
 
 
Adjusted EBITA 
Adjusted EBITA amounted to EUR 1.1m (1.9) at a 
margin of 20.4 per cent (28.7).  
Sequential improvement in profitability, up from 15 
per cent in the fourth quarter. The segment is 
progressing on its cost program with production 
being transferred from Uppsala to Leipzig to be 
completed by the fourth quarter. In total the 
savings programme is forecasted to deliver up to 
EUR 1m run-rate savings by the end of 2023 of 
which parts will be reinvested into new growth 
initiatives.  
  
Q1 Q1 LTM Full-year
Amounts in EUR 000's 2023 2022 Δ 22/23 2022
Revenue 5,495 6,680 -18% 20,822 22,008
EBITA 956 1,828 -48% 2,118 2,990
Adj
usted EBITA 1,122 1,916 -41% 3,561 4,356
Adjusted EBITA margin (%) 20.4% 28.7% -8.3 pp 17.1% 19.8%
-18% 
Revenue decline 
 
-18% 
Organic revenue decline 
 
-41% 
Adjusted EBITA decline 
 
20.4% 
Adjusted EBITA margin

===== SIDA 10 =====

Interim report January - March 2023    |   10 
Central Costs 
Central costs in the first quarter amounted to EUR 
-1.7m (-1.2).  The increase compared to the average 
run-rate of EUR 1m per quarter during 2022 
reflects the full impact of the build-up of central 
functions and systems in finance, IT ESG and legal. 
There is also a EUR 0.3m one-time impact of 
reversal of capitalised fees related to the share 
issue in September 2022.  
Seasonal effects  
Vimian assesses that its revenues and EBITA to a 
limited degree are affected by seasonality. The four 
segments have varying, but limited, seasonality 
patterns. The strongest seasonality effect can be 
seen in MedTech, where the first quarter is 
typically the strongest quarter due to the AOP 
programme. 
Risks and uncertainties 
Vimian Group’s and the parent company’s business 
risks and risk management, as well as the 
management of financial risks, are described on 
pages 58-61 in the 2022 Annual Report published 
at www.vimian.com
.  
 
Ownership structure 31 March 2023 
 
  
Name Capital Votes
Fidelio Capital 53.2% 55.3%
PRG Investment Holdings 5.0% 3.7%
Handelsbanken Fonder 4.6% 4 .7%
Finn Pharmaceuticals Trust 3.4% 3.5%
AMF Pension & Fonder 3.0% 3.1%
Didner & Gerge Fonder 2.6% 2.7%
Danica Pension 2.5% 2.6%
SEB Fonder 2.3% 2.4%
Investering & Tryghed A/S 1.6% 1.7%
Spiltan Fonder 1.5% 1.5%
Total 10 79.8% 81.4%
Others 20.2% 18.6%
Total 100.0% 100.0%

===== SIDA 11 =====

Interim report January - March 2023    |   11 
Declaration of the Board of Directors and Chief Executive Officer 
The Board of Directors and Chief Executive Officer declare that the interim report provides  
a true and fair view of the development of the Group’s and parent company’s business, its financial  
position and results, and describes significant risks and uncertainties faced by the  
parent company and the companies included in the Group. 
 
Stockholm, 4 May 2023 
 
Gabriel Fitzgerald 
Chairman 
Frida Westerberg Martin Erleman 
Mikael Dolsten Petra Rumpf Theodor Bonnier 
 Fredrik Ullman 
CEO 
 
 
Prior to publication this information constituted inside information that Vimian Group AB is obliged to 
make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The 
information was submitted for publication, through the above contact persons, at 07:45 am CEST on 4 
May 2023. 
Webcast conference call on 4 May 2023: In connection with the interim report, Vimian will hold a 
webcast conference call in English at 09:00 am CEST. Vimian will be represented by CEO Fredrik Ullman 
and CFO Carl-Johan Zetterberg Boudrie, who will present the interim report and answer questions. 
Information regarding telephone numbers is available at www.vimian.com/investors. The presentation 
will be available at www.vimian.com/investors after publication of the interim report. The webcast will be 
available at the same address after the live broadcast.

===== SIDA 12 =====

Financial reports 
Group 
Interim report January - March 2023    |   12 
INTERIM CONDENSED CONSOLIDATED 
STATEMENT OF PROFIT OR LOSS 
 
 
 
 
Q1 Q1 Full-year
kEUR Note 2023 2022 2022
Revenue from contracts with customers 3, 4 88,084 67,941 281,308
Revenue 88,084 67,941 281,308
Other operating income 738 1,274 6,511
Raw material and merchandise -27,202 -21,501 -87,315
Other external expenses -15,533 -13,750 -56,927
Personnel expenses -20,052 -14,539 -71,012
Depreciation and amortisation -7,068 -6,230 -27,226
Other operating expenses -443 -2,041 -5,978
Operating profit 18,524 11,154 39,361
Net financial items -8,505 -2,233 -38,345
Share of profit of an associate -935 -10 -92
Profit before tax 9,085 8,911 924
Income tax expense -3,601 -3,445 -8,122
Profit for the period 5,484 5,465 -7,198
Profit for the period attributable to:
Equity holders of the parent 5,405 5,424 -6,742
Non-controlling interests 79 42 -456
Earnings per share, before and after dilution (EUR) 0.01 0.01 -0.02
Average number of shares, before and after dilution (Thousands) 442,500 389,395 403,114
Q1 Q1 Full-year
kEUR Note 2023 2022 2022
Profit for the period 5,484 5,465 -7,198
Other comprehensive income 
Items that may be reclassified to profit or loss:
Exchange differences on translation of foreign operations 5,177 -2,534 -6,929
Items that will not be reclassified to profit or loss:
Remeasurement of defined benefit plans 150 68 87
Other comprehensive income for the period, net of tax 5,327 -2,466 -6,842
Total comprehensive income for the period, net of tax 10,811 2,999 -14,040
Total comprehensive income attributable to:
Equity holders of the parent 10,707 2,957 -13,609
Non-controlling interests 104 42 -430

===== SIDA 13 =====

Financial reports 
Group 
Interim report January - March 2023    |   13 
INTERIM CONDENSED CONSOLIDATED 
STATEMENT OF FINANCIAL POSITION 
 
  
kEUR Note 31 Mar 2023 31 Mar 2022 31 Dec 2022
Non-current assets
Goodwill 502,432 391,213 464,374
Intangible assets 221,664 182,663 203,992
Property, plant and equipment 22,535 18,847 21,518
R
ight-of-use assets 14,269 10,765 13,328
Investment in associates 9,807 1,198 7,578
Non-current financial assets 3,214 1,749 4,103
Deferred tax assets 1,833 1,607 1,976
Total non-current assets 775,753 608,043 716,867
Current assets
Inventories 64,525 39,486 61,200
Trade receivables 60,193 43,328 41,168
Current tax receivables 474 1,040 568
Other receivables 59,093 4,894 57,434
Prepaid expenses and accrued income 5,514 8,209 4,127
Cash and cash equivalents 45,879 99,737 42,194
Total current assets 235,678 196,694 206,692
TOTAL ASSETS 1,011,432 804,737 923,559
kEUR Note 31 Mar 2023 31 Mar 2022 31 Dec 2022
Equity
Share capital 74 64 72
Other contributed capital 466,391 294,984 432,985
Reserves -8,247 -60 -4,460
R
etained earnings including this period’s profit 58,621 65,382 53,216
Total equity attributable to equity holders of the parent 516,839 360,370 481,813
Non-controlling interests -318 1,268 -316
Total equity 516,521 361,638 481,497
Non-current liabilities
Liabilities to credit institutions 223,633 286,596 207,112
Lease liabilities 10,637 8,476 9,029
Deferred tax liabilities 29,282 23,640 24,406
Other non-current liabilities 5 52,785 43,152 35,229
Non-current provisions 160 98 30
Total non-current liabilities 316,497 361,961 275,806
Current liabilities
Liabilities to credit institutions - 14 -
Lease liabilities 4,106 2,621 4,816
Trade payables 24,706 20,163 18,328
Current tax liabilities 9,013 8,324 8,179
Other current liabilities 5 120,677 31,533 113,576
Accrued expenses and prepaid income 19,913 18,481 21,358
Total current liabilities 178,414 81,137 166,256
TOTAL EQUITY AND LIABILITIES 1,011,432 804,737 923,559

===== SIDA 14 =====

Financial reports 
Group 
Interim report January - March 2023    |   14 
INTERIM CONDENSED CONSOLIDATED 
STATEMENT OF CHANGES IN EQUITY 
  
kEUR
Share 
capital 
Other 
contributed 
capital 
Translation 
reserve 
Retained 
earnings 
including this 
period’s profit 
Total equity 
attributable to 
equity holders 
of the parent 
Non-
controlling 
interests 
Total 
equity 
Opening balance 1 January 2022 64 294,984 2,407 59,959 357,414 1,226 358,640
 
Profit for the period - - - 5,424 5,424 42 5,466
Other comprehensive income - - -2,467 - -2,466 - -2,466
Total comprehensive income 64 294,984 -60 65,383 360,372 1,267 361,640
 
Transactions with owners 
Total - - - - - - -
 
Closing balance 31 March 2022 64 294,984 -60 65,383 360,372 1,267 361,640
 
Opening balance 1 January 2023 72 432,985 -4,461 53,216 481,812 -315 481,497
 
Profit for the period - - - 5,405 5,405 79 5,484
Other comprehensive income - - -3,786 - -3,786 25 -3,760
Total comprehensive income - - -3,786 5,405 1,619 104 1,723
 
Transactions with owners 
Share issue 2 33,405 - - 33,408 - 33,408
Transactions with non-
controlling interests - - - - - -107 -107
Total 2 33,405 - - 33,408 -107 33,300
 
Closing balance 31 March 2023 74 466,391 -8,246 58,621 516,839 -318 516,521
Equity attributable to equity holders of the parent

===== SIDA 15 =====

Financial reports 
Group 
Interim report January - March 2023    |   15 
INTERIM CONDENSED CONSOLIDATED 
STATEMENT OF CASH FLOWS 
  
Q1 Q1 Full-year
kEUR 2023 2022 2022
Operating activities
Operating profit 18,524 11,154 39,361
Adjustments for non-cash items 8,336 7,939 30,702
Interest received 31 - 21
Interest paid -2,929 -878 -10,389
Paid income tax -2,673 -2,495 -7,677
Cash flow from operating activities before change in working capital 21,289 15,720 52,017
Change in inventories -2,765 -2,357 -19,817
Change in operating receivables -20,153 -11,594 -3,758
Change in operating liabilities 2,711 9,331 -3,130
Cash flow from operating activities 1,082 11,101 25,313
Investing activities
Acquisition of a subsidiary, net of cash acquired -14,122 -77,346 -171,261
Investments in associates 0 -300 -6,964
Proceeds from sale of associates - - -
Dividend from associates - - -
Investments in intangible assets -1,829 -1,356 -4,486
Investments in property, plant and equipment -1,218 -1,879 -5,822
Proceeds from sale of property, plant and equipment - - -
Investments in other financial assets - - -
Proceeds from sale of financial assets - - -
Cash flow from investing activities -17,169 -80,881 -188,533
Financing activities
New share issue - - 137,969
Warrant program - - 1,658
Shareholder contributions - - -
Transaction costs - -573 -1,619
Transaction costs arrangement fees - - -
Proceeds from borrowings 20,201 115,338 150,549
Repayment of borrowings - - -133,160
Payment of lease liabilities -710 -748 -5,168
Transactions with non-controlling interests - - -
Cash flow from financing activities 19,491 114,017 150,229
Cash flow for the period 3,404 44,237 -12,990
Cash and cash equivalents at beginning of the period 42,194 55,114 55,114
Exchange-rate difference in cash and cash equivalents 281 386 70
Cash and cash equivalents at end of the period 45,879 99,737 42,194

===== SIDA 16 =====

Financial reports 
Group 
Interim report January - March 2023    |   16 
CONDENSED PARENT COMPANY INCOME 
STATEMENT AND BALANCE SHEET 
 
 
  
Q1 Q1 Full-year
KSEK 2023 2022 2022
Revenue 6,953 1,994 26,031
Other operating income 213 5,983 12,242
Total operating income 7,166 7,977 38,273
Other external expenses -19,055 -15,408 -51,282
Personnel expenses -5,970 -3,048 -17,470
Depreciation and amortisation -33 -33 -132
Other operating expenses -83 -369 -423
Operating profit -17,975 -10,881 -31,033
Group contributions - - 13,071
Net financial items 6,889 -2,193 -56,254
Profit before tax -11,086 -13,075 -74,207
Income tax expense - - -
Profit for the period -11,086 -13,075 -74,207
KSEK 31 Mar 2023 31 Mar 2022 31 Dec 2022 
ASSETS
Non-current assets
Intangible assets 13,674 6,461 16,875
Property, plant and equipment 525 658 559
Shares in subsidiaries 6,169,308 6,161,177 6,169,308
Non-current group receivables 4,635,155 3,252,430 4,060,975
Total non-current assets 10,818,663 9,420,726 10,247,717
Current assets
Group receivables - 32,438 52,954
Other receivables 11,268 2,804 2,053
Prepaid expenses and accrued income 1,783 4,273 750
Total current assets 13,051 39,516 55,757
TOTAL ASSETS 10,831,714 9,460,242 10,303,474
Equity
Share capital 761 649 736
Share premium 6,547,038 4,666,615 6,167,328
Retained earnings 1,768,013 1,842,220 1,825,345
Profit for the period -11,087 -13,075 -74,207
Total equity 8,304,726 6,496,409 7,936,077
Non-current liabilities
Liabilities to credit institutions 2,512,646 2,947,195 2,295,854
Group non-current liabilities - 7,207 -
Total non-current liabilities 2,512,646 2,954,402 2,295,854
Current liabilities
Group payables 6,207 - 3,786
Trade payables 2,869 2,204 61,267
Other current liabilities 1,419 681 1,215
Accrued expenses and prepaid income 3,847 6,545 5,275
Total current liabilities 14,342 9,430 71,543
TOTAL EQUITY AND LIABILITIES 10,831,714 9,460,242 10,303,474

===== SIDA 17 =====

Financial reports 
Group 
Interim report January - March 2023    |   17 
NOTES TO THE INTERIM CONDENSED 
CONSOLIDATED FINANCIAL STATEMENTS 
Note 1. Significant accounting policies 
The interim condensed consolidated financial statements 
comprise of the Swedish parent company Vimian Group AB 
(publ), with corporate identity number 559234-8923, and its 
subsidiaries. The Group’s primary operations are offering 
products and services in animal health for domestic pets 
and livestock around the world. The Group offers goods and 
services in Specialty Pharma, MedTech and Diagnostics as 
well as services and advice for veterinary professionals. The 
Parent Company is a limited liability company with its 
registered office in Stockholm, Sweden. The address of the 
head office is Riddargatan 19, 114 57 Stockholm. 
The consolidated financial statements have been prepared 
in accordance with International Financial Reporting 
Standards (IFRS) as adopted by the European Union (EU). 
The Group’s interim report is prepared in accordance with 
IAS 34 Interim financial reporting and applicable parts of the 
Swedish Annual Accounts Act (1995:1554). The interim 
report of the parent company is prepared in accordance 
with the Swedish Annual Accounts Act chapter 9, Interim 
financial reporting and Recommendation RFR 2 Accounting 
for Legal Entities. The Group and Parent Company have 
applied the same accounting principles, basis of calculation, 
and assumptions as those applied in the Consolidated 
financial statements of Vimian Group AB as of and for the 
financial year ended 31 December 2022. For a complete 
description of the Group’s and Parent Company’s applied 
accounting principles, see note 1 of the Consolidated 
financial statements of Vimian Group AB as of and for the 
financial year ended 31 December 2022. Disclosures 
according to IAS 34 are presented in the financial 
statements as well as corresponding notes on page 22-38, 
which are an integrated part of the interim condensed 
consolidated financial statements. All amounts are 
presented in thousands of Euro (“kEUR”), unless otherwise 
indicated. 
Note 2. Key estimates and assumptions 
In preparing the interim financial statements, corporate 
management and the Board of Directors must make certain 
assessments and assumptions that impact the carrying 
amount of asset and liability items and revenue and expense 
items, as well as other information provided. The actual 
outcome may then differ from these assessments if other 
conditions arise. The key estimates and assumptions 
correspond to the ones described in the Consolidated 
financial statements of Vimian Group AB as of and for the 
financial year ended 31 December 2022.

===== SIDA 18 =====

Financial reports 
Group 
Interim report January - March 2023    |   18 
Note 3. Operating segments 
 
1 In Specialty Pharma, EUR 931k of the acquisition-related costs are stay-on bonuses, reported as personnel costs in the period, to 
management of acquired companies. 
² Main items in other are legal fees other than the VOI litigation as well as one off product approvals for new markets.  
 
  
Jan-Mar 2023
Specialty 
Pharma MedTech Diagnostics 
Veterinary 
Services 
Total 
segments 
Group 
functions Eliminations 
Group 
total 
Revenue 
Revenue from external 
customers 34,522 36,495 5,495 11,573 88,084 -0 - 88,084
Revenue from internal 
customers -30 - - 121 91 - -91 -
Total revenue 34,491 36,495 5,495 11,694 88,175 -0 -91 88,084
 
Adjusted EBITA 9,345 14,608 1,122 2,729 27,805 -1,708 - 26,096
Items affecting comparability -1,427 -370 -166 -101 -2,065 -574 - -2,638
EBITA 7,918 14,238 956 2,628 25,740 -2,282 - 23,458
Amortisation of acquisition-
related intangible assets -2,451 -1,504 -222 -756 -4,933 - - -4,933
Net financial items -1,351 -14,263 569 -2,331 -17,376 8,871 - -8,505
Share of profit of an associate 
and joint venture - - - -935 -935 - - -935
Profit before tax 4,116 -1,529 1,303 -1,394 2,496 6,589 - 9,085
 
Specification of items 
affecting comparability 
Acquisition-related costs¹ 931 36 - 22 990 - - 990
Systems update - 21 - - 21 479 - 501
Restructuring costs - - 166 79 245 - - 245
Inventory step-up - - - - - - - -
IPO and financing related 
costs - - - - - 94 - 94
Other² 496 313 - - 809 - - 809
Total items affecting 
comparability 1,427 370 166 101 2,065 574 - 2,638
 
Other disclosures 
Investments 390 174 97 43 705 - - 705
Total assets  511,087 294,425 51,495 156,413 1,013,419 7,544 -9,531 1,011,432
Total liabilities  94,019 129,824 9,986 39,986 273,815 218,189 -2,591 489,413

===== SIDA 19 =====

Financial reports 
Group 
Interim report January - March 2023    |   19 
 
1 Main items in Other are: MedTech legal fees in USA due to patent litigation . 
  
Jan-Mar 2022
Specialty 
Pharma MedTech Diagnostics 
Veterinary 
Services 
Total 
segments 
Group 
functions Eliminations 
Group 
total 
Revenue 
Revenue from external 
customers 29,965 25,562 6,680 5,735 67,941 - - 67,941
Revenue from internal 
customers - - - 127 127 161 -288 -
Total revenue 29,965 25,562 6,680 5,862 68,068 161 -288 67,941
 
Adjusted EBITA 9,100 9,687 1,916 1,022 21,726 -1,222 - 20,504
Items affecting comparability -2,432 -976 -89 -750 -4,246 -502 - -4,749
EBITA 6,669 8,711 1,828 272 17,479 -1,724 - 15,755
Amortisation of acquisition-
related intangible assets -2,859 -1,263 -140 -339 -4,601 - - -4,601
Net financial items -1,801 -327 1,302 42 -784 -1,449 - -2,233
Share of profit of an associate 
and joint venture - - - -10 -10 - - -10
Profit before tax 2,009 7,121 2,989 -35 12,085 -3,174 - 8,911
 
Specification of items 
affecting comparability 
Acquisition-related costs 2,432 335 57 737 3,561 55 - 3,616
Systems update - - - - - 67 - 67
Restructuring costs - - - 13 13 14 - 27
Inventory step-up - - - - - - - -
IPO and financing related 
costs - 8 31 - 40 34 - 73
Other¹ - 633 - - 633 332 - 965
Total items affecting 
comparability 2,432 976 89 750 4,246 502 - 4,749
 
Other disclosures 
Investments 221 79 120 286 705 168 - 873
Total assets  437,210 187,623 47,299 108,853 780,985 23,842 -90 804,737
Total liabilities  75,824 47,720 14,866 14,037 152,447 290,741 -90 443,098

===== SIDA 20 =====

Financial reports 
Group 
Interim report January - March 2023    |   20 
 
Note 4. Revenue from contracts with customers 
 
 
Revenue from external customers in Sweden amounted to EUR 3.8m (1.8) during Q1 2023.  
Jan-Mar 2023
Specialty 
Pharma MedTech Diagnostics 
Veterinary 
Services Group total 
Geographic region
Europe 19,059 6,218 3,201 9,521 37,999
North America 14,619 26,192 890 1,671 43,373
Rest of the World 844 4,085 1,403 381 6,713
Revenue from contracts with customers 34,522 36,495 5,495 11,573 88,084
Jan-Mar 2022
Specialty 
Pharma MedTech Diagnostics 
Veterinary 
Services Group total 
Geographic region
Europe 16,708 4,843 4,455 5,472 31,478
North America 12,806 18,332 1,196 - 32,333
Rest of the World 452 2,386 1,029 263 4,130
Revenue from contracts with customers 29,965 25,562 6,680 5,735 67,941

===== SIDA 21 =====

Financial reports 
Group 
Interim report January - March 2023    |   21 
Note 5. Financial instruments 
The carrying amount of the Group’s financial instruments measured at fair value regards contingent considerations (see 
below). The carrying amount of other financial assets and liabilities is deemed to be a good approximation of the fair value. 
Contingent consideration 
In some of the Group’s business combinations, part of the purchase price has been in the form of contingent consideration. 
The contingent considerations depend on the future earnings or sales of the acquired companies. The contingent 
considerations will be settled in cash.  
The contingent considerations are included in the following line items in the statement of financial position: other non-
current liabilities 45,099 kEUR Q1 2023 (41,708 kEUR Q1 2022) and other current liabilities 47,515 kEUR Q1 2023 (6,342 
kEUR Q1 2022). The contingent considerations are measured at fair value by discounting the expected cash flows by a risk 
adjusted discount rate. The contingent considerations are classified as level 3 in the fair value hierarchy.
 
Note 6. Business combinations 
The following acquisitions have been completed during the period January to March 2023: 
 
 
  
Contingent consideration Jan - Mar 2023 Jan - Mar 2022 Jan - Dec 2022
Opening balance 74,591 24,700 24,700
Business combinations 14,769 22,011 43,202
Paid out - -300 -17,981
Change in fair value recognised in P&L 4 ,026 1,452 26,020
Exchange differences on translation of foreign operations -772 187 -1,351
Closing balance 92,614 48,051 74,591
Company Deal 
type 
% 
acquired Based Segment Consolidation 
month 
Annual 
sales 
Good-
will 
Transaction 
costs 
Axaeco Logistics AB Share 100% Sweden Specialty 
Pharma Jan 1.9 0.2 0.1
Viking Blues Pty Ltd Share 100% Australia Specialty 
Pharma Jan 10.0 36.8 0.8
Din Veterinär i Helsingborg Holding AB Share 100% Sweden Veterinary 
Services Feb 4.9 6.1 0.1

===== SIDA 22 =====

Financial reports 
Group 
Interim report January - March 2023    |   22 
Preliminary purchase price allocations per operating segment during the period January-March 2023: 
 
 
For the acquisitions closed during the period January to March 2023, the amount of income and pre-tax profit included in 
the group's report on comprehensive income for the reporting period are per segment: Specialty Pharma income EURk 70,2, 
pre-tax profit EURk 117,3 and Veterinary Services income EURk 885,0 and pre-tax profit EURk 418,0. On a pro-forma basis if 
all acquisitions had closed 1 January 2023 this would have been Specialty Pharma income EURk 2,293, pre-tax profit EURk 
734, and Veterinary Services income EURk 1,298 and pre-tax profit EURk 228. 
Acquired net assets on acquisition date based on 
preliminary PPA
Specialty 
Pharma MedTech Diagnostics 
Veterinary 
Services Group total 
Intangible assets 24,590 - - 367 24,957
Property, plant and equipment 1,053 - - 89 1,142
Right-of-use assets - - - - -
Non-current financial assets - - - - -
Deferred tax assets - - - - -
Inventories 410 - - 150 560
Trade receivable and other receivables 1,706 - - 212 1,918
Cash and cash equivalents 465 - - 401 865
Interest-bearing liabilities - - - - -
Lease liabilities - - - - -
Deferred tax liabilities -6,123 - - -76 -6,199
Trade payables and other operating liabilities -748 - - -389 -1,137
Identified net assets 21,353 - - 755 22,108
 
Non-controlling interest measured at fair value - - - - -
Goodwill 37,007 - - 6,120 43,126
Total purchase consideration 58,360 - - 6,120 64,479
 
Purchase consideration comprises: 
Cash 7,733 - - 5,328 13,061
Equity instruments 35,334 - - - 35,334
Contingent consideration and deferred payments 15,283 - - 1,546 16,829
Total purchase consideration 58,350 - - 6,874 65,224
Impact of acquisition on Group’s cash flow
Specialty 
Pharma MedTech Diagnostics 
Veterinary 
Services Group total 
Cash portion of purchase consideration -7,733 - - -5,328 -13,061
Acquired cash 465 - - 401 865
Total -7,268 - - -4,927 -12,196
Acquisition-related costs -875 - - -92 -967
Net cash outflow -8,143 - - -5,019 -13,162

===== SIDA 23 =====

Financial reports 
Group 
Interim report January - March 2023    |   23 
 
 
Note 7. Related-party transactions 
There have been no significant changes in the relationships 
with related parties for the Group or the Parent Company 
compared to the information provided in the Annual 
Financial statements. During the first quarter of 2023 
transactions with related parties amounted to EUR 120k, 
primarily services provided by previous owners of acquired 
companies during the initial handover period.  
On the 27 March 2023 Vimian acquired Viking Blues Pty Ltd 
from Nick Bova, who manages Vimian’s specialty 
pharmaceuticals business and through this transaction 
became a significant shareholder, for a consideration of EUR 
42.3 million of which EUR 7m was paid in cash and EUR 
35.3m through ordinary shares issued in kind. 
Note 8. Events after the balance-sheet date 
On 4 April 2023, Vimian’s subsidiary Veterinary Orthopedic 
Implants LLC (“VOI”) reached a settlement agreement with 
DePuy Synthes Products, Inc. and DePuy Synthes Sales, Inc. 
resolving the patent dispute between the parties. Under the 
terms of the agreement, the defendants are obliged to make 
a single payment of USD 70 million, payable in the second 
quarter of 2023. Per the end of 2022, Vimian has booked an 
“other current liability” of USD 70 million and a claim of USD 
56 million (USD 70 million minus USD 20 million withheld at 
acquisition plus USD 6 million of legal costs) towards the 
sellers of VOI as a “current receivable”. This has no impact 
on net debt. Vimian’s view is that through the purchase 
agreement for the acquisition of VOI, Vimian has contractual 
indemnification protection for the amount of the settlement 
and all legal costs to date. 
On 14 April the Board of directors resolved on a share issue 
of 249.482 ordinary shares and 249.482 C shares as part of 
the earn-out to the sellers of Kahu Vet Group in accordance 
with the purchase agreement signed in February 2022.    
Note 9. Alternative performance measures 
Alternative Performance Measures (APMs) are financial 
measures of historical or future financial performance, 
financial position or cash flows that are not defined in 
applicable accounting regulations (IFRS). APMs are used by 
Vimian when it is relevant to monitor and describe Vimian’s 
financial situation and to provide additional useful 
information to users of financial statements. These 
measures are not directly comparable to similar key ratios 
presented by other companies. 
 
Acquired net assets on acquisition date based on 
preliminary PPA
Viking Blues Pty 
Ltd 
Intangible assets 24,590
Property, plant and equipment 1,053
Right-of-use assets -
Non-current financial assets -
Deferred tax assets -
Inventories -
Trade receivable and other receivables 1,573
Cash and cash equivalents 418
Interest-bearing liabilities -
Lease liabilities -
Deferred tax liabilities -6,123
Trade payables and other operating liabilities -674
Identified net assets 20,836
 
Non-controlling interest measured at fair value -
Goodwill 36,761
Total purchase consideration 36,761
 
Purchase consideration comprises: 
Cash 6,980
Equity instruments 35,334
Contingent consideration and deferred payments 15,283
Total purchase consideration 57,597

===== SIDA 24 =====

Financial reports 
Group 
Interim report January - March 2023    |   24 
Definitions and reason for usage 
Key Ratios Definition 
Organic Revenue Growth Vimian reports organic revenue growth to show performance of the underlying 
business. It is calculated as the like for like revenue growth excluding impact from 
acquisitions, divestments, and currency impacts. Acquired companies are included 
in organic growth when they have been part of the group for 12 months.  
EBITA Vimian reports EBITA to show the operating profitability independent of taxes, 
financing structure and amortisation. It is calculated as operating profit excluding 
amortisation of intangible assets that were originally recognised in connection with 
business combinations. 
EBITA margin EBITA margin, calculated as EBITA in relation to revenue, allows the Group to track 
development of profitability. 
Adjusted EBITA Vimian reports adjusted EBITA, EBITA excluding costs that are considered as non-
recurring, to give a clearer view of the underlying performance of the operations. Majority 
of non-recurring items are related to acquisitions. 
Adjusted EBITA margin The adjusted EBITA margin shows adjusted EBITA in relation to revenue and provides a 
view of how profitable the core operations of the business are. 
Adjusted EPS Vimian reports adjusted EPS, excluding the impact of non-recurring items, to give a 
clearer view of net profit for the Group excluding costs that are considered non-
recurring. 
Items affecting comparability Income and expense items that considered to be non-recurring. Vimian reports 
adjusted EBITA, EBITDA and EPS, which are adjusted for items affecting 
comparability to give a fairer view of the underlying business.  
Amortisation PPA related Amortisation of intangible assets that were originally recognised in connection with 
business combinations. 
Net debt Vimian reports net debt to allow investors to assess the Group’s ability to make 
strategic investments and meet its financial obligations. Net debt is calculated as 
cash and cash equivalents less liabilities to credit institutions, lease liabilities, other 
non-current liabilities and specific items included in other current liabilities 
(contingent considerations, deferred payments, vendor notes and shareholder 
loans related to business combinations). 
Net debt / Adjusted EBITDA Net debt in relation to the last 12 months adjusted EBITDA. 
Net Working Capital Vimian reports net working capital as a measure of the Group’s short term financial 
status. It contains inventory, trade receivables, current tax receivables, other 
current receivables, prepaid expenses and accrued income, less trade payables, 
current tax liabilities, accrued expenses and deferred income, provisions and other 
current liabilities.  
Proforma revenue Vimian reports pro-forma revenue to show a fair view of the size of the Group 
including all entities that it owns per the date of the report. It is calculated by 
taking reported revenue for the last twelve months with revenue for all acquisitions 
closed during the last twelve months, as if they had been consolidated the full 
period 
Adjusted EBITDA, Proforma Vimian reports pro-forma EBITDA to show a fair view of the size of the Group 
including all entities that it owns per the date of the report. It is calculated by 
taking reported adjusted EBITDA for the last twelve months with adjusted EBITDA 
for all acquisitions closed during the last twelve months, as if they had been 
consolidated the full period.

===== SIDA 25 =====

Financial reports 
Group 
Interim report January - March 2023    |   25 
Key Ratios Definition 
Adjusted EBITDA margin, 
Proforma 
Adjusted proforma EBITDA in relation to proforma revenue. 
Acquisition related expenses Expenses related to legal and financial due diligence as well as integration costs. 
Restructuring costs Costs relating to integration and synergies between legacy and acquired 
businesses 
Alternative performance measures not defined in accordance with IFRS for the group - Based on reported figures 
 
 
 
Alternative performance measures not defined in accordance with IFRS for the group - Based on proforma figures 
 
 
  
1 Jan-31 Dec
(EURm, unless otherwise stated) 2023 2022 2022
Revenue growth (%) 30% 55% 62%
Organic revenue growth (%) 13% 7% 4%
EBITDA 25,592 17,383 66,587
EBITDA margin (%) 29.1% 25.6% 23.7%
Adjusted EBITDA 28,230 22,132 81,910
Adjusted EBITDA margin (%) 32.0% 32.6% 29.1%
EBITA 23,457 15,755 58,097
EBITA margin (%) 26.6% 23.2% 20.7%
Adjusted EBITA 26,095 20,504 73,419
Adjusted EBITA margin (%) 29.6% 30.2% 26.1%
Operating profit 18,524 11,154 39,361
Operating margin (%) 21.0% 16.4% 14.0%
Capital expenditure -705 -873 -8,517
Cash flow from operating activities 1,082 11,101 25,313
1 Jan-31 Mar
1 Apr - 31 Mar
(EURm, unless otherwise stated) LTM (2023)
Proforma revenue 320,618
Adjusted EBITDA, Proforma 93,150
Adjusted EBITDA margin, Proforma 29.1%
Net debt 292,797
Net debt / Adjusted EBITDA, Proforma (x) 3.1x

===== SIDA 26 =====

Financial reports 
Group 
Interim report January - March 2023    |   26 
ALTERNATIVE PERFORMANCE MEASURES 
Reconciliation of alternative performance measures not defined in accordance with IFRS for the group 
Certain statements and analyses presented include alternative performance measures (APMs) that are not defined by IFRS. 
The Company believes that this information, together with comparable defined IFRS metrics, are useful to investors as they 
provide a basis for measuring operating profit and ability to repay debt and invest in operations. Corporate management 
uses these financial measurements, along with the most directly comparable financial metrics under IFRS, to evaluate 
operational results and value added. The APMs should not be assessed in isolation from, or as a substitute for, financial 
information presented in the financial statements in accordance with IFRS. The APMs reported are not necessarily 
comparable to similar metrics presented by other companies. The reconciliations are presented in the tables below. 
 
 
 
1 Consists of shareholder loans, deferred payments, vendor notes and contingent considerations related to business combinations included 
in the balance sheet item Other current liabilities. 
2 Other current liabilities as reported in the Statement of financial position less shareholder loans, deferred payments, vendor notes and 
contingent considerations related to business combinations.  
 
1 Jan-31 Dec
(EUR thousands, unless otherwise stated) 2023 2022 2022
Adjusted EBITA and EBITDA
Revenue 88,084 67,941 281,308
EBITA 23,457 15,755 58,097
EBITDA 25,592 17,383 66,587
Items affecting comparability 2,638 4,749 15,323
Adjusted EBITA 26,095 20,504 73,420
Adjusted EBITDA 28,230 22,132 81,910
Adjusted EBITA margin (%) 29.6% 30.2% 26.1%
Adjusted EBITDA margin (%) 32.0% 32.6% 29.1%
1 Jan-31 Mar
1 Jan-31 Dec
(EUR thousands, unless otherwise stated) 2023 2022 2022
Net debt
Liabilities to credit institutions (long term) 223,633 286,596 207,112
Lease liabilities (long term) 10,637 8,476 9,029
Other non-current liabilities 52,785 43,152 35,229
Liabilities to credit institutions (short term) 0 14 -0
Lease liabilities (short term) 4,106 2,621 4,816
Other items¹ 47,515 25,390 43,520
Cash & Cash Equivalents -45,879 -99,737 -42,194
Net debt 292,797 266,512 257,512
1 Jan-31 Mar
31 Dec
(EUR thousands, unless otherwise stated) 2023 2022 2022
Net working capital
Inventory 64,525 39,486 61,200
Trade receivables 60,193 43,328 41,168
Current tax receivables 474 1,040 568
Other current receivables 4,841 4,894 4,908
Prepaid expenses and accrued income 5,514 8,209 4,127
Trade payables -24,706 -20,163 -18,328
Current tax liabilities -9,013 -8,324 -8,179
Other current liabilities² -8,887 -6,143 -4,404
Provisions -160 -98 -30
Accrued expenses and deferred income -19,913 -18,481 -21,358
Net working capital 72,869 43,748 59,674
31 Mar

===== SIDA 27 =====

Financial reports 
Group 
Interim report January - March 2023    |   27 
 
 
 
 
 
 
 
 
  
1 Apr - 31 Mar 1 Jan-31 Dec
(EUR thousands, unless otherwise stated) LTM (2022/2023) 2022
Proforma revenue
Reported revenue 301,451 281,308
Proforma period, revenue 19,167 15,698
Proforma revenue 320,618 297,006
Adjusted EBITA, Proforma
Reported Adjusted EBITA (12 months) 79,011 na
Proforma period Adjusted EBITA 5,054 na
Adjusted EBITA, Proforma 84,065 na
Adjusted EBITA margin, Proforma
Proforma Revenue 301,451 na
Adjusted EBITA, Proforma 84,065 na
Adjusted EBITA margin, Proforma 27.9% na
Adjusted EBITDA, Proforma
Reported Adjusted EBITDA (12 months) 88,008 81,910
Proforma period Adjusted EBITDA 5,142 3,789
Adjusted EBITDA, Proforma 93,150 85,699
Adjusted EBITDA margin, Proforma
Proforma Revenue 320,618 297,006
Adjusted EBITDA, Proforma 93,150 85,699
Adjusted EBITDA margin, Proforma 29.1% 28.9%
Net debt/Adjusted EBITDA, Proforma
Net debt 292,797 257,512
Adjusted EBITDA, Proforma 93,150 85,699
Net debt/Adjusted EBITDA, Proforma (x) 3.1x 3.0x

===== SIDA 28 =====

Vimian Group AB (publ) 
Reg. no. 559234-8923 
Riddargatan 19 
114 57 Stockholm 
Sweden 
www.vimian.com