Kvartalsrapport Q2 2023

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

Q2 
 
Interim report  
January - June 
 
 20
23

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

Interim report January - June 2023    |   2 
Interim report January - June 2023  
Strong growth in resilient market 
Second quarter 
▪ Revenue increased by 21 per cent to EUR 81.3m (67.0) with organic growth of 14 per cent 
▪ Operating profit (EBIT) increased by 28 per cent to EUR 10.1m (7.9)  
▪ Adjusting for items affecting comparability of EUR -4.3m (-5.7) and PPA related amortisation, adjusted 
EBITA increased by 15 per cent to EUR 20.3m (17.7) at a margin of 25.0 per cent (26.4) 
▪ Profit for the quarter totalled EUR 3.2m (10.0) 
▪ Earnings per share before and after dilution EUR 0.01 (0.03). Adjusted earnings per share EUR 0.02 
First half  
▪ Revenue increased by 26 per cent to EUR 169.4m (135.0) with organic growth of 13 per cent 
▪ Operating profit (EBIT) increased by 50 per cent to EUR 28.7m (19.1),  
▪ Adjusting for items affecting comparability of EUR -7.0m (-10.4) and PPA related amortisation, 
adjusted EBITA increased by 22 per cent to EUR 46.4m (38.2) at a margin of 27.4 per cent (28.3) 
▪ Profit for the period totalled EUR 8.7m (15.4) 
▪ Earnings per share before and after dilution EUR 0.02 (0.04). Adjusted earnings per share EUR 0.03 
▪ Cash flow from operating activities EUR -57.4m (10.0) is impacted by the litigation payment, excluding 
this cash flow from operating activities positive at EUR 8.2m. Net cash flow EUR 9.4m (6.6) 
Last twelve months pro-forma (July 2022 to June 2023)  
▪ Pro-forma revenue, including all acquisitions closed between 1 July 2022 and 30 June 2023, as if 
Vimian had owned them for the full period, EUR 329m (reported 316m) 
▪ Pro-forma adjusted EBITA EUR 85.7m (reported 81.6m) at 26.1 per cent margin (reported 25.9) 
Significant events during the second quarter 
▪ 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.  
▪ Following the settlement in the US patent dispute on 4 April, Vimian has initiated the process to 
retrieve compensation from the Sellers of Vimian’s subsidiary VOI as per the indemnification in the 
purchase agreement from the acquisition of VOI. On 7 May Vimian received information that a 
complaint was filed against Vimian and three affiliates of Vimian. Three of the main Sellers stated in 
the complaint that they disagree with Vimian’s indemnification claim. 
▪ 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 
▪ Vimian hosted its Annual General Meeting on the 2 June 2023. The AGM resolved that no dividends 
shall be paid to the shareholders, to increase the number of Board members to seven, electing Robert 
Belkic as new Board member. It was also resolved that the company can issue new shares up to 20 
per cent of the total number of outstanding shares in the company and to adopt a long-term incentive 
programme (LTI 2023) in the form of warrants and employee stock options.  
▪ On the 29 June Vimian announced that CEO Fredrik Ullman, following consultation with the Board, 
steps down as CEO no later than year-end. The recruitment process for a new CEO has been initiated. 
 
Q2 2023  
21% 
Total revenue growth 
 
14% 
Organic revenue growth 
 
15% 
Adj. EBITA growth   
 
25.0% 
Adjusted EBITA margin 
 
Financial calendar 
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 - June 2023    |   3 
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.  
3 Includes settlement payment in US litigation case 
 
 
  
Q2 Q2 YTD YTD LTM Full-year
EURm, unless stated 
otherwise 2023 2022 Δ% 2023 2022 Δ% 22/23 2022
Revenue 81.3 67.0 21% 169.4 135.0 25.5% 315.7 281.3
Organic revenue growth 
(%)¹ 14% 1% 13 pp 13% 4% 9 pp na 4%
Operating profit (EBIT) 10.1 7.9 28% 28.7 19.1 50.2% 48.9 39.4
Adjusted EBITA¹ 20.3 17.7 15% 46.4 38.2 21.5% 81.6 73.4
Adjusted EBITA margin 
(%)¹ 25.0% 26.4% -1.4 pp 27.4% 28.3% -0.9 pp 25.9% 26.1%
Profit for the period 3.2 10.0 -68% 8.7 15.4 -43.6% -13.9 -7.2
Items affecting 
comparability² -4.3 -5.7 -24% -7.0 -10.4 -33.2% -11.9 -15.3
Earnings per share before 
dilution (EUR) 0.01 0.03 -72% 0.02 0.04 -51.1% -0.04 -0.02
Earnings per share after 
dilution (EUR) 0.01 0.03 -72% 0.02 0.04 -51.1% -0.04 -0.02
Cash flow from operating 
activities³ -58.5 -1.1 na -57.4 10.0 na -42.1 25.3
Net debt/Adjusted LTM 
EBITDA, Proforma (x)¹ na na - na na - 3.1x 3.0x

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

Interim report January - June 2023    |   4 
Message from our CEO 
Strong growth in resilient market 
Vimian delivers strong growth in the second quarter 
leveraging strong global market positions in 
attractive niches of the animal health market. The 
sector remains resilient as consumers continue to 
prioritise spending on better healthcare for pets. 
I am pleased to report 14 per cent organic growth 
in the second quarter, after a strong first quarter, 
with above market growth in all segments.  
The adjusted EBITA margin was 25.0 (26.4) per 
cent. This reflects the mix effect in Specialty 
Pharma where US Specialised Nutrition delivers 
exceptional performance, alongside our 
investments to drive growth. We are consistently 
striving to improve performance, working to 
optimise investments and deliver margin expansion 
during the second half of the year.  
Improved cash flow from operations 
We remain focused on cash flow, excluding the 
litigation payment we deliver EUR 7.2 million in 
cash flow from operating activities in the second 
quarter (up from EUR 1 million in first quarter). In 
the second quarter we pay out a majority of earn-
outs due in 2023, reflecting successful 
performance of our acquired companies. 
Strong momentum across segments  
In Specialty Pharma, we continued to deliver on our 
strategic agenda, launching 20 new products 
during the quarter, progressing our innovation 
projects, and preparing to establish direct 
distribution in more key markets. 
In MedTech, we are optimising the supply chain 
and organisational structure with responsibilities 
and reporting lines clarified to enhance efficiency 
and employee satisfaction. We had high level of 
sales and marketing activities during the second 
quarter hosting 30 on-site surgery trainings for 
veterinarians. 
In Veterinary Services, recruitment reaches record 
levels and we have now over 6,000 member clinics 
in twelve countries, cementing our position as a 
leading veterinary services platform globally.  
We have navigated the past year’s headwinds in 
Diagnostics and deliver double-digit growth driven 
by strong innovation and sales execution. 
Positive outcome in employee survey 
In May, we completed our first Group wide 
employee experience survey showing high levels of 
engagement, entrepreneurship and a strong sense 
of belonging in our teams with a good employee 
Net Promoter Score (eNPS) of 32. Areas for 
improvement centred around clarity and balance, 
and each segment have created action plans. On 
Group level, we will establish a new position during 
autumn as Head of People with focus on 
leadership development and employee experience. 
Strengthened Board 
In June, we welcomed Robert Belkic, previously 
CFO at Hexagon, to our Board of Directors. Robert 
brings significant experience of finance and value 
creation in a public environment, and he will be an 
important addition to our future development. 
Resilient market 
In a continued volatile economic environment, we 
stay close to our customers, monitoring potential 
changes in demand. After a very strong month in 
June, we see mid to high single digit growth in the 
summer period (July). Overall, momentum is 
positive, and we remain confident in the 
sustainable demand for better healthcare for pets. 
We settled the US patent dispute in April and are 
in the process of retrieving compensation under 
the indemnification protection. Three of the main 
sellers of VOI filed a complaint in May stating they 
disagree with Vimian’s indemnification claim. We 
are working hard to finalise this, and the legal 
process is ongoing with filings to the court. 
For my part, I made the difficult decision in June to 
eventually hand over to a new CEO and the 
recruitment is ongoing. Vimian will forever have a 
special place in my heart, and I am proud to see 
the company standing strong with a robust 
innovation pipeline and solid demand across all 
four segments despite the turbulent global 
environment. 
Stockholm, August 2023 
Dr. Fredrik Ullman 
CEO of Vimian Group AB (publ)
 
 
“ We delivered strong 
growth in the quarter with 
positive momentum 
across segments

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

Interim report January - June 2023    |   5 
 
Group performance 
Second quarter 2023 
Revenue  
Revenue increased by 21 per cent to EUR 81.3m 
(67.0). Organic revenue growth was 14 per cent 
with highest growth in Specialty Pharma 18 per 
cent and Diagnostics 16 per cent. Acquisitions 
contributed to a growth of 10 per cent and 
currency movements negative impact 2 per cent. 
Revenue per segment, Q2 2023 
 
Operating profit  
Operating profit amounted to EUR 10.1m (7.9), 
corresponding to a margin of 12.5 per cent (11.8). 
Operating profit included items affecting 
comparability of EUR -4.3m (-5.7). For information 
on items affecting comparability, refer to Note 3. 
Adjusted EBITA 
Adjusted EBITA increased by 15 per cent to EUR 
20.3m (17.7) at a margin of 25.0 per cent (26.4). 
The lower margin reflects the mix effect in 
Specialty Pharma from fast growth in US 
Specialised Nutrition, and investments to 
strengthen central functions and enter new 
markets in Veterinary Services.   
Adjusted EBITA per segment, Q2 20231 
 
1 Adjusted EBITA before central costs. 
Financial items 
Net financial items amounted to EUR -3.2m (3.2). 
This consists of three main parts: financing costs 
of EUR -4.4m with an average interest rate of 5.7 
per cent during the quarter. A positive impact from 
adjusted contingent considerations including 
discounting impacts of EUR 5.5m, reflecting a 
technical adjustment of the purchase price of one 
acquisition. This is offset by a negative exchange-
rate impact of EUR -4.3m.  
Tax 
The tax expense for the quarter amounted to EUR -
3.7m (-1.1). The high tax expense reflects a taxable 
result higher than the net result due to tax losses 
without recognition of deferred tax assets and 
non-deductible expenses, mainly non-realised 
currency impact recognised in the financial items 
and impairments of contingent liabilities. 
Profit for the quarter 
Profit amounted to EUR 3.2m (10.0). Earnings per 
share before and after dilution amounted to EUR 
0.01 (0.03). Adjusted for items affecting 
comparability of EUR -4.3m (-5.7) adjusted 
earnings per share amounted to 0.02. 
 
 
47%
31%
7%
15%
Specialty Pharma
MedTech
Diagnostics
Veterinary Services
47%
33%
6%
15%
Specialty Pharma
MedTech
Diagnostics
Veterinary Services
“ Continued strong organic 
growth in the second 
quarter

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

Interim report January - June 2023    |   6 
January to June 2023 
Revenue  
Revenue increased by 26 per cent to EUR 169.4m 
(135.0). Organic revenue growth was 13 per cent, 
primarily driven by MedTech growing 17 per cent 
and Specialty Pharma 14 per cent. Acquisitions 
contributed to a growth of 13 per cent and there 
was no impact from currency movements on 
Group level. 
Operating profit  
Operating profit amounted to EUR 28.7m (19.1), 
corresponding to a margin of 16.9 per cent (14.1). 
Operating profit included items affecting 
comparability of EUR -7.0m (-10.4). For information 
on items affecting comparability, refer to Note 3. 
Adjusted EBITA 
Adjusted EBITA increased by 22 per cent to EUR 
46.3m (38.2) at a margin of 27.4 per cent (28.3).  
Financial items 
Net financial items amounted to EUR -11.7m (1.0). 
This consists of three main parts: financing costs 
of EUR -7.4m, adjusted contingent considerations 
including discounting impacts and a technical 
purchase price adjustment of EUR 2.4m and a 
negative exchange-rate impact of EUR -6.7m.  
Tax 
The tax expense for the period January to June 
2023 amounted to EUR -7.3m (-4.6). The high tax 
expense reflects a taxable result higher than the 
net result due to tax losses without recognition of 
deferred tax assets and non-deductible expenses, 
mainly non-realised currency impact recognised in 
the financial items and impairments of contingent 
liabilities. 
Profit for the period 
Profit amounted to EUR 8.7m (15.4). Earnings per 
share before and after dilution amounted to EUR 
0.02 (0.04). Adjusted for items affecting 
comparability of EUR -7.0m adjusted earnings per 
share amounted to 0.03. 
Capital expenditure 
Capital expenditure amounted to EUR 1.5m (2.7) 
primarily related to investments in the new allergy 
test development in Specialty Pharma and 
completion of the central North America 
warehouse and office in Medtech. 
Cash flow 
Cash flow from operating activities amounted to 
EUR -57.4m (10.0). This includes the litigation 
payment of EUR 65.7m. Excluding the litigation 
payment, cash flow from operating activities 
improved significantly in the second quarter 
reaching EUR 8.2m for the period January to June. 
Cash flow from investing activities of EUR -59.4m 
(-127.7), primarily related to M&A with two add-on 
acquisitions closed during H1 2023. Cash flow from 
financing activities EUR 126.2m (124.3) reflects the 
draw down of the RCF to finance the litigation 
payment and significant earn-outs paid.  
Net working capital 
Net working capital amounted to EUR 75.6m (57.4) 
at the end of June, up from EUR 72.9m at the end 
of March. The increase is driven by slightly higher 
inventory, higher level of accrued income and pre-
paid costs partly offset by lower accounts 
receivables as annual ordering programme 
customers pay their monthly instalments.  
Net debt and cash and cash equivalents 
At the end of the period, net debt amounted to 
EUR 296.1m, versus EUR 292.8m per 31 March 
2023. Cash and cash equivalents amounted to EUR 
50.8m at the end of the period up from EUR 45.9m 
at the end of March.  
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, Vimian paid 
USD 70 million during the second quarter and 
booked a corresponding claim of USD 59 million 
(USD 70 million minus USD 20 million withheld at 
acquisition plus USD 9 million of legal costs) 
towards the sellers of VOI as a “current receivable”. 
The amount of the receivable under the 
indemnification is deducted from the net debt.  
Per the 30 J
 une, net debt in relation to pro-forma 
adjusted EBITDA over the past 12-month period 
was 3.1x, on the same level as per 31 March 2023.  
Reports 
Vimian’s financial reports and presentations are 
published on our website www.vimian.com.

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

Interim report January - June 2023    |   7 
Segment performance  
Second quarter 2023 
Vimian operates through four reporting segments: Specialty Pharma, 
MedTech, Veterinary Services and Diagnostics 
Segment – Specialty Pharma 
 
 
Revenue  
Revenue in the second quarter grew 25 per cent to 
EUR 38.5 million (30.9). Strong organic growth of 
18 per cent, contribution from acquisitions 9 per 
cent and negative impact from currency 
movements of 3 per cent primarily driven by GBP, 
CAD, NOK, and SEK. 
Organic growth accelerated to 18 per cent in the 
quarter primarily driven by high growth in the US. 
Positive development in Europe with solid growth 
in UK, Benelux, and Italy. Continued strong 
performance in the online direct to consumer 
channel. 
Per therapeutic area, highest growth in Specialised 
Nutrition (driven by US with over 50 per cent 
growth) and Specialty Pharmaceuticals. Double 
digit growth also in Dermatology. As highlighted in 
the first quarter, Allergy Test and Treatments 
remains held back by slower uptake in the transfer 
of volumes to the new PAX test in the US. 
Treatment sales remain strong at double digits.   
During the second quarter 20 new products were 
launched, taking the total for the year to 45. Key 
innovation projects are progressing as per plan. 
Revenue for the period January to June grew 20 
per cent to EUR 73.0 million (60.9). Organic growth 
of 14 per cent, contribution from acquisitions 8 per 
cent and negative impact from currency 
movements of 1 per cent. 
Adjusted EBITA 
Adjusted EBITA increased to EUR 10.2 million (8.7) 
at a margin of 26.4 per cent (28.0). The margin 
decline is primarily a mix effect driven by strong 
growth in US Specialised Nutrition. US Specialised 
Nutrition has improved its margin year over year (in 
the mid-20’s) but its growth to 30 per cent share 
of segment sales in the quarter (up from 22 per 
cent last year) causes a negative margin mix effect.  
In the US, lower sales of allergy tests (transfer of 
volumes to the new PAX test) in combination with 
OPEX investments related to the launch has led to 
a temporarily lower margin.  
Adjusted EBITA for the period January to June 
increased to EUR 19.5 million (17.8) at a margin of 
26.7 per cent (29.2).  
Acquisitions 
During the quarter a capex investment in a fully 
invested pharmaceutical manufacturing facility in 
Australia was completed to gain access to 
additional sterile and non-sterile production 
capacity for Specialty Pharmaceuticals. 
Several milestones in the integration of acquired 
companies reached during the quarter: 
▪ Entering a new continent, Australia, with the 
Allergy Test and Treatment therapeutic area – 
preparing for launch of allergy portfolio through 
Bova Australia  
▪ Progressing preparations for internalisation of 
distribution in Spain during Q3/Q4  
▪ Further cost streamlining as Nextmune UK Labs 
(previously Avacta Animal Health) is integrated 
into Nextmune UK 
 
Q2 Q2 YTD YTD LTM Full-year
Amounts in EUR 000's 2023 2022 Δ 2023 2022 Δ 22/23 2022
Revenue 38,487 30,904 25% 73,008 60,869 20% 136,397 124,258
EBITA 9,031 6,314 4 3% 16,949 12,983 31% 30,046 26,080
Adjusted EBITA 10,180 8,654 18% 19,525 17,754 10% 37,063 35,293
Adjusted EBITA margin (%) 26.4% 28.0% -1.6 pp 26.7% 29.2% -2.4 pp 27.2% 28.4%
Q2 2023  
25% 
Revenue growth 
 
18% 
Organic revenue growth 
 
18% 
Adjusted EBITA growth 
 
26.4% 
Adjusted EBITA margin

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

Interim report January - June 2023    |   8 
 
 
 
 
Segment – MedTech 
 
 
Revenue  
Revenue in the second quarter grew 11 per cent to 
EUR 25.1 million (22.7). Organic revenue growth 8 
per cent, contribution from acquisitions 5 per cent 
and negative impact from currency movements of 
2 per cent. 
Strong organic growth of 17 per cent year-to-date, 
significantly ahead of the veterinary orthopedics 
market estimated to be growing at mid-single 
digits. The difference between the first quarter (24 
per cent) and the second quarter (8 per cent) is 
due to the annual ordering programme pulling 
forward sales into the first quarter.  
In the second quarter growth accelerates in 
Europe after a slightly slower start to the year. 
Australia and New Zealand delivers solid organic 
growth above 10 per cent. The US delivers 8 per 
cent organic growth, as a result of the AOP 
programme shifting sales to the first quarter. 
During the second quarter 30 on-site surgery 
trainings were held with over 260 participants.  
Revenue for the period January to June amounted 
to EUR 61.6 million (48.3). Organic revenue growth 
17 per cent, contribution from acquisitions 10 per 
cent and negative impact from currency 
movements of 1 per cent.  
Adjusted EBITA 
Adjusted EBITA grew 13 per cent to EUR 7.1 million 
(6.3) at a margin of 28.4 per cent (27.9). This is 
normal seasonality for the MedTech segment with 
high margin in the first quarter, normalising during 
the rest of the year. The rolling twelve months 
margin is solid at 31.6 per cent per the end of June 
(31.6 end of March) strengthening versus 30.2 per 
cent at the end of 2022, as the segment 
successfully integrates acquired companies and 
streamlines the organisation.  
Adjusted EBITA for the period January to June 
amounted to EUR 21.7 million (16.8) at a margin of 
35.3 per cent (33.2). 
Acquisitions 
During the second quarter one small asset deal 
was completed internalising distribution of IMEX 
products (a Movora brand) in Canada. 
Several milestones in the integration of acquired 
companies reached during the quarter: 
▪ Fully integrated sales of the NGD product 
portfolio to Movora US sales force, completing 
the shift of warehouses, closing legacy locations  
▪ Fully integrated VOI Europe and Kyon, 
harmonising European operations and logistics 
▪ Further centralized inventory by relocating 
BioMedtrix finished good stock from New Jersey 
to Florida distribution centre 
▪ Finalised and implemented organisational 
alignment across the segment, including in 
product management and marketing 
  
Q2 Q2 YTD YTD LTM Full-year
Amounts in EUR 000's 2023 2022 Δ 2023 2022 Δ 22/23 2022
Revenue 25,135 22,697 11% 61,630 48,259 28% 114,811 101,440
EBITA 4,841 5,412 - 11% 19,079 14,123 35% 35,351 30,395
Adjusted EBITA 7,134 6,321 13% 21,742 16,008 36% 36,328 30,594
Adjusted EBITA margin (%) 28.4% 27.9% 0.5 pp 35.3% 33.2% 2.1 pp 31.6% 30.2%
Q2 2023  
11% 
Revenue growth 
 
8% 
Organic revenue growth 
 
13% 
Adjusted EBITA growth 
 
28.4% 
Adjusted EBITA margin

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

Interim report January - June 2023    |   9 
Segment – Veterinary Services 
 
 
Revenue  
Revenue for the second quarter grew 41 per cent 
to EUR 12.3 million (8.7). Organic revenue growth 
of 9 per cent, contribution from acquisitions 34 per 
cent and negative impact from currency 
movements of 2 per cent. 
Strong recruitment pace with 796 new members in 
the quarter driven by Brazil, Belgium, and the US, 
reaching over 6,000 member clinics, which will 
contribute to revenue growth in the second half of 
the year. Continued strong conversion to higher 
membership tiers. 
Solid organic growth of 9% in the second quarter 
after 16% in the first quarter giving year-to-date 
organic growth 12% ahead of the veterinary 
industry. Strong growth in the legacy business with 
double digit growth across most markets, largest 
contribution from Sweden, Netherlands, and 
France.  
Co-owned clinics account for ~40 per cent of 
segment revenue. Stable development during the 
second quarter for most clinics resulting in mid-
single digit revenue growth year-to-date, in-line 
with the veterinary industry. Working with the 
clinics to improve efficiency results in a 2 per cent 
improvement in adjusted EBITA margin in the 
quarter. 
Revenue for the period January to June amounted 
to EUR 23.9 million (14.4). Organic revenue growth 
12 per cent, contribution from acquisitions 55 per 
cent and impact from currency movements -2 per 
cent. 
Adjusted EBITA 
Adjusted EBITA grew 28 per cent to EUR 3.2 
million (2.5) at a margin of 26.0 per cent (28.7). 
Sequential margin expansion from 23.6 per cent in 
the first quarter to 26.0 per cent in the second 
quarter driven by operational leverage. In the 
second quarter last year the margin was elevated 
by the first-time consolidation of VerticalVet and 
did not yet include investments in the organisation 
and new market expansions from the third quarter 
2022 onwards. 
Adjusted EBITA for the period January to June 
amounted to EUR 5.9 million (3.5) at a margin of 
24.8 per cent (24.4). 
Acquisitions  
During the second quarter the acquisition of Vettr, 
a member services platform for veterinary clinics in 
Australia, was completed to complement 
Independent Vets of Australia (IVA), acquired in 
July 2021.  
Several milestones in the integration of acquired 
companies reached during the quarter: 
▪ Strengthening of the Heiland expansion team 
including hiring of new CTO to drive strategic 
development of the platform 
▪ Onboarding of Vettr and initiated collaboration 
with Independent Vets of Australia (IVA) 
▪ Strengthened business development team for 
VerticalVet to accelerate wider veterinary 
Services business across the US 
  
Q2 Q2 YTD YTD LTM Full-year
Amounts in EUR 000's 2023 2022 Δ 2023 2022 Δ 22/23 2022
Revenue 12,321 8,713 41% 23,894 14,447 65% 43,049 33,603
EBITA 2,761 574 38 1% 5,389 846 537% 8,471 3,928
Adjusted EBITA 3,201 2,499 28% 5,930 3,521 68% 9,771 7,362
Adjusted EBITA margin (%) 26.0% 28.7% -2.7 pp 24.8% 24.4% 0.4 pp 22.7% 21.9%
Q2 2023  
41% 
Revenue growth 
 
9% 
Organic revenue growth 
 
 
28% 
Adjusted EBITA growth 
 
26.0% 
Adjusted EBITA margin

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

Interim report January - June 2023    |   10 
Segment – Diagnostics 
 
 
Revenue  
Revenue increased by 14 per cent to EUR 5.4m 
(4.7). Organic growth of 16 per cent partly offset by 
negative impact from currency movements of 2 per 
cent.  
Strong acceleration of organic growth to 16 per 
cent in the second quarter, fourth consecutive 
quarter of growth in the core veterinary business. 
No Covid-related sales in the second quarter. 
Strong growth across all key regions and product 
categories. 
Revenue for the period January to June amounted 
to EUR 10.9 million (11.4). Organic revenue declined 
by 4 per cent, reflecting phase-out of Covid related 
sales in the first quarter 2023. No impact from 
acquisitions or currency movements. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Adjusted EBITA 
Adjusted EBITA amounted to EUR 1.3m (1.0) at a 
margin of 24.3 per cent (21.0). Improving 
profitability supported by operating leverage and 
progress on the cost optimisation programme. The 
transfer of production from Uppsala to Leipzig is 
now almost completed. Parts of the savings will be 
reinvested into new growth initiatives and the 
strengthening of select key functions. 
Adjusted EBITA for the period January to June 
amounted to EUR 2.4 million (2.9) at a margin of 
22.3 per cent (25.5). 
Acquisitions  
Progress in the integration of acquired companies 
reached during the quarter: 
▪ Ovactye innovation partnership progressing as 
per plan with good ramp up during the quarter in 
installations and usage in the equine and large 
animal segment  
▪ Good progress in the development of new 
products and solutions in both the producer 
segment and companion animal. New launches 
planned towards early 2024 
 
  
Q2 Q2 YTD YTD LTM Full-year
Amounts in EUR 000's 2023 2022 Δ 2023 2022 Δ 22/23 2022
Revenue 5,369 4,714 14% 10,863 11,394 -5% 21,477 22,008
EBITA 1,118 871 2 8% 2,074 2,699 -23% 2,366 2,990
Adjusted EBITA 1,304 988 32% 2,426 2,904 -16% 3,877 4,356
Adjusted EBITA margin (%) 24.3% 21.0% 3.3 pp 22.3% 25.5% -3.2 pp 18.1% 19.8%
Q2 2023  
14% 
Revenue growth 
 
16% 
Organic revenue growth 
 
32% 
Adjusted EBITA growth 
 
24.3% 
Adjusted EBITA margin

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

Interim report January - June 2023    |   11 
Central Costs 
Central costs in the second quarter amounted to 
EUR -1.5m (-0.8), slightly lower than EUR -1.7m in 
the first quarter. 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.  
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. Trading volumes slightly negatively 
affected by holiday periods. 
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 30 June 2023 
 
  
Name Capital Votes
Fidelio Capital 53.1% 55.2%
PRG Investment Holdings 5.0% 3.7%
Handelsbanken Fonder 4.9% 5.1%
Finn Pharmaceuticals Trust 3. 4% 3.5%
AMF Pension & Fonder 3.0% 3.1%
Danica Pension 2.5% 2.6%
SEB Fonder 2.3% 2.4%
Swedbank Robur Fonder 1.7% 1.7%
Investering & Tryghed A/S 1.6% 1.7%
Avanza Pension 1.6% 1.7%
Total 10 79.1% 80.8%
Others 20.9% 19.2%
Total 100.0% 100.0%

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

Interim report January - June 2023    |   12 
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, 17 August 2023 
 
Gabriel Fitzgerald 
Chairman 
Frida Westerberg Martin Erleman 
Mikael Dolsten Petra Rumpf 
Theodor Bonnier Robert Belkic 
 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 17 
August 2023. 
Webcast conference call on 17 August 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 13 =====

Financial reports 
Group 
Interim report January - June 2023    |   13 
INTERIM CONDENSED CONSOLIDATED 
STATEMENT OF PROFIT OR LOSS 
 
 
 
 
Q2 Q2 Jan-Jun Jan-Jun Full-year
kEUR Note 2023 2022 2023 20 22 2022
Revenue from contracts with customers 3, 4 81,311 67,028 169,395 134 ,969 281,308
Revenue 81,311 67,028 169,395 134,969 28 1,308
Other operating income -602 1,587 136 2,861 6, 511
Raw material and merchandise -24,753 -20,093 -51,955 -41,594 - 87,315
Other external expenses -15,289 -14,812 -30,822 -28,562 - 56,927
Personnel expenses -21,788 -17,401 -41,839 -31,940 - 71,012
Depreciation and amortisation -8,280 -6,292 -15,348 -12,522 - 27,226
Other operating expenses -463 -2,084 -907 -4,125 - 5,978
Operating profit 10,136 7,933 28,660 19,087 39 ,361
Net financial items -3,216 3,197 -11,721 964 - 38,345
Share of profit of an associate -0 -34 -935 -44 - 92
Profit before tax 6,920 11,096 16,005 20,006 9 24
Income tax expense -3,694 -1,117 -7,295 -4,562 - 8,122
Profit for the period 3,226 9,979 8,710 15,444 - 7,198
Profit for the period attributable to:
Equity holders of the parent 2,994 9,992 8,399 15,415 - 6,742
Non-controlling interests 232 -13 311 28 - 456
Earnings per share, before and after dilution (EUR) 0.01 0.03 0.02 0.04 - 0.02
Average number of shares, before and after dilution (Thousands) 457,047 389,395 449,814 389,395 4 03,114
Q2 Q2 Jan-Jun Jan-Jun Full-year
kEUR Note 2023 2022 2023 2022 20 22
Profit for the period 3,226 9,979 8,710 15,444 -7,198
Other comprehensive income 
Items that may be reclassified to profit or loss:
Exchange differences on translation of foreign operations 2,370 945 -1,540 -1,589 -6,929
Items that will not be reclassified to profit or loss:
Remeasurement of defined benefit plans -20 74 130 142 87
Other comprehensive income for the period, net of tax 2,350 1,019 -1,410 -1,447 -6,842
Total comprehensive income for the period, net of tax -3,134 10,998 -1,410 13,997 -14,040
Total comprehensive income attributable to:
Equity holders of the parent -3,541 10,986 -1,922 13,943 -13,609
Non-controlling interests 202 12 306 54 -430

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

Financial reports 
Group 
Interim report January - June 2023    |   14 
INTERIM CONDENSED CONSOLIDATED 
STATEMENT OF FINANCIAL POSITION 
 
  
kEUR Note 30 Jun 2023 30 Jun 2022 31 Dec 2022
Non-current assets
Goodwill 506,505 449,748 464,374
Intangible assets 215,920 199,378 203,992
Property, plant and equipment 23,879 20,399 21,518
Right-of-use assets 12,995 11,822 13,328
Investment in associates 6,689 1,474 7,578
Non-current financial assets 3,488 1,176 4,103
Deferred tax assets 2,583 1,003 1,976
Total non-current assets 772,059 685,000 716,867
Current assets
Inventories 67,170 51,332 61,200
Trade receivables 54,529 37,924 41,168
Current tax receivables 81 852 568
Other receivables 57,522 5,760 57,434
Prepaid expenses and accrued income 11,241 6,609 4,127
Cash and cash equivalents 50,786 61,701 42,194
Total current assets 241,329 164,179 206,692
TOTAL ASSETS 1,013,388 849,179 923,559
kEUR Note 30 Jun 2023 30 Jun 2022 31 Dec 2022
Equity
Share capital 74 64 72
Other contributed capital 467,450 294,984 432,985
Reserves -14,911 935 -4,460
Retained earnings including this period’s profit 70,656 7 4,052 53,216
Total equity attributable to equity holders of the parent 523,270 370,035 481,813
Non-controlling interests 49 520 -316
Total equity 523,318 370,555 481,497
Non-current liabilities
Liabilities to credit institutions 325,484 303,204 207,112
Lease liabilities 9,675 9,465 9,029
Deferred tax liabilities 28,091 31,948 24,406
Other non-current liabilities 5 35,596 34,213 35,229
Non-current provisions 156 30 30
Total non-current liabilities 399,002 378,860 275,806
Current liabilities
Liabilities to credit institutions 5 76 -
Lease liabilities 3,840 2,815 4,816
Trade payables 26,874 17,562 18,328
Current tax liabilities 9,626 6,403 8,179
Other current liabilities 5 34,883 55,159 113,576
Accrued expenses and prepaid income 15,840 17,748 21,358
Total current liabilities 91,068 99,763 166,256
TOTAL EQUITY AND LIABILITIES 1,013,388 849,179 923,559

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

Financial reports 
Group 
Interim report January - June 2023    |   15 
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 59,958 357,414 1,226 358,640
 
Profit for the period - - - 15,416 15,416 28 15,444
Other comprehensive income - - -1,472 - -1,472 25 -1,447
Total comprehensive income - - -1,472 15,416 13,943 54 13,997
 
Transactions with owners 
Ongoing share issue - - - - - -6 -6
Transactions with non-
controlling interests - - - -1,321 -1,321 -755 -2,076
Total - - - -1,321 -1,321 -761 -2,082
 
Closing balance 30 June 2022 64 294,984 935 74,053 370,036 518 370,555
 
Opening balance 1 January 2023 72 432,985 -4,461 53,216 481,812 -315 481,497
 
Profit for the period - - - 8,399 8,399 311 8,710
Other comprehensive income - - -1,410 - -1,410 53 -1,357
Total comprehensive income - - -1,410 8,399 6,989 364 7,353
 
Transactions with owners 
Share issue 2 34,494 - - 34,496 - 34,496
Transaction costs - -36 - - -36 - -36
Warrant program  - 6 - - 6 - 6
Total 2 34,465 - - 34,467 - 34,467
 
Closing balance 30 June 2023 74 467,450 -5,871 61,615 523,269 49 523,318
Equity attributable to equity holders of the parent

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

Financial reports 
Group 
Interim report January - June 2023    |   16 
INTERIM CONDENSED CONSOLIDATED 
STATEMENT OF CASH FLOWS 
  
Q2 Q2 Jan-Jun Jan-Jun Full-year
kEUR 2023 2022 2023 2022 2022
Operating activities
Operating profit 10,136 7,933 28,660 19,087 39,361
Adjustments for non-cash items 7,888 10,601 16,224 18,541 30,702
Interest received 19 7 50 7 21
Interest paid -3,848 -4,056 -6,777 -4,934 -10,389
Paid income tax -5,270 -4,757 -7,943 -7,253 -7,677
Cash flow from operating activities before change in 
working capital 8,925 9,728 30,214 25,448 52,017
Change in inventories -3,947 -8,534 -6,712 -10,891 -19,817
Change in operating receivables 602 7,187 -19,551 -4,407 -3,758
Change in operating liabilities¹ -64,080 -9,503 -61,369 -172 -3,130
Cash flow from operating activities -58,501 -1,123 -57,419 9,978 25,313
Investing activities
Acquisition of a subsidiary, net of cash acquired -39,207 -44,735 -53,329 -122,081 -171,261
Investments in associates -0 -520 - -820 -6,964
Proceeds from sale of associates - - - - -
Dividend from associates - - - - -
Investments in intangible assets -408 -671 -2,237 -2,027 -4,486
Investments in property, plant and equipment -2,700 -1,155 -3,918 -3,035 -5,822
Proceeds from sale of property, plant and equipment 43 213 43 213 -
Investments in other financial assets 72 - 72 - -
Proceeds from sale of financial assets - 99 - 99 -
Cash flow from investing activities -42,201 -46,770 -59,370 -127,651 -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 136,970 10,144 157,171 125,482 150,549
Repayment of borrowings -29,024 - -29,024 - -133,160
Payment of lease liabilities -1,227 -475 -1,937 -1,223 -5,168
Transactions with non-controlling interests - - - - -
Cash flow from financing activities 106,720 10,242 126,211 124,259 150,229
Cash flow for the period 6,018 -37,651 9,422 6,586 -12,990
Cash and cash equivalents at beginning of the period 45,879 99,737 42,194 55,114 55,114
Exchange-rate difference in cash and cash equivalents -1,111 -386 -830 1 70
Cash and cash equivalents at end of the period 50,786 61,701 50,786 61,701 42,194

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

Financial reports 
Group 
Interim report January - June 2023    |   17 
CONDENSED PARENT COMPANY INCOME 
STATEMENT AND BALANCE SHEET 
 
 
  
Q2 Q2 Jan-Jun Jan-Jun Full-year
KSEK 2023 2022 2023 2022 2022
Revenue -6,953 11,366 - 13,360 26,031
Other operating income 14,909 -3,824 15,122 2,158 12,242
Total operating income 7,956 7,542 15,122 15,518 38,273
Other external expenses -10,866 -14,034 -29,921 -29,442 -51,282
Personnel expenses -9,359 -3,353 -15,330 -6,401 -17,470
Depreciation and amortisation -33 -33 -66 -66 -132
Other operating expenses -158 1,030 -242 661 -423
Operating profit -12,461 -8,849 -30,436 -19,730 -31,033
Group contributions - - - - 13,071
Net financial items 121,709 -5,975 128,598 -8,168 -56,254
Profit before tax 109,248 -14,823 98,162 -27,898 -74,207
Income tax expense - - - - -
Profit for the period 109,248 -14,823 98,162 -27,898 -74,207
KSEK 30 Jun 2023 30 Jun 2022 31 Dec 2022 
ASSETS
Non-current assets
Intangible assets 13,674 6,461 16,875
Property, plant and equipment 492 625 559
Shares in subsidiaries 6,169,308 6,161,177 6,169,308
Non-current group receivables 6,049,385 3,526,881 4,060,975
Total non-current assets 12,232,860 9,695,145 10,247,717
Current assets
Group receivables -68,424 16,558 52,954
Other receivables 11,712 10,985 2,053
Prepaid expenses and accrued income 90,232 650 750
Cash and cash equivalents - 770 -
Total current assets 33,520 28,963 55,757
TOTAL ASSETS 12,266,380 9,724,108 10,303,474
Equity
Share capital 966 649 736
Share premium 5,512,061 4,666,615 6,167,328
Retained earnings 2,811,224 1,842,208 1,825,345
Profit for the period 102,221 -27,898 -74,207
Total equity 8,426,471 6,481,574 7,936,077
Non-current liabilities
Liabilities to credit institutions 3,829,701 3,227,144 2,295,854
Group non-current liabilities 2,764 7,259 -
Total non-current liabilities 3,832,465 3,234,403 2,295,854
Current liabilities
Group payables - 122 3,786
Trade payables 6,429 3,811 61,267
Other current liabilities 1,209 816 1,215
Accrued expenses and prepaid income -194 3,382 5,275
Total current liabilities 7,444 8,131 71,543
TOTAL EQUITY AND LIABILITIES 12,266,380 9,724,108 10,303,474

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

Financial reports 
Group 
Interim report January - June 2023    |   18 
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 19 =====

Financial reports 
Group 
Interim report January - June 2023    |   19 
Note 3. Operating segments 
 
1 In Specialty Pharma, EUR 918k 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.  
 
  
Apr-Jun 2023
Specialty 
Pharma MedTech Diagnostics 
Veterinary 
Services 
Total 
segments 
Group 
functions Eliminations 
Group 
total 
Revenue 
Revenue from external 
customers 38,487 25,135 5,369 12,321 81,311 - - 81,311
Revenue from internal 
customers 44 10 20 -74 - - - -
Total revenue 38,531 25,145 5,388 12,247 81,311 - - 81,311
 
Adjusted EBITA 10,180 7,134 1,304 3,201 21,818 -1,526 - 20,292
Items affecting comparability -1,149 -2,293 -186 -440 -4,067 -268 - -4,335
EBITA 9,031 4,841 1,118 2,761 17,751 -1,794 - 15,957
Amortisation of acquisition-
related intangible assets -3,130 -1,656 -230 -804 -5,820 - - -5,820
Net financial items -6,949 58 59 -4,619 -11,451 7,300 - -4,150
Share of profit of an associate 
and joint venture - - - -0 -0 - - -0
Profit before tax -1,047 3,243 944 -1,726 1,413 5,506 - 6,920
 
Specification of items 
affecting comparability 
Acquisition-related costs¹ 1,039 499 75 381 1,994 5 - 1, 999
Systems update - - - - - 185 - 185
Restructuring costs - - 111 55 165 - - 165
Inventory step-up - - - - - - - -
IPO and financing related 
costs - - - - - 18 - 18
Other² 110 1,794 - 4 1,908 60 - 1, 967
Total items affecting 
comparability 1,149 2,293 186 440 4,067 268 - 4,335
 
Other disclosures 
Investments 503 784 123 139 1,549 - - 1,549
Total assets  498,367 294,475 51,143 159,214 1,003,199 10,190 -1 1,013,388
Total liabilities  81,042 32,313 9,809 42,312 165,477 327,229 -2,635 490,070

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

Financial reports 
Group 
Interim report January - June 2023    |   20 
 
1 In Specialty Pharma, EUR 1.080 of the acquisition -related costs are earnout payments, reported as personnel costs in the period, to  
management of acquired companies. 
2 Majority of costs in Other relates to legal fees in USA due to patent litigation in MedTech.  
 
Apr-Jun 2022
Specialty 
Pharma MedTech Diagnostics 
Veterinary 
Services 
Total 
segments 
Group 
functions Eliminations 
Group 
total 
Revenue 
Revenue from external 
customers 30,904 22,697 4,714 8,713 67,028 - - 67,028
Revenue from internal 
customers 75 - 501 282 859 - -859 -
Total revenue 30,979 22,697 5,215 8,995 67,886 - -859 67,028
 
Adjusted EBITA 8,654 6,321 988 2,499 18,462 -794 - 17,668
Items affecting comparability -2,340 -909 -117 -1,924 -5,291 -397 - -5,687
EBITA 6,314 5,412 871 574 13,171 -1,191 - 11,981
Amortisation of acquisition-
related intangible assets -1,859 -1,305 -313 -570 -4,048 - - -4,048
Net financial items -2,065 -1,417 -1,220 -1,144 -5,845 9,042 - 3,197
Share of profit of an associate 
and joint venture - - - -34 -34 - - -34
Profit before tax 2,391 2,689 -662 -1,174 3,244 7,852 - 11,096
 
Specification of items 
affecting comparability 
Acquisition-related costs 2,340 290 63 1,514 4,208 2 - 4,210
Systems update - - - - - - - -
Restructuring costs - - 26 314 340 - - 340
Inventory step-up - - - - - - - -
IPO and financing related 
costs - - 4 - 4 10 - 14
Other¹ - 619 24 96 739 384 - 1, 123
Total items affecting 
comparability 2,340 909 117 1,924 5,291 397 - 5,687
 
Other disclosures 
Investments 830 1,311 402 73 2,616 75 - 2,691
Total assets  456,655 233,780 47,563 116,046 854,044 10,449 -15,315 849,179
Total liabilities  92,601 57,890 15,551 21,149 187,191 303,025 -11,592 478,624

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

Financial reports 
Group 
Interim report January - June 2023    |   21 
  
1 In Specialty Pharma, EUR 1,850k 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 related to the VOI litigation.  
 
Jan-Jun 2023
Specialty 
Pharma MedTech Diagnostics 
Veterinary 
Services 
Total 
segments 
Group 
functions Eliminations 
Group 
total 
Revenue
Revenue from external 
customers 73,008 61,630 10,863 23,894 169,395 - - 169,395
Revenue from internal 
customers 14 10 20 47 91 - -91 -
Total revenue 73,022 61,640 10,883 23,941 169,486 - -91 169,395
 
Adjusted EBITA 19,525 21,742 2,426 5,930 49,623 -3,235 - 46,388
Items affecting comparability -2,576 -2,663 -352 -541 -6,132 -841 - -6,973
EBITA 16,949 19,079 2,074 5,389 43,491 -4,076 - 39,415
Amortisation of acquisition-
related intangible assets -5,581 -3,160 -452 -1,560 -10,753 - - -10,753
Net financial items -8,300 -14,205 628 -6,950 -28,827 16,172 - -12,655
Share of profit of an associate 
and joint venture - - - -935 -935 - - -935
Profit before tax 3,069 1,714 2,246 -3,120 3,909 12,096 - 16,005
 
Specification of items 
affecting comparability 
Acquisition-related costs¹ 1,970 535 75 403 2,984 5 - 2 ,988
Systems update - 21 - - 21 665 - 686
Restructuring costs - - 277 133 410 - - 410
Inventory step-up - - - - - - - -
IPO and financing related 
costs - - - - - 112 - 112
Other² 606 2,107 - 4 2,717 60 - 2 ,777
Total items affecting 
comparability 2,576 2,663 352 541 6,132 841 - 6,973
 
Other disclosures 
Investments 893 958 220 182 2,254 - - 2,254
Total assets  498,367 294,475 51,143 159,214 1,003,199 10,190 -1 1,013,388
Total liabilities  81,042 32,313 9,809 42,312 165,477 327,229 -2,635 490,070

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

Financial reports 
Group 
Interim report January - June 2023    |   22 
 
1 In Specialty Pharma, EUR 1.674 of the acquisition -related costs are earnout payments, reported as personnel costs in the period, to  
management of acquired companies. 
2 Majority of costs in Other relates to legal fees in USA due to patent litigation in MedTech . 
  
Jan-Jun 2022
Specialty 
Pharma MedTech Diagnostics 
Veterinary 
Services 
Total 
segments 
Group 
functions Eliminations 
Group 
total 
Revenue 
Revenue from external 
customers 60,869 48,259 11,394 14,447 134,969 - - 134,969
Revenue from internal 
customers 75 - 501 409 986 - -986 -
Total revenue 60,944 48,259 11,895 14,857 135,955 - -986 134,969
 
Adjusted EBITA 17,754 16,008 2,904 3,521 40,187 -2,016 - 38,172
Items affecting comparability -4,772 -1,885 -206 -2,675 -9,537 -899 - -10,436
EBITA 12,983 14,123 2,699 846 30,651 -2,915 - 27,736
Amortisation of acquisition-
related intangible assets -4,718 -2,569 -454 -909 -8,649 - - -8,649
Net financial items -3,865 -1,744 82 -1,102 -6,629 7,593 - 964
Share of profit of an associate 
and joint venture - - - -44 -44 - - -44
Profit before tax 4,400 9,810 2,327 -1,209 15,329 4,678 - 20,006
 
Specification of items 
affecting comparability 
Acquisition-related costs 4,772 625 121 2,251 7,769 57 - 7,826
Systems update - - - - - 67 - 67
Restructuring costs - - 26 327 353 14 - 368
Inventory step-up - - - - - - - -
IPO and financing related 
costs - 8 35 - 43 44 - 88
Other¹ - 1,251 24 96 1,371 717 - 2 ,088
Total items affecting 
comparability 4,772 1,885 206 2,675 9,537 899 - 10,436
 
Other disclosures 
Investments 1,051 1,390 522 359 3,321 243 - 3,564
Total assets  456,655 233,780 47,563 116,046 854,044 10,449 -15,315 849,179
Total liabilities  92,601 57,890 15,551 21,149 187,191 303,025 -11,592 478,624

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

Financial reports 
Group 
Interim report January - June 2023    |   23 
Note 4. Revenue from contracts with customers 
 
 
 
 
 
Revenue from external customers in Sweden amounted to EUR 10.1m during the period January to June 2023.  
Apr-Jun 2023
Specialty 
Pharma MedTech Diagnostics 
Veterinary 
Services Group total 
Geographic region
Europe 20,094 4,764 3,394 9,738 37,990
North America 15,360 17,076 717 1,722 34,875
Rest of the World 3,032 3,295 1,258 861 8,446
Revenue from contracts with customers 38,487 25,135 5,369 12,321 81,311
Apr-Jun 2022
Specialty 
Pharma MedTech Diagnostics 
Veterinary 
Services Group total 
Geographic region
Europe 18,271 6,630 3,062 6,709 34,672
North America 12,015 12,769 692 1,683 27,159
Rest of the World 618 3,298 959 320 5,196
Revenue from contracts with customers 30,904 22,697 4,714 8,713 67,028
Jan-Jun 2023
Specialty 
Pharma MedTech Diagnostics 
Veterinary 
Services Group total 
Geographic region
Europe 39,153 10,982 6,595 19,259 75,989
North America 29,979 43,269 1,607 3,393 78,248
Rest of the World 3,876 7,380 2,662 1,241 15,159
Revenue from contracts with customers 73,008 61,630 10,863 23,894 169,395
Jan-Jun 2022
Specialty 
Pharma MedTech Diagnostics 
Veterinary 
Services Group total 
Geographic region
Europe 34,979 11,473 7,517 12,181 66,150
North America 24,820 31,101 1,888 1,683 59,493
Rest of the World 1,070 5,684 1,989 583 9,326
Revenue from contracts with customers 60,869 48,259 11,394 14,447 134,969

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

Financial reports 
Group 
Interim report January - June 2023    |   24 
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 27,290 kEUR Q2 2023 (23,629 kEUR Q2 2022) and other 
current liabilities 27,111 kEUR Q2 2023 (32,704 kEUR Q2 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 June 2023: 
 
 
  
Contingent consideration Jan - Jun 2023 Jan - Jun 2022 Jan - Dec 2022
Opening balance 74,591 24,700 24,700
Business combinations 17,093 36,710 43,202
Paid out -36,384 -354 -17,981
Change in fair value recognised in P&L -517 -5,228 26,020
Exchange differences on translation of foreign operations -381 505 -1,351
Closing balance 54,402 56,333 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 28.4 0.8
Din Veterinär i Helsingborg Holding AB Share 100% Sweden Veterinary 
Services Feb 4.9 6.2 0.1
Vettr Pty Ltd Share 100% Australia Veterinary 
Services Apr 1.2 5.0 0.3
Kruth-Halling Professional Corporation Asset 100% Canada Me dTech May 0.2 0.2 0.1

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

Financial reports 
Group 
Interim report January - June 2023    |   25 
Preliminary purchase price allocations per operating segment during the period January-June 2023: 
 
 
 
For the acquisitions closed during the period January to June 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 2,789, 
pre-tax profit EURk 864 and Veterinary Services income EURk 2,457 and pre-tax profit EURk 542. On a pro-forma basis if 
all acquisitions had closed 1 July 2022 this would have been Specialty Pharma income EURk 5,083, pre-tax profit EURk 
1,598, and Veterinary Services income EURk 4,009 and pre-tax profit EURk 917. 
Acquired net assets on acquisition date based on 
preliminary PPA
Specialty 
Pharma MedTech Diagnostics 
Veterinary 
Services Group total 
Intangible assets 22,791 - - 367 23,158
Property, plant and equipment 976 - - 91 1,066
Right-of-use assets - - - - -
Non-current financial assets - - - - -
Deferred tax assets - - - - -
Inventories 410 - - 150 560
Trade receivable and other receivables 1,591 - - 224 1,816
Cash and cash equivalents 434 - - 1,196 1,630
Interest-bearing liabilities - - - - -
Lease liabilities - - - - -
Deferred tax liabilities - - - -76 -76
Trade payables and other operating liabilities -699 - - -678 -1,377
Identified net assets 25,503 - - 1,274 26,777
 
Non-controlling interest measured at fair value - - - - -
Goodwill 28,642 205 - 11,159 40,006
Total purchase consideration 54,146 205 - 12,433 66,783
 
Purchase consideration comprises: 
Cash 7,222 205 - 8,518 15,945
Equity instruments 32,749 - - - 32,749
Contingent consideration and deferred payments 14,165 - - 3,915 18,080
Total purchase consideration 54,136 205 - 12,433 66,774
Impact of acquisition on Group’s cash flow
Specialty 
Pharma MedTech Diagnostics 
Veterinary 
Services Group total 
Cash portion of purchase consideration -7,222 -205 - -8,518 -15,945
Acquired cash 434 - - 1,196 1,630
Total -6,788 -205 - -4,927 -11,920
Acquisition-related costs -875 - - -370 -1,245
Net cash outflow -7,663 -205 - -5,298 -13,166

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

Financial reports 
Group 
Interim report January - June 2023    |   26 
 
 
 
 
 
 
 
 
 
 
 
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
Impact of acquisition on Group’s cash flow
Viking Blues Pty 
Ltd 
Cash portion of purchase consideration 6,980
Acquired cash -418
Total 6,562
Acquisition-related costs 812
Net cash outflow 7,374

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

Financial reports 
Group 
Interim report January - June 2023    |   27 
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 second quarter of 2023 the 
company has issued and transferred 249,482 ordinary 
shares and 249,482 C-shares to the previous owners of 
Kahu Vet Group as part of the earn-out in accordance with 
the purchase agreement signed in February 2022.  
Note 8. Events after the balance-sheet date 
No significant events after the balance-sheet date 
 
 
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. 
 
 
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.

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

Financial reports 
Group 
Interim report January - June 2023    |   28 
Key Ratios Definition 
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.  
Capex Vimian’s definition of cash flow from investments in tangible and intangible assets 
excludes investments in real estate and internally generated intangible assets. Tangible 
and intangible assets included in the net assets of business combinations are excluded. 
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.  
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

===== SIDA 29 =====

Financial reports 
Group 
Interim report January - June 2023    |   29 
Alternative performance measures not defined in accordance with IFRS for the group - Based on reported figures 
 
 
1 Includes settlement payment in US litigation case 
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 2023 2022 2022
Revenue growth (%) 20% 70% 26% 62% 62%
Organic revenue growth (%) 14% 1% 13% 4% 4%
EBITDA 18,416 14,225 44,008 31,609 66,587
EBITDA margin (%) 22.6% 21.2% 26.0% 23.4% 23.7%
Adjusted EBITDA 22,751 19,913 50,981 42,045 81,910
Adjusted EBITDA margin (%) 28.0% 29.7% 30.1% 31.2% 29.1%
EBITA 15,956 11,981 39,414 27,736 58,097
EBITA margin (%) 19.6% 17.9% 23.3% 20.5% 20.7%
Adjusted EBITA 20,291 17,668 46,387 38,172 73,419
Adjusted EBITA margin (%) 25.0% 26.4% 27.4% 28.3% 26.1%
Operating profit 10,136 7,933 28,660 19,087 39,361
Operating margin (%) 12.5% 11.8% 16.9% 14.1% 14.0%
Capital expenditure -1,549 -2,691 -2,254 -3,564 -8,517
Cash flow from operating activities¹ -58,501 -1,123 -57,419 9,978 25,313
1 Apr-30 Jun 1 Jan-30 Jun
1 Jul - 30 Jun
(EURm, unless otherwise stated) LTM (2023)
Proforma revenue 328,964
Adjusted EBITDA, Proforma 94,975
Adjusted EBITDA margin, Proforma 28.9%
Net debt 296,097
Net debt / Adjusted EBITDA, Proforma (x) 3.1x

===== SIDA 30 =====

Financial reports 
Group 
Interim report January - June 2023    |   30 
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 2023 2022 2022
Adjusted EBITA and EBITDA
Revenue 81,311 67,028 169,395 134,969 281,308
EBITA 15,956 11,981 39,414 27,736 58,097
EBITDA 18,416 14,225 44,008 31,609 66,587
Items affecting comparability 4,335 5,687 6,973 10,436 15,323
Adjusted EBITA 20,291 17,668 46,387 38,172 73,420
Adjusted EBITDA 22,751 19,913 50,981 42,045 81,910
Adjusted EBITA margin (%) 25.0% 26.4% 27.4% 28.3% 26.1%
Adjusted EBITDA margin (%) 28.0% 29.7% 30.1% 31.2% 29.1%
1 Apr-30 Jun 1 Jan-30 Jun
1 Jan-31 Dec
(EUR thousands, unless otherwise stated) 2023 2022 2023 2022 2022
Net debt
Liabilities to credit institutions (long term) 325,484 303,204 325,484 303,204 207,112
Lease liabilities (long term) 9,675 9,465 9,675 9,465 9,029
Other non-current liabilities 35,596 34,213 35,596 34,213 35,229
Liabilities to credit institutions (short term) 5 76 5 76 -0
Lease liabilities (short term) 3,840 2,815 3,840 2,815 4,816
Other items¹ 27,157 51,842 27,157 51,842 43,520
Cash & Cash Equivalents -50,786 -61,701 -50,786 -61,701 -42,194
Net debt 296,097 339,914 296,097 339,914 257,512
1 Apr-30 Jun 1 Jan-30 Jun
31 Dec
(EUR thousands, unless otherwise stated) 2023 2022 2022
Net working capital
Inventory 67,170 51,332 61,200
Trade receivables 54,529 37,924 41,168
Current tax receivables 81 852 568
Other current receivables 2,648 5,760 4,908
Prepaid expenses and accrued income 11,241 6,609 4,127
Trade payables -26,874 -17,562 -18,328
Current tax liabilities -9,626 -6,403 -8,179
Other current liabilities² -7,726 -3,317 -4,404
Provisions - -30 -30
Accrued expenses and deferred income -15,840 -17,748 -21,358
Net working capital 75,602 57,418 59,674
30 Jun

===== SIDA 31 =====

Financial reports 
Group 
Interim report January - June 2023    |   31 
 
 
 
 
 
 
 
  
1 Jul - 30 Jun 1 Jan-31 Dec
(EUR thousands, unless otherwise stated) LTM (2022/2023) 2022
Proforma revenue
Reported revenue 315,735 281,308
Proforma period, revenue 4,883 15,698
Proforma revenue 320,618 297,006
Adjusted EBITA, Proforma
Reported Adjusted EBITA (12 months) 81,634 na
Proforma period Adjusted EBITA 5,054 na
Adjusted EBITA, Proforma 86,688 na
Adjusted EBITA margin, Proforma
Proforma Revenue 315,735 na
Adjusted EBITA, Proforma 86,688 na
Adjusted EBITA margin, Proforma 27.5% na
Adjusted EBITDA, Proforma
Reported Adjusted EBITDA (12 months) 88,008 81,910
Proforma period Adjusted EBITDA 6,967 3,789
Adjusted EBITDA, Proforma 94,975 85,699
Adjusted EBITDA margin, Proforma
Proforma Revenue 320,618 297,006
Adjusted EBITDA, Proforma 94,975 85,699
Adjusted EBITDA margin, Proforma 29.6% 28.9%
Net debt/Adjusted EBITDA, Proforma
Net debt 296,097 257,512
Adjusted EBITDA, Proforma 94,975 85,699
Net debt/Adjusted EBITDA, Proforma (x) 3.1x 3.0x

===== SIDA 32 =====

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