Kvartalsrapport Q3 2023

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

Q3 
 
Interim report  
January - September 
 
 20
23

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

Interim report January - September 2023    |   2 
Interim report January - September 2023  
Strong organic growth and operational cash flow 
Third quarter 
▪ Revenue increased by 13 per cent to EUR 79.9m (70.9) with organic growth of 12 per cent 
▪ Operating profit (EBIT) increased by 12 per cent to EUR 9.9m (8.8)  
▪ Adjusting for items affecting comparability of EUR -2.6m (-3.6) and PPA related amortisation, adjusted 
EBITA came in at EUR 18.3m (17.2) at a margin of 22.9 per cent (24.3) 
▪ Profit for the quarter totalled EUR 7.6m (-1.6) 
▪ Earnings per share before and after dilution EUR 0.02 (-0.00). Adjusted earnings per share EUR 0.02 
▪ Cash flow from operating activities of EUR 11.6m (-5.8). Net cash flow -3.4m (-10.5) after debt 
repayment of EUR 12.7m in the quarter 
First nine months 
▪ Revenue increased by 21 per cent to EUR 249.3m (205.9) with organic growth of 13 per cent 
▪ Operating profit (EBIT) increased by 38 per cent to EUR 38.6m (27.9)  
▪ Adjusting for items affecting comparability of EUR -9.6m (-14.1) and PPA related amortisation, adjusted 
EBITA increased by 17 per cent to EUR 64.7m (55.4) at a margin of 26.0 per cent (26.9) 
▪ Profit for the period totalled EUR 16.3m (13.8) 
▪ Earnings per share before and after dilution EUR 0.04 (0.04). Adjusted earnings per share EUR 0.06 
▪ Year-to-date cash flow from operating activities EUR -45.8m (4.2) impacted by the litigation payment 
in the second quarter, excluding this EUR 19.9m. Positive net cash flow EUR 6.0m (-3.9) 
▪ Net debt reduced by EUR 8.2m to EUR 287.9m with leverage down to 3.0x from 3.1x end of June 
Last twelve months pro-forma (October 2022 to September 2023)  
▪ Pro-forma revenue, including all acquisitions closed between 1 October 2022 and 30 September 2023, 
as if Vimian had owned them for the full period, EUR 333m (reported 324.7m) 
▪ Pro-forma adjusted EBITA EUR 85.5m (reported 82.7m) at 25.7 per cent margin (reported 25.5) 
Significant events during the third q uarter 
▪ On 14 September the number of votes in Vimian Group AB changed as a result of (i) redemption of 
5,320 C-shares, and (ii) conversion of in 6,296,610 C-shares into ordinary shares  
 
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 YTD amount includes settlement payment of USD 65.7m in the US litigation case. 
 
 
Q3 Q3 YTD YTD LTM Full-year
EURm, unless stated 
otherwise 2023 2022 Δ% 2023 2022 Δ% 22/23 2022
Revenue 79.9 70.9 13% 249.3 205.9 21% 324.7 281.3
Organic revenue growth 
(%)¹ 12% 5% 7 pp 13% 4% 9 pp na 4%
Operating profit (EBIT) 9.9 8.8 12% 38.6 27.9 38% 50.0 39.4
Adjusted EBITA¹ 18.3 17.2 6% 64.7 55.4 17% 82.7 73.4
Adjusted EBITA margin 
(%)¹ 22.9% 24.3% -1.4 pp 26.0% 26.9% -1.0 pp 25.5% 26.1%
Profit for the period 7.6 -1.6 574% 16.3 13.8 18% -4.7 -7.2
Items affecting 
comparability² -2.6 -3.6 -28% -9.6 -14.1 -32% -10.8 -15.3
Earnings per share before 
dilution (EUR) 0.02 -0.00 503% 0.04 0.04 2% -0.02 -0.02
Earnings per share after 
dilution (EUR) 0.02 -0.00 503% 0.04 0.04 2% -0.02 -0.02
Cash flow from operating 
activities³ 11.6 -5.8 na -45.8 4.2 na -24.7 25.3
Net debt/Adjusted LTM 
EBITDA, Proforma (x)¹ na na - na na - 3.0x 3.0x
Q3 2023  
13% 
Total revenue growth 
 
12% 
Organic revenue growth 
 
6% 
Adj. EBITA growth   
 
22.9% 
Adjusted EBITA margin 
 
Financial calendar 
15 February 2024 Year-end 
report 2023 
10 April 2024 Annual 
report 2023 
25 April 2024 Interim 
report first quarter 2024 
15 August 2024 Interim 
report second quarter 2024 
24 October 2024 Interim 
report third quarter 2024 
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 - September 2023    |   3 
 
Message from our CEO 
Strong organic growth and operational cash flow  
In a turbulent world, Vimian continues to deliver 
strong organic growth ahead of the animal health 
market. Veterinarians and pet owners value our 
high-quality products and services that address 
the unmet medical needs of companion animals 
across the world.  
Following two solid reports in 2023, we continue to 
deliver strong organic growth of 12 per cent in the 
third quarter with higher net profit and improved 
operational cash flow. The adjusted EBITA margin 
reflects the sales pattern in MedTech where the 
extended annual ordering programme shifted high 
margin sales to the first quarter, in combination 
with mix effect from strong growth in US 
Specialised Nutrition and strategic investments in 
Specialty Pharma. We continue our efforts to 
deliver margin expansion over the coming quarters. 
Improved operational cash flow  
Cash flow from operating activities improved 
significantly to EUR 11.6m (-5.8m) in the quarter. 
During the third quarter MedTech started to 
reduce inventory, this was offset by higher stock 
levels in fast growing US Specialised Nutrition in 
Specialty Pharma. Net debt declined by EUR 8.2m 
with leverage down to 3.0x and we will continue 
our efforts for organic deleveraging in the coming 
quarters.  
Segment update 
Specialty Pharma delivered 18 per cent organic 
growth, double-digit in three out of four 
therapeutic areas. We continue to build strong 
market positions, attending 15 veterinary 
congresses in the quarter of which two were as 
main sponsors, the European veterinary 
dermatology specialist congress with 750 
veterinarians and UK’s largest equine congress 
with 800 veterinarians. The team is working 
actively to strengthen profitability, supporting US 
customers migrating to our new allergy test and 
evaluating opportunities to drive further 
efficiencies across our European entities. 
In MedTech, slower growth in the third quarter 
reflects the sales pattern in US with the Annual 
Ordering Programme and a small buildup of 
backorders. Year-to-date growth of 13 per cent, 
and margin of 32.0 (31.5) per cent better reflects 
the strong underlying performance.   
Veterinary Services continues to deliver strong 
growth with high rate of member recruitment and 
conversion to higher membership tiers. We 
continue to digitalise our service offering and the 
team’s skillset and expertise is leveraged for 
Group-wide integration projects including shared 
CRM and data warehouse. 
In Diagnostics we saw another quarter of solid 
growth and continue to capture market share in a 
challenging livestock environment and progress 
innovation projects targeting the companion 
animal diagnostics market. 
ESG highlights 
In the third quarter, we implemented our new 
carbon reduction plan. Our target is to reduce 
emissions in scope 1 and 2 by 42% until 2030, in 
alignment with the Paris agreement and Science 
Based Targets. We are also in the process of 
uncovering Scope 3 emissions where we have our 
most significant climate impact.  
Current trading 
While the overall macroeconomy and geopolitical 
landscape remains challenging, we are confident in 
the resilience of our sector and see continued 
market growth. October trading is healthy at high 
single digits, with acceleration in MedTech as the 
pull-forward effect abates. 
The process to retrieve compensation for the US 
litigation as per the indemnification protection is 
still ongoing. We cannot speculate in the timing to 
finalize this but will update the market once 
conclusive.  
The recruitment for a new CEO is underway, and I 
am committed to stay onboard until year-end. We 
continue to build strong market positions in our 
select areas of animal health, driving organic 
growth and continuously evaluating strategic M&A. 
Near-term, we focus on sustaining strong organic 
growth while ensuring we capture full benefits on 
the bottom line and further strengthen cash 
generation.   
Stockholm, November 2023 
Fredrik Ullman 
CEO of Vimian Group AB (publ)
 
 
“ Vimian continues to 
deliver strong organic 
growth ahead of the 
animal health market

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

Interim report January - September 2023    |   4 
 
Group performance 
Third quarter 2023 
Revenue  
Revenue increased by 13 per cent to EUR 79.9m 
(70.9). Organic revenue growth was 12 per cent 
with highest growth in Specialty Pharma 18 per 
cent and Veterinary Services 14 per cent. 
Acquisitions contributed to a growth of 7 per cent 
and currency movements had a negative impact of 
6 per cent. 
Revenue per segment, Q3 2023 
 
Operating profit  
Operating profit amounted to EUR 9.9m (8.8), 
corresponding to a margin of 12.4 per cent (12.5). 
Operating profit included items affecting 
comparability of EUR -2.6m (-3.6). For items 
affecting comparability EUR -1.3m is in Specialty 
Pharma primarily related to acquisitions, of which 
EUR -918k are stay-on bonuses, reported as 
personnel costs, to management of acquired 
companies. EUR -682k is in Medtech, primarily 
legal costs related to the US litigation. Other items 
affecting comparability relates to restructuring in 
Diagnostics and implementation of the central 
consolidation system. For further information on 
items affecting comparability, refer to Note 3. 
Adjusted EBITA 
Adjusted EBITA increased by 6 per cent to EUR 
18.3m (17.2) at a margin of 22.9 per cent (24.3). The 
margin reflects the sales pattern in MedTech 
where the extended annual ordering programme 
shifted high margin sales to the first quarter, the 
mix effect from strong growth in US Specialised 
Nutrition and strategic investments in Specialty 
Pharma.  
Adjusted EBITA per segment, Q3 20231 
 
1 Adjusted EBITA before central costs. 
Financial items 
Net financial items amounted to EUR -0.1m (-9.4). 
This consists of three main parts: financing costs 
of EUR -5.1m with an average interest rate of 6.3 
per cent during the quarter. On contingent 
considerations, the quarterly discounting impact is 
offset by positive impact from probability 
adjustments, giving a net impact of -0.4m. Financial 
items benefits from a EUR 5.4m positive impact 
from exchange-rates.  
Tax 
The tax expense for the quarter amounted to EUR -
2.2m (-1.0). Tax expense as percentage of pre-tax 
profit amounts to 23 per cent in the quarter. 
Profit for the quarter 
Profit amounted to EUR 7.6m (-1.6). Earnings per 
share before and after dilution amounted to EUR 
0.02 (-0.00). Adjusted for items affecting 
comparability of EUR -2.6m (-3.6) adjusted 
earnings per share amounted to 0.02. 
 
 
47%
31%
7%
15%
Specialty Pharma
MedTech
Diagnostics
Veterinary Services
49%
29%
5%
17%
Specialty Pharma
MedTech
Diagnostics
Veterinary Services
“ Net profit increased 
significantly during the 
quarter

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

Interim report January - September 2023    |   5 
January to September 2023 
Revenue  
Revenue increased by 21 per cent to EUR 249.3m 
(205.9). Organic revenue growth was 13 per cent, 
primarily driven by Specialty Pharma growing 15 
per cent and MedTech 13 per cent. Acquisitions 
contributed to a growth of 11 per cent and currency 
movements had a negative impact of 2 per cent. 
Operating profit  
Operating profit amounted to EUR 38.6m (27.9), 
corresponding to a margin of 15.5 per cent (13.6). 
Operating profit included items affecting 
comparability of EUR -9.6m (-14.1). For information 
on items affecting comparability, refer to Note 3. 
Adjusted EBITA 
Adjusted EBITA increased by 17 per cent to EUR 
64.7m (55.4) at a margin of 26 per cent (26.9).  
Financial items 
Net financial items amounted to EUR -11.8m (-8.5). 
This consists of three main parts: financing costs 
of EUR -12.5m with an average interest rate of 5.5 
per cent year-to-date. On contingent 
considerations, the year-to-date discounting 
impact is offset by positive impact from probability 
adjustments and a technical purchase price 
adjustment in the second quarter, giving a net 
impact of 2.0m. Negative impact from exchange-
rates of EUR -1.3m.  
Tax 
The tax expense for the period January to 
September amounted to EUR -9.5m (-5.5). The tax 
expense as percentage of pre-tax profit amounts 
to 37 per cent year-to-date. This is elevated by a 
high level of 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 during the first half of the year. 
Profit for the period 
Profit amounted to EUR 16.3m (13.8). Earnings per 
share before and after dilution amounted to EUR 
0.04 (0.04). Adjusted for items affecting 
comparability of EUR -9.6m adjusted earnings per 
share amounted to 0.06. 
Capital expenditure 
Capital expenditure for Vimian Group amounted to 
EUR 4.4m (5.2). The two main areas for 
investments are Specialty Pharma; manufacturing 
facilities and equipment in Specialty 
Pharmaceuticals, development of the IT platform 
for allergy customer lifecycle management and 
capitalized R&D for dermatology product 
development and MedTech; investments in 
equipment for education and facilities for 3D 
printing.  
Cash flow 
Cash flow from operating activities amounted to 
EUR -45.8m (4.2). This includes the litigation 
payment of EUR -65.7m. Excluding the litigation 
payment, cash flow from operating activities 
improved further in the third quarter reaching EUR 
19.9m for the period January to September. Cash 
flow from investing activities of EUR -68.6m (-
157.3). Cash flow from financing activities EUR 
120.4m (149.2) primarily reflects the draw down of 
the RCF to finance the litigation payment in the 
second quarter and payment of earn-outs during 
the year.  
Net working capital 
Net working capital amounted to EUR 77.0m (63.4) 
at the end of September at 24 per cent of revenue, 
slightly higher than EUR 75.6m at the end of June 
(23 per cent of revenue). Lower inventory in 
MedTech is offset by higher inventory in fast 
growing entities in Specialty Pharma. Accounts 
receivables continues to decline as annual ordering 
programme customers pay their monthly 
instalments. Net working capital is unfavourably 
impacted by currency movements. 
Net debt and cash and cash equivalents 
A
t the end of the period, net debt amounted to 
EUR 287.9m, down from EUR 296.1m per 30 June 
2023. Cash and cash equivalents amounted to EUR 
49.3m at the end of the period down from EUR 
50.8m at the end of June.  
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. Vimian 
has 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 “non-current 
receivable”. The amount of the receivable under 
the indemnification is deducted from the net debt.  
Per the 30 September, net debt in relation to pro-
forma adjusted EBITDA over the past 12-month 
period was 3.0x, down from 3.1x per 30 June 2023.  
Reports 
Vimian’s financial reports and presentations are 
published on our website www.vimian.com
.

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

Interim report January - September 2023    |   6 
 
Segment performance  
Third quarter 2023 
Vimian operates through four reporting segments: Specialty Pharma, 
MedTech, Veterinary Services and Diagnostics 
Segment – Specialty Pharma 
 
 
Revenue  
Revenue in the third quarter grew 21 per cent to 
EUR 37.8 million (31.2). Organic growth of 18 per 
cent, contribution from acquisitions 8 per cent and 
negative impact from currency movements of 5 per 
cent driven by GBP, CAD, NOK, and SEK. 
Per geography, the strongest organic growth is in 
the US followed by UK. Positive development in 
continental Europe with high-teens organic growth 
in Benelux, Germany and France. Over 20 per cent 
growth in the online direct to consumer channel. 
Per therapeutic area, the strongest growth is in 
Specialised Nutrition (driven by US with over 50 
per cent growth). Strong double-digit growth in 
Specialty Pharmaceuticals and Dermatology. 
Allergy Test & Treatments sales was strong in 
Europe with double-digit growth, but US remains 
held back by slower uptake in the transfer of 
volumes to the new PAX test. The segment has 
launched several commercial initiatives to regain 
momentum in the US allergy business. 
During the third quarter >20 new products were 
launched, taking the total year to date to 65.  
Revenue for the period January to September grew 
20 per cent to EUR 110.8 million (92.1). Organic 
growth of 15 per cent, contribution from 
acquisitions 8 per cent and negative impact from 
currency movements of 3 per cent. 
Adjusted EBITA 
Adjusted EBITA increased to EUR 9.7 million (8.6) 
at a margin of 25.6 per cent (27.6). The lower 
margin primarily reflects the mix impact from 
strong growth in US Specialised Nutrition, as well 
as the temporarily lower margin in the US (lower 
allergy sales combined with investments in product 
launches) and strategic investments in the 
business, including R&D and sales force.  
Adjusted EBITA for the period January to 
September increased to EUR 29.2 million (26.4) at 
a margin of 26.3 per cent (28.6).  
Acquisitions and Operational Highlights 
Several milestones in the integration of acquired 
companies reached during the quarter: 
▪ Preparing for direct go-to-market in Spain (ICF, 
DRN, Dermoscent), Austria (Dermoscent) and 
Germany (Dermoscent) in 2024 
▪ Six months after internalising distribution in 
France, sales run-rate to veterinary clients is now 
at the same level as the distributor was. Sales 
team was strengthened with 2 FTE’s adding one 
more during the fourth quarter.  
▪ Launched regional allergy immunotherapy in US  
▪ Main sponsor of the European veterinary 
dermatology specialist congress in August with 
750 participants and the UK’s largest equine 
congress in September with 800 participants.
 
 
Q3 Q3 YTD YTD LTM Full-year
Amounts in EUR 000's 2023 2022 Δ 2023 2022 Δ 22/23 2022
Revenue 37,791 31,210 21% 110,800 92,079 20% 142,979 124,258
EBITA 8,398 6,600 27% 2 5,347 19,582 29% 31,845 26,080
Adjusted EBITA 9,658 8,626 12% 29,183 26,380 11% 38,095 35,293
Adjusted EBITA margin (%) 25.6% 27.6% -2.1 pp 26.3% 28.6% -2.3 pp 26.6% 28.4%
Q3 2023  
21% 
Revenue growth 
 
18% 
Organic revenue growth 
 
12% 
Adjusted EBITA growth 
 
25.6% 
Adjusted EBITA margin

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

Interim report January - September 2023    |   7 
 
 
 
Segment – MedTech 
 
 
Revenue  
Revenue in the third quarter declined by 3 per 
cent to EUR 24.6 million (25.3). Organic 
revenue growth 4 per cent, contribution from 
acquisitions 1 per cent and negative impact 
from currency movements of 8 per cent, with 
negative development in the USD, CHF, AUD 
and YEN. 
Organic growth of 13 per cent year-to-date, 
ahead of the veterinary orthopedics market 
estimated to be growing at mid-single digits.  
Sales are typically lower in the second and 
third quarter as the annual ordering programme 
pulls forward sales into the first quarter. There 
has also been a small build-up of back-orders 
in US in the quarter. Adjusted for these two 
factors, organic growth would have been 
double-digit. Continued solid high-single digit 
organic growth in Europe and APAC.  
During the third quarter 19 on-site surgery 
trainings were held with over 180 participants.  
Revenue for the period January to September 
amounted to EUR 86.2 million (73.6). Organic 
revenue growth 13 per cent, contribution from 
acquisitions 7 per cent and negative impact 
from currency movements of 3 per cent.  
Adjusted EBITA 
Adjusted EBITA declined 18 per cent to EUR 5.8 
million (7.2) at a margin of 23.8 per cent (28.3). 
Lower profitability is an effect of lower sales in 
the quarter in combination with investments in 
the organisation since the second half of last 
year. The rolling twelve months margin at 30.7 
per cent per the end of September adjusts for 
seasonality and better reflects underlying 
profitability.  
Adjusted EBITA for the period January to 
September amounted to EUR 27.6 million (23.2) 
at a margin of 32.0 per cent (31.5) an 
improvement compared to the same period 
previous year as the company continues to 
integrate acquired entities and realise 
synergies. 
Acquisitions and Operational Highlights 
Continued work on integration of acquired 
companies during the quarter: 
▪ Started re-branding work for several 
acquired companies with AdVetis first one to 
become Movora France per January next 
year  
▪ Rolled out marketing concept by installing 
regional product managers to focus on a 
more product driven marketing approach 
▪ Progressing work to optimise supply chain 
starting to reduce inventory by EUR 0.5m 
during the quarter 
  
Q3 Q3 YTD YTD LTM Full-year
Amounts in EUR 000's 2023 2022 Δ 2023 2022 Δ 22/23 2022
Revenue 24,603 25,332 -3% 86,233 73,591 17% 114,082 101,440
EBITA 5,167 5,881 -12% 24,246 20,004 21% 34,637 30,395
Adjusted EBITA 5,849 7,157 -18% 27,592 23,166 19% 35,020 30,594
Adjusted EBITA margin (%) 23.8% 28.3% -4.5 pp 32.0% 31.5% 0.5 pp 30.7% 30.2%
Q3 2023  
-3% 
Revenue growth 
 
4% 
Organic revenue growth 
 
-18% 
Adjusted EBITA growth 
 
23.8% 
Adjusted EBITA margin

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

Interim report January - September 2023    |   8 
Segment – Veterinary Services 
 
 
Revenue  
Revenue for the third quarter grew 29 per cent to 
EUR 12.2 million (9.4). Organic revenue growth of 
14 per cent, contribution from acquisitions 19 per 
cent and negative impact from currency 
movements of 4 per cent. 
High recruitment pace with 620 new members in 
the quarter driven by the US, Brazil, Belgium and 
Spain and continued positive conversion to higher 
membership tiers. 
Strong organic growth of 14 per cent in the third 
quarter giving year-to-date organic growth 13 per 
cent, well ahead of the animal health market. Solid 
performance in the legacy business with double 
digit growth across most markets, and positive 
revenue contribution from new markets.  
Co-owned clinics account for ~40 per cent of 
segment revenue. Mid-single digit revenue growth, 
in-line with the veterinary market. Work to support 
clinics to improve efficiency continued and 
resulted in a 4 per cent improvement in adjusted 
EBITA margin.  
Revenue for the period January to September 
amounted to EUR 36.1 million (23.9). Organic 
revenue growth 13 per cent, contribution from 
acquisitions 42 per cent and negative impact from 
currency movements 3 per cent. 
Adjusted EBITA 
Adjusted EBITA grew 60 per cent to EUR 3.3 
million (2.1) at a margin of 27.1 per cent (22.0). 
Margin expansion driven by strong growth in core 
business, profitability improvement for co-owned 
clinics and benefit from currency movements with 
significant cost base in SEK. 
Adjusted EBITA for the period January to 
September amounted to EUR 9.2 million (5.6) at a 
margin of 25.6 per cent (23.4). 
Acquisitions and Operational Highlights 
Several milestones in the integration of acquired 
companies reached during the quarter: 
▪ New country manager for Independent Vets of 
Australia appointed ongoing collaborations with 
Vettr to realise synergies. 
▪ Positive momentum for VerticalVet on the US 
market with high recruitment pace of new 
members, strengthened the organisation with a 
business development manager to support 
geographical expansion within the US and to 
expand partnerships with existing and new 
suppliers. 
▪ Digital skillset and expertise is being leveraged 
across Vimian in several ongoing integration 
projects, including shared CRM and data 
warehouse. 
  
Q3 Q3 YTD YTD LTM Full-year
Amounts in EUR 000's 2023 2022 Δ 2023 2022 Δ 22/23 2022
Revenue 12,180 9,407 29% 36,074 23,855 51% 45,822 33,603
EBITA 3,217 1,971 63% 8,606 2,817 205% 9,717 3,928
Adjusted EBITA 3,304 2,067 60% 9,234 5,588 65% 11,008 7,362
Adjusted EBITA margin (%) 27.1% 22.0% 5.2 pp 25.6% 23.4% 2.2 pp 24.0% 21.9%
Q3 2023  
29% 
Revenue growth 
 
14% 
Organic revenue growth 
 
 
60% 
Adjusted EBITA growth 
 
27.1% 
Adjusted EBITA margin

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

Interim report January - September 2023    |   9 
Segment – Diagnostics 
 
 
Revenue  
Revenue increased by 7 per cent to EUR 5.3m (4.9). 
Organic growth of 9 per cent partly offset by 
negative impact from currency movements of 2 per 
cent. No impact from acquisitions.  
Continued solid organic growth of 9 per cent in the 
third quarter despite tougher market conditions for 
livestock diagnostics in key region DACH.  
Revenue for the period January to September 
amounted to EUR 16.2 million (16.3). Organic 
revenue was flat, impacted by the phase-out of 
Covid related sales in the first quarter of 2023. 
Negative impact from currency movements of 1 per 
cent, no impact from acquisitions. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Adjusted EBITA 
Adjusted EBITA amounted to EUR 1.1m (0.6) at a 
margin of 20.2 per cent (11.8) with some impact 
from higher levels of scrapping. Improving 
profitability versus last year supported by 
operating leverage and progress on the cost 
optimisation programme. 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 
September amounted to EUR 3.5 million (3.5) at a 
margin of 21.6 per cent (21.3). 
Acquisitions and Operational Highlights 
Continued progress on integration and 
streamlining between legacy entities. The segment 
continues to win new opportunities across markets 
and product segments. The Ovacyte innovation 
partnership is developing as per plan with good 
ramp up in installations and usage in the equine 
and large animal segment during the quarter.  
 
  
Q3 Q3 YTD YTD LTM Full-year
Amounts in EUR 000's 2023 2022 Δ 2023 2022 Δ 22/23 2022
Revenue 5,303 4,935 7% 16,166 16,328 -1% 21,846 22,008
EBITA 795 465 71% 2,869 3,164 -9% 2,695 2,990
Adjusted EBITA 1,072 580 85% 3,498 3,484 0% 4,369 4,356
Adjusted EBITA margin (%) 20.2% 11.8% 8.5 pp 21.6% 21.3% 0.3 pp 20.0% 19.8%
Q3 2023  
7% 
Revenue growth 
 
9% 
Organic revenue growth 
 
85% 
Adjusted EBITA growth 
 
20.2% 
Adjusted EBITA margin

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

Interim report January - September 2023    |   10 
Central Costs 
Central costs in the third quarter amounted to EUR 
-1.6m (-1.2), broadly in-line with the second quarter 
at -1.5m.  
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 September 2023 
 
  
Name Capital Votes
Fidelio Capital 55.3% 56.8%
Handelsbanken Fonder 4.8% 4.9%
PRG Investment Holdings 3.9% 3.6%
Finn Pharmaceuticals Trust 3.4% 3.5%
Danica Pension 2.5% 2.6%
SEB Fonder 1.7% 1.7%
Swedbank Robur Fonder 1. 7% 1.7%
Avanza Pension 1.7% 1.7%
Investering & Tryghed A/S 1.6% 1.7%
AMF Pension & Fonder 1.4% 1.5%
Total 10 78.0% 79.7%
Others 22.0% 20.3%
Total 100.0% 100.0%

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

Interim report January - September 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, 8 November 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 8 
November 2023. 
Webcast conference call on 8 November 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, CFO Carl-Johan Zetterberg Boudrie and Nextmune CEO Magnus Kjellberg, 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 - September 2023    |   12 
INTERIM CONDENSED CONSOLIDATED 
STATEMENT OF PROFIT OR LOSS 
 
 
 
 
Q3 Q3 Jan-Sep Jan-Sep Full-year
kEUR Note 2023 2022 2023 2022 2022
Revenue from contracts with customers 3, 4 79,878 70,884 249,274 205,853 281,308
Revenue 79,878 70,884 249,274 205,853 281,308
Other operating income 321 1,512 457 4,372 6,511
Raw material and merchandise -25,983 -22,165 -77,939 -63,759 -87,315
Other external expenses -14,253 -16,555 -45,075 -45,117 -56,927
Personnel expenses -21,293 -18,695 -63,132 -50,635 -71,012
Depreciation and amortisation -8,279 -6,778 -23,627 -19,301 -27,226
Other operating expenses -479 624 -1,385 -3,501 -5,978
Operating profit 9,912 8,826 38,572 27,913 39,361
Net financial items -124 -9,430 -11,844 -8,466 -38,345
Share of profit of an associate 12 -24 -923 -68 -92
Profit before tax 9,800 -627 25,805 19,379 924
Income tax expense -2,212 -973 -9,507 -5,535 -8,122
Profit for the period 7,588 -1,600 16,298 13,844 -7,198
Profit for the period attributable to:
Equity holders of the parent 7,432 -1,618 15,831 13,798 -6,742
Non-controlling interests 156 18 467 46 -456
Earnings per share, before/after dilution (EUR) 0.02 -0.00 0.04 0.04 -0.02
Average number of shares, before/after dilution (Thousands) 457,123 392,948 452,277 390,597 403,114
Q3 Q3 Jan-Sep Jan-Sep Full-year
kEUR Note 2023 2022 2023 2022 2022
Profit for the period 7,588 -1,600 16,298 13,844 -7,198
Other comprehensive income 
Items that may be reclassified to profit or loss:
Exchange differences on translation of foreign 
operations 4,816 3,985 3,275 2,396 -6,929
Items that will not be reclassified to profit or loss:
Remeasurement of defined benefit plans -26 2 104 144 87
Other comprehensive income for the period, net of 
tax 4,790 3,986 3,379 2,539 -6,842
Total comprehensive income for the period, net of 
tax 4,790 2,386 3,379 16,383 -14,040
Total comprehensive income attributable to:
Equity holders of the parent 21,134 2,368 19,212 16,312 -13,609
Non-controlling interests 159 18 465 71 -430

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

Financial reports 
Group 
Interim report January - September 2023    |   13 
INTERIM CONDENSED CONSOLIDATED 
STATEMENT OF FINANCIAL POSITION 
 
  
kEUR Note 30 Sep 2023 30 Sep 2022 31 Dec 2022
Non-current assets
Goodwill 509,080 481,514 464,374
Intangible assets 214,955 212,464 203,992
Property, plant and equipment 24,274 20,945 21,518
R
ight-of-use assets 12,291 12,025 13,328
Investment in associates 7,399 1,468 7,578
Non-current financial assets 60,330 1,957 4,103
Deferred tax assets 2,670 2,722 1,976
Total non-current assets 830,998 733,095 716,867
Current assets
Inventories 68,223 62,337 61,200
Trade receivables 50,591 41,571 41,168
Current tax receivables 80 595 568
Other receivables 3,992 5,643 57,434
Prepaid expenses and accrued income 11,016 5,049 4,127
Cash and cash equivalents 49,339 51,177 42,194
Total current assets 183,241 166,371 206,692
TOTAL ASSETS 1,014,239 899,468 923,559
kEUR Note 30 Sep 2023 30 Sep 2022 31 Dec 2022
Equity
Share capital 74 67 72
Other contributed capital 467,853 344,767 432,985
Reserves -1,187 4,921 -4,460
R
etained earnings including this period’s profit 69,047 71,078 53,216
Total equity attributable to equity holders of the parent 535,788 420,833 481,813
Non-controlling interests 154 536 -316
Total equity 535,942 421,369 481,497
Non-current liabilities
Liabilities to credit institutions 324,704 284,809 207,112
Lease liabilities 8,999 9,581 9,029
Deferred tax liabilities 27,795 34,210 24,406
Other non-current liabilities 5 35,341 38,690 35,229
Non-current provisions 140 30 30
Total non-current liabilities 396,981 367,320 275,806
Current liabilities
Liabilities to credit institutions 281 -0 -
Lease liabilities 3,590 2,403 4,816
Trade payables 25,576 16,197 18,328
Current tax liabilities 8,361 8,472 8,179
Other current liabilities 5 28,136 64,618 113,576
Accrued expenses and prepaid income 15,373 19,090 21,358
Total current liabilities 81,317 110,779 166,256
TOTAL EQUITY AND LIABILITIES 1,014,239 899,468 923,559

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

Financial reports 
Group 
Interim report January - September 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 59,958 357,413 1,226 358,640
 
Profit for the period - - - 13,798 13,798 46 13,844
Other comprehensive income - - 2,514 - 2,514 25 2,539
Total comprehensive income - - 2,514 13,798 16,312 71 16,383
 
Transactions with owners 
Share issue 3 - - - 3 - 3
Ongoing share issue - - - - - -4 -4
Shareholder contributions - 49,783 - - 49,783 - 49,783
Transactions with non-
controlling interests - - - -2,678 -2,678 -757 -3,435
Total 3 49,783 - -2,678 47,108 -761 46,347
 
Closing balance 30 September 
2022 67 344,767 4,921 71,078 420,833 536 421,369
 
Opening balance 1 January 2023 72 432,985 -4,461 53,216 481,812 -315 481,497
 
Profit for the period - - - 15,831 15,831 467 16,298
Other comprehensive income - - 3,275 - 3,275 2 3,277
Total comprehensive income - - 3,275 15,831 19,106 469 19,575
 
Transactions with owners 
Share issue 2 34,494 - - 34,496 - 34,496
Transaction costs - -40 - - -40 - -40
Warrant program  - 413 - - 413 - 413
Transactions with non-
controlling interests - - - - - - -
Total 2 34,868 - - 34,870 - 34,870
 
Closing balance 30 September 
2023 74 467,853 -1,186 69,047 535,788 154 535,942
Equity attributable to equity holders of the parent

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

Financial reports 
Group 
Interim report January - September 2023    |   15 
INTERIM CONDENSED CONSOLIDATED 
STATEMENT OF CASH FLOWS 
 
1 Year-to-date 2023 amount includes settlement payment in US litigation case 
  
Q3 Q3 Jan-Sep Jan-Sep Full-year
kEUR 2023 2022 2023 2022 2022
Operating activities
Operating profit 9,912 8,826 38,572 27,913 39,361
Adjustments for non-cash items 8,773 5,021 24,997 23,562 30,702
Interest received 301 8 352 15 21
Interest paid -5,923 -3,319 -12,700 -8,253 -10,389
Paid income tax -1,321 353 -9,264 -6,900 -7,677
Cash flow from operating activities before change in 
working capital 11,742 10,889 41,957 36,337 52,017
Change in inventories 524 -10,063 -6,189 -20,954 -19,817
Change in operating receivables 3,549 -1,590 -16,002 -5,997 -3,758
Change in operating liabilities¹ -4,183 -5,037 -65,552 -5,208 -3,130
Cash flow from operating activities 11,632 -5,801 -45,787 4,177 25,313
Investing activities
Acquisition of a subsidiary, net of cash acquired -5,691 -26,930 -59,020 -149,011 -171,261
Investments in associates - -58 - -878 -6,964
Proceeds from sale of associates - - - - -
Dividend from associates - - - - -
Investments in intangible assets -841 -1,116 -3,078 -3,144 -4,486
Investments in property, plant and equipment -1,217 -860 -5,135 -3,895 -5,822
Proceeds from sale of property, plant and equipment -19 22 24 235 -
Investments in other financial assets -1,437 -624 -1,365 -624 -
Proceeds from sale of financial assets - -99 - - -
Cash flow from investing activities -9,205 -29,665 -68,575 -157,316 -188,533
Financing activities
New share issue - 49,786 - 49,786 137,969
Warrant program 413 - 413 - 1,658
Shareholder contributions - - - - -
Transaction costs -40 - -40 - -1,619
Transaction costs arrangement fees - - - - -
Proceeds from borrowings 7,511 20,792 164,683 146,275 150,549
Repayment of borrowings -12,742 -44,933 -41,766 -44,933 -133,160
Payment of lease liabilities -1,001 -702 -2,937 -1,925 -5,168
Transactions with non-controlling interests - - - - -
Cash flow from financing activities -5,857 24,943 120,353 149,202 150,229
Cash flow for the period -3,430 -10,523 5,992 -3,937 -12,990
Cash and cash equivalents at beginning of the period 50,786 61,701 42,194 55,114 55,114
Exchange-rate difference in cash and cash equivalents 1,983 -1 1,153 - 70
Cash and cash equivalents at end of the period 49,339 51,177 49,339 51,177 42,194

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

Financial reports 
Group 
Interim report January - September 2023    |   16 
CONDENSED PARENT COMPANY INCOME 
STATEMENT AND BALANCE SHEET 
 
 
  
Q3 Q3 Jan-Sep Jan-Sep Full-year
KSEK 2023 2022 2023 2022 2022
Revenue - 7,182 - 20,542 26,031
Other operating income 9,292 1,506 24,414 3,665 12,242
Total operating income 9,292 8,689 24,414 24,207 38,273
Other external expenses -12,985 -5,705 -42,905 -35,147 -51,282
Personnel expenses -6,463 -5,237 -21,793 -11,638 -17,470
Depreciation and amortisation -33 -33 -99 -99 -132
Other operating expenses -930 -979 -1,172 -317 -423
Operating profit -11,119 -3,264 -41,555 -22,994 -31,033
Group contributions - - - - 13,071
Net financial items 6,924 -8,720 135,522 -16,888 -56,254
Profit before tax -4,195 -11,984 93,966 -39,882 -74,207
Income tax expense 2,605 10,543 2,605 10,543 -
Profit for the period -1,590 -1,441 96,572 -29,339 -74,207
KSEK 30 Sep 2023 30 Sep 2022 31 Dec 2022 
ASSETS
Non-current assets
Intangible assets 13,780 11,735 16,875
Property, plant and equipment 459 592 559
Shares in subsidiaries 6,169,308 6,169,308 6 ,169,308
Non-current group receivables 6,034,102 3,882,280 4,060,975
Total non-current assets 12,217,650 10,063,915 10,247,717
Current assets
Group receivables 0 -10,877 52,954
Other receivables 10,260 1,021,337 2,053
Prepaid expenses and accrued income 3,339 581 750
Cash and cash equivalents - - -
Total current assets 13,599 1,011,041 55,757
TOTAL ASSETS 12,231,249 11,074,956 10,303,474
Equity
Share capital 941 736 736
Share premium 5,372,128 6,151,406 6,167,328
Retained earnings 2,959,984 1,842,220 1,825,345
Profit for the period 96,710 -28,396 -74,207
Total equity 8,429,763 7,965,965 7,936,077
Non-current liabilities
Liabilities to credit institutions 3,723,938 3,100,226 2,295,854
Group non-current liabilities 1,546 - -
Total non-current liabilities 3,725,484 3,100,226 2,295,854
Current liabilities
Group payables 69,532 - 3,786
Trade payables 3,124 4,218 61,267
Other current liabilities 452 934 1,215
Accrued expenses and prepaid income 2,894 3,613 5,275
Total current liabilities 76,002 8,765 71,543
TOTAL EQUITY AND LIABILITIES 12,231,249 11,074,956 10,303,474

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

Financial reports 
Group 
Interim report January - September 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 - September 2023    |   18 
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. 
 
  
Jul-Sep 2023
Specialty 
Pharma MedTech 
Diagnostic
s 
Veterinary 
Services 
Total 
segments 
Group 
functions Eliminations 
Group 
total 
Revenue 
Revenue from external 
customers 37,791 24,603 5,303 12,180 79,878 - - 79,878
Revenue from internal 
customers 9 45 3 18 76 - -76 -
Total revenue 37,800 24,648 5,307 12,198 79,954 - -76 79,878
 
Adjusted EBITA 9,658 5,849 1,072 3,304 19,883 -1,582 - 18,301
Items affecting comparability -1,260 -682 -277 -87 -2,306 -296 - -2,602
EBITA 8,398 5,167 795 3,217 17,577 -1,878 - 15,699
Amortisation of acquisition-
related intangible assets -3,103 -1,504 -228 -954 -5,789 - - -5,789
Net financial items 6,829 -5,305 -307 -1,801 -583 459 - -124
Share of profit of an associate 
and joint venture - - - 12 12 - - 12
Profit before tax 12,124 -1,641 260 476 11,218 -1,418 - 9,800
 
Specification of items 
affecting comparability 
Acquisition-related costs¹ 1,232 15 - 12 1,259 - - 1,259
Systems update - - - - - 63 - 63
Restructuring costs - - 277 74 351 - - 351
Inventory step-up - - - - - - - -
IPO and financing related 
costs - - - - - 87 - 87
Other² 27 668 - 1 696 146 - 842
Total items affecting 
comparability 1,260 682 277 87 2,306 296 - 2,602
 
Other disclosures 
Investments 774 900 387 63 2,125 - - 2,125
Total assets  498,370 296,706 49,939 156,935 1,001,950 12,291 -2 1,014,239
Total liabilities  73,291 31,908 8,319 40,913 154,430 347,353 -23,485 478,298

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

Financial reports 
Group 
Interim report January - September 2023    |   19 
 
1 In Specialty Pharma, EUR 1,310 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. 
 
Jul-Sep 2022
Specialty 
Pharma MedTech 
Diagnostic
s 
Veterinary 
Services 
Total 
segments 
Group 
functions Eliminations 
Group 
total 
Revenue 
Revenue from external 
customers 31,210 25,332 4,935 9,407 70,884 - - 70,884
Revenue from internal 
customers -152 - 329 188 365 - -365 -
Total revenue 31,057 25,332 5,264 9,596 71,249 - -365 70,884
 
Adjusted EBITA 8,626 7,157 580 2,067 18,431 -1,186 - 17,244
Items affecting comparability -2,026 -1,277 -115 -96 -3,514 -102 - -3,616
EBITA 6,600 5,881 465 1,971 14,917 -1,288 - 13,628
Amortisation of acquisition-
related intangible assets -2,290 -1,529 -213 -770 -4,803 - - -4,803
Net financial items -2,612 -1,599 104 -3,191 -7,298 -2,132 - -9,430
Share of profit of an associate 
and joint venture - - - -24 -24 - - -24
Profit before tax 1,697 2,753 356 -2,014 2,792 -3,420 - -627
 
Specification of items 
affecting comparability 
Acquisition-related costs 1,921 260 103 96 2,380 - - 2,380
Systems update - - - - - - - -
Restructuring costs 64 - - - 64 - - 64
Inventory step-up - - - - - - - -
IPO and financing related 
costs - - - - - - - -
Other¹ 41 1,017 12 - 1,070 102 - 1,172
Total items affecting 
comparability 2,026 1,277 115 96 3,514 102 - 3,616
 
Other disclosures 
Investments 1,243 273 171 -285 1,402 203 - 1,605
Total assets  463,167 239,394 46,245 144,584 893,391 14,459 -8,383 899,468
Total liabilities  92,062 62,043 14,475 33,896 202,475 284,937 -9,314 478,098

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

Financial reports 
Group 
Interim report January - September 2023    |   20 
  
1 In Specialty Pharma, EUR 2,768k 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-Sep 2023
Specialty 
Pharma MedTech 
Diagnostic
s 
Veterinary 
Services 
Total 
segments 
Group 
functions Eliminations 
Group 
total 
Revenue
Revenue from external 
customers 110,800 86,233 16,166 36,074 249,274 - - 249,274
Revenue from internal 
customers 23 55 23 65 167 - -167 -
Total revenue 110,823 86,288 16,190 36,139 249,440 - -167 249,274
 
Adjusted EBITA 29,183 27,592 3,498 9,234 69,506 -4,817 - 64,689
Items affecting comparability -3,836 -3,346 -629 -628 -8,438 -1,137 - -9,575
EBITA 25,347 24,246 2,869 8,606 61,068 -5,954 - 55,115
Amortisation of acquisition-
related intangible assets -8,684 -4,664 -680 -2,514 -16,542 - - -16,542
Net financial items -1,470 -19,510 321 -7,816 -28,476 16,631 - -11,844
Share of profit of an associate 
and joint venture - - - -923 -923 - - -923
Profit before tax 15,193 73 2,506 -2,644 15,127 10,678 - 25,805
 
Specification of items 
affecting comparability 
Acquisition-related costs¹ 3,203 550 75 415 4,243 5 - 4,247
Systems update - 21 - - 21 728 - 749
Restructuring costs - - 554 207 761 - - 761
Inventory step-up - - - - - - - -
IPO and financing related 
costs - - - - - 199 - 199
Other² 633 2,775 - 5 3,413 206 - 3,618
Total items affecting 
comparability 3,836 3,346 629 628 8,438 1,137 - 9,575
 
Other disclosures 
Investments 1,667 1,858 607 245 4,378 - - 4,378
Total assets  498,370 296,706 49,939 156,935 1,001,950 12,291 -2 1,014,239
Total liabilities  73,291 31,908 8,319 40,913 154,430 347,353 -23,485 478,298

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

Financial reports 
Group 
Interim report January - September 2023    |   21 
 
1 In Specialty Pharma, EUR 3,234 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-Sep 2022
Specialty 
Pharma MedTech 
Diagnostic
s 
Veterinary 
Services 
Total 
segments 
Group 
functions Eliminations 
Group 
total 
Revenue 
Revenue from external 
customers 92,079 73,591 16,328 23,855 205,853 -0 - 205,853
Revenue from internal 
customers -77 - 830 598 1,351 - -1,351 -
Total revenue 92,002 73,591 17,158 24,452 207,204 -0 -1,351 205,853
 
Adjusted EBITA 26,380 23,166 3,484 5,588 58,618 -3,202 - 55,416
Items affecting comparability -6,798 -3,162 -321 -2,771 -13,051 -1,001 - -14,052
EBITA 19,582 20,004 3,164 2,817 45,567 -4,203 - 41,364
Amortisation of acquisition-
related intangible assets -7,008 -4,098 -667 -1,679 -13,452 - - -13,452
Net financial items -6,477 -3,343 186 -4,293 -13,927 5,461 - -8,466
Share of profit of an associate 
and joint venture - - - -68 -68 - - -68
Profit before tax 6,097 12,563 2,683 -3,223 18,121 1,258 - 19,379
 
Specification of items 
affecting comparability 
Acquisition-related costs 6,693 885 224 2,347 10,149 57 - 10,206
Systems update - - - - - 67 - 67
Restructuring costs 64 - 26 327 417 14 - 432
Inventory step-up - - - - - - - -
IPO and financing related 
costs - 8 35 - 43 44 - 88
Other¹ 41 2,268 36 96 2,441 819 - 3,260
Total items affecting 
comparability 6,798 3,162 321 2,771 13,051 1,001 - 14,052
 
Other disclosures 
Investments 2,294 1,663 694 74 4,724 446 - 5,170
Total assets  463,167 239,394 46,245 144,584 893,391 14,459 -8,383 899,468
Total liabilities  92,062 62,043 14,475 33,896 202,475 284,937 -9,314 478,098

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

Financial reports 
Group 
Interim report January - September 2023    |   22 
Note 4. Revenue from contracts with customers 
 
 
 
 
 
Revenue from external customers in Sweden amounted to EUR 14.0m during the period January to September 2023.  
Jul-Sep 2023
Specialty 
Pharma MedTech Diagnostics 
Veterinary 
Services Group total 
Geographic region
Europe 20,785 8,098 2,997 9,963 41,843
North America 14,064 10,560 1,048 1,680 27,353
Rest of the World 2,942 5,944 1,258 538 10,682
Revenue from contracts with customers 37,791 24,603 5,303 12,180 79,878
Jul-Sep 2022
Specialty 
Pharma MedTech Diagnostics 
Veterinary 
Services Group total 
Geographic region
Europe 19,664 1,739 3,074 7,464 31,941
North America 11,343 19,925 834 1,532 33,633
Rest of the World 203 3,669 1,027 411 5,310
Revenue from contracts with customers 31,210 25,332 4,935 9,407 70,884
Jan-Sep 2023
Specialty 
Pharma MedTech Diagnostics 
Veterinary 
Services Group total 
Geographic region
Europe 59,938 19,080 9,591 29,222 117,832
North America 44,044 53,829 2,655 5,073 105,601
Rest of the World 6,818 13,324 3,920 1,779 25,841
Revenue from contracts with customers 110,800 86,233 16,166 36,074 249,274
Jan-Sep 2022
Specialty 
Pharma MedTech Diagnostics 
Veterinary 
Services Group total 
Geographic region
Europe 54,643 13,212 10,590 19,646 98,092
North America 36,163 51,026 2,722 3,215 93,126
Rest of the World 1,272 9,353 3,016 994 14,636
Revenue from contracts with customers 92,079 73,591 16,328 23,855 205,853

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

Financial reports 
Group 
Interim report January - September 2023    |   23 
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 are included in the following line items in the statement of financial position: other non-
current liabilities 27,887 kEUR Q3 2023 (38,564 kEUR Q3 2022) and other current liabilities 20,557 kEUR Q3 2023 (30,896 
kEUR Q3 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 September 2023: 
 
 
  
Contingent consideration Jan - Sep 2023 Jan - Sep 2022 Jan - Dec 2022
Opening balance 74,591 24,700 24,700
Business combinations 17,268 47,630 43,202
Paid out -44,476 -3,290 -17,981
Change in fair value recognised in P&L 814 -279 26,020
Exchange differences on translation of foreign operations 247 699 -1,351
Closing balance 48,444 69,461 74,591
Company Deal 
type % acquired Based Segment Consolidation 
month 
Annua
l 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 MedTech May 0.2 0.2 0.1
Respit LLC Asset 100% United States Specialty 
Pharma Aug 0.2 0.0 0.0

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

Financial reports 
Group 
Interim report January - September 2023    |   24 
Preliminary purchase price allocations per operating segment during the period January-September 2023: 
 
 
 
For the acquisitions closed during the period January to September 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 
6,219, pre-tax profit EURk 72 and Veterinary Services income EURk 3,972 and pre-tax profit EURk 1,017. On a pro-forma 
basis if all acquisitions had closed 1 Januari 2023 this would have been Specialty Pharma income EURk 8,440, pre-tax profit 
EURk 783, and Veterinary Services income EURk 4,623 and pre-tax profit EURk 1.136. 
 
 
 
 
 
 
 
Acquired net assets on acquisition date based on 
preliminary PPA
Specialty 
Pharma MedTech 
Diagnostic
s 
Veterinary 
Services Group total 
Intangible assets 23,176 - - 2,880 26,055
Property, plant and equipment 976 - - 91 1,066
Right-of-use assets - - - - -
Non-current financial assets - - - - -
Deferred tax assets - - - - -
Inventories 428 - - 150 578
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 - - - -704 -704
Trade payables and other operating liabilities -699 - - -723 -1,421
Identified net assets 25,906 - - 3,114 29,021
 
Non-controlling interest measured at fair value - - - - -
Goodwill 28,642 205 - 9,592 38,439
Total purchase consideration 54,549 205 - 12,706 67,459
 
Purchase consideration comprises: 
Cash 7,452 205 - 8,518 16,174
Equity instruments 32,749 - - - 32,749
Contingent consideration and deferred payments 14,338 - - 4,188 18,526
Total purchase consideration 54,539 205 - 12,706 67,450
Impact of acquisition on Group’s cash flow
Specialty 
Pharma MedTech 
Diagnostic
s 
Veterinary 
Services Group total 
Cash portion of purchase consideration -7,452 -205 - -8,518 -16,174
Acquired cash 434 - - 1,196 1,630
Total -7,017 -205 - -7,322 -14,544
Acquisition-related costs -875 - - -370 -1,245
Net cash outflow -7,892 -205 - -7,692 -15,789

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

Financial reports 
Group 
Interim report January - September 2023    |   25 
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 third quarter of 2023 
Fidelio capital invoiced Vimian SEK 2.7m of legal fees that 
they have incurred on behalf of Movora in relation to the US 
litigation process.  
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. 
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).

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

Financial reports 
Group 
Interim report January - September 2023    |   26 
Key Ratios Definition 
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 27 =====

Financial reports 
Group 
Interim report January - September 2023    |   27 
Alternative performance measures not defined in accordance with IFRS for the group - Based on reported figures 
 
 
1 Year-to-date cash flow from operating activities 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 (%) 13% 71% 21% 65% 62%
Organic revenue growth (%) 12% 5% 13% 4% 4%
EBITDA 18,128 15,605 62,136 47,214 66,587
EBITDA margin (%) 22.7% 22.0% 24.9% 22.9% 23.7%
Adjusted EBITDA 20,729 19,221 71,711 61,266 81,910
Adjusted EBITDA margin (%) 26.0% 27.1% 28.8% 29.8% 29.1%
EBITA 15,699 13,629 55,115 41,365 58,097
EBITA margin (%) 19.7% 19.2% 22.1% 20.1% 20.7%
Adjusted EBITA 18,301 17,245 64,689 55,417 73,419
Adjusted EBITA margin (%) 22.9% 24.3% 26.0% 26.9% 26.1%
Operating profit 9,912 8,826 38,572 27,913 39,361
Operating margin (%) 12.4% 12.5% 15.5% 13.6% 14.0%
Capital expenditure -2,125 -1,605 -4,378 -5,170 -8,517
Cash flow from operating activities¹ 11,632 -5,801 -45,787 4,177 25,313
1 Jul-30 Sep 1 Jan-30 Sep
1 Oct - 30 Sep
(EURm, unless otherwise stated) LTM (2023)
Proforma revenue 333,011
Adjusted EBITDA, Proforma 95,220
Adjusted EBITDA margin, Proforma 28.6%
Net debt 287,879
Net debt / Adjusted EBITDA, Proforma (x) 3.0x

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

Financial reports 
Group 
Interim report January - September 2023    |   28 
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 S hareholder loans, deferred payments, vendor notes and contingent considerations included in 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 
3  Following settlement in the US litigation case Vimian has booked a claim of USD 59m (USD 70m less USD 20m withheld at acquisition plus 
USD 9m of legal costs and interest) towards the sellers of VOI as a “non-current receivable”  
1 Jan-31 Dec
(EUR thousands, unless otherwise stated) 2023 2022 2023 2022 2022
Adjusted EBITA and EBITDA
Revenue 79,878 70,884 249,274 205,853 281,308
EBITA 15,699 13,629 55,115 41,365 58,097
EBITDA 18,128 15,605 62,136 47,214 66,587
Items affecting comparability 2,602 3,616 9,575 14,052 15,323
Adjusted EBITA 18,301 17,245 64,689 55,417 73,420
Adjusted EBITDA 20,729 19,221 71,711 61,266 81,910
Adjusted EBITA margin (%) 22.9% 24.3% 26.0% 26.9% 26.1%
Adjusted EBITDA margin (%) 26.0% 27.1% 28.8% 29.8% 29.1%
1 Jul-30 Sep 1 Jan-30 Sep
1 Jan-31 Dec
(EUR thousands, unless otherwise stated) 2023 2022 2022
Net debt
Liabilities to credit institutions (long term) 324,704 284,809 207,112
Lease liabilities (long term) 8,999 9,581 9,029
Other non-current liabilities 35,341 38,690 35,229
Liabilities to credit institutions (short term) 281 -0 -0
Lease liabilities (short term) 3,590 2,403 4,816
Other items¹ 20,556 56,565 43,520
Cash & Cash Equivalents -49,339 -51,177 -42,194
Other non-current receivables³ -56,254 - -
Net debt 287,879 340,870 257,512
1 Jan-30 Sep
31 Dec
(EUR thousands, unless otherwise stated) 2023 2022 2022
Net working capital
Inventory 68,223 62,337 61,200
Trade receivables 50,591 41,571 41,168
Current tax receivables 80 595 568
Other current receivables 3,992 5,643 4,908
Prepaid expenses and accrued income 11,016 5,049 4,127
Trade payables -25,576 -16,197 -18,328
Current tax liabilities -8,361 -8,472 -8,179
Other current liabilities² -7,580 -8,053 -4,404
Provisions - -30 -30
Accrued expenses and deferred income -15,373 -19,090 -21,358
Net working capital 77,013 63,353 59,674
30 Sep

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

Financial reports 
Group 
Interim report January - September 2023    |   29 
 
 
 
 
 
 
 
 
 
  
1 Oct - 30 Sep 1 Jan-31 Dec
(EUR thousands, unless otherwise stated) LTM (2022/2023) 2022
Proforma revenue
Reported revenue 324,729 281,308
Proforma period, revenue 8,282 15,698
Proforma revenue 333,011 297,006
Adjusted EBITA, Proforma
Reported Adjusted EBITA (12 months) 82,692 na
Proforma period Adjusted EBITA 2,834 na
Adjusted EBITA, Proforma 85,526 na
Adjusted EBITA margin, Proforma
Proforma Revenue 333,011 na
Adjusted EBITA, Proforma 85,526 na
Adjusted EBITA margin, Proforma 25.7% na
Adjusted EBITDA, Proforma
Reported Adjusted EBITDA (12 months) 92,355 81,910
Proforma period Adjusted EBITDA 2,864 3,789
Adjusted EBITDA, Proforma 95,220 85,699
Adjusted EBITDA margin, Proforma
Proforma Revenue 333,011 297,006
Adjusted EBITDA, Proforma 95,220 85,699
Adjusted EBITDA margin, Proforma 28.6% 28.9%
Net debt/Adjusted EBITDA, Proforma
Net debt 287,879 257,512
Adjusted EBITDA, Proforma 95,220 85,699
Net debt/Adjusted EBITDA, Proforma (x) 3.0x 3.0x

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

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