Kvartalsrapport Q4 2023

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

Q4 
 
Interim report  
January - December 
 
 20
23

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

Interim report January - December 2023    |   2 
Interim report January - December 2023  
A strong platform for profitable growth 
Fourth quarter 
▪ Revenue increased by 9 per cent to EUR 82.5m (75.5)  
▪ Organic growth of 7 per cent, companion animal business 8 per cent (excluding Diagnostics)  
▪ Operating profit (EBIT) of EUR 2.7m (11.4) includes a EUR 8m negative impact from adjusting the 
valuation of the non-current receivable related to the US patent litigation 
▪ Adjusted EBITA EUR 22.6m (18.0) at a margin of 27.5 per cent (23.9). Result EUR -6.3m (-21.0) 
▪ Earnings per share before and after dilution EUR -0.01 (-0.05) 
▪ Cash flow from operating activities of EUR 17.2m (21.1) 
Full year 2023 reported 
▪ Revenue increased by 18 per cent to EUR 331.7m (281.3)  
▪ Organic growth of 11 per cent, companion animal business 12 per cent (excluding Diagnostics) 
▪ Operating profit (EBIT) EUR 41.3m (39.4) includes a EUR 8m negative impact from adjusting the 
valuation of the non-current receivable related to the US patent litigation   
▪ Adjusted EBITA EUR 87.3m (73.4) at a margin of 26.3 per cent (26.1). Profit EUR 10.5m (-7.2) 
▪ Earnings per share before and after dilution EUR 0.02 (-0.02) 
▪ Full year cash flow from operating activities EUR -28.6m (25.3) impacted by the litigation payment in 
the second quarter, excluding this EUR 37.1m 
Full year 2023 pro-forma (PF) 
▪ PF revenue including all acquisitions for the full period 1 January to 31 December 2023, as if Vimian 
had owned them for the full year period, EUR 335.5m (reported EUR 331.7) 
▪ PF adjusted EBITA EUR 88.8m at a margin of 26.5 per cent (reported EUR 87.3m at 26.3 per cent)  
▪ Net debt reduced by EUR 2m to EUR 285.6m, includes a EUR 8m negative impact from adjusting the 
valuation of the non-current receivable related to the US patent litigation. Pro-forma leverage 2.9x 
(3.0x end of September) 
▪ The Board’s proposal to the general meeting in May 2024, is to not distribute a dividend for 2023 
Significant events during the fourth quarter 
▪ On 1 December MedTech Co-CEO Colleen Flesher stepped down from her position and Guy Spörri, 
previously Co-CEO Movora, assumed full responsibility as CEO for the MedTech segment 
▪ On 21 December Vimian appointed Patrik Eriksson as new Chief Executive Officer, effective 1 January 
2024 
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 EUR 65.7m in the US litigation case. 
 
 
 
Q4 Q4 YTD YTD
EURm, unless stated otherwise 2023 2022 Δ% 2023 2022 Δ%
Revenue 82.5 75.5 9% 331.7 281.3 18%
Organic revenue growth (%)¹ 7% 3% 4 pp 11% 4% 8 pp
Operating profit (EBIT) 2.7 11.4 -76% 41.3 39.4 5%
Adjusted EBITA¹ 22.6 18.0 26% 87.3 73.4 19%
Adjusted EBITA margin (%)¹ 27.5% 23.9% 3.6 pp 26.3% 26.1% 0.2 pp
Profit for the period -6.3 -21.0 70% 10.5 -7.2 246%
Items affecting comparability² -14.3 -1.3 -1,023% -23.8 -15.3 -56%
Earnings per share before dilution (EUR) -0.01 -0.05 74% 0.02 -0.02 238%
Earnings per share after dilution (EUR) -0.01 -0.05 74% 0.02 -0.02 238%
Cash flow from operating activities³ 17.2 21.1 -19% -28.6 25.3 -212.9%
Net debt/Adjusted LTM EBITDA, Proforma (x)¹ na na - 2.9x 3.0x -0.1x
Q4 2023  
9% 
Total revenue growth 
 
7% 
Organic revenue growth 
 
26% 
Adj. EBITA growth   
 
27.5% 
Adjusted EBITA margin 
 
Financial calendar 
10 April 2024 Annual 
report 2023 
2 May 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 - December 2023    |   3 
Message from our CEO 
A strong platform for profitable growth  
I am excited to join Vimian and continue building a 
global animal health company. A few weeks into 
the new role, I see a committed and highly 
dedicated team, a strong product portfolio of well-
known brands sold in high growth market niches, 
and longstanding, trustful relationships with the 
veterinary community. I see significant potential for 
value creation going forward through both organic 
and acquisition driven growth. 
Looking back at 2023, the global animal health 
market showed resilience and growth in a year that 
was characterized by war, geopolitical uncertainty 
and a tough macroeconomy. Vimian stayed close 
to its customers, accelerated organic growth to 11 
(4) per cent through successful sales and 
education initiatives. Adjusted EBITA margin 
improved to 26.3 (26.1) per cent and EPS for the 
year turned positive to EUR 0.02 (-0.02). Vimian 
progressed on integration of acquired companies 
combining operations within markets, internalising 
distribution, and optimising the global MedTech 
supply chain. The Group commercialised key 
innovation projects within allergy and diagnostics 
and continued to deliver on its ESG agenda 
focused on people, animals and the planet. 
Solid fourth quarter  
In the fourth quarter, Vimian delivered EUR 82.5 
million of revenue with an adjusted EBITA margin 
of 27.5 (23.9) per cent. As we integrate acquired 
companies and improve financial processes across 
the Group, the quarter includes the full-year impact 
of EUR 2 million higher R&D capitalisation. The 
underlying like-for-like margin shows sequential 
and year-over-year expansion supported by 
efficiency measures.  
Organic growth in the quarter reached 7 per cent 
with a strong finish to the year in Veterinary 
Services and continued double-digit growth in 
Specialty Pharma. MedTech reports slower growth 
in the fourth quarter, although solid 10 per cent 
organic growth for the full year. In Diagnostics, 
fewer disease outbreaks reduced demand for 
testing in the quarter. 
Vimian delivered solid cash flow from operations of 
EUR 17.2 million in the fourth quarter and further 
reduced net working capital. The company closed 
one bolt-on acquisition in Specialty Pharma 
strengthening the US dermatology portfolio and 
continued to pay down debt amortising EUR 18.5 
million in the quarter taking leverage to 2.9x. 
Healthy trading in early 2024 
Vimian entered 2024 with high single digit growth 
in January with continued strong growth in 
Specialty Pharma and Veterinary Services and 
overall solid market development. 
Following the US patent dispute, the team is 
progressing work on the indemnification process 
with the sellers of VOI, and we will update the 
market once conclusive.  
Strategy remains the same 
For my first months at Vimian, I will spend ample 
time to get to know the business, its challenges, 
and opportunities. The Board has been clear that 
the overall strategy remains unchanged. We are 
building strong global market positions in niches of 
the animal health market with unmet medical 
needs and sustainable above market growth 
potential.  
We will continue to drive profitable growth and 
cash flow in our existing operations, keeping a 
close eye on efficiency and cash generation. 
Following a year with focus on integration and 
consolidation, I believe the organisation is ready to 
execute on select strategic acquisitions during 
2024 as pace of consolidation accelerates. We 
continuously develop our pipeline, building strong 
relationships with successful entrepreneurs in 
relevant areas, and see potential for some 
discussions to pick up momentum during the first 
half of this year.  
Stockholm, February 2024 
Patrik Eriksson 
CEO of Vimian Group AB (publ)
  
“ We will continue build 
strong global market 
positions in niches of the 
animal health market with 
unmet medical needs

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

Interim report January - December 2023    |   4 
Group performance 
Fourth quarter 2023 
Revenue  
Revenue increased by 9 per cent to EUR 82.5m 
(75.5). Organic revenue growth was 7 per cent 
with highest growth in Veterinary Services 22 per 
cent and Specialty Pharma 10 per cent. 
Acquisitions contributed to a growth of 5 per cent 
and currency movements had a negative impact of 
3 per cent. 
Revenue per segment, Q4 2023 
 
Operating profit  
Operating profit amounted to EUR 2.7m (11.4) at a 
margin of 3.3 per cent (15.2). This includes a EUR 
8m negative impact from adjusting the valuation of 
the non-current receivable related to the US patent 
litigation. Excluding this impact, operating profit 
was 10.7m. Operating profit included items 
affecting comparability of EUR -14.3m (-1.3).  
For items affecting comparability EUR -2.6m is in 
Specialty Pharma primarily related to acquisitions, 
of which EUR -1m are stay-on bonuses reported as 
personnel costs, to management of acquired 
companies. EUR -9.8m is in MedTech, primarily 
costs related to the US litigation including the 
valuation adjustment of the non-current receivable. 
On central level EUR -1.3m primarily relates to the 
CEO change. For further information on items 
affecting comparability, refer to Note 3. 
Adjusted EBITA 
Adjusted EBITA increased by 26 per cent to EUR 
22.6m (18.0) at a margin of 27.5 per cent (23.9). 
The fourth quarter margin benefits from the full-
year impact of EUR 2.0m higher R&D capitalisation 
in Specialty Pharma, as the segment progresses 
integration and align accounting standards in all 
entities. Adjusted for the Q1-Q3 benefit, margin is 
25.6 per cent. The like-for-like margin (same 
accounting principles as previous year) of 25.0 per 
cent (23.9) shows a sequential and year-over-year 
improvement.  
Adjusted EBITA per segment, Q4 20231 
 
1 Adjusted EBITA before central costs. 
Financial items 
Net financial items amounted to EUR -9.1m (-29.9). 
This consists of three main parts: financing costs 
of EUR -6.3m with an average interest rate of 6.7 
per cent during the quarter. On contingent 
considerations, the quarterly discounting impact of 
EUR -1.8m is partly offset by the positive impact 
from probability adjustments of EUR 1.2m, giving a 
net impact of -0.6m. Negative impact of EUR -2.2m 
from exchange-rates.  
Tax 
The positive tax impact for the quarter of EUR 0.1m 
(-2.6) reflects the reversal of previously accrued 
taxes and the utilisation of group contribution 
rights between Swedish entities.  
Result for the quarter 
Result for the quarter amounted to EUR -6.3m (-
21.0). Earnings per share before and after dilution 
amounted to EUR -0.01 (-0.05).  
 
 
44%
33%
6%
16%
Specialty Pharma
MedTech
Diagnostics
Veterinary Services
53%
28%
3%
15%
Specialty Pharma
MedTech
Diagnostics
Veterinary Services
“ Solid organic growth and 
improved margin

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

Interim report January - December 2023    |   5 
January to December 2023 
Revenue  
Revenue increased by 18 per cent to EUR 331.7m 
(281.3). Organic revenue growth was 11 per cent, 
primarily driven by Specialty Pharma 14 per cent, 
MedTech 10 per cent and Veterinary Services 15 
per cent. Acquisitions contributed to a growth of 9 
per cent and currency movements had a negative 
impact of 3 per cent. 
Operating profit  
Operating profit amounted to EUR 41.3m (39.4), 
corresponding to a margin of 12.4 per cent (14.0). 
Operating profit included items affecting 
comparability of EUR -23.8m (-15.3). For 
information on items affecting comparability, refer 
to Note 3. 
Adjusted EBITA 
Adjusted EBITA increased by 19 per cent to EUR 
87.3m (73.4) at a margin of 26.3 per cent (26.1).  
Financial items 
Net financial items amounted to EUR -20.9m (-
38.3). This consists of three main parts: financing 
costs of EUR -18.7m with an average interest rate 
of 6.0 per cent during the year. On contingent 
considerations, the discounting impact of EUR -
7.8m is offset by the positive impact from 
probability adjustments of EUR 9.1m, giving a net 
positive impact of 1.3m. Negative impact from 
exchange-rates of EUR -3.5m.  
Tax 
The tax expense for the year amounted to EUR -
9.0m (-8.1). The tax expense as percentage of pre-
tax profit amounts to 46 per cent. 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. 
Profit for the period 
Profit amounted to EUR 10.5m (-7.2). Earnings per 
share before and after dilution amounted to EUR 
0.02 (-0.02).  
Capital expenditure 
Capital expenditure for the full year amounted to 
EUR 9.0m (8.5). 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 
MedTech; investments in equipment for education 
of veterinary professionals and facilities for 3D 
printing.  
Cash flow 
Consistent improvement in cash flow from 
operating activities reaching EUR -28.6m (25.3) for 
the full year. Excluding the litigation payment of 
EUR -65.7m paid in the second quarter, cash flow 
from operating activities of EUR 37.1m. Cash flow 
from investing activities of EUR -77.7m (-188.5). 
Cash flow from financing activities EUR 100.5m 
(150.2) primarily reflects the draw down of the RCF 
to finance the litigation payment in the second 
quarter, payment of earn-outs during the year and 
repayment of EUR 60.2m debt.  
Net working capital 
Net working capital amounted to EUR 71.1m (59.7) 
per the end of December at 21 (21) per cent of 
revenue, a reduction from EUR 77.0m at the end of 
September (23 per cent of revenue). Inventory 
reduced by EUR 8m, largest reduction in MedTech. 
Accounts receivables decline as annual ordering 
programme customers pay their final instalments. 
Partly offset by lower accounts payable as the 
Medtech segment settles some litigation related 
costs and higher year-end tax provisions. 
Net debt and cash and cash equivalents 
At the end of the period, net debt amounted to 
EUR 285.6m (257.5), down from EUR 287.9m per 
30 September 2023. This includes the EUR 8m 
negative impact from adjusting the valuation of the 
non-current receivable related to the US patent 
litigation, see note 2 for further information. Cash 
and cash equivalents amounted to EUR 37.5m 
(42.2) at the end of the period down from EUR 
49.3m at the end of September. External lending 
has been paid down to EUR 302m down from EUR 
325m per the end of September.  
Per the 31 December, net debt in relation to pro-
forma adjusted EBITDA over the past 12-month 
period was 2.9x, down from 3.0x per 30 September 
2023.

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

Interim report January - December 2023    |   6 
Segment performance  
Fourth quarter 2023 
Vimian operates through four reporting segments: Specialty Pharma, 
MedTech, Veterinary Services and Diagnostics 
Segment – Specialty Pharma 
 
 
Revenue  
Revenue in the fourth quarter grew 14 per cent to 
EUR 36.6 million (32.2). Solid organic growth 10 per 
cent, contribution from acquisitions 8 per cent and 
negative impact from currency movements 4 per 
cent.  
Per geography, double-digit organic growth in 
Benelux, UK, US, Spain, and France. Over 40 per 
cent growth in the online direct to consumer 
channel. 
Per therapeutic area double-digit growth in 
Specialised Nutrition, Dermatology and European 
Allergy test and treatments. In the US, allergy is still 
impacted by slower uptake in the transfer of 
volumes to the new PAX test. Commercial 
initiatives to regain momentum launched during 
the third and fourth quarter. Specialty 
Pharmaceuticals delivers mid-single digit growth in 
the fourth quarter, partly impacted by timing of 
price increases, full-year growth double-digits. 
During the fourth quarter 13 new products were 
launched, taking the total for the year to 78.  
Revenue for the period January to December grew 
19 per cent to EUR 147.4 million (124.3). Organic 
growth 14 per cent, contribution from acquisitions 
7 per cent and negative impact from currency 
movements 2 per cent. 
Adjusted EBITA 
Adjusted EBITA increased to EUR 13.0 million (8.9) 
at a margin of 35.5 per cent (27.7). Following 
integration and alignment of accounting standards 
across all entities, the fourth quarter margin 
benefits from the full-year impact of higher levels 
of R&D capitalisation of EUR 2.0m. Adjusted for the 
Q1-Q3 benefit, margin is 31.2 per cent. The like-for-
like margin (same accounting principles as 
previous year) of 29.8 per cent (27.7) shows a 
sequential and year-over-year improvement as 
efficiency measures start to pay off. 
Adjusted EBITA for the period January to 
December increased to EUR 42.2 million (35.3) at a 
margin of 28.6 per cent (28.4). The like-for-like 
margin, on basis of the same accounting principles 
as previous year, comes in at 27.2 (28.4) per cent 
for the full-year. 
Acquisitions and Operational Highlights 
The segment acquired the assets of US based 
company VetBiotek, strengthening its portfolio in 
veterinary dermatology. Through this acquisition 
Specialty Pharma can launch a complete multi-
modal portfolio in the US, like in Europe, and can 
launch novel formulations in Europe. 
Focus on integration of acquired companies, 
operational efficiency and driving organic growth 
during the quarter: 
▪ Commercial roll-out of PAX equine across 
Europe following launch at the ESVD conference.    
▪ Hosted allergy awareness month across Europe 
with high levels of KOL and educational activity. 
▪ Signed new customer contract in Specialized 
Nutrition US 
▪ Advancing allergy vaccine development with 
Angany, verified positive results from final 
laboratory dog study in Q4, ensuring move to 
first client owned dog study in Q1 2024. 
Q4 Q4 YTD YTD
Amounts in EUR 000's 2023 2022 Δ 2023 2022 Δ
Revenue 36,580 32,179 14% 147,380 124,258 19%
EBITA 10,352 6,498 59% 35,699 26,080 37%
Adjusted EBITA 12,977 8,913 46% 42,160 35,293 19%
Adjusted EBITA margin (%) 35.5% 27.7% 7.8 pp 28.6% 28.4% 0.2 pp
Q4 2023  
14% 
Revenue growth 
 
10% 
Organic revenue growth 
 
46% 
Adjusted EBITA growth 
 
35.5% 
Adjusted EBITA margin

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

Interim report January - December 2023    |   7 
 
 
Segment – MedTech 
 
 
Revenue  
Revenue in the fourth quarter declined by 2 per 
cent to EUR 27.3 million (27.8). Organic 
revenue growth of 1 per cent, no contribution 
from acquisitions and negative impact from 
currency movements of 3 per cent. 
Organic growth of 10 per cent for the full-year 
is ahead of the veterinary orthopedics market 
estimated to be growing at mid-single digits.  
Lower organic growth of 1 per cent in the 
fourth quarter is due to slightly softer trading in 
the US. Continued solid high-single digit 
organic growth in Europe and strong 
acceleration in APAC with double-digit growth.  
Revenue for the period January to December 
amounted to EUR 113.5 million (101.4). Organic 
revenue growth 10 per cent, contribution from 
acquisitions 5 per cent and negative impact 
from currency movements of 3 per cent.  
Adjusted EBITA 
Adjusted EBITA declined 8 per cent to EUR 6.8 
million (7.4) at a margin of 25.1 per cent (26.7). 
Margin recovers from the third quarter low but 
is still below last year’s level given sales of high 
margin products during the fourth quarter last 
year and investments in the organisation since 
the second half of last year.  
Adjusted EBITA for the period January to 
December amounted to EUR 34.4 million (30.6). 
The full year margin of 30.3 per cent (30.2) 
eliminates seasonality and better reflects 
underlying profitability which is gradually 
improving as the company continues to 
integrate acquired entities and realise 
synergies.  
Acquisitions and Operational Highlights 
Focus on integration of acquired companies, 
operational efficiency and driving organic 
growth during the quarter: 
▪ During the fourth quarter 28 on-site surgery 
trainings were held with over 250 
participants taking the total for the year to 
107 trainings with more than 1,000 
participants 
▪ Merged US and Europe/APAC organisation 
under the lead of one CEO Guy Spörri 
▪ Implemented regional product managers - an 
extension of our Global Product managers - 
to further drive the Movora product solutions 
portfolio by region. 
▪ Progressing work to optimise supply chain 
further reducing global inventory levels in the 
fourth quarter. 
  
Q4 Q4 YTD YTD
Amounts in EUR 000's 2023 2022 Δ 2023 2022 Δ
Revenue 27,269 27,848 -2% 113,502 101,440 12%
EBITA -2,958 10,391 -128% 21,288 30,395 -30%
Adjusted EBITA 6,835 7,428 -8% 34,427 30,594 13%
Adjusted EBITA margin (%) 25.1% 26.7% -1.6 pp 30.3% 30.2% 0.2 pp
Q4 2023  
-2% 
Revenue growth 
 
1% 
Organic revenue growth 
 
-8% 
Adjusted EBITA growth 
 
25.1% 
Adjusted EBITA margin

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

Interim report January - December 2023    |   8 
Segment – Veterinary Services 
 
 
Revenue  
Revenue for the fourth quarter grew 37 per cent to 
EUR 13.3 million (9.7). Organic revenue growth of 
22 per cent, contribution from acquisitions 17 per 
cent and negative impact from currency 
movements of 2 per cent. 
Continued high recruitment pace with more than 
500 new members in the quarter driven by Brazil, 
France and Spain and continued positive 
conversion to higher membership tiers. 
Strong organic growth of 22 per cent in the fourth 
quarter giving full-year organic growth 15 per cent, 
well ahead of the animal health market. Solid 
performance in existing markets with high-single to 
double-digit growth, and positive revenue 
contribution from new markets Brazil and Belgium.  
Co-owned clinics account for ~40 per cent of 
segment revenue. Revenue growth accelerates to 
high-single digits in the fourth quarter, ahead of 
the veterinary market. Work to support clinics to 
improve efficiency continued and resulted in a 2.5 
percentage points improvement in adjusted EBITA 
margin.  
Revenue for the period January to December 
amounted to EUR 49.4 million (33.6). Organic 
revenue growth 15 per cent, contribution from 
acquisitions 34 per cent and negative impact from 
currency movements 3 per cent. 
Adjusted EBITA 
Adjusted EBITA grew 109 per cent to EUR 3.7 
million (1.8) at a margin of 27.8 per cent (18.2). 
Margin expansion mainly driven by strong growth 
in core business, profitability improvement for co-
owned clinics and favourable currency movements 
with significant cost base in SEK. 
Adjusted EBITA for the period January to 
December amounted to EUR 12.9 million (7.4) at a 
margin of 26.2 per cent (21.9). 
Acquisitions and Operational Highlights 
Focus on integration of acquired companies, 
operational efficiency and driving organic growth 
during the quarter: 
▪ New country manager for Independent Vets of 
Australia started during quarter and 
collaborations with Vettr to realise synergies are 
ongoing.  
▪ High activity in several integration and 
operational projects within the segment, 
including data management, financial reporting, 
and ERP-implementation.  
▪ Continued focus on leveraging the segment's 
digital skillset and expertise in several 
integration projects across Vimian, including 
shared CRM and data warehouse.  
▪ Continued strong momentum in all markets and 
in particular US, with positive member 
recruitment momentum and strong partner 
collaborations. 
  
Q4 Q4 YTD YTD
Amounts in EUR 000's 2023 2022 Δ 2023 2022 Δ
Revenue 13,327 9,748 37% 49,402 33,603 47%
EBITA 3,545 1,111 219% 12,151 3,928 209%
Adjusted EBITA 3,704 1,774 109% 12,938 7,362 76%
Adjusted EBITA margin (%) 27.8% 18.2% 9.6 pp 26.2% 21.9% 4.3 pp
Q4 2023  
37% 
Revenue growth 
 
22% 
Organic revenue growth 
 
 
109% 
Adjusted EBITA growth 
 
27.8% 
Adjusted EBITA margin

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

Interim report January - December 2023    |   9 
Segment – Diagnostics 
 
 
Revenue  
Revenue declined 7 per cent to EUR 5.3m (5.7). 
Organic decline of 5 per cent and negative impact 
from currency movements of 2 per cent. No impact 
from acquisitions.  
Organic decline of 5 per cent in the fourth quarter 
reflects lower levels of outbreaks and market 
testing in key regions, primarily DACH.  
Revenue for the period January to December 
amounted to EUR 21.4 million (22.0). Organic 
revenue declined by 2 per cent, impacted by the 
phase-out of Covid related sales in the first quarter 
of 2023 and challenging market conditions in 
livestock diagnostics. Excluding impact of Covid 
sales, organic growth at 9 per cent, ahead of the 
livestock market. Negative impact from currency 
movements of 1 per cent, no impact from 
acquisitions.
Adjusted EBITA 
Adjusted EBITA amounted to EUR 0.8m (0.9) at a 
margin of 14.9 per cent (15.3).  
Adjusted EBITA for the period January to 
December amounted to EUR 4.3 million (4.4) at a 
stable margin of 20.0 per cent (19.8). Negative 
impact of lower sales from the phase out of Covid 
related to first quarter 2023 was offset by the 
benefit of the cost optimisation programme. 
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 recently launched OvaCyte platform (AI 
powered parasitology platform) is developing as 
per plan with good ramp up in installations and 
usage in the equine and large animal segment 
during the quarter, ahead of the launch of the 
companion animal solution in 2024.  
 
  
Q4 Q4 YTD YTD
Amounts in EUR 000's 2023 2022 Δ 2023 2022 Δ
Revenue 5,280 5,679 -7% 21,446 22,008 -3%
EBITA 414 -174 -338% 3,283 2,990 10%
Adjusted EBITA 789 871 -9% 4,287 4,356 -2%
Adjusted EBITA margin (%) 14.9% 15.3% -0.4 pp 20.0% 19.8% 0.2 pp
Q4 2023  
-7% 
Revenue decline 
 
-5% 
Organic revenue decline 
 
-9% 
Adjusted EBITA decline 
 
14.9% 
Adjusted EBITA margin

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

Interim report January - December 2023    |   10 
Central Costs 
Central costs in the fourth quarter amounted to 
EUR -1.7m (-1.5) at broadly the same level as the 
third quarter. For the full-year central costs of EUR 
-6.5m (-4.2m) reflects the build-up of the central 
team responsible for finance, ESG, legal, data and 
people. 
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. For all segments, trading volumes are 
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 31 December 2023 
 
 
  
Name Capital Votes
Fidelio Capital 55.3% 56.8%
Handelsbanken Fonder 4.8% 5.0%
PRG Investment Holdings 3.9% 3.6%
Finn Pharmaceuticals Trust 3.4% 3.5%
Danica Pension 2.5% 2.6%
Swedbank Robur Fonder 1.9% 2.0%
Avanza Pension 1.8% 1.8%
SEB Fonder 1.7% 1.8%
Investering & Tryghed A/S 1.6% 1.7%
Mikael Sjögren 1.4% 1.0%
Total 10 78.4% 79.6%
Others 21.6% 20.4%
Total 100.0% 100.0%

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

Interim report January - December 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, 15 February 2024 
 
Gabriel Fitzgerald 
Chairman 
Frida Westerberg Martin Erleman 
Mikael Dolsten Petra Rumpf 
Theodor Bonnier Robert Belkic 
 Patrik Eriksson 
CEO 
 
 
This report has been reviewed by the company’s auditors. 
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 15 
February 2024. 
Webcast conference call on 15 February 2024: 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 Patrik 
Eriksson, CFO Carl-Johan Zetterberg Boudrie and Movora CEO Guy Spörri, 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 =====

Interim report January - December 2023    |   12 
Auditors’ review report  
Vimian Group AB (publ), reg. no. 559234-8923 
Introduction 
We have reviewed the condensed consolidated interim financial information of Vimian Group AB (publ) as of December 31, 
2023 and for the twelve-month period then ended. The Board of Directors and the Managing Director are responsible for 
the preparation and fair presentation of this condensed consolidated interim financial information in accordance with IAS 
34 and the Swedish Annual Accounts Act. Our responsibility is to express a conclusion on this condensed consolidated 
interim financial information based on our review. 
Scope of Review 
We conducted our review in accordance with International Standard on Review Engagements 2410, “Review of Interim 
Financial Information Performed by the Independent Auditor of the Entity.” A review of interim financial information consists  
of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other 
review procedures. A review is substantially less in scope than an audit conducted in accordance with International 
Standards on Auditing and other generally accepted auditing standards in Sweden. The procedures performed in a review 
do not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an 
audit. Accordingly, we do not express an audit opinion. 
Conclusion 
Based on our review, nothing has come to our attention that causes us to believe that the condensed consolidated interim 
financial information is not prepared, in all material aspects, in accordance with IAS 34 and the Swedish Annual Accounts 
Act for the Group and the Swedish Annual Accounts Act for the Parent company. 
Stockholm 15 February 2024 
Grant Thornton Sweden AB 
Carl-Johan Regell 
Authorized Public Accountant

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

Financial reports 
Group 
Interim report January - December 2023    |   13 
INTERIM CONDENSED CONSOLIDATED 
STATEMENT OF PROFIT OR LOSS 
 
 
 
 
Q4 Q4 Jan-Dec Jan-Dec
kEUR Note 2023 2022 2023 2022
Revenue from contracts with customers 3, 4 82,456 75,455 331,730 281,308
Revenue 82,456 75,455 331,730 281,308
Other operating income -396 2,139 61 6,511
Raw material and merchandise -24,365 -23,556 -102,304 -87,315
Other external expenses -23,471 -11,810 -68,546 -56,927
Personnel expenses -22,236 -20,377 -85,368 -71,012
Depreciation and amortisation -8,405 -7,926 -32,032 -27,226
Other operating expenses -885 -2,477 -2,271 -5,978
Operating profit 2,698 11,448 41,271 39,361
Net financial items -9,055 -29,879 -20,900 -38,345
Share of profit of an associate 0 -24 -923 -92
Profit before tax -6,357 -18,455 19,448 924
Income tax expense 77 -2,587 -8,963 -8,122
Profit for the period -6,281 -21,042 10,484 -7,198
Profit for the period attributable to:
Equity holders of the parent -6,458 -20,540 9,840 -6,742
Non-controlling interests 177 -502 644 -456
Earnings per share, before/after dilution (EUR) -0.01 -0.05 0.02 -0.02
Average number of shares, before/after dilution (Thousands) 457,118 440,063 453,497 403,114
Q4 Q4 Jan-Dec Jan-Dec
kEUR Note 2023 2022 2023 2022
Profit for the period -6,281 -21,042 10,484 -7,198
Other comprehensive income 
Items that may be reclassified to profit or loss:
Exchange differences on translation of foreign operations -3,546 -9,324 -270 -6,929
Items that will not be reclassified to profit or loss:
Remeasurement of defined benefit plans -9 -57 95 87
Other comprehensive income for the period, net of tax -3,554 -9,381 -175 -6,842
Total comprehensive income for the period, net of tax -9,835 -30,423 10,309 -14,040
Total comprehensive income attributable to:
Equity holders of the parent -10,019 -29,921 9,660 -13,609
Non-controlling interests 184 -502 649 -430

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

Financial reports 
Group 
Interim report January - December 2023    |   14 
INTERIM CONDENSED CONSOLIDATED 
STATEMENT OF FINANCIAL POSITION 
 
  
kEUR Note 31 Dec 2023 31 Dec 2022
Non-current assets
Goodwill 505,577 464,374
Intangible assets 213,550 203,992
Property, plant and equipment 24,237 21,518
Right-of-use assets 11,419 13,328
Investment in associates 8,030 7,578
Non-current financial assets 49,539 4,103
Deferred tax assets 2,396 1,976
Total non-current assets 814,747 716,867
Current assets
Inventories 60,291 61,200
Trade receivables 46,116 41,168
Current tax receivables 1,892 568
Other receivables 3,997 57,434
Prepaid expenses and accrued income 9,139 4,127
Cash and cash equivalents 37,500 42,194
Total current assets 158,936 206,692
TOTAL ASSETS 973,684 923,559
kEUR Note 31 Dec 2023 31 Dec 2022
Equity
Share capital 74 72
Other contributed capital 467,878 432,985
Reserves -4,635 -4,460
Retained earnings including this period’s profit 63,056 53,216
Total equity attributable to equity holders of the parent 526,373 481,813
Non-controlling interests 338 -316
Total equity 526,711 481,497
Non-current liabilities
Liabilities to credit institutions 302,042 207,112
Lease liabilities 8,269 9,029
Deferred tax liabilities 27,362 24,406
Other non-current liabilities 5 34,300 35,229
Non-current provisions 109 30
Total non-current liabilities 372,081 275,806
Current liabilities
Liabilities to credit institutions 27 -
Lease liabilities 3,463 4,816
Trade payables 19,747 18,328
Current tax liabilities 8,050 8,179
Other current liabilities 5 27,915 113,576
Accrued expenses and prepaid income 15,618 21,358
Provisions 72 -
Total current liabilities 74,892 166,256
TOTAL EQUITY AND LIABILITIES 973,684 923,559

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

Financial reports 
Group 
Interim report January - December 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 59,958 357,413 1,226 358,640
 
Profit for the period - - - -6,742 -6,742 -456 -7,198
Other comprehensive income - - -6,868 - -6,868 25 -6,842
Total comprehensive income - - -6,868 -6,742 -13,609 -430 -14,040
 
Transactions with owners 
Share issue 7 137,961 - - 137,969 - 137,969
Ongoing share issue - - - - - -4 -4
Transaction costs - -1,619 - - -1,619 - -1,619
Warrant programme - 1,658 - - 1,658 - 1,658
Transactions with non-
controlling interests - - - - - -1,107 -1,107
Total 7 138,001 - - 138,008 -1,111 136,898
 
Closing balance 31 December 
2022 72 432,985 -4,461 53,216 481,812 -315 481,497
 
Opening balance 1 January 2023 72 432,985 -4,461 53,216 481,812 -315 481,497
 
Profit for the period - - - 9,840 9,840 644 10,484
Other comprehensive income - - -175 - -175 9 -166
Total comprehensive income - - -175 9,840 9,665 653 10,318
 
Transactions with owners 
Share issue 2 34,494 - - 34,496 - 34,496
Transaction costs - -44 - - -44 - -44
Warrant program  - 443 - - 443 - 443
Transactions with non-
controlling interests - - - - - - -
Total 2 34,893 - - 34,895 - 34,895
 
Closing balance 31 December 
2023 74 467,878 -4,636 63,056 526,372 338 526,711
Equity attributable to equity holders of the parent

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

Financial reports 
Group 
Interim report January - December 2023    |   16 
INTERIM CONDENSED CONSOLIDATED 
STATEMENT OF CASH FLOWS 
 
1 Year-to-date 2023 amount includes settlement payment in US litigation case EUR 65.7m 
  
Q4 Q4 Jan-Dec Jan-Dec
kEUR 2023 2022 2023 2022
Operating activities
Operating profit 2,698 11,448 41,271 39,361
Adjustments for non-cash items 11,795 7,140 36,793 30,702
Interest received 197 6 549 21
Interest paid -6,227 -2,136 -18,927 -10,389
Paid income tax -136 -777 -9,401 -7,677
Cash flow from operating activities before change in working capital 8,328 15,681 50,285 52,017
Change in inventories 6,730 1,137 542 -19,817
Change in operating receivables 7,754 2,240 -8,248 -3,758
Change in operating liabilities¹ -5,601 2,079 -71,154 -3,130
Cash flow from operating activities 17,211 21,136 -28,576 25,313
Investing activities
Acquisition of a subsidiary, net of cash acquired -2,562 -22,250 -61,583 -171,261
Investments in associates - -6,086 - -6,964
Proceeds from sale of associates - - - -
Dividend from associates - - - -
Investments in intangible assets -3,901 -1,342 -6,979 -4,486
Investments in property, plant and equipment -2,791 -1,928 -7,926 -5,822
Proceeds from sale of property, plant and equipment -1 -235 23 -
Investments in other financial assets 154 624 -1,212 -
Proceeds from sale of financial assets - - - -
Cash flow from investing activities -9,102 -31,217 -77,677 -188,533
Financing activities
New share issue - 88,183 - 137,969
Warrant program 29 1,658 443 1,658
Shareholder contributions - - - -
Transaction costs -4 -1,619 -44 -1,619
Transaction costs arrangement fees - - - -
Proceeds from borrowings 14 4,275 164,697 150,549
Repayment of borrowings -18,477 -88,226 -60,242 -133,160
Payment of lease liabilities -1,372 -3,243 -4,309 -5,168
Transactions with non-controlling interests - - - -
Cash flow from financing activities -19,809 1,027 100,544 150,229
Cash flow for the period -11,701 -9,053 -5,709 -12,990
Cash and cash equivalents at beginning of the period 49,339 51,177 42,194 55,114
Exchange-rate difference in cash and cash equivalents -138 70 1,014 70
Cash and cash equivalents at end of the period 37,500 42,194 37,500 42,194

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

Financial reports 
Group 
Interim report January - December 2023    |   17 
CONDENSED PARENT COMPANY INCOME 
STATEMENT AND BALANCE SHEET 
 
 
  
Q4 Q4 Jan-Dec Jan-Dec
KSEK 2023 2022 2023 2022
Revenue - 5,489 - 26,031
Other operating income 5,771 8,577 30,185 12,242
Total operating income 5,771 14,066 30,185 38,273
Other external expenses -8,239 -16,135 -51,145 -51,282
Personnel expenses -21,489 -5,832 -43,282 -17,470
Depreciation and amortisation -33 -33 -132 -132
Other operating expenses -796 -106 -1,969 -423
Operating profit -24,787 -8,039 -66,342 -31,033
Group contributions - 13,071 - 13,071
Net financial items -65,301 -39,357 70,221 -56,245
Profit before tax -90,087 -34,325 3,879 -74,207
Income tax expense 6,588 -10,543 9,193 -
Profit for the period -83,500 -44,868 13,072 -74,207
KSEK 31 Dec 2023 31 Dec 2022 
ASSETS
Non-current assets
Intangible assets 13,780 16,875
Property, plant and equipment 426 559
Shares in subsidiaries 6,169,308 6,169,308
Non-current group receivables 5,706,129 4,060,975
Other non-current assets 8,888 -
Total non-current assets 11,898,532 10,247,717
Current assets
Group receivables 44,391 52,954
Other receivables 9,843 2,053
Prepaid expenses and accrued income 2,910 750
Cash and cash equivalents - -
Total current assets 57,144 55,757
TOTAL ASSETS 11,955,677 10,303,474
Equity
Share capital 762 736
Share premium 6,564,700 6,167,328
Retained earnings 1,768,013 1,825,345
Profit for the period 13,072 -74,207
Total equity 8,346,548 7,936,077
Non-current liabilities
Liabilities to credit institutions 3,345,750 2,295,854
Group non-current liabilities 0 -
Total non-current liabilities 3,345,750 2,295,854
Current liabilities
Group payables 243,877 3,786
Trade payables 3,148 61,267
Other current liabilities 1,708 1,215
Accrued expenses and prepaid income 14,646 5,275
Total current liabilities 263,379 71,543
TOTAL EQUITY AND LIABILITIES 11,955,677 10,303,474

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

Financial reports 
Group 
Interim report January - December 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. 
Significant estimates during the financial year 2023 
concerns the value of the non-current receivable related to 
the US patent litigation. 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 originally 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”. Per the 31 
December the valuation of the non-current receivable is 
adjusted down by USD 8.6m (EUR 8m) to ensure a prudent 
accounting approach. The amount of the receivable is 
deducted from the net debt. We cannot speculate on timing 
or outcome of the process but will provide information to 
the market once conclusive.

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

Financial reports 
Group 
Interim report January - December 2023    |   19 
Note 3. Operating segments 
 
1 In Specialty Pharma, EUR 1,007k 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 and the valuation adjustment of the non-current receivable related to the US 
patent litigation. 
 
  
Oct-Dec 2023
Specialty 
Pharma MedTech Diagnostics 
Veterinary 
Services 
Total 
segments 
Group 
functions Eliminations 
Group 
total 
Revenue 
Revenue from external 
customers 36,580 27,269 5,280 13,327 82,456 - - 82,456
Revenue from internal 
customers 5 4 -3 21 27 - -27 -
Total revenue 36,585 27,274 5,277 13,348 82,483 - -27 82,456
 
Adjusted EBITA 12,977 6,835 789 3,704 24,306 -1,657 - 22,648
Items affecting comparability -2,625 -9,793 -375 -159 -12,952 -1,314 - -14,266
EBITA 10,352 -2,958 414 3,545 11,353 -2,971 - 8,382
Amortisation of acquisition-
related intangible assets -3,108 -1,504 -229 -843 -5,684 - - -5,684
Net financial items -7,813 -1,800 92 1,954 -7,566 -1,489 - -9,055
Share of profit of an associate 
and joint venture - - - 0 0 - - 0
Profit before tax -569 -6,262 281 4,654 -1,897 -4,460 - -6,357
 
Specification of items 
affecting comparability 
Acquisition-related costs¹ 2,564 - 13 128 2,705 - - 2,705
Systems update - - - - - 141 - 141
Restructuring costs - - 362 27 389 - - 389
Inventory step-up - - - - - - - -
IPO and financing related 
costs - - - - - 135 - 135
Other² 61 9,793 - 4 9,858 1,038 - 10,896
Total items affecting 
comparability 2,625 9,793 375 159 12,952 1,314 - 14,266
 
Other disclosures 
Investments 2,645 1,419 186 407 4,656 - - 4,656
Total assets  491,633 270,159 49,337 152,330 963,460 10,227 -3 973,684
Total liabilities  69,681 26,936 8,881 41,201 146,700 313,458 -13,185 446,972

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

Financial reports 
Group 
Interim report January - December 2023    |   20 
 
1 In Specialty Pharma, EUR 1,564 of the acquisition-related costs are earnout payments, reported as personnel costs in the period, to 
management of acquired companies. 
2 Negative items affecting comparability in Medtech reflects the reversal of legal fees related to the patent litigation in the US of EUR 5,506k 
in Q4 2022 which has been activated on the balance sheet. 
 
Oct-Dec 2022
Specialty 
Pharma MedTech Diagnostics 
Veterinary 
Services 
Total 
segments 
Group 
functions Eliminations 
Group 
total 
Revenue 
Revenue from external 
customers 32,179 27,848 5,679 9,748 75,455 - - 75,455
Revenue from internal 
customers 34 - 297 151 482 - -482 -
Total revenue 32,213 27,848 5,976 9,899 75,937 - -482 75,455
 
Adjusted EBITA 8,913 7,428 871 1,774 18,987 -983 - 18,003
Items affecting comparability -2,415 2,963 -1,045 -663 -1,161 -110 - -1,271
EBITA 6,498 10,391 -174 1,111 17,826 -1,093 - 16,733
Amortisation of acquisition-
related intangible assets -2,478 -1,739 -222 -845 -5,284 - - -5,284
Net financial items -8,127 628 -550 -3,256 -11,305 -18,574 - -29,879
Share of profit of an associate 
and joint venture - - - -24 -24 - - -24
Profit before tax -4,108 9,280 -945 -3,014 1,213 -19,667 - -18,454
 
Specification of items 
affecting comparability 
Acquisition-related costs 1,914 390 851 -35 3,120 0 - 3,120
Systems update - - - - - - - -
Restructuring costs 256 348 194 125 923 - - 923
Inventory step-up - - - - - - - -
IPO and financing related 
costs - - - - - -0 - -0
Other¹ 245 -3,701 - 574 -2,882 110 - -2,772
Total items affecting 
comparability 2,415 -2,963 1,045 663 1,161 110 - 1,271
 
Other disclosures 
Investments 1,157 516 943 1 2,618 729 - 3,347
Total assets  450,622 276,256 52,021 146,810 925,709 9,877 -12,027 923,559
Total liabilities  78,163 100,970 12,546 35,821 227,501 215,610 -1,050 442,062

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

Financial reports 
Group 
Interim report January - December 2023    |   21 
  
1 In Specialty Pharma, EUR 3,776k 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 and valuation adjustment of the non-current receivable related to the US 
patent litigation. 
 
Jan-Dec 2023
Specialty 
Pharma MedTech Diagnostics 
Veterinary 
Services 
Total 
segments 
Group 
functions Eliminations 
Group 
total 
Revenue
Revenue from external 
customers 147,380 113,502 21,446 49,402 331,730 - - 331,730
Revenue from internal 
customers 28 60 20 86 193 - -193 -
Total revenue 147,408 113,562 21,466 49,488 331,923 - -193 331,730
 
Adjusted EBITA 42,160 34,427 4,287 12,938 93,812 -6,474 - 87,337
Items affecting comparability -6,461 -13,139 -1,004 -787 -21,390 -2,451 - -23,841
EBITA 35,699 21,288 3,283 12,151 72,421 -8,925 - 63,496
Amortisation of acquisition-
related intangible assets -11,792 -6,168 -909 -3,357 -22,226 - - -22,226
Net financial items -9,283 -21,310 413 -5,862 -36,042 15,142 - -20,900
Share of profit of an associate 
and joint venture - - - -923 -923 - - -923
Profit before tax 14,624 -6,190 2,787 2,009 13,230 6,217 - 19,448
 
Specification of items 
affecting comparability 
Acquisition-related costs¹ 5,767 550 13 543 6,873 5 - 6,877
Systems update - 21 - - 21 869 - 890
Restructuring costs - - 991 234 1,225 - - 1,225
Inventory step-up - - - - - - - -
IPO and financing related 
costs - - - - - 334 - 334
Other² 694 12,568 - 9 13,271 1,244 - 14,514
Total items affecting 
comparability 6,461 13,139 1,004 787 21,390 2,451 - 23,841
 
Other disclosures 
Investments 4,312 3,277 793 652 9,034 - - 9,034
Total assets  491,633 270,159 49,337 152,330 963,460 10,227 -3 973,684
Total liabilities  69,681 26,936 8,881 41,201 146,700 313,458 -13,185 446,972

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

Financial reports 
Group 
Interim report January - December 2023    |   22 
 
1 In Specialty Pharma, EUR 4,797 of the acquisition-related costs are earnout payments, reported as personnel costs in the period, to 
management of acquired companies. 
2 Negative items affecting comparability in Medtech reflects the reversal of legal fees related to the patent litigation in the US of EUR 5,506k 
in Q4 2022 which has been activated on the balance sheet. 
  
Jan-Dec 2022
Specialty 
Pharma MedTech Diagnostics 
Veterinary 
Services 
Total 
segments 
Group 
functions Eliminations 
Group 
total 
Revenue 
Revenue from external 
customers 124,258 101,440 22,008 33,603 281,308 -0 - 281,308
Revenue from internal 
customers -43 - 1,127 749 1,832 - -1,832 -
Total revenue 124,215 101,440 23,135 34,351 283,141 -0 -1,832 281,308
 
Adjusted EBITA 35,293 30,594 4,356 7,362 77,605 -4,185 - 73,420
Items affecting comparability -9,213 -199 -1,366 -3,434 -14,212 -1,111 - -15,323
EBITA 26,080 30,395 2,990 3,928 63,393 -5,296 - 58,097
Amortisation of acquisition-
related intangible assets -9,486 -5,837 -889 -2,524 -18,736 - - -18,736
Net financial items -14,605 -2,715 -363 -7,549 -25,232 -13,113 - -38,345
Share of profit of an associate 
and joint venture - - - -92 -92 - - -92
Profit before tax 1,989 21,843 1,738 -6,236 19,333 -18,409 - 924
 
Specification of items 
affecting comparability 
Acquisition-related costs 8,607 1,275 1,075 2,312 13,269 57 - 13,326
Systems update - - - - - 67 - 67
Restructuring costs 320 348 220 452 1,340 14 - 1,355
Inventory step-up - - - - - - - -
IPO and financing related 
costs - 8 35 - 43 44 - 88
Other¹ 286 -1,432 36 670 -441 928 - 488
Total items affecting 
comparability 9,213 199 1,366 3,434 14,212 1,111 - 15,323
 
Other disclosures 
Investments 3,451 2,179 1,637 75 7,342 1,175 - 8,517
Total assets  450,622 276,256 52,021 146,810 925,709 9,877 -12,027 923,559
Total liabilities  78,163 100,970 12,546 35,821 227,501 215,610 -1,050 442,062

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

Financial reports 
Group 
Interim report January - December 2023    |   23 
Note 4. Revenue from contracts with customers 
 
 
 
 
 
Revenue from external customers in Sweden amounted to EUR 18.6m (10.0) during the period January to December 2023.  
Oct-Dec 2023
Specialty 
Pharma MedTech Diagnostics 
Veterinary 
Services Group total 
Geographic region
Europe 19,720 5,534 3,415 10,947 39,616
North America 13,585 19,613 678 1,765 35,641
Rest of the World 3,274 2,122 1,187 616 7,199
Revenue from contracts with customers 36,580 27,269 5,280 13,327 82,456
Oct-Dec 2022
Specialty 
Pharma MedTech Diagnostics 
Veterinary 
Services Group total 
Geographic region
Europe 17,413 6,289 3,645 7,837 35,184
North America 13,592 17,149 879 1,696 33,317
Rest of the World 1,174 4,410 1,156 214 6,954
Revenue from contracts with customers 32,179 27,848 5,679 9,748 75,455
Jan-Dec 2023
Specialty 
Pharma MedTech Diagnostics 
Veterinary 
Services Group total 
Geographic region
Europe 79,658 24,614 13,006 40,169 157,448
North America 57,661 73,442 3,333 6,838 141,273
Rest of the World 10,060 15,446 5,107 2,395 33,008
Revenue from contracts with customers 147,380 113,502 21,446 49,402 331,730
Jan-Dec 2022
Specialty 
Pharma MedTech Diagnostics 
Veterinary 
Services Group total 
Geographic region
Europe 72,057 23,930 14,235 27,483 137,704
North America 49,756 62,791 3,601 4,911 121,058
Rest of the World 2,446 14,720 4,172 1,209 22,546
Revenue from contracts with customers 124,258 101,440 22,008 33,603 281,308

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

Financial reports 
Group 
Interim report January - December 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 26,579 kEUR Q4 2023 (31,071 kEUR Q4 2022) and other 
current liabilities 21,146 kEUR Q4 2023 (43,520 kEUR Q4 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 December 2023: 
 
 
  
Contingent consideration Jan - Dec 2023 Jan - Dec 2022
Opening balance 74,591 24,700
Business combinations 17,696 43,202
Paid out -44,476 -17,981
Change in fair value recognised in P&L 557 26,020
Exchange differences on translation of foreign operations -643 -1,351
Closing balance 47,725 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 Mar 10.0 34.0 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 3.4 0.3
Kruth-Halling Professional Corporation Asset 100% Canada MedTech May 0.2 0.0 0.1
Respit LLC Asset 100% United States Specialty 
Pharma Aug 0.2 0.0 0.0
Vetbiotek LLC Asset 100% United States Specialty 
Pharma Dec 1.0 0.0 0.6

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

Financial reports 
Group 
Interim report January - December 2023    |   25 
Preliminary purchase price allocations per operating segment during the period January-December 2023: 
 
 
 
For the acquisitions closed during the period January to December 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 
7,551 pre-tax profit EURk 2,249 and Veterinary Services income EURk 5,578 and pre-tax profit EURk 1,285. On a pro-forma 
basis if all acquisitions had closed 1 Januari 2023 this would have been Specialty Pharma income EURk 10,620, pre-tax 
profit EURk 3,428, and Veterinary Services income EURk 6,247 and pre-tax profit EURk 1,510. 
 
 
 
 
 
 
 
Acquired net assets on acquisition date based on 
preliminary PPA
Specialty 
Pharma MedTech Diagnostics 
Veterinary 
Services Group total 
Intangible assets 25,739 157 - 2,880 28,776
Property, plant and equipment 976 - - 91 1,066
Right-of-use assets - - - - -
Non-current financial assets - - - - -
Deferred tax assets - - - - -
Inventories 417 48 - 150 615
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 -5,675 - - -704 -6,379
Trade payables and other operating liabilities -699 - - -723 -1,421
Identified net assets 22,784 205 - 3,114 26,103
 
Non-controlling interest measured at fair value - - - - -
Goodwill 34,317 - - 9,481 43,799
Total purchase consideration 57,101 205 - 12,596 69,902
 
Purchase consideration comprises: 
Cash 10,014 205 - 8,518 18,736
Equity instruments 32,749 - - - 32,749
Contingent consideration and deferred payments 14,338 - - 4,078 18,416
Total purchase consideration 57,101 205 - 12,596 69,902
Impact of acquisition on Group’s cash flow
Specialty 
Pharma MedTech Diagnostics 
Veterinary 
Services Group total 
Cash portion of purchase consideration -10,014 -205 - -8,518 -18,736
Acquired cash 434 - - 1,196 1,630
Total -9,579 -205 - -7,322 -17,106
Acquisition-related costs -1,477 - - -370 -1,848
Net cash outflow -11,057 -205 - -7,692 -18,954

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

Financial reports 
Group 
Interim report January - December 2023    |   26 
Preliminary purchase price allocations for individually significant acquisitions during the period January-December 2023: 
 
 
 
 
 
 
 
 
 
 
Acquired net assets on acquisition date based on 
preliminary PPA
Viking Blues Pty 
Ltd 
Intangible assets 22,791
Property, plant and equipment 976
Right-of-use assets -
Non-current financial assets -
Deferred tax assets -
Inventories -
Trade receivable and other receivables 1,458
Cash and cash equivalents 388
Interest-bearing liabilities -
Lease liabilities -
Deferred tax liabilities -5,675
Trade payables and other operating liabilities -625
Identified net assets 19,312
 
Non-controlling interest measured at fair value -
Goodwill 34,071
Total purchase consideration 53,383
 
Purchase consideration comprises: 
Cash 6,469
Equity instruments 32,749
Contingent consideration and deferred payments 14,165
Total purchase consideration 53,383
Impact of acquisition on Group’s cash flow
Viking Blues Pty 
Ltd 
Cash portion of purchase consideration -6,469
Acquired cash 388
Total -6,082
Acquisition-related costs -812
Net cash outflow -6,894

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

Financial reports 
Group 
Interim report January - December 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 fourth 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. 
Items affecting comparability Income and expense items that are considered to be non-recurring. Vimian reports 
adjusted EBITA and EBITDA, which are adjusted for items affecting comparability 
to give a fairer view of the underlying business. Generally accepted NRI’s include 
acquisition and integration related costs, litigation related costs if material, 
significant restructuring costs, costs related to projects such as the initial public 
offering.  
Amortisation PPA related Amortisation of intangible assets that were originally recognised in connection with 
business combinations. 
Net debt Vimian reports net debt to allow investors to assess the Group’s ability to make 
strategic investments and meet its financial obligations. Net debt is calculated as 
cash and cash equivalents less liabilities to credit institutions, lease liabilities, other 
non-current liabilities and specific items included in other current liabilities 
(contingent considerations, deferred payments, vendor notes and shareholder 
loans related to business combinations). 
Net debt / Adjusted EBITDA Net debt in relation to the last 12 months adjusted EBITDA.

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

Financial reports 
Group 
Interim report January - December 2023    |   28 
Key Ratios Definition 
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 - December 2023    |   29 
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 
 
 
  
(EURm, unless otherwise stated) 2023 2022 2023 2022
Revenue growth (%) 9% 55% 18% 62%
Organic revenue growth (%) 7% 3% 11% 4%
EBITDA 11,176 19,374 73,312 66,587
EBITDA margin (%) 13.6% 25.7% 22.1% 23.7%
Adjusted EBITDA 25,442 20,644 97,153 81,910
Adjusted EBITDA margin (%) 30.9% 27.4% 29.3% 29.1%
EBITA 8,382 16,732 63,495 58,097
EBITA margin (%) 10.2% 22.2% 19.1% 20.7%
Adjusted EBITA 22,648 18,003 87,336 73,419
Adjusted EBITA margin (%) 27.5% 23.9% 26.3% 26.1%
Operating profit 2,698 11,448 41,271 39,361
Operating margin (%) 3.3% 15.2% 12.4% 14.0%
Capital expenditure -4,656 -3,347 -9,034 -8,517
Cash flow from operating activities¹ 17,211 21,136 -28,576 25,313
1 Oct-31 Dec 1 Jan-31 Dec
1 Jan - 31 Dec
(EURm, unless otherwise stated) LTM (2023)
Proforma revenue 335,532
Adjusted EBITDA, Proforma 98,589
Adjusted EBITDA margin, Proforma 29.4%
Net debt 285,575
Net debt / Adjusted EBITDA, Proforma (x) 2.9x

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

Financial reports 
Group 
Interim report January - December 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 Shareholder 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  The value of the non-current receivable related to the US patent litigation has been adjusted down by EUR 8m   
(EUR thousands, unless otherwise stated) 2023 2022 2023 2022
Adjusted EBITA and EBITDA
Revenue 82,456 75,455 331,730 281,308
EBITA 8,382 16,732 63,497 58,097
EBITDA 11,176 19,374 73,312 66,587
Items affecting comparability 14,266 1,271 23,841 15,323
Adjusted EBITA 22,648 18,003 87,337 73,420
Adjusted EBITDA 25,442 20,644 97,153 81,910
Adjusted EBITA margin (%) 27.5% 23.9% 26.3% 26.1%
Adjusted EBITDA margin (%) 30.9% 27.4% 29.3% 29.1%
1 Oct-31 Dec 1 Jan-31 Dec
(EUR thousands, unless otherwise stated) 2023 2022
Net debt
Liabilities to credit institutions (long term) 302,042 207,112
Lease liabilities (long term) 8,269 9,029
Other non-current liabilities 34,300 35,229
Liabilities to credit institutions (short term) 27 -0
Lease liabilities (short term) 3,463 4,816
Other items¹ 21,146 43,520
Cash & Cash Equivalents -37,500 -42,194
Other non-current receivables³ -46,172 -
Net debt 285,575 257,512
1 Oct-31 Dec
(EUR thousands, unless otherwise stated) 2023 2022
Net working capital
Inventory 60,291 61,200
Trade receivables 46,116 41,168
Current tax receivables 1,892 568
Other current receivables 3,997 4,908
Prepaid expenses and accrued income 9,139 4,127
Trade payables -19,747 -18,328
Current tax liabilities -8,050 -8,179
Other current liabilities² -6,700 -4,404
Provisions -180 -30
Accrued expenses and deferred income -15,618 -21,358
Net working capital 71,141 59,674
31 Dec

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

Financial reports 
Group 
Interim report January - December 2023    |   31 
 
 
 
 
 
 
 
 
 
  
1 Jan - 31 Dec 1 Jan-31 Dec
(EUR thousands, unless otherwise stated) LTM (2022/2023) 2022
Proforma revenue
Reported revenue 331,730 281,308
Proforma period, revenue 3,802 15,698
Proforma revenue 335,532 297,006
Adjusted EBITA, Proforma
Reported Adjusted EBITA (12 months) 87,337 na
Proforma period Adjusted EBITA 1,424 na
Adjusted EBITA, Proforma 88,761 na
Adjusted EBITA margin, Proforma
Proforma Revenue 335,532 na
Adjusted EBITA, Proforma 88,761 na
Adjusted EBITA margin, Proforma 26.5% na
Adjusted EBITDA, Proforma
Reported Adjusted EBITDA (12 months) 97,153 81,910
Proforma period Adjusted EBITDA 1,436 3,789
Adjusted EBITDA, Proforma 98,589 85,699
Adjusted EBITDA margin, Proforma
Proforma Revenue 335,532 297,006
Adjusted EBITDA, Proforma 98,589 85,699
Adjusted EBITDA margin, Proforma 29.4% 28.9%
Net debt/Adjusted EBITDA, Proforma
Net debt 285,575 257,512
Adjusted EBITDA, Proforma 98,589 85,699
Net debt/Adjusted EBITDA, Proforma (x) 2.9x 3.0x

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

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