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1 (於開曼群島註冊成立之有限公司 股票編號: 1177 SINO BIOPHARMACEUTICAL LIMITED SINO BIOPHARMACEUTICAL LIMITED 2014 SINO BIOPHARMACEUTICAL LIMITED (Incorporated in the Cayman Islands with Limited Liability) (Stock Code: 1177) 2014 二零一四年年報 Annual Report Annual Report 2014年報

2

3 130 2

4 GMP PVC GMP GMP GMP CN MSCI GMP GMP 3

5 % 75% 55 60% 55.6% 63.64% 60% 60% % % 60% 60% % 60% 51% 100% 60% % 51% 51% 51% 51% 51% 33% 46.7% 63.64% 33%

6 12,378,350 9,901,196 7,496,888 5,171,354 3,618,773 (2,920,531) (2,228,351) (1,610,587) (1,170,199) (737,649) 9,457,819 7,672,845 5,886,301 4,001,155 2,881, , , , , ,914 (5,342,527) (4,413,986) (3,322,544) (2,267,047) (1,529,007) (824,966) (638,312) (669,960) (494,042) (459,129) (1,075,997) (908,321) (540,972) (577,592) (214,440) (43,096) (2,500) (9,650) (11,418) (5,804) 336, , , , ,543 2,801,207 2,136,510 1,722, ,806 1,051,201 (440,153) (354,551) (305,135) (121,567) (191,832) 2,361,054 1,781,959 1,417, , ,369 1,513,205 1,036, , , , , , , , ,472 2,361,054 1,781,959 1,417, , ,369 14,163,941 9,968,867 7,701,178 6,208,864 5,574,183 (5,345,645) (2,743,904) (1,916,482) (1,432,499) (1,272,635) 8,818,296 7,224,963 5,784,696 4,776,365 4,301,548 (2,207,654) (1,737,947) (1,202,720) (940,360) (653,863) 5

7 1.2 14,000,000 12,000,000 12,378,350 10,000,000 36% 9,901,196 8,000,000 7,496,888* 6,000,000 5,171,354* 4,000,000 3,618,773* 2,000, ,500,000 2,361,054 2,000,000 29% 1,781,959 1,500,000 1,471,472 1,000, , , , * 6

8 財務摘要 主要產品銷售增長 表 1.4 千港元 2,500,000 2,339,472 2,000,000 1,924,995 1,748,307 1,692,511 1,669,334 1,500,000 1,366,942 1,353,688 1,638,961 1,611,098 1,069,271 1,000,000 1,094, , , , , , , , , ,804 84, , ,000 31, , , , , , , ,021 66, , , , , , , , , , , , 凱時注射液 天晴甘美注射液 新海能注射液 天晴甘平腸溶膠囊 凱紛注射液 天冊注射液 依倫平片 潤眾分散片 名正膠囊 新骨化三醇膠丸 現金及銀行結餘 表 1.5 表 1.6 千港元 千港元 10,000,000 5,000,000 4,468,333 8,818,296 9,000,000 8,000,000 4,000,000 7,224,963 複合增長率 20% 複合增長率 20% 5,784,696 6,000,000 5,000, , , , , , , 資產淨值 7,000, , ,596 2,981,343 3,000,000 2,547,455* 4,776,365 2,128,736* 4,301,548 4,000,000 2,000,000 1,792,470* 3,000,000 2,000,000 1,000,000 1,000, * 7 數據已作重列 中國生物製藥有限公司

9 % 9.6% 46.7% 9.1% 9.6% 5.5% 7.7% 2.0% 2.9% 1.8 3,000,000 2,400,000 2,339,472 1,800,000 1,200, , , ,479 83,039 A B C D A B C D 8

10 9 Red Herring 25

11 7.4% GMP 13% 10

12 1,237,835 25% 147, , %46% %45.9% 446,833 11

13 PVC 12

14 577, % 15,981 43, % 192, % 74, , % 303, % 119, % PVC 13

15 19,748 48, % 34, % DDS) GMP 163,8961.7% 112, % 112, % 8, % 4, , % DDS 96, % 94, % 14

16 69, % 18, % 85, % 61, % 23,241 67, % 55, % 36, % 19, % 11, % 24,640 2% 19, % 7, % 15

17 9,000 5,71913% , % CEO 700 Institutional Investor

18 17 A , ,134 43,519 7, ,860 5,208 1,416, ,887, 534, , % 27.5%) 1,066,406, ,590,000

19 (A) ,000,000 18

20 A.6.7 A. 19

21 20

22

23 (1) (2) 22

24 (3) (4) (5) (6) (7) (8) A.2.1 (1) (3 (2) 23

25 A.6.5 A

26 25

27 26

28 27

29 28

30 4/4 1/1 1/1 4/4 0/1 4/4 1/1 4/4 1/1 4/4 0/1 4/4 1/1 4/4 1/1 4/4 4/4 1/1 1/1 1/1 4/4 4/4 0/1 3/4 3/4 1/1 1/1 1/1 4/4 1/1 1/1 0/

31 23 500,000 1,000, ,000 1,000,000 1,500,000 1,500, B. 30

32 4, C. 31

33 58 1 (2) (21)

34 ,366,

35 12,378,350 9,901,196 7,496,888 5,171,354 3,618,773 (2,920,531) (2,228,351) (1,610,587) (1,170,199) (737,649) 9,457,819 7,672,845 5,886,301 4,001,155 2,881, , , , , ,914 (5,342,527) (4,413,986) (3,322,544) (2,267,047) (1,529,007) (824,966) (638,312) (669,960) (494,042) (459,129) (1,075,997) (908,321) (540,972) (577,592) (214,440) (43,096) (2,500) (9,650) (11,418) (5,804) 336, , , , ,543 2,801,207 2,136,510 1,722, ,806 1,051,201 (440,153) (354,551) (305,135) (121,567) (191,832) 2,361,054 1,781,959 1,417, , ,369 1,513,205 1,036, , , , , , , , ,472 2,361,054 1,781,959 1,417, , ,369 14,163,941 9,968,867 7,701,178 6,208,864 5,574,183 (5,345,654) (2,743,904) (1,916,482) (1,432,499) (1,272,635) 8,818,296 7,224,963 5,784,696 4,776,365 4,301,548 (2,207,654) (1,737,947) (1,202,720) (940,360) (653,863) 34

36 ,122,00098,829,000 2,182,507,0001,995,377,000 30% 30% 5% 35

37

38 XV352 (1) 90,000, ,417, ,417, % (2) 1,200,000,000 1,200,000, % 35,212,000 35,212, % 3,599,999 3,599, % (1) Validated Profits Limited720,417,815 (2) Remarkable Industries Limited 700,000, ,000,000 37

39 (a) 288,000, % (b) 288,000, % 32, % 229, % 26, % 151, % 22, % 7, % 229, % 26, % (a) (b)

40 336 Validated Profits Limited (1) 720,417, % (2) 700,000, % Remarkable Industries Limited (2) 500,000, % JP Morgan Chase & Co. 190,967, % JP Morgan Chase & Co. 79,690, % BlackRock Inc. 316,105, % (1) Validated Profits Limited (2) Remarkable Industries Limited

41 38 60% 35,500,000 44,900,000 60% 20,000,000 25,300,000 30,000,000 37,900,000 50,000,000 63,200, % 63,300,000 80,000,000 75,900,000 95,900,000 90,900, ,900,000 37,158,00038,625,000 12,900,000 16,300,000 15,300,000 19,300,000 18,400,000 23,300,000 10,475,0007,362,000 1,500,000 1,900,000 2,000,000 2,500,000 2,500,000 3,200, , ,000 40

42 50% 3,600,000 4,500,000 3,840,000 4,900,000 4,200,000 5,300,000 4,500,0003,784,000 60% 33.5% 10,000,000 12,600,000 3,883,000 60% 4 900,000 1,100, ,000 60% 4,500,000 5,700,000 3,477,000 14,200,000 17,900,000 15,800,000 20,000,000 17,300,000 21,900,000 9,894, ,000 1,000,000 1,200,000 1,500,000 1,600,000 2,000,000 41

43 4,000,000 5,100,000 5,000,000 6,300,000 6,000,000 7,600,000 1,174,000 40,000,000 50,500,000 56,000,000 70,800,000 78,400,000 99,100,000 22,501,000 2,000,000 2,500,000 3,000,000 3,800,000 4,000,000 5,100, ,000 3,300,000 4,200,000 4,000,000 5,100,000 4,800,000 6,100,000 3,448,000 10,000,000 12,600,000 13,000,000 16,400,000 16,900,000 21,400,000 1,427,000 10,000,000 12,600,000 13,000,000 16,400,000 16,900,000 21,400,000 42

44 156,000, ,100, ,800, ,300, ,000, ,200, ,941,000 20,000,000 25,300,000 26,000,000 32,900,000 33,800,000 42,700,000 11,523,000 9,600,000 12,100,000 11,600,000 14,700,000 15,000,000 19,000,000 3,950,000 3,719,000 2,000,000 2,500,000 2,600,000 3,300,000 3,500,000 4,400,000 1,966,000 99% 1,200,000 1,440,000 1,800,0001,200, ,000 32,300,000 40,800,000 36,500,000 46,100,000 39,600,000 50,000,000 22,009,000 43

45 6,000,000 7,600,000 7,124,000 7,349,000 * ,000, ,000,000 (a) (i) (ii) 741,219,220 15% (b) 44

46 %,(i) 30% (ii) 50% 45

47 (i) (ii) (i) (ii) 20% (iii) (i) (ii) (iii) 46

48 13,880 A (A) 47

49 A.5 48

50 () AOTS 49

51 51 G20 18 G GMP GMP 51 MBA 50

52

53 51 ACCA ACCAIPMA-HR 46MBA GMP 58 52

54 EMBA

55 52 Institut National des Sciences Appliquees (INSA) de Toulouse Ecole Superieure de Commerce (ESC) de Toulouse ESMOD(Ecole International de Mode Paris) 43 54

56 FCCA, CPA 166 1

57 43 Royal Bank of Canada Trust Company (Cayman) Limited 4th Floor, Royal Bank House 24 Shedden Road, George Town Grand Cayman KY Cayman Islands Codan Trust Company (Cayman) Limited Century Yard Cricket Square Hutchins Drive P.O. Box 2681GT George Town Grand Cayman British West Indies Conyers Dill & Pearman, Cayman Century Yard Cricket Square Hutchins Drive P.O. Box 2681GT George Town Grand Cayman British West Indies 1 C2 308A A 56

58

59

60 5 12,378,350 9,901,196 (2,920,531) (2,228,351) 9,457,819 7,672, , ,782 (5,342,527) (4,413,986) (824,966) (638,312) (1,075,997) (908,321) 7 (43,096) (2,500) , , ,801,207 2,136, (440,153) (354,551) 2,361,054 1,781, ,513,205 1,036, , ,195 2,361,054 1,781,

61 2,361,054 1,781,959 (139,673) 94,632 (139,673) 94,632 49,714 72,779 1,206 (11,002) (9,816) 39,918 62,963 (6,024) 19,827 33,894 82,790 (105,779) 177,422 2,255,275 1,959, ,443,682 1,146, , ,451 2,255,275 1,959,381 60

62 14 2,340,180 2,107, , , ,850 58, ,233 87, ,361,421 1,119, , , , , ,135, ,942 5,983,415 4,141, , , ,889,661 1,582, , ,506 38(c) 18,050 1, , , ,468,333 2,981,343 8,180,526 5,826, , , ,820 58, ,444,065 1,971, ,187 74,153 38(c) 33,959 1,123 3,861,272 2,579,870 4,319,254 3,247,021 10,302,669 7,388,997 61

63 10,302,669 7,388, ,050 96, ,288, ,726 67,837 1,484, ,034 8,818,296 7,224, , ,536 33(a) 6,412,984 5,264, ,122 98,829 6,610,642 5,487,016 2,207,654 1,737,947 8,818,296 7,224,963 62

64 31 33(a) ,536 1,285,444 (176,834) 168,111 20, , ,235 2,367,506 98,829 4,581,976 1,202,720 5,784,696 1,036,764 1,036, ,195 1,781,959 60,318 60,318 22,472 82,790 49,848 49,848 44,784 94,632 60,318 49,848 1,036,764 1,146, ,451 1,959,381 35,298 35, ,183 5,183 31,740 36,923 (344,262) (344,262) 12 (98,829) (98,829) (98,829) 12 (148,244) (148,244) (148,244) 12 (98,829) 98, ,701 (208,701) 123,536 1,285,444* (171,651)* 228,429* * 20,743* 647,107* 306,083* 2,948,496* 98,829 5,487,016 1,737,947 7,224,963 63

65 31 33(a) ,536 1,285,444 (171,651) 228,429 20, , ,083 2,948,496 98,829 5,487,016 1,737,947 7,224,963 1,513,205 1,513, ,849 2,361,054 1,206 1,206 1,206 23,834 23,834 14,878 38,712 1,473 1,473 1,473 (88,539) (88,539) (51,134) (139,673) (7,497) (7,497) (7,497) 25,307 1,206 (96,036) 1,513,205 1,443, ,593 2,255, ,926 84,926 7,646 7, ,080 1,329 (435,538) (435,538) 12 (98,829) (98,829) (98,829) 12 (222,366) (222,366) (222,366) 12 (74,122) 74, ,747 (276,747) ,536 1,285,444* (171,651)* 253,736* 1,206* 20,743* 924,744* 210,296* 3,888,466* 74,122 6,610,642 2,207,654 8,818,296 * 6,412,984,000 5,264,651,000 64

66 2,801,207 2,136, ,096 2, (336,792) (238,002) 5 (113,593) (68,524) 5 (15,776) (14,040) , ,115 6 (24) 1, ,078 3, ,326 16,828 5, 6 1,753 (1,301) 5, 6 (125) 5, 6 (8,428) 5, 6 (34,505) 5, 6 (35,677) 28,538 2,601,209 2,040,002 (79,504) (230,366) (259,658) (360,676) (18,994) (114,377) (355,312) (47,741) (8,089) (4,222) 268, , , ,580 22,853 21,289 35,231 (5,057) 2,631,187 1,924,726 (330,995) (348,771) 2,300,192 1,575,955 65

67 2,300,192 1,575, ,593 68,524 15,776 14,040 88,469 47,849 (446,962) (500,717) 7,989 18,581 1,124 (28,555) (19,594) (73,609) (9,710) (120,023) (282,816) (89,649) (162,861) (62,413) (823,948) (809) (1,210,173) (38,208) 13,440 (2,788,533) (692,129) (43,096) (2,500) (321,195) (247,073) (435,538) (344,262) 7,646 36,923 1,829,957 79,979 (192,878) (58,759) 844,896 (535,692) 356, ,134 2,890,413 2,494,733 (79,738) 47,546 3,167,230 2,890, ,362,227 1,438, ,805,003 1,452,262 3,167,230 2,890,413 66

68 14 18,185 8, ,025,819 1,025, ,215 23, ,058 1,266,277 1,057, ,742, , ,089 65, , , , ,337 3,090,272 1,792, , , ,234 53, , ,815 2,400,888 1,160,206 3,667,165 2,217,742 1,287,000 1,287,000 2,380,165 2,217, , ,536 33(b) 2,182,507 1,995, ,122 98,829 2,380,165 2,217,742 67

69

70 2.1 (i)(ii) (iii) (i)(ii) (iii)

71 l

72 ( 2.2 8

73 (a) (b) (c) 5 20%

74

75 74 2.4

76 (a) (i) (ii) (iii)

77 2.4 (b) (i) (ii) (iii) (iv) (v) (vi) (a) (a)(i) 4%-5% 5%-20% 5%-9% 9%-18% 18% 76

78

79

80

81 (a) (b) (a)(b)

82 2.4 81

83 2.4 82

84 2.4 83

85 (i) (ii)

86 (a)

87 2.4 (b) (c) 86

88 2.4 87

89 2.4 88

90 3. 50% 46.7%50% 107,927, ,243, ,850,000 58,083,

91 ,920,00064,499, (a) (b) (c) (i) (ii) 90

92 4. 11,951, ,930 12,378,350 2,482,034 26, ,630 2,619, , ,792 (268,978) 2,801,207 (440,153) 2,361,054 8,676,147 3,515, ,095 12,694,593 1,361, ,927 14,163,941 3,501,846 1,418, ,059 5,096, ,546 5,345, ,547 6,291 5, , ,248 17,428 36, ,378 1, ,011 91

93 4. 9,657, ,798 9,901,196 1,712, ,184 74,486 2,044,416 68, ,002 (214,432) 2,136,510 (354,551) 1,781,959 6,278,888 2,110, ,122 8,727,502 1,119, ,243 9,968,867 2,423,227 89, ,973 2,617, ,104 2,743, ,329 1,871 6, , ,284 9, , ,724 3, ,417 90% 90% 10% 92

94 5. 12,378,350 9,901, ,593 68,524 15,776 14,040 23,349 2,553 * 52,373 24,326 14,481 26,137 29,122 13, , , , ,505 8,428 35,677 44,488 39, , ,782 * 93

95 6. 2,920,531 2,228, , , ,078 3,781 * 17 11,326 16,828 1,073, ,051 (24) 1,102 5 (258) (4,718) 5 (125) 5 (34,505) 2,011 3,417 5 (113,593) (68,524) 5 (15,776) (14,040) 5 (23,349) (2,553) 5 (8,428) 5 (35,677) 28,538 33,660 29,543 4,879 4, , , , ,048 1,066, , (124) ,840 (41,926) * 94

96 7. 43,096 2, ,116 1,044 19,916 18, ,420 18,262 40,607 37,234 41,723 38,278 (a) ,116 1,044 95

97 8. (b) 8,560 18, ,577 1, ,528 2, ,155 1, ,626 2,125 2, ,142 3,559 3,559 1,020 1,020 19,916 20, ,607 7,980 15, ,495 3, , , ,072 1, ,574 1,995 1, ,110 2,823 2,823 1,020 1,020 18,717 18, ,

98 % 16.5% : 409, , ,685 4, , ,551 15% 25% 2,368, ,638 2,801, ,142 71, ,527 (190,326) (190,326) (1,204) (104,163) (105,367) 27,627 33,414 61,041 (67,574) (67,574) 5% 78,852 78, ,665 79, ,153 97

99 10. 1,856, ,862 2,136, ,162 46, ,339 (151,043) (151,043) (3,397) (69,924) (73,321) 12,233 23,747 35,980 (44,767) (44,767) 5% 77,363 77, ,188 77, , ,412, ,846,000 33(b) , , ,122 98, , , ,513,205,000 1,036,764,000 4,941,461,4734,941,461,473 98

100 ,990 8, , , , ,278 2,605,559 (8,007) (300,313) (69,330) (120,798) (498,448) 960, ,131 73, , ,278 2,107, , ,131 73, , ,278 2,107,111 2, ,821 56,064 59, , ,962 (67,335) (486) (93,512) (29,486) (57,345) (248,164) 34 35,654 3,432 3,961 43,047 49,738 49,738 (2,638) (60) (2,108) (3,306) (1,146) (484) (9,742) 35 (255) (2) (26) (283) 149, ,551 4,690 (274,222) (17,413) (6) (17,074) (3,594) (5,047) (5,355) (48,489) 1,075, ,208 96, , ,561 2,340,180 1,075,592 8,975 1,186, , , ,561 3,021,510 (8,481) (415,003) (83,861) (173,985) (681,330) 1,075, ,208 96, , ,561 2,340,180 8,975 1,186, , , ,561 1,945,918 1,075,592 1,075,592 1,075,592 8,975 1,186, , , ,561 3,021,510 99

101 ,417 7, , , ,007 67,253 2,079,705 (7,967) (224,906) (55,919) (73,583) (362,375) 868, ,392 47, ,424 67,253 1,717, , ,392 47, ,424 67,253 1,717,330 16, ,409 43, , , ,717 (62,649) (41) (75,930) (19,376) (49,119) (207,115) 113 1,120 2, ,189 71,677 71,677 (5,767) (6,182) (2,264) (2,990) (77) (17,280) 64,316 45,921 7,213 (117,450) 8, ,401 1,748 5,374 4,312 37, , ,131 73, , ,278 2,107, ,990 8, , , , ,278 2,605,559 (8,007) (300,313) (69,330) (120,798) (498,448) 960, ,131 73, , ,278 2,107,111 8, , , , ,278 1,644, , , ,990 8, , , , ,278 2,605,

102 14. 4,727 11,860 16,587 (4,727) (3,421) (8,148) 8,439 8,439 8,439 8,439 12,721 3,243 15,964 (2,867) (3,351) (6,218) 9,854 8,331 18,185 17,448 15,103 32,551 (7,594) (6,772) (14,366) 9,854 8,331 18,185 17,448 15,103 32,551 17,448 15,103 32,

103 14. 4,727 2,883 7,610 (4,530) (2,861) (7,391) ,977 8,977 (197) (560) (757) 8,439 8,439 4,727 11,860 16,587 (4,727) (3,421) (8,148) 8,439 8,439 4,727 11,860 16,587 4,727 11,860 16,587 1,075,592, ,990,000 49,738,000 71,677,000 25,307,000 60,318,00023,520 1,102, ,526,000639,611,000 52,079,

104 , , ,861 62,413 (999) (6,078) (3,781) (6,594) 4, , ,484 (7,323) (4,515) 339, , , ,847 (80) 110,850 38,787 19, ,

105 % 104

106 17. 41,276 82, ,228 1,454 27,101 28,555 34a ,919 65, (6,293) (6,293) 488 (2,384) (1,602) (3,498) 37, ,669 63, ,164 18,016 18,453 36,469 3,323 5,839 2,164 11, (793) (793) (491) (543) (37) (1,071) 20,055 23,749 2,127 45,931 17,123 83,920 61, ,233 29,448 71, , ,562 9,032 19,594 1,204 2,400 3,604 41,276 82, ,228 13,432 5,271 18,703 4,049 12,779 16, ,016 18,453 36,469 23,260 64,499 87,

107 18. 1,025,819 1,025,819 1,742,854, ,011, ,150, ,246,000 Champion First Investments Limited 1,000, ,000, ,000, ,

108 18. 5,050, ,000, ,000, ,000, ,960, ,000,

109 18. 9,363, ,000, , ,560, ,250, ,000,

110 Ace Elite Investments Limited ,800, ,500, ,228, , ,200, ,000, ,000,

111 ,000, , ,000, , , ,000, ,000, ,373, , ,101,

112 8 1,000, ,000, , ,870, ,167, ,300,

113 ,000, ,000, ,000, ,000,0005,000,000 15,000, ,000,00052,800,000 18,165,1206,055, ,391,30019,000, ,400,000 33,137,000 34(b) ,500, ,658,000 34(a) ,831,000 2,594,

114 18. 40% 40% 44.4% 44.4% 40% 40% 584, , ,199 93, , ,786 1,001, , , , , ,086 6,264,934 1,548,654 1,737,039 (4,803,338) (1,253,161) (771,564) 1,461, , ,475 1,435, , ,532 1,663, ,296 1,240,920 2,225, , ,440 (1,250,173) (532,274) (196,286) (135,313) (7,627) (12,220) 1,647, , ,826 (156,064) (186,859) (64,443) (759,793) (79,787) (542,057) 731, ,961 (7,674) 113

115 18. 4,976,969 1,253,839 1,293,003 (3,856,206) (1,044,320) (641,038) 1,120, , ,965 1,227, , ,531 1,288, , ,870 1,690, , ,690 (894,636) (407,214) (99,330) (71,954) (8,015) 1,039, , ,111 5,741 (90,472) (42,740) (736,916) (304,126) 308, ,174 (1,755) 19. (i) 1,141, ,079 (ii) 219, ,043 1,361,421 1,119,

116 19. * 33.6% 500,000,000 * 21.82% * (i) 1,101, ,190 39,889 39,889 1,141, ,

117 19. (i) 1 (a) 51% 33.6% 293,000,000 (b) Super Demand Investment LimitedSuper Demand )48% France Investment (China I) Group Limited 24% (c) Super Demand 45%(b) (c) 293,000,000 (a) (b) (c) 116

118 19. (i) 2,364,813 1,659,259 (515,584) (210,983) 3,297,505 3,297, % 1,107,962 39,889 (6,194) 1,141,657 2,927, , ,843 84,577 (ii) 219, , , ,

119 19. (ii) 2,551, ,903 (2,234,004) (117,185) 1,029,700 1,029, % 224,681 (4,917) 219,764 3,864,554 71,174 48,641 3, ,937 63,937 63,937 63, , ,747 23,278 23, , ,747 87,215 23,278 Karolinska Development ABNASDAQ OMX 118

120 20. 1,206,000 1,206,000 5%LTT Bio-Pharma Co., Ltd. 4.93% , , , , , ,574 6,334 13, , ,343 1,892,020 1,588,160 (2,359) (5,162) 1,889,661 1,582,

121 ,459,335 1,329, , , ,076 17,386 1,889,661 1,582,998 5,162 4,329 6 (124) 694 (2,571) (108) 139 2,359 5,162 1,777,452 1,489, ,059 76, ,505 4, ,569 9, ,076 3,804 1,889,661 1,582,

122 ,485, ,712, ,254, ,290, , , , ,015 29,457 21,017 41,770 44,020 40,632 44,951 7,323 4, , ,506 70,089 65,968 1,135, , ,058 (i) Karolinska Development AB(ii)(iii) One Harbour Square (iv) 38(b)(xxv) 121

123 , , , ,705 31,800 3,977 31, , , , , ,362,227 1,438,151 85,654 25,188 1,805,003 1,452, , ,149 1,301,103 90,930 4,468,333 2,981, , ,337 3,651,942,000 2,313,726,

124 , , ,742 72, ,463 37, , , ,528 24, , ,309 35,020 34, , ,766 15,489 6, , ,837 50,094 34, , ,396 12,725 12,725 2,444,065 1,971,324 63,234 53,

125 28. (%) (%) , , , , , , ,287, ,597 1,723,784 74, ,187 74,153 1,288,597 1,723,784 74,153 (a) (b) (c) (d) (e) 2% 52,079, ,000,000 2% 216,594, ,594,

126 ,087 57, ,966 8, , , ,852 9,198 (1,168) 90,481 (35,397) (35,397) 11,002 16,915 27,917 18,560 69, ,421 9,198 24, ,436 15,853 1, ,139 7,517 32, , ,936 (322) 40,912 5,443 8,827 59,796 20, ,051 12,960 41, ,

127 ,927 (76,726) 31,201 15,722 48,336 64,270 9, , (635) (226) 77,363 (604) 75,898 (25,667) (25,667) 9,816 9,816 15,087 57, ,966 8, ,435 14, ,243 3,570 17, , , ,896 3,947 14,878 71,823 15,853 1, ,139 7,517 32, ,

128 ,243 (67,837) 54,406 10% 5% 31. 8,000,000, ,000,000, , ,000 4,941,461, ,941,461, , ,

129 % 10% 1% (a)0.1%(b)

130 32. (i)(ii) (iii) (a) (1) (2) (3) 129

131 33. (b) 1,285,444 60, ,696 1,857, , , (148,244) (148,244) 12 (98,829) (98,829) 1,285,444 60, ,469 1,995,377 1,285,444 60, ,469 1,995, , , , (222,366) (222,366) 12 (74,122) (74,122) 1,285,444 60,464 1, ,393 2,182,507 (a) 55 82,500, ,658,

132 34. (a) 41, , ,148 7,122 7,359 20,052 8,942 (11,045) (411) (22,785) (16,915) (14,604) 105,400 (47,430) 57,970 47, ,658 (105,658) 21,148 (84,510) 125,355,000 5,593,

133 34. (b) 55 26,400,000 33,137,000 1,682 44,038 39,883 9,701 14,226 (21,021) (257) (24,792) (12,552) (38) 50,870 (22,892) 27,978 5,159 33,

134 34. (b) (33,137) 44,038 10, ,310,000 2,974,000 12,525,785,000 2,356,890, , (15) 15 (100) (2,433) 1,080 5, ,428 13,831 13,

135 35. 13,831 (391) 13, ,363 9,282 7,045 4,800 20,347 17,738 7,495 10,440 32,211 31,126 62,921 58,146 14,540 15,

136 , , ,422 99, , , ,998 69, (a) (i) 1,324 (ii) 5,744 3,784 (iii) 7,124 7,349 (i) (ii) (iii) 135

137 38. (b) (i) (ii) 35,500,00044,900,000 14A 20,000,00025,300,000 30,000,00037,900,000 50,000,00063,200,000 14A (iii) 63,300,00080,000,000 75,900,00095,900,000 90,900, ,900,000 14A 37,158,000 38,625,

138 38. (b) (iv) (v) (vi) 12,900,000 16,300,000 15,300,00019,300,000 18,400,000 23,300,000 14A 10,475,0007,362,000 1,500,0001,900,000 2,000,000 2,500,000 2,500,0003,200,000 14A 975, ,000 50% 3,600,0004,500,000 3,840,0004,900,000 4,200,0005,300,000 14A 3,600,000 4,500,000 3,784,000 38(a) 137

139 38. (b) (vii) ,000,000 12,600,000 14A 3,883,000 (viii) 4 900,000 1,100,000 14A 429,000 (ix) (x) 4,500,000 5,700,000 14A 3,477,000 14,200,000 17,900,000 15,800,000 20,000,000 17,300,000 21,900,000 14A 9,894,

140 38. (b) (xi) 800,000 1,000,000 1,200,000 1,500,000 1,600,000 2,000,000 14A (xii) 4,000,000 5,100,000 5,000,000 6,300,000 6,000,000 7,600,000 14A 1,174,000 (xiii) 40,000,000 50,500,000 56,000,000 70,800,000 78,400,000 99,100,000 14A 22,501,

141 38. (b) (xiv) 2,000,000 2,500,000 3,000,000 3,800,000 4,000,000 5,100,000 14A 602,000 (xv) 3,300,000 4,200,000 4,000,000 5,100,000 4,800,000 6,100,000 14A 3,448,000 (xvi) 10,000,000 12,600,000 13,000,000 16,400,000 16,900,000 21,400,000 14A 1,427,

142 38. (b) (xvii) 10,000,000 12,600,000 13,000,000 16,400,000 16,900,000 21,400,000 14A (xviii) 156,000, ,100, ,800, ,300, ,000, ,200,000 14A 153,941,000 (xix) 20,000,000 25,300,000 26,000,000 32,900,000 33,800,000 42,700,000 14A 11,523,

143 38. (b) (xx) 9,600,000 12,100,000 11,600,000 14,700,000 15,000,000 19,000,000 14A 3,950,000 3,719,000 (xxi) 2,000,000 2,500,000 2,600,000 3,300,000 3,500,000 4,400,000 14A 1,966,000 (xxii) 99 1,200,000 1,440,000 1,800,000 14A 1,200, ,000 38(a) 142

144 38. (b) (xxiii) 32,300,000 40,800,000 36,500,000 46,100,000 39,600,000 50,000,000 14A 22,009,000 (xxiv) 6,000,000 7,600,000 14A 7,124,000 7,349,000 38(a) (xxv) Validated Profits LimitedValidated Profits (a) Validated ProfitsValidated Profits 7.5% (b) 2.5% 293,539,000253,813, ,700,000,0005% 143

145 38. (b) (xxvi) (a) 51% 33.6% 293,000,000 (b)super Demand 48% 24% (c) Super Demand 45% (b) (c) 293,000,000 (a)(b) (c) (c) 33,959,0001,123,000 18,050,000 1,019,000 (d) 8 75,861 84,942 1,273 1,190 77,134 86,

146 , , , ,563 1,889,661 1,889, , ,343 18,050 18,050 4,468,333 4,468, ,671 6,592, ,563 7,547, , , , ,747 1,582,998 1,582, , ,015 1,019 1,019 2,981,343 2,981, ,682 4,700, ,747 4,981,

147 , ,671 87,215 87,215 29,457 29,457 1,742,854 1,742, , , ,671 2,519,969 87,215 3,136, , ,705 23,278 23,278 21,017 21, , , , , ,705 1,612,365 23,278 1,770,

148 , , , ,766 15,489 6,025 1,723,784 74,153 1,287,000 33,959 1, , , ,142, ,045 1,928, , , , , , , , , ,747 1,889,661 1,582,998 1,889,661 1,582, , , , ,015 18,050 1,019 18,050 1,019 4,468,333 2,981,343 4,468,333 2,981,343 7,547,621 4,981,804 7,547,621 4,981, , , , , , , , ,766 1,723,784 74,153 1,723,784 74,153 33,959 1,123 33,959 1,123 3,142, ,045 3,142, ,

149 , , , ,705 87,215 23,278 87,215 23,278 29,457 21,017 29,457 21,017 1,742, ,011 1,742, , , , , ,337 3,136,855 1,770,348 3,136,855 1,770,348 15,489 6,025 15,489 6,025 1,287,000 1,287, , , , ,246 1,928, ,271 1,928, ,

150 , , , ,

151 , , , ,

152 (6,435) (6,435) (50) (50) 6,435 6, (50) 151

153 41. % 5 213,536 (5) (213,536) 5 175,206 (5) (175,206) 152

154 , ,903 58,382 7, , , , ,626 14, , , ,408 1,288,597 1,723,784 33,959 33, ,337 1,134, ,416 1,310,800 3,142, , ,250 41,857 3, , , , ,705 11, ,766 20,714 53,439 74,153 1,123 1, , , ,001 14, ,

155 41. 15,489 15,489 1,287,000 1,287, , , ,639 1,287,000 1,928,639 6,025 6, , , , ,

156 41. 1% 497,871 4,979/(4,979) 4,979/(4,979) 31, /(318) 318/(318) 134,705 1,347/(1,347) 1,347/(1,347) 3,977 40/(40) 40/(40) 155

157 42. Karolinska Development AB 22,858,294 22,728,000150,000,000149,145,000 NASDAQ OMX Karolinska Development AB100,000,00099,000,

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