bioMérieux - 2012 Financial Results

  bioMérieux - 2012 Financial Results

2012 performance: objectives met

  *Sales up 6.8% at constant exchange rates
  *€260 million in operating income before non-recurring items
  *€134 million in free cash flow
  *Robust international expansion, particularly in emerging markets, whose
    sales grew 17% on an organic basis and represented 29% of consolidated
    revenue

Reinforced strategic focus on key areas of specialization:

  *Clinical microbiology
  *Industrial applications
  *High medical value immunoassays
  *Competitiveness led by innovation, with three major market launches in
    2013

Business Wire

MARCY L'ETOILE, France -- March 13, 2013

Regulatory News:

The Board of Directors of bioMérieux (Paris:BIM), a world leader in the field
of in vitro diagnostics, met yesterday and approved the consolidated financial
statements for the year ended December 31, 2012. The meeting was chaired by
Jean-Luc Belingard and attended by the Statutory Auditors, who have audited
the financial statements and will issue an unqualified opinion in the coming
days.

Consolidated Data                                             % Change
                                             2012   2011  
In € millions                                                 As reported
Sales                                        1,570  1,427  +10.0%
Gross profit                                  814     761     +7.0%
Operating income before non-recurring items   260     258     +1.1%
Operating income ^ (1)                        235     245     -4.2%
Net income of consolidated companies ^(1)     134     161     -16.4%
EBITDA ^(2)                                   355     343     +3.5%
Free cash flow ^(3)                          134    118    +13.6%

^(1) After non-recurring items primarily concerning bioTheranostics
^(2) Operating income before non-recurring items, depreciation and
amortization
^(3) Before financial investments and dividends

“In a challenging economic environment, bioMérieux delivered commercial and
financial performance in line with the objectives set early in 2012,” said
Jean-Luc Belingard, Chairman and Chief Executive Officer.  “Sales increased by
6.8% at constant exchange rates, while operating income before non-recurring
items reached €260 million.  These results attest to our competitiveness and
to the validity of our strategic positioning as a leader in clinical and
industrial microbiology, and as a differentiated player in the fields of
immunoassays and molecular biology. In 2013, we will launch three innovative
systems and pursue our international deployment. In addition, in today’s
rapidly changing scientific, technological and economic environment, we will
reinforce the focus of our business on our key areas of specialization.”

2012 OPERATING HIGHLIGHTS

Commercial offer

bioMérieux introduced 19 new products, which enhanced the following lines in
particular:

  *In clinical microbiology, the mass spectrometry range for the
    identification of bacteria and yeast:

       *For industrial customers, bioMérieux launched a specialized version
         of the VITEK^® MS solution compliant with the traceability standards
         in Title 21 CFR Part 11 of the American Code of Federal Regulations.

       *It also brought to market VITEK^® MS Plus, which enables VITEK^® MS
         customers to extend their use of mass spectrometry beyond routine
         identification, for conducting research or building a proprietary
         database.

       *In December 2012, the Company submitted a de novo petition / 510(k)
         to the U.S. Food and Drug Administration (FDA) in order to obtain
         clearance for its VITEK^® MS system.

  *FMLA^® (full microbiology lab automation) range: bioMérieux launched the
    third version of Myla^®. This middleware helps to optimize microbiology
    laboratory workflows and consolidate data, converting them into quickly
    actionable information for treatment decisions. The third version offers
    important new features for clinical laboratories, especially for blood
    culture testing. It may also be used in industrial applications.
  *In immunoassays, the VIDAS^® range:

       *The Company presented VIDAS^®3, the new generation VIDAS^®, at the
         Journées Internationales de Biologie congress in November in Paris.
       *In late March, LNE/G-MED, the French notified body, CE-marked the
         VIDAS^® ANTI-HCV test for the diagnosis of hepatitis C, a serious
         inflammation of the liver caused by the hepatitis C virus (HCV).
       *In August, bioMérieux received FDA 510(k) clearance to market the
         VIDAS^® D-Dimer Exclusion™ II assay in the U.S., which, when used in
         conjunction with a clinical pretest probability (PTP) scoring,
         excludes deep vein thrombosis (DVT) and pulmonary embolism (PE)
         disease in outpatients
         in 20 minutes.
       *In December, VIDAS^® Galectin-3 was CE-marked. This new high medical
         value reagent extends the VIDAS^® cardiovascular disease test menu.
         Galectin-3 is an innovative marker for chronic heart failure.

Innovation

As part of its 2012-2015 roadmap, the Company has decided to anchor its
growth even more fully in the launch of innovative solutions, helping to
reinforce the medical value of diagnostics or improve laboratory workflow.

  *As part of this process, Dr. Mark Miller joined the Company in October in
    the newly created role of Chief Medical Officer, in order to enhance the
    medical content of bioMérieux’s solutions and to help guide its
    technological and scientific choices, notably in microbiology. A member of
    the Management Committee, Dr. Miller also heads the Biomarkers department,
    Clinical Affairs group and Medical Affairs group.
  *At the end of July, bioMérieux filed for U.S. FDA Pre-Market Approval
    (PMA) for a molecular theranostic test to detect BRAF V600 (V600E and
    V600K) gene mutations found in several cancers, including melanoma. The
    test will be used to assist oncologists in choosing the appropriate
    treatment for patients with metastatic melanoma. bioMérieux and GSK have
    been working together in this field as part of their collaboration
    agreement signed in May 2010.
  *Throughout the year, the Company continued to develop its new platforms,
    which will result in the 2013 launch of three innovative systems:

       *In the second quarter, the incubator incorporating imaging
         technologies will be presented to European laboratories.
       *In the third quarter, VIDAS^® 3, the new generation VIDAS^®, will be
         brought to market.
       *In the fourth quarter, the new automated blood culture system will be
         launched in Europe.

  *2014 will see the market launch of the fully-automated molecular biology
    system being developed with Biocartis. bioMérieux will primarily target
    infectious disease diagnostics with this system.

Strategic partnerships

In line with its 2012 - 2015 roadmap, the Company signed a number of strategic
agreements during the year.

  *In late July 2012, a 60% interest was acquired in India’s RAS Lifesciences
    Pvt. Ltd (RAS) for €1.6 million. Based in Hyderabad, RAS is a privately
    held start-up specialized in molecular diagnostics and does not yet have
    significant sales. RAS’s expertise and range of reagents, which are
    intended primarily for the diagnosis of infectious diseases, will enable
    bioMérieux to commercialize a menu of molecular diagnostic tests primarily
    in India and, over the medium term, in emerging markets.
  *In October, bioMérieux and Thermo Fisher Scientific Inc. announced they
    had renewed their partnership agreement for Procalcitonin (PCT) biomarker
    testing using Thermo Fisher’s PCT product on bioMérieux’s VIDAS^®, mini
    VIDAS^® and VIDAS^® 3 immunoassay platforms. The PCT biomarker test is the
    gold standard for the early detection of sepsis in critically ill
    patients. Broader availability of PCT testing for diagnosing sepsis will
    lead to improved hospital management and patient care.
  *In October, bioMérieux signed a Letter of Intent with the Genome Institute
    at Washington University (Saint Louis, Missouri - U.S.) in the field of
    microbial genetic sequencing. The partnership, which will be implemented
    through a joint strategic research collaboration, aims at building a
    unique and unparalleled database, linking pathogen sequences to their
    phenotypic characteristics (identification, virulence, resistance) in
    order to forge new actionable knowledge in microbiology for labs,
    clinicians and researchers.
  *In November, bioMérieux and the American company, Quanterix, announced
    that they had entered into a strategic agreement that gives bioMérieux
    worldwide exclusive rights to Quanterix’s Simoa™ ultrasensitive
    immunoassay technology in clinical laboratories and for industrial
    applications. Under the agreement, Quanterix will deliver a new instrument
    and consumables based on its Simoa™ technology and bioMérieux will develop
    ultrasensitive and multiplex assays on the platform. bioMérieux also took
    an equity stake in Quanterix.

Operational initiatives

  *The process of integrating AES and ARGENE was a priority for 2012. In
    particular, during the year, the sales teams were coordinated, the
    distribution channels were merged and the product offerings were aligned.
  *bioMérieux strengthened its international sales network with the creation
    of two new commercial subsidiaries in Malaysia and Vietnam, bringing the
    number of commercial subsidiaries to 41 worldwide.
  *Production sites

       *On August 23, 2012, the FDA sent a Warning Letter to bioMérieux
         following its inspection of the Durham, NC plant, conducted in the
         first quarter. The letter notified seven points related to the
         Quality System, which the Company is committed to resolving quickly.
       *As part of the ongoing plan to optimize the production base,
         manufacturing of culture media at the Basingstoke, UK plant will be
         terminated in 2013. The leased facility employs eight people.
       *bioMérieux has initiated a project to outsource and consolidate
         reagent distribution in the United States. The new organization
         concerns the product storage and reagent order preparation and
         shipping activities currently conducted at the Durham, NC, Saint
         Louis, MO and Lombard, IL facilities. It will gradually come on
         stream in 2013.

  *Following its continued deployment throughout 2012, the global ERP system
    was up and running in 14 subsidiaries by year-end.

FINANCIAL RESULTS

Sales^*

Net sales for the year ended December 31, 2012 amounted to €1,570 million, up
10% as reported from €1,427 million in the previous year. The increase
reflected a 6.8% gain at constant exchange rates, of which 3.7% excluding
changes in the business base (primarily the acquisitions of AES and ARGENE and
the divestiture of Dima Diagnostika).

Analysis of Sales
                                                             In %   
In € millions
Sales - Twelve months ended December 31, 2011          1,427 
Currency effect                                         +46     +3.2%
Organic growth (at constant exchange rates and          +53     +3.7%
comparable business base)                                                +6.8%
Changes in business base                               +44    +3.1%
Sales - Twelve months ended December 31, 2012          1,570  +10.0%

  *Sales growth varied by region during the year, with a sharp 17% increase
    in the emerging markets validating the Group’s geographic expansion
    strategy.

                  Twelve         Twelve Months                 % Change
Sales by Region   Months         Ended           % Change      At constant
                 Ended         December 31,   As reported  exchange rates
In € millions     December 31,   2011                          & comparable
                  2012                                         business base
Europe ^(1)      807           756            +6.8%        +1.0%
North America     345            320             +7.8%         -0.4%
Asia-Pacific      283            225             +25.7%        +17.1%
Latin America    135           126            +6.6%        +6.6%
TOTAL            1,570         1,427          +10.0%       +3.7%

^(1) Including the Middle East and Africa

  *By technology, growth was robust in clinical and industrial microbiology,
    two markets where bioMérieux holds leadership positions and generates more
    than 70% of consolidated sales.

Sales by            Twelve         Twelve                    % Change
Technology          Months         Months      % Change      At constant
                   Ended         Ended      As reported  exchange rates &
In € millions       December 31,   December                  comparable
                    2012           31, 2011                  business base
Clinical           1,251         1,177      +6.2%        +2.9%
Applications
Microbiology        801            737         +8.6%         +4.5%
Immunoassays ^(1)   362            355         +2.0%         +1.3%
Molecular Biology   73             69          +5.8%         -4.1%
Other Lines         15             16          -7.1%         -7.7%
Industrial         319           250        +27.7%       +7.6%
Applications
TOTAL              1,570         1,427      +10.0%       +3.7%

^(1) Including VIDAS^®: up 3.6%, on an organic basis

* The full 2012 business review may be found at www.biomerieux-finance.com

Consolidated income statement

  *Gross profit rose by 7% to €814 million, led by the increase in sales and
    the favorable currency effect. However, the growing sales contribution
    from operations in emerging markets weighed on average selling prices and
    increased shipping costs. In addition, acquisition accounting entries
    concerning AES and ARGENE represented a €6 million expense in 2012.
    Expressed as a percentage of sales, gross margin ended the year at 51.9%,
    versus 53.3% in 2011, primarily as a result of the currency effect, the
    increasing weight of emerging markets in the consolidated sales mix and
    the consolidation of AES and ARGENE.
  *Selling, general and administrative expenses amounted to €409 million, or
    26.1% of sales. Even though the Company was preparing for the market
    launch of three innovative instruments in 2013, this percentage was
    virtually unchanged from 2011, attesting to the very strict operating cost
    discipline maintained over the year.
  *Representing nearly 11% of sales, research and development expenses stood
    at €169 million for the year. They were up by nearly 8% at constant
    exchange rates and scope of consolidation, reflecting the stepped-up
    investment in the product development pipeline.
  *Research tax credits came to almost €18 million, up €4 million.
  *Royalties from the patent portfolio stood at €6.1 million.

As a result of the above, operating income before non-recurring items^*
reached €260 million, in line with the objective set a year ago, and
represented 16.6% of sales. The margin was adversely impacted by the currency
effect on sales; otherwise, it would have stood at 17.1% for the year.

  *Other non-recurring income and expenses represented a net expense of €25.4
    million. This included a €21million impairment loss recognized on
    bioTheranostics, to reflect the valuations currently used in capital
    operations in this field. bioMérieux has decided to seek new partners to
    revitalize bioTheranostics’ development (see the section on subsequent
    events). In 2012, this company’s results reduced consolidated operating
    income before non-recurring items by €8 million.
    In 2011, net non-recurring operating expense amounted to €12.2 million,
    and primarily comprised an additional €6.1million depreciation allowance
    for Greek public receivables and the €3.8 million cost of acquiring AES
    and ARGENE.

After these non-recurring operating items, operating income came in at €235
million, versus €245 million the year before.

  *Net financial expense amounted to €11.3million, including the
    €6.4million cost of net debt and €4.9 million in other financial expense.
    The €2 million increase in cost of net debt was attributable to the growth
    in the Group’s average net debt following the July 2011 acquisitions and
    the costs incurred in setting up the new €350 million line of credit in
    April 2012. Other financial expense included the depreciation of the Knome
    shares.
  *Income tax expense amounted to €89.4 million for the year. No tax
    deductions were recognized on the impairment loss booked on
    bioTheranostics goodwill and the depreciation allowance of Knome shares,
    with the result that the effective tax rate stood at 40% of pretax income.
    Adjusted for these items, it would have come to 35.6%, affected by the
    greater impact of loss-making companies. In 2011, income tax expense
    represented 32.5% of pretax income.

Net income amounted to €134 million or 8.5% of consolidated sales, for
earnings per share (Group share) of €3.41 for the year.

* Operating income before “material, extraordinary and non-recurring items”,
which are included in “other non-recurring operating income and expenses”

Consolidated cash flow statement

  *EBITDA^* rose by €12 million to €355million, primarily on the increase in
    operating depreciation and amortization expense.

       *Operating working capital requirement rose by €26 million over the
         period, which was much less than the €50 million increase in 2011,
         mainly due to the €35 million in payments received on past-due
         public-sector receivables in Spain and Portugal in June and July
         2012. As a result, bioMérieux’s net receivables due from
         public-sector customers in Southern Europe totaled €75 million
         at December 31, 2012, versus €100 million a year earlier. Operating
         working capital ended the year
         at 24.7% of sales, compared with 26.1% at December 31, 2011.
       *Capital expenditure totaled €131 million for the year, of which €98
         million was industrial capital expenditure, compared with,
         respectively, €108 million and €74 million in 2011 (excluding the
         impact of the change in payables to suppliers of fixed assets).
         Industrial capital expenditure primarily concerned production line
         commissionings and upgrades, as well as the acquisition, construction
         and extension of industrial and R&D buildings. In addition, the
         global ERP system project continued over the year. In all, capital
         expenditure amounted to 8.4% of sales for the year.

  *Based on the above, free cash flow before dividends and acquisitions of
    equity interests amounted to €134 million, compared with €118 million in
    2011.

       *In 2012, acquisitions of equity interests (primarily in Quanterix and
         RAS) amounted to €12 million, whereas in 2011, a total of €233
         million was spent on acquisitions and financial investments (mainly
         AES and ARGENE).
       *In addition, a total of €38.7 million (€0.98 per share) was paid out
         in dividends in June 2012.

  *Net debt amounted to €48 million at December 31, 2012, versus €131 million
    a year earlier.

* Operating income before non-recurring items, depreciation and amortization

Other information

  *Human resources
    As of December 31, 2012, the Company had 7,285 full-time-equivalent
    employees, including 27 at RAS. The Company had 7,077 employees at
    December 31, 2011, based on the same method of calculation.
  *Installed base
    The installed base comprised around 69,400 instruments at December 31,
    2012, an increase of 4,600 new instruments over the year.

DIVIDEND

The Board of Directors will recommend that shareholders at the Annual Meeting
on May 29^th approve a dividend of €0.98 per share, unchanged from the
dividend paid in 2012 and 2011. It represents a total payout of €38.7 million,
and will be paid June 7^th.

SUBSEQUENT EVENTS

  *Partnership with Philips in automated Point-of-Care

Since January 2010, Philips and bioMérieux have been collaborating to jointly
develop fully automated handheld diagnostic testing solutions for hospital use
that can be deployed at the point-of-care - i.e. close to the patient. Given
the challenges encountered in developing Troponin solutions delivering
comparable performance to central laboratory analyzers, both partners decided
in March 2013 to jointly reevaluate the conditions of the collaboration.

  *Personalized medicine and bioTheranostics (San Diego, California - U.S.)

In September 2008, bioMérieux acquired all outstanding shares of
bioTheranostics. This  company develops molecular-based tests that are used to
characterize metastatic cancers and help physicians choose the most effective
treatment strategy. It runs these tests in its CLIA service lab^*. Since
September2008, and despite a tighter regulatory environment, bioTheranostics
has made much scientific and commercial progress. In particular, at the 2012
annual meeting of the American Society of Clinical Oncology (ASCO) in June, it
presented a prospective study showing significantly improved survival rates of
patients with cancers of unknown origin and whose treatment is driven by the
results of the company’s CancerTYPE ID^® test. It also announced that it has
expanded its PRECIS^SM offering, which helps to predict and track how
metastatic tumors respond to treatment. However, these advances have not yet
enabled the company to break even financially and major new investments will
be needed to step up its growth.

In response, and to avoid compromising its other R&D projects, bioMérieux has
decided to seek outside partners. An impairment charge in an amount of €21
million has been recognized in non-recurring items at December 31, 2012, based
on the valuations currently used in capital operations in this field.

This transaction will offer bioTheranostics the opportunity to accelerate its
development thanks to new financing. It will also enable bioMérieux to refocus
even more sharply on infectious disease diagnostics, its core strategic field,
while retaining its IVD rights in personalized medicine biomarkers resulting
from bioTheranotics’ developments.

  *The Durham plant (North Carolina - U.S.)

This winter’s severe flu epidemic in multiple countries, particularly in the
United States, has created a significant surge in demand for BacT/ALERT^®
blood culture bottles. At the same time, the manufacturing of blood culture
bottles has been affected by the implementation of a new production line at
the Durham, NC plant. In this context, production is not keeping up with
customer orders. A return to satisfactory levels of supply is expected early
in the second-half of 2013. Blood culture reagents represent around 12% of
consolidated sales. bioMérieux is working closely with customers and taking
every necessary step to remedy this temporary situation.

^* CLIA - Clinical Laboratory Improvement Amendments

2013 OBJECTIVES

In 2013, an investment year, the Company will continue to implement its 2012 -
2015 roadmap.

It will bring to market three innovative new instruments, intensify the
commercial development of its bioMérieux Performance Solutions™ services and
step up its international expansion, primarily in emerging markets. It will
also pursue its investments in innovation, in particular to ensure the success
of the 2013 market launches. It will continue to develop new systems aimed at
enhancing the medical value of diagnostics and optimizing laboratory workflow.
It will also undertake ambitious new development programs, especially in the
field of ultrasensitive immunoassays. At the same time, it will pursue its
major operational initiatives, including the installation of the global ERP
system in new Group companies.

In this context, bioMérieux confirms its objective of delivering sales growth
of between 3% and 5% for the year, at constant exchange rates and scope of
consolidation. The second half should see the gradual ramp-up of the three new
2013 platforms with, in particular, the market roll-out of VIDAS^® 3 beginning
in July.

In addition, the Company’s target for operating income before non-recurring
items stands at between €255 million and €270 million for the year. This
objective includes the R&D investments and marketing action plans needed to
support the launch of innovative new diagnostic platforms and takes into
account the situation for BacT/ALERT^® blood culture bottle production.

INVESTOR CALENDAR

First-quarter 2013 sales: April 23, 2013 - before start of trading
Annual Meeting of Shareholders: May 29, 2013

The above forward-looking statements are based, entirely or partially, on
assessments or judgments that may change or be modified, due to uncertainties
and risks related to the Company's economic, financial, regulatory and
competitive environment, notably those described in the 2011 Registration
Document. Accordingly, the Company cannot give any assurance nor make any
representation as to whether the objectives will be met. The Company does not
undertake to update or otherwise revise any forecasts or objectives presented
herein, except in compliance with the disclosure obligations applicable to
companies whose shares are listed on a stock exchange.

ABOUT BIOMERIEUX

Pioneering Diagnostics

A world leader in the field of in vitro diagnostics for 50 years, bioMérieux
is present in more than 160 countries through 41 subsidiaries and a large
network of distributors. In 2012, revenues reached €1,570 million with 87% of
sales outside of France.

bioMérieux provides diagnostic solutions (reagents, instruments, software)
which determine the source of disease and contamination to improve patient
health and ensure consumer safety. Its products are used for diagnosing
infectious diseases and providing high medical value results for cancer
screening and monitoring and cardiovascular emergencies. They are also used
for detecting microorganisms in agri-food, pharmaceutical and cosmetic
products.

bioMérieux is listed on the NYSE Euronext Paris market (Symbol: BIM– ISIN:
FR0010096479).
Corporate website: www.biomerieux.com. Investor website:
www.biomerieux-finance.com.

bioMérieux
CONSOLIDATED INCOME STATEMENT
                                                      
                                                                  
                                                                  
In millions of euros                        2012          2011
                                                            
Net Sales                                   1 569,8    1 427,2 
Cost of sales                               -755,6     -666,1  
Gross profit                                814,2      761,1   
Other operating income                      23,9       20,7    
Selling and marketing expenses              -294,7        -264,5
General and administrative expenses         -114,3        -107,6
Research and development expenses           -168,7        -152,1
Total operating expenses                    -577,7     -524,2  
Operating income before non-recurring items 260,4      257,6   
Other non-recurring income (expenses)       -25,4      -12,2   
Operating income                            235,0      245,3   
Cost of net financial debt                  -6,4          -4,4
Other financial items                       -4,9          -3,3
Income tax                                  -89,4      -77,2   
Net income of consolidated companies        134,2      160,5   
Attributable to the minority interests      -0,1          2,3
Attributable to the parent company          134,4      158,2   
                                                            
Basic net income per share                  3,41    €   4,01    €
Diluted net income per share                3,41    €   4,01    €

bioMérieux                                                 
CONSOLIDATED BALANCE SHEET
                                                          
                                                               
ASSETS                                          NET            NET
In millions of euros                            12/31/2012     12/31/2011
                                                          
                                                               
NON-CURRENT ASSETS
                                                               
. Intangible assets                             157,0          184,4
. Goodwill                                      313,1          334,3
. Property, plant and equipment                 386,7          367,0
. Financial assets                              34,7           26,9
. Other non-current assets                      29,6           31,5
. Deferred tax assets                           21,0           28,2
                                                               
TOTAL                                           942,2          972,2
                                                               
CURRENT ASSETS
                                                               
. Inventories and work in progress              245,9          217,1
. Accounts receivable                           433,4          447,1
. Other operating receivables                   71,2           50,4
. Tax receivable                                20,7           19,6
. Non-operating receivables                     8,4            1,0
. Cash and cash equivalents                     65,6           42,7
                                                               
TOTAL                                           845,4          777,9
                                                               
. Assets held for sale                          45,7           12,0
                                                
TOTAL ASSETS                                    1.833,2        1.762,2
                                                          
                                                               
LIABILITIES AND SHAREHOLDERS' EQUITY            12/31/2012     12/31/2011
                                                          
                                                               
SHAREHOLDERS' EQUITY
                                                               
. Share capital                                 12,0           12,0
. Additional paid-in capital & Reserves         1.047,1        925,1
. Net income for the year                       134,4          158,2
                                                               
TOTAL EQUITY BEFORE MINORITY INTERESTS          1.193,4        1.095,4
                                                               
MINORITY INTERESTS                              6.8            8.1
                                                               
TOTAL SHAREHOLDERS' EQUITY                      1.200,2        1.103,4
                                                               
NON-CURRENT LIABILITIES
                                                               
. Net financial debt - long-term                9,8            12,6
. Deferred tax liabilities                      46,3           41,2
. Provisions                                    42,2           33,2
                                                               
TOTAL                                           98,3           87,0
                                                               
CURRENT LIABILITIES
                                                               
. Net financial debt - short-term               104,2          161,3
. Provisions                                    11,0           14,0
. Accounts payable                              145,1          142,6
. Other operating liabilities                   217,5          198,9
. Tax liabilities                               20,2           27,3
. Non-operating liabilities                     23,8           27,7
                                                               
TOTAL                                           521,8          571,8
                                                               
. Liabilities related to assets held for sale   13,0           0,0
                                                               
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY     1.833,2      1.762,2

bioMérieux
                                                                   
CONSOLIDATED CASHFLOW STATEMENT
In millions euros                                          2012     2011
Net income of consolidated companies                        134,2    160,5
Adjustements
- Cost of net financial debt                                 6,4        4,4
- Other financial items                                      4,9        3,3
- Current income tax expense                                 89,4       77,2
- Operating depreciation and provisions on assets            94,4       85,3
- Non-recurring items                                        25,4       12,2
EBITDA (before non-recurring items)                          354,8      342,8
Other non current operating gains/losses
                                                             -2,9       -11,2
(w/o exceptionnal depreciations and capital gains/losses)
Other financial items
                                                             -0,5       -0,2
(w/o accruals & disposal of financial assets)
Operating provisions for contingencies                       8,0        -0,7
Change in fair value of financial instruments                -0,4       0,3
Share-based payments                                         -2,5       2,0
Elimination of other gains and losses without any impact     1,7        -9,9
on cash or operations
Increase in inventories                                      -32,0      -18,5
Change in requirements in accounts receivable                6,5        -29,2
Decrease in accounts payable                                 6,0        -0,1
Change in other operating working capital                    -6,7       -1,0
Increase in operating working capital                        -26,2      -48,8
Income tax paid                                              -76,2      -65,7
Other non operating working capital                          3,0        0,8
Change in non-current assets                                 1,4        -2,5
Other cashflows from operations                              -98,0      -116,2
                                                                  
Net cash flow from operations                              258,5    216,6
                                                                        
Purchase of property, plant and equipment                    -127,4     -102,1
Proceeds on fixed asset disposals                            8,2        6,7
Purchase of financial assets / Disposals of financial        -12,9      -3,7
assets
Impact of changes in the scope of consolidation              1,7        -226,1
                                                                  
Net cash flow from (used in) investment activities         -130,4   -325,2
                                                                        
Purchases and proceeds of treasury stocks                    0,8        -2,8
Dividends to shareholders                                    -38,7      -38,7
Dividends to minority interests                              -0,5       0,0
Cost of net financial debt                                   -6,4       -4,4
Change in confirmed financial debt                           -11,4      102,1
                                                                  
Net cash flow from (used in) financing activities          -56,2    56,2
                                                                  
NET CHANGE IN CASH AND CASH EQUIVALENTS                    71,9     -52,4
                                                                  
ANALYSIS OF NET CHANGE IN CASH AND CASH EQUIVALENTS
Net cash and cash equivalents at the beginning of the        -19,2      34,0
year
Impact of currency changes on net cash and cash              -0,2       -0,9
equivalents
Net change in cash and cash equivalents                    71,9     -52,3
Net cash and cash equivalents at the end of the year       52,5     -19,2

Contact:

Investor Relations
bioMérieux
Isabelle Tongio, Tel: + 33 4 78 87 22 37
investor.relations@biomerieux.com
or
Media Relations
bioMérieux
Koren Wolman-Tardy, Tel: + 33 4 78 87 20 08
media@biomerieux.com
or
Aurore Sergeant, Tel: + 33 4 78 87 51 97
media@biomerieux.com
or
Image Sept
Claire Doligez, Tel: + 33 1 53 70 74 48
cdoligez@image7.fr
or
Laurence Heilbronn, Tel: + 33 1 53 70 74 64
lheilbronn@image7.fr
 
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