MPH Health Care

Quarterly Report • Sep 4, 2014

HAL F -YEAR REPORT 2014

MPH Group Data Overview

(Accounting under IFRS):

MPH Group

in EUR	01.01. - 30.06.2014	01.01. - 30.06.2013
Sales	117,576,233.34	112,384,491.17
Net profit	4,549,523.17	4,231,557.56
	30.06.2014	30.06.2013
Balance sheet sum	147,151,480.06	129,697,972.14
Equity	89,899,042.52	79,062,651.45

	2014 in EUR	2013 in EUR
Increase in equity 1st half-year	10,705,183.52	11,703,075.18
ͧ Profit and loss-neutral increase of equity 1st half-year	6,155,660.35	7,471,517.62
ͧ Net profit 1st half-year	4,549,523.17	4,231,557.56

Content

f Letter to the Shareholders	2
f Group interim management report	3
1. Company profile	4
2. Economic environment	5
General global economy	5
Economic situation in Germany	6
The German healthcare market	7
3. Economic situation	8
Financial status and results	8
4. Outlook	9
5. Significant events	10
f Group interim financial statements	11
Group balance sheet - Assets	12
Group balance sheet - Liabilities	13
Group profit and loss summary account	14
Group cash flow statement Group assets development	15 16
f Condensed notes	18
f Further information	21
Information about the members of the company bodies	22
The share	23
Glossary	24
Sources	25
Imprint	26

1

Patrick Brenske Management Board

Dr. Christian Pahl Management Board

Dear Shareholders, Ladies and Gentlemen

In the first half of 2014 MPH Group achieved sales of 117.6 million Euro (prior-year period: 112.4 million Euro) and thus an increase of 4.6 % compared to the same period of the previous year. Net income amounted to 4.5 million Euro (prior-year period: 4.2 million Euro), which corresponds to a growth of 7.5 % in comparison with the prior-year period.

Equity of MPH Group increased by 10.7 million Euro to 89.9 million Euro in the first six months. The net profit of 4.5 million Euro presents a part of our success. The negative capital reserve was reduced by more than 3 million Euro by the sale of MPH shares.

The profit resulting from the sales of shares of companies included in the consolidation is not reported in the consolidated profit and loss summary account of the MPH Group in accordance with the rules of IFRS. Pursuant to IFRS rules, the profit from the sales has to be recognised directly in equity. This contributes as well to the growth of equity.

We thank our employees and colleagues for their commitment in the first half of 2014. Their performance makes the permanent further development of the MPH Group possible. Our thanks also go to the supervisory board. In the first half-year of 2014 we have again experienced a constructive cooperation.

We are confident about the further development in the second half of the year.

Group interim management report

f 1. Company profile	4
f 2. Economic environment	5
General global economy	5
Economic situation in Germany	6
The German healthcare market	7
f 3. Economic situation	8
Financial status and results	8
f 4. Outlook	9
f 5. Significant events	10

Group interim management report

1. Company profile

The strategic focus of the Berlin based MPH Mittelständische Pharma Holding AG lies on the growth segments of the healthcare market.

In the market areas for prescription medicine, which are highly regulated by the legislation, the corporate group makes a contribution toward cutting costs in the healthcare system with medicines manufactured on the basis of patent free and patent protected active substances for therapies of chronic diseases.

Furthermore, the MPH Group offers beauty-lifestyle services. This is a high-margin business, which is with regard to the reimbursement not highly regulated by legal conditions. By offering favourable

prices, MPH enables a broad social stratum medical interventions to enhance one's well-being. An increasing body and healthcare awareness and a removal of taboos of the aesthetic medicine argues for a rise of demand.

Through this double competence and the strategic positioning, the group is able to flexibly react to changes in the pharmaceuticals market that might potentially emerge, e.g. through legal measures of regulation.

As a result of the demographic trend, the healthcare market will continue to grow in the coming years. This will open up growth opportunities for our Group.

2. Economic environment

General global economy

At the beginning of this year the world economy expanded with low dynamic. The Kiel Institute for World Economy anticipates a somewhat higher pace of expansion for the second quarter, as a part of the weak development can be attributed to the loss of production due to the adverse weather conditions in the USA.1

Nevertheless, the barriers for strong revival remain high. On the one hand, in the emerging markets financial framework conditions have deteriorated due to capital outflows and renewed turbulences on the financial markets2. On the other hand consolidation processes preclude a sharp increase in demand in the advanced economies.3 As a consequence, economic recovery in the euro zone remained subdued at the beginning of 2014. In the first quarter the gross domestic product in the euro zone only grew moderately with a current annual rate of 0.7 %. The growth was in particular a result of the favourable economic development in Germany, which expanded significantly stronger than in the previous Quarter due to the mild winter. In the rest of the euro zone the economic recovery could consolidate. However, economy in Italy and France stagnated. The Netherlands and Portugal even recorded a decline in output. Thus, the gross domestic product, excluding Germany, decreased slightly.4

The rising expansion of the global economy, predicted for the second quarter, will remain moderate in its fundamental dynamic process and thus susceptible to interferences according to the Institute for World Economy. The further development in the Ukraine represents one risk. While the risks associated with the crisis do not yet noticeable hampered the business activities in the rest of Europe and the political climate between Russia and the NATO seems to have eased at present. A renewed intensification of the situation could have a substantially negative impact on the economy.5

Assuming a gradual easing of the situation in the Ukraine, the Institute for World Economy expects a sustained revival of the global economy in the second half of 2014. The economic growth will increase gradually, particularly in the advanced economies. In contrast, the expansion in the emerging countries is expected to remain moderate.6 All in all, for 2014 the Institute projects an increase in global production by 3.5 %.7

Economic situation in Germany

The German economy continues its recovery. Following a drop in production at the end of 2012, the economic situation revived slowly, due to a only gradual abatement of the tensions on the financial markets in the euro zone. Especially the weak demand in the euro zone and the decreasing demand of the emerging countries damped the export growth within the past years. In view of the strong industrial sector and the sound labour market, the economy proved remarkably resistant against the background of the recent crisis.8

In Germany unemployment fell to the lowest level since unification. Furthermore, wage growth drives the consumer climate.9 Thus, particularly the domestic demand considerably contributes to the growth of the German economy.10 Overall, the gross domestic product (without working-day adjustment) increased by 0.4 % in 2013.11 Due to the mild winter, in the first quarter 2014 the real gross domestic product grew more dynamically with a current annual rate of 0.8 % and thus outstripped the pace of expansion in the previous three quarters.12

As a result of the weak growth dynamic in the euro zone and the related import price decrease inflation remains on a relatively low level.¹³Following a rise of 1.3 % in 2013, the rate of inflation was 0.9 %. As economic growth in the euro zone will remain weak, the Leibniz Institute for Economic Research expects in its recent forecast a rate of price increases of 1.1 % for 2014.14

In the second quarter of 2014, German economy lost considerably momentum. According to the Federal Statistical Office, gross domestic product fell by 0.2 % in comparison to the previous quarter. This weak economic development was partly due to the comparison with the strong first quarter, in which the economy benefited from the mild winter. In addition, the negative net exports and the declining investment spending especially in the building sector adversely effected the economy. In comparison to the same period of the last year, the German economy could nevertheless increase by 0.8 %.15

Source: Federal Statistical Office

The German healthcare market

For the German society health is the most important thing. According to the recent "Value Index 2014", published every two years by the trend researcher Wipermann and the manager of the market research institution TNS Infratest, Krüger, health replaced freedom, that occupied the top position only two years ago.¹⁶

Since the turn of the millennium the expenditures for healthcare in Germany are continuously rising and currently amounting to about 300 billion Euro.17 This is equivalent to 11.3 % of the gross domestic product. Thereby Germany is 2.0 % above the average of the OECD countries.18 This high share of expenditures of the gross domestic product reflects the priority attributed to health by society. Considering the background of the demographical trend, an ageing population and a general increase of healthcare awareness of the society the demand for healthcare services will continue to grow.¹⁹

Of the 11.3 % that the healthcare market has contributed to the gross domestic product in 2013, 8.7 % were publicly financed and 2.6 % were privately financed, whereat the latter is constantly growing for years.20 Due to the considerably saving efforts in the health insurance reimbursed markets, the Hamburgisches Weltwirtschaftinstitut (HWWI, Hamburg Institute for world economy) regards the "second healthcare market" as the market with the greatest growth.²¹

As a consequence, the role of the "second healthcare market" is of steadily increasing importance. By now, more and more people are willing to invest money for a healthier life and an increasing well-being. Thus, in Germany the market volume of the aesthetic medicine has increased sharply, not least because of enormous strides in operation methods and surgery techniques over the last 20 years. Especially quick, simple and cost-effective treatments are increasingly in demand.22 According to a patient survey, regularly conducted by the German Society for Aesthetic Plastic Surgery (DGÄPC), breast augmentations, eyelid lifts and liposuctions were among the most popular treatments in 2013.23

Patients demand above-all for non-invasive and thus gentle options. Hence, medical treatments with botulinum toxin, hyaluronic acid and other agents are more and more popular.24 In 2011 alone, 132.000 facial injections are effected, according to a survey of the German Society of Plastic, Reconstructive and Aesthetic surgery (DGPÄRC) among 885 medical specialists working in Germany.25 The real number of the treatments might be much higher, as on the one hand the participants of the survey do not include all medical specialists in Germany and on the other hand facial injection are offered by other physicians such as alternative practitioner and cosmeticians.26

Even though the figures for Germany are still much lower than in the USA and Latin America, Europe is the second largest market following the USA. Research and Markets (a European market research institute) considers, that within Europe, Germany, France, UK, Italy and Spain will experiencing the highest level of growth in the coming years.27

3. Economic situation

Financial status and results

a. Assets situation of MPH Group (IFRS)

The financial position of the MPH Group is characterised by an increase in stocks of 5,759 kEUR to 37,064 kEUR as of 30.06.2014 and a decrease in trade receivables of 1,224 kEUR to 6,690 kEUR as of 30.06.2014.

Liquid assets declined by 4,903 kEUR to 10,757 kEUR as of 30.06.2014.

b. Financial situation of MPH Group (IFRS)

Our financial position can be designated as being stable. Our financial management is directed to the settlement of liabilities within the payment deadline and to the collection of receivables within the terms of payment.

Our capital structure is good. Equity increased by 10,705 kEUR from 79,149 kEUR (31.12.2013) to 89,899 kEUR (30.06.2014). Equity ratio was 61.1 % (30.06.2014).

c. Earnings situation of MPH Group (IFRS)

The first half of 2014 was successful for the MPH Group. In the first six months the MPH Group achieved sales of 117.6 million Euro (prior-year period: 112.4 million Euro) and thus an increase of 4.6 % compared to the same period of the previous year. Net income amounted to 4.5 million Euro (prior-year period: 4.2 million Euro), which corresponds to a growth of 7.5 % in comparison with the prior-year period.

Our financial position can overall be termed as being good.

4. Outlook

In 2014 and 2015 the global economic expansion is expected to strengthen gradually especially in the advanced economies. Whereas growth in emerging markets remains restrained.28 While the emerging markets will benefit from increased demands from the advanced economies, however several countries will struggle with considerable problems concerning the financial markets.29 Overall, the Institute for Global Economy expects a more dynamic development of the global economy in this and the following year. Therefore, the institute predicts an increase of global production of 3.5 % in 2014 and of 3.9 % in 2015.30

The further prospects for Germany are still subject to considerable risks. Due to the declined demand from the emerging countries, it is expected that the economical upswing now largely depends on the recovery in the euro zone.31 In contrast, private consumption will continue to make the largest contribution to the gross domestic product, as experts of the "Gemeinschaftsdiagnose" project, who regularly analyse the German and global economy on behalf of the Federal Ministry of Economics and Technology, expects continuing employment growth and an increase in disposable income. At a high enduring pace of expansion the gross domestic product is projected to grow by 1.9 % in this year and by 2.0 % in 2015.32

The healthcare market, that has proven to be robust and less crisis-prone even in the financial crisis, will continue to grow in the coming years due to the ageing population, an increased healthcare awareness as well as the technical progress. Thus, the share, the healthcare market contributes to the gross domestic product, is expected to rise to an estimated 13 % and the volume is estimated to increase to 450 bn Euro by the end of the coming decade.33

Within the healthcare market the demand on medical aesthetic services, which are mainly attributable to the "second healthcare market", will continue to rise, due to an increased body and healthcare awareness and a removal of taboos of the aesthetic medicine. In this area, Acredis, an operator of specialised centres for aesthetic surgeries, expects an above average growth especially for the over 60 age group.34

5. Significant events

At the Annual Shareholders' Meeting on June 27, 2014 the conversion of preference shares without voting rights into ordinary shares with voting rights and a corresponding amendment to the articles of association was passed.

Furthermore, a capital increase from company funds to the amount of 1,646,687.00 Euro by issuing new shares in a ratio 25:1 was resolved. The share capital stated in the articles of association has been adjusted accordingly.

Both amendments have already been entered in the Commercial Register. In the third quarter 2014 the conversion in the trading system of Frankfurt Stock Exchange will be carried out.

Group interim financial statements

Group balance sheet - Assets	12
Group balance sheet - Liabilities	13
Group profit and loss summary account	14
Group cash flow statement	15
Group assets development	16

Group balance sheet - Assets

	30.06.2014*	31.12.2013*
	EUR	EUR
Cash	10,757,544.10	5,854,161.20
Trade receivables	6,689,682.88	7,914,078.51
Inventory	37,063,535.51	31,304,959.75
Other financial short-term assets	11,627,520.70	9,524,382.54
Other short-term assets	1,690,934.68	248,654.78
Tax receivables	1,228,474.28	1,120,079.33
Short-term assets	69,057,692.15	55,966,316.11
ͧ Intangible assets	5,709,220.22	6,157,562.01
ͧ Company value	48,197,075.90	48,197,075.90
ͧ Tangible assets	1,651,710.74	1,706,093.35
ͧ Prepayments	135,199.68	133,199.68
ͧ Financial assets	5,758,517.98	2,354,929.46
ͧ Investment properties	16,473,133.73	12,800,000.00
ͧ Other long-term assets	168,245.66	164,650.16
ͧ Deferred tax	684.00	684.00
Long-term assets	78,093,787.91	71,514,194.56

TOTAL ASSETS	147,151,480.06	127,480,510.67

Group balance sheet - Liabilities

	30.06.2014*	31.12.2013*
	EUR	EUR
Accruals	2,629,798.58	2,292,846.57
Bank loan	16,066,518.42	14,776,214.79
Trade payables	7,499,573.47	7,440,677.04
Other financial short-term liabilities	243,142.78	1,360,501.25
Other short-term liabilities	5,622,452.79	1,753,878.64
Short-term liabilities	32,061,486.04	27,624,118.29
Accruals	51,414.64	82,764.47
Bond loan	5,209,300.00	5,209,300.00
Bank loan	16,158,496.02	11,850,000.00
Deferred tax	3,771,740.84	3,520,468.91
Long-term liablities	25,190,951.50	20,662,533.91
Share capital	41,167,155.00	41,167,155.00
Acquired own shares	-4,000.00	-2,069,626.00
	41,163,155.00	39,097,529.00
Capital reserve	4,332,845.00	4,332,845.00
Capital reserve for own shares	-6,148.68	-3,181,363.62
Other revenue reserves	2,567,803.38	1,678,175.00
Revenue reserves	17,905,383.72	19,643,999.60
Equity attributable to equity holders of MPH	65,963,038.42	61,571,184.98
Non-controlling shareholders	23,936,004.10	17,622,674.02
Equity	89,899,042.52	79,193,859.00
TOTAL LIABILITIES	147,151,480.06	127,480,510.67

Group profit and loss summary account

for the period from 1 January to 30 June*

	2014	2013
	EUR	EUR
Sales	117,576,233.34	112,384,491.17
Changes in inventories	905,258.15	3,208.18
Other operating income	2,125,669.47	1,839,335.13
Cost of materials	-106,434,744.99	-101,959,324.98
Labour costs	-3,138,384.05	-2,482,792.31
Depreciation / Amortisation	-896,694.06	-813,596.76
Other operational expenses	-3,896,279.90	-3,292,308.05
EBIT (earnings before interest and tax)	6,241,057.96	5,679,012.38
Interest income	161,513.66	248,372.94
Income from investments	0.00	0.00
Financial investment depreciations	0.00	0.00
Interest expense	-904,432.81	-765,461.48
Financial Result	-742,919.15	-517,088.54
EBT (earnings before tax)	5,498,138.81	5,161,923.84
Income tax	-887,999.14	-928,120.28
Other tax	-60,616.50	-2,246.00
Net profit for the reporting period	4,549,523.17	4,231,557.56

Group cash flow statement

for the period from 1 January to 30 June*

	2014 EUR	2013 EUR
Cash flow from operating activities	-2,830,117.50	-1,702,634.84
Cash flow from investment activities	4,388,273.22	1,131,481.66
Cash flow from financing activities	3,345,227.18	7,127,385.58
Change in cash and cash equivalents due to changes in companies consolidated	0.00	0.00
Cash flow	4,903,382.90	6,556,232.40

Liquid Funds

	4,903,382.90	6,556,232.40
31 December 2013 / 31 December 2012	5,854,161.20	14,571,514.27
30 June 2014 / 30 June 2013	10,757,544.10	21,127,746.67

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as of 30 June 2014*

					Acquisition cost			Cumulative depreciation / amortisation				Book values
	As of	Addition due to	Addition/	Disposal/	As of	As of	Addition due to			As of	As of	As of
	31.12.2013	initial con	Recl.	Recl.	30.06.2014	31.12.2013	initial con	Addition	Disposal	30.06.2014	30.06.2014	31.12.2013
	EUR	solidation	EUR	EUR	EUR	EUR	solidation	EUR	EUR	EUR	EUR	EUR
I. Intangible assets
1. Intangible assets	11,558,483.06	0.00	302,699.98	520.00	11,860,663.04	5,400,921.05	0.00	750,521.77	0.00	6,151,442.82	5,709,220.22	6,157,562.01
2. Company value	48,197,075.90	0.00	0.00	0.00	48,197,075.90	0.00	0.00	0.00	0.00	0.00	48,197,075.90	48,197,075.90
	59,755,558.96	0.00	302,699.98	520.00	60,057,738.94	5,400,921.05	0.00	750,521.77	0.00	6,151,442.82	53,906,296.12	54,354,637.91
II. Fixed assets	2,394,805.16	0.00	134,024.68	48,693.14	2,480,136.70	688,711.81	0.00	146,172.29	6,458.14	828,425.96	1,651,710.74	1,706,093.35
III. Prepayments	133,199.68	0.00	35,000.00	33,000.00	135,199.68	0.00	0.00	0.00	0.00	0.00	135,199.68	133,199.68
IV. Financial assets	1,858,801.80	0.00	4,715,916.74	916,511.15	5,658,207.39	-496,127.66	0.00	0.00	-395,817.07	-100,310.591)	5,758,517.98	2,354,929.46
TOTAL	64,142,365.60	0.00	5,187,641.40	998,724.29	68,331,282.71	5,593,505.20	0.00	896,694.06	-389,358.93	6,879,558.19	61,451,724.52	58,548,860.40

1) Appreciation of existing financial assets. A minus sign shows the appreciation above acquisition costs.

Condensed notes

as of 30.06.2014 (unaudited)

1. General information

The MPH Mittelständische Pharma Holding AG was founded in the business year 2008. The company is registered in the commercial register of the local court Berlin-Charlottenburg under HRB 116425 and has its domicile in Fasanenstraße 77, 10623 Berlin. The MPH Group is a healthcare group.

The condensed consolidated interim financial statements for the period from January 1 to June 30, 2014 of MPH Mittelständische Pharma Holding AG was voluntarily prepared in accordance with the International Financial Reporting Standards (IFRS) of the International Accounting Standards Board (IASB) and interpretations of the International Financial Reporting Interpretations Committee (IF-RIC) taking into consideration IAS 34 "Interim Reporting" as they are to be applied in the European Union. The figures are unaudited.

Concerning the accounting, valuation and consolidation methods as well as the exercise of options included in the IFRS we refer to the consolidated notes of the consolidated financial statements as of December 31, 2013.

2. Basis of consolidation

The basis of consolidation remained unchanged during the reporting period. Please refer to the information provided in the consolidated financial statements as of December 31, 2013.

3. Selected information on the consolidated balance sheet and on the consolidated profit and loss summary account

The liquid assets, amounting to a total of kEUR 10,758 (31.12.2013: kEUR 5,854), comprise mainly bank deposits and are recorded with their nominal values.

The trade receivables, amounting to a total of kEUR 6,690 (31.12.2013: kEUR 7,914), are recognised at amortised cost using the effective interest rate method minus potential impairments.

Under the inventories, which amount to a total of kEUR 37,064 (31.12.2013: kEUR 31,305), finished products are shown, which have been valued at acquisition or production costs. According to IAS 2, all costs which have occurred in relation to the acquisition of the respective inventories have been included. There have not been any costs for debt to be recognized in the balance sheet. IAS 11 is not to be applied.

The other operating expenses, totalling kEUR 3,896 (01.01.-31.12.2013: kEUR 7,556), are spread over multiple positions, like e.g. rent, advertising and travelling expenses, legal and consulting fees etc.

4. Dividend

For the financial year 2013 a dividend of 0.10 Euro on each dividend-bearing ordinary share and a dividend of 0.11 Euro on each dividend-bearing preference share was distributed in 2014.

5. Events after the financial statement date 30.06.2014

No essential events have occurred after the financial statement date until August 28, 2014.

Berlin, August 28, 2014

Patrick Brenske Management Board

Dr. Christian Pahl Management Board

Further information

Information about the members of the company bodies	22
The share	23
Glossary	24
Sources	25
Imprint	26

Information about the members of the company bodies

Board of Directors

Name	Position / authority to act	Profession
Patrick Brenske	Board member	Master of Banking & Finance
(from 23.01.2009)	Authorized to act solely
Dr. Christian Pahl	Board member	Master of Business Administration
(from 17.05.2010)	Together with another board
	member

Supervisory Board

Name	Position / authority to act	Profession
Andrea Grosse	Chairwoman	Lawyer
Prof. Dr. Dr. Sabine Meck	Deputy Chairwoman	University Professor and Science
		Journalist
Dr. Marion Braun	Member	Doctor

The share

Classes of Shares	Ordinary shares and preference shares
Number of ordinary shares	22,142,155
Number of preference shares	19,025,000
Market listed shares	Preference shares
WKN / ISIN	A0NF69 / DE000A0NF697
Stock symbol	93MV
Trading floor	Xetra, Frankfurt
Market segment	Entry Standard (Open Market)
Designated Sponsor, Listing Partner	Close Brothers Seydler Bank AG
Coverage	First Berlin, GBC AG

Glossary

Cash Flow

An economic indicator informing on the liquidity of a company. It represents the increase of liquid funds during a period.

DAX

DAX is the most important German share price index. It reflects the development of the 30 largest companies in Germany with the highest turnover.

Dividend

This is the part of distributed profit of a stock corporation attributed to an individual share.

EBIT

It means earnings before interest and taxes and is an indicator of the operating profit of a company in a given period.

EBITDA

It means earnings before interest, taxes, depreciation and amortization and corresponds to the EBIT plus depreciation and amortization of tangible and intangible assets.

Earnings per share

The earnings per share result from dividing the group result by the weighted average of the number of shares. The calculation is made according to IAS 33.

Patent

In application to drugs: for a newly developed pharmaceutical agent, an industrial property right is granted. In the EU, this market exclusivity limited in time can last up to 20 years.

Patent-free agents

Patent-free agents are also called generic drugs. A generic drug is a drug that is a copy of another drug already on the market under a brand name with the same active agent. Generic drugs are therapeutic equivalents to the original preparation

Patent-protected agents

Branded drugs that on the one hand are marketed by the patent owner and on the other hand are purchased for a lower price within the EU member states as EU imported drugs on the basis of the legal base of the import.

Oncology

Oncology is the science dealing with cancer.

Approval

An official authorization which is required to be able to offer, distribute or provide an industrially produced, ready-to-use drug.

Sources

• cf. Institut für Weltwirtschaft: Weltkonjunktur im Sommer 2014. Kiel, 11.06.2014, p. 3.
• cf. id., p. 7.
• cf. id., p. 3.
• cf. id., p. 4ff.
• cf. id., p. 10.
• cf. id., p. 3.
• cf. id., p. 13.
• cf. OECD: OECD-Wirtschaftsberichte. DEUTSCHLAND. Zusammenfassung. Mai 2014, p. 8.
• cf. id.
• cf. id., p. 4.
• cf. id., p. 11.
• cf. ifo Institut Leibniz-Institut für Wirtschaftsforschung: ifo Konjunkturprognose 2014/2015. Deutscher Aufschwung setzt sich fort. München, 26.06.2014, p. 4.
• cf. OECD: OECD-Wirtschaftsberichte. DEUTSCHLAND. Zusammenfassung. Mai 2014, p. 8.
• cf. ifo Institut Leibniz-Institut für Wirtschaftsforschung: ifo Konjunkturprognose 2014/2015. Deutscher Aufschwung setzt sich fort. München, 26.06.2014, p. 51f.
• cf. Statistisches Bundesamt: Bruttoinlandsprodukt im 2. Quartal 2014 um 0,2 % zurückgegangen.
• cf. Ziegler, Juliane: Werte-Indes 2014. Gesundheit rückt in den Mittelpunkt. DAZ-online, 20.11.2013.
• cf. Statistisches Bundesamt.
• cf. OECD: HEALTH AT A GLANCE: OECD INDICATORS, 2013, p. 157.
• cf. Club der Gesundheitswirtschaft: Die Gesundheitswirtschaft. Ein sicherer Hafen für Deutschlands Ökonomie.
• cf. OECD: OECD Health Data: Health expenditure and financing.
• cf. Reuters: Schrittmacher der Wirtschaft Gesundheitsbranche boomt.
• cf. Acredis: Schönheitschirurgie in Deutschland 2012, Zürich 11.03.2013, p. 5.
• cf. DGÄP: DGÄP-Magazin. Zahlen, Fakten und Trends in der Ästhetisch-Plastischen Chirurgie 2013/2014, p. 8.
• cf. Acredis: Schönheitschirurgie in Deutschland 2012, Zürich 11.03.2013, p. 5.
• cf. DGPRÄC: Schönheit ist nicht alles! DGPRÄC veröffentlicht Statistik zu ästhetischen Operationen. Press release, 04.06.2013.
• cf. id.
• cf. Wood, Laura: The global Botox market is forecast to reach \$2.9 Billion by 2018 at A CAGR od 14% says new report. Press release of Research and Markets, 15.05.2012.
• cf. Institut für Weltwirtschaft: Weltkonjunktur im Sommer 2014. Kiel, 11.06.2014, p. 3.
• cf. Institut für Weltwirtschaft: Weltkonjunktur im Sommer 2014. Kiel, 11.06.2014, p. 12.
• cf. Institut für Weltwirtschaft: Weltkonjunktur im Sommer 2014. Kiel, 11.06.2014, p. 3.
• cf. OECD: OECD-Wirtschaftsberichte. DEUTSCHLAND. Summary. Mai 2014, p. 9.
• cf. Projektgruppe Gemeinschaftsdiagnose, Frühjahr 2014, p. 9.
• cf. Club der Gesundheitswirtschaft: Die Gesundheitswirtschaft. Ein sicherer Hafen für Deutschlands Ökonomie.
• cf. Acredis: Schönheitschirurgie in Deutschland 2012, Zürich 11.03.2013, p. 7.

Imprint

MPH Mittelständische Pharma Holding AG Fasanenstraße 77 10623 Berlin

Phone: +49 (0) 30 897 308 660 Fax: +49 (0) 30 897 308 669

E-Mail: info@mph-ag.de Web: www.mph-ag.de

Supervisory Board:

Chairwoman of the supervisory board: Andrea Grosse

Deputy chairwoman of the supervisory board: Prof. Dr. Dr. Sabine Meck

Member of the supervisory board:

Dr. Marion Braun

Management board:

Patrick Brenske Dr. Christian Pahl

Register court: district court Charlottenburg Register number: HRB 116425 B

Conception, design and realisation: MPH Mittelständische Pharma Holding AG Investor Relations