Half-yearly financial report As of June 30, 2019

Virbac: NYSE Euronext – Compartment A - code ISIN: FR0000031577 / MNEMO: VIRP Financial Affairs department – Phone number: +33 4 92 08 71 32 – [email protected] – corporate.virbac.com

HALF YEARLY MANAGEMENT REPORT

FIRST HALF 2019 MAJOR EVENTS

Evolution within governing bodies

Cyrille Petit was appointed as a member of the supervisory board as of June 18, 2019. In addition, he will replace Olivier Bohuon on the audit committee, who is also a member of the supervisory board.

Return to the initial conditions of the financial ratio compliance clause

In the first quarter of 2018, in order to obtain more flexibility, Virbac applied for a waiver to have the financial ratio compliance clause relaxed for the year 2018. This request was accepted by all banking partners and Schuldschein investors. Thus, the ratio of net debt to Ebitda was not to exceed 5.00 at June 30, 2018 and 4.25 at December 31, 2018.

The year 2019 marking the return to the initial terms of the contract, the ratio should from now on be under the threshold of 4.25 at June 30, 2019 and below 3.75 at December 31, 2019. The financial conditions linked to these thresholds are more favorable.

Amendment to the defined-benefit retirement plan

Following the decision of the supervisory board dated March 12, 2019, an amendment to the defined-benefit retirement plan of the executive board was signed on June 14, 2019. This amendment redefines on one hand the beneficiaries of the plan, and on the other hand the new pension rate applicable.

Additional impairment of the CaniLeish asset

At June 30, 2019, the Group reviewed the recoverable value of the Leishmaniosis vaccine CGU. This test led to the recognition of an impairment of the intangible assets of the CGU for €7.2 million, as follows: €9.7 million of intangible assets (marketing authorizations) and -€2.5 million of deferred tax liabilities.

Sale of the Fort Worth real estate

Virbac US sold its Fort Worth administrative building, generating a net income of €1.1 million in the half-year financial statements. The move to the new rental premises will occur gradually over the course of the second half of 2019.

MAJOR EVENTS SUBSEQUENT TO CLOSING

No major events occurred after June 30, 2019.

SALES PERFORMANCE

By segment

Consolidated number in million Euros	H1 2019	H1 2018	Change at actual rates	Change at constant rates and scope 1
Companion animals	270.4	243.2	11.2%	9.3%
Food producing animals	186.4	181.8	2.6%	2.2%
Other activities	6.9	5.1	37.5%	36.4%
Total	463.7	430.0	7.9%	6.6%

¹ The change at constant exchange rates and scope corresponds to organic growth in sales excluding fluctuations in exchange rates by calculating the indicator for the year in question and that of the previous financial year based on identical exchange rates (the exchange rate used is that of the previous financial year), and excluding variation of the scope by calculating the indicator for the financial year in question based on the consolidation scope of the previous financial year.

Companion animals

Revenue in the companion animal segment is rising overall by +11.2% at real rates (+9.3% at constant exchange rates, and +6.0% outside of the United States), mainly driven by the solid performance of the internal and external parasiticide ranges, the petfood range, dermatology and specialties (particularly reproduction products).

Food producing animals

The food producing animal segment is growing more moderately by +2.6% at real exchange rates (+2.2% at constant rates). Aquaculture is continuing the trend of the first quarter, with segment growth rising to +10.7% at constant rates, thanks to the momentum in sales of injectable vaccines for salmon. The industrial farming sector (swine and poultry) shows slight growth of +1.5% at constant rates, and lastly, the ruminants sector is stable compared to the same period in 2018, growth in sales of vaccines and bovine parasiticides offsetting the decline in antibiotics.

Other businesses

These activities, which represent just over 1% of sales for the half-year, correspond to markets of lesser strategic importance for the Group, and mainly include manufacturing done for third parties in the United States and Australia.

By region

Consolidated number in million Euros	H1 2019	H1 2018	Change at actual rates	Change at constant rates and scope 1
France	50.5	51.4	-1.7%	-1.7%
Europe excluding France	130.8	125.4	4.3%	4.1%
North America	72.9	57.2	27.4%	20.5%
Latin America	77.2	69.2	11.5%	9.3%
Africa & Middle East	16.0	16.1	-0.6%	6.5%
Asia	75.9	68.5	10.8%	8.9%
Pacific	40.5	42.2	-4.2%	-2.7%
Total	463.7	430.0	7.9%	6.6%

Similar to the situation at the end of March, all areas continue to show growth over the half-year compared to the same period in 2018. In the United States, first half-year activity shows a marked increase of +27.4% at real rates (+20.5% at constant exchange rates). It benefits from a major base effect related to 2018 first half-year distribution inventory reductions, which impacted ex-Virbac sales (excluding the destocking effect, the increase is around +7%). Ex-distributor sales in the United States of Virbac's products to veterinary clinics continue to grow compared to the same period in 2018. Heartworm products show a slight decline compared to 2018, with strong double digit growth of the Iverhart range that partially offset the erosion of sales of Sentinel, which is evolving within market trend, itself shrinking due to unfavorable climatic conditions. Other ranges continue their double-digit growth driven by the dynamism of dental products, specialties and antibiotics.

Outside of the United States, the Group is growing at +4.8% at real rates, or +4.5% at constant rates. In Europe, revenue is growing at +2.6% at real rates (+2.4% at constant rates). The key contributors to this performance are Spain, Germany, Benelux, Poland, Scandinavia and Portugal, boosted by a high level of activity in companion animal product ranges (particularly petfood, vaccines and specialties), offsetting the decline in OTC (Over-the-counter) sales in the area, and to a lesser degree in the United Kingdom and Italy. In Latin America, excluding Chile, the Group had a good start to the year. Activity continued to grow by +9.7% at real rates (+8.3% at constant exchange rates), thanks to contributions from Brazil, Mexico and Colombia, which offset the temporary decline in export sales for the area. In Asia-Pacific, growth at real rates is +5.1% (+4.4% at constant exchange rates), very strong in China, Japan and Taiwan, which offset the more modest growth in India and Australia as well as New Zealand's delay. Lastly, in Chile, first half-year activity remains strong and shows growth of +14.0% at real rates (+10.6% at constant rates), driven primarily by sales of injectable vaccines and parasiticides for aquaculture.

REVIEW OF THE FINANCIAL SITUATION AND RESULTS

The condensed consolidated financial statements of Virbac for the period from January 1st to June 30, 2019 have been reviewed by the auditors and are available on corporate.virbac.com website.

Results

Consolidated number in million Euros	H1 2019	H1 2018	Change 2019 / 2018
Revenue from ordinary activities	463.7	430.0	7.9%
Growth at constant exchange rates 1 Pro-forma growth at constant exchange rates 1			+6.6% +6.6%
Current operating profit before depreciation of assets arising from acquisitions	66.9	45.2	48.1%
Operating profit from ordinary activities	59.4	37.6	58.2%
As a % of revenue	12.8%	8.7%
Operating result	50.0	36.4	37.3%
Result for the period	28.4	12.6	124.9%
attributable to the owners of the parent company	26.4	12.3	115.5%
attributable to the non-controlling interests	2.0	0.4	447.4%

Throughout the first half-year, revenue amounts to €463.7 million versus €430.0 million over the same period in 2018, for an overall change of +7.9%. Excluding the favorable effect of exchange rates, revenue is growing at +6.6%.

Current operating income is growing. It amounts to €59.4 million compared to €37.6 million last year, increasing by +58.2%. This result includes €7.5 million depreciation of intangible assets arising from acquisitions, compared to €7.6 million at June 30, 2018. Adjusted current operating income from these items amounted to €66.9 million at June 30, 2019, up +48.1% compared to June 30, 2018. This positive trend in current operating income before amortization of acquired assets is mainly due to the increased activity in most countries over the period, as well as certain "one-shot" elements such as the gain on the sale of the administrative offices of Virbac US, as well as the application of an amendment to the defined-benefit pension plan of the executive board redefining on one hand the beneficiaries of the plan, and on the other hand the new pension rate applicable (see notes A15 and A22 of the notes to the condensed consolidated financial statements, respectively). This change also benefits from a favorable base effect related to the destocking observed in the United States in 2018.

Operating profit amounted to €50.0 million, including a non-current expense of €9.7 million related to the additional impairment of the marketing authorizations of the Leishmaniosis vaccine CGU. This impairment was recognized after the identification of indications of impairment which led to performing an impairment test.

The result for the period attributable to the owners of the parent company amounts to €26.4 million after deduction of financial expenses and taxes, increasing by 115.5% compared to last year.

The result for the period attributable to the non-controlling interests, which represents mainly the share of non-controlling interests in Centrovet, amounted to €2.0 million.

Financial situation

At June 30, 2019, the Group's net debt amounted to €455.5 million, compared to €426.1 million as at December 31, 2018. This increase in financing requirements in the first half of the year is mainly due to the first-time application of accounting standard IFRS 16. At comparable accounting standards, the Group's net debt remained relatively stable over the period.

The main features of Virbac's three funding instruments are as follows:

a syndicated loan of €420 million, drawn in euros and American dollars, contracted with a pool of banks repayable at maturity, with an initial maturity of April 2020, extended until April 9, 2022, once the extension agreement was received by all of the lenders on March 23, 2018;
market-based contracts (Schuldschein) taken out in 2015 consisting of four installments, with maturities of five, seven and ten years, at variable and fixed rates;
a US\$90 million financing contract with the European investment bank (EIB), set up in 2017 for a seven-year term, of which one half is repayable in full and the other half is payable over eleven years.

Virbac also received bilateral loans and BPI financing.

As of June 30, 2019, the position of the funding instruments was as follows:

the syndicated loan was drawn for amounts of €94 million and US\$164 million;
the market-based contracts amounted to €15 million and US\$15.5 million;
the bilateral loans and BPI and EIB financing amounted to €76.8 million and US\$90 million.

These funding instruments include a financial covenant compliance clause that requires the borrower to adhere to the following financial ratios based on the consolidated accounts and reflecting net consolidated debt¹ for the period considered on the consolidated Ebitda (Earnings before interest, taxes, depreciation and amortization)² for the twelve previous months period for half-year statements. The year 2019 is marking the return to the initial terms of the contract regarding the financial ratios to adhere to. The net debt on Ebitda ratio should from now on be under the threshold of 4.25 at June 30, 2019 and below 3.75 at December 31, 2019. The financial conditions linked to these thresholds are more favorable.

Taking into account the application of IFRS 16 in Virbac's consolidated accounts from January 1st, 2019, and in order to proceed with the calculation of the financial ratio consistently with respect to prior years for the financial statements as of June 30, 2019, Virbac has informed its lenders of the adjustments that have been made to restate the impact of IFRS 16.

At June 30, 2019, the financial covenant is respected, the ratio reaching 3.00.

1 Consolidated net debt refers to the sum of other current and non-current financial liabilities, namely the following items: loans, bank overdrafts, accrued interest liabilities, debts related to finance leases, profit sharing, interest rate and foreign exchange derivatives, and others; less the amount of the following items: cash and cash equivalents, term deposits, and foreign exchange and interest rate derivatives as shown in the consolidated accounts.

2 Consolidated Ebitda refers to net operating income for the last 12 months (that of the last six months of 2018 added to that of the first half-year of 2019) excluding IFRS 16, plus depreciations and provisions, net of reversals and dividends received from nonconsolidated subsidiaries.

Annual outlook

First half-year activity supports the outlook announced by the Group for 2019. Annual revenue growth at constant rates is now expected to be at the high end of the 4% to 6% range compared to 2018 and the ratio of "current operating profit, before depreciation of assets arising from acquisitions" to "revenue" should be growing by around 2 points compared to 2018 at constant exchange rates. From a financial standpoint, tight control of invested capital should allow further debt relief of between €40 and €50 million at constant rates for the year.

MAIN SOURCES OF RISKS AND UNCERTAINTY FOR THE NEXT SIX MONTHS OF THE YEAR

The risk factors to which the Group is exposed are mentioned in the 2018 Annual report of Virbac, available on the website corporate.virbac.com. The nature of these risks has not changed significantly in the first half of 2019. These risks are likely to occur in the second half of 2019 or during subsequent years.

OPERATIONS WITH RELATED PARTIES

Information on related parties is detailed in Note A22 of condensed half yearly financial statements

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

HALF YEARLY CONSOLIDATED FINANCIAL STATEMENTS

Statement of financial position

in € thousand	Notes	06/30/2019	12/31/2018
Goodwill	A 1	312,336	309,711
Intangible assets	A 2	282,626	295,016
Tangible assets	A 4	227,651	236,685
Right of use	A 5	31,345	-
Other financial assets		7,544	10,771
Share in companies accounted for by the equity method	A 6	3,254	3,140
Deferred tax assets		13,083	9,936
Non-current assets		877,838	865,259
Inventories and work in progress	A 7	208,858	195,776
Trade receivables	A 8	115,256	101,507
Other financial assets		220	768
Other receivables	A 9	51,983	46,686
Cash and cash equivalents		70,866	62,810
Assets classified as held for sale		-	-
Current assets		447,183	407,549
Assets		1,325,021	1,272,807
Share capital		10,573	10,573
Reserves attributable to the owners of the parent company		478,325	449,735
Equity attributable to the owners of the parent company		488,898	460,307
Non-controlling interests		36,323	35,567
Equity		525,222	495,875
Deferred tax liabilities		38,812	36,423
Provisions for employee benefits	A22	19,341	20,294
Other provisions	A11	10,529	10,532
Lease liability	A12	23,122	-
Other financial liabilities	A13	398,752	375,900
Other payables		2,099	2,520
Non-current liabilities		492,656	445,669
Other provisions	A11	1,760	1,778
Trade payables	A10	84,940	89,572
Lease liability	A12	8,670	-
Other financial liabilities	A13	95,790	112,995
Other payables		115,984	126,919
Current liabilities		307,143	331,265
Liabilities		1,325,021	1,272,807

Income statement

in € thousand	Notes	06/30/2019	06/30/2018	Change
Revenue from ordinary activities	A14	463,733	429,960	7.9%
Purchases consumed		-152,494	-144,983
External costs		-80,976	-87,777
Personnel costs		-138,723	-133,549
Taxes and duties		-7,207	-6,618
Depreciations and provisions		-19,998	-12,756
Other operating income and expenses	A15	2,583	911
Current operating profit before depreciation of assets arising from acquisitions 1		66,917	45,189	48.1%
Depreciations of intangible assets arising from acquisitions		-7,522	-7,634
Operating profit from ordinary activities		59,395	37,556	58.2%
Other non-current income and expenses	A16	-9,431	-1,167
Operating result		49,964	36,389	37.3%
Financial income and expenses	A17	-8,695	-11,954
Profit before tax		41,269	24,434	68.9%
Income tax	A18	-12,964	-12,042
Including non-current tax expense		2,345	-2,970
Share from companies' result accounted for by the equity method	A 6	90	235
Net result from ordinary activities 2	A19	35,481	16,764	111.7%
Result for the period		28,395	12,627	124.9%
attributable to the owners of the parent company		26,435	12,269	115.5%
attributable to the non-controlling interests		1,960	358	447.4%
Profit attributable to the owners of the parent company, per share	A20	€3.14	€1.46	115.4%
Profit attributable to the owners of the parent company, diluted per share	A20	€3.14	€1.46	115.4%

(1) In order to provide a clearer picture of its economic performance, the Group has, since 2015, isolated the impact of the depreciation of intangible assets resulting from acquisition transactions. This turned out to have a material effect considering the latest external growth that took place through acquisitions. Therefore, the income statement shows a current operating profit, before depreciation of assets arising from acquisitions.

(2) Since 2017, the Group discloses a "Net result from ordinary activities" that equates to net profit restated for the following items:

the line "Other non-current income and expenses";
non-current tax, which includes the tax impact of "Other non-current income and expenses", as well as all non-recurring tax income and expenses.

At June 30, 2019, the line "Including non-recurrent tax expense" applies to:

the impact in income tax of the additional impairment of the CGU Leishmaniosis vaccine (€2,493 thousand);
the impairment of the deferred tax asset (€148 thousand), recognized under tax losses for the period in the Virbac US subsidiary (see note A18).

Some lines of the income statement were impacted by the implementation of IFRS 16. It concerns:

the line "External costs", which includes the cancellation of rental expenses for €5.7 million;
the line "Depreciations and provisions", impacted by the amortization of the right of use over the period for €5.2 million;
the line "Financial income and expenses", with the recognition of interests costs on lease liability for €0.7 million.

Comprehensive income statement

in € thousand	06/30/2019	06/30/2018	Change
Result for the period	28,395	12,627	124.9%
Conversion gains and losses	5,384	1,292
Effective portion of gains and losses on hedging instruments	-2,800	559
Items subsequently reclassifiable to profit and loss (before tax)	2,585	1,851	39.7%
Actuarial gains and losses	-539	186
Items not subsequently reclassifiable to profit and loss (before tax)	-539	186	-389.5%
Other items of comprehensive income (before tax)	2,046	2,037	0.5%
Tax on items subsequently reclassifiable to profit and loss	889	-193
Tax on items not subsequently reclassifiable to profit and loss	204	-153
Comprehensive income	31,534	14,319	120.2%
attributable to the owners of the parent company	28,489	15,108	88.6%
attributable to the non-controlling interests	3,045	-789	-486.0%

Statement of change in equity

	Share capital	Share premiums		Reserves Conversion reserves	Result for the period	Equity attributable to the owners of the parent company	Non controlling interests	Equity
in € thousand
Equity as at 12/31/2017	10,573	6,534	444,366	-22,571	-2,575	436,327	42,496	478,824
2017 allocation of net income	-	-	-2,575	-	2,575	-	-	-
Distribution of dividends	-	-	-	-	-	-	-5,247	-5,247
Treasury shares	-	-	52	-	-	52	-	52
Changes in scope	-	-	-	-	-	-	-	-
Other variations	-	-	-1,349	-	-	-1,349	-	-1,349
Comprehensive income	-	-	-844	6,023	20,099	25,278	-1,682	23,596
Equity as at 12/31/2018	10,573	6,534	439,650	-16,548	20,099	460,307	35,567	495,875
2018 allocation of net income	-	-	20,099	-	-20,099	-	-	-
Distribution of dividends	-	-	-	-	-	-	-1,756	-1,756
Treasury shares	-	-	806	-	-	806	-	806
Changes in scope	-	-	-	-	-	-	-	-
Other variations	-	-	-705	-	-	-705	-533	-1,238
Comprehensive income	-	-	-2,245	4,299	26,435	28,489	3,045	31,534
Equity as at 06/30/2019	10,573	6,534	457,606	-12,249	26,435	488,898	36,323	525,222

The ordinary shareholders' meeting of June 18, 2019 decided to pay no dividend on the result of fiscal year 2018.

On the one hand, the item "Other variations" corresponds to entries recognized in equity in accordance with IAS 8, arising from an error in the calculation of the deferred tax liability related to assets in the Chilean entity (for a global amount of -€1.1 million to be split between the reserves attributable to the owners of the parent company and the non-controlling interests). On the other hand, it includes the opening impact on equity of the implementation of IFRS 16, applicable from January 1st, 2019 on, totaling -€0.2 million. Indeed, Virbac chose the modified retrospective approach and therefore the impact of the transition has been recognized into equity at the opening date of the period without any restatement of the information previously disclosed.

For information, changes in equity of the first half of 2018 were as follows:

in € thousand	Share capital	Share premiums		Reserves Conversion reserves	Result for the period	Equity attributable to the owners of the parent company	Non controlling interests	Equity
Restated equity as at 12/31/2017 *	10,573	6,534	444,366	-22,571	-2,575	436,327	42,496	478,824
2017 allocation of net income	-	-	-2,575	-	2,575	-	-	-
Distribution of dividends	-	-	-	-	-	-	-5,247	-5,247
Treasury shares	-	-	441	-	-	441	-	441
Changes in scope	-	-	-	-	-	-	-	-
Other variations	-	-	-1,705	-	-	-1,705	-	-1,705
Comprehensive income	-	-	400	2,439	12,269	15,108	-789	14,319
Equity as at 06/30/2018	10,573	6,534	440,926	-20,132	12,269	450,170	36,461	486,631

* The first application of IFRS 9 generated a non-material adjustment on the opening equity of the 2018 period.

Cash flow statement

in € thousand	Notes	06/30/2019	06/30/2018
Result for the period		28,395	12,627
Elimination of share from companies' profit accounted for by the equity method	A 6	-90	-235
Elimination of depreciations and provisions		34,421	23,085
Elimination of deferred tax change		-1,712	-1,032
Elimination of gains and losses on disposals	A15	-2,004	-34
Other income and expenses with no cash impact		2,159	-1,439
Cash flow		61,169	32,973
Effect of net change in inventories	A 7	-11,517	-13,259
Effect of net change in trade receivables	A 8	-12,605	-9,646
Effect of net change in trade payables	A10	-5,166	-3,925
Effect of net change in other receivables and payables		-17,053	-12,704
Effect of change in working capital requirements		-46,341	-39,534
Net financial interests paid	A17	8,715	8,093
Net cash flow generated by operating activities		23,543	1,532
Acquisitions of intangible assets	A2-A10	-4,545	-3,479
Acquisitions of tangible assets	A4-A10	-7,650	-13,152
Disposals of intangible and tangible assets		6,160	112
Change in financial assets		388	178
Change in debts relative to acquisitions		-	-824
Acquisitions of subsidiaries or activities		-	-
Disposals of subsidiaries or activities		-	-
Withholding tax on distributions		-	-
Dividends received		-	-
Net cash flow allocated to investing activities		-5,647	-17,165
Dividends paid to the owners of the parent company		-	-
Dividends paid to the non-controlling interests		-2,057	-1,728
Change in treasury shares		864	390
Increase/decrease of capital		-	-
Cash investments		-	-
Debt issuance	A13	48,239	71,529
Repayments of debt	A13	-36,948	-33,570
Repayments of lease obligation	A12	-4,557	-
Net financial interests paid	A17	-8,714	-8,093
Net cash flow from financing activities		-3,173	28,527
Change in cash position		14,722	12,893

The implementation of IFRS 16 from January 1st, 2019 onwards generated some changes in the presentation of the cash flow statement. Lease payments previously reported into the net cash flow generated by operating activities are now included into the net cash flow from financing activities (repayments of lease obligation and net financial interests paid – see notes A12 and A17).

Statement of change in cash position

in € thousand	06/30/2019	06/30/2018
Cash and cash equivalents	62,810	48,378
Bank overdraft	-19,173	-16,689
Accrued interests not yet matured	-49	-40
Opening net cash position	43,588	31,649
Cash and cash equivalents	70,866	55,453
Bank overdraft	-11,813	-11,659
Accrued interests not yet matured	-50	-43
Closing net cash position	59,003	43,751
Impact of currency conversion adjustments	693	-791
Impact of changes in scope	-	-
Net change in cash position	14,722	12,893

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

General information note

Virbac is an independent global pharmaceutical laboratory exclusively dedicated to animal health and markets a full range of products designed for companion animals and food producing animals.

Virbac is a public limited company under French law with an executive board and a supervisory board. Its trading name is "Virbac". The company was established in 1968 in Carros. The lifetime of the company was extended until June 17, 2113. The head office is located at 1ère avenue 2,065m LID, 06511 Carros. The company is registered on the Grasse Trade registry under the number 417350311 RCS Grasse.

The Virbac share is listed on the Paris stock exchange in compartment A of Euronext.

The 2019 condensed half-year consolidated financial statements were approved by the executive board on August 22, 2019.

The explanatory notes below support the presentation of the consolidated accounts and form an integral part of them.

Significant events for the period

Return to the initial conditions of the financial ratio compliance clause

Amendment to the defined-benefit retirement plan

Additional impairment of the CaniLeish asset

Sale of the Fort Worth real estate

Significant events after the closing date

There is no significant event after the closing date.

Scope of consolidation

The condensed consolidated financial statements as at June 30, 2019 include the financial statements of the companies that Virbac controls indirectly or directly, in law and in fact. The list of consolidated companies is provided in note A23.

Main accounting principles applied

The Virbac group's consolidated financial statements were drawn up in line with the international accounting standards as adopted by the European Union (accounting basis available on the ec.europa.eu website). The international accounting standards include the IFRS (International financial reporting standards), the IAS (International accounting standards) and their interpretations SIC (Standards interpretations committee) and IFRIC (International financial reporting interpretations committee).

The half-year condensed financial statements as of June 30, 2019 are presented and have been prepared in accordance with standard IAS 34 "Interim financial reporting". The condensed interim financial statements do not include the whole information required by the IFRS reference system. They should be analyzed with regards to the consolidated statements of the previous year, as of December 31, 2018.

The accounting principles applied to the condensed consolidated financial statements are identical to those applied to the preparation of the consolidated statements of the previous year, as of December 31, 2018.

New standards and interpretations

Mandatory standards and interpretations effective January 1st, 2019

For the presentation of the condensed half-year consolidated financial statements, which ended on June 30, 2019, the Group applied all the standards and interpretations that came into force at European level, applicable to financial years beginning on or after January 1st , 2019. These standards and interpretations are the following:

IFRS 16. Leases

On January 13, 2016 the IASB (International accounting standards board) published IFRS 16 to redefine how lease contracts are recognized, measured and presented. IFRS 16 replaces IAS 17 as well as IFRIC and SIC interpretations and removes, for lessees, the distinction previously made between "operating leases" and "financial leases". Lessees are now required to record all lease contracts with a duration over one year by recording an asset and a liability for rights and obligations created by a lease contract.

The Group chose the modified retrospective approach consisting of the restatement of the liability arising from the residual lease payments at transition date, and the recognition of this impact into the opening equity without any restatement of the comparative figures. The Group also decided to apply the exemptions set out in the standard, and therefore not to take into consideration the contracts with a duration of less than twelve months and those related to assets of low value.

The application of IFRS 16 to lease contracts applying to intangible assets is an option the Group decided to use regarding contracts dealing with information technology (software).

The duration of the contracts corresponds to the non-cancellable periods completed, when applicable, with the renewal options the Group deems the exercise is reasonably certain.

In order to account for the contracts in the scope, the Group, with the support of an external provider, had set up a questionnaire allowing the collection of the necessary contract-related information, as requested by the standard, to make, from 2018 on, a first assessment of the transition impact. To meet the requirements of 2019 half-year closing, new contracts have been taken into consideration, and renewal options were re-examined on a case-by-case basis, and readjusted when deemed necessary, taking into account the most recent events which could have an impact on the decision of the management regarding these options.

Discounted rates used apply to the initial term of the contracts and were determined, with the support of an actuarial firm, by taking into account the risk of the country, through the currency in which the contract is labelled, by category of the underlying asset (the three major categories considered being buildings, cars and other assets), based on an average contract length by asset category.

Exchange rates used for the modified retrospective approach are the average rates of the period.

In anticipation of the future amendment to IAS 12, the Group decided not to recognize the deferred tax effect of the standard.

Regarding the presentation of the financial statements, Virbac decided to isolate the right of use on one hand, as well as the lease liability on the other hand, on separate lines of the statement of financial position.

The impacts of this new standard on the Group consolidated accounts and on the main performance indicators are presented in the notes A5, A12 and A17.

It should be noted that the Group equipped itself with a dedicated IT solution aimed at the monitoring of contracts and the calculation of the financial impacts of the standard.

IFRIC 23. Uncertainty over income tax treatments

This interpretation clarifies rules for recognizing and measuring the fiscal implications of tax uncertainty, pursuant to IAS 12 "Uncertainty over tax treatments".

amendments to IAS 19. Plan amendment, curtailment or settlement

This amendment provides clarification on how such occurrences are taken into account in determining the cost of services rendered and the net interest expense for the period, both of which must be revalued from the date of the occurrence by using the actuarial assumptions available on that date.

amendments to IAS 28. Long-term interests in associates and joint ventures

This amendment specifies how IFRS 9 is applied to long-term investments, including as it pertains to any impairment thereof, in an associated company or a joint venture that is part of the latter's net investment.

amendments to IFRS 9. Prepayment features with negative compensations

annual improvements (2015-2017 cycle)

These improvements apply to IAS 12 (income tax consequences of payments on financial instruments classified as equity), IAS 23 (borrowing costs eligible for capitalization), as well as IFRS 3 and IFRS 11 (previously held interests in a joint operation).

With the exception of IFRS 16, these new standards had no impact on the Group's accounts.

Standards and interpretations available for early adoption as at January 1 st , 2019,

On the reporting date of these consolidated accounts, the standards and interpretations listed below were submitted by the IASB and IFRS IC respectively, but were still not adopted by the EU.

amendments to IAS 1 and IAS 8. Definition of material
IFRS 17. Insurance contracts

The Group chose not to adopt these standards and interpretations early, choosing instead to conduct an analysis of the implications involved in adopting them. Where necessary, the Group will apply these standards in its financial statements when adopted by the European Union.

Consolidation rules

Consolidation methods

The accounts of companies under exclusive control are consolidated by global integration. Those companies over which Virbac exercises joint control or significant influence are accounted for by the equity method.

All companies have been consolidated on the basis of financial statements using 30 June, 2019 as their balance sheet date.

Conversion of financial statements

The functional currency in the Group's foreign subsidiaries is the current local currency with the exception of the company Virbac Uruguay whose functional currency is US dollar.

The financial statements of foreign companies for which the functional currency is not the euro are converted according to the following principles:

the balance sheet items are converted at the rate in force at the close of the period. The conversion difference resulting from the application of a different exchange rate on opening equity is shown as equity in the consolidated balance sheet;
the income statements are converted at the average rate for the period. The conversion difference resulting from the application of an exchange rate different from the balance sheet rate is shown as equity on the consolidated balance sheet.

Elimination of inter-company transactions

All reciprocal transactions between the Group's fully consolidated companies are eliminated. Regarding the other intra-group transactions:

the benefits included in the inventories and fixed assets bought from other companies in the Group are eliminated;
the intra-group dividends received are recorded in the reserves on a gross basis.

Transfer prices charged for transactions between Group's subsidiaries are the same as the ones that would have been determined in an arm's length transaction with third parties.

Estimations

The drawing up of consolidated financial statements prepared in accordance with international accounting standards implies that the Group makes a number of estimates and assumptions believed to be realistic and reasonable.

Certain facts and circumstances could lead to changes in estimates and assumptions, which could affect the value of assets, liabilities, equity and Group income.

Acquisition prices

Some acquisition contracts relating to business combinations or the purchase of intangible assets include a clause likely to change the price of the acquisition, depending on the objectives associated with financial income, the obtainment of marketing authorization, or results of efficacy testing.

In this case, the Group should estimate, at the close of the fiscal year, the acquisition price based on the most realistic assumptions for achieving these objectives.

Tax charge

The Group tax charge is calculated on the basis of the effective tax rate estimated for the fiscal year 2019, and applied to the result before tax as at June 30, 2019. This annual effective tax rate was estimated based on the tax rates (and tax regulations) in force or substantially adopted at the end of June 2019.

A1. Goodwill

Change in goodwill by CGU:

	Gross value as at 12/31/2018	Impairment value as at 12/31/2018	Book value as at 12/31/2018	Increases	Sales	Impair ment of value	Conversion gains and losses	Book value as at 06/30/2019
in € thousand
Italy	1,585	-	1,585	-	-	-	-	1,585
Denmark	4,643	-	4,643	-	-	-	-0	4,643
Leishmaniosis vaccine	5,421	-5,421	0	-	-	-	-	-
Greece	1,358	-	1,358	-	-	-	-	1,358
Colombia	1,729	-	1,729	-	-	-	28	1,757
India	14,291	-	14,291	-	-	-	206	14,497
United States	225,010	-3,581	221,429	-	-	-	1,352	222,781
Australia	3,215	-308	2,907	-	-	-	-2	2,905
Peptech	3,379	-	3,379	-	-	-	-5	3,374
New Zealand	14,892	-152	14,740	-	-	-	83	14,823
Chile	29,655	-	29,655	-	-	-	899	30,554
Uruguay	4,154	-	4,154	-	-	-	25	4,179
SBC	7,329	-	7,329	-	-	-	14	7,343
Other CGUs	4,224	-1,712	2,512	-	-	-	25	2,537
Goodwill	320,885	-11,174	309,711	-	-	-	2,625	312,336

No change occurred in the scope of consolidation during the current period, therefore the variation of this item is due to exchange rate fluctuations.

A2. Intangible assets

		Concessions, patents, licenses and brands	Other intangible assets	Intangible assets in progress	Intangible assets
in € thousand	Indefinite life	Finite life
Gross value as at 12/31/2018	162,293	227,779	62,041	9,745	461,858
Acquisitions and other increases	46	397	1,241	2,018	3,702
Disposals and other decreases	-	-	-	-4	-4
Changes in scope	-	-	-	-	-
Transfers	-	127	-434	492	186
Conversion gains and losses	2,185	1,859	117	30	4,192
Gross value as at 06/30/2019	164,524	230,163	62,965	12,283	469,935
Depreciation as at 12/31/2018	-6,324	-111,293	-48,849	-375	-166,841
Depreciation expense	-	-7,978	-2,026	-	-10,004
Impairment losses (net of reversals)	-9,653	-	-	-	-9,653
Disposals and other decreases	-	-	-	-	-
Changes in scope	-	-	-	-	-
Transfers	-	5	13	-	18
Conversion gains and losses	-	-772	-50	-5	-828
Depreciation as at 06/30/2019	-15,977	-120,039	-50,912	-380	-187,308
Net value as at 12/31/2018	155,969	116,486	13,192	9,369	295,016
Net value as at 06/30/2019	148,547	110,124	12,053	11,901	282,626

Acquisitions recognized over the first half of the year, totaling €3.7 million, mainly apply to IT projects of Virbac SA (of which €1.8 million of assets in progress).

Depreciations and impairments amount to €19.7 million. The impairment recognized for €9.7 million on the assets with indefinite life applies to the marketing authorizations of the Leishmaniosis vaccine CGU as a consequence of an impairment test which has been performed and which is presented into the note A3.

Net book value of "concessions, patents and brands" by date and operation of external growth

	Acquisition date	Brands	Patents and know-how	Marketing authorizations and registration	Customers lists and others	Total
in € thousand				rights
United States: Sentinel	2015	44,025	22,404	41,243	10,343	118,014
SBC	2015	-	3,883	1,928	-	5,812
Uruguay: Santa Elena	2013	3,445	9,338	-	-	12,783
Australia: Axon	2013	886	1,121	-	-	2,007
Australia: Fort Dodge	2010	1,489	443	-	-	1,932
New Zealand	2012	3,126	785	-	2,422	6,333
Centrovet	2012	20,772	35,962	-	8,219	64,953
Multimin	2011-2012	3,255	4,625	-	-	7,880
Peptech	2011	953	-	-	-	953
Colombia: Synthesis	2011	1,697	-	693	-	2,390
Schering-Plough Europe	2008	4,879	124	3,814	-	8,817
India: GSK	2006	11,472	-	-	-	11,472
Leishmaniosis vaccine	2003	-	1,652	-	-	1,652
Others		7,076	1,861	3,660	1,076	13,673
Total intangible assets		103,074	82,198	51,338	22,060	258,671

As at June 30, 2019

Net book value of "concessions, patents and brands" by nature

As at June 30, 2019

in € thousand	Intangible assets with indefinite life	Intangible assets with finite life	Total
Brands	103,074	-	103,074
Patents and know-how	42,322	39,876	82,198
Marketing authorizations and registration rights	3,095	48,244	51,338
Customers lists and others	56	22,004	22,060
Total intangible assets	148,547	110,123	258,671

A3. Impairment test of assets

Pursuant to IAS 36, the Group performs impairment tests once a year, during the second semester, on the net book value of eligible assets. At the half-year closing, the Group conducts a loss in value analysis based on qualitative and quantitative criteria and, if necessary, performs impairment tests when indicators of impairment occur.

At June 30, 2019, the Group reviewed the recoverable value of the CGU Leishmaniosis vaccine. This test conducted to the recognition of an impairment of the intangible assets of the CGU for a net amount of €7.2 million. The goodwill being already totally impaired, the loss in value was applied to intangible assets and more specifically to the marketing authorizations for a gross amount of €9.7 million and to the related deferred tax liability for -€2.5 million.

It should be noted that the implementation of IFRS 16 and therefore the consideration of the new assets into the CGU or groups of CGU's had no impact on the impairment tests that were performed.

A4. Tangible assets

	Land	Buildings	Technical facilities, materials and industrial equipment	Other tangible assets	Tangible assets in progress	Tangible assets
in € thousand
Gross value as at 12/31/2018	18,872	187,695	195,674	32,195	25,803	460,238
Acquisitions and other increases	-	939	2,483	960	3,930	8,312
Disposals and other decreases	-522	-7,692	-133	-661	-0	-9,008
Changes in scope	-	-	-	-	-	-
Transfers	-	1,322	6,411	-4,699	-9,588	-6,554
Conversion gains and losses	157	1,042	798	356	231	2,583
Gross value as at 06/30/2019	18,506	183,306	205,234	28,150	20,375	455,571
Depreciation as at 12/31/2018	-	-92,296	-108,948	-21,404	-905	-223,553
Depreciation expense	-	-4,077	-6,452	-1,360	-	-11,890
Impairment losses (net of reversals)	-	-	-0	2	-	1
Disposals and other decreases	-	4,195	128	532	-	4,855
Changes in scope	-	-	-	-	-	-
Transfers	-	-	-132	2,631	918	3,417
Conversion gains and losses	-	-259	-272	-205	-14	-750
Impairment as at 06/30/2019	-	-92,437	-115,677	-19,805	-0	-227,920
Net value as at 12/31/2018	18,872	95,399	86,726	10,790	24,898	236,685
Net value as at 06/30/2019	18,506	90,869	89,556	8,345	20,375	227,651

The increases recorded on tangible assets during the first semester, which are totaling €8.3 million, mainly apply to:

Virbac SA, which invested €3.2 million mainly in technical facilities for industrial buildings and various equipment aimed at production;
Centrovet, which invested €1.6 million for the refurbishment of facilities and new equipment dedicated to microbiology and bioprocesses;
the USA, for €1.1 million, mainly for industrial equipment.

Disposals mainly concern the US subsidiary which recognized the sale of its administrative building in Fort Worth. The move to the new rental premises will occur gradually over the course of the second half of 2019.

The line "Transfers" corresponds to the commissioning of assets but also to the reclassifications of some assets linked to the implementation of IFRS 16. Indeed, assets previously recognized pursuant to IAS 17 (mainly IT equipment in Virbac SA as well as vehicles in some entities of the Group) were reclassified from "Other tangible assets" to "Right of use" for a net amount of €2.7 million.

A5. Right of use

In terms of presentation of its financial statements, Virbac decided to isolate the right of use arising from the lease contracts sheltered by IFRS 16 on a dedicated line of the statement of financial position.

Changes in right of use during the first semester 2019 are as follows:

	Right of use
in € thousand
Gross value as at 12/31/2018	-
Impact of first adoption	31,766
New contracts	3,044
Termination of contracts	-1,013
Changes in scope	-
Transfers	5,121
Conversion gains and losses	-181
Gross value as at 06/30/2019	38,736
Depreciation as at 12/31/2018	-
Impact of first adoption	-143
Allowances	-5,180
Impairment losses (net of reversals)	-
Termination of contracts	378
Changes in scope	-
Transfers	-2,469
Conversion gains and losses	22
Depreciation as at 06/30/2019	-7,391
Net value as at 12/31/2018	-
Net value as at 06/30/2019	31,345

The table below shows the right of use split by category of underlying assets:

	Software	Land and buildings	Technical facilities, materials and industrial equipment	Transpor tation equipment	Office equipment and others	Hardware	Total
in € thousand
Gross value as at 12/31/2018	-	-	-	-	-	-	-
Impact of first application	-	22,091	2,084	6,831	531	228	31,766
New contracts	-	1,346	-	1,601	68	28	3,044
Termination of contracts	-7	-542	-1	-457	-6	-	-1,013
Changes in scope	-	-	-	-	-	-	-
Transfers	743	-	-	1,312	-	3,066	5,121
Conversion gains and losses	0	-128	-6	-41	-4	-3	-181
Gross value as at 06/30/2019	736	22,767	2,078	9,247	590	3,319	38,736
Depreciation as at 12/31/2018	-	-	-	-	-	-	-
Impact of first adoption	-	-	-22	-69	-52	-	-143
Allowances	-76	-2,088	-319	-2,199	-105	-393	-5,180
Termination of contracts	7	7	1	360	3	-	378
Changes in scope	-	-	-	-	-	-	-
Transfers	-413	-	-	-560	-	-1,496	-2,469
Conversion gains and losses	-	9	1	10	1	2	22
Impairment as at 06/30/2019	-482	-2,071	-340	-2,458	-153	-1,887	-7,391
Net value as at 12/31/2018	-	-	-	-	-	-	-
Net value as at 06/30/2019	254	20,696	1,738	6,788	437	1,432	31,345

The lines "Transfers" identify the reclassification of assets previously recognized pursuant to IAS 17 in "Right of use" in compliance with IFRS 16, for a net amount of €2.7 million.

Allowances to depreciation over the period amount to €5.2 million.

Analysis of residual rental costs

The table below shows the rental expenses arising from lease contracts that were not capitalized, pursuant to the exemptions in the standard:

in € thousand	Residual rental costs
Variable rental costs	-96
Rental costs on short-term contracts	-468
Rental costs on assets of low value	-484
Residual rental costs	-1,048

This new standard has a favorable effect on the Ebitda, a key performance indicator, since depreciation expenses as well as financial interests are recognized instead of rental costs. The impact during the first semester is assessed at €4.9 million.

A6. Share in companies accounted for by the equity method

		Company's individual accounts using equity method		Consolidated financial statements
in € thousand	Balance sheet total	Equity	Sales	Result	Share of equity	Share of result
AVF Animal Health Co Ltd	NA	NA	-	-	3,071	122
GPM Virbac	NA	NA	-	-	182	-33
Share in companies accounted for by the equity method					3,254	90

A7. Inventory and work in progress

in € thousand	Raw materials and supplies	Work in progress	Finished products and goods for resale	Inventories and work in progress
Gross value as at 12/31/2018	69,914	15,136	128,911	213,961
Variations	2,721	-588	9,996	12,129
Changes in scope	-	-	-	-
Transfers	-	-	-	-
Conversion gains and losses	551	23	1,092	1,666
Gross value as at 06/30/2019	73,186	14,571	139,999	227,756
Depreciation as at 12/31/2018	-4,722	-1,192	-12,271	-18,184
Allowances	-2,359	-733	-3,628	-6,720
Reversals	1,189	1,192	3,727	6,108
Changes in scope	-	-	-	-
Transfers	-	-	-	-
Conversion gains and losses	-16	-	-85	-102
Depreciation as at 06/30/2019	-5,908	-733	-12,257	-18,899
Net value as at 12/31/2018	65,192	13,944	116,640	195,777
Net value as at 06/30/2019	67,278	13,838	127,741	208,858

The increase in inventories mainly applies to finished goods. These inventories were established in anticipation of the sales forecasted in the months to come. The rise remains consistent with the increase of the activity over the semester compared to the end of 2018. It should be noted that this increase is partly driven by the will to ensure sufficient availability of certain strategic products.

A8. Trade receivables

in € thousand	Trade receivables
Gross value as at 12/31/2018	104,754
Variations	12,118
Changes in scope	-
Transfers	-
Conversion gains and losses	1,224
Gross value as at 06/30/2019	118,096
Depreciation as at 12/31/2018	-3,247
Allowances	-529
Reversals	1,016
Changes in scope	-
Transfers	-58
Conversion gains and losses	-21
Depreciation as at 06/30/2019	-2,840
Net value as at 12/31/2018	101,507
Net value as at 06/30/2019	115,256

The increase in trade receivables is related to the increase in activity over the second half of the semester in comparison with the end of 2018, especially in Chile, where account receivables rose by €3.1 million, but also in Italy, in Spain and in India. To be noted that the amount of receivables derecognized thanks to a factoring program increased slightly by €2.5 million between the end of December 2018 and June 2019, in the range of €40 million.

A9. Other receivables

in € thousand	12/31/2018	Variations	Transfers	Change in standard	Conversion gains and losses	06/30/2019
Income tax receivables	2,818	659	-	-	16	3,492
Social receivables	605	-113	58	-	7	558
Other receivables to the State	24,487	-2,548	-	-	199	22,138
Advances and prepayments on orders	2,090	356	-	-	42	2,488
Depreciation on various other receivables	-	-	-	-	-	-
Prepaid expenses	5,258	2,841	-	-217	7	7,888
Other various receivables	11,429	3,805	169	-	15	15,418
Other receivables	46,686	5,001	227	-217	285	51,983

The decrease of the other receivables to the State mainly arises from the repayment of tax instalments and contributions paid in 2018, which was obtained by the Chilean entity during the first semester. The prepaid expenses, increasing by €2.8 million, mainly apply to various insurance and maintenance contracts. The rise in the other various receivables mainly arises from an operational receivable recognized by a Group entity for €2.8 million.

A10. Trade payables

in € thousand	12/31/2018	Variations	Changes in scope	Transfers	Conversion gains and losses	06/30/2019
Current trade payables Payables of intangible assets Payables of tangible assets	86,803 1,831 938	-4,871 -843 662	- - -	-63 - -	474 8 1	82,343 997 1,601
Trade payables	89,572	-5,052	-	-63	484	84,940

The decrease of trade payables mainly arises from a drop in the purchases of raw materials, especially in Chile and in the United States.

A11. Other provisions

in € thousand	12/31/2018 Allowances Reversals Changes			in scope	Transfers	Conversion gains and losses	06/30/2019

Trade disputes and industrial tribunals	4,157	274	-237	-	-28	0	4,166
Fiscal disputes	1,196	1,310	-535	-	-	15	1,986
Various risks and charges	5,178	396	-1,197	-	-	-	4,377
Other non-current provisions	10,531	1,980	-1,969	-	-28	15	10,529
Trade disputes and industrial tribunals	510	-	-	-	-	3	513
Fiscal disputes	-	-	-	-	-	-	-
Various risks and charges	1,268	-	-23	-	-	2	1,247
Other current provisions	1,778	0	-23	-	0	5	1,760
Other provisions	12,309	1,980	-1,993	-	-28	20	12,289

In the context of the dispute with a competitor and the two counterfeit and unfair competition actions at national and European level, the risk resulting from the remaining uncertainty was analyzed and the provision that was recorded at the opening has been maintained in the accounts at June 30, 2019.

Provisions of a tax nature are intended to cope with the financial consequences of tax audits in the Group.

Reversed provisions were used for the purpose for which they were intended.

Contingent liabilities

No provision is recognized if the company considers that the liability is contingent (as defined by IAS 37). Only a provision related to an estimate of proceeding fees might be recorded.

This is the case in particular of a claim lodged in 2014 by a competitor of the Group in compensation of alleged damage relating to a method to use patent. The company considers that claim to be both legally unfounded and quantitatively disproportionate in view of its amount, and the latest information available is favorable to the Group.

It is therefore a contingent liability, with a low probability of leading to a significant outflow.

A12. Lease liability

Change in lease liabilities

en k€	12/31/2018	New contracts and renewals	Repayments and cancellations	Impact of transition	Transfers Conversion	gains and losses	06/30/2019
Lease liability - Non-current	-	2,107	-428	23,885	-2,314	-128	23,122
Lease liability - Current	-	745	-4,764	7,573	5,149	-33	8,670
Lease liability	-	2,852	-5,192	31,458	2,835	-161	31,792

As at June 30, 2019, lease liabilities contributed €31.8 million to the Group's indebtedness. IFRS 16 introducing a single lessee accounting model for the lease contracts meeting the criteria of application, the new lease liability shelters the debts arising from contracts previously capitalized pursuant to IAS 17.

Lease liability by maturity

As at June 30, 2019
			Payments	Total
in € thousand	less than 1 year		from 1 to 5 years more than 5 years
Lease liability - Non-current	-	15,438	7,685	23,122
Lease liability - Current	8,670	-	-	8,670
Lease liability	8,670	15,438	7,685	31,792

Information on financing activities

	12/31/2018	Repayments of debt	Impact of transition	Increase		Decrease Transfers Conversion	gains and	06/30/2019
in € thousand							losses
Lease liability	-	-4,557	31,458	2,852	-635	2,835	-161	31,792
Lease liability	-	-4,557	31,458	2,852	-635	2,835	-161	31,792

Decreases correspond to early terminations with no cash impact.

The item "Transfers" includes the reclassification of the debts related to financial leases previously recognized in compliance with IAS 17 into the lease liability pursuant to IFRS 16.

Reconciliation between off-balance sheet commitments and lease liability at opening date

The table below shows the bridge between the minimum future lease payments as disclosed as of December 31, 2018 and the lease liability at transition date.

in € thousand	01/01/2019
Future lease payments communicated as of December 31, 2018	26,880
Difference in lease commitments assessment	1,486
Impact of renewal or early termination options	3,168
Short-term contracts or assets of low value	-76
Transition impact to IFRS 16 (present value of the debt)	31,458
Financial leases as recognized into December 31, 2018 statements	2,784
Lease liability as of January 1st, 2019	34,243

As a result of the implementation of IFRS 16, the Group re-examined all its lease agreements. Consequently, the components and durations of the contracts were analyzed and revised when necessary.

A13. Other financial liabilities

Change in other financial liabilities

	12/31/2018	Increase	Decrease Changes	in scope	Transfers	Conversion gains and losses	06/30/2019
in € thousand
Loans	373,317	28,100	-1,747	-	-5,159	2,512	397,023
Bank overdrafts	-	-	-	-	-	-	-
Accrued interests not yet matured	-	-	-	-	-	-	-
Debt relating to leasing contracts	1,618	-	-	-	-1,634	16	-0
Employee profit sharing	2	5	-	-	-	-	8
Currency and interest rate derivatives	963	-	757	-	-	-	1,720
Other	-	-	-	-	-	-	-
Other non-current financial liabilities	375,900	28,106	-990	-	-6,793	2,528	398,752
Loans	91,435	19,917	-34,702	-	5,159	1,278	83,088
Bank overdrafts	19,173	-	-7,367	-	-	6	11,813
Accrued interests not yet matured	49	-	1	-	-	-	50
Debt relating to leasing contracts	1,167	-	-9	-	-1,173	15	-0
Employee profit sharing	532	216	-491	-	-	17	274
Currency and interest rate derivatives	639	-	-73	-	-	-	565
Other	-	-	-	-	-	-	-
Other current financial liabilities	112,995	20,133	-42,640	-	3,986	1,317	95,790
Other financial liabilities	488,895	48,239	-43,630	-	-2,807	3,845	494,542

The main features of Virbac's three funding instruments are as follows:

a syndicated loan of €420 million, drawn in euros and American dollars, contracted with a pool of banks and repayable at maturity, with an initial maturity of April 2020, extended until April 9, 2022, once the extension agreement was received by all of the lenders on March 23, 2018;

market-based contracts (Schuldschein) taken out in 2015, consisting of four instalments, with maturities of five, seven and ten years, at variable and fixed rates;

a US\$90 million financing contract with the European investment bank (EIB), set up in 2017 for a seven-year term, repayable in fine for half and refundable over eleven years for the other half.

Virbac also received bilateral loans and BPI financing.

As of June 30, 2019, the position of the funding instruments was as follows:

the syndicated loan was drawn for amounts of €94 million and US\$164 million;
the market-based contracts amounted to €15 million and US\$15.5 million;
the bilateral loans and BPI and EIB financing amounted to €76.8 million and US\$90 million.

These fundings include a financial covenant compliance clause that requires the borrower to adhere to the following financial ratio, which is based on the consolidated financial statements and reflects net consolidated indebtedness (1) for the period considered on the consolidated Ebitda (Earnings before interests, taxes, depreciation and amortization) (2) for the twelve previous months period for half-year statements.

The year 2019 is marking the return to the initial terms of the contract regarding the financial ratios to adhere to. The net debt on Ebitda ratio should from now on be under the threshold of 4.25 at June 30, 2019 and below 3.75 at December 31, 2019.

(1) Consolidated net debt refers to the sum of other current and non-current financial liabilities, namely the following items: loans, bank overdrafts, accrued interest liabilities, debts related to finance leases, profit sharing, interest rate and foreign exchange derivatives, and others; less the amount of the following items: cash and cash equivalents, term deposits, and foreign exchange and interest rate derivatives as shown in the consolidated accounts.

(2) Consolidated Ebitda refers to net operating income for the 12 previous months period (that of the last six months of 2018 plus that of the first half of 2019) excluding IFRS 16, plus depreciations and provisions net of reversals and dividends received from non-consolidated subsidiaries.

Other financial liabilities by maturity

As at June 30, 2019

		Total
in € thousand	less than 1 year		from 1 to 5 years more than 5 years
Loans	83,088	311,950	85,073	480,111
Bank overdrafts	11,812	-	-	11,812
Accrued interests not yet matured	50	-	-	50
Employee profit sharing	274	8	-	282
Currency and interest rate derivatives	566	1,720	-	2,286
Other	0	0	-	-
Other financial liabilities	95,790	313,679	85,073	494,543

Information on financing activities

	Cash flows			Other flows
in € thousand	12/31/2018	Debt issuance	Repayments of debt	Fair Value		Transfers Conversion gains and losses	06/30/2019
Non-current financial liabilities	373,317	28,100	-1,747	-	-5,159	2,512	397,023
Current financial liabilities	91,435	19,917	-34,702	-	5,159	1,278	83,087
Debt relating to leasing contracts	2,785	-	-9	-	-2,807	32	- 0
Employee profit sharing	534	222	-491	-	-	17	282
Currency and interest rate derivatives	1,601	-	-	684	-	-	2,286
Other financial liabilities	469,672	48,239	-36,948	684	-2,807	3,839	482,679

A14. Revenue from ordinary activities

in € thousand	06/30/2019	06/30/2018	Change
Sales of finished goods and merchandise	526,413	480,971	9.4%
Services	31	3	946.9%
Additional income from activity	1,264	2,016	-37.3%
Royalties paid	214	175	22.5%
Gross sales	527,923	483,165	9.3%
Discounts, rebates and refunds on sales	-51,938	-43,847	18.5%
Expenses deducted from sales	-9,086	-7,769	16.9%
Financial discounts	-3,155	-1,582	99.4%
Provision for returns	-11	-7	60.6%
Expenses deducted from sales	-64,190	-53,205	20.6%
Revenue from ordinary activities	463,733	429,960	7.9%

In the first half of the year, the overall change in sales was +7.9% compared to the same period in 2018. Excluding the positive impact of foreign exchange rates, sales were up +6.6%.

A15. Other operating income and expenses

in € thousand	06/30/2019	06/30/2018	Change
Royalties paid	-1,828	-1,658	10.3%
Grants received (including research tax credit)	3,883	4,357	-10.9%
Allowances for depreciation of receivables	-529	-863	-38.6%
Reversals of depreciation of receivables	1,016	37	2647.5%
Bad debts	-1,034	-190	443.7%
Net book value on disposed assets	-4,156	-78	5230.9%
Income from disposals of assets	6,160	112	5421.2%
Other operating income and expenses	-930	-806	15.3%
Other current income and expenses	2,583	911	183.5%

The increase of the "Other operating income and expenses" mainly arises from the gain on the sale of the administrative offices of Virbac US.

A16. Other non-current income and expenses

in € thousand	06/30/2019
Impairment of MA held by BVT on Leishmaniosis vaccine Cancellation of the debt on SBC shares	-9,653 222
Other non-current income and expenses	-9,431

As of June 30, 2019, the Group re-examined the recoverable value of the CGU Leishmaniosis vaccine. This test led to the recognition of an impairment of the intangible assets of the CGU for a gross amount of €9.7 million (marketing authorizations).

A17. Financial income and expenses

in € thousand	06/30/2019	06/30/2018	Change
Gross cost of financial debt	-9,637	-8,528	13.0%
Income from cash and cash equivalents	923	434	112.6%
Net cost of financial debt	-8,714	-8,093	7.7%
Foreign exchange gains and losses	1,342	-5,382	-124.9%
Changes in foreign currency derivatives and interest rate	-1,318	1,168	-212.8%
Other financial charges	-45	2	-2354.3%
Other financial income	40	351	-88.6%
Other financial income and expenses	19	-3,861	-100.5%
Financial income and expenses	-8,695	-11,954	-27.3%

As a consequence of the implementation of IFRS 16 from January 1st, 2019 on, the cost of financial debt now includes the interest cost on lease liability which is amounting to €734 thousand as of June 30, 2019.

Excluding IFRS 16 impact, the net cost of financial debt is decreasing, due to a lower net debt. The income from cash and cash equivalents results from the investments of the Indian subsidiary.

The improvement in the foreign exchange gains and losses mainly arises from unrealized income on the financing operations in CLP in France and in Chile, due to the appreciation of this currency against euro and American dollar over the first half 2019, when the CLP sharply depreciated during the first semester 2018.

A18. Income tax

In accordance with IAS 34, in the financial statements at June 30, 2019, the tax charge was determined by applying to the profit before tax for the period the average tax rate estimated for the year 2019.

Non-current tax expense

As the Virbac US subsidiary recognized tax losses in the first half of 2019, a deferred tax asset was recorded in its accounts for US\$167 thousand (€148 thousand). However, in accordance with IAS 12 and in line with the position retained in the consolidated financial statements at December 31, 2018, the deferred tax asset relating to tax losses for the first half of 2019 was impaired for the full amount.

Also included in the line "Non-current tax expense" is the tax income calculated on "Other non-current income and expenses" (see Note A16).

A19. Bridge from net result to net result from ordinary activities

	Net result IFRS 06/30/2019	Impairment of assets	Restructuring costs	Other items	Non-current tax expense	Net result from ordinary activities
in € thousand						06/30/2019
Revenue from ordinary activities	463,733					463,733
Current operating profit before depreciation of assets arising from acquisitions	66,917					66,917
Depreciations of intangible assets arising from acquisitions	-7,522					-7,522
Operating profit from ordinary activities	59,395					59,395
Other non-current income and expenses	-9,431	9,653		-222		-
Operating result	49,964	9,653		-222		59,395
Financial income and expenses	-8,695					-8,695
Profit before tax	41,269	9,653		-222		50,700
Income tax Share from companies' result accounted for by the equity method	-12,964 90	-2,493			148	-15,309 90
Result for the period	28,395	7,159	-	-222	148	35,481

A20. Result per share

	06/30/2019	06/30/2018
Profit attributable to the owners of the parent company	26,434,849 €	12,269,356 €
Total number of shares	8,458,000	8,458,000
Impact of dilutive instruments	-	-
Number of treasury shares	30,894	34,564
Outstanding shares	8,427,106	8,423,436
Profit attributable to the owners of the parent company, per share	€3.14	€1.46
Profit attributable to the owners of the parent company, diluted per share	€3.14	€1.46

Treasury shares

Virbac holds treasury shares intended to supply plans to award performance shares, as well as the market-making contract. The amount of these shares is recorded as a reduction of equity.

As at June 30, 2019, the number of shares held by the Group amounted to 30,894 (against 34,564 shares as at June 30, 2018) for a total of €4,411 thousand.

A21. Operating segments

In accordance with IFRS 8, the Group provides information on operating segments as used internally by the executive board, considered as the chief operating decision maker.

The segment reporting of the Group is the geographical area. The breakdown by geographic area covers seven sectors, according to the location of the assets of the Group:

France;
Europe (excluding France);
Latin America;
North America;
Asia;
Pacific;
Africa & Middle East.

The Group's operations are organized and managed separately according to the nature of the markets. There are two marketing segments that are companion animals and food producing animals. These cannot be considered as a segment information for the reasons listed below:

nature of products: most therapeutic segments are common to companion and food producing animals (antibiotics, pesticides...);
production processes: the production lines are common to both segments and there is no significant differentiation of supply sources;
type or category of customers: the distinction is made between the ethical sector (veterinarians) and OTC (Over the counter);
internal organization: the management structures of the Virbac Group are organized by geographical areas. There is no responsibility for marketing segment at Group level;
distribution methods: the main distribution channels are more dependent on countries that segment marketing. The sales force may be, in some cases, common to both segments marketing;
nature of the regulatory environment means the bodies authorizing the placing on the market are the same regardless of the segment.

In the information presented below, the areas correspond to geographical areas (areas of implementation of the Group's assets). The result for France includes the Group's head office expenses and a substantial proportion of its research and development expenses.

As at June 30, 2019
in € thousand	France	Europe (excluding France)	Latin America	North America	Asia	Pacific	Africa & Middle East	Total
Revenue from ordinary activities Current operating profit before depreciations of assets aring from acquisitions	66,863 10,567	117,847 8,159	78,166 12,492	72,895 10,578	73,176 10,938	41,517 12,102	13,270 2,081	463,733 66,917
Profit attributable to the owners of the parent company Non-controlling interests	1,384 0	5,645 -	4,105 1,960	-796 -	6,946 -	7,772 -	1,379 -	26,435 1,960
Consolidated profit	1,384	5,645	6,065	-796	6,946	7,772	1,379	28,395
in € thousand	France	Europe (excluding France)	Latin America	North America	Asia	Pacific	Africa & Middle East	Total
Assets by geographic area Intangible investment	675,185 3,350	53,717 18	228,029 16	154,851 284	123,209 32	81,733 1	8,299 -	1,325,021 3,702
Tangible investment	3,451	122	2,433	1,116	685	474	30	8,312

One customer of the Group achieved more than 10% of the revenue.

A22. Information on related parties

Transactions between the Group and related parties mainly concern:

Compensation and assimilated benefits granted to the members of the administrative and management bodies

The impact of the exit from the plan of two beneficiaries no longer meeting the required conditions, cumulated to the decrease in the pension rate from 22.0% to 10.5% of the reference salary, generate an income of €3.2 million before taxes in the half-yearly consolidated financial statements (consisting in a release provision amounting to €2.6 million and a decrease in social contributions amounting to €0.6 million).

In the first half of the year 2019, there is no other significant transaction concluded between the Group and a member of the management body or a shareholder exercising a significant influence on the company.

Throughout the first half of the year 2019, no performance-related stock grants were awarded.

Transactions with companies on which Virbac exercises a significant influence or a joint control

Transactions between related parties are arm's length operations. There is no major change in the nature of the transactions with related parties throughout the first half of the year 2019 compared to December 31, 2018.

A23. Scope of consolidation

Company name	Locality	Country	06/30/2019		12/31/2018
				Control Consolidation		Control Consolidation
France
Virbac (parent company)	Carros	France	100.00%	Full	100.00%	Full
Interlab	Carros	France	100.00%	Full	100.00%	Full
Virbac France	Carros	France	100.00%	Full	100.00%	Full
Virbac Distribution	Wissous	France	100.00%	Full	100.00%	Full
Virbac Nutrition	Vauvert	France	100.00%	Full	100.00%	Full
Bio Véto Test	La Seyne sur Mer	France	100.00%	Full	100.00%	Full
Alfamed	Carros	France	99.70%	Full	99.70%	Full
Europe (excluding France)
Virbac Belgium SA	Wavre		Belgium 100.00%	Full	100.00%	Full
Virbac Nederland BV *	Barneveld	Netherlands	100.00%	Full	100.00%	Full
Virbac (Switzerland) AG	Glattbrugg	Switzerland	100.00%	Full	100.00%	Full
Virbac Ltd	Bury St. Edmunds	United Kingdom 100.00%		Full	100.00%	Full
Virbac SRL	Milan	Italy	100.00%	Full	100.00%	Full
Virbac Danmark A/S	Kolding	Denmark	100.00%	Full	100.00%	Full
Virbac Pharma Handelsgesellshaft mbH	Bad Oldesloe	Germany	100.00%	Full	100.00%	Full
Virbac Tierarzneimittel GmbH	Bad Oldesloe	Germany	100.00%	Full	100.00%	Full
Virbac SP zoo	Warsaw	Poland	100.00%	Full	100.00%	Full
Virbac Hungary Kft	Budapest	Hungary	100.00%	Full	100.00%	Full
Virbac Hellas SA	Agios Stefanos	Greece	100.00%	Full	100.00%	Full
Animedica SA	Agios Stefanos	Greece	100.00%	Full	100.00%	Full
Virbac España SA	Barcelona	Spain	100.00%	Full	100.00%	Full
Virbac Österreich GmbH	Vienna	Austria	100.00%	Full	100.00%	Full
Virbac de Portugal Laboratorios Lda	Almerim	Portugal	100.00%	Full	100.00%	Full
Virbac Hayvan Sağlığı Limited Şirketi	Istanbul	Turkey	100.00%	Full	-	-
North America
Virbac Corporation *	Fort Worth	United States	100.00%	Full	100.00%	Full
PP Manufacturing Corporation	Framingham	United States	100.00%	Full	100.00%	Full

* Pre-consolidated levels

Company name	Locality	Country		06/30/2019	12/31/2018
				Control Consolidation		Control Consolidation
Latin America
Virbac do Brasil Industria e Comercio Ltda	São Paulo	Brazil	100.00%	Full	100.00%	Full
Virbac Mexico SA de CV	Guadalajara	Mexico	100.00%	Full	100.00%	Full
Laboratorios Virbac Mexico SA de CV	Guadalajara	Mexico	100.00%	Full	100.00%	Full
Virbac Colombia Ltda	Bogota	Colombia	100.00%	Full	100.00%	Full
Laboratorios Virbac Costa Rica SA	San José	Costa Rica	100.00%	Full	100.00%	Full
Virbac Chile SpA	Santiago	Chile	100.00%	Full	100.00%	Full
Virbac Patagonia Ltda	Santiago	Chile	100.00%	Full	100.00%	Full
Holding Salud Animal SA	Santiago	Chile	51.00%	Full	51.00%	Full
Centro Veterinario y Agricola Limitada	Santiago	Chile	51.00%	Full	51.00%	Full
Farquimica SpA	Santiago	Chile	51.00%	Full	51.00%	Full
Bioanimal Corp SpA	Santiago	Chile	51.00%	Full	51.00%	Full
Productos Quimicos Ehlinger	Santiago	Chile	51.00%	Full	51.00%	Full
Centrovet Inc	Allegheny	United States	51.00%	Full	51.00%	Full
Centrovet Argentina	Buenos Aires	Argentina	51.00%	Full	51.00%	Full
Inversiones HSA Ltda	Santiago	Chile	51.00%	Full	51.00%	Full
Rentista de capitales Takumi Ltda	Santiago	Chile	51.00%	Full	51.00%	Full
Virbac Uruguay SA	Montevideo	Uruguay	99.17%	Full	99.17%	Full
Virbac Latam Spa	Santiago	Chile	100.00%	Full	100.00%	Full
Asia
Virbac Trading (Shanghai) Co. Ltd	Shanghai	China	100.00%	Full	100.00%	Full
Virbac H.K. Trading Limited	Hong Kong	Hong Kong	100.00%	Full	100.00%	Full
Asia Pharma Ltd	Hong Kong	Hong Kong	100.00%	Full	100.00%	Full
Virbac Korea Co. Ltd	Seoul	South Korea	100.00%	Full	100.00%	Full
Virbac (Thailand) Co. Ltd	Bangkok	Thailand	100.00%	Full	100.00%	Full
Virbac Taiwan Co. Ltd	Taipei	Taiwan	100.00%	Full	100.00%	Full
Virbac Philippines Inc.	Taguig City	Philippines	100.00%	Full	100.00%	Full
Virbac Japan Co. Ltd	Osaka	Japan	100.00%	Full	100.00%	Full
Virbac Asia Pacific Co. Ltd	Bangkok	Thailand	100.00%	Full	100.00%	Full
Virbac Vietnam Co. Ltd	Ho Chi Minh Ville		Vietnam 100.00%	Full	100.00%	Full
Virbac Animal Health India Private Limited	Mumbai	India	100.00%	Full	100.00%	Full
SBC Virbac Limited	Hong Kong	Hong Kong	100.00%	Full	100.00%	Full
SBC Virbac Biotech Limited	Tapei	Taiwan	100.00%	Full	100.00%	Full
AVF Animal Health Co Ltd Hong-Kong	Hong Kong	Hong Kong	50.00%	Equity method	50.00%	Equity method
AVF Chemical Industrial Co Ltd China	Jinan (Shandong)	China	50.00%	Equity method	50.00%	Equity method
Pacific
Virbac (Australia) Pty Ltd *	Milperra	Australia	100.00%	Full	100.00%	Full
Virbac New Zealand Limited	Hamilton	New Zealand	100.00%	Full	100.00%	Full
Africa & Middle East

Virbac RSA (Proprietary) Ltd *	Centurion	South Africa	100.00%	Full	100.00%	Full
GPM Algeria	Constantine	Algeria	42.85%	Equity method	42.85%	Equity method

* Pre-consolidated levels

STATUTORY AUDITORS' REVIEW REPORT ON THE HALF-YEARLY FINANCIAL INFORMATION

Period from January 1st to June 30, 2019

This is a free translation into English of the statutory auditors' review report on the half-yearly financial information issued in French and is provided solely for the convenience of English-speaking users. This report includes information relating to the specific verification of information given in the Group's half-yearly management report. This report should be read in conjunction with, and construed in accordance with, French law and professional standards applicable in France.

To the Shareholders,

In compliance with the assignment entrusted to us by your annual general meeting and in accordance with Article L.451-1-2 of the French monetary and financial code (Code monétaire et financier), we hereby report to you on:

the review of the accompanying condensed half-yearly consolidated financial statements of Virbac for the period from January 1 st to June 30, 2019;
the verification of the information contained in half-yearly management report.

These condensed half-yearly consolidated financial statements are the responsibility of the board of directors. Our role is to express a conclusion on these financial statements based on our review.

CONCLUSION ON THE FINANCIAL STATEMENTS

We conducted our review in accordance with professional standards applicable in France. 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 professional standards applicable in France and consequently does 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.

Based on our review, nothing has come to our attention that causes us to believe that these condensed half-year consolidated financial statements are not prepared, in all material respects, in accordance with IAS 34 - standard of the IFRS as adopted by the European Union applicable to interim financial information.

Without qualifying the conclusion expressed above, we draw your attention to Note "IFRS 16 – leases" to the condensed half-year consolidated financial statements, which describes the impacts of the first-time application as of January 1, 2019 of IFRS 16 "leases" standard.

SPECIFIC VERIFICATION

We have also verified information presented in the half-yearly management report on the condensed half-yearly consolidated financial statements subject to our review.

We have no matters to report as to its fair presentation and consistency with the condensed half-yearly consolidated financial statements.

Nice and Marseille, September 13, 2019 The statutory auditors French original signed by

Novances - David & Associés Deloitte & Associés Jean-Pierre Giraud Philippe Battisti

STATEMENT OF RESPONSIBILITY FOR THE HALF-YEARLY FINANCIAL REPORT

I certify, to my knowledge, that the financial statements are prepared in accordance with applicable accounting standards and give a true and fair view of the assets, liabilities, financial position, and result of the company and all companies included in the consolidation, and that the management report presents an accurate picture of the evolution of the business, result, and financial position of the company and all companies included in the consolidation as well as a description of the main risks and uncertainties to which they are exposed.

Carros, September 10, 2019

Sébastien Huron, chairman of the executive board

AI assistant

Virbac — Interim / Quarterly Report 2019

1753_ir_2019-09-16_e0b4b317-544a-466f-b9f1-e640c4364695.pdf

Half-yearly financial report As of June 30, 2019

HALF YEARLY MANAGEMENT REPORT

FIRST HALF 2019 MAJOR EVENTS

Evolution within governing bodies

Return to the initial conditions of the financial ratio compliance clause

Amendment to the defined-benefit retirement plan

Additional impairment of the CaniLeish asset

Sale of the Fort Worth real estate

MAJOR EVENTS SUBSEQUENT TO CLOSING

SALES PERFORMANCE

By segment

Companion animals

Food producing animals

Other businesses

By region

REVIEW OF THE FINANCIAL SITUATION AND RESULTS

Results

Financial situation

Annual outlook

MAIN SOURCES OF RISKS AND UNCERTAINTY FOR THE NEXT SIX MONTHS OF THE YEAR

OPERATIONS WITH RELATED PARTIES

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

HALF YEARLY CONSOLIDATED FINANCIAL STATEMENTS

Statement of financial position

Income statement

Comprehensive income statement

Statement of change in equity

Cash flow statement

Statement of change in cash position

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

General information note

Significant events for the period

Return to the initial conditions of the financial ratio compliance clause

Amendment to the defined-benefit retirement plan

Additional impairment of the CaniLeish asset

Sale of the Fort Worth real estate

Significant events after the closing date

Scope of consolidation

Main accounting principles applied

New standards and interpretations

Mandatory standards and interpretations effective January 1st, 2019

IFRS 16. Leases

IFRIC 23. Uncertainty over income tax treatments

amendments to IAS 19. Plan amendment, curtailment or settlement

amendments to IAS 28. Long-term interests in associates and joint ventures

amendments to IFRS 9. Prepayment features with negative compensations

annual improvements (2015-2017 cycle)

Standards and interpretations available for early adoption as at January 1 st , 2019,

Consolidation rules

Consolidation methods

Conversion of financial statements

Elimination of inter-company transactions

Estimations

Acquisition prices

Tax charge

A1. Goodwill

Change in goodwill by CGU:

A2. Intangible assets

Net book value of "concessions, patents and brands" by date and operation of external growth

As at June 30, 2019

Net book value of "concessions, patents and brands" by nature

As at June 30, 2019

A3. Impairment test of assets

A4. Tangible assets

A5. Right of use

Analysis of residual rental costs

A6. Share in companies accounted for by the equity method

A7. Inventory and work in progress

A8. Trade receivables

A9. Other receivables

A10. Trade payables

A11. Other provisions

Contingent liabilities

A12. Lease liability

Change in lease liabilities

Lease liability by maturity

Information on financing activities

Virbac Interim / Quarterly Report 2019