iba annual report 2000 - morningstar, inc

IBA ANNUAL REPORT 2000(

The IBA 2000 Annual Report consists of two parts. On April 20, 2001, the Belgian Banking and Finance Commission authorized IBA to use its Annual Report as the documentof reference for any public share offering it may conduct via the dissociated information procedure, based on Belgian Royal Decree 185 of July 9, 1935, until publication of its nextReport. Within the framework of this procedure, an operational note should be added to the present Report so that it constitutes a prospectus in compliance with article 29 of theaforementioned Royal Decree. Said prospectus must be submitted for approval to the Banking and Finance Commission in compliance with the provisions of article 29-ter § 1,subsection 1, of the aforementioned Royal Decree.

This document is an English translation of the document of reference established in French. Only the document of reference in French is the authentic document. The Englishtranslation has been validated by IBA.

Brought to you by Global Reports

The year 2000 was a year of integration and con-

solidation for IBA, a year in which solid founda-

tions were laid in order to ensure strong growth in

the future.

Indeed, the year 2000 was characterized by 3 major

elements:

• the construction of an integrated Group worldwide,

• sustained growth compared with 1999, and

• continued investments to secure even more prof-

itable growth in the future.

Successful integration

In the last few years, IBA has experienced tremen-

dous growth due to the acquisition of seven differ-

ent companies, all offering technologies and services

reinforcing or complementary to its core business.

But all these different companies and businesses

needed to be integrated. For that very reason, a new

management and management structure have been

put into place in 2000 in many parts of the organi-

zation, and rationalization and optimization

efforts have been carried out to maximize IBA’s

competitive advantage. The IBA mission and val-

ues have been shared among all Group members.

Today, we are fully equipped to move forward

together in the same direction, aiming for ambi-

tious, selective and profitable growth.

Solid growth

The 2000 financial results show for the first time in

a full year the integration of the companies

acquired by IBA in 1999.

The Group’s consolidated sales figure shows

growth of 67% increasing to 236 million EUR. The

operating result (EBITA) before amortization of

goodwill stands at EUR 36.6 million, showing an

increase of 27% compared with 28.7 million EUR

in 1999. As for the net result Group share, this has

increased by 106% and the net current result per

share has risen by 13% to 0.95 EUR.

Also, and most importantly, the Group’s financial

structure has been considerably reinforced by the

capital increase in January 2000, which successfully

raised 170 million EUR and undeniably con-

tributed to growth in 2000. With a gearing ratio of

35% at December 31, 2000, IBA is in an excellent

position to face the future and achieve its ambition

of continuous growth.

We would like to take this opportunity to thank in

particular all our shareholders for their support,

without which this growth would not have been

possible. Our thanks also go to all IBA employees

everywhere who are committed to IBA’s mission

and values and have contributed to achieving this

growth in 2000.

2 IBA 2000

LETTER FROM THE CHAIRMAN OF THE BOARD

AND THE CHIEF EXECUTIVE OFFICER

(

Dear Shareholders,


3 IBA 2000

When seen in the light of the difficulties experi-

enced by the financial markets in 2000, these

results inevitably inspire confidence in IBA’s firm

foundations and future consolidation.

Investments for the future

In 2000, investments totaled 66 million EUR. Of

these, 16% were used to extend the medical steriliza-

tion business in Europe and Thailand, 19% were

allotted to developments in food, to establishing new

premises for Analytical Labs in the USA and to

starting a new processing facility for Advanced

Materials, 20% were used to develop radioisotope

production centers in Europe, 22% for R&D in the

area of Proton Therapy and 23 % were used for main-

tenance and renewal of existing facilities and equip-

ment, to a large extent for ensuring cobalt supplies.

Overall perspectives 2001

The objective of IBA in the year 2001 is to improve

its profitability while continuing to pursue the

optimization measures determined and undertaken

during 2000.

The year 2001 will also be a decisive year in the

field of proton therapy. We expect to see IBA’s

efforts in this area come to fruition by obtaining

FDA approval in the USA for its cancer radiation

therapy system at the Massachusetts General

Hospital, Boston. In addition to this, IBA intends

to sell a Proton Therapy system before the end of

the year.

Other focal points for IBA in 2001: integration of

the acquisition of Eastern Isotopes Inc. and devel-

opment of the production and distribution of

radioisotopes aiming for strong growth in the USA

PET markets over the next few years. Such activi-

ties together with continued efforts to establish

IBA’s leadership position in markets offering long-

term growth opportunities will require continuous

investments and thus mobilization of the Group’s

financial resources before they can contribute sig-

nificantly to the growth in profits.

With more than 1300 employees at 49 different

sites in 12 countries on 3 continents, IBA is today

an established world leader in both its industrial

markets (sterilization & ionization) and medical

markets (advanced radiotherapy and radioisotopes).

By leveraging its unique expertise in particle accel-

erator technology, advanced physics and chemistry,

IBA continues to fulfil its worldwide mission, that

of providing high-value innovative solutions in the

areas of health and well-being.

PHILIPPE

DE WOOT

Chairman of the Board of Directors(right)

JEAN-CLAUDE

DELOBEL

Chief Executive Officer(left)

Philippe de Woot Jean-Claude Delobel


IBA is a world leader in the areas of industrial

Sterilization & Ionization, Advanced Radiotherapy

and Radioisotopes. The Group’s activities can be

divided into 2 main sectors:

- industrial sector (sterilization & ionization,

including sterilization of medical devices, analyt-

ical laboratory testing, food safety, and improve-

ment of material characteristics),

- medical sector (advanced radiotherapy, including

dosimetry, and radioisotope production and dis-

tribution).

In the industrial sector, IBA masters all the 4 key

technologies necessary to meet the diverse applica-

tion demands of the sterilization and ionization

markets: ethylene oxide, cobalt, electron and X-ray

technology offering customers equipment or ser-

vices according to their specific needs.

In 2000, the industrial sector accounted for 69% of

IBA’s consolidated sales, amounting to 163.6 mil-

lion EUR.

In the medical sector, IBA develops and industri-

alizes high-tech equipment for the treatment of

cancer, including both high-end photon/electron

systems such as the “Racetrack” as well as new

advanced radiation technology systems such as the

IBA Proton Therapy system. Products also include

radiotherapy and radiology dosimetry systems

ensuring accurate patient dose monitoring and

patient positioning.

The medical sector also includes the IBA radioiso-

tope business involving the marketing and sale of

cyclotrons to produce radioisotopes used principally

for medical imaging and implants for cancer treat-

ment (brachytherapy). In this business area, IBA

offers not only a complete range of highly efficient

cyclotrons but is also actively developing centers for

the distribution of FDG, both in Europe (Lyons,

France and Milan, Italy) and the USA.

In fiscal year 2000, IBA’s activities in the medical

sector accounted for 31% of the total sales figure

and stand at 72 million EUR.

IBA (Ion Beam Applications) was founded in 1986

as a spin-off from the nuclear research laboratories

of the Catholic University of Louvain-la-Neuve

(UCL) in Belgium.

Growing by acquisition in 1998-2000, IBA now

operates in 12 countries and on 3 continents.

Today, IBA is both an equipment and service

provider, owning 37 sterilization & ionization

service centers on both sides of the Atlantic and

employing more than 1300 people.

IBA is listed on the Brussels Stock Exhange since

June 1998 and indexed on NEXT 150.The IBA share

is part of the BEL 20 and is listed on the new pan-

European Stock Exchange EURONEXT. In 2000,

IBA achieved a total sales figure of 236 million EUR

and a net current result per share of 0.95 EUR.

4 IBA 2000

COMPANY PROFILE(


CEO

In conformity with the rules of Corporate

Governance, the IBA Board consists of four

Executive Directors, four Directors representing

the shareholders and four independent Directors.

The Executive and Strategic Committee consists of

Mr Yves Jongen, Chief Research Officer and

founder of IBA, Mr Pierre Mottet, Chairman of

the Executive and Strategic Committee, Mr Jean-

Claude Delobel, Chief Executive Officer and

Mr Eric de Lamotte, former Chief Financial

Officer.

Reporting to the CEO are the Presidents of the

five Business Units: America Operations (responsi-

ble for Sterilization & Ionization activities in the

USA and comprising shared serv-

ices for all businesses in the

USA), Sterilization & Ionization

EMEAA (Europe, Middle East,

Asia, Africa), Advanced

Radiotherapy, Radioisotopes

and Technology Group (concept

development & equipment

manufacturing).

At Corporate level reporting to the CEO, there are

8 support functions: Finance, Business Develop-

ment, Controlling, Communication, Human

Resources, Information Systems, Total Quality

Management and R&D.

5 IBA 2000

OP ERAT IONAL STRUCT URE(

THE EXECUTIVE AND STRATEGIC

COMMITTEE (LEFT TO RIGHT):

YVES JONGEN

JEAN-CLAUDE DELOBEL (CEO)

PIERRE MOTTET (CHAIRMAN)

ERIC DE LAMOTTE

The IBA Board

12 Members

4 Independent Directors

4 Executive Directors

4 Shareholders

EXECUTIVE AND STRATEGIC COMMITTEE

Pierre Mottet (Chairman)Jean-Claude Delobel (CEO)Eric de LamotteYves Jongen

Organization Structure

CORPORATE FUNCTIONS

FinanceBusiness DevelopmentControllingCommunicationHRTQMInformation SystemsR&D

BUSINESS UNITS

America Operations

Sterilization & Ionization (EMEAA)

Advanced Radiotherapy

Radioisotopes

Technology Group


IBA Mission Statement

IBA Values

6 IBA 2000

MISSION & VALUES(

✓

✓

✓We are a world-wide provider of innovative solutions

in the field of health and well-being.

In each of our markets,we want to be the leader,

setting new standards.

We do this by focusing on selected applications and by leveraging

our expertise in accelerator technology, advanced physics and chemistry.

STRIVINGFOR EXCELLENCE INNOVATION

GOOD

CITIZENSHIP

ENTHUSIASM

ADAPTABILITY

INTEGRITY

RESPECT FOR THE INDIVIDUAL

TEAM SPIRIT

T o r e a c h o u r m i s s i o n, w e a r e g u i d e db y t h e f o l l ow i n g v a l u e s :


Highlights 2000January- Second capital increase raising 170 million EUR.- Jean Stéphenne, General Manager of SmithKline

Beecham Biologicals SA Belgium, Peter Vermeeren, for-mer Board member of ADAC in Europe andMallinckrodt in the USA, and Jacques de Vaucleroy,General Manager of BBL (Banque Bruxelles Lambert)join the IBA Board of Directors as independent directors.

- Announcement of plans to expand medical sterilizationfacilities at Petit-Rechain (Belgium) and in EasternEurope.

- Letter of intent for partnership with Ecolab Inc. (St Paul,Minnesota, USA) in the field of food pasteurization.

February- Letter of intent signed with Syncor International

Corporation (Woodland Hills, California, USA) tolaunch several new centers for FDG production anddistribution in the USA and other countries.

March- Figures for 1999 show sales increased by 258% to

142 million EUR, an operating result increased by185% and a net current result per share almost doubledto reach 0.84 EUR.

- Jean-Claude Delobel joins IBA as Chief ExecutiveOfficer

April- Signing of contract with Ecolab Inc., St Paul,

Minnesota, USA and announcement of strategic part-nership designed to offer food processors improvedfood safety.

- Opening of new irradiation facility, a joint venture withMDS Nordion, in Tepeji, Mexico.

- Arthur Janta-Polczynski, partner of Russell ReynoldsAssociates, Brussels, joins the IBA Board of Directorsas an independent director.

June- Acquisition of Proton Therapy Corporation of

America (PTCA), consolidating IBA’s strategy to pro-mote IBA Proton Therapy systems in the USA and therest of the world.

- Opening of the new IBA X-ray test center inEdgewood, New York, USA.

- Olivier Ralet, now Business Development Director forAtenor Group SA, Belgium, joins the IBA Board ofDirectors.

August- Half-year results 2000 show a net current result per

share of 0.38 EUR increasing by 31% and a sales figuretripling to 111 million EUR compared with figures atmid-1999.

September- IBA Food Safety partners with scientific researchers

from the United States Department of Agriculture(USDA) to examine in detail ionization and food safety.

November- IBA Food Safety fully supports the petition submitted

to the FDA (Food and Drug Administration) by theNational Fisheries Institute (NFI) aiming to ensuregreater food safety for crustacean seafood products inthe USA.

- IBA secures 50% market share for PET (PositronEmission Tomography) cyclotrons in Japan.

December- Sale of an 18/9 PET (Positron Emission Tomography)

cyclotron to the Asan Medical Center in Korea, thelargest General Hospital in Korea.

Highlights 2001January- The United States Departure of Agriculture (USDA)

grants approval to the IBA facility in Schaumburg,Illinois, for treatment of meat and poultry by gammairradiation.

- Agreement signed with AmeriCold Logistics to builda food ionization facility using X-rays on the largestcold storage site in the USA, at Carthage, Missouri,located at the crossroads of the nation’s primary meatand poultry production regions.

February- Acquisition of a majority share in Eastern Isotopes,

Inc., Sterling, Virginia, allowing IBA to become amajor provider of PET services, in particular produc-tion and distribution of FDG in the USA.

- Official opening of the extended sterilization facility atPetit-Rechain, near Verviers, Belgium, doubling servicecapacity and meeting the increased demands of med-ical disposable markets in Europe.

March- Submission of the 510(k) file to the FDA (Food &

Drug Administration) for market clearance of the IBAProton Therapy system at the Massachusetts GeneralHospital, Boston, USA.

- Results 2000 show sales up by 67% to 236 millionEUR, a net result Group share increased by 106% anda net current result per share up by 13% to 0.95 EUR.

7 IBA 2000

HIGHLIGH TS(


I N D U S

This sector consists of the Business Unit

America Operations, based in Chicago, USA

and the Sterilization & Ionization Business Unit

operating in the rest of the world (EMEAA =

Europe, Middle East, Africa, Asia), headquar-

tered in Herentals, Belgium.

America Operations is composed of the Divisions

Medical Sterilization & Analytical Labs, Food

Safety and Advanced Materials and has a network

of 27 contract facilities located principally in the

USA including a site in Canada and Mexico.

Today, approximately 1500 customers process

products through these facilities, choosing from a

complete range of 4 IBA technologies: ethylene

oxide (EtO), gamma, e-beam and X-ray.

The Analytical Labs facilities are based in

3 locations with the Itasca, Illinois site as the hub

and satellites situated in the IBA ethylene oxide

plants in Ontario, California and Santa Teresa,

New Mexico. Analytical Labs offers a wide range

of services: testing services (biological indicator

testing, bioburden analysis, bioburden recovery,

package integrity and material compatability),

consulting services (ethylene oxide cycle develop-

ment, process optimization studies, packaging

solutions, qualification testing and validation,

quality system and protocol development).

America Operations also has shared services

functions, including Human Resources,

Accounting & Finance, Legal, Environmental

Health & Safety, Quality Assurance and

Information Technology. These serve the needs

of all the Business Units in the Group.

Sterilization & Ionization rest of the world

(EMEEA) currently operates 10 service centers:

3 in Belgium, 2 in France, 2 in Thailand, one in

Holland, Germany and the United Kingdom.

The customer offering also includes ethylene

oxide, gamma and steam sterilization and

e-beam, soon to be extended to X-ray.

8 IBA 2000

INDUSTRIAL

Industrial 2000Sales (millions of EUR) 164Sales as % of total sales 69%R&D expenditure (millions of EUR) 1.6R&D as % of total R&D expenditure 11.4%Personnel at 12/31/00 876Personnel as % of total personnel 71%


T R I A L9 IBA 2000

ELECTRON BEAM/X-RAY

PRODUCTS ARE EXPOSED TO A HIGH-ENERGY ELECTRON BEAM PRODUCED BY AN ACCELERATOR PLACED IN A CONCRETE CELL. THE

ACCELERATOR CONVERTS ELECTRICITY INTO A CONCENTRATED STREAM OF HIGHLY CHARGED ELECTRONS. THIS PROCESS ALTERS VARI-

OUS CHEMICAL AND BIOLOGICAL BONDS, DESTROYING MICROORGANISMS, ENHANCING THE COLOR OF A VARIETY OF GEMSTONES,

ALTERING VARIOUS INDUSTRIAL COMPOUNDS AND ENHANCING THE SWITCHING SPEEDS OF CERTAIN SEMICONDUCTORS.

X-RAYS REPRESENT A PROMISING NEW TECHNOLOGY AND ARE OBTAINED VIA CONVERSION OF ELECTRON BEAMS.

TechnologiesApplications E-beam X-ray EtO Cobalt

Medicalproducts X X X X

FoodSafety X X X

AdvancedMaterials X X X

COBALT 60 (CO-60)IRRADIATION BY COBALT 60 CONSISTS OF EXPOSING PRODUCTS TO IONIZING BEAMS EMITTED BY CO-60 DURING ITS DESINTEGRATION.

NO RADIOACTIVITY IS ENGENDERED IN THE TREATED PRODUCTS, WHICH ARE INSTANTLY STERILIZED OR IONIZED BY THE DEEPLY

PENETRATING RAYS. AERATION AND POST-STERILIZATION TESTING ARE NOT REQUIRED.

ETHYLENE OXIDE (EtO)ETHYLENE OXIDE IS USED IN ITS GASEOUS FORM TO STERILIZE MEDICAL PRODUCTS. EXPOSURE TO THE GAS DESTROYS AN ORGAN-

ISM’S ABILITY TO REPRODUCE THROUGH AN ALKALIZATION REACTION. THE EtO PROCESS REQUIRES THAT THE HUMIDITY, TEMPERA-

TURE AND GAS CONCENTRATION BE RIGIDLY CONTROLLED. BECAUSE EtO RESIDUE REMAINS FOLLOWING PROCESSING, AN AERATION

PERIOD IS REQUIRED TO ALLOW THE EtO GAS TO DISSIPATE TO SAFE LEVELS BEFORE

HUMAN HANDLING OF THE PROCESSED PRODUCT.


MYRON

CIVILS

Technical DirectorIBA Analytical Labs

Burr Ridge, Illinois, USA

“ We have all it takes to be the sterilization leader

of the 21st century.”

10 IBA 2000

I N D U S

Here, at IBA Analytical Laboratories,

we have helped the ethylene oxide

service centers meet the most

demanding challenges in 2000,

providing superior customer service

while reducing the cost of sterilization.

Using state-of-the-art technology, we

have now successfully reduced product

turnaround time from between 3 and 6

weeks to one week or less. Basically,

this has helped IBA customers save

millions of dollars a year.

As part of IBA, we have all it takes to

be the sterilization leader of the 21st

century. We can now provide customers

with seamless consulting services and

turn-key solutions, not only for

ethylene oxide, but also for gamma,

e-beam and X-ray sterilization.

With the integration of different

sterilization modalities and a world-

class approach to reducing costs, we

have great advantages over our

competitors.


Medical Sterilization &Analytical Labs

Achievements 2000

Despite pressure on prices in the area of Sterilization

& Ionization, America Operations has maintained

its position as the leader in contract sterilization.This

was accomplished by aggressive contract negotiation

and by adding services to the total sterilization offer-

ing, such as ethylene oxide cycle optimization, logis-

tics management and guaranteed turn-around times,

all of which translated into reduced customer inven-

tories and quicker deliveries to customers.

Internally, time and efforts were spent on assimilating

and training EtO and Cobalt sales teams in multiple

processing technologies across an expanded geo-

graphic network of contract facilities. Integration has

now been completed for employee benefit, compensa-

tion systems, finance and accounting systems, quality

assurance policy, procedures and work instructions for

multiple technologies, environmental health & safety

policies and procedures.

During 2000, the IBA Analytical Lab facility was

relocated to the new Itasca hub, Illinois, representing

three times the size of the original laboratory and

embodying a scientific platform for technology sup-

port to existing IBA contract facilities and to their

customer base.

In Sterilization & Ionization rest of the world

(EMEAA), time and efforts in 2000 were similarly

directed towards integrat-

ing with IBA, changing

names and streamlining

activities in several plants

worldwide, starting the

platform for further

expansion.

During 2000, the ethylene

oxide facility in Petit-

Rechain, Belgium was

extended in order to cope

with the growing market

of medical device steriliza-

tion in Europe. Based in

the south of Belgium, this strategically located plant

will help IBA Sterilization & Ionization absorb

growing volumes from multinational customers using

the Benelux countries as their European distribution

hub.

Expansion work was also realized at the existing EtO

site in France at Anse near Lyons. In the United

Kingdom, considerable investments were made to

ensure compliance with all pending and anticipated

environmental regulations. In addition, a study is cur-

rently under way in the United Kingdom to increase

processing capacity by 25 % based on a new system of

automation.

In Thailand, the e-beam business focusing on the

treatment of gemstones was on the upturn. On the

gamma side, multi-year agreements were signed with

well-known medical product manufacturers on a

worldwide basis outside the USA.

11

INDUSTRIAL(

MANY PRODUCTS USED EVERYDAY

IN HOSPITALS AND IN THE HOME

ARE STERILIZED. INCREASED USE

OF STERILIZED PRODUCTS HAS

IMPROVED PUBLIC HEALTH AND

CREATED A SAFER HOSPITAL

ENVIRONMENT.

IBA 2000

BOXES CONTAINING DISPOSABLE

MEDICAL PRODUCTS ARE LOADED

INTO TOTES BEFORE BEING CON-

VEYED TO THE COBALT 60

SOURCE FOR STERILIZATION.

T R I A LTechnologies

Applications E-beam X-ray EtO Cobalt

Medicalproducts X X X X


INDUSTRIAL - Medical Sterilization & Analytical Labs(

Perspectives 2001

With regard to Medical Sterilization & Analytical

Labs in the USA, IBA intends to continue expand-

ing its geographical network of contract facilities,

in particular leveraging its customer knowledge to

extend contract facility service offerings.

New facility service offerings will include guaran-

teed processing for time-sensitive products and

faster logistics management, providing customers

with more cost-effective solutions. Cost-effective

solutions will also include offering customers in-

house, in-line e-beam/X-ray integrated systems.

For Analytical Labs, growth is expected to come

from leveraging the expanded capacity gained

through the Itasca relocation, expanding also the

service range to include toxicology, biocompatibili-

ty and package testing. In the pipeline is also a

complete sterilization management program,

SteriPro, offering expert assistance in R&D, quali-

ty systems, protocol development, sterilization

training and regulatory submission.

12 IBA 2000

I N D U SBrought to you by Global Reports

13 IBA 2000

Food Safety

The IBA Food Safety Division functions as a busi-

ness line within the Business Unit America

Operations with sales, marketing, quality assur-

ance, engineering and executive management based

in Memphis, Tennessee, and business development

and research specialists located in the Northeast

and Southeast regions of the USA.

The Food Safety Division is composed of two sub-

units, one focusing on the existing approved com-

modities markets and the other focused on the

larger developing market for perishable foods.

Accounting for 99% of sales in 2000, the commodi-

ties business focuses on spices, herbs and botan-

icals, food packaging, animal feeds and cosmetic

products, processing over 80% of the spices irradi-

ated in the USA and holding a majority share of

the other principal commodity markets. All mem-

bers of the Commodity team have over 10 years

experience in the industry and are based at regional

locations throughout the USA, also supporting

IBA food processing facilities situated in Canada

and Mexico.

The European counterpart to IBA Food Safety is

IBA Mediris, a cobalt 60 irradiation facility based

in Fleurus, Belgium. In comparison with the USA,

the European marketplace is subject to different

regulations. IBA Mediris works to influence regu-

latory change within the European Union and

other regions that need this life-saving technology.

The Perishable food business in the USA represents

a new opportunity. Its potential is easily estimated at

more than a billion dollars per year. IBA Food Safety

intends to lead food irradiation developments in this

market. IBA Food Safety has designed the most

cost-efficient X-ray, food irradiation system in the

world and is planning the integration of the process

into food production and distribution facilities.

In addition to the network of 7 irradiation plants

processing by gamma and e-beam, IBA Food Safety

offers X-ray processing of food products at a new

test center in Edgewood, New York, thus allowing

food customers direct comparison of all three

approved food irradiation methodologies to assist in

determining which process is best suited to their

products and operations.

IBA FOOD SAFETY IS COMMIT-

TED TO SAVING HUNDREDS OF

FAMILIES FROM THE PAIN AND

GRIEF ASSOCIATED WITH CATA-

STROPHIC ILLNESSES RESULTING

FROM CONTAMINATED FOODS.

TO ACHIEVE THIS, IBA FOOD

SAFETY INTENDS TO MAKE

STATE-OF-THE-ART IRRADIATION

TECHNOLOGY - GAMMA OR E-

BEAM, AND IN PARTICULAR X-RAY

- AVAILABLE TO FOOD PRODUC-

ERS, OFFERING CONSUMERS THE

CHOICE OF OPTING FOR BETTER

FOOD SAFETY.

IBA FOOD SAFETY

PROCESSES OVER 80%

OF THE SPICES IRRADIATED

IN THE USA.

T R I A L

INDUSTRIAL - Food Safety(


FoodSafety X X X


JOHN R.LOGAR

Technical ManagerIBA Food Safety

Bridgeport, New Jersey, USA

“ Being part of the largest irradiation company in the

world and treating food products is very exciting.”

14 IBA 2000

I N D U S

In 2000, we qualified an X-ray system

and conveyor at the Edgewood facility

in New York. Specifically, my team and

I developed a system for storing,

handling and processing temperature-

controlled products that could mimic

large-scale operation. We then opened

the X-ray center in June and completed

testing on numerous products like red

meat, ready-to-eat meats and fruit

juices. We have prepared and developed

data that will make the transfer to the

announced commercial processing

facility in Bridgeport very smooth.

I see only positives for my specific business

and for the rest of IBA. Food irradiation is

the newest untapped market in irradiation

processing in the USA. I am confident that

IBA Food Safety will become a dominant

player in this industry.

Being part of the largest irradiation

company in the world and irradiating

food products is very exciting. I chose

IBA because it has all the things I’m

looking for in a company.


15 IBA 2000

Achievements 2000

Key developments in 2000 for IBA Food Safety

include the announcement of an agreement with

Ecolab Inc., the largest sanitation supplier in the

world, in order to market IBA's food irradiation

services, to conduct joint Research & Development

and to develop best practices in balancing sanitation

and irradiation for food producers.

In June 2000, IBA Food Safety announced the

opening of its new X-ray test center in New York,

providing food processors with an opportunity to

test their food products using a commercial quality

X-ray system, a technology previously offered only

by a limited number of university research accelera-

tors. To date, this test center has processed hundreds

of samples from a broad range of food companies.

In September 2000, IBA Food Safety announced its

support of and participation in the Food Irradiation

Processors Alliance (FIPA). As the largest irradia-

tion services supplier in the world, IBA is leading

efforts to coordinate food irradiation education and

promotion with the food industry.

In October 2000, a development agreement was

announced between IBA Food Safety and the

USDA's Agricultural Research Service (ARS),

responsible for evaluating food processes, including

irradiation. This agreement provides ARS with

access to IBA's X-ray, e-beam and gamma facilities.

In December 2000, IBA Food Safety announced a

Grant of Inspection approval for the existing

Schaumburg (Chicago) Illinois facility, by which

customers will be able to gamma-process fresh meat

and poultry.

The year 2000 was also marked by continuing efforts

to expand approvals for irradiated food products. To

achieve this, IBA Food Safety actively supported the

Food Irradiation Coalition’s responses to FDA's

questions regarding the processed food petition, pro-

vided technical assistance and support to the

National Fisheries Institute for their petition to the

FDA for improving seafood safety and finalized

with the FDA a petition to allow irradiation of dry

animal feeds and pet chews.

EVERY YEAR, MILLIONS OF TONS

OF CEREALS, VALUED AT BILLIONS

OF DOLLARS, ARE LOST TO

INSECTS. DISINFECTING GRAINS

WITH ELECTRON BEAMS IS THE

MOST ADVANCED MEANS OF PRO-

TECTING THIS PRECIOUS HARVEST.

IN PARALLEL TO ITS APPPLICATION

IN THE MEDICAL FIELD, IONIZING

RAYS (COBALT 60, E-BEAM OR

X-RAYS) CAN BE USED TO REDUCE

THE MICROBIAL LOAD IN FOODS,

BENEFITTING CONSUMERS, FOOD

PRODUCERS AND DISTRIBUTORS.


T R I A LBrought to you by Global Reports

Perspectives 2001

At the beginning of the year 2001, IBA Food Safety

signed an agreement with AmeriCold Logistics, the

world's largest cold storage distribution company, to

build an IBA X-ray service center at AmeriCold's

Carthage Missouri location, the largest cold storage

facility in the USA.

In the year 2001, IBA Food Safety will concentrate

of the following challenges:

- expanding commodities capacity to accommodate

the growing demand for pet chews, animal feeds,

herbs and botanicals,

- introducing the IBA GUARDiON program, rep-

resenting the culmination of the most advanced

technology, the best developed procedures and

most experienced food irradiation team in the

world,

- completing agreements with food processors for

additional x-ray processing facilities,

- implementing the first IBA Food Safety

Consumer Awareness Program,

- expanding the commodities business through var-

ious marketing initiatives developed to open sig-

nificant additional volume opportunities.

IBA FOOD SAFETY

TECHNOLOGY CAN MAKE READY-

TO-EAT FRUITS AND VEGETABLES,

SUCH AS SALADS,

CLEANER AND SAFER FOR CON-

SUMERS. IRRADIATION ALSO

EFFECTIVELY CONTROLS THE

BACTERIA THAT CAUSE EARLY

SPOILAGE OF MEAT PRODUCTS.

MANY SUPPLIERS OF BOTANICAL

INGREDIENTS AND

MANUFACTURERS OF NATURAL

HEALTH PRODUCTS IRRADIATE

THEIR PRODUCTS TO

ENSURE THE SAFETY AND

WHOLESOMENESS OF THE FINAL

PRODUCT.

16 IBA 2000


I N D U SBrought to you by Global Reports

17

THE DYNAMITRON ELECTRON

BEAM ACCELERATOR HAS A 40-

YEAR OLD EXCELLENT REPUTATION

FOR RELIABILITY AND QUALITY

WITH OVER 200 INSTALLATIONS

AROUND THE WORLD. AVAILABLE

IN MODELS RANGING FROM

550 KeV TO 5 MeV BEAM

ENERGY.

IBA 2000

INDUSTRIAL - Advanced Materials(

Advanced Materials

The IBA Advanced Materials Division covers a

broad spectrum of markets and products that can be

simply categorized as those materials not requiring

reduction of microorganisms (sterilization or pas-

teurization).

Irradiation of advanced materials typically requires

the use of high power electron beam accelerators at

different energies. IBA is well-positioned to offer

advanced materials customers the type of accelerator

they need through its high power Rhodotron and

Dynamitron products.

Furthermore, IBA Advanced Materials is in the

unique position of being able to offer customers not

only scientific support for their product and process

development and enhancement, but also processing

services, and full turn-key systems when the cus-

tomer needs more than just the accelerator.

IBA Advanced Materials is supported by the net-

work of sterilization & ionization sites in the USA

and the rest of the world. Specifically, electron beam

processing centers are situated in Bangkok,

Thailand, San Diego, California and Gaithersburg,

Maryland, USA with 3 manufacturing/maintenance

centers and 18 other gamma facilities worldwide.

IBA Advanced Materials focuses on those markets

and products where there are attractive opportunities

for today and growth potential for the future. Today,

these focussed markets, each of which often includes

subcategories of products, comprise:

• Bulk polymers. The ability to concentrate high-

energy radiation into such materials leads to new

types of chemistry that can be done no other way, or

to replace chemistry which leaves residuals in the

materials or creates environmental pollutants.

Examples of polymers that are treated in IBA service

centers and by equipment sold by IBA include poly-

tetrafluoroethylene (PTFE), polyethylene, poly-

propylene, and polyethylene oxide. These polymers

may be used as additives in other polymer products

or to improve the manufacturing process.

T R I A L

THE RHODOTRON RELIABLY AND

COST-EFFECTIVELY PRODUCES

HIGH-ENERGY, HIGH-POWER

ELECTRON BEAMS FOR USE IN

AN EXPANDING RANGE OF

INDUSTRIAL APPLICATIONS FOR

THICKER PRODUCTS. MODELS

ARE AVAILABLE UP TO 10 MeV

AND 200 KW.


AdvancedMaterials X X X


• Formed or manufactured parts. Parts may be

irradiated during or after the manufacturing process

to change many properties of the material, such as

heat resistance, shape memory, stiffness, strength,

and hardness. Examples of treated products are gas-

kets, seals, hoses, and automobile tires.

• Wire and cable. Both formed parts, wire and cable

are irradiated to enhance heat and high voltage break-

down resistance with increased mechanical strength.

• Tubing. Also formed parts, several different types

of plastic tubing are irradiated. A significant amount

of plumbing tubing is irradiated in Europe and can

be viewed as an emerging market within the USA.

Benefits include strengthening the tubing. Heat

shrinkable tubing is usually irradiated to create its

shape memory property. Catheter tubing is a niche,

high margin irradiation market. Typically used in

angioplasty products, the process increases the burst

strength of the tubing.

• Semiconductors. When certain power semicon-

ductors (such as Insulated Gate Bipolar Transistors

and Fast Recovery Diodes) are irradiated with high

energy electron beam, the crystalline structure of the

semiconductor is altered to enhance the switching

speed. IBA now services many of the world’s power

semiconductor manufacturers and sees continued

growth not only in production, but the need for

higher doses. Consistent with IBA’s strategy to offer

high-quality, value-added services, IBA has applied

for a patent for containment of semiconductor wafers

during the irradiation process to allow absorption of

near uniform dose throughout stacks of wafers.

Achievements 2000

IBA is expanding its service offerings to provide cus-

tomers with greater value. In 2000, IBA entered into

a contract with a customer to irradiate their polymer,

blend the polymer, providing uniformly functioning

material and release the material to the customer

based upon measured viscosity, not radiation dose.

To attain this and improve the process, the customer

worked closely with IBA Advanced Materials tech-

nical staff. The blending operation will be qualified

for customer use in early 2001.

Also in 2000, the high energy electron beam pro-

cessing facility in Thailand was commissioned and

opened for operation. Today, it services many gem-

stone customers for colorization of topaz.

Perspectives 2001

The Bridgeport, New Jersey, electron beam process-

ing facility will be in operation mid-2001. Several

customers are keen to use the new facility, and some

have signed volume commitment contracts worth

nearly $2 million annually.This facility was designed

and constructed by IBA’s Technology Group.

18 IBA 2000

ELECTRON BEAM PROCESSING IS

USED TO CROSS-LINK A SIGNIFI-

CANT FRACTION OF THE PLASTIC

SHEATHING ON WIRE AND CABLE,

GIVING IT IMPROVED STRENGTH,

HEAT AND ABRASION RESISTANCE.

WITH COMPLETION SCHEDULED

FOR MARCH 2001, THE

BETALINE, A COMPACT, SELF-

SHIELDED DOUBLE-SIDED LINEAR

ACCELERATOR CAN BE RAPIDLY

INSTALLED IN AN EXISTING LOCA-

TION FOR IN-HOUSE/ON-LINE

PROCESSING OF MATERIALS.

M E D

INDUSTRIAL - Advanced Materials(


MEDICAL

19 IBA 2000

This sector consists of the Business Units

Advanced Radiotherapy, headquartered in

Uppsala, Sweden, with offices in

Schwarzenbruck, Germany and Memphis, USA

and the IBA Radioisotopes Business Unit, based

in Louvain-la-Neuve, Belgium and operating

worldwide.

At year-end 2000, IBA’s activities in this sector

generated a sales figure of 72 million EUR,

increasing by almost 50% in comparison to 1999

(48.6 million EUR).

I C A LMedical 2000Sales (millions of EUR) 72Sales as % of total sales 31%R&D expenditure (millions of EUR) 13R&D as % of total R&D expenditure 89%Personnel at 12/31/00 358Personnel as % of total personnel 29%


M E D

EARL

CLEVELAND

Program ManagerProton Therapy Systems

Louvain-la-Neuve, Belgium In 2000, I proposed a beam delivery

system design that is optimized for

treatment of eye and head cancers. IBA

physicists have confirmed that this will

significantly shorten the corresponding

treatment times, thereby reducing

treatment cost and improving patient

comfort.

In fact, that’s why I’m proud to work for

IBA. Dedicated to commercialize high-

precision proton therapy systems, we

focus on eliminating the most undesirable

side effects of cancer radiation therapy.

Integrating the management of all

proton therapy technical activities,

including installation projects, R&D

and upgrade systems, IBA has brought

together a well rounded team of

dedicated scientists, specialists in

industrial technology and seasoned

proton therapy professionals.

“ We focus on eliminating the most undesirable side

effects of cancer radiation therapy.”

20 IBA 2000Brought to you by Global Reports

I C A L

IBA Advanced Radiotherapy is composed of three

different departments, each with its own marketing,

sales, R&D and production facilities:

- advanced radiotherapy treatment systems includ-

ing the extremely precise IBA Proton Therapy sys-

tem and the Racetrack (MM50) system,

- radiotherapy dosimetry systems, and

- diagnostics dosimetry equipment.

The overall mission of the IBA Advanced

Radiotherapy Business Unit is to lead the way in

high-precision radiotherapy and dosimetry, gene-

rating growth through in-house developments of

selected niche markets and via strategic acquisitions.

Cancer radiation therapy

About 13 million people a year are contracting can-

cer in the Western world. According to the

American Cancer Society, cancer is the second lead-

ing cause of death in the USA, exceeded only by

heart disease and nearly 5 million lives have been

lost to cancer since 1990. In the year 2000, around

1.2 million new cancer cases were expected to be

diagnosed. In the European Union according to the

statistics of Eucan - Europe against Cancer –

European Commission, there were 1.5 million new

cancer cases and 925 146 deaths due to cancer.

Today about 50% of cancer patients can be cured.

The success rate differs from one country to anoth-

er, ranging from 40 to 55% on an overall average. Of

these 50%, 60% are treated by radiotherapy alone or

in combination with surgery.

Treatment with radiotherapy started around 100

years ago, the challenge being to kill the more radi-

ation-sensitive tumor cells while damaging as little

as possible surrounding healthy cells and accounting

for differing radiation sensitivity from patient to

patient.

IBA Proton TherapysystemIn theory, proton therapy offers greater efficacy in

all cases where conventional radiotherapy is cur-

rently applied. Prior to IBA developments, the cost

of the equipment limited the technology to be used

on a parasite basis in a handful of research centers.

In contrast to conventional radiotherapy techniques,

21

ADVANCED RADIOTHERAP Y(

IBA 2000

THE IBA PROTON THERAPY

SYSTEM IS EQUIPPED WITH AN

IBA 230 MeV CYCLOTRON.

HERE, THREE SUCH CYCLOTRONS

BEING PERFECTED FOR FUTURE

PROTON THERAPY CENTERS.

THE IBA PROTON THERAPY

SYSTEM DESTROYS TUMORS WITH

UNEQUALLED PRECISION, SAFETY

AND EFFICACY.


protons lose the majority of their destructive energy

only at a specific depth, which can be precisely cal-

culated as a function of the beam’s initial energy.

Proton beams can therefore be used to destroy

tumors with an unequaled degree of precision, safe-

ty and efficacy.

Superior in all applications of radiotherapy, proton

therapy is particularly indicated where conventional

radiotherapy presents an unacceptable risk, for

example, in cases of cancer of the eye, the brain or

the prostate and for curing cancer in children.

IBA Racetrack systemRepresenting a new generation in advanced radio-

therapy treatment systems, the IBA Racetrack

(MM50) radiotherapy system is able to treat deep-

seated tumors using both photon and electron beams

at ultra-high energies. Multiple-beam treatment

using conformal therapy and intensity modulation

with scanned electron and photon pencil beams

ensures that only the target volume is affected with a

high therapeutic dose.

The cost of the Racetrack is situated mid-way

between proton therapy and conventional radiother-

apy. This makes the Racetrack a particularly attrac-

tive option for hospitals seeking to provide better

treatment than available with conventional radio-

therapy but lacking the budget for proton therapy.

The IBA Racetrack is expected to reinforce IBA’s

leading position in the area of high-end radiotherapy

systems.

22 IBA 2000


IN THE FUTURE, IBA WILL BE

ABLE TO OFFER A COMPLETELY

EQUIPPED PROTON THERAPY

CENTER, INCLUDING A 230

MeV CYCLOTRON, GANTRIES

(LARGE FRAME PERMITTING

EXTREMELY PRECISE TARGETING

OF THE THERAPEUTIC BEAM

WITHIN THE PATIENT), AND

SOFTWARE PACKAGE PROVIDING

DOCTORS WITH ALL THE INFOR-

MATION THEY NEED TO ENSURE

THE MOST EFFICIENT ANTI-CAN-

CER TREATMENT. IBA IS COM-

MITTED TO MAKING PUBLICLY

AVAILABLE THE TYPE OF TECH-

NOLOGY UNTIL NOW LIMITED

TO RESEARCH CENTERS.

THE RACETRACK REPRESENTS A

NEW GENERATION IN ADVANCED

RADIOTHERAPY SYSTEMS BASED

ON PHOTONS AND ELECTRONS. IN

2000, IBA ADVANCED

RADIOTHERAPY SOLD 3 SUCH

SYSTEMS TO CHINA.

M E DBrought to you by Global Reports


Radiotherapy dosimetryIn radiotherapy dosimetry, IBA Advanced

Radiotherapy offers a choice of systems for

radiation field analysis, in-vivo dosimetry, absolute

dosimetry, IMRT dosimetry and equipment for

quality assurance.

Dosimetry products allow measurement of the radi-

ation dose delivered by radiotherapy equipment and

administered to the cancerous tumor and to other

cells in the patient. Unlike particle accelerators,

dosimetry products are relatively low-cost (a few

thousand EUR to a few hundred thousand EUR)

and are available in large quantities. They therefore

generate recurrent annual sales for the Group.

IBA is clearly market leader in the 40 million EUR

dosimetry market with products placed in more than

1500 radiation oncology centers and serving the needs

of around 16 000 radiologists worldwide. In particu-

lar, the dosimetry business is experiencing growth in

new high conformal cancer treatment techniques such

as intensity modulated photon and proton beams with

new beam monitoring and analysis technologies.

Here, IBA has an on-going extended research and

development program and collaborates with salient

scientific partners in clinics and research institutes.

Consequently IBA offers complete dosimetry solu-

tions ranging from basic radiation physics to com-

plex treatment situations.

Diagnostics dosimetryIn radiation diagnostics, the permanent challenge is

to obtain a maximum amount of clinical information

and the best quality images while exposing the

patient to the smallest dose of radiation as possible.

With more than 15 years’ experience in this field,

IBA offers a full range of quality assurance and dose

monitoring devices which help radiologists obtain

the best results with exact documentation of patient

exposure according to international standards.

23 IBA 2000

THE NEW KERMAX INSTRUMENT

ALLOWS PATIENT DOSE MONITOR-

ING IN COMPLETE CONFORMITY

WITH GOVERNMENT REGULATIONS.

THE “BLUE PHANTOM”

IS USED TO CHARACTERIZE THE

BEAM TRACE FROM A LINEAR

ACCELERATOR EMPLOYED IN CAN-

CER TREATMENT.

I C A LBrought to you by Global Reports

M E D

CAMILLA

RÖNNQVIST,PH. D

Detector SpecialistIBA Advanced Radiotherapy

Uppsala, Sweden

I joined IBA Advanced Radiotherapy in

February 2000 and since then I can see

only the positive sides of the integration.

My main project in 2000 was

developing the two-dimensional large-

area detector for IMRT (intensity

modulated radiation therapy)

verification and the development of

proton detectors. This is exciting

technology with a tremendous potential

for development.

Radiotherapy is advancing and the

detectors for dose verification have to

follow suit in order to provide safe

treatment for patients. Belonging to a

strong company with such a long

experience in radiotherapy is a real

advantage since we can make the right

decisions for the right applications and

produce the best detectors in high-

technology radiotherapy dosimetry.

“ Belonging to a strong company with such a long expe-

rience in radiotherapy dosimetry is a real advantage.”


I C A L

Achievements 2000Highlights for IBA Advanced Radiotherapy in 2000

include the order in April for 3 Racetrack cancer radi-

ation systems to China. The first of these 3 systems is

expected to be delivered in the Autumn of 2001.

In the area of Proton Therapy, the 510(k) file for

market clearance of the IBA Proton Therapy system

at the Massachussetts General Hospital, Boston,

USA, was submitted to the FDA (Food and Drug

Administration) in March 2001.

In the dosimetry field, the year 2000 witnessed a

technology shift, moving away from selling products

and sub-systems to offering complete solutions for

customers. Also, there was an increase in the number

of orders placed.

One of the most successful diagnostics dosimetry

instruments in 2000 was the new KermaX instru-

ment, a system allowing patient dose monitoring in

conformity with European Community guidelines.

By combining the KermaX plus system with the

basic E-system, it is possible to create a comprehen-

sive radiology department dose logging system.

Other achievements in the area of dosimetry include

a new device for quality control in ultrasound equip-

ment, revealing a new market with high potential

growth.

Also in 2000, a breakthrough was achieved in the

new field of IMRT (Intensity Modulated Radiation

Therapy) where the main challenge has been to dis-

play dose irradiation distribution in one shot no mat-

ter how complicated the structure is.

In addition, successful development work was per-

formed on the amorphous silicone sensor plate. The

advantage of the amorphous silicone plate is that it

is fast and flat, offers high-timbre resolution and can

be water-proofed allowing a one-shot display of

intensity modulated fields.

Perspectives 2001One of the major challenges for 2001 will be to

start treating patients with the IBA Proton

Therapy system at the Massachusetts General

Hospital, Boston, pending market clearance of the

system by the FDA.

Also, IBA intends to sell at least one other Proton

Therapy system in the USA or rest of the world

before the end of the year.

25

ACCELERATION OF PARTICLES IN

STATE-OF-THE-ART RADIATION

THERAPY ALWAYS REQUIRES FINE

TUNING OF MAGNETIC FIELDS AND

ELECTRONIC COMPONENTS.

IBA 2000


THE VERSATILITY AND PRECISION

OF THE RACETRACK ENABLES

FAST AND EFFECTIVE TREATMENT

OF A WIDE RANGE OF

MALIGNANCIES.


M E D

STÉPHANE

LUCAS

Project ManagerIBA Radioisotopes

Louvain-la-Neuve, Belgium Last year, I was involved in

constructing a new site for a high-

performance radioisotope-producing

cyclotron. Together with my team, I

assembled the cyclotron and extracted

the first beam. That gave me a great

sense of professional achievement, in

particular since the radioisotopes

produced will be used to treat cancer.

I am excited to be part of IBA since we

are a group of dynamic experts from

different backgrounds, all open and

willing to work together to make high-

technology projects a reality.

Trained in physics, project coordination

and finance management, I am very

confident about IBA’s future. We dare to

take on technological challenges and

advance on high-potential projects that

will improve the quality of peoples’

lives.

“ We dare to take on technological challenges

and advance.”


I C A L

IBA Radioisotopes grew out of the marketing arm

of IBA prior to the initial public offering and the

acquisitions of 1998-2000, and represents IBA’s pri-

mary competence and core business: the marketing

and sale of cyclotrons producing radioisotopes for

use in medical imaging and brachytherapy implants

(seeds or other radioactive supports) used to treat

cancer tumors.

IBA Radioisotopes is active in 3 specific sectors:

- traditional nuclear medicine (SPECT),

- Positron Emission Tomography (PET) and FDG-

related products,

- brachytherapy.

The IBA Radioisotopes product line comprises a

wide range of Cyclotrons for traditional nuclear

medicine: the Cyclone 30, a selection of smaller

cyclotrons developed specifically for PET (Cyclone

18/9, 10/5, 3), palladium-103 (Pd-103) producing

cyclotrons, targets and chemistry modules for the

synthesis of commonly used SPECT and PET iso-

topes.

IBA Radioisotopes customers are mainly from the

medical industry, and include public and private

hospitals, industrial radiopharmaceutical companies,

medical device manufacturers, national atomic ener-

gy commissions in the developing world and

research centers.

SPECTIn the area of cyclotrons for traditional nuclear

medicine such as SPECT (Single Photon Emission

Computer Tomography), IBA Radioisotopes now

holds 95% of the cyclotron world market with

19 Cyclone 30s sold across all 5 Continents. Today

there is a potential for high-current upgrades and

related sub-systems such as chemistry with new

sales opportunities in developing countries.

PETWith regard to PET which is mainly used in the

field of neurology, cardiology and recently and most

importantly in oncology, IBA has sold 42 cyclotrons

across the world. When compared with traditional

nuclear medicine, PET gives better resolution

images and in contrast to X-ray, CT and MRI it

27

RADIOISOTOP ES(

IBA 2000

IN DECEMBER 2000, HER

ROYAL HIGHNESS PRINCESS

MATHILDE OF BELGIUM VISITED

THE CHILDREN’S WARD OF THE

KOREAN CANCER CENTER

HOSPITAL (KCCH) IN SEOUL.

THE KCCH BOUGHT AN IBA

CYCLONE 30 IN AUGUST 2000

TO ENSURE SELF-SUFFICIENT FDG

PRODUCTION OF RADIOISOTOPES

FOR MEDICAL IMAGING.

RADIOISOTOPES PRODUCED BY AN

IBA CYCLOTRON ARE FIRST CON-

VERTED INTO RADIOPHARMACEU-

TICALS PRIOR TO INJECTION INTO

THE PATIENT.


RADIOISOTOP ES(

shows the metabolic cell functioning allowing

extremely precise diagnosis and reliable disease

monitoring.

In this area, IBA offers a full range of PET

cyclotrons and chemistry modules, including a new

module for the production of FDG, the key phar-

maceutical product used in PET today. FDG stands

for F-18 fluorodeoxyglucose and is the most com-

mon short-lived radiopharmaceutical used in PET.

It allows more accurate and precise diagnosis of

tumors at an early stage and thus more appropriate

treatment. As such, it is considered to be the solution

of choice for the diagnosis of cancer and for moni-

toring a patient’s response to cancer treatment.

In the last few years, reimbursement for PET has

been increasing, the number of indications is on the

rise and distribution of FDG is becoming a reality.

In addition, the end of the 1990s has witnessed a

move away from in-house production of FDG by

hospitals to obtaining FDG supplies from central-

ized FDG distribution centers.

IBA Radioisotopes intends not only to continue sell-

ing cyclotron systems including chemistry modules

to hospitals, clinics and research centers but also to

building a network of FDG production centers in

Europe, the USA and Asia.

BrachytherapyBrachytherapy is a procedure by which the

radioactive source is implanted within a cancer-

ous tumor and the radiation treats the tumor

from the inside. One of the key radioisotope

sources used in brachytherapy is palladium-103

with a half-life of 17 days produced by the IBA

cyclotron beam.

This type of treatment has reduced side effects,

requiring only mild intervention which can be car-

ried out in an outpatient clinic. The social security

system can thus economize on the expensive costs

of patient hospitalization.

IBA Radioisotopes has taken 90% of the cyclotron

market dedicated to the production of Pd-103 used

in brachytherapy with 16 units operational, the

majority of them installed in the USA.

Moving on from being an equipment provider, IBA

Radioisotopes has the ambition to offer innovative

brachytherapy products and services (irradiation

services, bulk isotopes, sources, delivery systems,

etc) for improving the safety and effectiveness of

brachytherapy procedures.

C yclotron

Technical Quality Contr ol

Preparation

Raw Materials

Logistics

Decontamination

Airlock

Logistics

Reception

Production

Packaging &Dispatching

FDG Production Dispensing

FDG ready

DESIGNED FOR USE WITH ANY

PET-DEDICATED CYCLOTRON,

THE NEW IBA FDG MODULE

PRODUCES 18F-FDG IN

INJECTABLE FORM.

28 IBA 2000

EXAMPLE OF AN FDG DISTRIBU-

TION CENTER WITH AN IBA

CYCLOTRON, INTEGRATED RADIO-

PHARMACEUTICAL LABORATORIES,

CLEAN ROOMS, LOGISTICS

OFFICES, PACKAGING AND DIS-

PATCHING AREA.

M E DBrought to you by Global Reports

Achievements 2000In 2000, the main strategy of IBA Radioisotopes

was to move away from being just an equipment

supplier to becoming a provider of services, that is

migrating down the value chain to larger markets

offering increased margins and turnover.

Nevertheless, the year 2000 was a record year for

IBA Radioisotopes in terms of equipment sales. In

November, IBA secured 50% market share in Japan

thanks to several PET cyclotron sales to that coun-

try. These sales followed in the wake of other suc-

cessful deals for radioisotope-producing cyclotrons

in other part of Asia and Europe.

In the area of FDG production, 2 FDG distribution

centers have been installed in Europe, one in Lyons,

France, the other in Milan, Italy. Both are currently

awaiting licenses to permit distribution of FDG.

Perspectives 2001In February 2001, IBA announced that it acquired an

80% share in Eastern Isotopes Inc., a US leader in

FDG production and distribution, headquartered in

Sterling, Virginia, USA, providing full service radio-

pharmaceuticals to the nuclear medicine community.

With over 100 employees, regional offices at six dif-

ferent sites and sales estimated at $12 million (end

February 2001), Eastern Isotopes Inc., established in

1995, is fully committed to setting up distribution

centers for pharmaceuticals used in PET. Currently,

Eastern Isotopes Inc.

distributes a full range

of pharmaceuticals to

over 200 hospitals and

clinics located in more

than 20 states of America.

This majority stake in Eastern Isotopes Inc. will

allow IBA Radioisotopes to realize its strategy of

setting up US-based FDG production centers to

meet the growing needs of hospitals and imaging

centers. In return, Eastern Isotopes Inc. will benefit

from IBA’s proven history in nuclear medicine, its

cyclotron expertise, and the complementarities that

exist with other cancer treatment techniques.

In the USA, FDG is reimbursed and the number of

indications for reimbursement is increasing. In 2000,

around 200 PET scanners were sold in the USA and

in the next 2 years all major cities in the USA are

expected to have access to commercial FDG.

IBA intends to become a major player in this field, by

developing the existing network of FDG centers

acquired via Eastern Isotopes Inc. from 2001 onwards.

In addition to its current line of PET and SPECT

cyclotrons, new cyclotron technology has been

developed by IBA and is under production. This

technology is scheduled to go into operation at the

new production site in Fleurus, Belgium, providing

innovative irradiation services to the brachytherapy

community.

RADIOISOTOP ES(

29

THESE TINY HOLLOW IMPLANTS

CARRYING THE PALLADIUM 103

RADIOISOTOPE ARE EFFECTIVE

AGAINST PROSTATE CANCER.

TREATMENT REQUIRES ONLY A

SINGLE INTERVENTION IN AN

OUTPATIENT CLINIC, WITHOUT

LOCAL ANESTHETIC. IT CONSISTS

OF USING A HOLLOW NEEDLE TO

INSERT THE TINY RADIOACTIVE

IMPLANTS INTO THE CANCEROUS

TUMOR.

IBA 2000

THE STRATEGY OF IBA

RADIOISOTOPES IS TO MOVE

FURTHER DOWN THE VALUE

CHAIN, ESTABLISHING ITSELF IN

LARGER HIGH-VALUE MARKETS

OFFERING INCREASED TURNOVER.

I C A L

Sell Cyclotron

Produce radiopharmaceuticals

Distribute radiopharmaceuticals

Hospital


JÖRN

MEISSNER

PH. DVice President,

Facility & Process Engineering

Technology Group,Louvain-la-Neuve, Belgium

“ We have such diversity in the Group,

so many different talents. Nobody can do today

what IBA can do.”

30 IBA 2000

INNOVATION &The engineering teams from IBA

Technology Group give expert technical

support to the IBA market-facing

Business Units all across the world.

Together with IBA Food Safety, for

example, we have put the first IBA

X-ray center into operation in

Edgewood, New York.

The food test results obtained have

exceeded our expectations. We are able to

apply a uniform dose of X-rays to the

product without changing its intrinsic

properties such as its taste and texture.

By using existing validation techniques,

we can obtain advanced technological

solutions that are easy to implement in

industrial processing environments. We

have such diversity in the Group, so

many different talents. Nobody can do

today what IBA can do.


Innovation and technology are at the heart of IBA’s

growth strategy, and the Business Unit Technology

Group constitutes the hub of IBA’s technological

expertise, headquartered in Louvain-la-Neuve,

Belgium with production and development facilities in

Long Island, New York and in Uppsala, Sweden, and

EtO and gamma engineers based in Chicago, USA.

The main objective of the IBA Technology Group is

to support the sales networks of the other Business

Units Sterilization & Ionization, Advanced

Radiotherapy and Radioisotopes by giving assistance

with pricing, quotations and technical configura-

tions. In addition to this, Technology Group is

responsible for equipment sales, in the area of

Advanced Materials.

Comprising around 100 specialized engineers, IBA

Technology Group also develops equipment, manu-

factures and installs accelerators and peripheral sys-

tems including patient or product handling devices,

providing technical training and comprehensive docu-

mentation. In particular, Technology Group experts

manage turn-key projects from conception to installa-

tion offering a full after-sales service, aiming to learn

about and better satisfy customer needs via the creation

and promotion of users meetings across the globe.

Technology Group offers 2 lines of products based

on the same technologies: electron-based accelera-

tors such as the Rhodotron or the Dynamitron, used

to sterilize medical products, enhance materials, or

kill harmful pathogens in food, and secondly proton-

based accelerators including a complete range of

Cyclotrons used to produce radioisotopes or treat

cancer tumors and a selection of related chemistry

systems.

In particular, IBA

Technology Group is

committed to designing

new systems and to con-

tinually optimizing exist-

ing products. For this,

Technology Group engi-

neers work hand-in-hand

with R&D.

Achievements 2000

Major achievements in

2000 included the

production of several

Cyclotrons and Rhodo-

trons, as well as the on-site installation of a num-

ber of cyclotrons. At the Long Island facility in

New York, 2 Dynamitrons were constructed, one

of which is a new high-powered machine dedicat-

ed to food pasteurization and destined to be

installed at the AmeriCold Logistics site in

Cathage, Missouri, USA. EtO and gamma site

engineers based in Chicago, USA were responsible

for a number of major projects, including a mate-

rials blender at Salem and the new food irradia-

tion/materials X-ray center destined to open at

Bridgeport, New Jersey in the second quarter of

2001.

31

INNOVAT ION & TECHNOLO GY(

IBA 2000

TECHNOLOGYBrought to you by Global Reports


Development work on the Betaline, a compact

patented electron accelerator for in-line/in-house

sterilization continued, with completion scheduled

for early 2001.

With regard to the IBA Proton Therapy system at

the Massachusetts General Hospital in Boston,

USA, the key event was to complete the integration

of the software in order to submit the 510(k) file to

the FDA for market clearance. This major mile-

stone was achieved in March 2001.

Development work continued on a self-extracting

Cyclotron which successfully produced its first

beam in December 2000.

Perspectives 2001

The most important challenge in 2001 will be to

start patient treatment with the IBA Proton

Therapy system at the Massachusetts General

Hospital in Boston once FDA market clearance for

the system has been obtained. IBA Technology

Group will continue work on the next development

stages of the Proton Therapy system, namely per-

fecting pencil beam scanning.

The Bridgeport facility is expected to become

operational in the second quarter of 2001.

Technology Group experts will then work on X-ray

characterization and conveyor development dedi-

32 IBA 2000

OPTIMAL CYCLOTRON PERFORM-

ANCE REQUIRES HIGHLY PRECISE

ENGINEERING AND VALIDATION

SKILLS BEFORE MARKET RELEASE

AND INSTALLATION AT THE

CUSTOMER’S SITE.

INNOVATION &Brought to you by Global Reports

cated to X-ray. Construction work on the first X-

ray center wholly dedicated to food in Carthage,

Missouri will start and development work on a new

high-power Rhodotron will be finalized by the end

of 2001.

By optimizing synergies and cross-fertilizing ideas

between the different Units of the Group, IBA

Technology Group will continue to play a unique

role in unifying innovative forces within the Group.

Long-term projects include the MYRRHA system

for the incineration of long-lasting nuclear waste

through exposure to sub-critical neutron sources.

In this area, IBA has entered into partnership with

the Nuclear Energy Center (SCK-CEN) in Mol,

Belgium for the design of the project. A contract

between SCK-CEN and IBA is scheduled to be

signed in the presence of international scientists

and European dignataries in the second quarter of

2001.


33 IBA 2000

TECHNOLOGY GROUP ENGINEERS

FORM THE INDISPENSABLE LINK

BETWEEN DESIGN, PRODUCTION

AND FIELD WORK.

TECHNOLOGYBrought to you by Global Reports

GERI

TONEY

Human Resources AssistantIBA Technology Group

Long Island Facility,New York, USA

“ The communication and cooperation of everyone

at IBA has helped greatly in easing our integration

into the IBA family”

34 IBA 2000

H U M A NThe merger with IBA has had a great

impact on my daily work schedule. As a

Human Resource support, I have been

deeply involved in the transition of

health benefits during the past year.

This was a major change that effects

everyone and I am happy to say that the

changeover went very smoothly and

was completed on schedule with no

major problems.

As with any major change to a business,

there are many challenges that must be

faced. The communication and

cooperation of everyone at IBA has

helped greatly in meeting these

challenges and in easing our integration

into the IBA family. I look forward to

being a key contributor as other benefits

and personnel policies are reviewed.


IBA is an international Group with more than 1300employees in 12 different countries and 49 sitesspread over the USA, Asia and Europe. Listed in theBEL 20, the Belgian index for the country’s 20 topmost performing companies, IBA is now indexed onthe paneuropean Stock Exchange Euronext sinceSeptember 2000.

Given the Group’s increasing international dimen-sion, IBA seeks to employ young graduates andexperienced executives who are highly qualified,enthusiastic, willing to travel and stimulated by mul-ticultural challenges. Placing particular focus onindividual responsibility and teamwork, IBA offers aworking environment where employees mix withcolleagues from different cultures and backgrounds,having the scope to develop their initiative and real-ize their true potential.

IBA’s culture is based on decentralization of market-facing responsibilities while seeking to unify andcoordinate around common values, shared principlesand clearly defined management criteria, assisted byCorporate support functions. IBA’s culture alsoinvolves the opportunity of sharing in the company’scapital.

Successful employees at IBA are true team players whoenjoy shouldering responsibility. They are innovative,assertive and ready to accept new challenges with enthu-siasm for the latest technologies applied to the areas ofhealth and well-being. They are genuinely interested incontributing to the growth of the company.

Achievements 2000

Challenges in 2000 included consolidation of theHuman Resource function at Corporate level andthe creation of a well-functioning HumanResource network across the Group.

Work was started on putting into place a consistentand comprehensive compensation and benefits

program with the necessary supporting systems.Here, the objective is to attract, retain and developstaff in order to implement and reinforce IBA’sbusiness strategy. In the first phase, the new frame-work provides for a standardized benefits structure,grading system, consistent salary scales and amobility policy throughout theentire IBA Group.

A Group travel policy was alsointroduced at end of 2000 mak-ing for reduced travel costs,user-friendliness and increasedtravel comfort.

Work was also started onestablishing a consistent per-formance management systembased on in-depth analysis ofcurrent competencies andskills needed to ensure IBA’scapability to meet future mar-ket challenges.

Perspectives 2001

In February 2001, the First IBAManagement Convention tookplace, organized by the Communication Department,bringing together for the first time around 100 IBAmanagers from around the world. The objectives ofthis Convention were to get to know more about theother businesses of the Group and to reflect on IBA’smission and value statements, defining ways of sharingand living the IBA values in everyday business realityand thoughout the entire organization.

Human Resource projects in 2001 will focus on fur-ther analysis of skills and the detection of trainingneeds, introduction of performance measurementcriteria linked to financial reward and consolidationof policies and procedures throughout the Group.

35

HUMAN RESOURCES(

IBA 2000

R E S O U R C E S

“IBA 2001 - TOGETHER AS 1”

WAS THE THEME UNITING 100

DIFFERENT MANAGERS AT A

MANAGEMENT CONVENTION

DESIGNED TO SHARE THE IBA

VALUES AND DEFINE WAYS OF

COMMUNICATING AND LIVING

THESE VALUES IN EVERYDAY

REALITY.

Evolution of personnel

1996 931997 1161998 1501999 11502000 1234


KATHLEEN

HOFFMAN

Vice President,Environmental,

Health & SafetyAmerica Operations

Chicago, Illinois, USA

“ Our future is about continual improvement and

expansion of excellent standards to the new business.”

36 IBA 2000

G O O D C I

In 2000, we have successfully

integrated all of the individual IBA

facilities in America under a common

environmental, health and safety

(EH&S) strategy, ensuring

compliance with the “ best of the best”

standards and practices, minimizing

risks to their employees and the

communities around them.

This positions us well to further

improve our EH&S standards and

training programs, expanding them to

any other new operations, such as the

food pasteurization centers targeted for

America. Now that we have the core

EH&S programs already in place, our

future is about continual improvement

and expansion of excellent standards to

the new business.


Good Citizenship is one of IBA’s fundamental val-ues and the expression of IBA’s aim to best serve thelong-term interests of its organization, its people andthe public in general.

In addition to Certified Quality systems based onISO 9000 standards being in place throughout theIBA Group, several IBA experts participate in stan-dardization committees to develop new standardsand to exceed the expectations and regulations of thecommunity at large. In particular, IBA is committedto ensuring the safety of its employees and to pro-tecting the environment and community aroundthem.

IBA’s sense of responsibility goes beyond its companygates. During development, manufacturing, installa-tion, operation and the post-market maintenancesupport of its equipment and facilities, IBA deals withissues of public concern as well as safety aspects andpossible effects of the business on the environment.The IBA Quality Assurance and EnvironmentalHealth & Safety Departments work together toensure good practices are maintained at every stage ofthe business. This work ranges from materials andcomponents selection, equipment design and emis-sion controls to disposal and recycling issues, employ-ee training in quality assurance and safety procedures,acquiring facility licenses and permits, to on-goingcommunity awareness programs.

The activities of the different IBA Business Unitscomply fully with all local requirements. These maybe those of the United States Regulatory bodies (theFDA and USDA, for example) or the EuropeanCommission Directives (EEC Directives).

Achievements 2000

In the year 2000, several files were submitted toobtain clearance for marketing in the USA and/orassessment conformity with the CE marking of newequipment in the European Union.

CE marking was obtained for a number ofRhodotrons designed for medical device sterilizationand material ionization, a palladium-103 producingcyclotron and for several radioisotope-producing

cyclotrons. It should be noted that Rhodotrons areknown for their reduced impact on the environment.

In the area of dosimetry, FDA clearance wasobtained for the “Dose 1” dosimeter used to calibratethe dose emitted by therapeutic radiation treatmentequipment and for the “InViDos Patient DosimetryManagement System” used to measure patient dosesin radiation therapy.

With regard to IBA processing facilities in Europe,authorization was obtained to operate the extendedEtO (ethylene oxide) sterilization facility in Petit-Rechain, Belgium, and an exploitation permit granted for a new EtO sterilization chamber inHerentals, Belgium.

In the USA, a Grant of Inspection was obtained toallow food processing at the IBA Schaumburggamma facility, Illinois. The gamma irradiator at thenew Mexico facility was registered with the FDAand an environmental permit was awarded from theState of New Jersey for the new electron beam andX-ray facility for food and material irradiationscheduled to open in Bridgeport, mid-2001.

IBA experts participated in more than 27 standard-ization committees dealing with issues such as ster-ilization residuals, microbial methods, applyingquality systems to medical devices, dosimetry prac-tices in gamma irradiation facilities and improvingfood safety.

In March 2001, the 510(k) file was submitted to theFDA for clearance of the IBA Proton Therapy sys-tem for the treatment of localized tumors or otherdiseases susceptible to treatment by radiation.

Perspectives 2001

In 2001, new filings will be made to obtain FDAclearance and CE marking for various types ofequipment in the area of radioisotopes, dosimetrysystems, proton therapy, medical sterilization andfood ionization.

With regard to IBA facilities, filings will be made forradioisotope production centers as well as e-beam/X-ray sterilization facilities in Europe and the USA.

37

GO OD CI T IZENSH IP(

IBA 2000

T I Z E N S H I PBrought to you by Global Reports

IBA IS A WORLDWIDE GROUP IN TERMS OF BOTH GEOGRAPHICAL PRES-ENCE AND CUSTOMER PORTFOLIO. THE COMPANY’S UNIQUE EXPERTISE

DERIVES LARGELY FROM EXCHANGES BETWEEN TECHNICAL TEAMS LO-CATED IN SWEDEN, THE UNITED STATES, GERMANY AND BELGIUM,

WHICH COMPLEMENT THE GROUP’S OPERATIONAL AND MARKETING UNITS

ACROSS EUROPE, AMERICA AND ASIA. IN EARLY MARCH 2001, IBAHAD MORE THAN 1,300 EMPLOYEES WORKING IN 49 LOCATIONS IN 12COUNTRIES AROUND THE WORLD. THE GROUP’S WORLDWIDE HEADQUAR-

TERS ARE LOCATED IN LOUVAIN-LA-NEUVE, BELGIUM.

38 IBA 2000

IBA IN THE WORLD(

INDUSTRIALTHE STERILIZATION & IONIZATION

BUSINESS IS HEADQUARTERED

IN CHICAGO FOR ITS AMERICA

OPERATIONS, AND IN HERENTALS,

BELGIUM FOR THE REST OF THE

WORLD (EMEAA = EUROPE,

MIDDLE EAST, AFRICA, ASIA).

ITS EXTENSIVE NETWORK OF

SERVICE CENTERS CONSISTS OF

27 FACILITIES LOCATED MAINLY IN

THE USA, CANADA AND MEXICO

(AMERICA OPERATIONS) AND FOR

THE REST OF THE WORLD 10 CEN-

TERS BASED IN EUROPE (FRANCE,

GERMANY, BELGIUM, HOLLAND,

GREAT BRITAIN) WITH 2 CENTERS

LOCATED IN THAILAND. THIS NET-

WORK OF 37 SERVICE CENTERS IS

THE LARGEST IN THE WORLD AND

THE ONLY ONE PRESENT ON BOTH

SIDES OF THE ATLANTIC. THIS

CHARACTERISTIC ALLOWS IBA TO

ACCOMPANY ITS MAJOR MULTINA-

TIONAL CUSTOMERS ANYWHERE IN

THE WORLD.

IBA WORLDWIDE HEADQUARTERS

IBA INDUSTRIAL (BUSINESS UNITS AMERICA OPERATIONS AND STERILIZATION & IONIZATION EMEAA)

IBA MEDICAL (BUSINESS UNITS ADVANCED RADIOTHERAPY AND RADIOISOTOPES)

IBA TECHNOLOGY GROUP

I B A I N T HMEDICALTHE HEADQUARTERS FOR THE ADVANCED RADIOTHERAPY BUSINESS ARE IN UPPSALA, SWEDEN, with offices in Schwarzenbruck, Germany

and Memphis, USA. Proton therapy systems developed in Belgium have already been installed in Japan and the

United States. IBA is currently negotiating the delivery of other new proton therapy systems in America, Asia and

Europe. The Racetrack advanced radiotherapy system produced in Sweden is meeting with strong interest, as evi-

denced by the recent sales of this type of equipment to China. The Group’s German and Swedish dosimetry special-

ists supply customers across the globe.


39 IBA 2000

TECHNOLOGYGROUPTHE HEADQUARTERS FOR THE

BUSINESS UNIT TECHNOLOGY

GROUP ARE BASED IN LOUVAIN-

LA-NEUVE, BELGIUM AND CON-

STITUTE THE HUB OF IBA’S

TECHNOLOGICAL EXPERTISE WITH

PRODUCTION AND DEVELOPMENT

FACILITIES IN LONG ISLAND,

NEW YORK AND IN UPPSALA,

SWEDEN, AND A UNIT OF

SPECIALIZED MULTI-TECHNOLOGY

ENGINEERS IN CHICAGO, USA.

COMPRISING AROUND 100

ENGINEERS, IBA TECHNOLOGY

GROUP DEVELOPS EQUIPMENT,

MANUFACTURES AND INSTALLS

ACCELERATORS AND PERIPHERAL

SYSTEMS INCLUDING PATIENT OR

PRODUCT HANDLING DEVICES,

PROVIDING TECHNICAL TRAINING

AND COMPREHENSIVE DOCUMEN-

TATION. IN PARTICULAR, IBA

TECHNOLOGY GROUP EXPERTS

MANAGE TURN-KEY PROJECTS

FROM CONCEPTION TO INSTALLA-

TION OFFERING A FULL AFTER-

SALES SERVICE, AIMING TO

LEARN ABOUT AND BETTER

SATISFY CUSTOMER NEEDS VIA

THE CREATION AND PROMOTION

OF USERS MEETINGS ACROSS

THE GLOBE.

H E W O R L DMEDICAL

THE RADIOISOTOPES BUSINESS UNIT IS HEADQUARTERED IN LOUVAIN-LA-NEUVE, BELGIUM. IBA is currently installing particle accelerators for the produc-

tion of radioisotopes used in medical imaging throughout the world, as shown by the recent orders and installations in Korea, France

and Japan. Following the acquisition of Eastern Isotopes Inc. at the beginning of 2001, IBA now owns six radiopharmacies and two new

FDG production units in Washington, DC and Chicago, which complement the centers in Milan and Lyons. IBA intends to develop its

presence in this high-potential market, particularly in the USA. Taking into account both cyclotrons producing palladium-103 used in

brachytherapy and accelerators dedicated to medical imaging, IBA Radioisotopes now has an installed pool of some 100 units

around the world.


40 IBA 2000

S H A R E H O L D E R S & T H E S T O C K(

The IBA share

The IBA share is quoted on the continuous marketof the Brussels Stock Exchange. It was introducedonto the Stock Exchange on June 22, 1998 at an ini-

tial offer price of 11.90 EUR(adjusted for a 5-to-1 stocksplit in June 1999).

It entered the BEL20 indexin 1999 and the Next 150index when it was created in2000.

At March 15, 2000, the com-pany had no outstandingconvertible bonds or bondswith warrants. Warrantsallowing the creation of427,000 new shares wereissued in 2000 in favor of IBApersonnel. The total number

of warrants issued in favor of the personnel but notexercised amounted to 790,507 at the end of 2000.

Dividend policy

IBA’s growth potential in its various businesses isconsiderable, creating significant needs for capitalto finance the major investments that would guar-antee future growth. It is the domain of the Boardof Directors to propose the amount of any possibledividend to the Annual General Meeting ofShareholders, giving due consideration to theresources required to finance the company’s futuregrowth.

Judging that it is in the company’s best interests toretain a maximum of liquidity to fuel its growth,the Board of Directors has decided not to proposea dividend for fiscal 2000.

Share price (1) Maximum Minimum Close Averagedaily

volume19981st Quarter initial public offering 06/22/19982nd Quarter 22.81 21.29 22.81 515,625*3rd Quarter 41.60 24.79 31.33 40,1234th Quarter 41.50 28.51 39.56 15,147

19991st Quarter 61.00 37.20 54.54 34,5352nd Quarter 65.90 54.00 60.75 25,4023rd Quarter 63.50 51.25 51.25 22,7544th quarter 60.00 50.30 54.80 41,084

20001st Quarter 55.00 42.00 44.00 57,3052nd Quarter 47.40 26.40 27.80 40,5163rd Quarter 30.50 22.87 23.30 32,9594th Quarter 28.50 23.10 24.50 18,942

20011st Quarter (2) 29.10 24.00 25.80 22,707

(1) In EUR (fixed conversion rate: 1 EUR = 40.3399 BEF) adjusted for a 5-for-1 stock split in June 1999.(2) Until March 7, 2001.* (2 days of quotation)

IBABEL 20

0

10

20

30

01

/04

/00

02

/04

/00

03

/04

/00

04

/04

/00

05

/04

/00

06

/04

/00

07

/04

/00

08

/04

/00

09

/04

/00

10

/04

/00

11

/04

/00

12

/04

/01

01

/04

/01

02

/04

/01

03

/04

/01

40

50

60


41 IBA 2000

EXC H A N G E

Figures per share 1997 1998 1999 2000No. of shares at 12/31 (1) 14,881,190 16,909,590 20,494,825 24,369,618

Operating result before goodwill amortization 0.19 0.60 1.40 1.50Operating result after goodwill amortization 0.19 0.30 1.10 0.98Net current result before goodwill amortization 0.21 0.44 0.84 0.95

Published net result 0.21 0.11 0.17 0.29Gross dividend 0.20 - - -Shareholder equity 0.36 1.50 10.23 16.03Share price at year end NS 39.56 54.80 24.50Return on share price for year (in %) NS 232.5% 38.5% -55.3%

Market ratios based on end pricePrice Earnings Ratio (PER), based on net current result before goodwill amortization NS 89.31 65.10 25.66Price Cash Flow (PCF) NS 101.44 49.37 14.10Price Book Value (PBV) NS 26.44 5.36 1.53

Notes: Figures based on the consolidated accounts of the company since 1998 and on those of the parent company in 1997.IBA had no subsidiaries and filed no consolidated accounts before 1998.The calculation is based on the number of existing shares at 12/31.(1) No warrants or convertibles exist which could reduce the result per share, apart from 790,507 warrants issued in favour of the personnel

at December 31, 2000.

The capital structure of the company has evolved as follows for the fiscal year:

Shareholders At 12/31/1999 At 12/31/2000 Fully DilutedNo. of shares % No. of shares % No. of shares %

Belgian Anchorage SA (1)(3) 6,820,840 33.3% 6,840,840 28.1% 6,840,840 27.2%Belgian Leverage (2)(3) - - 2,300,000 9.4% 2,300,000 9.1%Tenet Healthcare (3) 2,555,225 12.5% - - - -Sopartec (3) 941,185 4.6% 941,185 3.9% 941,185 3.7%IRE (Institut des Radioéléments) (3) 827,200 4.0% 827,200 3.4% 827,200 3.3%UCL (Université Catholique de Louvain) (3) 532,885 2.6% 532,885 2.2% 532,885 2.1%

Shareholders acting together - - 11,442,110 47.0% 11,442,110 45.5%

IBA Investments SCRL (4) - - 399,327 1.6% 399,327 1.6%Float 8,817,490 43.0% 12,528,181 51.4% 13,318,688 52.9%

TOTAL 20,494,825 100% 24,369,618 100% 25,160,125 100%(1) Belgian Anchorage is a company created and wholly owned by IBA Management and certain IBA employees(2) Belgian Leverage is a fully owned subsidiary of Belgian Anchorage.(3) Transparency declaration of June 6, 2000.(4) Number of actions held at December 31, 2000. At June 6, 2000, IBA Investments held 255,225 IBA shares.

Shareholders’ agendaDate

2001 Annual General Meeting May 9, 2001 at 10.00Publication of half-yearly results ending June 30, 2001 September 14, 2001Publication of annual results ending December 31, 2001 March 15, 20022002 Annual General Meeting May 8, 2002 at 10.00

Key figures per share and market ratios

Shareholders


BOARD OF DIRECTORS(

Independent Directors

Arthur JANTA-POLCZYNSKIDirector since May 2000.

Born: 1949.

Managing Director of Russell Reynolds Associates, Belgium.

Commercial engineer, University of Solvay, Belgium and MBA from

Harvard Business School, USA.

Jean STEPHENNEDirector since February 2000.

Born: 1949.

President and General Manager of the Vaccines Division of

SmithKline Beecham Biologicals, Belgium.

Jacques de VAUCLEROYDirector since February 2000.

Represented Banque Bruxelles Lambert, former IBA director,

since 1997.

Born: 1961. General Manager, member of the Executive Committee

of Banque Bruxelles Lambert.

Peter VERMEERENDirector since February 2000.

Born: 1940.

President of the Association of the Radiopharmaceuticals and

Equipment Industry (ARPES).

Other important offices: Member of the EANM Strategy and the

“SNM Linking Committee”.

Executive Directors

Pierre MOTTETExecutive Director since February 2000.

Born: 1961. Chairman of the Executive and Strategic Committee.

Nominated “1997 Manager of the Year” by Trends-Tendances.

Jean-Claude DELOBEL CEO since March 2000.

Born: 1954.

Previously General Manager of Cockerill Sambre, Belgium.

Yves JONGENExecutive Director since 1991.

Born: 1948. Founder of IBA in 1986 and currently Chief Research

Officer.

Nominated “1997 Manager of the Year” by Trends-Tendances.

Eric de LAMOTTEExecutive Director since February 2000.

Born: 1956. Formerly Chief Financial Officer at IBA, 1991- June 2000.

OTHER DIRECTORS

Philippe de WOOT de TRIXHEChairman of the Board of Directors since 1986.

Born: 1932. Professor emeritus of the Catholic University of Louvain

(UCL).

Other important offices: Director of Glaceries de Saint-Roch,

Alcatel-Etca, and Bull Belgium.

National Institute of Radioelements (IRE)Represented by Nicole DESTEXHE since 1991.

Born: 1953. IRE Financial Director.

Member of the Institute of Chartered Accountants.

Olivier RALET Director since June 2000 replacing Tenet Healthcare Corporation.

Born: 1957. Degree in law.

Business Development Director for Atenor Group SA, Belgium.

Ferdinand d’OULTREMONTDirector since 1994.

Born: 1931. Doctor of law, degrees in political science, social science

and applied economic sciences.

Other important offices: Director of Sopartec S.A.

Scientific Advisor

Professor Jean VERVIERDoctor of physical sciences (UCL), Professor of science at UCL

(Institute of Nuclear Physics).

Other important offices: President of the Board of Directors of the

Center for Cyclotron Research since 1986.

Company Auditors

Salustro Triest Vleck S.C.P.R.L, Brussels(formerly Nevens & Co)Represented by Mr André Clybouw.

PricewaterhouseCoopers, Reviseurs d’Entreprises S.C.C.R.L.,Sint-Stevens-WoluweRepresented by Mr Philippe Barbier.

Composition of the Board of Directorsat March 31, 2001


44 IBA 2000

Design and production: ConcertoPhotography: Atofina, Paul Coertens, John Horner, Photodisc, Jacky Delorme, Sture Ekendahl, Braune Photodesign, TonyStone.

Printed in Belgium by Dereume Printing


2 IBA 2000 - Financial report

2000 MANAGEMENT REPORT

2000 CONSOLIDATED RESULTS

The year 2000 results reflect for the first time in a full year

the integration of the entities acquired during 1999, mainly

in the fields of industrial Sterilization and Ionization, that

today represent the majority of IBA’s consolidated sales.

In 2000, consolidated sales amounted to 236.1 million

EUR, representing a growth of 67% in comparison to

141.6 million EUR achieved in 1999. This growth reflects

to a large extent the acquisitions made during the 1999

financial year. Pro forma, and at a comparable EUR/USD

exchange rate, the Group sales growth would have been

10%.

The operating result before amortization of assets and

goodwill (EBITDA) amounted to 69.6 million EUR,

representing a growth of 59% when compared to 1999.

The Company’s Earnings before interest, tax and goodwill

amortization (EBIT) stood at 36.6 million EUR, increas-

ing by 27% in comparison to 28.7 million EUR recorded

in 1999.

After amortization of the acquisition goodwill, which in

2000 amounted to 12.6 million EUR, the operating result

stood at 24.0 million EUR. The acquisition goodwill,

which represents the difference between the cost of the

acquisitions made in 1999 and 2000 and the net book value

of these companies at their acquisition date, is written off,

following a decision of the Board of Directors, over a peri-

od of 20 years.

The consolidated financial result is negative by 10.4 million

EUR compared to 7.1 million EUR in 1999. The evolution

of the Group’s financial structure and perimeter since the

beginning of 1999 makes these figures difficult to compare.

In fact, IBA’s consolidated financial result for the first half

of 1999 was positive before being affected by the financing

of the acquisitions made in the middle of the financial year.

The 2000 financial result has been affected by the amount

of debt in US dollars, the currency used for the majority of

the acquisitions, whereas the surplus cashflow stemming

from the capital increase of January 2000 is denominated in

Euros. It should be noted that the financial income for the

financial year does not include the latent gains due to

appreciation of the US dollar in comparison to the EUR

with regard to the Group’s net investment in the American

entities.

The extraordinary result, negative by 6.1 million EUR,

mainly corresponds to the costs relating to the capital

increase of January 2000 (5.3 million EUR).

The net current result, that is excluding the impact of

extraordinary costs (after adjustment for tax savings on

these) and amortization of acquisition goodwill,

AF TER THE MAJOR CHANGES EXPERIENCED BY IBA IN 1999, THE FISCAL YEAR 2000 HAS BEEN

A YEAR OF CONSOLIDATION, LARGELY DEVOTED TO THE TASK OF IMPLEMENTING AND

STRENGTHENING THE ORGANIZATION AND TOOLS ENABLING IBA TO EMBARK UPON A NEW

PHASE OF ITS GROWTH BASED ON SOLID FOUNDATIONS.THANKS TO THE ACQUISITIONS ACCOMPLISHED IN THE LAST FEW YEARS, THE GROUP IS NOW A

WORLD LEADER IN ALL ITS MARKETS, AND INTENDS TO CONTINUE ITS RATIONALIZATION AND

OP TIMIZATION WORK IN ORDER TO EXTRACT MAXIMUM ADVANTAGE FROM THIS UNIQUE COM-PETITIVE POSITION. IBA’S TECHNOLOGICAL EXPERTISE AND MASTERY, ALLIED WITH IN-DEP TH

KNOWLEDGE OF ITS MARKETS AND THE NEEDS OF ITS CUSTOMERS, WILL CONTINUE, AS IN THE

PAST, TO BE AT THE ROOT OF THE GROUP ’S DEVELOPMENTS WITH A VIEW TO ACHIEVING AMBI-TIOUS, SELECTIVE AND PROFITABLE GROWTH.



increased by 35% to 23.3 million EUR. The net current

result per share, calculated on the total number of shares

issued at the end of the financial year, stood at 0.955

EUR, indicatng a growth of 13%.

After taxes, goodwill amortization, extraordinary items

and contributions from the companies brought into

equivalence, the net result Group share was up 106% to

7.0 million EUR in 2000. The net current result per share

stood at EUR 0.29 compared to 0.17 EUR in 1999.

The Group’s financial structure was considerably rein-

forced with the capital increase of January 2000, which

has enabled the Group to return to its moderate debt

ratios compatible with the Group’s target of sustained

growth (net financial debt ratio over shareholders’ equity

equal to 35% at the end of 2000 versus 108% at the end

of 1999).

Furthermore, the short-term financial US dollar debt,

contracted for the acquisition of SteriGenics in 1999, was

replaced in January 2000 by a syndicated loan of 5 mil-

lion US dollars, with a 5-year maturity period, thus

enabling the Group to improve its liquidity ratios and

extend its bank relations.

The operational cash flow generated in 2000 was afflict-

ed by an unfavourable development in the need for work-

ing capital linked to the Group’s funding of a large part

of its production work-in-process.

Furthermore, sustained investments, Research &

Development expenditure, and finally the shares taken in

RadioMed Corp., which was incorporated by the equity

method pro rata temporis, and in the Proton Therapy

Corporation of America Inc (PTCA), have led to invest-

ments totalling 66.0 million EUR for the 2000 financial

year. These sizeable outlays explain the negative available

cash flow over the whole of the financial year.

IBA S.A. STATUTORY ACCOUNTS AND

ALLOCATION OF THE RESULT

The net non-consolidated result of Ion Beam

Applications S.A. stands at a loss of 5.1 million EUR.

This result is difficult to compare with the result for fis-

cal 1999, which was negative by 0.3 million EUR, inso-

far as IBA has strengthened its organizational structure in

coherence with its status as the parent company of the

Group. The principal organizational changes made dur-

ing the financial year will be itemized at a later stage in

this report. The Board of Directors has confirmed that

the accountancy methods should be continued since they

are fully justified by the Company’s prospects.

The Board of Directors will be proposing to the General

Assembly, in view of the major investments required for

the Group’s growth in the years ahead, not to distribute a

dividend for the Financial Year ending December 31,

2000 and to allocate the loss of the financial year to prof-

it to be carried forward.

COMPARISON

OF THE LAST FIVE YEARS

The strong growth strategy implemented by IBA in the

last few years resulted in a powerful progression of the

principal financial figures, as shown in the tables below.

From 1996 to 2000, IBA’s sales figure has been multiplied

by 12, growing almost 86% per year. During the same

period, the operating result before goodwill amortization

and the net current result have been multiplied respec-

tively by 22 and 42, reflecting an average annual growth

rate of 117% and 154%.

Thanks mainly to the capital increases, the Group’s equi-

ty has at the same time grown from 5 million EUR to

391 million EUR.



ANALYSIS OF THE GROUP’S ACTIVITY

IN 2000 PER MARKET

IBA has set itself the mission of offering customers

worldwide innovative solutions in the fields of health and

well-being. IBA’s target customers can be divided into

two principal markets composed of the Group’s activities:

The Industrial sector, which includes customers from

industrial companies in the fields of medical devices and

food products, and of diverse products ranging from elec-

tronics to advanced materials.

The Medical sector, composed of customers active in the

world of health, including hospitals, producers and dis-

tributors of products for nuclear medicine, imaging and

radiotherapy centers, and research centers.

The Industrial sector includes the activities of the IBA

Business Units operating services in the areas of industri-

al Sterilization & Ionization (“S&I America Operations”

and “S&I Europe, Middle-East, Africa, & Asia”) and the

sales of equipment used for industrial applications (elec-

tron accelerators designed and produced by the

“Technology Group” Business Unit).

The Medical sector comprises all the service activities and

equipment sales proposed to the health market. This

includes the activities of the Business Unit

“Radioisotopes”, responsible for the sales of cyclotrons

designed to produce radioisotopes used both for medical

imaging and brachytherapy, and for the production and

distribution of radioisotopes, in particular FDG, a recent-

ly developed activity involving the acquisition in February

2001 of the American company, Eastern Isotopes. The

other field of Group activity in the Medical Sector is

under the responsibility of the Business Unit “Advanced

Radiotherapy”, and includes the sale of proton therapy

equipment, conventional radiotherapy and dosimetry

equipment.

0

50000

100000

150000

200000

250000

0099989796

SALES

(IN 000 EUR)

0

5000

10000

15000

20000

25000

30000

35000

40000

0099989796

OPERATING RESULT(BEFORE GOODWILL AMORTIZATION)

(IN 000 EUR)

0,0

0,2

0,4

0,6

0,8

1,0

0099989796

NET CURRENT RESULT PER SHARE

(IN EUR)

0

50000

100000

150000

200000

250000

300000

350000

400000

0099989796

EQUITY

(IN EUR 000)

COMPARISON OF THE LAST FIVE YEARS



The Business Unit “Technology Group” is responsible for

producing cyclotrons and proton therapy equipment.

The breakdown of IBA’s consolidated sales figure per

market between the Industrial sector and the Medical

sector is indicated in the table below. These figures are

then commented upon in the individual commentaries

per activity.

BREAKDOWN OF SALES(in 000 EUR)

2000 1999 Variation 00/99in%

Industrial sector 163,605 93,056 76%Medical sector 72,509 48,591 49%Group total 236,115 141,647 67%

Industrial sector

This sector is the most important contributor to the

Group’s consolidated sales figure, amounting to

163.6 million EUR or 69% of consolidated sales in 2000

compared to 93.1 million EUR in 1999. This progression

has not been achieved with a constant perimeter since it

mainly results from the consolidation of Griffith Micro

Science as of May 1, 1999 and SteriGenics from July 1,

1999.

The essential contribution to this sector comes from the

Sterilization & Ionization services, the major part of which

is realized by the Business Unit “America Operations”,

which comprises four activities:

- sterilization of medical equipment, predominant in

terms of sales figures,

- analytical laboratory services,

- cold food pasteurization,

- enhancement of material characteristics.

For this Business Unit, the year 2000 was marked by

intensified competitive pressure, resulting from the

installation by competitors in certain regions of the

United States of new medical equipment sterilization

capacities, which has led to reduced margins. The

Business Unit has however successfully concluded the

operational and administrative integration of the North

American entities of Griffith and SteriGenics.

In the area of food safety, where all forecast studies con-

firm the major market potential represented by cold pas-

teurization of food using X-rays or e-beam, IBA made

considerable commercial and marketing investments in

2000, constituting a dedicated team and forging the part-

nership with Ecolab for marketing cold food pasteuriza-

tion services using X-rays or electron beam. The “Food

Safety” Division has also set up, at the site of the RDI

subsidiary at Long Island, NY, a test center enabling

industrial food producers to test X-ray pasteurization on

their products. This center has permitted validation of the

quality of IBA’s technology in this promising new field.

These voluntarist efforts have inevitably weighed on the

operating result since no significant income is expected in

this field before at least two to three years. These efforts

are, however, considered indispensable for developing the

market and preparing the Group to take a major position

in this market. These efforts were substantiated in part at

the beginning of 2001 by the agreement signed with

AmeriCold Logistics for construction of a food pasteur-

ization center within a cold storage plant, the largest in

the USA, in the state of Missouri.



Significant investments have been made in industrial

Sterilization & Ionization not only in the USA, but also

in Europe and Asia, with the opening in Thailand of a

center offering the two technologies gamma radiation

and electron beam radiation.

Sales of equipment (Rhodotrons produced by the

Louvain-la-Neuve site and Dynamitrons constructed by

the Radiation Dynamics Inc., acquired in 1999) were on

the other hand down on 1999, which has led to a review

of the marketing organization. This situation should be

energized by the arrival of Betaline, a self-shielded medi-

um-capacity electron accelerator, intended for industrial

customers wishing to integrate irradiation into their

manufacturing process, in the areas of food-processing,

disposable medical products and material enhancement.

The Betaline is scheduled to be launched during 2001

and represents an extremely interesting complement to

IBA’s current range of solutions.

Medical sector

The Group’s activities in the Medical sector generated a

sales figure of 72.5 million EUR, up nearly 50% on 1999

(48.6 million EUR). They consist at this time essentially

of equipment sales, the part achieved by the production

and sale of radioisotopes remaining marginal for 2000.

Radiotherapy

In the area of cancer radiotherapy, the year 2000 saw a

continuation of IBA’s major efforts to finalize the devel-

opment of the software for the proton therapy system sold

to the Massachusetts General Hospital in Boston. These

efforts, which mobilized significant Group resources,

enabled completion of the file for clearance of the system,

which was then submitted to the Food and Drug

Administration (FDA), whose approval is a sine qua non

for the commercialization of the system in the USA. The

system developed by IBA has attracted considerable inter-

est over a long period in the international medical com-

munity and several proton therapy center projects, in the

USA and the rest of the world, are currently being active-

ly negotiated by IBA. Orders for the proton therapy sys-

tem constitute a major factor of the Group’s immediate

growth, and the acquisition of PTCA, which will be cov-

ered in greater detail at a later stage of this Management

Report, enables IBA to position itself as a potential part-

ner for the large American medical institutions.

The Business Unit “Advanced Radiotherapy” also experi-

enced considerable marketing success with the sale of

three top-of-the-range conventional MM 50 radiothera-

py systems to a hospital in mainland China.

In the field of dosimetry, in which IBA is a world leader

with about a third of the market following the acquisition

in 1999 of Wellhöfer, activities were sustained with a high

level of new orders.

Radioisotopes

The Business Unit “Radioisotopes” experienced a very

good year in terms of new equipment orders, including

the sale of a Cyclone 30 to the Korean Cancer Center

Hospital and several PET cyclotrons.

As announced, IBA has also intensified its downstream

development efforts in the production and distribution of

radioisotopes, more particularly of FDG or F18 fluo-

rodeoxyglucose, which is the most frequently used radio-

pharmaceutical in Positron Emission Tomography

(PET), a medical imaging technique in full expansion.

The FDG production centers in Lyons and Milan, the

construction of which was decided in 1999, will soon be

operational. IBA is waiting for permission to market

FDG in the European Community.

However, the major and very recent development in this

field is IBA’s acquisition, in February 2001, of an 80%

share in Eastern Isotopes, the American leader in the pro-



duction and distribution of FDG, the market for which in

the USA is hugely expanding due to the rapid increase in

the number of reimbursed applications. Based in Sterling,

Virginia, Eastern Isotopes owns six distribution centers

for pharmaceutical products used in positron emission

tomography and single photon emission computed

tomography (or SPECT). With more than 100 employ-

ees, Eastern Isotopes intends to accelerate its development

with the aid of technological and financial support from

IBA, scheduled to deliver Eastern Isotopes several

cyclotrons starting this year. Eastern Isotopes will be

entirely consolidated into the Group’s accounts for the

2001 Financial Year. IBA is holding an option to buy the

balance of the Eastern Isotopes capital in a few years time.

The project of cooperation with Syncor for FDG distribu-

tion, already announced in February 2000, has not materi-

alized, since the two partners were unable to reach agree-

ment on the practical conditions of their partnership.

In the field of brachytherapy, development work for a new

machine intended to produce palladium 103 (Pd-103) was

continued throughout the financial year. This cyclotron,

the expected performance of which is far higher than that

of the previous generation, will be installed in a dedicated

center in Fleurus, Belgium, and will be operated in part-

nership with the Institute of Radio-elements (IRE). The

cyclotron should be operational at the beginning of 2002.

Still in the field of brachytherapy, IBA acquired during

the financial year 2000 a share, now at 46.1%, in the cap-

ital of the company RadioMed. This investment is the

subject of specific comment at a later stage.

SHARES ACQUIRED IN THE COURSE

OF THE FINANCIAL YEAR

Shares acquired in RadioMed Corporation

During the second half of 2000, IBA acquired a minority

share, progressively increased to 46.1%, in the capital of

RadioMed Corporation, a young company based in

Massachussetts, near Boston. The revolutionary concept

invented and patented by RadioMed consists of a new

generation of radioactive implants in the form of a wire of

palladium produced by the irradiation of a wire of rhodi-

um by a cyclotron. RadioMed was granted FDA approval

for its first product intended to treat cancer of the prostate

at the end of the year 2000. This acquisition represents a

major strategic downstream development for IBA, which

has adapted the cyclotron to be installed in Fleurus to

meet the particular requirements of this project. IBA is

holding options enabling it to take majority control and

finally to buy all the shares of RadioMed. RadioMed has

been incorporated in the IBA accounts by the equity

method since August 1, 2000, income being taken into

account according to the successive percentages of the

IBA participation.

Acquisition of PTCA and transactions concluded with

Tenet Healthcare Corporation in May 2000

On May 31, 2000, IBA bought from the Tenet Healthcare

Corporation (Tenet) the activities exercised by the Proton

Therapy Corporation of America (PTCA), a Tenet sub-

sidiary. These had previously been transferred to a new

company that took the name PTCA.

These activities aimed to develop proton therapy centers

for cancer treatment in the USA, based on the use of

equipment designed and manufactured by IBA. In this

context, PCTA had entered into a contract with IBA in

1997 concerning the delivery of three proton therapy sys-

tems, and benefitted from exclusivity in the USA for the

sale of the proton therapy equipment built by IBA. This

contract was de facto cancelled by the acquisition of

PTCA, and the exclusivity clause restricting IBA’s mar-

ket potential suppressed for the same reason.

The transaction concluded between IBA and Tenet also

included the acquisition by IBA Investments SCRL (an



indirect subsidiary of IBA SA) of about 1% of IBA’s cap-

ital at a below-market rate, and the payment by Tenet of

a contractual contribution intended to cover PTCA’s

operating expenses until the end of 2001, justified by the

fact that PTCA, being a developing organization, would

not be generating income prior to the operational start-

up of a proton therapy center.

This contribution, amounting to a total of 3.4 million

EUR, is included in the results pro rata temporis over the

period June 1, 2000 to December 31, 2001. This has

enabled compensation of the operating costs for PCTA

in 2000 to the tune of 1.25 million EUR, listed in the

accounts as “Other operating income”.

Concomitant with these operations, Tenet has concluded

an agreement with IBA’s shareholder of reference Belgian

Anchorage to sell the remainder of its share in IBA

(about 10% of the capital), the transferability of which

was restricted by shareholder agreements binding Tenet

to the other members of IBA’s stable shareholders. The

IBA Board of Directors has been kept informed of the

discussions between Belgian Anchorage and Tenet, and

of Tenet’s requirements in terms of the operational

timetable.

The Board of Directors, that includes independent direc-

tors, judged that the transaction between IBA and Tenet

was concordant with the Company’s strategy and in its

best interests, and approved this operation unanimously.

Thus, the suppression of the exclusivity clause binding

IBA to PTCA/Tenet has already enabled IBA to secure

promising contracts with university hospitals featuring

among the most reputable in the USA, with a view to

developing proton therapy centers in partnership with

them. Nevertheless, the implementation of these projects

depends on the approval by the American Food and Drug

Administration (FDA) of IBA’s proton therapy system,

the prototype of which is nearing the end of its installa-

tion at the Massachussetts General Hospital, a hospital

associated with Harvard University. The recent develop-

ments in proton therapy, and in particular the completion

of the file for FDA approval which enabled its submission

to be made at the beginning of March 2001, support the

validity of the Group’s development strategy in this field.

Research & Development

At the heart of IBA’s strategy, which is based on the devel-

opment of its unequalled expertise in particle accelerator

technology, Research & Development was the subject of

even more sustained efforts in 2000. R&D costs thus

amounted to 20.8 million EUR in comparison with

11.9 million EUR in 1999 (before capitalization). These

costs covered not only the entire range of existing Group

products and processes, with a view to enhancing them

still further and thus preserving IBA’s leadership position,

but also the development of innovative solutions. It

should however be remembered that IBA does not carry

out any fundamental research, and that its R&D efforts

aim to focus on an ever more competitive commercial

offering and source of added value for both the Group and

its customers.

The main effort in R&D was focused, however, as men-

tioned earlier, on the continued development of the pro-

ton therapy system at the Massachusetts General

Hospital, which occupied numerous internal and external

resources. The Board of Directors judged that the R&D

efforts undertaken by IBA in the field of proton therapy

and the allocation as assets of the expenses incurred in

this context (for a net amount of 9.9 million EUR for the

financial year 2000, bringing the total assets to 14.7 mil-

lion EUR at December 31, 2000, in keeping with the

Group’s accounting rules, were justified by its confidence

both in the prospects of this market and in the particular

advantages that IBA has for making a profitable sale.



Organization of the Group

During fiscal 2000, the Group was completely reorganized.

The Group adopted a decentralized structure by means of

Business Units, each addressing specific market segments

with an offering combining services and equipment as

required. The Group comprises a total of five Business

Units:

- “S&I America Operations”, headquartered in Chicago,

USA

- “S&I Europe, Middle-East, Africa & Asia”, based in

Herentals, Belgium

- “Advanced Radiotherapy”, based in Uppsala, Sweden

- “Radioisotopes” and “Technology Group”, both based

in Louvain-la-Neuve, Belgium.

Jean-Claude Delobel, the former General Manager of

Cockerill Sambre, joined the Group in March 2000 as

Chief Executive Officer and Managing Director. The

Presidents of the Business Units are responsible to the

Chief Executive Officer for their entity’s performance.

Furthermore, the support functions at Corporate level,

(finance, controlling, information systems, human

resources, business development, communication and

research) are assumed by a select team of managers who

also report to the CEO.

The Executive & Strategic Committee consists of the

four Managing Directors: Pierre Mottet, Chairman of

the Executive & Strategic Committee, Jean-Claude

Delobel, CEO, Yves Jongen, the founder of IBA and

Chief Research Officer, and Eric de Lamotte, who was

Chief Financial Officer until June 2000.

Corporate Governance

Concerned to apply recent recommendations in terms of

Corporate Governance, the Company has statutorily

imposed a balance within the Board of Directors between

independent directors, executive directors, and directors

representing the shareholders.

The Board of Directors met on six occasions in the

course of the year 2000, and its composition is given in

the documents appended to this report.

Remuneration for exceptional service rendered by the

statutory auditors

The college of auditors, composed of the companies

PricewaterhouseCoopers Reviseurs d'Entreprises

S.C.C.R.L. and Nevens & Co. S.C.P.R.L., accom-

plished in the course of the financial year missions of

advice and assistance, mainly in the context of the

adoption of an international accountancy referential,

and was remunerated by emoluments of 111,000 EUR.

A company with which one of the auditors has profes-

sional connections provided fiscal advice that was

remunerated by fees amounting to 188,000 EUR.

Shareholders and warrants

In January 2000, in the context of the capital authorized

by the extraordinary General Meeting of May 12, 1999,

IBA proceeded with an increase in capital for an amount

of 170.2 million EUR by issuing 3,700,000 shares at

46 EUR. The priority right of existing shareholders was

suppressed, but they benefited from a right of priority

allocation equal to one new share per five shares held.

This operation led to an increase of the public shares in

IBA’s capital, with the company’s float now representing

around 52%.

The distribution of voting rights among the shareholders

of reference who are party to a shareholders’ pact was mod-

ified in June 2000 by the complete departure from IBA’s

capital of the Tenet Healthcare Corporation (Tenet), an

American company that became an IBA shareholder in

1997. This modification in IBA’s shareholder structure did

not have any major consequences on the weight of the

leading shareholders within IBA, the main part of the

shares relinquished by Tenet having been acquired by



Belgian Anchorage, the holding company composed of the

founders and employees of IBA, and by the IRE, another

member of the shareholders’ pact with Tenet.

This operation and its context have been described in

greater detail earlier.

Following this operation, the distribution of IBA’s capi-

tal, established from the latest Transparency Declaration

dated June 6, 2000, was as follows:

Distribution of capital Actions %

Belgian Anchorage / Belgian Leverage (1) 9,140,840 37.5%Catholic University of Leuven (UCL) (1) 532,885 2.2%Sopartec (1) 941,185 3.9%Institut National des Radioéléments (1) 827,200 3.4%(Shareholders acting together) 11,442,110 47.0%IBA Investments SCRL (2) 399,327 1.6%Public 12,528,181 51.4%Total (at December 31, 2000) 24,369,618 100.0%

(1) Transparency Declaration at June 6, 2000(2) Number of shares held at December 31, 2000. At June 6, 2000, IBA Investments

held 255,225 IBA shares

A warrants plan (subscription rights) reserved for IBA per-

sonnel was initiated in June 2000, within the limits of

authorized capital, in order to foster loyalty and motivation

among IBA employees by enabling them to benefit from

the Group’s growth prospects. A total of 427,000 warrants

were thus issued, of which 380,450 were allocated at the

end of fiscal 2000, with almost all of them allocated in June

at a price of 28 EUR. Furthermore, 363,507 warrants

issued in 1998 remain unexercised at the end of 2000, the

majority of them having been issued at an exercise price of

4.29 EUR.

IBA held at December 31, 2000, via the IBA Investments

SCRL company controlled indirectly at 100%, a total of

399,327 of its own shares, mainly acquired in the trans-

action with Tenet described elsewhere but also from buy-

ing on the stock market. It should be noted that most of

these shares were relinquished after the closure of the

financial year, being offered as payment to the sharehold-

ers of Eastern Isotopes at the time of the acquisition of

that company in February 2001.

General outlook for 2001

The Group’s objective for fiscal 2001 is to enhance the

profitability of its various activities by continuing, and if

necessary intensifying, the optimization measures defined

and implemented in the course of the year 2000.

This year will also be a decisive year in the field of pro-

ton therapy. The Group is thus expecting to see its efforts

of recent years come to fruition both at the regulatory

level by obtaining FDA approval and in terms of sales.

The production and distribution of radioisotopes will be

a driving element for vigorous growth in the coming

years, thanks in particular to the acquisition of Eastern

Isotopes and of RadioMed.

IBA also wishes to provide innovative solutions and to

take a leadership position in markets of longer-term

development, particularly food pasteurization.

These activities will require sustained investment, and thus

mobilization of the Group’s financial resources, before

making any significant contribution to the growth of prof-

its. Nevertheless, thanks to strengthening its organization-

al structure and its financial resources during the last finan-

cial year, IBA is confident of its ability to prepare the con-

ditions for its long-term growth.



FUNCTIONING

OF THE BOARD OF DIRECTORS

In compliance with recommendations regarding practices

to be observed in matters of Corporate Governance, the

company’s Articles of Association were modified by the

October 18, 1999 extraordinary General Meeting with a

view to achieving a balanced representation within the

Board of Directors of independent Directors, executive

Directors and other Directors.

Henceforth, the Board of Directors must be made up for

at least one third of its members by independent

Directors nominated on the basis of proposals by a

Nominations Committee formed within the Board of

Directors, and for at least one third of its members by

Directors nominated on the basis of proposals by the

Executive and Strategic Committee.

Other Directors are freely nominated by the General

Meeting under the proviso, however, that among these other

Directors no more than two members shall be directly or

indirectly related to the same shareholder or to a company or

person related to said shareholder.

These new provisions will be in effect as of the conclusion of

the ordinary General Meeting held on May 10, 2000.

At December 31, 2000, the Board of Directors was com-

posed of Messrs. Pierre Mottet, Jean-Claude Delobel,

Yves Jongen and Eric de Lamotte in their capacity as

executive Directors, Messrs. Jean Stéphenne, Jacques de

Vaucleroy, Peter Vermeeren and Arthur Janta-Polczynski

as independent Directors and the Institut National des

Radioéléments (IRE) represented by Mrs Nicole

Destexhe, Messrs. Philippe de Woot de Trixhe, Olivier

Ralet and Ferndinand d’Oultremont as other Directors.

The mandates of Messrs. Jean Stephenne, Arthur Janta-

Polczynski, Peter Vermeeren, Jacques de Vaucleroy, Jean-

Claude Delobel, Pierre Mottet and Eric de Lamotte will

terminate at the General Meeting deciding on the 2003

accounts. The mandate of Mr Olivier Ralet submitted for

ratification to the General Meeting of May 9, 2001, will ter-

minate at the General Meeting deciding on the 2004

accounts. The mandates of Messrs. Philippe de Woot de

Trixhe, Yves Jongen and Ferndinand d’Oultremont and that

of the Institut National des Radioéléments (IRE) will expire

at the General Meeting deciding on the 2001 accounts.

Together, the Directors hold directly 881,974 IBA shares

and 105,200 warrants allowing them to subscribe to IBA

shares.The total amount paid by the Group to the members

of the Board of Directors in payment for the functions per-

formed or services rendered amounted to EUR 1,049 thou-

sand for fiscal 2000.

The Board of Directors is empowered to execute all actions

that are necessary or useful in order to fulfil the objective of

the company, except those reserved by law or by the Articles

of Association to the General Meeting.

The Board of Directors may make decisions only if a

majority of its members is present or represented. Its deci-

sions are based on majority votes. In the event of a tie, the

vote of the Chairman or of his substitute shall prevail.

If a legal person is nominated Director, it shall designate

a natural person through whom it shall exercise its man-

date (article 12 of the Articles of Association).

In exceptional cases duly justified by urgency and the need

to serve the interests of the company, the decisions of the

Board of Directors may be taken by unanimous consent of

the Directors expressed in writing. This procedure howev-

er, may not be invoked to approve the annual accounts or

release authorized capital.

In its acts, including those involving the participation of a

public official or a Ministry official, and in the law courts, the

company is represented by two Directors acting jointly, who

will not be required to justify vis-à-vis third parties any pre-

vious decision made by the Board of Directors.

The Board of Directors meets as and when it is necessary and

at least four times a year. The most significant subjects that

are debated include the situation of the markets, the strate-

CORPORATE GOVERNANCE, MANAGEMENT AND CONTROL



gies deployed, technological developments, financial evolu-

tion as well as matters concerning human resources.

Reports on the subjects discussed by the Board of

Directors are communicated in advance to non-executive

Directors so that they may exercise their expertise in full

knowledge of the facts.

In order to follow the evolution of the activities of sub-

sidiaries and of companies in which IBA has an equity

stake, the members of the Executive and Strategic

Committee are represented on the Boards of Directors of

subsidiaries. The presidents of the Business Units report

directly to the Chief Executive Officer.

The Remuneration committee, created by the Board of

Directors, elaborates plans to remunerate the members of

the Executive and Strategic Committee and stock option

plans in favor of all members of the company.

There have been no unusual transactions or loans accord-

ed by IBA to members of the Board of Directors or the

Executive and Strategic Committee.

DAY-TO-DAY MANAGEMENT

The Board of Directors may delegate day-to-day manage-

ment as well as the representation of the company as regards

such management to one to several managers or officers.

It nominates and revokes the persons delegated to carry

out these tasks, which may be chosen from within or

outside the Board, decides their remuneration and estab-

lishes theirs attributions.

The Board of Directors and the persons delegated to

carry out day-to-day management may also devolve,

within the framework of this task, special and defined

powers to one or several persons of their choosing.

There is an Executive and Strategic Committee compris-

ing Jean-Claude Delobel (Chief Executive Officer),

Pierre Mottet (Chairman of this committee), Yves Jongen

(Chief Research Officer) and Eric de Lamotte (former

Chief Financial Officer of the Group until June 2000)

who are Directors on IBA’s Board.

The Group’s Management Committee, chaired by the Chief

Executive Officer, consists of the managers holding the

Corporate functions (finance, business development, control-

ling, communication, human ressources, information sys-

tems, research and development) and the five Business Units.

The salaries paid by the Group in 2000 for the positions

held and the consultancy services rendered by the mem-

bers of these two Committees (16 persons in all)

amounted to a total of 2,100 thousand EUR.

SHAREHOLDER PACT ACTING TOGETHER

IBA’s major shareholders – Belgian Anchorage, UCL,

Sopartec and I.R.E. – who have declared that they are

acting jointly, concluded a shareholder pact expiring in

2003 by which they commit to maintain together a sub-

stantial stake in IBA’s equity. The total equity held by

these shareholders on the date of the last transparency

declaration of June 6, 2000 amounted to 11,442,110

shares, representing 47.3% of the stock and 47.8% of the

company’s voting rights.

There are no other relations or particular arrangements

between shareholders.

AUDITORS

The General Meeting in May 2000 appointed

PricewaterhouseCoopers, Reviseurs d’Entreprises

S.C.C.R.L as company auditor in cooperation with

Salustro Triest Vleck S.C.P.R.L. (formerly Nevens &

Co.). The fees paid to the auditors for the work of audit-

ing the statutory accounts of IBA SA, the Group con-

solidated accounts and the accounts of the Belgian sub-

sidiaries within the perimeter of consolidation

amounted to a total of EUR 66,620 for fiscal 2000.



Mr Philippe de WOOT de TRIXHE Smisstraat, 89 – B-3080 VOSSEM (Belgium)Chairman of the Board of Directors

Mr Jean STEPHENNEAvenue Alexandre, 8 – 1330 RIXENSART (Belgium)Director - Start of mandate : 05/10/2000

Mr Peter VERMEERENUtrechtseweg, 60 – 1213 TW HILVERSUM (Holland)Director - Start of mandate : 05/10/2000

Mr Jacques de VAUCLEROYAvenue Orban, 102 – 1150 BRUSSELS 15 (Belgium)Director - Start of mandate : 05/10/2000

Mr Arthur JANTA-POLCZYNSKIAvenue des Eglantiers, 39 – 1180 BRUSSELS (Belgium)Director - Start of mandate : 05/10/2000

Mr Pierre MOTTETAvenue Isidore Gérard, 8 – 1160 AUDERGHEM (Belgium)Managing Director - Start of mandate : 05/10/2000

Mr Jean-Claude DELOBELAllemeesschlaan 7 - 8670 KOKSIJDE (Belgium)Managing Director - Start of mandate : 05/10/2000

Mr Eric de LAMOTTERue Paul Bossu 5 - 1150 BRUSSELS (Belgium)Director - Start of mandate : 05/10/2000

Mr Yves JONGENAvenue des Citeaux, 19 – 1348 LOUVAIN-LA-NEUVE (Belgium)Managing Director

Mr Ferdinand d’OULTREMONTRue des Haies, 20 - 4560 CLAVIER (Belgium)Director

Mr Olivier RALETRue de Mareyde, 29 – 1150 BRUSSELS (Belgium)Director - Start of mandate : 06/28/2000

BANQUE BRUXELLES LAMBERT

(403.200.393)

Avenue Marnix, 24 – 1000 BRUSSELS (Belgium)

Director - End of mandate : 05/10/2000

Represented by : Mr Jacques de VAUCLEROY

Avenue Orban, 102 – 1150 BRUSSELS (Belgium)

BELGABEAM

Chemin du Cyclotron, 3 – 1348 LOUVAIN-LA-NEUVE (Belgium)

End of mandate : 05/10/2000

Represented by : Mr Pierre MOTTET

Avenue Isidore Gérard, 8 – 1160 AUDERGHEM (Belgium)

TENET HEALTHCARE CORPORATION

State Street, 3820 – 93105 SANTA BARBARA L.A. (USA)

Director - End of mandate : 06/28/2000

Represented by : Mr Donald W. THAYER

(USA)

INSTITUT NATIONAL DES RADIOELEMENTS

(408.449.677)

Zoning Industriel – 6220 FLEURUS (Belgium)

Director

Represented by Mme Nicole DESTEXHE (Belgium)

SALUSTRO TRIEST VLECK SCPRL

(Formerly Nevens) (B00124) (439.574.801)

Boulevard Sylvain Dupuis, 243 – 1070 BRUSSELS ( Belgium)

Auditor

Represented by Mr André CLYBOUW (N00510)

Liersesteenweg, 284 - 2547 LINT (Belgium)

PRICEWATERHOUSECOOPERS SCCRL

(B00009) (429.501.944)

Woluwedal, 18 – 1932 SINT-STEVENS-WOLUWE (Belgium)

Auditor

Represented by Mr Philippe BARBIER (F00629)

Rue Axhelière, 55 - 4500 HUY (Belgium)

CONSOLIDATED ANNUAL ACCOUNTSCOMMUNICATED TO THE GENERAL MEETING ON 05/09/2001

FOR THE PREVIOUS FINANCIAL YEAR FROM 01/01/2000 TO 31/12/2000

COMPLETE LIST OF DIRECTORS, OFFICERS AND AUDITORS

For the composition of the Board of Directors on March 31, 2001,

consult page 42 of the first part of this Annual Report.



ASSETS (in 000 EUR) 2000 1999 1998

FIXED ASSETS 521,139 459,545 11,707

I. Formation expenses 11 245 –

II. Intangible fixed assets 27,616 13,220 6,394

III. Goodwill 227,450 217,192

IV. Tangible fixed assets 264,269 226,561 4,989

A. Land and buildings 79,631 62,631 1,180B. Plant, machinery and equipment 148,419 127,654 658C. Furniture and vehicles 3,165 3,127 538D. Leases and similar rights 2,562 2,669 2,613E. Other tangible assets 2,687 2,985 –F. Assets under construction, advance payments 27,805 27,495 –

V. Financial assets 1,793 2,327 324

A. Companies accounted for using equity method 359 – –1. Participating interests 359 – –2. Receivables – – –

B. Other companies 1,434 2,327 3241. Participating interests and shares 83 282. Receivables 1,351 2,299 324

CURRENT ASSETS 231,907 132,752 86,434

VI. Accounts receivable after one year 4,985 9,903 –

A. Trade receivables 861 – –B. Other receivables 199 3,227 –C. Short-term deferred taxes 3,925 6,676 –

VII. Inventory and contracts in progress 57,662 41,997 19,114

A. Inventory 34,025 10,432 4,3311. Raw materials and consumables 5,455 4,179 1,9502. Work in progress 26,321 3,477 2,0853. Finished goods 2,249 2,765 2964. Goods for resale – 11 –

B. Contracts in progress 23,637 31,565 14,783

VIII. Accounts receivable within one year 42,167 59,542 14,698

A. Trade receivables 26,450 39,644 13,937B. Other receivables 14,756 10,057 761C. Short-term deferred taxes 961 9,841 –

IX. Investments 105,725 9,966 49,733

A. Own shares – – –B. Other investments 105,725 9,966 49,733

X. Cash and cash equivalents 18,310 8,240 1,190

XI. Deferred charges and accrued income 3,058 3,104 1,699

TOTAL ASSETS 753,046 592,297 98,141

I. CONSOLIDATED BALANCE SHEET AFTER APPROPRIATION



LIABILITIES (in 000 EUR) 2000 1999 1998

SHAREHOLDERS' EQUITY 390,744 209,633 25,296

I. Capital (ann. VIII) 33,456 27,704 22,857

A. Issued capital 33,456 27,704 22,857B. Uncalled capital (–) – – –

II. Additional paid-in capital 334,079 168,810 11

IV. Consolidated reserves (+) (– ) 12,772 5,747 2,340

IV.bis Own shares (4,488) – –

VI. Translation differences (+) (– ) 14,496 6,867 –

VII. Investment grants 429 505 88

MINORITY INTERESTS

VIII. Minority interests (211) 376 –

PROVISIONS AND DEFERRED TAXES 20,827 29,941 5,280

IX. A. Provisions for liabilities and charges 7,550 5,825 5,124

1. Pensions and similar obligations 126 166 732. Taxation 305 747 –3. Major repairs and maintenance 44 – –4. Other liabilities and charges 7,075 4,912 5,051

B. Deferred taxes and latent taxation liabilities 13,277 24,116 156

CREDITORS 341,686 352,347 67,565

X. Accounts payable after one year 232,591 108,695 44,028

A. Financial debts 228,101 57,412 2,3332. Unsubordinated debenture loans – 15,429 –3. Leasing and similar obligations 3,302 2,987 2,1654. Credit institutions 177,036 38,797 665. Other loans 47,763 199 102

C. Advances received on contracts in progress – 46,927 38,076D. Other debts 4,490 4,356 3,619

XI. Amounts payable within one year 94,181 230,626 21,352

A. Current portion of debts after one year 23,203 6,647 2,297B. Financial debts 8,073 180,745 339

1. Credit institutions 8,073 180,262 3392. Other loans – 483 –

C. Trade debts 26,193 24,154 6,5491. Suppliers 26,177 24,154 6,5492. Other loans 16 – –

D. Advances received on contracts in progress 21,980 6,127 10,250E. Taxes, remuneration and social security 12,087 11,457 1,754

1. Taxes 7,998 2,912 6882. Remuneration and social security 4,089 8,545 1,066

F. Other debts 2,645 1,496 163

XII. Accrued charges and deferred income 14,914 13,026 2,185

TOTAL LIABILITIES 753,046 592,297 98,141



(in 000 EUR) 2000 1999 1998

I. Operating income 236,115 141,647 39,591A. Sales 214,473 130,691 30,651B. Increase (Decrease) in stocks of finished goods,

work and contracts in progress 18,764 8,236 8,574C. Fixed assets - own construction 1,055 2,623 –D. Other operating income 1,823 97 366

II. Cost of sales 144,463 86,452 21,478

III. Gross margin 91,652 55,195 18,113

IV. Selling and marketing expenses 16,344 9,702 3,392

V. General and administrative expenses 31,930 13,291 1,489

VI. R & D 20,776 11,911 6,484

VII. Other operating income (capitalized R&D) (14,560) (8,691) (3,319)

VIII. Other operating expenses 558 246 –

IX. Operating result 36,604 28,736 10,067

X. Amounts written down on positive consolidation differences 12,609 6,130 4,930

XI. Financial income 10,247 17,469 9,292A. Income from financial assets 147 1,524 212B. Income from current assets 5,919 4,579 7,234C. Other financial income 4,181 11,366 1,846

XII. Financial charges 20,625 24,546 8,081A. Interest expense 17,504 9,224 6,625B. Amounts written off current assets – – 1C. Other financial charges 3,121 15,322 1,455

XIII. Current result before taxes 13,617 15,529 6,348

XIV. Extraordinary income 663 1,137 –E. Gain on disposal of fixed assets 5 1 –F. Other extraordinary income 658 1,136 –

XV. Extraordinary expenses 6,713 13,006 1,046A. Extraordinary depreciation of and amounts

written off formation expenses,intangible and tangible fixed assets 22 – –

B. Extraordinary amounts written on positive consolidation differences – – –

C. Amounts written off financial fixed assets – – –D. Provisions for extraordinary liabilities and charges – – –E. Loss on disposal of fixed assets 59 – –F. Other extraordinary expenses 6,632 13,006 1,046G. Extraordinary charges capitalized

as reorganization costs – – –H. Negative consolidation differences – – –

XVI. Result before taxes and minority interest 7.567 3,660 5,302

XVII. A. Transfer to deferred taxes 2,856 3,169 1B. Transfer from deferred taxes 6,166 8,439 –

XVIII. Income taxes 4,249 5,505 3,422A. Taxes 4,082 5,565 3,422B. Tax adjustments and write-backs of provisions for taxes 167 (60) –

XIX. Profit for the period 6,628 3,425 1,879

XX. Share in the result of enterprises accounted for using the equity method (191) – –A. Profits – – –B. Losses 191 – –

XXI. Consolidated profit 6,437 3,425 1,879

XXIII. Group’s share 7,026 3,406 1,879

XXIV. Third-party share (589) 19 –

II. INCOME STATEMENT



(in 000 EUR) 2000 1999 1998

Cash flow from operating activities 33,356 2,308 19,844

Net profit (loss) - without financial result 16,815 10,483 668Depreciation of fixed assets 32,981 15,054 3,446Goodwill amortization 12,609 6,130 4,930Net allocation to provisions for liabilities and charges 1,725 (951) (509)Variation in deferred taxes 792 (7,955) –Variation in trade receivables and other amounts receivable 10,662 (9,117) 716Variation in stocks and contracts in progress (15,665) (17,886) (8,590)Variation in deferred charges and accrued income (46) (1,800) (358)Variation in supplier debts 4,557 4,878 60Variation in advances received on contract in progress (31,074) 3,472 19,481

Cash flow from investing activities (75,033) (376,157) (11,943)

Net purchase of fixed assets (65,527) (38,300) (5,464)In which fixed assets own construction (15,615) (11,314) (3,319)

Other movements of fixed assets (1,905) - -Acquired investments (7,601) (337,857) (6,479)

Cash flow from financing activities 147,506 314,811 15,286

Net financial result (10,922) (7,077) 1,211Long-term bank loan refund - (38,475) (112)Movement in other financial debts 14,573 179,972 (12)Others 1,283 158 (3,225)Capital increase 171,020 173,525 18,020Grants 747 288 (596)Purchase of own shares (4,488) - -Non-allocated translation differences (24,707) 6,420 -

Net (decrease) increase in cash & cash equivalent 105,829 (59,038) 23,187 Cash acquired - 26,321 247Cash & cash equivalent at beginning of the year 18,206 50,923 27,489

Cash & cash equivalent at end of the year 124,035 18,206 50,923

III. TABLE OF CONSOLIDATED CASH FLOW



IV. LIST OF CONSOLIDATED COMPANIES AND ENTERPRISES INCLUDED USING THE EQUITY METHODName and complete address Method of inclusion into accounts Share of equity Variation of the % of

(F: full consolidation, held (in %) equity held versus E: equity method) the previous year

Sub-group MediflashMediflash Holding AB F 100% -Stålgatan, 1475450 UPPSALA – SWEDEN

Scandiflash AB F 100% -Stålgatan, 1475450 UPPSALA – SWEDEN

Scanditronix Medical AB F 100% -Stålgatan, 1475450 UPPSALA – SWEDEN

Scanditronix Medical GmbH F 100% -Burheimer Str., 1079111 FREIBURG – GERMANY

Scanditronix Ophtalmology AB F 100% -Stålgatan, 1475450 UPPSALA – SWEDEN

Gyrab International AB F 100% -Stålgatan, 1475450 UPPSALA – SWEDEN

Wellhöfer Dosimetrie GmbH F 100% -Bahnhofstrasse, 590592 SCHWARZENBRUCK – GERMANY

Scanditronix Magnet AB F 100% -Box 26, 3034030 VISLANDA – SWEDEN

Scanditronix Wellhöfer North America Inc F 100% -Stage Post Drive, 3111 Suite 10538133 County of Shelby, BARLETT, TN – USA

Radiation Dynamics, Inc F 100% -Heartland Blvd, 151EDGEWOOD – NEW YORK 11717-8374 – USA

Sub-group GMS IIGriffith Micro Science Int. Inc. F 100% -West Bryn Mawr, 8550 – Suite 600CHICAGO – ILLINOIS 60631 – USA

Griffith Micro Science Inc F 100% -West Bryn Mawr, 8550 – Suite 600CHICAGO – ILLINOIS 60631 – USA

Griffith Micro Science Inc Utah F 100% -West Bryn Mawr, 8550 – Suite 600CHICAGO – ILLINOIS 60631 – USA

NGS Entreprises S. de R.L. de C.V. F 60% -Calle Norte, 7 S/N54730 TEPEJI DEL RIO DE O. EDO. DE HIDALGO – MEXICO

Griffith Micro Science LTD F 100% -Pharmacy Avenue, 757SCARBOROUGH – ONTARIO M1L 3J8 – CANADA

Griffith Micro Science S. de R.L. de C.V. F 100% -James Watt NO.22 Zona Industrial CuamaltaCUAUTITLAN IZCALLI EDO. DE MEXICO 54730 – MEXICO

NOTES ON THE CONSOLIDATED ACCOUNTS



Name and complete address Method of inclusion into accounts Share of equity Variation of the % of (F: full consolidation, held (in %) equity held versus

E: equity method) the previous year

Sub-group IBA S&I, BV (ex- Griffith Micro Science BV)IBA S&I, BV F 100% -Storkstraat, 101722 NN ZOETEMEER – NETHERLANDS

IBA S&I N.V. F 100% -Atealaan, 4C2200 HERENTALS – BELGIUM

IBA S&I Wallonnie S.A. F 100% -Avenue du Parc, ZI Petit Rechain4800 VERVIERS – BELGIUM

IBA Mediris S.A. F 82,80% -Avenue de l’Espérance, 1 – ZI de Fleurus6220 FLEURUS - BELGIUM

IBA S&I Gmbh F 100% -Dreieichstrasse, 764546 MORFELDEN – GERMANY

IBA S&I LTD F 100% -Cotes Park EstateDE55 4 NJ SOMERCOTES – DERBYSHIRE – ENGLAND

IBA S&I SAS F 100% -Rue Parmentier, 860290 RANTIGNY – France

IBA S&I S.A. F 100% -Avenue de Lossburg – ZI de St Romain69480 ANSE – FRANCE

IBA Radioisotopes France S.A. F 100% -Rue Parmentier, 860290 RANTIGNY – FRANCE

Sub-group Sterigenics Int, Inc.SteriGenics Int, Inc. F 100% -West Bryn Mawr, 8550 – Suite 600CHICAGO – ILLINOIS 60631 – USA

RSI Leasing, Inc F 100% -West Bryn Mawr, 8550 – Suite 600CHICAGO – ILLINOIS 60631 – USA

SteriGenics East Corporation F 100% -West Bryn Mawr, 8550 – Suite 600CHICAGO – ILLINOIS 60631 – USA

SteriGenics Int Holding Corp F 100% -West Bryn Mawr, 8550 – Suite 600CHICAGO – ILLINOIS 60631 – USA

SteriGenics Cayman F 100% -Ugland HouseGEORGE TOWN – GRAND CAYMAN – CAYMAN ISLAND

IBA S&I, Thailand, Ltd (ex-SteriGenics Thailand) F 100% -16th Floor, Chartered Square Build - North Sathon Road, 15210500 BANGRAK – BANGKOK – THAILAND



V. CONSOLIDATION CRITERIA AND CHANGES IN

THE CONSOLIDATION SCOPE

A. INFORMATION AND IDENTIFICATION OF THE CRITE-

RIA GOVERNING THE APPLICATION OF FULL CONSOLI-

DATION, PROPORTIONAL CONSOLIDATION AND THE

EQUITY METHOD AS WELL AS THOSE CASES WHERE, IF

JUSTIFICATION IS PROVIDED, A DEPARTURE FROM

THESE CRITERIA IS PERMITTED BY APPLICATION OF

ARTICLE 69.1 OF THE BELGIAN ROYAL DECREE OF

MARCH 6, 1990)

Percentages of equity held are used to determine the appro-

priate consolidation methods. Voting rights pertaining to

shares of subsidiaries held by the subsidiaries themselves or

their own subsidiaries are not taken into account to deter-

mine equity holdings and are hence neutralized.

Subsidiaries that are wholly owned de jure or de facto,

according to the definitions of the R.D. of March 6, 1990,

are included in the scope of consolidation as wholly owned

subsidiaries and integrated using the full consolidation

method. Companies in which the Group has a substantial

but not controlling influence are consolidated by the equity

method.

B. INFORMATION WHICH MAKES COMPARISON MEAN-

INGFUL WITH THE CONSOLIDATED ACCOUNTS OF THE

PREVIOUS FINANCIAL PERIOD IN CASE THE COMPOSI-

TION OF THE CONSOLIDATED ENTITY HAS BEEN SUB-

STANTIALLY MODIFIED IN THE COURSE OF THE PERIOD

UNDER CONSIDERATION BY APPLICATION OF ARTICLE

18 OF THE R.D. OF MARCH 6, 1990)

The Group’s consolidation scope has not experienced any

notable change in the 2000 Financial Year. It should nev-

ertheless be remembered that the companies Griffith

Micro Science International Inc., IBA S&I B.V. (formerly

Griffith Micro Science B.V.) and their respective sub-

sidiaries as well as Griffith Micro Science Ltd (Canada),

Griffith Micro Science S. de R.L. de C.V. and Radiation

Dynamics Inc. have been consolidated with effect from

May 1, 1999, and that the SteriGenics International Inc.

company and its subsidiaries with effect from July 1, 1999.

Name and complete address Method of inclusion into accounts Share of equity Variation of the % of (F: full consolidation, held (in %) equity held versus

E: equity method) the previous year

Other subsidiaries and investmentsIBA Participations SPRL F 100% –Chemin du Cyclotron, 31348 LOUVAIN-LA-NEUVE – BELGIUM

IBA Investment SCRL F 100% + 100%Chemin du Cyclotron, 31348 LOUVAIN-LA-NEUVE – BELGIUM

IBA Corporate Services SA F 100% + 100%Avenue Albert Einstein, 41348 LOUVAIN-LA-NEUVE – BELGIUM

IBA Radioisotopes SA F 100% –Avenue de l’Espérance, 1 – ZI de Fleurus6220 FLEURUS – BELGIUM

Proton Therapy Corporation of America, Inc F 100% + 100%Noel Road, 13737 – Suite 100, 15 F75240 DALLAS – TEXAS – USA

IBA Radioisotopes Inc. F 100% + 100%C/O Corporation Service Company, Center Road, 1013

19805 WILMINGTON, New Castle County, Delaware – USA

RadioMed Corporation E 46.1% + 46.1%Industrial Way, 101879 TYNSBOROUGH, MASSACHUSSETS – USA



VI. SUMMARY OF VALUATION RULES AND

METHODS OF CALCULATION OF DEFERRED

TAXES

A. LIST OF CRITERIA REGULATING THE VALUATION OF

VARIOUS ITEMS IN THE CONSOLIDATED ANNUAL

ACCOUNTS, IN PARTICULAR THE CRITERIA IN RESPECT

OF:

- the conditions and adjustments of depreciation and

other amounts written off, provisions for liabilities and

charges and revaluations (in compliance with article

69 VI.a of the R.D. of March 6, 1990).

- the bases for translation of amounts that were originally

expressed in a different currency than the one used for

the annual consolidated accounts and of figures from the

accounting statements of subsidiaries and associated

companies organized under foreign law (in compliance

with article 69 VI.b of the R.D. of March 6, 1990).

a) Tangible and intangible fixed assets

Tangible and intangible fixed assets are booked at their

acquisition cost. The agreed periods of depreciation depend

on the nature of the fixed assets and the estimate of their life.

Research and Development expenses and fixed assets are

carried over into assets at their full cost. Capitalized

R&D charges are depreciated prorata temporis over a

period of five years from their booking in the balance

sheet assets.

The depreciation rates and methods used by the compa-

ny are as follows:

1. Buildings 3 %2. Plant and machinery 10 and 20 %3. Equipment 33 %4. Furniture 10 %5. Computer equipment 33 %6. Vehicles 20 %7. Other tangible fixed assets 20 %

b) Financial assets

Parts and shares in non-consolidated companies are booked

at their acquisition cost. Amounts are written off whenever

lasting reductions in the value of these assets are observed.

Receivables are booked at their nominal value or acquisition

cost. Amounts are also written off in case of lasting reduc-

tions of their value.

c) First acquisition differential (goodwill)

The excess of the acquisition cost of stock in consolidated

companies with respect to the corresponding pro rata net

book value of assets on the acquisition date is treated dif-

ferently, according to whether it represents additional

value that can be assigned to assets or liabilities or an extra

cost that cannot be directly assigned.

A differential representing an assessment of the value of

an asset is booked in the appropriate asset account and

depreciated accordingly.

The unassigned differential is depreciated over a period

corresponding to the time horizon considered for the

evaluation of newly acquired companies. The Board of

Directors evaluates the probable service life of the invest-

ment for each acquisition. Acquisition variances are thus

depreciated over a maximum period of 20 years. Only the

acquisition variance recorded in 1998 at the acquisition of

the Mediflash company was fully depreciated within the

financial year at that time.

If the acquisition differential is negative, it is only booked

and hence reflected in the statement of income to the

extent that the difference between the acquisition cost of

the equity stake and the value of the underlying equity of

the company is justified by unfavourable prospects for the

subsidiary’s results.



d) Stocks and work in progress

The weighted average cost method is used for goods with

identical technical and legal characteristics. Failing that,

the last acquisition cost method is applied instead.

Stocks of finished goods are evaluated at total direct and

indirect production cost, or at standard cost for mass-pro-

duced goods.

Contracts in progress are evaluated at their complete cost,

increased, in the light of the state of progress of the work,

by a proportion of the margin until customer acceptance of

the contractually covered equipment. This rule represents

an amendment in terms of the methods used until 1999,

according to which contracts in progress were evaluated at

their direct cost price increased, in the light of the actual

state of progress, by a proportion of the expected margin.

Invoices to customers for these contracts in progress are

booked into the “Adnances received on contracts in

progress” item.

e) Receivables

Receivables are booked at their nominal value or acquisi-

tion cost.

Amounts are written off whenever receivables present

lasting settlement difficulties.

f ) Investments

Deposits with credit institutions are booked at their nominal

value. Deposits in foreign currency are translated at the

exchange rate on the day the books are closed. Results subse-

quent to the translation operation are booked as gains or losses.

g) Provisions for liabilities and charges

Every year, the Board of Directors evaluates the provisions

that are necessary based on conservatism, sincerity and good

faith. These provisions are individualized based on the

nature of the liabilities and charges they are designed to

cover. They are not maintained to the extent that at the end

of the period they exceed an updated appraisal of the liabil-

ities and charges against which they had been established.

h) Debts

Debts are booked at their nominal value.

i) Translation differences

Exchange variances in the balance sheet’s monetary items

are posted in the Income Statement. Unrealized exchange

differences, positive or negative, on long-term receivables

and loans of a permanent funding nature are excluded from

the determination of the result and are booked, in their

amounts net of tax, in the “Translation differences” item of

Shareholders’ Equity.

j) Conversion into euros of the financial statements of the

consolidated companies.

The balance sheet items of the companies whose accounts

are not kept in euros are converted at the closure rate, and

the Income Statements are converted at the average rate

incorporated in the consolidation for the financial year.

k) Impact of modification of valuation rules

The valuation rules have been modified during the financial

year as follows:

i. Stocks and work in progress are valuated at the full pro-

duction cost (1999: direct production cost). This modifi-

cation has had a negative impact on the consolidated

operating result of around EUR 0.4 million;

ii. The accessory costs relating to the acquisition of intangi-

ble assets are capitalized (1999: taken in the result); this

modification has had a positive impact on the consolidat-

ed operating result of around EUR 0.9 million.

In addition, the internal rules of the Group for recognition

of the completion of equipment sales have been reviewed in



a more restrictive way, leading to the non-recognition in

2000 of an operating margin of around EUR 1.5 million

which would have been recognized under the rules applica-

ble in 1999.

B. FUTURE TAXATION AND DEFERRED TAXES Amounts

(in 000 EUR)

Deferred taxes and fiscal latencies, breakdown of Section IX.B of Liabilities 13,277

- Deferred taxes (by vir tue of the R.D. of October 8, 1976 as introduced by the R.D. of December 30, 1991) 282

- Fiscal latencies (by vir tue of the R.D. of March 6, 1990) 12,995

Explanation of the methods used for determining deferred

taxes (variable or fixed reporting method):

The Group books a deferred tax liability for all taxable tem-

poral differences, that is to say differences that will generate

the taxable amounts in the determination of the taxable

profit of future financial years when the book value of the

assets or liabilities will be recovered or paid.

A deferred tax asset is booked for:

- All deductible temporal differences, that is to say differ-

ences that will generate the taxable amounts in the deter-

mination of the taxable profit of future financial years

when the book value of the assets or liabilities will be

recovered or paid.

- The carrying forward of unused fiscal losses or tax cred-

its, to the extent that it is probable that the entity will dis-

pose of future taxable profits against which these

deductible temporal differences or these unused fiscal

losses or tax credits could be charged.

VII. STATEMENT OF FORMATION EXPENSES (in 000 EUR) Amounts

Net book value at the end of the previous period 245

Changes during the period :- New expenses incurred 2- Depreciation (–) (2)- Translation differences (+) (–) –- Others* (+) (–) (234)

Net book value at the end of the period 11

Of which: - Expenses for initial and new equity issues,expenses for debt flotation, redemption premiums and other formation expenses 11

- Restructuring expenses –

The “Others” line corresponds to a reclassification concerning Concessions, patents and licences; the amount is shown in “Acquisitions”.



IX. STATEMENT OF TANGIBLE FIXED ASSETS Land and Plant, machinery Furniture and buildings and equipment vehicles

(in 000 EUR) (heading IV.A) (heading IV.B.) (heading IV.C.)

A. ACQUISITION COST

At the end of the previous period 67,528 154,254 7,265Changes during the period :

- Acquisitions, including own construction of fixed assets 3,588 16,003 701- Sales and disposals (–) (44) (154) (24)- Transfers from one heading to another (+) (–) 9,416 15,227 338- Translation differences (+) (–) 5,635 11,680 187- Other variations 2,145 1,019 –

At the end of the period 88,268 198,029 8,467

B. REVALUATION SURPLUSES

At the end of the previous periodChanges during the period :

- Recorded – – –- Acquired from third parties – – –- Cancelled (–) – – –- Transferred from one heading to another (+) (–) – – –- Translation differences (+) (–) – – –- Other variations – – –

At the end of the period – – –

VIII.STATEMENT OF INTANGIBLE ASSETSResearch & Development Concessions, patents,

(in 000 EUR) expenses licencies, etc.

A. ACQUISITION COST

At the end of the previous period 27,469 2,403Changes during the period :

- Acquisitions, 16,279 4,892including own construction of fixed assets – –

- Sales and disposals (–) – (344)- Transfers from one heading to another (+) (–) – 304- Translation differences (+) (–) (14) 14- Other variations* – (135)

At the end of the period 43,734 7,134

C. DEPRECIATIONS AND WRITE-OFFS

At the end of the previous period 15,378 1,274Changes during the period :

- Recorded 5,643 920- Write-backs (–) – –- Acquisitions from third parties – –- Written down after sales and disposables (–) – (47)- Transfers from one heading to another (+) (–) – 104- Translation differences (+) (–) (7) (13)- Other variations* – –

At the end of the period 21,014 2,238

D. NET BOOK VALUE AT THE END OF THE PERIOD (a) – (c) 22,720 4,896

“Other variations” recorded under “Concessions, patents and licences” correspond to an adjustment to the fair value of a software programme acquiredwhen taking control of Griffith Micro Science International Inc.



IX. STATEMENT OF TANGIBLE FIXED ASSETS (CONTINUED)Leases and Other tangible Assets under constraint,

similar rights fixed assets advance payments(in 000 EUR) (heading IV.D.) (heading IV.E.) (heading IV.E.)

A. ACQUISITION COST


- Acquisitions, including own construction of fixed assets 7 620 25,026- Sales and disposals (–) (86) – –- Transfers from one heading to another (+) (–) – (565) (24,720)- Translation differences (+) (–) – 143 (68)- Other variations* – (113) 72


B. REVALUATION SURPLUSES

At the end of the previous periodChanges during the period :

- Recorded – – –- Acquired from third parties – – –- Cancelled (–) – – –- Transfers from one heading to another (+) (–) – – –- Translation differences (+) (–) – – –- Other variations – – –

At the end of the period – – –

C. DEPRECIATION AND AMOUNTS WRITTEN DOWN

At the end of the previous period 1,034 3,992 –Changes during the period :

- Recorded 114 493 –- Write-backs (–) – – –- Acquired from third parties – – –- Written down after sales and disposals (–) (86) – –- Transfers from one heading to another (+) (–) – – –- Translation differences (+) (–) – 43 –- Other variations* – (155) –

At the end of the period 1,062 4,373 –

D. NET BOOK VALUE AT THE END OF THE PERIOD (a)+(b) – (c) 2,562 2,687 27,805

Of which: - Land and buildings 2,406- Plant, machinery and equipment 156- Furniture and vehicles –

“Other Variations” essentially include adjustments to the fair price of tangible assets acquired when taking control of SteriGenics International Inc.

IX. STATEMENT OF TANGIBLE FIXED ASSETS (CONTINUED)Land and Plant, machinery Furniture and buildings and equipment vehicles

(in 000 EUR) (heading IV.A) (heading IV.B.) (heading IV.C.)

C. DEPRECIATIONS AND WRITE-OFFS


- Recorded 3,359 21,403 1,143- Write-backs (–) – (73) (23)- Written down after sales and disposals (+) (–) (44) (66) –- Transfers from one heading to another (+) (–) – (104) –- Translation differencies (+) (–) 242 775 45- Other variations 183 1,075 –


D. NET BOOK VALUE AT THE END OF THE PERIOD (a)+(b) – (c) 79,631 148,419 3,165



XI. STATEMENT OF CONSOLIDATED RESERVES (in 000 EUR) Amounts

Consolidated reserves at the end of the previous period (+) (– ) 5,747Changes during the period :

- Group’s share in consolidated profit (+) (–) 7,026- Other variations (+) (–) (1)(to be broken down for important sums not attributed to the Group’s share in consolidated profits)

- Of which: Incorporation of reserves into capital (1)

Consolidated reserves at the end of the period (+) (– ) 12,772

X. STATEMENT OF FINANCIAL ASSETSCompanies accounted for using the equity method Other companies

(in 000 EUR) (heading V.A.1) (heading V.B.1)

1. SharesACQUISITION COSTAt the end of the previous period – 28Changes during the period :

- Acquisitions 541 55- Sales and disposals (–) – –- Transfers from one heading to another (+) (–) – –- Translation differences (+) (–) – –

At the end of the period 541 83

WRITE-DOWNSAt the end of the previous periodChanges during the period :

- Recorded 191 –- Written back as superfluous (–) – –- Acquired from third parties – –- Written down after sales and disposals (–) – –- Translation differences(+) (–) (9) –- Transferred from one heading to another (+) (–)

At the end of the period 182 –NET BOOK VALUE AT THE END OF THE PERIOD 359 83

2. ReceivablesACQUISITION COST AT THE END OF THE PREVIOUS PERIOD – 2,299Changes during the period :

- Additions – 95- Reimbursement (–) – (1,131)- Amounts written down (–) – –- Write-backs – –- Translation differences (+) (–) – 88- Others (+) (–) – –

NET BOOK VALUE AT THE END OF THE PERIOD 1,351ACCUMULATED AMOUNTS WRITTEN DOWN ON RECEIVABLES AT THE END OF THE PERIOD – –



XII. STATEMENT OF CONSOLIDATION DIFFERENCES AND DIFFERENCES RESULTING FROM THE APPLICATION OF THE EQUITY METHOD

Consolidation differences Differences resulting from the application of the equity method

(in 000 EUR) positive negative positive negative

Net book value at the end of the previous period 217,192 – – –Changes during the period :- Variations due to increases in percentage holdings 215 – 3,550 –- Depreciation (12,544) – (65) –- Differentials carried over into results – – – –- Other variations* 19,099 – 3 –

Net book value at the end of the period 223,962 – 3,488 –

* The “Other variations” recorded to goodwill include:• Adjustments in a net amount of KEUR 3,240 operated on the identifiable assets and liabilities acquired in order to take account of

complementary indications following taking control of Griffith Micro Science International Inc., SteriGenics International Inc. and WellhöferDeutschland GmbH ; according to paragraph 71 of the IAS 22 International Accountancy Standard (revised in 1998), such adjustmentsshould be allocated to conversion differences if they occur before the end of the first financial year open after the acquisition;

• For the balance, the conversion differences resulting from the application of the closing euro rate to the acquisition differences and theirdepreciation charge denominated in the local currencies of the foreign companies owning the holdings.

XIII. STATEMENT OF DEBTS

A. BREAKDOWN OF DEBTS ORIGINALLY PAYABLE AFTER ONE YEAR ACCORDING TO THEIR RESIDUAL TERM

DEBTSDue during the Not due within the Due over

year year but at most within 5 years(in 000 EUR) (heading XIA.) 5 years(heading X.) (heading X.)

Financial debts1. Subordinated loans – – –2. Unsubordinated debenture loans – – –3. Leasing and similar rights 2,354 1,671 1,6314. Credit institutions 19,291 177,036 –5. Other loans - 20,847 26,916

Trade debts1. Suppliers – – –2. Notes payable – – –

Advances received on contracts in progress – – –

Other debts 1,558 – 4,490

TOTAL 23,203 199,554 33,037

B. DEBTS (OR PARTS THEREOF) COVERED BY REAL GUARANTEES CONSTITUED OR IRREVOCABLY PROMISED ON THE ASSETS

OF THE ENTERPRISES INCLUDED IN THE CONSOLIDATION (INCLUDED UNDER HEADINGS X AND XI, LIABILITIES)

(in 000 EUR) Amounts

Financial debts

1. Subordinated loans –2. Unsubordinated debenture loans –3. Leasing and similar debts –4. Credit institutions 1,0495. Other loans 30,850

TOTAL 31,899



C. EXTRAORDINARY RESULTS

(in 000 EUR) Year

C1. Breakdown of other extraordinary revenues (heading XIV.F)- Indemnities received from Insurance Companies 222- Other extraordinary revenues 436

C2. Breakdown of other extraordinary charges (heading XV.F)- New equity issue expenses 5,309- Other extraordinary revenues 1,323

D. INCOME TAXES

(in 000 EUR) Year

D2. Effects of the extraordinary results on the amount of income taxes on the current period 2,420

For the calculation of the impact of these extraordinary results on the net current income, a fictitious taxable rate of 40% wasused.

XIV. RESULTS FOR THIS YEAR AND THE PREVIOUS YEAR

A. SALES (HEADING I.A. OF THE INCOME STATEMENT)

The breakdown of sales by market is the following:

Industrial sector: 69%

Medical sector: 31%

The share of sales made in Belgium amounts to 44.016 KEUR.

B. AVERAGE NUMBER OF PERSONS EMPLOYED

Fully consolidated companies

(in units) This year Previous year

B1. Average headcount 1,234 1,186Blue-collar workers 541 511Employees 580 557Management personnel 33 28Others 80 90

B3. Average number of persons in Belgium by companies belonging to the Group 237 231



XV. RIGHTS AND COMMITMENTS NOT ACCRUED IN THE BALANCE SHEET(in 000 EUR) Year

Amount of personal guarantees set aside or irrevocably promised by companies included in the scope of consolidation as loan securities or to cover third-party liabilities 32,044

Commitment to acquire fixed assets 629

Commitment in relation to repayable advances from the Walloon Region 672

Existing real guarantees 31,899

Rights and commitments resulting from operations because of interest rates* 83,454

Rights and commitments resulting from operations because of exchange rates 24,035

Other rights and commitments 2,379

(*) In June 2000, the Company concluded a rate swap contract for a nominal amount of USD 75,000,000 expiring in January 2005 (IBA paying thefixed rate and receiving the 3-monthly variable rate) intended to cover its exposure to rate risk on a part of the syndicated loan of USD 175 million takenout at the beginning of the financial year.

(in 000 EUR) Year

Guarantee received from restitution of deposit 2,040

XVI. DISPUTES IN PROGRESS

The Group is currently involved in several disputes and

cannot rule out being further involved in future proce-

dures or disputes. However, the risks that these disputes

might occasion are either judged to be insignificant or

unquantifiable, or – when potential damages are quantifi-

able – adequately covered by provisions. The development

of the disputes in progress at the end of the financial year

are mentioned in this note.

Development of disputes in progress at December 31,

1999 mentioned in the 1999 Annual Report

• Tax claim:

The Belgian tax authorities who were demanding a sum

of 766 thousand EUR from IBA in respect of the finan-

cial year 1994 have recognized the merit of the

Company’s position in refuting this restatement and have

in consequence totally renounced their demand.

• Arbitration procedure with Theragenics:

IBA had instituted an arbitration procedure against

Theragenics because this company, in the context of a dis-

pute with IBt, another IBA customer, challenged IBA’s

intellectual property of certain technologies developed by

IBA.

Theragenics and IBt having managed to reach an out-of-

court settlement on their side, IBA and Theragenics have

also signed an agreement putting an end to their differ-

ences.

Principal disputes arising in the course of the 2000 finan-

cial year, and in progress at December 31, 2000

• Dispute with the Titan Corporation:

The American Titan Corporation, which designs and man-

ufactures linear electron accelerators, irradiation systems

and electronic pasteurization systems, has deposited patents

relating to the design of conveyors integrated into a system

of irradiation by electrons and X-ray.The Titan Corporation

has publicly argued the existence of these patents to

announce that it held an unavoidable position in food

pasteurization by electron beams and X-ray.

IBA is formally contesting both the validity and the

inescapability of the patents in question, together with the

commercial argumentation employed by Titan, and has

therefore instituted, conjointly with its subsidiaries

SteriGenics Inc., Griffith Micro Science International Inc.



and Radiation Dynamics Inc., an action before the

American courts in order to (i) solicit the invalidation of

Titan’s main patent, and (ii) sue for misleading advertiz-

ing, unfair competition, and infringement of federal com-

petition legislation.

IBA has also asked the court to confirm that the steriliza-

tion and ionization center at Bridgeport, New Jersey, the

construction of which by the SteriGenics company is

being finalized at the beginning of 2001, does not infringe

the Titan patents, even if their validity should be recog-

nized.

Proceedings are in progress before the Federal Court of

California. IBA is confident of the outcome of the dis-

pute, but it is nevertheless difficult to assess the length of

the proceedings, which could prove to be long and com-

plicated.

• Dispute with the Cofrar company:

IBA has been cited before the Commercial Court of Paris

by the French company Cofrar, which is maintaining that

IBA made use during a congress of presentation docu-

ments allegedly obtained from information communicat-

ed to IBA in performance of a co-operation agreement

concluded by the two companies in 1996. Cofrar has

obtained the designation of an expert, whose report is par-

tially contested by IBA. It is probable that Cofrar will be

requesting compensation for the prejudice it thinks it has

suffered, and IBA intends to contest any such request.

XVII. FINANCIAL RELATIONS WITH THE DIRECTORS OF THE CONSOLIDATING COMPANY

(in 000 EUR) Year

A. Global amount of the remuneration allocated by means of the duties in this consolidating company, in subsidiary companies and associated companies, including the amounts of retirement pensions allocated in similar manner to former directors or managers. 1,049

B. Global amount of the advances and loans accorded by the consolidatingcompany, by a subsidiary company or by an associated company –



RAPPORT DU COLLÈGE DES COMMISSAIRES

SUR LES COMPTES CONSOLIDÉS DE L’EXERCICE

CLÔTURÉ LE 31 DÉCEMBRE 2000PRÉSENTÉ À L’ASSEMBLÉE GÉNÉRALE DES ACTIONNAIRES DE LA SOCIÉTÉ ION BEAM APPLICATIONS S.A.


32 IBA 2000 - Rapport financier

ASSETS (in 000 EUR) 2000 1999 1998

FIXED ASSETS 640,478 585,844 17,629

I. Formation expenses – –

II. Intangible assets 18,781 10,910 6,308

III. Tangible assets 5,473 4,424 4,519

A. Land and buildings 1,322 1,052 1,110B. Plant, machinery and equipment 73 162 258C. Furniture and vehicles 770 698 538D. Leases and similar rights 2,406 2,509 2,613E. Other tangible assets – – –F. Assets under construction and advance payments 902 3 –

IV. Financial assets 616,224 570,510 6,802

A. Investment in equity companies 616,139 570,481 6,4791. Participating interests 552,275 527,601 6,4792. Receivables 63,864 42,880 –

C. Other financial assets 85 29 3231. Shares and parts 84 28 –2. Receivables and securities in cash 1 1 323

CURRENT ASSETS 158,029 68,897 81,965

VI. Stocks and contracts in progress 37,481 31,942 17,210

A. Stocks 25,723 2,497 2,6651. Raw materials and consumables 1,471 782 8132. Work in progress 24,203 1,682 1,8053. Finished goods 49 33 46

B. Contracts in progress 11,758 29,445 14,545

VII. Amounts receivable within one year 15,596 32,554 12,872

A. Trade receivables 11,785 28,605 12,243B. Other receivables 3,811 3,949 629

VIII. Short term deposits 101,730 3,770 49,733

B. Other deposits 101,730 3,770 49,733

IX. Cash and cash equivalents 2,580 524 569

X. Deferred charges and accrued income 642 107 1,581

TOTAL ASSETS 798,507 654,741 99,594

IBA SA ANNUAL ACCOUNTS AFTER APPROPRIATION

The annual accounts for IBA SA are presented according

to an abridged model. In accordance with the laws for

commercial companies, the complete annual accounts and

the corresponding statutory auditor's report have been

deposited at the National Bank of Belgium. These docu-

ments can also be obtained on request from IBA Head

Office Belgium. The college of auditors has given uncon-

ditional certification of the annual accounts for IBA SA.



LIABILITIES (in 000 EUR) 2000 1999 1998

SHAREHOLDERS’ EQUITY 369,789 203,926 30,198

I. Capital 33,456 27,704 22,857

A. Issued capital 33,456 27,704 22,857B. Uncalled capital (–) – – –

II. Additional paid-in capital 334,079 168,810 11

IV. Reserves 745 745 745

A. Legal reserve 542 542 542C. Untaxed reserves 203 203 203

V. Accumulated profit/loss 1,103 6,191 6,497

VI. Investment grants 406 476 88

PROVISIONS AND DEFERRED TAXES 5,220 3,912 4,858

VII. A. Provisions for liabilities and charges 4,947 3,912 4,858

1. Pensions and similar obligations 50 62 734. Other liabilities and charges 4,897 3,850 4,785

B. Deferred taxes 273 – –

DEBTS 423,498 446,903 64,538

VIII. Accounts payable after one year 364,165 239,949 43,860

A. Financial debt 173,680 2,049 2,1653. Leasing and similar obligations 1,919 2,049 2,1654. Credit institutions 171,761 – –

C. Advances received on contracts in progress – 46,927 38,076D. Other debts 190,485 190,973 3,619

IX. Amounts payable within one year 53,278 206,419 19,496

A. Current portion of long term debt 17,595 2,810 2,297B. Financial debt 3,754 179,281 –

1. Credit institutions 3,754 179,281 –C. Trade debts 18,288 17,999 6,045

1. Suppliers 18,288 17,999 6,045D. Advances received on contracts in progress 9,828 3,432 9,422E. Taxes, remuneration and social security 2,718 2,067 1,732

1. Taxes 1,126 1,059 6652. Remuneration and social security 1,592 1,008 1,066

F. Other debts 1,095 830 –

X. Accrued charges and deferred income 6,055 535 1,182

TOTAL LIABILITIES 798,507 654,741 99,594



INCOME STATEMENT (in 000 EUR) 2000 1999 1998

I. Operating income 66,371 45,449 40,906

A. Sales 42,756 23,326 28,515B. Increase/decrease in stocks of finished goods, work

and contracts in progress (+) (–) 4,850 14,764 8,411C. Fixed assets – own production 12,419 7,262 3,615D. Other operating income 6,346 97 366

II. Operating expenses (– ) – 53,011 – 35,698 – 30,883

A. Raw materials, consumables and goods for resale 19,379 18,854 14,7131. Raw materials 20,068 18,822 14,7302. Increase/decrease in stocks (–) (+) –689 32 –18

B. Services and other goods 16,719 6,569 6,294C. Remuneration, social security and pensions 9,403 7,599 6,854D. Depreciation and other amounts written off 5,807 3,592 3,387E. Reduction of value in stocks, contracts in 630

progress, and commercial receivables (charges +, write backs –) (notes XII, D),formation expenses on tangible and intangible assets.

F. Provisions for liabilities and charges 1,035 –946 –404(charges +, utilization and write-backs –)

G. Other operating expenses 38 30 40

III. Operating income (+) 13,360 9,751 10,023

IV. Financial income 15,871 16,644 9,280

A. Income from financial assets 5,279 2,404 212B. Income from current assets 5,469 2,855 7,234C. Other financial income 5,123 11,385 1,834

V. Financial expenses (– ) – 28,331 – 26,415 – 8,073

A. Interest expense 25,361 12,741 6,625B. Amounts written off on current assets – – 1

other than under II.E (charges +, write-backs –)C. Other financial expenses 2,970 13,674 1,447

VI. Profit before taxes (+) 900 – 11,231

Loss before taxes (–) – –20 –

VII. Extraordinary income – 12,636 –

D. Gain on disposal of fixed assets – 12,636 –

VIII. Extraordinary expenses (– ) – 5,310 – 12,922 – 1,046

E. Other extraordinary expenses –5,310 –12,922 –1,046

IX. Profit for the period before taxes (+) – – 10,185

Loss for the period before taxes (–) –4,410 –306 –

X. Income taxes (– ) (+) – 677 – –

A. Taxes (–) –677 – –B. Tax adjustments and write-backs of provisions for taxes

XI. Profit for the period (+) – – 6,773

Loss for the period (–) –5,087 –306 –

XII. Transfer from untaxed reserves (+)

Transfer to untaxed reserves (–) – – –

XIII. Profit for the period to be appropriated (+) – – 6,773

Loss for the period to be appropriated (–) –5,087 –306 –



APPROPRIATION OF RESULTS (in 000 EUR) 2000 1999 1998

A. Profit to be allocated 1,104 6,191 6,835

Loss to be allocated (–)1. Profit for the period to be allocated – – 6,773Loss for the period to be allocated (–) –5,087 –306 –

2. Profit carried forward from previous year 6,191 6,497 62Loss carried forward from previous year

B. Withdrawals from shareholders’ equity

1. Capital and share premium account2. Reserves

C. Allocation to shareholders’ equity (– ) 1 – – 339

1. Capital and share premium account 1 – –2. Legal reserve – – 3393. Other reserves – – –

D. Result carried forward

1. Profit carried forward (–) –1,103 –6,191 –6,4972. Loss carried forward – – –

E. Loss made good by shareholders

F. Distributable profit (– ) – – –

1. Remuneration of shareholders – – –

STATEMENT OF CAPITAL (in 000 EUR) Amounts Number of shares

A. Capital

1. Subscribed capitalAt the end of the previous financial year 27,704Changes during the financial year

Increase in capital by public subscription 5,001 3,700,000Incorporation into capital of profit brought forward 1 –Increase of capital by exercise of subscription rights 750 174,793

At the end of the financial year 33,4562. Capital representation

2.1. Classes of sharesOrdinary shares without designation of face value 20,229 14,734,590Ordinary shares without designation of face value. Strip VVPR 13,227 9,635,028

2.2. Nominal or bearer sharesNominal shares 11,379,439Bearer shares 12,990,179

C. Own shares held by

The Company itselfIts subsidiaries 548 399,327

D. Share issue commitments

2. Following exercise of subscription rightsNumber of subscription rights in circulation 790,507Capital amount to be subscribed 2,137Maximum number of shares to be issued 790,507

E. Unsubscribed authorized capital 19,421



SHAREHOLDERS – DECLARATION OF TRASPARENCY ON JUNE 6, 2000Number of shares %

The last dcelaration of transparency issued by IBA’s shareholders before 12/31/2000 is dated June 6, 2000 and contains

the following information:

Belgian Anchorage 6,840,840 28.3

Belgian Leverage 2,300,000 9.5

UCL 532,885 2.2

Sopartec 941,185 3.9

Institut National des Radioéléments (IRE) 827,200 3.4

IBA Investments SCRL 255,225 1.1

Float 12,497,490 51.7

TOTAL 24,194,825 100.0

See also “Shareholders”, page 41, part one of this Annual Report.


1) Registered name: Ion Beam Applications SA,

Abbreviated as IBA

2) Head Office: Chemin du Cyclotron, 3 in B-1348

Louvain-la-Neuve (Belgium).

3) Creation, legal structure and duration: IBA was cre-

ated for an unlimited duration on March 28, 1986, in

the form of a legal structure of a corporation under the

laws of Belgium. IBA is a commercial company making

or having made public offerings.

4) Objective of the company (Article 3 of the Articles of

Association): The objective of the company is the

research, development and acquisition of industrial

property rights, for the purpose of developing, manu-

facturing, and marketing applications and equipment in

the area of applied physics. It may conduct all opera-

tions bearing on transferable securities, real property,

and financial, commercial or industrial transactions

directly or indirectly pertaining to its company objec-

tive. It may acquire a financial interest in the form of

new capital, merger, and subscription or in any other

manner in ventures, associations or companies with

similar, analogous, related or useful objectives to

achieve all or part of its company objective.

5) Consultation of company documents: The company’s

own and consolidated accounts are filed with the

National Bank of Belgium. The Articles of Association

may be obtained from the Office of the Clerk of the

Commercial Tribunal of Nivelles. These documents as

well as the annual and half-year reports and all informa-

tion published for the sake of shareholders can also be

requested by shareholders at the company’s Head Office.

6) Authorized capital: At December 31, 1999, the

authorized capital of IBA stood at 33,455,862 EUR

and was represented by 24,369,618 shares without des-

ignation of face value, entirely released, including

9,635,028 shares with VVPR strips. In addition, the

company has issued 538,300 warrants in favor of its

employees (“1998 plan”). The majority of these war-

rants make it possible to subscribe to new shares at a

price of 4.2885 EUR per share, during certain periods

and according to certain terms, between June 1, 2000

and February 28, 2004, and with preferential rights in

the event of a public offering launched on IBA shares

or an increase in stockholders’ equity. At December 31,

2000, a total of 363,507 warrants were issued accord-

ing to the 1998 plan, of which 337,807 were attributed

at an average year price of 5.77 EUR. In June 2000, the

company issued additional warrants in favor of the

Group’s employees (“2000 plan”); these warrants will

make it possible to subscribe to new shares. At

December 31, 2000, a total of 380,450 warrants had

been attributed according to the 2000 plan at an aver-

age year price of 27.96 EUR.

7) Authorized capital: The extraordinary General

Meeting of May 12, 1999 authorized the Board of

Directors to increase the authorized capital in one or

more steps by a maximum amount of 25,000,000 EUR.

This authorization is valid for a period of 5 years, in

other words until June 10, 2004. At December 31, 2000,

following the capital increase in January 2000 and the

issue of 427,000 warrants in June 2000, the non-utilized

capital balance amounted to 19,420,781 EUR.


GENERAL INFORMATION



8) Evolution of shareholders’ equity during the past four years :

Operation No. of shares Equity (in EUR)Movements Total Variation Amount

12/31/96 Situation on this date 14,009,590 4,554,023

07/11/97 Exercise of 871,600 warrants out of 900,000 Issued in December 1996 in favor of the company’s personnel + 871,600 14,881,190 + 283,325 + 4,837,348

03/04/98 Increase in capital through conversion of UCL’s 500,000 founders’ shares into an equal number of ordinary shares + 500,000 15,381,190 + 162,532 + 4,999,880

05/29/98 Reverse one-for-five stock split 3,076,238 4,999,880

06/19/98 New equity issue (stock exchange listing) + 300,000 3,376,238 + 17,848,334 22,848,214

06/19/98 Exercise of 28,400 warrants outstanding from the 1996 plan + 5,680 3,381,918 + 9,231 22,857,445

03/23/99 Increases in capital – New capital equity issue + 717,047 + 4,846,389– Incorporation of reserves - 4,098,965 + 165 27,704,000

06/11/99 New representation of capital (five-for-one stock split) 20,494,825 27,704,000

02/02/00 Increases in capital– New equity issue + 3,700,000 + 5,001,290– Incorporation of reserves - 24,194,825 + 710 32,706,000

07/06/00 Exercise of warrants from the 1998 plan + 169,568 24,364,393 + 727,447 33,433,447

11/07/00 Exercise of warrants from the 1998 plan + 5,225 24,369,618 + 22,415 + 33,455,862

9) Patents and technologies: IBA is careful to take out

a patent on any patentable invention for which the

patent represents efficient protection. However, much

of its expertise also resides in know-how that is not

patentable or for which the filing of a patent is likely

to give competitors information to build on the tech-

nology used at IBA. These aspects are not patented.

More fundamentally, the company takes the view

that it is its technological advance more than such

patents that afford it best protection against its com-

petitors. IBA nonetheless holds several important

patents that the management does not, however,

consider to be of vital importance to the company.

In the case of the Rhodotron, for example, IBA took

licenses in the patents of third parties and paid them

royalties.

The acquisitions in the last few years have allowed

the Group once again to reinforce its expertise in the

field of particle accelerators and to expand its know-

how in new areas, such as Cobalt and EtO tech-

nologies.

10) License and co-operation agreements:

Cyclotron technology

The first license agreement concluded by IBA for a

duration of 20 years was that of March 1986 with

the Catholic University of Louvain, for the produc-

tion of the Cyclone 30. This license, exclusive



world-wide, enabled IBA to develop, produce and

sell the cyclotron technologies developed at the

UCL by Yves Jongen. It further enabled IBA, with

the approval of the UCL, to issue sub-licenses.

This agreement involved the payment of royalties to

the UCL on the net proceeds of the sales of systems

integrating one or more of the elements covered by

these patents. In addition, the UCL has the use of

the first model of the IBA Cyclone 30.

Protontherapy

In October 1991, IBA signed a co-operation agree-

ment for 10 years with Sumitomo Heavy Industries

Ltd. (SHI), a company under Japanese law, for the pur-

pose of developing, manufacturing and selling proton

therapy systems based on a division of the territory.

According to the agreement, IBA and SHI are co-

owners of the jointly developed technology. Sumitomo

holds the rights to produce and market the systems

throughout Asia, Oceania and the Middle East (not

including Israel), while IBA has the same rights for

the rest of the world. Each party collects royalties on

sales effected by the other party in those territories

reserved for the first party, and has the right of final

refusal in the matter of sub-contracting.

Rhodotron

In December 1991, IBA signed a co-operation and

license agreement with the French Atomic Energy

Commission headquartered in Paris, for the pur-

pose of the development and industrial use of the

Rhodotron. This license expires in December 2003.

The Rhodotron was patented in 1989; the agree-

ment with the French Atomic Energy Commission

contains a technology transfer program for the

design and construction of Rhodotrons. One of the

conditions of the contract was the maintenance in

Europe of the production of the equipment,

regardless of the geographical location of the

client. The license was awarded to IBA on an

exclusive, non-transferable basis for 12 years,

thereafter tacitly renewable at 2-year intervals,

against payment of an initial fee plus royalties, on

condition that IBA remained active in this market.

In case of non-renewal, the license would lose its

exclusivity.

All developments realized by IBA under this agree-

ment are the exclusive property of IBA and a cer-

tain number of these developments have been pro-

tected by patents owned exclusively by IBA.

11) Investment policy

(in 000 EUR) 2000 1999 1998

Acquisitions 7,601 10.4% 337,857 89.8% 6,479 54.2%

R&D capitalized 14,560 19.9% 8,691 2.3% 3,319 27.8%

Net acquisition 50,967 69.7% 29,609 7.9% 2,145 18.0%value of assets (excluding R&D capitalized)

Total investments 73,128 100.0% 376,157 100.0% 11,943 100.0%



YOUR CONTACTS:

IBAHeadquarters worldwideChemin du Cyclotron, 31348 Louvain-la-NeuveBelgiumRC Nivelles 054589VAT 428.750.985Tel.: +3210475811Fax: +3210475810E-mail: [email protected]: http://www.iba-worldwide.com

FOR FURTHER INFORMATION:

Vivienne Gaskell, Vice President, Corporate CommunicationsTel.: +3210475971E-mail: [email protected]

François Mirallié, Chief Financial OfficerTel: +3210475807E-mail: [email protected]

Thierry Hazevoets, Director Business DevelopmentTel: +3210475906E-mail: [email protected]

BUSINESS UNITS

AMERICA OPERATIONS

8550 West Bryn MawrSuite 600Chicago, Illinois 60631USATel.: +7738677200Fax: +7738677201

STERILIZATION & IONIZATION

Europe, Middle East, Asia & AfricaAtelaan 4C2200 HerentalsBelgiumTel: +3214258590Fax: +3214224496

ADVANCED RADIOTHERAPY

Stålgatan 1475450 UppsalaSwedenTel.: +4618180700Fax: +4618127552E-mail: [email protected]

RADIOISOTOPES

Chemin du Cyclotron, 31348 Louvain-La-NeuveBelgiumTel.: +3210475858Fax: +3210475810E-mail: [email protected]

TECHNOLOGY GROUP

Chemin du Cyclotron, 31348 Louvain-la-NeuveBelgiumTel.: +3210475821Fax: +3210475847E-mail: [email protected]

This document is also available in French and Dutch.

Design & production: ConcertoPhotos: Jacky DelormePrinted in Belgium by Dereume


iba annual report 2000 - morningstar, inc

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