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

ADVANCED RADIOTHERAP Y(

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 D

ADVANCED RADIOTHERAP Y(

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 L

M E D

CAMILLA

RÖNNQVIST,

PH. D

Detector Specialist

IBA 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.”

24 IBA 2000

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

ADVANCED RADIOTHERAP Y(

THE VERSATILITY AND PRECISION

OF THE RACETRACK ENABLES

FAST AND EFFECTIVE TREATMENT

OF A WIDE RANGE OF

MALIGNANCIES.

M E D

STÉPHANE

LUCAS

Project Manager

IBA 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.”

26 IBA 2000

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 D

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. D

Vice 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

TECHNOLOGY

INNOVAT ION & TECHNOLO GY(

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 &

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.

INNOVAT ION & TECHNOLO GY(

33 IBA 2000

TECHNOLOGY GROUP ENGINEERS

FORM THE INDISPENSABLE LINK

BETWEEN DESIGN, PRODUCTION

AND FIELD WORK.

TECHNOLOGY

GERI

TONEY

Human Resources Assistant

IBA 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 1300

employees in 12 different countries and 49 sites

spread over the USA, Asia and Europe. Listed in the

BEL 20, the Belgian index for the country’s 20 top

most performing companies, IBA is now indexed on

the paneuropean Stock Exchange Euronext since

September 2000.

Given the Group’s increasing international dimen-

sion, IBA seeks to employ young graduates and

experienced executives who are highly qualified,

enthusiastic, willing to travel and stimulated by mul-

ticultural challenges. Placing particular focus on

individual responsibility and teamwork, IBA offers a

working environment where employees mix with

colleagues 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 and

coordinate around common values, shared principles

and clearly defined management criteria, assisted by

Corporate support functions. IBA’s culture also

involves the opportunity of sharing in the company’s

capital.

Successful employees at IBA are true team players who

enjoy shouldering responsibility. They are innovative,

assertive and ready to accept new challenges with enthu-

siasm for the latest technologies applied to the areas of

health and well-being. They are genuinely interested in

contributing to the growth of the company.

Achievements 2000

Challenges in 2000 included consolidation of the

Human Resource function at Corporate level and

the creation of a well-functioning Human

Resource network across the Group.

Work was started on putting into place a consistent

and comprehensive compensation and benefits

program with the necessary supporting systems.

Here, the objective is to attract, retain and develop

staff in order to implement and reinforce IBA’s

business strategy. In the first phase, the new frame-

work provides for a standardized benefits structure,

grading system, consistent salary scales and a

mobility policy throughout the

entire IBA Group.

A Group travel policy was also

introduced at end of 2000 mak-

ing for reduced travel costs,

user-friendliness and increased

travel comfort.

Work was also started on

establishing a consistent per-

formance management system

based on in-depth analysis of

current competencies and

skills needed to ensure IBA’s

capability to meet future mar-

ket challenges.

Perspectives 2001

In February 2001, the First IBA

Management Convention took

place, organized by the Communication Department,

bringing together for the first time around 100 IBA

managers from around the world. The objectives of

this Convention were to get to know more about the

other businesses of the Group and to reflect on IBA’s

mission and value statements, defining ways of sharing

and living the IBA values in everyday business reality

and thoughout the entire organization.

Human Resource projects in 2001 will focus on fur-

ther analysis of skills and the detection of training

needs, introduction of performance measurement

criteria linked to financial reward and consolidation

of 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 & Safety

America 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 P

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 market

of the Brussels Stock Exchange. It was introduced

onto the Stock Exchange on June 22, 1998 at an ini-

tial offer price of 11.90 EUR

(adjusted for a 5-to-1 stock

split in June 1999).

It entered the BEL20 index

in 1999 and the Next 150

index when it was created in

2000.

At March 15, 2000, the com-

pany had no outstanding

convertible bonds or bonds

with warrants. Warrants

allowing the creation of

427,000 new shares were

issued in 2000 in favor of IBA

personnel. The total number

of warrants issued in favor of the personnel but not

exercised amounted to 790,507 at the end of 2000.

Dividend policy

IBA’s growth potential in its various businesses is

considerable, creating significant needs for capital

to finance the major investments that would guar-

antee future growth. It is the domain of the Board

of Directors to propose the amount of any possible

dividend to the Annual General Meeting of

Shareholders, giving due consideration to the

resources required to finance the company’s future

growth.

Judging that it is in the company’s best interests to

retain a maximum of liquidity to fuel its growth,

the Board of Directors has decided not to propose

a dividend for fiscal 2000.

Share price (1) Maximum Minimum Close Averagedaily

volume

19981st 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

1999 1st 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

2000 1st 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

2001 1st 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 2000

No. 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 price

Price 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 Diluted

No. 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-POLCZYNSKI

Director 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 STEPHENNE

Director since February 2000.

Born: 1949.

President and General Manager of the Vaccines Division of

SmithKline Beecham Biologicals, Belgium.

Jacques de VAUCLEROY

Director 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 VERMEEREN

Director 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 MOTTET

Executive 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 JONGEN

Executive 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 LAMOTTE

Executive Director since February 2000.

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

OTHER DIRECTORS

Philippe de WOOT de TRIXHE

Chairman 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’OULTREMONT

Director 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 VERVIER

Doctor 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-Woluwe

Represented by Mr Philippe Barbier.

Composition of the Board of Directorsat March 31, 2001

42 IBA 2000

43 IBA 2000

44 IBA 2000

Design and production: Concerto

Photography: Atofina, Paul Coertens, John Horner, Photodisc, Jacky Delorme, Sture Ekendahl, Braune Photodesign, TonyStone.

Printed in Belgium by Dereume Printing