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Oriola-KD Corporation s interim report for 1 January - 30 June 2007
24.7.2007
Oriola-KD Corporation stock exchange release 24 July 2007 at 8.30am
This review presents the Oriola-KD Group's financial information for
January-June 2007. The comparison figures from the corresponding
period in 2006 are pro forma figures. This interim report has been
prepared in accordance with IAS 34 and in keeping with the same
accounting principles as the annual financial statements for 2006.
The figures are unaudited.
Key figures 1 January - 30 June 2007
* Invoicing in the period was EUR 1,279.4 million (1-6/2006: EUR
1,174.1m) and net sales were EUR 711.9 million (1-6/2006: EUR
671.9m).
* Operating profit excluding one-off items was EUR 14.1 million
(EUR 1-6/2006: EUR 9.8m).
* Operating profit including one-off items was EUR 14.1 million
(1-6/2006: EUR 5.3m).
* Return on capital employed was 14.7 percent (1-6/2006 5.4
percent).
* Earnings per share were EUR 0.08 (1-6/2006: EUR 0.03)
President and CEO Eero Hautaniemi: "Oriola KD's business and
profitability developed as anticipated in the first half of 2007. In
the second quarter, we continued to build on our core business by
signing an agreement on merging our dental wholesale business with
Lifco by the beginning of 2008. Our goal is to form the dental
wholesale market leader in Northern Europe. Oriola-KD's increasingly
efficient operations and our strong balance sheet and market position
together with favourable long-term fundamentals in the healthcare
market enable business development in line with strategy."
Invoicing and net sales
Oriola-KD's invoicing in January-June was EUR 1,279.4 million (EUR
1,174.1 million) and net sales were EUR 711.9 million (EUR 671.9
million). Second-quarter invoicing came to EUR 644.4 million (EUR
594.7 million) and net sales to EUR 356.1 million (EUR 335.8
million).
Financial performance
Oriola-KD's operating profit in the period excluding one-off items
was EUR 14.1 million (EUR 9.8 million) and profit after financial
income and expenses, excluding one-off items, was EUR 15.1 million
(EUR 10.3 million). Second-quarter operating profit excluding one-off
items was EUR 6.3 million (EUR 4.5 million).
Oriola-KD's operating profit including one-off items was EUR 14.1
million in the review period (EUR 5.3 million). Second-quarter
operating profit including one-off items was EUR 6.3 million (EUR 1.9
million).
Profit after financial income and expenses including one-offs items
came to EUR 15.1 million (EUR 5.8 million) and net profit to EUR 11.4
million (EUR 4.2 million). One-off expenses in the period under
review amounted to EUR 0.0 million (EUR 4.6 million).
Oriola-KD had net financing income of EUR 1.0 million (EUR 0.5
million).
Taxes amounted to EUR 3.7 million (EUR 1.5 million). Taxes
corresponding to the result for the period under review are accounted
as taxes.
Earnings per share were EUR 0.08 (EUR 0.03). Return on capital
employed was 14.7 percent (5.4 percent) and return on equity 11.9
percent (4.5 percent).
Balance sheet, financing and cash flow
Oriola-KD's total assets at 30 June 2007 stood at EUR 640.4 million
(EUR 590.9 million). Interest-bearing net debt amounted to EUR -82.3
million (EUR -37.8 million) and the gearing ratio was -42.6 percent
(-19.7 percent). Cash assets at 30 June 2007 stood at EUR 99.8
million (EUR 62.4 million). Interest-bearing debt, which stood at EUR
17.5 million at 30 June 2007 (EUR 24.6 million), consisted mainly of
pharmacies' advance payments in Finland.
Oriola-KD has credit facilities of EUR 24.9 million with banks and a
commercial paper programme of EUR 100.0 million, which remained
untapped at the end of the period under review. The Group has no
significant inner circle business transactions except for pension
expenses arising from defined benefit plans with the Oriola Pension
Foundation.
Cash flow from operations in the period was EUR 13.9 million (EUR 7.0
million), of which changes in working capital accounted for EUR -1.1
million (EUR -3.1 million). Cash flow from operations in Q1 of 2007
was eroded by a seasonal change in pharmacies' advance payments in
Finland. Cash flow from investments was EUR -2.6 million (EUR -4.3
million). Cash flow after investments in the period was EUR 11.3
million (EUR 2.7 million). Cash flow from financing includes the
dividend of EUR 8.5 million paid on 23 March 2007. Oriola-KD's equity
ratio stood at 30.9 percent (33.5 percent).
Investments
Investments in the period under review amounted to EUR 3.8 million
(EUR 5.9 million) and consisted mainly of maintenance and PPE
investments as well as the Medith business acquisition in Healthcare
Trade.
Personnel
At the end of the period under review, Oriola-KD had a payroll of
1,487 employees (1,609), 56 percent of whom worked in Finland (57
percent), 27 percent in Sweden (28 percent) and a total of 17 percent
in the Baltic countries and Denmark (15 percent). At 31 December
2006, personnel numbered 1,495.
Business segments
Oriola-KD has two business segments: the Pharmaceutical Trade
business segment and the Healthcare and Dental Trade business
segment.
Pharmaceutical Trade business segment
The Pharmaceutical Trade business segment's invoicing in January-June
was EUR 1,139.0 million (EUR 1,037.1 million) and net sales were EUR
586.7 million (EUR 555.2 million). Operating profit excluding one-off
items was EUR 9.7 million (EUR 6.6 million).
Second-quarter invoicing came to EUR 575.9 million (EUR 529.0
million) and net sales to EUR 295.5 million (EUR 280.2 million).
Second-quarter operating profit excluding one-off items was EUR 4.6
million (EUR 3.9 million).
The pharmaceutical market in Finland grew by 4.4 percent (1.1
percent) and in Sweden by 6.3 percent (4.9 percent) in January-June
2007 (source: IMS Health). Growth in the Finnish pharmaceutical
market slowed materially in May-June, however, owing to which the
second-quarter operating profit of Oriola-KD's Pharmaceutical Trade
business segment fell short of Q1.
Oriola-KD's market share in pharmaceutical distribution in Finland
was 45.5 percent (41.3 percent) in June 2007 and 46.8 percent (41.6
percent) in January-June 2007. In Sweden, Oriola-KD's share of the
pharmaceutical distribution market was 44.8 percent (43.9 percent) in
June 2007 and 42.4 percent (43.8 percent) in January-June 2007
(source: ATY and IMS Health).
The efficiency measures implemented in 2006 will enhance the
profitability of the Pharmaceutical Trade business segment in 2007.
In Q2, Kronans Droghandel AB closed down an unprofitable
pharmaceuticals packaging line at Mölnlycke in Sweden.
The number of employees within the Pharmaceutical Trade business
segment was 919 (1034) at 30 June 2007, compared to 925 at year-end
2006.
New distribution agreements
In the period under review Oriola-KD started the distribution of
Schering-Plough's and Roche's pharmaceuticals in Finland as of 1
January 2007. Schering-Plough's market share of Finnish
pharmaceutical market in 2006 came to 1.7 percent and Roche's market
share to 3.8 percent. In Sweden Oriola-KD started the distribution of
Meda's pharmaceuticals as of 1 January 2007 and Pfizer's all
pharmaceuticals from the end of May 2007 onwards. Before the end of
May Oriola-KD distributed approximately half of Pfizer's
pharmaceuticals. Meda's market share of Swedish pharmaceutical market
in 2006 came to 1.2 percent and Pfizer's market share to 9.2 percent
(source: IMS Health).
Negotiations with principals in the review period did not result in
Oriola-KD concluding any significant new distribution agreements in
Finland or Sweden.
Transferring distribution agreements
The pharmaceutical principals transferring from Oriola-KD in the
period under review hold a total combined share of some 1.5 percent
of the pharmaceutical market in Finland and some 3 percent in Sweden.
The transferring pharmaceutical principals are the Finnish subsidiary
of Amgen AB as of 1 April 2007 in Finland and Schering Nordiska in
Sweden as of 1 July 2007 and Amgen AB in Sweden as of 1 October 2007.
During the second quarter Oriola-KD started negotiations, mainly with
small and mid-size pharmaceutical principals to renew unprofitable
distribution agreements in Finland and Sweden. The target of these
negotiations is to improve profitability and use of net working
capital from 2008 onwards.
According to the situation at 30 June 2007, Oriola-KD's share of the
pharmaceutical distribution market in 2007 is estimated at some 46
percent in Finland and approximately 43 percent in Sweden.
Healthcare and Dental Trade business segment
The Healthcare and Dental Trade business segment's invoicing in
January-June 2007 was EUR 140.3 million (EUR 137.0 million) and net
sales were EUR 125.2 million (EUR 116.7 million). Operating profit
excluding one-off items was EUR 6.6 million (EUR 4.1 million).
Second-quarter invoicing came to EUR 68.5 million (EUR 65.7 million)
and net sales to EUR 60.7 million (EUR 55.6 million). Second-quarter
operating profit excluding one-off items was EUR 2.9 million (EUR 1.3
million).
On 7 June 2007, Oriola-KD Corporation and Lifco Ab entered into an
agreement to merge their dental trade businesses in Finland, Sweden,
Norway, Denmark and the Baltics in order to create the industry's
Northern European market leader. In addition to the merger of
businesses, Oriola-KD will increase its holding in the company to be
established to 30 percent with a cash contribution of EUR 14 million.
Lifco will hold a 70-percent stake in the new company.
The dental trade businesses, trademarks, assets and subsidiaries of
both Oriola-KD and Lifco will transfer to the new company which had
combined 2006 (pro forma) net sales of ca. EUR 140 million and an
operating profit of some EUR 13 million. The annual cost synergies
are estimated at two million euro starting in 2008, which will be
attained mainly through the consolidation of operations in the
various countries. Oriola-KD's Dental Trade business segment had net
sales of EUR 44 million and showed an operating profit of EUR 1.4
million in 2006. The new company launches operations with a strong
balance sheet and no interest-bearing debt. The merger is estimated
to contribute to higher operating profit at Oriola-KD starting from
Q4 in 2007. The transaction is slated for completion by early 2008
and is subject to the approval of the respective local competition
authorities.
The new company will be headed by Mr. Fredrik Karlsson, current
President of Lifco AB and it will employ some 420 persons. All of
Oriola-KD's dental employees will transfer to the entities of the new
group under their current terms and conditions of employment. Lifco
Dental's personnel numbers about 300 while Oriola-KD's Dental Trade
business has some 120 employees. The joint company will have its
headquarters in Enköping, Sweden. Mr. Tero Riikonen has been
appointed Managing Director of Oriola-KD's Finnish Dental business
effective 7 June 2007. Ms. Senja Tynkkynen, Vice President of
Oriola-KD Group's Dental Trade business and member of the Group's
management team, has resigned.
Business in the Healthcare and Dental Trade segment developed
favourably in the first half of 2007, yet the second-quarter
performance of the Dental Trade segment fell short of Q1. During Q2,
Kronans Droghandel AB sold its home distribution business in the
Swedish province of Skåne to Schenker Dedicated Service AB.
The number of employees within the Healthcare and Dental Trade
business segment was 567 (575) at 30 June 2007, compared to 570 at
year-end 2006.
Oriola-KD Corporation share
Trading volume of Oriola-KD Corporation's Class A and B shares in
January-June 2007:
Class A Class B
Trading volume, million 8.0 86.8
Trading volume, EUR million 26.8 135.1
High, EUR 3.57 3.60
Low, EUR 2.84 2.87
Close on 30 June 2007, EUR 3.40 3.42
The traded volume of Oriola-KD Corporation shares in the review
period equalled 35.0 percent of total outstanding shares. The traded
volume of Class A shares in the period under review amounted to 14.8
percent of average outstanding stock and that of Class B shares to
47.6 percent.
Oriola-KD Corporation had a market capitalisation of EUR 482.1
million at 30 June 2007.
Under Article 3 of the Articles of Association, a shareholder may
demand conversion of Class A shares into Class B shares. During the
first half of the 2007, a total of 4,563,300 Class A shares have been
converted into Class B shares. At 30 June 2007, the company had
51,731,340 Class A shares and 89,526,488 Class B shares.
The Annual General Meeting held on 13 March 2007 authorised the Board
to acquire for the Company its own Class B shares in the amount not
to exceed 1,450,000 shares. The authorisation shall remain in force
for a period not to exceed eighteen months from the decision taken by
the Annual General Meeting.
At the same time the AGM authorised the Board to execute 650,000 B
shares for Oriola-KD's top management incentive scheme and to sell no
more than 800,000 B shares in public trading organised by the
Helsinki Exchanges.
Companies in the Oriola-KD Group held no parent company shares at the
end of the review period.
Risk factors
Oriola-KD's risks are classified as strategic, operative and
financial. Risk management is a key element of the strategic process,
operative planning and daily decision-making at Oriola-KD.
Oriola-KD has identified the following most significant strategic and
operative risks in its business:
* changes in bargaining position vis-à-vis suppliers and customers
* impact of the possible shift in the structure of the Swedish
market to business concepts
* maintenance of cost-effectiveness and flexibility in costs
* provision of competitive products and services in expanding and
consolidating markets
* expansion-related risks in new markets and business areas
* commitment of key employees
The major financial risks for Oriola-KD involve currency exchange
rates, interest rates, liquidity and credit.
During the period under review, there were no material change in the
risks and uncertainty factors faced by Oriola-KD in the near future.
Future outlook
Oriola-KD's outlook for 2007 is based on external market forecasts,
agreements with principals, cumulative orders and management's
estimates.
Long term fundamentals and growth prospects are deemed favourable in
the healthcare market. Oriola-KD estimates that the pharmaceutical
market in Finland and Sweden will grow by about 3-5 percent annually
over the next few years, which is in line with the longer-term
average growth rate of these markets.
The overall objective of the cost efficiency measures that were
implemented in 2006 is to achieve total savings of some five million
euros annually in the Group's operations in Finland and Sweden, with
full impact evidenced in 2007.
Oriola-KD estimates that growth in the market for healthcare and
dental equipment and supplies will outpace that of the pharmaceutical
market in Finland and in Sweden. Oriola-KD projects growth outpacing
that of the market in sales of healthcare equipment and supplies and
in keeping with the market in dental trade sales. Invoicing in the
healthcare logistics services in Sweden is estimated to fall from
2006 levels.
Oriola-KD's invoicing in 2007 is projected to exceed comparable
invoicing in the previous year primarily as a result of new
agreements with principals concluded in 2006 and market growth.
Operating profit excluding one-off items in 2007 is projected to
exceed comparable operating profit in the previous year primarily as
a result of higher invoicing and cost efficiency measures implemented
in 2006. The dental business merger between Oriola-KD and Lifco is
estimated to contribute to higher operating profit at Oriola-KD
starting from Q4 in 2007.
TABLES
Income Pro forma Pro forma Pro forma
Statement, 1.1.- 1.1.- 1.4.- 1.4.- 1.1.- 1.7.-
EUR million 30.06.2007 30.06.2006 30.06.2007 30.06.2006 31.12.2006 31.12.2006
Net sales 711.9 671.9 356.1 335.8 1334.7 662.7
Cost of goods
sold -637.5 -603.4 -319.5 -300.9 -1195.4 -592.0
Gross profit 74.5 68.5 36.6 34.9 139.2 70.7
Other
operating
income 0.9 0.8 0.5 0.4 4.0 3.2
Selling and
distribution
expenses -53.7 -54.2 -27.3 -28.1 -105.5 -51.3
Administrative
expenses -7.6 -9.8 -3.5 -5.3 -20.3 -10.4
Operating
profit 14.1 5.3 6.3 1.9 17.4 12.2
Financial
income
and expenses 1.0 0.5 0.7 0.6 1.0 0.5
Profit before
taxes 15.1 5.8 7.0 2.5 18.4 12.7
Tax expense*) -3.7 -1.5 -1.7 -0.7 -4.4 -2.8
Profit for the
period 11.4 4.2 5.3 1.8 14.0 9.9
of which
available for:
Parent company
shareholders 11.2 4.0 5.3 1.8 13.6 9.6
Minority
interest 0.2 0.2 0.1 0.0 0.5 0.4
Earnings per
share:
- Basic, EUR 0.08 0,03 0.04 0.01 0.10 0.07
*) The tax expense for the period 2007
has been calculated as the proportional
share of the total estimated taxes for the
financial year. The tax expense for 2006
Pro forma are based on published figures
for Orion Corporation's Wholesale and
Distribution Division extracted from financial
data for Orion Corporation.
Income
statement
excluding
one-off Pro forma Pro forma Pro forma
items, 1.1.- 1.1.- 1.4.- 1.4.- 1.1. 1.7.-
EUR million 30.06.2007 30.06.2006 30.06.2007 30.06.2006 31.12.2006 31.12.2006
Net Sales 711.9 671.9 356.1 335.8 1334.7 662.7
Cost of goods
sold -637.5 -601.8 -319.5 -300.9 -1193.8 -592.0
Gross profit 74.5 70.1 36.6 34.9 140.8 70.7
Other
operating
income 0.9 0.8 0.5 0.4 1.9 1.1
Selling and
distribution
expenses -53.7 -52.6 -27.3 -26.4 -102.3 -49.7
Administrative
expenses -7.6 -8.5 -3.5 -4.4 -17.9 -9.3
Operating
profit 14.1 9.8 6.3 4.5 22.6 12.8
Financial
income and
expenses 1.0 0.5 0.7 0.6 1.0 0.5
Profit before
taxes 15.1 10.3 7.0 5.1 23.6 13.3
Balance sheet, EUR million Pro forma
30.6.2007 30.6.2006 31.12.2006
Non-current assets
Property, plant and equipment 60.9 70.7 63.3
Goodwill 34.5 35.2 34.7
Other intangible assets 5.8 9.1 7.5
Investments in associates and
available-for-sale investments 0.0 0.0 0.0
Other non-current receivables 11.6 13.1 10.0
Deferred tax assets 0.1 1.3 0.0
Non-current assets total 112.9 129.6 115.6
Current assets
Inventories 196.6 179.5 181.0
Trade and other receivables 231.2 219.4 201.8
Cash and cash equivalents 99.8 62.4 112.9
Current assets total 527.5 461.3 495.6
ASSETS TOTAL 640.4 590.9 611.2
Balance sheet, EUR million Pro forma
30.6.2007 30.6.2006 31.12.2006
Non-current liabilities
Share capital 36.2 36.2 36.2
Other funds 30.1 30.1 30.1
Retained earnings 118.6 109.0 116.9
Net assets of the parent company
shareholders 184.9 175.3 183.2
Minority interest 8.0 17.0 8.5
Net assets total 193.0 192.4 191.8
Non-current liabilities
Deferred tax liabilities 9.8 13.4 9.7
Pension liability 4.1 3.8 4.1
Provisions 0.0 0.0 0.0
Interest-bearing non-current
liabilities 0.4 7.9 0.5
Other non-current liabilities 0.4 0.0 0.4
Current liabilities total 14.7 25.1 14.8
Current liabilities
Trade payables and other current
liabilities 414.6 356.1 370.9
Provisions 1.0 0.7 1.9
Interest-bearing current liabilities 17.1 16.7 31.8
Current liabilities total 432.8 373.5 404.6
EQUITY AND LIABILITIES TOTAL 640.4 590.9 611.2
Changes in
shareholder's
equity
Equity of
the
parent
Share Other Translation Retained company Minority
EUR million capital funds differences earnings shareholders interest Total
Shareholder's
equity
1.1.2007 36.2 30.1 0.0 116.9 183.3 8.5 191.8
Translation
differences -1.1 -1.1 -0.2 -1.3
Dividend
Paid -8.5 -8.5 -0.5 -8.9
Hedge on net
investment
in foreign
subsidiary -0.2 -0.2 -0.2
Change in
minority
interest
Other changes
Share based
payments 0.2 0.2 0.2
Taxes related
to items
booked into
equity
Items booked
into equity
Profit for
the period 11.2 11.2 0.2 11.4
Shareholder's
equity
30.6.2007 36.2 30.1 -1.0 119.6 185.0 8.0 193.0
Cash flow statement, 1.1.- Pro forma Pro forma
EUR million 30.06.2007 1.1.- 30.06.2006 1.1.- 31.12.2006
Operating profit 14.1 5.3 17.4
Depreciation 5.4 5.8 11.7
Change in working
capital -1.1 -3.1 25.9
Cash flow from financial
items and taxes -3.0 -2.2 -6.3
Other adjustments -1.7 1.1 3.9
Cash flow from operating
activities 13.9 7.0 52.7
Cash flow from investing
activities -2.6 -4.3 -10.2
Cash flow from financing
activities -23.7 24.3 35.1
Net change in cash and
cash equivalents -12.4 27.0 77.6
Cash and cash
equivalents
at beginning of period 112.9 35.0 35.0
Foreign exchange
difference -0.7 0.4 0.4
Net change in cash and
cash equivalents -12.4 27.0 77.6
Cash and cash
equivalents
at end of period 99.8 62.4 112.9
Change in property,
plant and equipment
1.1.- Pro forma Pro forma
EUR million 30.06.2007 1.1.- 30.06.2006 1.1.- 31.12.2006
Carrying amount at the
beginning of the period 63.3 70.2 70.2
Additions 3.3 4.6 7.3
Disposals -1.1 -0.7 -7.6
Depreciation -3.8 -4.0 -8.0
Translation differences -0.8 0.6 1.3
Carrying amount at the
end of the period 60.9 70.7 63.3
Key figures and Pro forma
rations 1.1.- 1.1.- Pro forma
30.06.2007 30.06.2006 31.12.2006 31.12.2006
Equity ratio,% 30.9% 33.5% 33.1% 33.1%
Equity per share,
EUR 1.31 1.25 1.30 1.30
Return on capital
employed
(ROCE), % 14.7% 5.4% 8.6% 12.1%
Return on equity,% 11.9% 4.5% 7.4% 10.3%
Net interest
bearing debt, Me -82.3 Me -37.8 Me -80.6 Me -80.6 Me
Gearing,% -42.6% -19.7% -42.0% -42.0%
Earnings per share,
EUR 0.08 0.03 0.10 0.07
Average number of
share, tpcs *) 141 258 139 852 141 258 141 258
*) In the calculation for the share related key
figures of 2006, number of shares at the end of
period has been used. In the calculation for
the share related key figures for the period
1.1-30.6.2006 average number of shares for the
period has been used.
Forward contracts and
contingent
liabilities
30.6.2007
Nominal
Positive fair Negative fair values
EUR million value value of contracts
Hedging of a net investment
in an
independent foreign unit 0.0
Other forward and currency
swap contracts 0.0 5.6
30.6.2006 Nominal
Positive fair Negative fair values
EUR million value value of contracts
Hedging of a net investment
in an
independent foreign unit
Other forward and currency
swap contracts 5.5
EUR million 30.6.2007 30.6.2006 31.12.2006
Contingent for own
liabilities
Guarantees given 2.8 2.1 4.8
Real-estate mortgages given 1.0 24.8 1.0
Mortgages on company assets 22.4 72.5 22.9
Other guarantees and
liabilities 2.1 0.0 2.5
Total 28.2 99.4 31.2
Guarantees given on behalf
of external
parties 0.0 0.1 0.0
Leasing-liabilities
(operating liabilities) 0.7 0.4 0.6
Rent contingent 6.5 5.1 6.5
Invoicing by business Pro forma Pro forma
segment, 1.1.- 1.1.- 1.1.- 1.7.-
EUR million 30.06.2007 30.06.2006 31.12.2006 31.12.2006
Pharmaceutical Trade 1139.0 1037.1 2064.7 1027.7
Healthcare and Dental
Trade 140.3 137.0 275.4 138.3
Group Total 1279.4 1174.1 2340.1 1166.0
Net sales by business Pro forma Pro forma
segment, 1.1.- 1.1.- 1.1.- 1.7.-
EUR million 30.06.2007 30.06.2006 31.12.2006 31.12.2006
Pharmaceutical Trade 586.7 555.2 1098.7 543.5
Healthcare and Dental
Trade 125.2 116.7 236.0 119.3
Group Total 711.9 671.9 1334.7 662.7
Operating profit by Pro forma Pro forma
business 1.1.- 1.1.- 1.1.- 1.7.-
segment, EUR million 30.06.2007 30.06.2006 31.12.2006 31.12.2006
Pharmaceutical Trade 9.7 4.4 13.0 8.6
Healthcare and Dental
Trade 6.6 2.1 8.2 6.1
Group items -2.2 -1.2 -3.8 -2.6
Group total 14.1 5.3 17.4 12.2
Average number of
personnel 1 486 1 542 1 548 1 556
Number of personnel at
the
end of the period 1 487 1 609 1 495 1 495
Operating profit by
business Pro forma Pro forma
segment excluding one-off 1.1.- 1.1.- 1.1.- 1.7.-
items, EUR million 30.06.2007 30.06.2006 31.12.2006 31.12.2006
Pharmaceutical Trade 9.7 6.6 15.6 9.0
Healthcare and Dental
Trade 6.6 4.1 10.4 6.3
Group items -2.2 -0.9 -3.4 -2.6
Group total 14.1 9.8 22.6 12.8
Invoicing by
business
segment, EUR
million 4-6/2007 1-3/2007 10-12/2006 7-9/2006 4-6/2006 1-3/2006
Pharmaceutical
Trade 575.9 563.2 527.7 500.0 529.0 508.1
Healthcare and
Dental Trade 68.5 71.8 75.3 63.0 65.7 71.3
Group Total 644.4 634.9 603.0 563.0 594.7 579.4
Net sales by
business
segment, EUR
million 4-6/2007 1-3/2007 10-12/2006 7-9/2006 4-6/2006 1-3/2006
Pharmaceutical
Trade 295.5 291.3 278.6 264.9 280.2 275.0
Healthcare and
Dental Trade 60.7 64.5 65.2 54.1 55.6 61.1
Group Total 356.1 355.8 343.7 319.0 335.8 336.1
Operating
profit by
business
segment, EUR
million 4-6/2007 1-3/2007 10-12/2006 7-9/2006 4-6/2006 1-3/2006
Pharmaceutical
Trade 4.6 5.1 4.0 4.5 1.8 2.7
Healthcare and
Dental Trade 2.9 3.7 2.9 3.2 0.9 1.2
Group items -1.2 -1.0 -1.6 -0.9 -0.6 -0.6
Group total 6.3 7.8 5.3 6.8 2.1 3.3
Operating
profit by
business
segment
excluding
one-off items,
EUR million 4-6/2007 1-3/2007 10-12/2006 7-9/2006 4-6/2006 1-3/2006
Pharmaceutical
Trade 4.6 5.1 4.1 4.9 3.9 2.7
Healthcare and
Dental Trade 2.9 3.7 3.1 3.2 1.3 2.8
Group items -1.2 -1.0 -1.7 -0.9 -0.6 -0.2
Group total 6.3 7.8 5.5 7.2 4.6 5.3
Net sales by Pro forma Pro forma
market, 1.1.- 1.1.- 1.1.- 1.7.-
EUR million 30.06.2007 30.06.2006 31.12.2006 31.12.2006
Finland 291.4 268.4 538.6 270.7
Other Nordic
countries 394.5 381.2 751.4 369.6
Other Europe 25.1 21.7 43.2 21.6
Other countries 0.8 0.6 1.5 0.8
Total 711.9 671.9 1334.7 662.7
Net sales by
market,
EUR million 4-6/2007 1-3/2007 10-12/2006 7-9/2006 4-6/2006 1-3/2006
Finland 143.4 148.1 139.5 130.7 133.5 134.9
Other Nordic
countries 199.6 195.0 191.8 178.3 191.7 189.5
Other Europe 12.5 12.6 12.3 9.3 10.1 11.6
Other
countries 0.7 0.2 0.2 0.7 0.5 0.1
Total 356.1 355.8 343.7 319.0 335.8 336.2
Espoo, 23 July 2007
Board of Directors of Oriola-KD Corporation
Oriola-KD Corporation
Eero Hautaniemi
President and CEO
Kimmo Virtanen
CFO
Further information:
Eero Hautaniemi
President and CEO
Tel. +358 (0)10 429 2109
Email: eero.hautaniemi@oriola-kd.com
Kimmo Virtanen
CFO
Tel. +358 (0)10 429 2069
Email: kimmo.virtanen@oriola-kd.com
Pellervo Hämäläinen
Vice President, Communications and IR
Tel. +358 (0)10 429 2497
Email: pellervo.hamalainen@oriola-kd.com
Distribution:
Helsinki Exchanges
Main media
Released by:
Oriola-KD Corporation
Corporate Communications
Orionintie 5
FI-02200 Espoo, Finland
www.oriola-kd.com