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Oriola-KD Corporation s interim report for 1 January - 30 September 2007
23.10.2007
Oriola-KD Corporation stock exchange release 23 October 2007 at
8.30am
This review presents the Oriola-KD Group's financial information for
January-September 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 September 2007
* Invoicing in the period was EUR 1,884.5 million (1-9/2006: EUR
1,737.1 million) and net sales were EUR 1,045.7 million
(1-9/2006: EUR 991.0 million).
* Operating profit excluding one-off items was EUR 22.1 million
(1-9/2006: EUR 17.1 million).
* Operating profit including one-off items was EUR 22.1 million
(1-9/2006: EUR 12.1 million).
* Return on capital employed was 15.1 percent (1-9/2006 8.1
percent).
* Earnings per share were EUR 0.12 (1-9/2006: EUR 0.06).
President and CEO Eero Hautaniemi: "Oriola KD's business and
profitability developed as anticipated in the first three quarters of
2007. Our streamlining measures will allow us to achieve in full our
goal of five million euro in cost savings in the current year. The
dental business merger with Lifco was executed in Sweden and Denmark
at the beginning of September and in Finland on 1 October 2007.
Increasingly efficient operations and our strong balance sheet and
market position, together with positive development in the healthcare
market, enable business development in line with strategy at
Oriola-KD."
Invoicing and net sales
Oriola-KD's invoicing in January-September 2007 was EUR 1,884.5
million (EUR 1,737.1 million) and net sales were EUR 1,045.7 million
(EUR 991.0 million). Third-quarter invoicing came to EUR 605.2
million (EUR 563.0 million) and net sales to EUR 333.8 million (EUR
319.0 million).
Financial performance
In January-September 2007, Oriola-KD's operating profit excluding
one-off items was EUR 22.1 million (EUR 17.1 million) and profit
after financial income and expenses, excluding one-off items, was EUR
23.6 million (EUR 17.8 million). Third-quarter operating profit
excluding one-off items was EUR 8.0 million (EUR 7.2 million).
Oriola-KD's operating profit including one-off items was EUR 22.1
million in the review period (EUR 12.1 million). Third-quarter
operating profit including one-off items was EUR 8.0 million (EUR 6.8
million).
Profit in the review period after financial income and expenses and
including one-off items came to EUR 23.6 million (EUR 12.8 million).
Net profit in the review period was EUR 17.8 million (EUR 9.4
million). One-off expenses in the period under review amounted to EUR
0.0 million (EUR 5.0 million). Third-quarter profit after financial
income and expenses and including one-off items was EUR 8.5 million
(EUR 7.0 million)
Oriola-KD had net financing income of EUR 1.5 million (EUR 0.7
million) in the period under review.
Taxes in the review period amounted to EUR 5.8 million (EUR 3.3
million). Taxes corresponding to the result for the period under
review are accounted as taxes.
Earnings per share in the review period were EUR 0.12 (EUR 0.06).
Return on capital employed was 15.1 percent (8.1 percent) and return
on equity 12.1 percent (6.7 percent).
Balance sheet, financing and cash flow
Oriola-KD's total assets at 30 September 2007 stood at EUR 613.3
million (EUR 588.6 million). Interest-bearing net debt amounted to
EUR -79.6 million (EUR -55.5 million) and the gearing ratio was -39.8
percent (-29.3 percent). Cash assets at the end of September 2007
stood at EUR 96.6 million (EUR 80.4 million). Interest-bearing debt,
which stood at EUR 17.0 million at 30 September 2007 (EUR 24.9
million), consisted mainly of pharmacies' advance payments in
Finland.
Oriola-KD has credit facilities of EUR 25 million with banks and a
commercial paper programme of EUR 100 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 10.5 million (EUR
28.2 million), of which changes in working capital accounted for EUR
-15.6 million (EUR 9.3 million). The change in working capital is
mainly attributable to new principals in the pharmaceutical trade
business segment and a temporary increase in pharmaceutical
inventories in Sweden. Cash flow from investments was EUR -2.0
million (EUR -10.9 million). Cash flow after investments in the
period was EUR 8.5 million (EUR 17.3 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 33.5 percent (33.1 percent).
Investments
Investments in the period under review amounted to EUR 4.9 million
(EUR 13.5 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
1,389 employees (1,540), 57 percent of whom worked in Finland (58
percent), 26 percent in Sweden (26 percent) and a total of 17 percent
in the Baltic countries and Denmark (16 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-September was EUR 1,682.0 million (EUR 1,537.1 million) and
net sales were EUR 865.0 million (EUR 820.2 million). Operating
profit excluding one-off items was EUR 14.7 million (EUR 11.6
million).
Third-quarter invoicing in the business segment came to EUR 543.0
million (EUR 500.0 million) and net sales to EUR 278.3 million (EUR
264.9 million). Third-quarter operating profit excluding one-off
items was EUR 5.0 million (EUR 4.9 million).
The pharmaceutical market in Finland grew by 4.7 percent (1.0
percent) and in Sweden by 6.7 percent (4.1 percent) in
January-September 2007 (source: IMS Health).
Oriola-KD's share of the pharmaceutical distribution market in
Finland was 44.3 percent (41.1 percent) in September 2007 and 46.3
percent (41.7 percent) in January-September 2007 (source: IMS
Health). In Sweden, Oriola-KD's market share in pharmaceutical
distribution was 42.4 percent (43.1 percent) in September 2007 and
42.5 percent (43.7 percent) in January-September 2007 (source: ATY
and IMS Health).
The streamlining measures implemented in 2006 will allow us to
achieve in full our goal of EUR 5 million in cost savings in 2007.
These savings will enhance in particular the profitability of the
Pharmaceutical Trade business segment in 2007.
The number of employees within the Pharmaceutical Trade business
segment was 866 (971) at 30 September 2007, compared to 925 at
year-end 2006.
New distribution agreements
During the period under review, Oriola-KD gained pharmaceutical
distribution principals Schering-Plough Oy and Roche Oy as of 1
January 2007. Schering-Plough's share of the Finnish pharmaceutical
market in 2006 was 1.7 percent and Roche's 3.8 percent. In Sweden,
Oriola-KD started distributing Meda pharmaceuticals as of 1 January
2007 and assumed responsibility for all Pfizer distribution at the
end of May 2007, having before that distributed half of Pfizer's
pharmaceutical brands in Sweden. Meda's share of the Swedish
pharmaceutical market in 2006 was 1.2 percent and Pfizer's 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.
In the Pharmacy and Retail Marketing business, Oriola-KD and the
Finnish Valio Ltd signed a cooperation agreement in August for Oriola
to assume responsibility for the manufacture, distribution, sales and
marketing of Valio Gefilus capsules. The cooperation agreement
concerns the Finnish, Baltic and Swedish markets.
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 in Finland are the Finnish
subsidiary of Amgen AB as of 1 April 2007 and in Sweden Schering
Nordiska as of 1 July 2007 and Amgen AB as of 1 October 2007.
Negotiations initiated in Q2 with unprofitable, mainly small and
medium-sized pharmaceutical principals on renewing distribution
agreements in Finland and Sweden were for the most part completed
during the third quarter of 2007. The new agreements are estimated to
contribute to improved profitability starting in 2008.
According to the situation at 30 September 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-September 2007 was EUR 202.6 million (EUR 200.0 million) and
net sales were EUR 180.7 million (EUR 170.8 million). Operating
profit excluding one-off items was EUR 10.0 million (EUR 7.3
million).
Third-quarter invoicing came to EUR 62.2 million (EUR 63.0 million)
and net sales to EUR 55.5 million (EUR 54.1 million). Third-quarter
operating profit excluding one-off items was EUR 3.4 million (EUR 3.2
million).
The healthcare trade business saw mostly positive development in all
markets during the period under review. Ties with Teleflex Medical
were strengthened in Denmark, Sweden and Finland by including in the
product range the Hudson anaesthesia products earlier acquired by the
company. The part of Medith Oy's business acquired in early 2007
developed as planned and strengthened market standing in Finland. The
product range will be augmented with Carl Zeiss Meditec's ophthalmic
surgery products in early 2008. A letter of intent was signed in
September to transfer the marketing business of Zimmer orthopaedic
products - currently marketed in Finland by Oriola-KD - to the
Finnish sales company of Zimmer. This transfer is expected to take
place in spring 2008. An agreement was also reached on transferring
the sale of Sysmex haematology products in Finland and the Baltics to
Roche Diagnostics at the beginning of 2008. The transfer is part of a
wider international arrangement.
Dental businesses in Sweden and Denmark were merged under an
agreement concluded between Oriola-KD Corporation and Lifco AB on 7
June 2007. The merger of the businesses in Finland took place on 1
October 2007 and was approved by the competition authorities in the
period under review. In the Baltics, the merger of the businesses of
the two is estimated to take place in early 2008. Subsequent to the
merger and the cash contribution of EUR 14 million paid on 1 October
2007, Oriola-KD holds a 30 percent share of the merged dental
business while the remaining 70 percent are held by Lifco.
The number of employees within the Healthcare and Dental Trade
business segment was 523 (570) at 30 September 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-September 2007:
Class A Class B
Trading volume, million 10.2 58.7
Trading volume, EUR million 33.8 190.4
High, EUR 3.70 3.68
Low, EUR 2.64 2.57
Close on 30 Sept 2007, EUR 3.35 3.30
The traded volume of Oriola-KD Corporation shares in the review
period equalled 48.7 percent of total outstanding shares. The traded
volume of Class A shares in the period under review amounted to 19.0
percent of average outstanding stock and that of Class B shares to
66.8 percent.
Oriola-KD Corporation had a market capitalisation of EUR 468.7
million at 30 September 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 three quarters of the 2007, a total of 4,949,682 Class A shares
have been converted into Class B shares. At 30 September 2007, the
company had 51,344,958 Class A shares and 89,912,870 Class B shares.
The Annual General Meeting held on 13 March 2007 authorised the Board
to acquire for the company a maximum of 1,450,000 of the company's
own Class B shares. The authorisation shall remain in force for a
period not to exceed eighteen (18) months from the decision taken by
the Annual General Meeting. On the same occasion, the AGM authorised
the Board to allocate 650,000 B shares to a share incentive scheme
for top management in the Oriola-KD Group 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
* impacts on business concepts of potential changes in the
structure of the Swedish market
* 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 businesses
* 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.
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. In sales of healthcare equipment and
supplies, Oriola-KD estimates that its growth will outpace that of
the market. Invoicing in the healthcare logistics services in Sweden
is estimated to fall from 2006 levels, mainly due to the sale of the
home distribution business there.
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 streamlining 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.- 1.7.- 1.7.- 1.1.- 1.7.-
EUR million 30.09.2007 30.09.2006 30.09.2007 30.09.2006 31.12.2006 31.12.2006
Net sales 1045.7 991.0 333.8 319.0 1334.7 662.7
Cost of goods
sold -937.4 -888.7 -300.0 -285.3 -1195.4 -592.0
Gross profit 108.3 102.2 33.8 33.7 139.2 70.7
Other
operating
income 1.5 1.3 0.6 0.5 4.0 3.2
Selling and
distribution
expenses -77.0 -76.8 -23.3 -23.1 -105.5 -51.3
Administrative
expenses -10.7 -14.6 -3.1 -4.3 -20.3 -10.4
Operating
profit 22.1 12.1 8.0 6.8 17.4 12.2
Financial
income and
expenses 1.5 0.7 0.5 0.2 1.0 0.5
Profit before
taxes 23.6 12.8 8.5 7.0 18.4 12.7
Tax expense*) -5.8 -3.3 -2.1 -1.8 -4.4 -2.8
Profit for the
period 17.8 9.4 6.4 5.2 14.0 9.9
of which
available for:
Parent company
shareholders 17.4 9.1 6.2 5.1 13.6 9.6
Minority
interest 0.3 0.3 0.2 0.1 0.5 0.4
Earnings per
share:
-Basic, EUR 0.12 0.06 0.04 0.04 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 Pro forma Pro forma Pro forma
one-off items, 1.1.- 1.1.- 1.7.- 1.7.- 1.1.- 1.7.-
EUR million 30.09.2007 30.09.2006 30.09.2007 30.09.2006 31.12.2006 31.12.2006
Net Sales 1045.7 991.0 333.8 319.0 1334.7 662.7
Cost of goods
sold -937.4 -887.1 -300.0 -285.3 -1193.8 -592.0
Gross profit 108.3 103.9 33.8 33.7 140.8 70.7
Other
operating
income 1.5 1.3 0.6 0.5 1.9 1.1
Selling and
distribution
expenses -77.0 -75.1 -23.3 -23.1 -102.3 -49.7
Administrative
expenses -10.7 -12.9 -3.1 -3.9 -17.9 -9.3
Operating
profit 22.1 17.1 8.0 7.2 22.6 12.8
Financial
income and
expenses 1.5 0.7 0.5 0.2 1.0 0.5
Profit before
taxes 23.6 17.8 8.5 7.4 23.6 13.3
Pro forma
Balance sheet, EUR million 30.9.2007 30.9.2006 31.12.2006
Non-current assets
Property, plant and equipment 58.3 69.1 63.3
Goodwill 34.6 33.9 34.7
Other intangible assets 5.0 8.2 7.5
Investments in associates and
available-for-
sale investments 0.0 0.0 0.0
Other non-current receivables 10.0 13.7 10.0
Deferred tax assets 0.0 1.3 0.0
Non-current assets total 108.0 126.3 115.6
Current assets
Inventories 184.5 166.6 181.0
Trade and other receivables 224.2 215.3 201.8
Cash and cash equivalents 96.6 80.4 112.9
Current assets total 505.2 462.3 495.6
ASSETS TOTAL 613.3 588.6 611.2
Pro forma
Balance sheet, EUR million 30.9.2007 30.9.2006 31.12.2006
Non-current liabilities
Share capital 36.2 36.2 36.2
Other funds 30.1 30.1 30.1
Retained earnings 125.2 113.7 116.9
Net assets of the parent company
shareholders 191.5 180.0 183.2
Minority interest 8.2 9.6 8.5
Shareholder's equity total 199.8 189.7 191.8
Non-current liabilities
Deferred tax liabilities 8.9 13.0 9.7
Pension liability 4.1 3.8 4.1
Provisions 0.0 0.0 0.0
Interest-bearing non-current
liabilities 0.4 7.7 0.5
Other non-current liabilities 0.4 0.4 0.4
Current liabilities total 13.8 24.9 14.8
Current liabilities
Trade payables and other current
liabilities 382.1 356.1 370.9
Provisions 0.9 0.7 1.9
Interest-bearing current liabilities 16.6 17.2 31.8
Current liabilities total 399.7 374.0 404.6
EQUITY AND LIABILITIES TOTAL 613.3 588.6 611.2
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 -0.8 -0.8 -0.1 -0.9
Dividend Paid -8.5 -8.5 -0.5 -8.9
Hedge on net
investment
in foreign
subsidiary -0.1 -0.1 -0.1
Change in
minority
interest
Other changes -0.1 -0.1 -0.1
Share based
payments 0.3 0.3 0.3
Taxes related
to items
booked into
equity
Items booked
into equity
Profit for
the period 17.4 17.4 0.3 17.8
Shareholder's
equity
30.9.2007 36.2 30.1 -0.8 125.9 191.5 8.3 199.8
Cash flow statement, Pro forma Pro forma
EUR million 1.1.-30.09.2007 1.1.-30.09.2006 1.1.-31.12.2006
Operating profit 22.1 12.1 17.4
Depreciation 8.0 8.8 11.7
Change in working
capital -15.6 9.3 25.9
Cash flow from
financial items and
taxes -4.1 -3.2 -6.3
Other adjustments 0.1 1.2 3.9
Cash flow from
operating activities 10.5 28.2 52.7
Cash flow from
investing activities -2.0 -10.9 -10.2
Cash flow from
financing activities -24.2 27.7 35.1
Net change in cash
and cash equivalents -15.7 45.0 77.6
Cash and cash
equivalents at
beginning of
period 112.9 35.0 35.0
Foreign exchange
difference -0.6 0.4 0.4
Net change in cash
and cash equivalents -15.7 45.0 77.6
Cash and cash
equivalents at end of
period 96.6 80.4 112.9
Change in property,
plant and equipment
1.1.- Pro forma Pro forma
EUR million 30.09.2007 1.1.-30.09.2006 1.1.-31.12.2006
Carrying amount at the
beginning
of the period 63.3 70.2 70.2
Additions 4.3 5.8 7.3
Disposals -3.0 -1.4 -7.6
Depreciation -5.6 -6.0 -8.0
Translation differencies -0.6 0.4 1.3
Carrying amount at the end
of
the period 58.3 69.1 63.3
Pro forma
Key figures and 1.1.- 1.1.- Pro forma
rations 30.09.2007 30.09.2006 31.12.2006 31.12.2006
Equity ratio,% 33.5% 33.1% 33.1% 33.1%
Equity per share,
EUR 1.36 1.27 1.30 1.30
Return on capital
employed (ROCE),% 15.1% 8.1% 8.6% 12.1%
Return on equity,% 12.1% 6.7% 7.4% 10.3%
Net interest bearing
debt, Me -79.6Me -55.5Me -80.6Me -80.6Me
Gearing,% -39.8% -29.3% -42.0% -42.0%
Earnings per share,
EUR 0.12 0.06 0.10 0.07
Average number of
share, tpcs *) 141 258 141 258 141 258 141 258
*) 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
30.9.2007
Negative Nominal
Positive fair 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 21.5
30.9.2006
Negative Nominal
Positive fair fair values
EUR million value value of contracts
Hedging of a net investment in
an
independent foreign unit 0.3 26.5
Other forward and currency swap
contracts 0.0 3.8
EUR million 30.9.2007 30.9.2006 31.12.2006
Contingent for own liabilities
Guarantees given 2.6 8.5 4.8
Real-estate mortgages given 1.0 8.0 1.0
Mortgages on company assets 22.5 21.9 22.9
Other guarantees and
liabilities 2.1 2.2 2.5
Total 28.1 40.6 31.2
Guarantees given on behalf of
external parties 0.0 0.0 0.0
Leasing-liabilities (operating
liabilities) 0.4 0.5 0.6
Rent contingent 5.5 5.3 6.5
Invoicing by business Pro forma Pro forma
segment, 1.1.- 1.1.- 1.1.- 1.7.-
EUR million 30.09.2007 30.09.2006 31.12.2006 31.12.2006
Pharmaceutical Trade 1682.0 1537.1 2064.7 1027.7
Healthcare and Dental
Trade 202.6 200.0 275.4 138.3
Group Total 1884.5 1737.1 2340.1 1166.0
Net sales by business Pro forma Pro forma
segment, 1.1.- 1.1.- 1.1.- 1.7.-
EUR million 30.09.2007 30.09.2006 31.12.2006 31.12.2006
Pharmaceutical Trade 865.0 820.2 1098.7 543.5
Healthcare and Dental
Trade 180.7 170.8 236.0 119.3
Group Total 1045.7 991.0 1334.7 662.7
Operating profit by Pro forma Pro forma
business segment, 1.1.- 1.1.- 1.1.- 1.7.-
EUR million 30.09.2007 30.09.2006 31.12.2006 31.12.2006
Pharmaceutical Trade 14.7 9.0 13.0 8.6
Healthcare and Dental
Trade 10.0 5.3 8.2 6.1
Group items -2.7 -2.1 -3.8 -2.6
Group total 22.1 12.1 17.4 12.2
Average number of
personnel 1 475 1 563 1 548 1 556
Number of personnel at
the end of the
period 1 389 1 540 1 495 1 495
Operating profit by
business
segment excluding one-off Pro forma Pro forma
items, 1.1.- 1.1.- 1.1.- 1.7.-
EUR million 30.09.2007 30.09.2006 31.12.2006 31.12.2006
Pharmaceutical Trade 14.7 11.6 15.6 9.0
Healthcare and Dental
Trade 10.0 7.3 10.4 6.3
Group items -2.7 -1.7 -3.4 -2.6
Group total 22.1 17.1 22.6 12.8
Invoicing by business 7-9/ 4-6/ 1-3/ 10-12/ 7-9/ 4-6/ 1-3/
segment, EUR million 2007 2007 2007 2006 2006 2006 2006
Pharmaceutical Trade 543.0 575.9 563.2 527.7 500.0 529.0 508.1
Healthcare and
Dental Trade 62.2 68.5 71.8 75.3 63.0 65.7 71.3
Group Total 605.2 644.4 634.9 603.0 563.0 594.7 579.4
Net sales by business 7-9/ 4-6/ 1-3/ 10-12/ 7-9/ 4-6/ 1-3/
segment, EUR million 2007 2007 2007 2006 2006 2006 2006
Pharmaceutical Trade 278.3 295.5 291.3 278.6 264.9 280.2 275.0
Healthcare and
Dental Trade 55.5 60.7 64.5 65.2 54.1 55.6 61.1
Group Total 333.8 356.1 355.8 343.7 319.0 335.8 336.1
Operating profit by
business segment, 7-9/ 4-6/ 1-3/ 10-12/ 7-9/ 4-6/ 1-3/
EUR million 2007 2007 2007 2006 2006 2006 2006
Pharmaceutical Trade 5.0 4.6 5.1 4.0 4.5 1.8 2.7
Healthcare and
Dental Trade 3.4 2.9 3.7 2.9 3.2 0.9 1.2
Group items -0.5 -1.2 -1.0 -1.6 -0.9 -0.6 -0.6
Group total 8.0 6.3 7.8 5.3 6.8 2.1 3.3
Operating profit by
business segment
excluding one-off items, 7-9/ 4-6/ 1-3/ 10-12/ 7-9/ 4-6/ 1-3/
EUR million 2007 2007 2007 2006 2006 2006 2006
Pharmaceutical Trade 5.0 4.6 5.1 4.1 4.9 3.9 2.7
Healthcare and
Dental Trade 3.4 2.9 3.7 3.1 3.2 1.3 2.8
Group items -0.5 -1.2 -1.0 -1.7 -0.9 -0.6 -0.2
Group total 8.0 6.3 7.8 5.5 7.2 4.6 5.3
Pro forma Pro forma
Net sales by market, 1.1.- 1.1.- 1.1.- 1.7.-
EUR million 30.09.2007 30.09.2006 31.12.2006 31.12.2006
Finland 426.7 399.2 538.6 270.7
Other Nordic countries 581.6 559.6 751.4 369.6
Other Europe 36.4 30.9 43.2 21.6
Other countries 1.0 1.3 1.5 0.8
Total 1045.7 991.0 1334.7 662.7
Net sales by market, 7-9/ 4-6/ 1-3/ 10-12/ 7-9/ 4-6/ 1-3/
EUR million 2007 2007 2007 2006 2006 2006 2006
Finland 135.3 143.4 148.1 139.5 130.7 133.5 134.9
Other Nordic countries 187.1 199.6 195.0 191.8 178.3 191.7 189.5
Other Europe 11.3 12.5 12.6 12.3 9.3 10.1 11.6
Other countries 0.1 0.7 0.2 0.2 0.7 0.5 0.1
Total 333.8 356.1 355.8 343.7 319.0 335.8 336.2
Espoo, 22 October 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:
OMX Nordic Exchange Helsinki Oy
Main media
Released by:
Oriola-KD Corporation
Corporate Communications
Orionintie 5
FI-02200 Espoo, Finland
www.oriola-kd.com