2010-02-11 07:30:00 CET
2010-02-11 07:31:42 CET
REGULATED INFORMATION
Oriola-KD Oyj - Company Announcement
Oriola-KD Corporation's Financial Statements for 1 January - 31 December 2009
Oriola-KD Corporation Stock Exchange Release 11 February 2010 at 8.30 a.m.
This review presents the financial information for the Oriola-KD Group
(hereinafter Oriola-KD) for 2009. This report for 1 January - 31 December 2009
was drawn up in accordance with the IAS 34 standard and Oriola-KD's new
segmentation. The figures in the report have been audited. The retail and
wholesale companies acquired in Russia have been consolidated into Oriola-KD's
accounts as of 1 April 2008.
Key figures for 1 January - 31 December 2009
* Net sales increased 8 per cent to EUR 1713.1 million (Jan-Dec 2008: EUR
1580.8 million)
* Operating profit increased 80 per cent to EUR 65.4 million (Jan-Dec 2008:
EUR 36.4 million)
* Net profit increased 77 per cent to EUR 48.6 million (Jan-Dec 2008: EUR
27.5 million)
* Earnings per share were EUR 0.34 (Jan-Dec 2008: EUR 0.19)
* Net cash flow from operations was EUR 100.9 million (Jan-Dec 2008: -EUR
18.1 million)
* Return on capital employed was 18.7 per cent (Jan-Dec 2008: 13.5 per cent)
* The Board proposes to the General Meeting that a dividend of EUR 0.12 per
share (EUR 0.08 per share) be distributed for 2009
* Oriola-KD's net sales and operating profit for 2010 are forecast to be
higher than in 2009
Key figures for 1 October - 31 December 2009
* Net sales increased 8 per cent to EUR 486.5 million (Oct-Dec 2008: EUR
449.1 million)
* Operating profit increased 70 per cent to EUR 26.9 million (Oct-Dec 2008:
EUR 15.8 million)
* Net profit increased 61 per cent to EUR 20.0 million (Oct-Dec 2008: EUR
12. 4 million)
* Earnings per share were EUR 0.14 (Oct-Dec 2008: EUR 0.09)
President and CEO Eero Hautaniemi: "Oriola-KD's business developed favourably in
2009. Net sales were up by 8 per cent and operating profit by 80 per cent on the
previous year. Growth in Russia, enhanced efficiency and investments improved
the 2009 result. In line with our strategy, we acquired a national pharmacy
chain in Sweden. After careful preparations we are ready to launch pharmacy
operations in Sweden in February 2010."
Financial performance
Oriola-KD's net sales in 2009 were EUR 1713.1 million (EUR 1580.8 million) and
operating profit was EUR 65.4 million (EUR 36.4 million). Profit after financial
items came to EUR 62.1 million (EUR 34.6 million) and net profit to EUR 48.6
million (EUR 27.5 million). Oriola-KD's earnings per share in 2009 were EUR
0.34 (EUR 0.19).
Fourth quarter net sales came to EUR 486.5 million (EUR 449.1 million) and
operating profit to EUR 26.9 million (EUR 15.8 million). Profit after financial
items came to EUR 25.4 million (EUR 14.4 million) and net profit to EUR 20.0
million (EUR 12.4 million). Earnings per share in the fourth quarter were EUR
0.14 (EUR 0.09).
Oriola-KD invested in developing its business in Russia, in preparing for the
deregulation of Sweden's pharmacy market and in improving its operating
efficiency. The costs incurred in the preparations made for the change of the
pharmacy market in Sweden came to EUR 11.7 million in 2009, of which EUR 3.7
million was recorded in the fourth quarter. The preparation costs include the
fees of advisors.
Oriola-KD's financing expenses in 2009 were EUR 3.3 million (EUR 1.8 million).
The increase was mainly due to the execution of the Russian acquisition in April
2008. Taxes in 2009 came to EUR 13.4 million (EUR 7.2 million). Taxes
corresponding to the result for the 2009 period are accounted as taxes.
Return on capital employed was 18.7 per cent (13.5 per cent) and return on
equity 22.1 per cent (14.1 per cent) in 2009.
Balance sheet, financing and cash flow
Oriola-KD's balance sheet total on 31 December 2009 stood at EUR 923.1 million
(EUR 790.6 million). Cash and cash equivalents at the end of 2009 stood at EUR
133.7 million (EUR 46.5 million) and equity was EUR 254.2 million (EUR 185.5
million). The equity ratio was 29.2 per cent (25.1 per cent).
Interest-bearing net debt at the end of December 2009 was EUR 16.0 million (EUR
62.2 million) and the gearing ratio was 6.3 per cent (33.5 per cent).
Interest-bearing debt, which at the end of 2009 was EUR 149.7 million (EUR
108.7 million), comprise some EUR 51.6 million from pharmacy advance payments in
Finland, a debt of approximately EUR 63.6 million from the anticipated final
price for the remaining 25 per cent holding in the Russian companies and finance
lease liabilities of EUR 0.4 million. In addition, Oriola-KD has a commercial
paper programme of EUR 150 million, from which EUR 34.2 million had been drawn
at the end of the review period.
To secure its long-term solvency Oriola-KD Corporation signed a EUR 70 million
and Kronans Droghandel Retail AB a EUR 126.8 million (SEK 1.3 billion) long-term
credit facility with four banks in the fourth quarter of 2009. Financial
covenants are based on the ratio between Oriola-KD's net debt and EBITDA and its
gearing ratio. The terms of the financial covenants were met with a wide margin
at the end of 2009. Oriola-KD's long-term credit limit facilities of
approximately EUR 196.8 million and EUR 39.5 million in short-term credit
account facilities stood unused at the end of the review period.
Net cash flow from operations in 2009 was EUR 100.9 million (EUR -18.1 million),
of which changes in working capital accounted for EUR 37.9 million (EUR -52.2
million). Working capital decreased mainly as a result of a sale of a EUR 49.8
million sales receivables programme (non-recourse) by the wholesale company in
Sweden. The sale of the receivables was launched to finance the capital
investment in Kronans Droghandel Retail AB in the final quarter of the year.
Net cash flow from investments was EUR -28.0 million (EUR -75.3 million),
including the additional sum of EUR 21.7 million paid for the 75 per cent
holding in the Russian companies in February 2009. In 2009 period, cash flow
after investments was EUR 72.9 million (EUR -93.4 million). Cash flow from
financing includes a dividend of EUR 11.3 million paid in May and the directed
issue of EUR 20.6 million carried out in June.
Investments
Investments in 2009 came to EUR 47.4 million (EUR 125.7 million), mostly
associated with the increase of the anticipated final price of the remaining 25
per cent in the Russian companies, the acquisition of the minority holding in
Kronans Droghandel AB in Sweden and operating investments in maintenance and
PPE.
Personnel
On 31 December 2009, Oriola-KD had a payroll of 4299 (4709) employees, 15 per
cent (14 per cent) of whom worked in Finland, 10 per cent (8 per cent) in
Sweden, 70 per cent (74 per cent) in Russia and 5 per cent (4 per cent) in the
Baltic countries and Denmark combined.
Changes in the Group Management Team
Henry Fogels, Vice President of Pharmaceutical Retail and Vladimir Kniazev, Vice
President of Pharmaceutical Wholesale in Russia, and Thomas Gawell, Vice
President of Pharmaceutical Wholesale in Sweden, have been appointed as members
of the Oriola-KD Group Management Team as of 1 January 2010. On 1 January 2010,
Oriola-KD Corporation's Group Management Team was composed of:
* Eero Hautaniemi President and CEO
* Henry Fogels, Vice President, Pharmaceutical Retail, Russia
* Thomas Gawell, Vice President, Pharmaceutical Wholesale, Sweden
* Anne Kariniemi, Vice President, Logistics and Sourcing
* Vladimir Kniazev, Vice President, Pharmaceutical Wholesale, Russia
* Cecilia Marlow, Vice President, Pharmaceutical Retail, Sweden
* Jukka Niemi, Vice President, Pharmaceutical Wholesale, Finland
* Ilari Vaalavirta, Vice President, Healthcare Trade
* Kimmo Virtanen, Executive Vice President & CFO
The Group also has an extended Group Management Team, composed of the Group
Management Team and the heads of Group functions: human resources, legal
affairs, treasury, finance, IM administration, and corporate communications and
investor relations.
Business segments
In accordance with its organisational structure and internal reporting,
Oriola-KD's business segments are Pharmaceutical Trade Finland, Pharmaceutical
Trade Sweden, Pharmaceutical Trade Russia, Pharmaceutical Trade Baltic
Countries, Healthcare Trade and Dental Trade.
Changes in Oriola Oy's corporate structure
At the end of 2009, Oriola-KD carried out a partial demerger of Oriola Oy.
Following the demerger, Pharmaceutical Trade continues in Oriola Oy and Oriola
Oy's Healthcare Trade business in the Nordic countries was transferred to a new
company named Oriola-KD Healthcare Oy. The demerger took place at the beginning
of 2010, and Oriola-KD Corporation now has two fully owned Finnish operational
subsidiaries: Oriola Oy and Oriola-KD Healthcare Oy. The demerger will simplify
the corporate structure and increase the efficiency of managing business
operations. The change will have no impact on Oriola-KD's operating segments.
Pharmaceutical Trade Finland
Pharmaceutical Trade Finland's net sales in 2009 were EUR 504.5 million (EUR
533.4 million) and its operating profit was EUR 18.1 million (EUR 16.6 million).
Fourth-quarter net sales came to EUR 125.6 million (EUR 144.0 million) and
operating profit to EUR 4.4 million (EUR 4.7 million).
The Finnish pharmaceutical market grew 0.0 per cent in 2009 (6.7 per cent). The
introduction of a reference price system in Finland at the beginning of April
2009 weakened the growth of net sales of the Pharmaceutical Trade Finland
business segment in 2009. Oriola-KD held a 46.9 per cent (47.6 per cent) share
of the pharmaceutical distribution market in Finland in 2009 (source: IMS
Health). No major changes in principals that would have had a bearing on market
share took place in the review period.
At the end of December 2009, 474 (425) people were employed by Pharmaceutical
Trade Finland.
Pharmaceutical Trade Sweden
Pharmaceutical Trade Sweden's net sales in January-December 2009 were EUR 547.0
million (EUR 535.9 million) and its operating profit was EUR -5.0 million (EUR
6.0 million).
Fourth-quarter net sales came to EUR 159.0 million (EUR 125.9 million) and
operating profit to EUR -2.2 million (EUR 1.3 million).
The costs incurred in the preparations made for the change of the pharmacy
market in Sweden came to EUR 11.7 million in 2009, of which EUR 3.7 million was
recorded in the fourth quarter. Of the total preparation costs, EUR 0.7 million
has been recorded for the Group. The preparation costs include the fees of
advisors in the acquisition. Excluding these project costs, Pharmaceutical Trade
Sweden's operating profit in 2009 was EUR 5.9 million.
The Swedish pharmaceutical market grew by 2.4 per cent (4.1 per cent) in 2009.
Oriola-KD held a 41.2 per cent (43.8 per cent) share of the pharmaceutical
distribution market in Sweden in January-December 2009 (source: IMS Health).
The pharmaceutical manufacturers Schering-Plough and Organon discontinued as
pharmaceutical principals for Oriola-KD in Sweden during the period under
review.
Acquisition of a national pharmacy chain in Sweden
In November 2009, Kronans Droghandel Retail AB, a jointly owned company of
Oriola-KD and KF (Kooperativa Förbundet), and Apoteket AB (publ) signed an
agreement under which Kronans Droghandel Retail AB will acquire the entire stock
of a national pharmacy company with 171 pharmacies. The pro forma net sales of
the 171 pharmacies were SEK 4.4 billion in 2008 and their share of the Swedish
pharmacy market was 14.5 per cent. Their pro forma operating profit, inclusive
of the average administrative costs of Apoteket AB, was SEK 183 million in
2008, which is 4.2 per cent of the net sales. The net debt of the pharmacy
cluster was SEK 136 million in the end of August 2009. The cluster had 931
employees in the end of 2008. The cash price of the acquisition is expected to
be approximately SEK 1.56 billion, and the deal is expected to be completed
within the first quarter of 2010.
Oriola-KD and KF founded the jointly owned company Kronans Droghandel Retail AB.
Under the shareholders agreement, Oriola-KD holds a 80 per cent share of the new
company while KF has a 20 per cent holding. Four members of the Board of Kronans
Droghandel Retail AB are appointed by Oriola-KD and one by KF. The cooperation
allows Kronans Droghandel Retail AB to establish new pharmacies at Coop
hypermarkets and supermarkets owned by KF. Oriola-KD is in charge of the
pharmacy chain's operative development and the management of its business
operations.
Pharmaceutical Trade Sweden had 309 (254) employees at the end of December
2009, of whom 40 (0) were employed in retail and 269 (254) in wholesale.
Pharmaceutical Trade Russia
Pharmaceutical Trade Russia's net sales in December 2009 were EUR 480.7 million
(pro forma EUR 414.9 million), of which wholesale trade accounted for EUR 382.0
million (EUR 311.4 million) and retail for EUR 98.7 million (EUR 103.5 million).
Operating profit was EUR 44.5 million (pro forma EUR 7.4 million). The retail
and wholesale companies acquired in Russia have been consolidated into
Oriola-KD's accounts as of 1 April 2008.
Fourth-quarter net sales came to EUR 148.2 million (EUR 127.3 million), of which
wholesale accounted for EUR 120.7 million (EUR 94.6 million) and retail EUR
27.5 million (EUR 32.7 million). Fourth-quarter operating profit was EUR 21.6
million (EUR 8.9 million).
Operating profit was increased in 2009 by investments, increased volume of
pharmaceutical wholesale, annual discounts typical of the business received in
the fourth quarter, improved operating efficiency and higher retail trade
profitability. Oriola-KD had 175 (150) pharmacies in the Moscow region at the
end of 2009. Pharmaceutical wholesale operations were launched in the fourth
quarter in Rostov-on-Don in southern Russia.
The Russian pharmaceutical market grew by some 20 per cent and Oriola-KD's net
sales grew by more than 40 per cent in Russian rubles (RUB) in 2009.
Pharmaceutical Trade Russia had 3023 (3482) employees at the end of December
2009, of whom 1402 (1848) were employed in retail trade and 1621 (1634) in
wholesale trade.
Pharmaceutical Trade Baltic Countries
Pharmaceutical Trade Baltic Countries' net sales in 2009 were EUR 35.7 million
(EUR 37.4 million) and operating profit was EUR 0.9 million (EUR 1.1 million).
Fourth-quarter net sales came to EUR 10.3 million (EUR 9.2 million) and
operating profit to EUR 0.3 million (EUR 0.3 million).
The Baltic market was challenging, which had a negative effect on net sales and
operating profit. Oriola-KD discontinued its small-scale pharmacy business in
Latvia in 2009.
Pharmaceutical Trade Baltic Countries had 138 (157) employees at the end of
December 2009.
Healthcare trade
Healthcare Trade net sales in January-December 2009 were EUR 145.1 million (EUR
155.2 million) and operating profit was EUR 8.9 million (EUR 7.9 million).
Fourth-quarter net sales came to EUR 43.4 million (EUR 42.7 million) and
operating profit to EUR 2.4 million (EUR 1.7 million).
The sale of the ConvaTec wound and stoma care business to the manufacturer of
the products in Finland in the second quarter improved the 2009 operating
profit. In December 2009 Oriola-KD signed a five-year agreement on healthcare
warehousing and materials management services with the Swedish provinces of
Skåne and Halland. The agreement will come into force in April 2010 and the
associated annual net sales will be approximately EUR 35 million. The agreement
will involve the transfer of about 50 persons to Oriola-KD.
The Healthcare Trade business segment had a payroll of 355 (390) employees on
31 December 2009.
Dental Trade
In 2009, the operating profit of Dental Trade was EUR 3.9 million (EUR 2.1
million).
Fourth-quarter operating profit was EUR 1.2 million (EUR 0.8 million).
The operating profit improved mainly as a result of the positive trend in the
Finnish, Swedish and Danish businesses.
The dental trade businesses of Oriola-KD and Lifco AB were combined in 2007.
Oriola-KD holds a 30 per cent share of the Dental Trade business, while Lifco
has a 70 per cent holding.
Environment
Oriola-KD supports sustainable development in its operations and takes
environmental considerations into account by applying an environmental
management system that aims to minimise environmental load. Transportation and
the logistical management of large flows of goods are a fundamental part of
Oriola-KD's business. In order to ensure that distribution is efficient and
economical, a scheduled network of routes is employed in which deliveries are
timed in order to minimise the number of deliveries. The amount of driving done
is thus optimised with an information system developed for this purpose. In
Finland and Sweden, deliveries to established customers are packed in recyclable
plastic boxes that can be re-used hundreds of times. Large quantities are
delivered in recyclable cardboard packaging, on pallets and castor pallets.
Waste reduction, re-use, sorting and recycling are key principles in waste
management. Pharmaceutical and other hazardous waste is sorted and delivered to
a hazardous waste treatment plant for disposal using the methods required by
medical and environmental authorities.
Related parties
Related parties in the Oriola-KD Group are deemed to comprise the parent company
Oriola-KD Corporation, the subsidiaries and associated companies, the members of
the Board and the President and CEO of Oriola-KD Corporation, other members of
the Group Management Team of the Oriola-KD Group, the immediate family of the
aforementioned persons, the companies controlled by the aforementioned persons,
and the Oriola Pension Foundation. The Group has no significant business
transactions with related parties, except for pension expenses arising from
defined benefit plans with the Oriola Pension Foundation. The notes to the
financial statements of Oriola-KD Corporation provide additional information on
intra-Group liabilities and sureties given on behalf of Group companies.
Oriola-KD Corporation has given no significant sureties on behalf of Group
companies.
Oriola-KD Corporation shares
Trading volume of the Oriola-KD Corporation's Class A and B shares in 2009:
Trading volume Jan-Dec 2009 Jan-Dec 2008
Class A Class B Class A Class B
Trading volume, million 7.2 104.5 5.5 41.3
Trading volume, EUR million 19.5 298.5 12.0 98.1
Highest, EUR 4.41 4.43 3.10 3.10
Lowest, EUR 1.29 1.30 1.22 1.20
Closing quotation, end of period, EUR 4.39 4.40 1.30 1.30
In the review period, the traded volume of Oriola-KD Corporation shares,
excluding treasury shares, corresponded to 76.0 per cent (33.0 per cent) of the
total number of shares. The traded volume of class A shares amounted to 14.9 per
cent (11.2 per cent) of the average stock, and that of class B shares, excluding
treasury shares, 105.8 per cent (45.0 per cent).
Oriola-KD Corporation's market capitalisation on 31 December 2009 was EUR 665.1
million (EUR 184.5 million).
On 19 March 2009, pursuant to the authorisation granted to it by the Annual
General Meeting of 13 March 2007, the Board of Directors of Oriola-KD
Corporation resolved that a directed bonus issue be made, in which a total of
150,480 class B shares held by the company were assigned to the company's
President and CEO and to certain other members of Oriola-KD Corporation's Group
Management Team and of its extended Group Management Team, as part of the
Group's share-based incentive scheme for senior management. These shares
represent approximately 0.11 per cent of the total number of company shares and
approximately 0.01 per cent of the total number of votes.
On 3 June 2009, Oriola-KD Corporation's Board of Directors decided on a directed
issue of shares under an authorisation granted by the Annual General Meeting of
16 April 2009, issuing 9,350,000 new class B shares to institutional investors.
The new class B shares in the directed issue have been entered in the Trade
Register and they were listed for public trading on NASDAQ OMX Helsinki Ltd on
8 June 2009 with the old class B shares. Following the share issue the company
had a total of 151,257,828 shares, of which class A shares accounted for
48,392,203 and class B shares for 102,865,625.
In accordance with Chapter 2, section 9, of the Securities Markets Act, Varma
Mutual Pension Insurance Company notified Oriola-KD Corporation on 29 June 2009
that as a result of share transactions executed on 26 June 2009, its holding of
votes conferred by Oriola-KD Corporation shares had risen to 5.21 per cent and
hence exceeded one twentieth (1/20) of the total votes.
The company has 343,472 treasury shares, all of which are class B shares. These
account for 0.23 per cent of the company's shares and 0.03 per cent of the
votes.
At the end of 2009, the company had 151,257,828 shares (141,907,828) of which
47,667,359 were Class A shares (48,692,203) and 103,509,469 were Class B shares
(93,215,625). Under Article 3 of the Articles of Association, a shareholder may
demand conversion of class A shares into class B shares. During 2009, a total of
1,024,844 (2,553,202) Class A shares were converted into Class B shares
Decisions of the Annual General Meeting
The Annual General Meeting of Oriola-KD Corporation, held on 16 April 2009,
confirmed the 2008 financial statements and discharged the Board members and the
President and CEO from liability for the financial year ending 31 December
2008.
The Annual General Meeting resolved that the sum of EUR 0.08 per share be paid
as dividend on the basis of the balance sheet adopted for the financial year
ending 31 December 2008. The dividend was paid to those who, on the dividend
distribution record date of 21 April 2009, were entered as shareholders of the
company in the company's shareholder register kept by Euroclear Finland Ltd. The
dividend payment date was 15 May 2009.
The Annual General Meeting confirmed that the Board would continue to comprise
seven members. Harry Brade, Pauli Kulvik, Outi Raitasuo, Antti Remes, Olli
Riikkala, Jaakko Uotila and Mika Vidgrén were re-elected to the Board. Olli
Riikkala continued as Chairman of the Board. The Annual General Meeting
confirmed that the Chairman of the Board will receive EUR 44,000 in remuneration
for his term of office, the Vice Chairman EUR 27,500 and the other members of
the Board EUR 22,000 each. The Board's remuneration will be paid in cash. The
Chairman of the Board will receive an attendance fee of EUR 800 for each
meeting, and the other Board members EUR 400 per meeting. Meeting fees will also
be paid in the same manner to members of any committees set up by the Board of
Directors or the company. The Chairman of the Board will also have a
company-paid phone. Travel expenses will be paid in accordance with the travel
policy of the company.
The Annual General Meeting re-elected PricewaterhouseCoopers Oy as auditor for
the company, with Heikki Lassila APA as principal auditor. The auditor will be
remunerated according to invoice.
The Annual General Meeting resolved that articles 3, 4, 7, 9, 10 and 12 of the
Articles of Association be amended. The main content of the amendments is as
follows: The references to minimum and maximum authorised share capital were
removed from article 3; the definition in article 4 concerning the book-entry
system was simplified and the references concerning the record date procedure
were removed; an amendment was made to the wording of article 7 on the right to
sign on behalf of the company, ensuring that it is consistent with the
terminology used in the Limited Liability Companies Act; the references to
deputy auditor were removed from article 9. Following this amendment the company
has just one auditor, which must be a firm of authorised public accountants; the
phrases in article 10 concerning the AGM were amended to ensure consistency with
the terminology used in the Limited Liability Companies Act and with the newly
amended article 9; the definition in article 12 concerning the notice of the
annual general meeting was amended such that the notice must be given at least
21 days prior to the meeting.
The Annual General Meeting authorised the Board to decide on the purchase of
Oriola-KD Corporation class B shares. Pursuant to the authorisation, the Board
is authorised to decide on the purchase of no more than 14,000,000 of the
company's own class B shares, which corresponded to approximately 9.9 per cent
of the total number of company shares. The authorisation can only be used in
such a way that the company and its subsidiaries together would hold no more
than one tenth (1/10) of the total number of company shares at any one time. In
accordance with the Board's decision, the company's shares can be purchased in a
manner other than in proportion to the existing holdings of shareholders using
assets belonging to the company's non-restricted equity at the class B share's
market price in public trading arranged by the NASDAQ OMX Helsinki Ltd exchange
at the time of purchase. The shares will be paid for in accordance with the
rules and regulations of NASDAQ OMX Helsinki Ltd and Euroclear Finland Ltd. The
Board will decide how the shares are purchased. Derivatives may also be used in
the purchase. The purchase of the shares will reduce the company's distributable
non-restricted equity. The shares can be purchased for the purpose of developing
the company's capital structure, implementing any corporate transactions or
other business arrangements, financing investments, inclusion in the company's
incentive schemes or to be otherwise assigned, held by the company or annulled.
The Board will decide on all other matters related to the purchase of class B
shares. The purchase authorisation remains in force no longer than eighteen (18)
months following the decision of the General Meeting. The authorisation repeals
the Annual General Meeting's decision of 17 March 2008 authorising the Board to
decide on the purchase of Oriola-KD Corporation class B shares.
The Annual General Meeting authorised the Board to decide on a share issue of
the company's class B shares against payment in one or more batches. The
authorisation includes the right to issue new class B shares or to assign class
B shares held by the company. The authorisation covers no more than 28,000,000
of the company's class B shares in total, which corresponded to approximately
19.8 per cent of the total number of company shares. The authorisation granted
to the Board includes the right to deviate, by means of a directed issue, from
the pre-emptive subscription right of shareholders, provided that there are
financial grounds considered important from the company's perspective for such a
deviation. Subject to the restrictions presented above, the authorisation can be
used for purposes such as payment of consideration in corporate transactions or
other business arrangements and financing and carrying out investments,
expansion of the company's ownership base, development of the capital structure,
or as part of incentive and commitment programmes for personnel. On the basis of
the authorisation, class B shares held by the company can also be sold in public
trading arranged by the NASDAQ OMX Helsinki Ltd exchange. The authorisation
includes the right of the Board to determine the terms of the share issue as
specified in the Limited Liability Companies Act, including the right to decide
whether the subscription price will be partially or fully entered in the
invested non-restricted equity fund or in the share capital. The authorisation
will remain in force for eighteen (18) months following the decision of the
General Meeting. The authorisation cancels the share issue authorisations
previously received by the Board, with the exception of the authorisation
granted to the Board by the Annual General Meeting of 13 March 2007, under which
the Board may decide on arranging a directed bonus issue of no more than
650,000 class B shares for the purpose of implementing the share-based incentive
scheme for management.
Decisions of the Board's organisational meeting
At the organisational meeting held immediately after the AGM, the Board resolved
to elect Antti Remes to continue serving as Vice Chairman of the Board. The
composition of the Audit and Compensation Committees was confirmed as follows.
Audit Committee:
Antti Remes, Chairman
Harry Brade
Outi Raitasuo
Mika Vidgrén
Compensation Committee:
Olli Riikkala, Chairman
Pauli Kulvik
Jaakko Uotila
All members of the Board are independent of the company and its major
shareholders.
On 12 November 2009, the Board of Directors of Oriola-KD Corporation appointed
the following persons as members of the Nomination Committee:
Harry Brade
Risto Murto
Olli Riikkala
Timo Ritakallio
Seppo Salonen
Into Ylppö.
Into Ylppö was appointed chairman of the committee.
According to the rules of procedure of the Nomination Committee approved by the
Board of Directors, the committee is a body established by the Board of
Directors whose duty is to prepare and make a recommendation to the Board of
Directors of a proposal to be submitted to the Annual General Meeting regarding
the composition and compensation of the Board of Directors.
Risks
The Board of Directors of Oriola-KD has approved the company's risk management
policy in which the risk management operating model, principles,
responsibilities and reporting are specified. The Group's risk management seeks
to identify, measure and manage risks that may threaten the operations of the
company and the achievement of goals set for them. The roles and
responsibilities relating to risk management have been determined in the Group.
Oriola-KD's risks are classified as strategic, operational and financial. Risk
management is a key element of the strategic process, operational planning and
daily decision-making at Oriola-KD.
Oriola-KD has identified the following principal strategic and operational risks
in its business:
* changes in bargaining position vis-à-vis suppliers and customers
* impact on business concepts as a result of 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, especially in Sweden
and in Russia
* commitment of key employees.
The major financial risks for Oriola-KD involve currency exchange rates,
interest rates, liquidity and credit. The anticipated USD-denominated purchase
price of the remaining 25 per cent holding in the Russian business acquisition
has been hedged in accordance with the Group's treasury policy.
Oriola-KD's exposure to risks relating to new markets and businesses as well as
financial risks has increased as a result of the company's expansion into the
Russian pharmaceutical retail and wholesale market. Currency risks are the most
significant of Oriola-KD's financial risks in Russia, as any changes in the
value of the ruble (RUB) will have an impact on Oriola-KD's financial
performance and equity. Oriola-KD has used some EUR 90 million to acquire a 75
per cent holding in the Russian companies and anticipates that the final price
for the remaining 25 per cent will be roughly EUR 64 million. In addition, by
the end of December it had provided the companies with long-term financing
amounting to approximately EUR 64 million. The Russian companies have no
external loans.
Goodwill and intangible rights are subject to annual impairment testing, which
may have a negative effect on Oriola-KD's financial performance.
Near-term risks and uncertainty factors
The completion of the processes involved in the Russian acquisition, the price
regulation system that comes into effect in the beginning of 2010 and stiffening
competition have significant bearing on Oriola-KD's outlook in the short term in
Russia. The change in the Swedish pharmacy market is subject to uncertainty that
may have a substantial effect on Oriola-KD's Swedish business.
Events after the period under review
The Nomination Committee of Oriola-KD Corporation has given its recommendation
to the Board of Directors for the proposal to the Annual General Meeting on 7
April 2010 concerning the composition of the Board of Directors as follows:
* The number of members of the Board would be increased from seven to eight
* The present Board members, Mr. Harry Brade, Mr. Pauli Kulvik, Ms. Outi
Raitasuo, Mr. Antti Remes, Mr. Olli Riikkala, Mr. Jaakko Uotila and Mr. Mika
Vidgrén would be re-elected
* Mr. Per Båtelson would be elected as a new member of the Board
* Mr. Olli Riikkala would be re-elected as Chairman of the Board.
The Nomination Committee also announced as its recommendation that the following
remunerations be paid to the Board of Directors:
* Chairman: annual fee of 48,400 euros, attendance fee of 800 euros per
meeting, telephone as a fringe benefit
* Vice Chairman: annual fee of 30,250 euros, attendance fee of 400 euros per
meeting
* Other members of the Board: annual fee of 24,200 euros, attendance fee of
400 euros per meeting
* Attendance fees would be paid respectively also to members of the Corporate
or Board Committees
* Of the annual fee, 60 per cent would paid in cash and 40 per cent would be
used to acquire Oriola-KD's Corporation's Class B-shares for the Board
members from the Helsinki Stock Exchange after the publication of the
company's interim report 1-3/2010.
* Travel expenses would be reimbursed in accordance with the travel policy of
the company.
The Nomination Committee stated that it has not given its recommendation for the
remunerations to the Board of Directors, but the matter will be proposed by a
shareholder at the Annual General Meeting of 2010.
Presentation of Mr. Per Båtelson:
Mr. Per Båtelson, M.Sc. (Physics) born 1950, serves as CEO of Global Health
Partner Plc. He has previously served as President and CEO of Capio AB. Mr.
Båtelson is a member of the Boards of Permobil AB, Sentoclone AB and Unilabs AB.
Mr Per Båtelson served as Chairman of the Board of Directors of Apoteket AB from
2006 to 2009.
Dividend distribution proposal
Oriola-KD's parent company is Oriola-KD Corporation, whose distributable assets
on 31 December 2009, based on the balance sheet, were EUR 96 million (EUR 73
million). The Board proposes to the General Meeting that a dividend of EUR 0.12
per share (EUR 0.08 per share) be distributed for 2009.
Annual General Meeting
Oriola-KD Corporation's Annual General Meeting will be held on 7 April 2010 at
5.00 p.m. at the Helsinki Fair Centre. The matters specified in Section 10 of
the Articles of Association and other possible proposals of the Board of
Directors will be handled. The Board of Directors will decide on the notice of
the Annual General Meeting and the proposals contained in it at a later date.
The notice of the Annual General Meeting will be published in the Helsingin
Sanomat newspaper on 15 March 2010 at the latest.
Publication of the annual report
Oriola-KD Corporation will publish its annual report for 2009 on 12 March 2010
at the latest.
Corporate governance statement
Oriola-KD Corporation has issued a Corporate Governance Statement prepared in
accordance with Recommendation 51 of the Finnish Corporate Governance Code. It
is not part of the part of report of Board of Directors. The statement is
available at the company's web site at www.oriola-kd.com.
Outlook
Oriola-KD's outlook for 2010 is based on external market forecasts, agreements
with principals, order intake and management assessments. Long-term fundamentals
and growth prospects are deemed to remain favourable in the healthcare market.
Oriola-KD expects that the pharmaceutical market in Finland and Sweden will grow
approximately 3-5 per cent annually in local currency over the next few years,
which is in line with the longer-term average growth rate of these markets. The
Russian pharmaceutical market is expected to see annual growth of approximately
15-20 per cent in Russian rubles (RUB) in the next few years. Growth in the
market for healthcare equipment and supplies in Finland and Sweden is expected
to outpace that of the pharmaceutical market.
The growth of the Russian pharmaceutical market in 2010 is expected to be slower
than in the long term, mainly because of the difficult state of the Russian
economy and the price regulation system.
Competition in the Swedish pharmacy market is expected to be stiff in 2010 as a
result of the changes in the pharmacy market.
Oriola-KD's net sales and operating profit for 2010 are forecast to be higher
than in 2009.
Tables
1 Jan - 1 Jan - 1 Oct - 1 Oct -
Consolidated Statement of 31 Dec 31 Dec 31 Dec 31 Dec
Comprehensive Income (IFRS),
EUR million 2009 2008 2009 2009
--------------------------------------------------------------------------------
Net sales 1713.1 1580.8 486.5 449.1
Cost of goods sold -1462.9 -1370.0 -410.0 -380.0
--------------------------------------------------------------------------------
Gross profit 250.2 210.8 76.5 69.1
Other operating income 4.4 3.4 0.6 0.8
Selling and
distribution expenses -164.6 -146.7 -44.5 -43.8
Administrative expenses -28.6 -33.3 -6.9 -11.1
Profit from
associated company 3.9 2.2 1.2 0.8
--------------------------------------------------------------------------------
Operating profit 65.4 36.4 26.9 15.8
Financial income 7.8 7.5 1.2 3.0
Financial expenses -11.1 -9.3 -2.8 -4.4
--------------------------------------------------------------------------------
Profit before taxes 62.1 34.6 25.4 14.4
Tax expense*) -13.4 -7.2 -5.4 -2.0
--------------------------------------------------------------------------------
Profit for the period 48.6 27.5 20.0 12.4
Other comprehensive income:
Foreign exchange
differences of net investments -2.0 -5.8 0.8 -5.8
Taxes based on foreign exchange
differences of net investments 0.4 - -0.2 -
Translation differences 1.3 -21.8 2.0 -18.1
--------------------------------------------------------------------------------
Total comprehensive
income for the period 48.4 -0.1 22.6 -11.5
Profit attributable to:
--------------------------------------------------------------------------------
Parent company shareholders 49.5 27.4 20.9 12.4
--------------------------------------------------------------------------------
Non-controlling interests -0.9 0.1 -0.9 0.0
--------------------------------------------------------------------------------
Total comprehensive
income attributable to:
--------------------------------------------------------------------------------
Parent company shareholders 49.3 -0.2 23.5 -11.5
--------------------------------------------------------------------------------
Non-controlling interests -0.9 0.1 -0.9 0.0
--------------------------------------------------------------------------------
Earnings
per share:
Basic earnings per share (EUR) 0.34 0.19 0.14 0.09
Diluted earnings
per share (EUR) 0.34 0.19 0.14 0.09
*) The tax expense for the period has
been
calculated as the proportional share of
the total estimated taxes for the financial year.
Consolidated Statement of
Financial Position (IFRS),
EUR million
ASSETS 31 Dec 2009 31 Dec 2008
-------------------------------------------------------
Non-current assets
Tangible assets 53.3 54.5
Goodwill 141.7 105.1
Other intangible assets 39.5 41.9
Investments in associates 30.7 28.5
Other non-current
receivables 7.5 9.8
Deferred tax assets 2.5 0.8
-------------------------------------------------------
Non-current assets total 275.2 240.5
Current assets
Inventories 287.1 250.7
Trade and other receivables 227.1 252.9
Cash and cash equivalents 133.7 46.5
-------------------------------------------------------
Current assets total 647.8 550.1
ASSETS TOTAL 923.1 790.6
-------------------------------------------------------
EQUITY AND LIABILITIES 31 Dec 2009 31 Dec 2008
-------------------------------------------------------
Equity
Share capital 36.2 36.2
Other funds 50.9 30.1
Retained earnings 156.4 118.1
Equity of the parent
company shareholders 243.4 184.4
Non-controlling interests 10.8 1.0
-------------------------------------------------------
Equity total 254.2 185.5
Non-current liabilities
Deferred tax liabilities 13.6 16.5
Pension liability 4.9 4.2
Provisions 0.0 0.0
Interest-bearing non-current
liabilities 0.2 27.9
Other non-current liabilities 0.0 0.0
-------------------------------------------------------
Non-current
liabilities total 18.8 48.5
Current liabilities
Trade payables and other
current liabilities 500.5 475.8
Provisions 0.0 0.0
Interest-bearing current
liabilities 149.5 80.8
-------------------------------------------------------
Current liabilities total 650.1 556.6
EQUITY AND LIABILITIES
TOTAL 923.1 790.6
-------------------------------------------------------
Consolidated
Statement of
Changes in
Equity (IFRS):
Equity
of the
parent
company
Non-
Translation Retained share- controlling
Share Other
EUR million capital funds differences earnings holders interests Total
--------------------------------------------------------------------------------
Equity
1 Jan 2008 36.2 30.1 -2.5 131.7 195.5 8.1 203.6
--------------------------------------------------------------------------------
Dividends - - - -11.3 -11.3 - -11.3
Change in
non-controlling
interests - - - - 0.0 -7.1 -7.1
Share based
payments - - - 0.4 0.4 - 0.4
Total
comprehensive
income
for the period - - -27.6 27.4 -0.2 0.1 -0.1
--------------------------------------------------------------------------------
Equity
31 Dec 2008 36.2 30.1 -30.1 148.2 184.4 1.0 185.5
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Equity
1 Jan 2009 36.2 30.1 -30.1 148.2 184.4 1.0 185.5
--------------------------------------------------------------------------------
Dividends - - - -11.3 -11.3 - -11.3
Share issue - 20.7 - - 20.7 - 20.7
Change in
non-controlling
interests - - - - 0.0 10.7 10.7
Share based
payments - - - 0.3 0.3 - 0.3
Total
comprehensive
income
for the period - - -0.3 49.5 49.3 -0.9 48.4
--------------------------------------------------------------------------------
Equity
31 Dec 2009 36.2 50.9 -30.4 186.8 243.4 10.8 254.2
--------------------------------------------------------------------------------
Consolidated Statement 1 Jan - 1 Jan -
of Cash Flows (IFRS), 31 Dec 31 Dec
EUR million 2009 2008
---------------------------------------------------------
Operating profit 65.4 36.4
Depreciation 9.4 9.8
Change in working capital 37.9 -52.2
Cash flow from financial
items and taxes -13.3 -6.8
Other adjustments 1.5 -5.2
Net cash from operating activities 100.9 -18.1
Net cash used in investing activities -28.0 -75.3
Net cash used in
financing activities 14.5 10.5
Net change in cash
and cash equivalents 87.4 -82.9
Cash and cash equivalents
at beginning of period 46.5 131.0
Foreign exchange difference -0.2 -1.6
Net change in cash
and cash equivalents 87.4 -82.9
Cash and cash
equivalents at end of period 133.7 46.5
---------------------------------------------------------
1 Jan - 1 Jan -
Change in Tangible Assets 31 Dec 31 Dec
EUR million 2009 2008
---------------------------------------------------------
Carrying amount at
the beginning of the period 54.5 56.3
Increase through
acquisition of subsidiary share - 6.9
Additions 6.0 4.0
Disposals -1.8 -2.2
Depreciation -6.5 -6.7
Translation differencies 1.1 -3.7
---------------------------------------------------------
Carrying amount
at the end of the period 53.3 54.5
---------------------------------------------------------
1 Jan - 1 Jan -
31 Dec 31 Dec
Key Figures 2009 2008
---------------------------------------------------------
Equity ratio, % 29.2% 25.1%
Equity per share, EUR 1.61 1.30
Return on capital employed (ROCE), % 18.7% 13.5%
Return on equity, % 22.1% 14.1%
Net interest bearing debt, Me 16.0 Me 62.2 Me
Gearing, % 6.3% 33.5%
Net debt/EBITDA 0.2 1.3
Earnings per share, EUR 0.34 0.19
Average number of share, tpcs 147 034 141 393
Forward Contracts and
Contingent Liabilities
31 Dec 2009
Positive Negative Nominal
fair fair values of
EUR million value value contracts
Derivatives recognised
as cash flow hedges:
Foreign currency forward
and swap contracts 1.4 - 50.9
Derivatives measured
at fair value through profit
of loss:
Foreign currency
forward and swap contracts 0.1 - 11.7
31 Dec 2008
Positive Negative Nominal
fair fair values of
EUR million value value contracts
Derivatives recognised
as cash flow hedges:
Foreign currency forward
and swap contracts 4.7 - 35.2
Derivatives measured
at fair value through profit
of loss:
Foreign currency forward
and swap contracts 0.1 - 13.2
Contingent for Own Liabilities
EUR million 31 Dec 2009 31 Dec 2008
---------------------------------------------------------------------
Guarantees given 36.8 37.8
Real-estate mortgages given 2.0 2.0
Mortgages on company assets 2.0 2.2
Other guarantees and liabilities 1.9 1.2
---------------------------------------------------------------------
Total 42.7 43.2
---------------------------------------------------------------------
Leasing-liabilities (operating liabilities) 0.3 0.4
Rent contingent 33.8 33.3
1 Jan - 1 Jan -
31 Dec 31 Dec
Net Sales by
Operating Segments,
EUR million 2009 2008
-----------------------------------------------
Pharmaceutical Trade
Finland 504.5 533.4
Pharmaceutical Trade
Sweden 547.0 535.9
Pharmaceutical Trade
Russia 480.7 318.9
Pharmaceutical Trade
Baltics 35.7 37.4
Healthcare Trade 145.1 155.2
Dental Trade 0.0 0.0
-----------------------------------------------
Group Total 1713.1 1580.8
Operating Profit 1 Jan - 1 Jan -
by Operating Segments, 31 Dec 31 Dec
EUR million 2009 2008
-----------------------------------------------
Pharmaceutical Trade
Finland 18.1 16.6
Pharmaceutical Trade
Sweden -5.0 6.0
Pharmaceutical Trade
Russia 44.5 8.2
Pharmaceutical Trade
Baltics 0.9 1.1
Healthcare Trade 8.9 7.9
Dental Trade 3.9 2.1
Group Administration
and Others -5.9 -5.6
-----------------------------------------------
Group total 65.4 36.4
Average number of personnel 4 373 3 807
Number of personnel
at the end of the period 4 299 4 709
Net Sales by
Operating
Segments,
EUR million Q4/2009 Q3/2009 Q2/2009 Q1/2009 Q4/2008 Q3/2008 Q2/2008 Q1/2008
--------------------------------------------------------------------------------
Pharmaceutical
Trade
Finland 125.6 120.4 131.9 126.6 144.0 129.1 132.7 127.6
Pharmaceutical
Trade
Sweden 159.0 131.8 130.2 126.1 125.9 129.2 141.0 139.8
Pharmaceutical
Trade
Russia 148.2 118.6 106.6 107.2 127.3 97.9 93.8 0.0
Pharmaceutical
Trade
Baltics 10.3 8.0 8.8 8.6 9.2 8.4 9.8 10.0
Healthcare
Trade 43.4 31.9 34.9 35.0 42.7 33.8 38.1 40.6
Dental Trade 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
--------------------------------------------------------------------------------
Group Total 486.5 410.8 412.3 403.5 449.1 398.4 415.4 318.0
Operating
Profit by
Operating
Segments,
EUR million Q4/2009 Q3/2009 Q2/2009 Q1/2009 Q4/2008 Q3/2008 Q2/2008 Q1/2008
--------------------------------------------------------------------------------
Pharmaceutical
Trade
Finland 4.4 4.9 4.9 3.9 4.7 4.8 3.2 3.9
Pharmaceutical
Trade
Sweden -2.2 -0.4 -2.0 -0.4 1.3 1.4 1.6 1.7
Pharmaceutical
Trade
Russia 21.6 6.6 8.6 7.6 8.9 0.3 -1.0 0.0
Pharmaceutical
Trade
Baltics 0.3 0.2 0.2 0.1 0.3 0.2 0.3 0.3
Healthcare
Trade 2.4 1.9 3.0 1.7 1.7 1.8 1.5 2.9
Dental Trade 1.2 0.8 0.7 1.1 0.8 0.3 0.4 0.6
Group
Administration
and
Others -0.8 -1.5 -2.0 -1.6 -1.9 -1.0 -1.8 -0.8
--------------------------------------------------------------------------------
Group total 26.9 12.6 13.5 12.4 15.8 7.9 4.2 8.5
1 Jan - 1 Jan -
31 Dec 31 Dec
Net Sales by Market,
EUR million 2009 2008
---------------------------------------
Finland 575.9 618.2
Sweden 605.4 568.9
Russia 480.7 319.0
Baltics countries 44.3 48.2
Other countries 6.8 26.5
---------------------------------------
Total 1713.1 1580.8
Net Sales by
Market,
EUR million Q4/2009 Q3/2009 Q2/2009 Q1/2009 Q4/2008 Q3/2008 Q2/2008 Q1/2008
--------------------------------------------------------------------------------
Finland 147.5 139.2 146.2 143.0 174.5 144.6 150.5 148.7
Sweden 176.4 140.0 147.5 141.5 111.1 144.4 157.8 155.7
Russia 148.2 118.6 106.6 107.2 127.3 97.9 93.8 0.0
Baltics
countries 12.4 9.8 11.1 11.0 12.1 10.9 12.5 12.7
Other
countries 1.9 3.2 1.0 0.8 24.1 0.8 0.8 0.8
--------------------------------------------------------------------------------
Total 486.5 410.8 412.3 403.5 449.1 398.4 415.4 318.0
Consolidated Proforma net sales for the retail and wholesale businesses acquired
in Russia was EUR 96 million and consolidated Proforma EBIT -0.8 EUR million for
the period January to March 2008.
CORPORATE ACQUISITIONS
Acquisition of Vitim & Co and Moron Ltd
Oriola-KD announced in March 2008 that it would acquire 75 percent of a
Moscow-based pharmacy company (Vitim & Co) and of a pharmaceutical wholesaler
(Moron Ltd.). The transaction was executed in April 2008. In addition, Oriola-KD
has agreed to buy out the remaining 25-percent holding in 2010 for a
consideration based on the companies' performance in 2009. The purchase of the
remaining 25-percent holding is recognized as a liability, the magnitude of
which is based on the best estimate of management.
The initial purchase price allocation as of 31 March 2008 has been finalised
during Q1 2009 as permitted by International Financial Reporting Standards. No
material changes have been made compared to the information disclosed in the
Consolidated Financial statements for 2008, with the exception of the estimated
purchase price for the remaining 25-percent holding. The initial purchase price
allocation calculated in rubles has been translated into euros by using the
exchange rate from acquisition date. The balance sheets of the acquired
companies have been consolidated into the Oriola-KD Group as of 1 April 2008 and
the calculation below includes the acquisition of both companies.
Details on the net assets and goodwill
acquires are as follows:
Carrying Fair value Fair
amount allocations value EUR EUR EUR
million million million
Tangible assets 5.0 1.8 6.9
Other intangible assets 5.4 41.5 46.9
Deferred tax assets 0.7 0.0 0.7
Inventories, advances paid 69.2 0.0 69.2
Trade receivables 39.6 0.0 39.6
Other receivables 5.0 0.0 5.0
Cash and cash equivalents 3.0 0.0 3.0
Deferred tax liabilities 0.0 -10.4 -10.4
Interest-bearing
non-current liabilities -8.8 0.0 -8.8
Trade payables and
other current liabilities -108.5 0.0 -108.5
Interest-bearing
current liabilities -8.9 0.0 -8.9
-----------------------------------------------------------------------------
Net identifiable assets 1.7 32.9 34.7
Acquisition price
Purchase price -64.0
Additional purchase price
and purchase of the remaining 25% -85.3
Costs related to acquisition -4.4
-----------------------------------------------------------------------------
Goodwill 119.1
Purchase price settled in cash -64.0
Paid additional purchase price -21.7
Costs related to acquisition -4.4
Cash and cash equivalents acquired 3.0
-----------------------------------------------------------------------------
Cash outflow on acquisition
as per 31 December 2009 -87.1
Estimated purchase price payable -63.6
-----------------------------------------------------------------------------
Total cash outflow on acquisition -150.7
The remaining goodwill arising from the acquisition is based on synergy benefits
and widened new market area possibilities and benefits.
Espoo 10 February 2010
Oriola-KD Corporation's Board of Directors
Oriola-KD Corporation
Eero Hautaniemi
President and CEO
Kimmo Virtanen
Executive Vice President and CFO
Further information:
Eero Hautaniemi
President and CEO
tel. +358 (0)10 429 2109
e-mail: eero.hautaniemi@oriola-kd.com
Kimmo Virtanen
Executive Vice President and CFO
tel. +358 (0)10 429 2069
e-mail: kimmo.virtanen@oriola-kd.com
Pellervo Hämäläinen
Vice President, Communications and Investor Relations
tel. +358 (0)10 429 2497
e-mail: pellervo.hamalainen@oriola-kd.com
Distribution
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Oriola-KD Corporation
Corporate Communications
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www.oriola-kd.com
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