|
|||
2014-12-08 14:55:00 CET 2014-12-08 14:55:39 CET REGULATED INFORMATION Oriola-KD Oyj - Company AnnouncementOriola-KD Corporation to sell its Russian businessesOriola-KD Corporation Stock Exchange Release 8 December 2014 at 3.55 p.m. Oriola-KD Corporation to sell its Russian businesses Oriola-KD Corporation ("Oriola-KD" or the "Company") has entered into an agreement to sell its Russian businesses to the Russian pharmacy chain CJSC"Apteki 36.6". Oriola-KD has previously stated in its stock exchange releases published on 10(th) October, 18(th) November and 8 December 2014 that the Company has investigated strategic alternatives for the Company's Russian businesses and has conducted negotiations concerning the sale of its Russian businesses. Net sales of Oriola-KD's Russian businesses in 2013 were EUR 978.8 million and operating profit was EUR -8.3 million. For the first nine months in 2014 the net sales were EUR 557.9 million and operating profit was EUR -102.5 million. The Russian businesses had 2,405 employees at end of September 2014. The cash and debt free selling price is RUB 3,700 million, equivalent to approximately EUR 56 million. The price has been paid in cash. Oriola-KD classifies Russian businesses in accordance with IFRS 5 as a discontinued operation, and recognizes estimated loss of EUR 26 million. "The Russian businesses have fallen behind set goals for several years. The decision to sale the Russian businesses was based on our estimates on the outlook of the Russian pharmaceutical markets, on the competitive environment and the further development of profitability of the Russian businesses. Going forward, we will focus on developing our profitable businesses in Finland, Sweden and Baltic countries. In accordance with our strategy, we want to be the leading pharmaceutical retail and wholesale operator for pharmaceutical companies and consumers in Northern Europe," comments President and CEO Eero Hautaniemi. In relation to the sale of the Company's Russian businesses Oriola-KD has agreed on amended terms of its financing agreement with the lenders. Oriola-KD Corporation Eero Hautaniemi President & CEO For further information, please contact: Tuomas Itkonen CFO Mobile +358 40 596 4004 email: tuomas.itkonen@oriola-kd.com Eero Hautaniemi President & CEO Mobile +358 50 429 2109 email: eero.hautaniemi@oriola-kd.com Distribution NASDAQ OMX Helsinki Ltd. Key media Released by: Oriola-KD Corporation Corporate Communications Orionintie 5 FI-02200 Espoo, Finland www.oriola-kd.com [HUG#1878222] |
|||
|