2007-04-24 07:30:58 CEST
2007-04-24 07:30:58 CEST
REGLERAD INFORMATION
Oriola-KD Oyj - Quarterly report
Oriola-KD Corporation s interim report for 1 January - 31 March 2007
Oriola-KD Corporation stock exchange release 24 April 2007 at 8.30am
Oriola-KD Corporation's interim report for 1 January - 31 March 2007
This review presents the Q1/2007 financial information for the
Oriola-KD Group. The comparison figures from Q1/2006 are pro forma
figures. The figures of Oriola-KD for the period under review have
been prepared in accordance with the recognition and valuation
principles of the IFRS standards. The figures are unaudited.
Key figures
* Invoicing in the period was EUR 634.9 (1-3/2006: EUR 579.4
million) and net sales were EUR 355.8 million (1-3/2006: EUR
336.2 million).
* Operating profit excluding one-off items was EUR 7.8 million
(1-3/2006: EUR 5.4 million).
* Operating profit including one-off items was EUR 7.8 million
(1-3/2006: EUR 3.4 million).
* Return on capital employed was 16.4 percent (1-3/2006 6.4
percent).
* Earnings per share were EUR 0.04 (1-3/2006: EUR 0.02).
President and CEO Eero Hautaniemi: "Oriola KD's business and
profitability developed favourably and in line with targets in the
first quarter of 2007. The main factors underlying our improved
profitability were the cost efficiency programme implemented in 2006,
the new pharmaceutical distribution agreements concluded in Finland,
the growth of the pharmaceutical market in Finland and Sweden and
improved margins in Healthcare and Dental Trade business. More
efficient operations and 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-March was EUR 634.9 million (EUR
579.4 million) and net sales were EUR 355.8 million (EUR 336.2
million). Invoicing of the Pharmaceutical Trade increased by 10.8
percent from the previous year, to EUR 563.2 million. Invoicing of
the Healthcare and Dental Trade increased by 0.7 percent from the
previous year, to EUR 71.8 million.
Financial performance
Oriola-KD's operating profit in the period excluding one-off items
was EUR 7.8 million (EUR 5.4 million) and profit after financial
income and expenses, excluding one-off items, was EUR 8.1 million
(EUR 5.3 million).
Oriola-KD's operating profit including one-off items was EUR 7.8
million in the review period (EUR 3.4 million). Profit after
financial income and expenses including one-off items came to EUR 8.1
million (EUR 3.3 million) and net profit to EUR 6.1 million (EUR 2.4
million). One-off expenses in the period under review amounted to EUR
0.0 million (EUR 2.0 million).
Oriola-KD had net financing income of EUR 0.3 million (EUR -0.1
million).
Taxes amounted to EUR 2.0 million (EUR 0.9 million). Taxes
corresponding to the result for the period under review are accounted
as taxes.
Earnings per share were EUR 0.04 (EUR 0.02). Return on capital
employed was 16.4 percent (6.4 percent) and return on equity 12.8
percent (5.2 percent).
Balance sheet, financing and cash flow
Oriola-KD's total assets at 31 March 2007 were EUR 583.2 million (EUR
568.3 million). Interest-bearing net debt amounted to EUR -50.9
million (EUR -7.4 million) and the gearing ratio was -27.2 percent
(-3.9 percent). Cash assets at 31 March 2007 stood at EUR 66.7
million (EUR 31.1 million). Interest-bearing debt, standing at EUR
15.8 million at 31 March 2007, consisted mainly of pharmacies'
advance payments in Finland.
In accordance with the resolution of the Annual General Meeting, a
total of EUR 8.5 million was paid out on 23 March 2007 in dividends
for the financial year ending 31 December 2006, equal to a dividend
of EUR 0.06/share.
Oriola-KD has credit facilities of EUR 24.7 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 -20.7 million (EUR
-10.6 million), of which changes in working capital accounted for EUR
-28.8 million (EUR -15.5 million). Cash flow from operating
activities in the review period was eroded by a seasonal change in
pharmacies' advance payments in Finland and a decrease in working
capital in Sweden while dividend paid weakened cash flow from
financing activities. Cash flow from investments was EUR -0.9 million
(EUR -1.8 million). Cash flow after investments in the period was EUR
-21.6 million (EUR -12.4 million). Oriola-KD's equity ratio stood at
32.9 percent (34.0 percent).
Investments
Investments in the period under review amounted to EUR 1.8 million
(EUR 2.3 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
1,494 employees (1,537), 55.5 percent of whom worked in Finland (54.4
percent), 26.7 percent in Sweden (29.8 percent) and a total of 17.8
percent in the Baltic countries and Denmark (15.8 percent). The
number of employees at year-end 2006 was 1,495.
The workforce was downsized by some 20 employees in the first quarter
of 2007 as part of the 2006 cost efficiency programme. The net
reduction in personnel in 2006 and the first quarter of 2007 came to
approximately 55 employees.
On 15 January 2007, Anne Kariniemi joined Oriola-KD Corporation as
Vice President, Sourcing and Logistics and member of the Group
Management Team.
Matti Lievonen was appointed Deputy Managing Director of Oriola-KD
Corporation's subsidiary Oriola Oy on 16 February 2007. Mr Lievonen
continues with his current duties as Vice President, Pharmaceutical
Distribution business in Finland, Oriola-KD Group.
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-March was EUR 563.2 million (EUR 508.1 million) and net sales
were EUR 291.3 million (EUR 275.0 million). Operating profit
excluding one-off items was EUR 5.1 million (EUR 2.7 million).
Damages to shipments of pharmaceuticals in Sweden and the settlement
of a claim related to a Norwegian transfer of business by Kronans
Droghandel AB in 2002 had a negative effect on the operating profit
by some EUR 0.5 million.
The pharmaceutical market in Finland grew by 4.8 percent (2.7
percent) and in Sweden by 6.8 percent (6.8 percent) in January-March
2007 (source: IMS Health).
Oriola-KD's market share in pharmaceutical distribution in Finland
was 47.3 percent (42.1 percent) in March 2007 and 47.6 percent (41.9
percent) in January-March 2007. In Sweden, Oriola-KD's share of the
pharmaceutical distribution market was 41.3 percent (43.3 percent) in
March 2007 and 41.5 percent (43.4 percent) in January-March 2007
(source: IMS Health).
The cost efficiency programme launched in early 2006 was completed by
the end the year. The objective of these measures was to enhance the
profitability of the Pharmaceutical Trade business segment in 2007.
During the review period, Kronans Droghandel AB decided to close down
an unprofitable automated pharmaceuticals packaging line at Mölnlycke
in Sweden. The discontinuation of packaging operations in the latter
half of 2007 will not affect jobs. Invoicing from the packaging
operations came to ca. EUR 0.3 million in 2006.
The number of employees within the Pharmaceutical Trade business
segment was 910 (954) at 31 March 2007, compared to 925 at year-end
2006.
New distribution agreements
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 2.0 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.
According to the situation at 31 March 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-March 2007 was EUR 71.8 million (EUR 71.3 million) and net
sales were EUR 64.5 million (EUR 61.1 million). Operating profit
excluding one-off items was EUR 3.7 million (EUR 2.8 million).
Business in the Healthcare and Dental Trade segment developed
favourably in the first quarter of 2007. In the early part of the
year, Oriola-KD acquired a substantial part of Medith Oy's hospital
equipment and supplies marketing business in Finland. The acquisition
will strengthen the respiratory care and patient monitoring business
in the healthcare trade segment. The acquired business had net sales
of EUR 3 million in 2006 and showed positive operating profit.
In the period under review, Kronans Droghandel AB agreed to sell its
home distribution business in the Swedish province of Skåne to the
Swedish Schenker Dedicated Service AB. Invoicing in 2006 in the home
distribution business came to some EUR 12 million and had no material
impact on operating profit. The business transfer is tentatively
slated for the second quarter of 2007. The agreement also provides
for six KD employees to transfer to Schenker.
The number of employees within the Healthcare and Dental Trade
business segment was 584 (583) at 31 March 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-March 2007:
Class A Class B
Trading volume, million 3.7 22.8
Trading volume, EUR million 12.1 74.7
High, EUR 3.57 3.60
Low, EUR 2.84 2.87
Close on 31 March 2007, EUR 3.21 3.26
The traded volume of Oriola-KD Corporation shares in the review
period equalled 18.8 percent of total outstanding shares. The traded
volume of Class A shares in the period under review amounted to 6.8
percent of average outstanding stock and that of Class B shares to
26.3 percent.
Oriola-KD Corporation had a market capitalisation of EUR 457.8
million at 31 March 2007.
Under Article 3 of the Articles of Association, a shareholder may
demand conversion of Class A shares into Class B shares. During
January-March 2007, a total of 2,072,100 Class A shares have been
converted into Class B shares. At the end of the period the there
were 54,222,540 Class A shares and 87,035,288 Class B shares.
Resolutions passed by Oriola-KD Corporation's Annual General Meeting
and the Board of Directors on 13 March 2007
Meeting on March 13, 2007, Oriola-KD Corporation's Annual General
Meeting passed the following resolutions:
The Annual General Meeting (AGM) adopted the financial statement and
accounts and discharged members of the Board of Directors and the
President and CEO from liability for the financial year ending
December 31, 2006.
The AGM approved that the sum of EUR 0.06 per share be paid as
dividend on the basis of the adopted balance sheet for the financial
year ending 31 December 2006. Dividend shall be paid to those who at
the record date of 16 March 2007 were entered as a Company
shareholder in the Company's shareholder register kept by the Finnish
Central Securities Depository Ltd. The date of payment of dividend is
23 March 2007.
The AGM confirmed that the number of members of the Board shall be
seven (7) and the following members were re-elected to the Board: Mr.
Pauli Kulvik, Ms. Outi Raitasuo, Mr. Anti Remes, Mr. Olli Riikkala,
Mr. Jaakko Uotila and Mr. Mika Vidgrén. Mr. Harry Brade, M.Sc., MBA
was elected as a new member to the Board. The Board re-elected Mr.
Olli Riikkala Chairman of the Board.
In its meeting held after the Annual General Meeting, the Board of
Directors re-elected Mr. Antti Remes as Vice Chairman of the Board.
Compositions of the Audit Committee and the Compensation Committee
were confirmed as follows:
The Audit Committee:
Mr. Antti Remes, Chairman
Mr. Harry Brade
Ms. Outi Raitasuo
Mr. Mika Vidgrén
The Compensation Committee:
Mr. Olli Riikkala, Chairman
Mr. Pauli Kulvik
Mr. Jaakko Uotila
The AGM approved that the remuneration to the Chairman of the Board
is EUR 40,000 for the term of office, to the Vice Chairman EUR 25,000
and to other members of the Board EUR 20,000. Forty percent of the
remuneration shall be used to acquire the Company's Class B shares on
the stock exchange and 60 percent shall be paid in cash. Remuneration
will be paid no later than on 1 August 2007. The Chairman of the
Board shall receive EUR 800 in attendance fee for each meeting and
other Board members EUR 400. Attendance fees shall also be paid to
members of the Company and Board Committees. The Chairman of the
Board shall further have a company-paid phone. The travel expenses of
all members of the Board of Directors shall be reimbursed in
accordance with the Company's travel regulations.
The AGM re-elected as auditor for the Company Ernst & Young Oy, an
Authorised Public Accountant Firm, who have put forward Mr. Rabbe
Nevalainen, Authorised Public Accountant as principal auditor.
Authorised Public Accountant, Ms. Anu Ojala was elected deputy
auditor. The auditors shall be reimbursed according to invoice.
The AGM authorised the Board to decide on targeted (directed)
repurchase of own shares and bonus issue to the Company.
The Board granted the following authorisation to acquire own shares:
The Board was authorised to acquire for the Company its own Class B
shares ("B shares"). The number of B shares to be acquired pursuant
to this authorisation shall not exceed 1,450,000. The shares acquired
pursuant to the authorisation shall be purchased in public trading
organised by the Helsinki Exchanges. The maximum consideration
payable for each B share acquired pursuant to the authorisation is
the highest publicly quoted price of the B share in the month of
acquisition. The purpose of the authorisation is to enable the use of
own treasury shares in the incentive scheme for the Company's top
management and to hedge against the risk of taxes and other similar
expenditure arising from the incentive scheme. The Board shall decide
on all other matters relating to the acquisition of B shares. This
authorisation shall remain in force for a period not to exceed
eighteen (18) months from the decision taken by the Annual General
Meeting.
The Board was granted the following share issue authorisation in
order to issue shares to the Company without charge: The Board was
authorised to decide on a bonus issue to the Company itself in one or
more instalments. The number of B shares to be issued pursuant to
this authorisation shall not exceed 1,450,000. The Board shall decide
on all other matters relating to the issue of B shares. The purpose
of the authorisation is to enable the creation of own shares for use
in the incentive scheme for the Company's top management and to hedge
against the risk of taxes and other similar expenditure arising from
the incentive scheme. This authorisation shall remain in force for a
period not to exceed four (4) years from the decision taken by the
Annual General Meeting.
The number of shares coming into the possession of the Company
pursuant to both the aforementioned authorisations shall not exceed
1,450,000 B shares, which represents 1.03% of all Company shares and
0.12% of total votes.
The AGM authorised the Board to decide on a targeted (directed) share
issue for the purposes of creating a share incentive scheme for
management and selling B shares on the stock exchange.
The Board was, in addition to the abovementioned authorisation,
granted the following share issue authorisation: The Board was
authorised to disapply shareholders' pre-emption rights and issue
Class B shares ("B shares"). The B shares to be issued may be either
new or own B shares held by the Company as treasury shares. This
authorisation shall remain in force for a period not to exceed four
(4) years from the decision taken by the Annual General Meeting. The
authorisation concerns a total of 1,450,000 shares. The share issue
may be a bonus issue.
The Board may execute this authorisation in the share incentive
scheme for top management in the Oriola-KD Group in respect of
650,000 B shares. The share incentive scheme is intended as a part of
the incentive scheme for the President and CEO and other top
management. The incentive scheme comprises three earning periods of
one year. The Board decides on the target group of the earning period
and the bonuses of the key employees in the target group at the
beginning of each earning period. The shares would be issued or given
to the persons mentioned, subject to decision by the Board of
Directors, on the basis of the development of Oriola-KD's operating
profit and return on capital employed (ROCE) in 2007 - 2009. Any Bshares to be issued as part of the share incentive scheme shall be
issued or given between 1 January 2008 and 31 December 2010. The said
shares represent 0.46% of all Company shares and 0.06% of total
votes.
In addition to the incentive scheme described above, the Board may
sell no more than 800,000 B shares in public trading organised by the
Helsinki Exchanges. The purpose of the sale of B shares on the stock
exchange is to enable the use of the Company's treasury shares to
hedge against the risk arising from the taxes and other similar
expenditure arising from the share incentive scheme. The Board shall
decide on all other matters relating to the share issues and the
incentive scheme for top management.
Events after the period under review
The resolutions of the Annual General Meeting of Oriola-KD
Corporation held on 13 March 2007 to authorise the Board to decide on
a share issue by 13 March 2011 were entered in the Trade Register on
5 April 2007.
After the period under review, the conversion of a total of 827,129
shares was entered in the Trade Register on 13 April 2007, resulting
in the number of Class A shares standing at 53,395,411 and Class B
shares at 87,862,417.
Risk factors
Oriola-KD's risks are classified as strategic, operative and
financial. Changes in market structure constitute the central
strategic risks. Sales and business risks, property loss and business
interruption, risks relating to product liability and equipment
deliveries and risks relating to information systems are the most
important operative risks. Financial risks involve currency exchange
rates, interest rates, market prices and credit. There was no
material change in the short term risks and uncertainties faced by
Oriola-KD during the period under review.
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.
Tables
Income Pro forma Pro forma
Statement, EUR 1.1.- 1.7.-
million 31.03.2007 1.1.-31.03.2006 1.1.-31.12.2006 31.12.2006
Net sales 355.8 336.2 1334.7 662.7
Cost of goods
sold -318.0 -302.5 -1195.4 -592.0
Gross profit 37.8 33.6 139.2 70.7
Other operating
income 0.4 0.4 4.0 3.2
Selling and
distribution
expenses -26.4 -26.1 -105.5 -51.3
Administrative
expenses -4.1 -4.5 -20.3 -10.4
Operating
profit 7.8 3.4 17.4 12.2
Financial
income and
expenses 0.3 -0.1 1.0 0.5
Profit before
taxes 8.1 3.3 18.4 12.7
Tax expense*) -2.0 -0.9 -4.4 -2.8
Profit for the
period 6.1 2.4 14.0 9.9
of which
available for:
Parent company
shareholders 6.0 2.2 13.6 9.6
Minority
interest 0.1 0.2 0.5 0.4
Earnings per
share:
- Basic, EUR 0.04 0.02 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
one-off items, Pro forma
EUR million 1.1.-31.03.2007 1.1.-31.03.2006 1.1.-31.12.2006 1.7.-31.12.2006
Net Sales 355.8 336.2 1334.7 662.7
Cost of goods
sold -318.0 -300.9 -1193.8 -592.0
Gross profit 37.8 35.2 140.8 70.7
Other
operating
income 0.4 0.4 1.9 1.1
Selling and
distribution
expenses -26.4 -26.1 -102.3 -49.7
Administrative
expenses -4.1 -4.1 -17.9 -9.3
Operating
profit 7.8 5.4 22.6 12.8
Financial
income and
expenses 0.3 -0.1 1.0 0.5
Profit before
taxes 8.1 5.3 23.6 13.3
Pro forma
Balance sheet, EUR million 31.3.2007 31.3.2006 31.12.2006
Non-current assets
Property, plant and equipment 61.1 70.0 63.3
Goodwill 34.2 33.5 34.7
Other intangible assets 6.6 9.8 7.5
Investments in associates and
available-for-sale investments 0.0 0.0 0.0
Other non-current receivables 10.9 13.6 10.0
Deferred tax assets 0.1 1.2 0.0
Non-current assets total 112.8 128.2 115.6
Current assets
Inventories 181.9 172.5 181.0
Trade and other receivables 221.7 236.6 201.8
Cash and cash equivalents 66.7 31.1 112.9
Current assets total 470.4 440.1 495.6
ASSETS TOTAL 583.2 568.3 611.2
Pro forma
Balance sheet, EUR million 31.3.2007 31.3.2006 31.12.2006
Non-current liabilities
Share capital 36.2 36.2 36.2
Other funds 30.1 30.1 30.1
Retained earnings 112.4 105.3 116.9
Net assets of the parent
company shareholders 178.7 171.6 183.2
Minority interest 8.3 16.6 8.5
Net assets total 187.1 188.3 191.8
Non-current liabilities
Deferred tax liabilities 9.7 13.3 9.7
Pension liability 4.0 3.5 4.1
Provisions 0.0 0.1 0.0
Interest-bearing non-current
liabilities 0.3 7.8 0.5
Other non-current
liabilities 0.4 0.0 0.4
Current liabilities total 14.4 24.6 14.8
Current liabilities
Trade payables and other
current liabilities 365.3 338.9 370.9
Provisions 1.0 0.7 1.9
Interest-bearing current
liabilities 15.4 15.9 31.8
Current liabilities total 381.7 355.4 404.6
EQUITY AND LIABILITIES TOTAL 583.2 568.3 611.2
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 -1.8 -1.8 -0.3 -2.1
Dividend
Paid -8.5 -8.5 -8.5
Hedge on net
investment in
foreign
subsidiary -0.3 -0.3 -0.3
Change in
minority
interest
Other changes
Share based
payments 0.1 0.1 0.1
Taxes related
to items
booked into
equity
Items booked
into equity
Profit for
the period 6.0 6.0 0.1 6.1
Shareholder's
equity
31.12.2007 36.2 30.1 -1.8 114.2 178.8 8.3 187.0
Pro forma Pro forma
Cash flow statement,
EUR million 1.1.-31.03.2007 1.1.-31.03.2006 1.1.-31.12.2006
Operating profit 7.8 3.4 17.4
Depreciation 2.7 2.9 11.7
Change in working
capital -28.8 -15.5 25.9
Cash flow from
financial items and
taxes -1.4 -1.3 -6.3
Other adjustments -1.0 0.0 3.9
Cash flow from
operating activities -20.7 -10.6 52.7
Cash flow from
investing activities -0.9 -1.8 -10.2
Cash flow from
financing activities -23.9 8.5 35.1
Net change in cash
and cash equivalents -45.6 -3.8 77.6
Cash and cash
equivalents at
beginning of period 112.9 35.0 35.0
Foreign exchange
difference -0.6 -0.1 0.4
Net change in cash
and cash equivalents -45.6 -3.8 77.6
Cash and cash
equivalents at end
of period 66.7 31.1 112.9
Change in property,
plant and equipment
Pro forma Pro forma
milj.EUR 1.1.-31.03.2007 1.1.-31.03.2006 1.1.-31.12.2006
Carrying amount at
the beginning of the
period 63.3 70.2 71.1
Additions 1.3 2.2 7.2
Disposals -0.5 -0.3 -7.2
Depreciation -1.9 -2.0 -8.0
Translation
differencies -1.1 -0.2 0.2
Carrying amount at
the end of the
period 61.1 70.0 63.3
Key
figures
and Pro forma Pro forma
rations 1.1.-31.03.2007 1.1.-31.03.2006 1.1.-31.12.2006 1.7.-31.12.2006
Equity
ratio, % 32.9% 34.0% 33.1% 33.1%
Equity
per
share,
EUR 1.27 1.23 1.30 1.30
Return
on
capital
employed
(ROCE),
% 16.4% 6.4% 8.6% 12.1%
Return
on
equity,
% 12.8% 5.2% 7.4% 10.3%
Net
interest
bearing
debt, Me -50.9 Me -7.4 Me -80.6 Me -80.6 Me
Gearing,
% -27.2% -3.9% -42.0% -42.0%
Earnings
per
share,
EUR 0.04 0.02 0.10 0.07
Average
number
of
share,
tpcs *) 141 258 139 102 141 258 141 258
*) 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 1.1-31.3.2006 average number of shares
for the period has been used.
Forward contracts and
contingent liabilities
31.3.2007
Positive fair Negative fair Nominal 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 6.1
31.3.2006
Positive fair Negative fair Nominal values
EUR million value value of contracts
Hedging of a net
investment in an
independent foreign unit 0.0 29.4
Other forward and
currency swap contracts 0.0 3.6
EUR million 31.3.2007 31.3.2006 31.12.2006
Contingent for own
liabilities
Guarantees given 4.9 1.5 4.8
Real-estate mortgages given 1.0 24.4 1.0
Mortgages on company assets 22.1 70.9 22.9
Other guarantees and liabilities 2.3 0.0 2.5
Total 30.3 96.9 31.2
Guarantees given on
behalf of external
parties 0.0 0.1 0.0
Leasing-liabilities
(operating
liabilities) 0.6 0.3 0.6
Rent contingent 6.8 4.6 6.5
Invoicing by
business Pro forma
segment, EUR 1.1.- 1.1.- Pro forma 1.7.-
million 31.03.2007 31.03.2006 1.1.-31.12.2006 31.12.2006
Pharmaceutical
Trade 563.2 508.1 2064.7 1027.7
Healthcare and
Dental
Trade 71.8 71.3 275.4 138.3
Group Total 634.9 579.4 2340.1 1166.0
Net sales by
business Pro forma Pro forma
segment, EUR 1.1.- 1.1.- 1.1.- 1.7.-
million 31.03.2007 31.03.2006 31.12.2006 31.12.2006
Pharmaceutical
Trade 291.3 275.0 1098.7 543.5
Healthcare and
Dental
Trade 64.5 61.1 236.0 119.3
Group Total 355.8 336.1 1334.7 662.7
Operating profit
by Pro
business segment, 1.1.- forma 1.1.- Proforma 1.1. 1.7.-
EUR million 31.03.2007 31.03.2006 31.12.2006 31.12.2006
Pharmaceutical
Trade 5.1 2.7 13.0 8.6
Healthcare and
Dental Trade 3.7 1.2 8.2 6.1
Group items -1.0 -0.6 -3.8 -2.6
Group total 7.8 3.3 17.4 12.2
Average number of personnel 1 485 1 533 1 548 1 556
Number of personnel at the end of the period 1 494 1 537 1 495 1 495
Operating
profit by
business
segment
excluding
one-off items, Pro forma Pro forma
EUR million 1.1.-31.03.2007 1.1.-31.03.2006 1.1.-31.12.2006 1.7.-31.12.2006
Pharmaceutical
Trade 5.1 2.7 15.6 9.0
Healthcare and
Dental Trade 3.7 2.8 10.4 6.3
Group items -1.0 -0.2 -3.4 -2.6
Group total 7.8 5.3 22.6 12.8
Invoicing by business
segment, EUR million 1-3/2007 10-12/2006 7-9/2006 4-6/2006 1-3/2006
Pharmaceutical Trade 563.2 527.7 500.0 529.0 508.1
Healthcare and Dental
Trade 71.8 75.3 63.0 65.7 71.3
Group Total 634.9 603.0 563.0 594.7 579.4
Net sales by business
segment, EUR million 1-3/2007 10-12/2006 7-9/2006 4-6/2006 1-3/2006
Pharmaceutical Trade 291.3 278.6 264.9 280.2 275.0
Healthcare and Dental
Trade 64.5 65.2 54.1 55.6 61.1
Group Total 355.8 343.7 319.0 335.8 336.1
Operating profit by
business segment, EUR
million 1-3/2007 10-12/2006 7-9/2006 4-6/2006 1-3/2006
Pharmaceutical Trade 5.1 4.0 4.5 1.8 2.7
Healthcare and Dental
Trade 3.7 2.9 3.2 0.9 1.2
Group items -1.0 -1.6 -0.9 -0.6 -0.6
Group total 7.8 5.3 6.8 2.1 3.3
Operating profit by
business segment
excluding one-off
items, EUR million 1-3/2007 10-12/2006 7-9/2006 4-6/2006 1-3/2006
Pharmaceutical Trade 5.1 4.1 4.9 3.9 2.7
Healthcare and Dental
Trade 3.7 3.1 3.2 1.3 2.8
Group items -1.0 -1.7 -0.9 -0.6 -0.2
Group total 7.8 5.5 7.2 4.6 5.3
Net sales
by
market,
EUR 1.1.- Pro forma Pro forma
million 31.03.2007 1.1.-31.03.2006 1.1.-31.12.2006 1.7.-31.12.2006
Finland 148.1 134.9 538.6 270.7
Other
Nordic
countries 195.0 189.5 751.4 369.6
Other
Europe 12.6 11.6 43.2 21.6
Other
countries 0.2 0.1 1.5 0.8
Total 355.8 336.2 1334.7 662.7
Net sales by
market, EUR
million 1-3/2007 10-12/2006 7-9/2006 4-6/2006 1-3/2006
Finland 148.1 139.5 130.7 133.5 134.9
Other Nordic
countries 195.0 191.8 178.3 191.7 189.5
Other Europe 12.6 12.3 9.3 10.1 11.6
Other countries 0.2 0.2 0.7 0.5 0.1
Total 355.8 343.7 319.0 335.8 336.2
Espoo, 23 April 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 10 429 2109
Email: eero.hautaniemi@oriola-kd.com
Kimmo Virtanen
CFO
Tel. +358 10 429 2069
Emaili: kimmo.virtanen@oriola-kd.com
Pellervo Hämäläinen
Vice President, Communications and IR
Tel. +358 10 429 2497
Email: pellervo.hamalainen@oriola-kd.com
Distribution:
Helsinki Exchanges
Main media
Oriola-KD Corporation
Corporate Communications
Orionintie 5
FI-02200 Espoo, Finland
www.oriola-kd.com
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