Oriola-KD Corporation's Financial Statements Release 2016
13 Febbraio 2017 - 7:30AM
Oriola-KD Corporation Stock
Exchange Release 13 February 2017 at 8.30 a.m.
Oriola-KD Corporation's Financial
Statements Release 2016
Financial performance
October-December 2016
- Invoicing increased by 1.7 (5.3) per cent to EUR
872.7 (858.0) million
- Net sales increased by 0.9 (0.8) per cent to EUR
424.8 (420.9) million
- Adjusted EBITDA increased by 3.8 (1.3) per cent
to EUR 21.8 (21.0) million
- Adjusted operating profit was EUR 15.3 (15.3)
million
- Profit for the period totalled EUR 10.8 (12.4)
million and earnings per share were EUR 0.06 (0.07)
Financial performance
January-December 2016
- Invoicing increased by 4.8 (6.6) per cent to EUR
3,420.0 (3,262.2) million
- Net sales increased by 1.0 (0.9) per cent to EUR
1,642.1 (1,626.3) million
- Adjusted EBITDA increased by 4.1 (2.6) per cent
to EUR 86.8 (83.4) million
- Adjusted operating profit was EUR 61.1 (60.8)
million
- Adjusted operating profit with comparable EUR/SEK
rate was EUR 61.7 million
- Profit for the period totalled EUR 42.8 (44.5)
million and earnings per share were EUR 0.24 (0.25)
Outlook for 2017
Oriola-KD is undergoing a major development phase
which started in 2015 and is estimated to be completed by the end
of 2018. The costs related to these development projects and the
intensified competition in the Swedish retail, especially online,
will negatively impact the 2017 profitability.
Adjusted operating profit (Adjusted EBIT) on
constant currency basis is estimated to remain at 2016 level.
President and CEO Eero
Hautaniemi:
Oriola-KD's business grew at the pace of the
market in 2016. The growth was above the market in Services
business, and weaker in the Consumer business. The profitability
was supported by the efficiency improvement in the logistics, and
the continued favourable development of the sales mix in the
Consumer business.
We are successfully executing our strategy in all
Business areas. In Consumer business we opened 11 new pharmacies in
good locations in Sweden, and closed 3 pharmacies in locations
where the customer traffic no longer supported the sales. We
launched new online application to improve our service to
prescription customers. In 2016 our online sales were two per cent
of the total sales and continue to have good growth potential.
As a result of increasing competition, especially
online, we will intensify our focus on efficient pharmacy
operations, establishment strategy and dynamic online offering in
our Consumer business. Despite the increasing competition and 14
new pharmacies the result at the comparable EUR/SEK rate stayed at
the previous year level in 2016.
In Services business we extended our services
offering to pharmaceutical companies and to pharmacies by acquiring
Farenta Oy. We are also amidst a three-year development phase as we
are implementing a new operating platform and upgrading the
automation level of our distribution centres. Still we were able to
reach an all-time high result in Services in 2016.
We started the new business area Healthcare by
acquiring dose dispensing companies both in Sweden and in Finland
and were successful in increasing the number of persons served by
us. The new Business area developed well and was able to deliver a
positive contribution already during its first year.
The pharmaceutical distribution and dispensing is
very much in the public discussion, both in Sweden and in Finland.
The pharmacy trade was opened to competition in Sweden almost a
decade ago. As a consequence of the deregulation, the availability
of pharmacy services has improved significantly and the patient
safety has remained on a high level. The number of pharmacies has
increased by over 400, the pharmacies have continued to serve the
sparsely populated areas and the competition has lowered the prices
of the freely traded products. The customer feedback has been
positive. In Finland the discussion has started to acknowledge
these facts and the willingness to consider new regulation is
increasing.
Our personnel has been working hard with all of
our development programs while implementing the new business
structure and continuing to serve our customers each and every day.
With this dedication to develop our company we are set to continue
to improve our businesses and performance.
Impact of new ESMA
guidelines
New ESMA (European Securities and
Markets Authority) guidelines on Alternative Performance Measures
(APMs) are effective for the financial year 2016. Oriola-KD presents APMs to reflect the
underlying business performance and to enhance comparability
between financial periods. APMs should not be considered as a
substitute for measures of performance in accordance with the IFRS.
As of Q1 2016, Oriola-KD relabels the previously referenced
"excluding non-recurring items" with "adjusted". Reporting segments' operating profit is reported
excluding adjustment items. In addition
Oriola-KD uses "invoicing" as the measure to describe the business
volume.The reconciliation of the alternative
performance measurements to performance measurements defined by
IFRS are presented at the end of this interim report.
Key figures |
2016 |
2015 |
Change |
2016 |
2015 |
Change |
|
EUR million |
10-12 |
10-12 |
% |
1-12 |
1-12 |
% |
|
Invoicing |
872.7 |
858.0 |
1.7 |
3,420.0 |
3,262.2 |
4.8 |
|
Net
sales |
424.8 |
420.9 |
0.9 |
1,642.1 |
1,626.3 |
1.0 |
|
Adjusted EBITDA |
21.8 |
21.0 |
3.8 |
86.8 |
83.4 |
4.1 |
|
Adjusted EBITDA % |
5.1 |
5.0 |
|
5.3 |
5.1 |
|
|
Adjusted operating profit 1) |
15.3 |
15.3 |
0.4 |
61.1 |
60.8 |
0.4 |
|
Operating profit |
14.1 |
17.3 |
-18.3 |
58.8 |
62.6 |
-6.0 |
|
Adjusted operating profit % |
3.6 |
3.6 |
|
3.7 |
3.7 |
|
|
Operating profit % |
3.3 |
4.1 |
|
3.6 |
3.8 |
|
|
Profit for the period |
10.8 |
12.4 |
-12.9 |
42.8 |
44.5 |
-3.8 |
|
Earnings per share, EUR |
0.06 |
0.07 |
-13.2 |
0.24 |
0.25 |
-5.9 |
|
Net
cash flow from operating activities |
25.8 |
30.5 |
|
40.1 |
85.6 |
|
|
Gross
investments, EUR million |
|
|
|
88.8 |
20.4 |
|
|
|
|
|
|
|
|
|
|
Total
assets |
|
|
|
925.4 |
946.9 |
|
|
Net
interest-bearing debt |
|
|
|
72.3 |
6.6 |
|
|
Gearing, % |
|
|
|
35.2 |
3.4 |
|
|
Net
debt / 12-month EBITDA |
|
|
|
0.8 |
0.1 |
|
|
|
|
|
|
|
|
|
|
Equity
per share, EUR |
|
|
|
1.13 |
1.07 |
|
|
Equity
ratio, % |
|
|
|
22.7 |
21.1 |
|
|
Return
on equity (ROE), % |
|
|
|
21.4 |
29.1 |
|
|
Return
on capital employed (ROCE), % |
|
|
|
17.8 |
19.9 |
|
|
Average number of shares, 1000 pcs 2) |
|
|
|
181,389 |
177,502 |
|
|
|
|
|
|
|
|
|
|
Average number of personnel |
|
|
|
2,582 |
2,327 |
|
|
Number
of personnel at the end of the period |
|
|
|
2,821 |
2,353 |
|
|
|
|
|
|
|
|
|
|
1) Adjustment
items are specified in table "Adjusting items included in Operating
Profit"
2) Treasury
shares held by the company not included |
Disclosure procedure
This stock exchange release is a summary of
Oriola-KD Corporation's Financial Statement release
January-December 2016. The complete report is attached to this
release in pdf format and is also available on Oriola-KD's website
at www.oriola-kd.com/investors.
Analyst and investor
meeting
Oriola-KD Corporation will organize a meeting for
investors, analysts and the press on Monday, 13 February 2017 at
10.00 a.m. at Hotel Scandic Simonkenttä, meeting room Tapiola,
Simonkatu 9, 00100 Helsinki, Finland.
A teleconference on the financial information will
be held by Oriola-KD Corporation on the same day starting at 2.00
p.m. Finnish time, tel. +44 20 3059 8125, confirmation code
"Oriola". The event can be followed live as a audiocast accessible
at www.oriola-kd.com/investors. The language of the teleconference
will be English.
Next interim report
Oriola-KD Corporation will publish its results for
the first quarter of 2017 on 28 April 2016.
Further information:
Eero Hautaniemi,
President and CEO
tel. +358 (0)10 429 2109
e-mail: eero.hautaniemi@oriola.com
Sari Aitokallio
CFO
tel. +358 (0)10 429 2112
e-mail: sari.aitokallio@oriola.com
Distribution:
NASDAQ OMX Helsinki Ltd
Key media
Released by:
Oriola-KD Corporation
Corporate Communications
Orionintie 5, 02200 Espoo
www.oriola-kd.com
Oriola-KD Financial Statement
release 2016
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Oriola-KD Oyj via Globenewswire
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