DGAP-News: Celesio AG: Celesio confirms forecast following successful third quarter
(firmenpresse) - Celesio AG / Key word(s): Quarter Results
11.11.2010 07:00
---------------------------------------------------------------------------
Celesio confirms forecast following successful third quarter
Group EBITDA up on previous year
Medco Celesio joint venture launched and expansion of DocMorris in Sweden
accelerated
Takeover of Pharmexx completed
EBITDA forecast of 670 - 690 million euro confirmed despite government
measures in the United Kingdom in the 4th quarter of 2010
Stuttgart, 11 November 2010. Celesio, one of the leading international
service providers within the pharmaceutical and healthcare markets, has
reported a significant increase in revenue and EBITDA in the first nine
months of 2010. In the period from January to September, revenue compared
with the previous year increased by 10.3 per cent to 17.35 billion euro.
During the same period, EBITDA improved by 11.5 per cent to 508.8 million
euro. In local currency revenue and EBIDTA increased by 7.7 per cent and
7.4 per cent respectively. The main driver was pharmaceuticals wholesale in
the Pharmacy Solutions division. This division benefited both from the
acquisition of the Brazilian wholesaler Panpharma in 2009 as well as good
progression within the operating business. Development of the Pound
sterling and the Brazilian real also had a positive effect.
'During the first nine months of 2010, we have further developed our
business strategically and operationally. Of strategic significance for us
are the founding of DocMorris International Retail and the opening up of
non-government regulated businesses through our Medco Celesio joint
venture. The joint venture is designed for the integrated care of patients
and provides sick funds with potential for efficiency improvements in
healthcare systems. Under the pharmacy brand DocMorris, we will develop
pan-European innovative offers for the increasing private demand for
healthcare products and services. DocMorris International Retail will
manage all our retail pharmacy activities outside the United Kingdom,' says
Fritz Oesterle, Chairman and CEO of Celesio.
Important decisions concerning the further development of Celesio were also
taken in the third quarter: the personnel and marketing services provider
Pharmexx was taken over completely. 'We are constantly extending our
position as a solutions provider for the pharmaceutical industry,'
emphasises Oesterle.
In addition, the Medco Celesio joint venture was officially founded in
September following approval by the competition authorities, and commenced
its operational business in Germany in October. The first contract with a
health insurance company has already been clinched.
Celesio CEO Oesterle is particularly pleased with progress in the
international pharmacy business. 'The development of DocMorris in Sweden is
making good progress. As of today we have opened 40 pharmacies. We have
therefore increased our target for the second time this year, and want to
be present in Sweden with up to 50 DocMorris pharmacies by the end of the
year,' says Fritz Oesterle.
Development within the divisions
From January to September 2010, the Patient and Consumer Solutions division
generated revenue of 2.69 billion euro, and with this 5.8 per cent more
than in the same period of the previous year. In local currency, an
increase of 2.2 per cent was achieved. EBITDA grew disproportionately to
revenue, increasing by 6.2 per cent to 232.2 million euro. In local
currency, this corresponded to an increase of 2.6 per cent.
The main reason for this development is the Mail-order Pharmacies business
area. There was enormous investment in marketing measures here in the
previous year which is now paying off. Revenue from this business area
increased by 15.3 per cent to 215.1 million euro, EBITDA also improved
significantly. It increased from -3.1 million to 9.8 million euro. The
Retail Pharmacies business area, conversely, while reporting an increase in
revenue of 5.1 per cent to 2.47 billion euro, and despite good operating
performance, suffered a slight decline in EBITDA of 0.2 per cent to 223.4
million euro. Reasons for this are - expected - government measures,
particularly in the first quarter, and set-up costs for the chain of
pharmacies in Sweden.
On 30 September, Celesio operated 2,323 retail pharmacies and therefore 27
more pharmacies than on 31 December 2009. Between January and September,
Celesio opened 33 pharmacies (previous year eleven pharmacies); 28 of these
pharmacies are in Sweden. Twelve pharmacies (previous year 34 pharmacies)
were sold or closed and six pharmacies (previous year eleven pharmacies)
were purchased.
During the reporting period, Celesio decided a new brand strategy in the
Patient and Consumer Solutions division, and will successively concentrate
on two pharmacy brands: Lloydspharmacy in the United Kingdom and DocMorris
outside the United Kingdom. In order to manage and pool the resources of
the DocMorris retail pharmacy business, DocMorris-International Retail was
founded as an operational management unit. The management is currently
developing the roll-out plan to internationalise the DocMorris brand.
Revenue in the Pharmacy Solutions division increased significantly by 10.5
per cent to 14.18 billion euro. In local currency, this is an increase of
8.2 per cent. The positive development in revenue was primarily due to
consolidation of the Brazilian Panpharma Group since September 2009 and
good business development in Germany and the United Kingdom. EBITDA
increased more than revenue, rising by 19.3 per cent to 337.4 million euro.
In local currency, this corresponds to an increase of 15.6 per cent.
The main drivers for the positive development were Panpharma and good
organic growth in Germany and the United Kingdom. This enabled weaker
development in individual countries such as, France in particular, to be
overcompensated. In France, intensive discount competition continues to put
pressure on the entire pharmaceutical wholesale market.
Gross profit in the Manufacturer Solutions division increased by 87.1 per
cent to 306.6 million euro compared with the same period in the previous
year. This significant increase is due in particular to the full
consolidation of the Pharmexx Group since July 2009.
The Movianto business area increased gross profit by 9.9 per cent to 134.8
million euro. The increase in the division's EBITDA from 8.8 million euro
to 10.6 million euro - a rise of 19.6% - was also driven by good profit
development in the Movianto business area. The optimisation measures
implemented by Movianto in 2009 took effect, and were one of the main
reasons that EBITDA increased by 32.9% (up 31.5% in local currency). EBITDA
in the new Pharmexx business area was under pressure from integration and
restructuring costs and therefore amounted to only 0.9 million euro
(previous year 1.5 million euro).
The joint venture agreed between Celesio and Medco in June 2010 was
approved by the German Federal Cartel Authority in August 2010. This
allowed Medco Celesio B.V. to be formed. It is headquartered in Amsterdam
and belongs 50% each to Celesio and Medco. The joint venture began
initially in Germany with the incorporation of the operational business
with the health insurance company 'BIG direkt gesund'. In the long-term,
the joint venture wants to offer its services throughout Europe. It is
concentrating on the three fields of Advanced Clinical Solutions (ACS),
Specialty Pharmacy and Mail-order Pharmacy.
Earningsforecast 2010
For the 2010 fiscal year the management board confirms the overall outlook
- despite additional government measures announced in September and already
effective in the fourth quarter in the United Kingdom. If business
development apart from this continues unchanged, Celesio still expects
group EBITDA of between 670 and 690 million euro for the full year. The
upper end of the span of profits will probably not be achieved due to
government measures in the United Kingdom.
Net liabilities at the end of the year should still be below 2 billion
euro, and the key financial indicators should also be improved by the end
of the year.
Key figures of the Celesio Group
Q1-Q3 2009 Q1-Q3 2010
Revenue EUR m 15,730.4 17,346.0
EBITDA EUR m 456.3 508.8
Earnings
before tax (1) EUR m 293.9 (2) 299.3
Net profit (1) EUR m 193.1 (2) 193.4
Employees (3) 45,481 47,379
Retail pharmacies (3) 2,325 2,323
Wholesale
branches (3) 136 134
Change on Change in
a local
EUR basis currency
in % in %
Revenue 10.3 7.7
EBITDA 11.5 7.4
Earnings
before tax (1) 1.8 -3.4
Net profit (1) 0.2 -11.3
(1) Previous-year figures adjusted due to the completion of purchase price
allocation for the Panpharma acquisition
(2) Adjusted for impairment losses recognised on intangible assets
(including tax effects)
(3) Adjusted for special effects in the financial result
Press contact:
Dr Jens Schreiber, Celesio AG, +49 (0)711.5001-380
media(at)celesio.com
Rainer Berghausen, Celesio AG, +49 (0)711.5001-549
media(at)celesio.com
About Celesio Group:
Celesio is one of the leading international service providers within the
pharmaceutical and healthcare markets. The company is active in 27
countries worldwide and employs approximately 47,000 people in its three
divisions Patient and Consumer Solutions, Pharmacy Solutions and
Manufacturer Solutions. Approximately 2,300 of Celesio's own retail
pharmacies, as part of Patient and Consumer Solutions, serve over 600,000
customers every day. In its wholesale activities, which are part of
Pharmacy Solutions, more than 130 wholesale branches deliver to over 65,000
pharmacies - day in, day out. In the Manufacturer Solutions division,
Celesio offers pharmaceutical manufacturers logistics and distribution
solutions and supports them in sales and marketing.
11.11.2010 Dissemination of a Corporate News, transmitted by DGAP -
a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
---------------------------------------------------------------------------
Language: English
Company: Celesio AG
Neckartalstr. 155
70376 Stuttgart
Deutschland
Phone: +49 (0)711 5001-735
Fax: +49 (0)711 5001-736
E-mail: investor(at)celesio.com
Internet: www.celesio.com
ISIN: DE000CLS1001
WKN: CLS100
Indices: MDAX
Listed: Regulierter Markt in Frankfurt (Prime Standard), Berlin,
Stuttgart, München, Düsseldorf; Freiverkehr in Hannover,
Hamburg; Terminbörse EUREX
End of Announcement DGAP News-Service
---------------------------------------------------------------------------
Datum: 11.11.2010 - 07:00 Uhr
Sprache: Deutsch
News-ID 32561
Anzahl Zeichen: 0
contact information:
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 218 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"DGAP-News: Celesio AG: Celesio confirms forecast following successful third quarter"
steht unter der journalistisch-redaktionellen Verantwortung von
Celesio AG (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
