DGAP-News: Celesio AG: Celesio increases revenue by approximately 8 per cent and operating profit by more than 11 per cent
(firmenpresse) - DGAP-News: Celesio AG / Key word(s): Final Results
Celesio AG: Celesio increases revenue by approximately 8 per cent and
operating profit by more than 11 per cent
23.03.2011 / 07:30
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Celesio increases revenue by approximately 8 per cent and operating profit
by more than 11 per cent
* Revenue increases to approximately 23.3 billion euro
* EBITDA increased by 11.4 per cent to 699.2 million euro, without a
positive one-off effect by 8.8 per cent to 682.9 million euro
* Burdens arising from government measures amounting to 78 million euro
compensated
* Net liabilities reduced from over 2 billion euro to about 1.7 billion
euro
* Dividend of 0.50 euro per share proposed
Stuttgart, 23 March 2011. In the 2010 fiscal year, Celesio increased its
operating profit (EBITDA) by 71.6 million euro to 699.2 million euro. At
the same time, burdens arising from government measures in the amount of 78
million euro were offset.
The increase of 11.4 per cent (7.7 per cent in local currency) is mainly
due to the positive development of the Pharmacy Solutions division. This
division benefited from its acquisition of a majority holding in the
Brazilian wholesaler Panpharma and good growth in the operating business.
The operating profit of the group includes a positive one-off effect in the
amount of 16.3 million euro from the contribution of subsidiary Lloyds
Nederland to Brocacef Holding N.V. Without this one-off income, EBITDA rose
by 8.8 per cent to 682.9 million euro.
Group revenue increased by 8.3 per cent to 23.3 billion euro. Adjusted for
exchange rate effects, group revenue rose by 5.8 per cent. With net
liabilities of 1.7 billion euro at the end of 2010, Celesio has reduced
this figure to well below the self-defined target of 2 billion euro.
'In a challenging environment, we have succeeded in demonstrating our
operating efficiency. Despite new burdens imposed by the government
totalling 78 million euro, we were able to increase our operating profit
significantly', said Chief Executive Officer Fritz Oesterle. 'At the same
time, we consolidated the financial base of the group. This creates certain
latitude for the continued implementation of our growth programme Agenda
2015.'
In view of increasing government measures, Celesio's focus is on improving
profitability and expanding the non-price and margin regulated business.
Oesterle: 'Last year we launched a large number of projects. These included
for example the merger with Brocacef in the Netherlands, our joint venture
with the US-company Medco, and the international expansion of DocMorris, by
opening 50 new pharmacies in Sweden. We want to accelerate our growth in
non-regulated business through acquisitions.'
Proposed dividend of 0.50 euro per share
Profit before tax rose to 409.3 million euro (previous year 119.5 million
euro). The net profit was 265.0 million euro compared with 6.5 million euro
in 2009 fiscal year, though it should be noted that the values of the
previous year were affected by impairment losses (recognised on intangible
assets). Even after adjustment for these effects, profit before taxes and
the net profit both improved considerably. The Management Board and the
Supervisory Board will suggest a dividend payment of 0.50 euro per share,
unchanged from the previous year, to the Annual General Meetingon May 17th
2011.
Development within the divisions
Revenue in the Patient and Consumer Solutions division, in which business
activities are directed at end consumers and patients, increased by 5.1 per
cent to 3,618.1 million euro in 2010. Most of the revenue in this division
was recorded in the Retail Pharmacies business area, whose revenue
increased by 4.5 per cent compared with the previous year, to 3,322.6
million euro. With 291.2 million euro, the Mail-order Pharmacies business
area recorded strong revenue growth of 13.4 per cent, resulting mainly from
the positive development of the DocMorris mail-order pharmacy. EBITDA for
the division rose by 5.5 per cent to 316.7 million euro, mainly due to the
positive development in the Mail-order Pharmacies business area. In the
2010 fiscal year, Celesio opened 60 new pharmacies, 50 of these in Sweden.
As of 31 December 2010, Celesio operated 2,277 pharmacies throughout
Europe, 19 fewer than at the closing date of previous year. This slight
reduction was due to our transferring the 63 Dutch pharmacies to Brocacef
Holding in the Netherlands.
The Pharmacy Solutions division, which consists essentially of
pharmaceuticals wholesale, recorded a pronounced growth in revenue of 8.4
per cent to 19,019.7 million euro. This positive development in revenue was
primarily due to the first full-year consolidated contributions of the
Brazilian wholesaler Panpharma and the Belgian wholesaler Laboratoria
Flandria as well as the generally good operating performance of the
wholesale business. Adjusted for currency and acquisition effects, revenue
growth was 0.7 per cent. EBITDA rose significantly, by 19.3 per cent to
456.1 million euro. The main drivers in this too were the inclusion of
Panpharma and the positive revenue development at GEHE in Germany and AAH
in the United Kingdom.
In the Manufacturer Solutions division, which provides services to the
pharmaceutical industry, gross profit increased to 411.8 million euro. The
marked growth of 61.5 per cent is due to the first time-full consolidation
of Pharmexx. The division recorded EBITDA of 12.2 million euro,
representing a slight fall. This was mainly due to expenses associated with
the integration and restructuring process at Pharmexx, which was
essentially completed by the end of 2010. In the Movianto business area,
the positive effects of the optimisation measures implemented in 2009 were
felt, and EBITDA for this business area rose by 15.0 per cent to 17.9
million euro (13.7 per cent in local currency).
Outlook
In the next two years, Celesio expects that government healthcare systems
will continue to experience cost pressure, which will lead to corresponding
cutbacks in government healthcare costs. Accordingly, it may be expected
that the profit in 2011 will be affected by new government measures,
particularly in the British pharmacy business. 'We believe that our organic
growth and inherent strength in compensating for government measures
together with our initiatives for improving profitability as part of our
Agenda 2015 programme will go a long way towards minimising these effects',
said Oesterle. Besides these government measures, structural effects from
portfolio measures that were made in 2010 will become apparent in revenue
and EBITDA. Furthermore it is not possible at the moment to predict the
development of government measures.
Consequently, there is uncertainty regarding the overall development of the
group EBITDA in 2011 and 2012, though Celesio expects rising earning
contributions from the Agenda 2015 initiatives in 2012.
'Despite government measures affecting our core business, with our
initiatives in all growth pillars of Agenda 2015 we have the right tools
and levers to achieve both our strategic and growth goals for Agenda 2015.
Measures in the Portfolio Optimisation and Innovation pillars may also
prove to be decisive for the course of 2011 and 2012 fiscal years', said
Oesterle.
Overview of key figures
2009 2010 Q4/2010
Revenue in EUR m21,497.2 23,277.6 5,931.6
EBITDA in EUR m 627.6 699.2 190.4
Profit
before tax in EUR m 119.5 409.3 110.0
Adjusted for
special effects in the
financial result in EUR m 403.6 *) 454.0 123,4
2009 2010 Q4/2010
Annual result in EUR m 6.5 265,0 71.6
Adjusted for
special effects in the
financial result in EUR m 282.4 *) 309.1 84.3
Earnings per share in EUR 0.02 1.52 0.41
Earnings per share
adjusted for
special effects in
the financial result in EUR m 1.64 *) 1.78 0.49
*) Adjusted for impairment losses recognised on intangible assets including
tax effects
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
End of Corporate News
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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
Listed: Regulierter Markt in Berlin, Düsseldorf, Frankfurt (Prime
Standard), München, Stuttgart; Freiverkehr in Hamburg,
Hannover; Terminbörse EUREX
End of News DGAP News-Service
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116528 23.03.2011
Datum: 23.03.2011 - 07:30 Uhr
Sprache: Deutsch
News-ID 33545
Anzahl Zeichen: 0
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Kategorie:
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