DGAP-News: Celesio AG: Weak market environment leads to impairment losses for Celesio in Portugal and Denmark and at Pharmexx
(firmenpresse) - DGAP-News: Celesio AG / Key word(s): Miscellaneous
Celesio AG: Weak market environment leads to impairment losses for
Celesio in Portugal and Denmark and at Pharmexx
27.07.2011 / 07:32
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Weak market environment leads to impairment losses for Celesio in Portugal
and Denmark and at Pharmexx
- Operating result (EBITDA) for 2011 expected to be in the region of 600
million euro
- Impairment losses should not affect dividends
Stuttgart, 27 July 2011. An extraordinary impairment test has revealed the
need for Celesio to recognise impairment losses totalling 116.3 million
euro at three business units. The impairment losses affect intangible
assets and amount to 72.0 million euro at Pharmexx and 21.0 million euro
and 23.3 million euro, respectively, in the wholesale business in Denmark
and Portugal.
In accordance with international accounting standards (IFRS), this
extraordinary impairment test of all assets was triggered by the fact that
the market value of Celesio AG had fallen below the carrying amount of
group equity as at 30 June 2011. Impairment testing has been completed and
only led to impairment losses being recognised in the three business units
mentioned. They do not have any effect on cash flows, but do lead to a
reduction in the net profit for the 2011 fiscal year.
The impairment losses recognised for accounting purposes were the result of
overall uncertainty in the European economy, which has given rise to a weak
market environment that is now heavily burdened, both directly and
indirectly, by government austerity measures in the healthcare sector.
Following completion of restructuring, the contract portfolio at Pharmexx
failed to develop according to expectations. The higher discount rate on
future payments also significantly influenced the amount of the impairment
losses.
On the basis of the governmental measures which are known to us today,
Celesio anticipates an operating result (EBITDA) of around 600 million euro
for 2011 as a whole, which is in line with the current expectations of the
capital market.
Celesio remains committed to its traditional dividend policy of determining
distributions based on the net profit of the group after eliminating
impairment losses. In line with this approach, approximately 30% of the
adjusted net profit of the group has been distributed as dividends in
recent years.
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. We are active in 27 countries
worldwide and employ more than 47,000 employees in our 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 550,000 customers every day.
In our wholesale activities, the core business of Pharmacy Solutions,
around 130 wholesale branches deliver to more than 65,000 pharmacies - day
in, day out. In the Manufacturer Solutions division, we offer
pharmaceutical manufacturers logistics, marketing and sales solutions and
operate in the area of Efficient Care Pharma.
End of Corporate News
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Language: English
Company: Celesio AG
Neckartalstr. 155
70376 Stuttgart
Germany
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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133320 27.07.2011
Datum: 27.07.2011 - 07:32 Uhr
Sprache: Deutsch
News-ID 34687
Anzahl Zeichen: 0
contact information:
Kategorie:
Business News
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