Oriola-KD's revised guidelines for 2011 and impairment charge
(Thomson Reuters ONE) -
Oriola-KD Corporation Stock Exchange Release 19 July 2011 at 1.10 p.m.
Oriola-KD's net sales in January-June 2011 were EUR 1066 million (EUR 903
million) and operating profit excluding one-off items and impairment charges EUR
4 million (EUR 8 million). Net sales in the second quarter of 2011 were EUR 536
million (EUR 487 million) and operating loss excluding one-off items and
impairment charges EUR 1 million (operating profit EUR 7 million). Oriola-KD's
first half 2011 profitability decreased due to depressed profitability in the
retail operations: Low gross margin caused by fierce competition in Russia, and
lower sales compared to 2010 and higher than expected fixed costs mainly related
to IT system implementation in Sweden.
Oriola-KD will book in the second quarter of 2011 a EUR 33 million impairment
charge related to the intangible assets of the Russian Stary Lekar brand. In the
changed competitive environment the pricing power of Stary Lekar brand has
essentially declined. The impairment charge will decrease the operating profit
by EUR 33 million and net result by EUR 27 million. The impairment charge has no
cash-flow effect.
Oriola-KD revises the year 2011 outlook.
Outlook published on 28 April 2011
Oriola-KD's net sales is expected to be higher and operating profit from
continuing operations excluding one-off items clearly better than in 2010.
New outlook published on 19 July 2011
Oriola-KD's net sales are expected to increase over 10 per cent in 2011 compared
to the previous year. Operating profit excluding one-off items and impairment
charges is expected to exceed EUR 20 million in 2011.
Oriola-KD will publish the second quarter interim report on 4 August 2011.
Oriola-KD Corporation
Eero Hautaniemi
President and CEO
Kimmo Virtanen
Executive Vice President and CFO
For additional information, contact:
Eero Hautaniemi
President and CEO
tel. +358 (0)10 429 2109
e-mail: eero.hautaniemi(at)oriola-kd.com
Pellervo Hämäläinen
Vice President, Corporate Communications and IR
tel. +358 10 429 2497
email: pellervo.hamalainen(at)oriola-kd.com
Distribution:
NASDAQ OMX Helsinki Ltd.
Principal media
Published by:
Oriola-KD Corporation
Corporate Communications
Orionintie 5
FI-02200 Espoo
www.oriola-kd.com
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Oriola-KD Oyj via Thomson Reuters ONE
[HUG#1531913]
Unternehmensinformation / Kurzprofil:
Datum: 19.07.2011 - 12:10 Uhr
Sprache: Deutsch
News-ID 56522
Anzahl Zeichen: 3201
contact information:
Town:
Espoo
Kategorie:
Business News
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