1) Oriola-KD Corporation is a Nordic pharmaceutical wholesaler and pharmacy chain with net sales of EUR 1.6 billion in 2014.
2) The company's operating profit excluding non-recurring items improved 59.5% to EUR 59.1 million in 2014, driven by strong profitability growth in its Swedish retail and wholesale businesses.
3) Oriola-KD sold its Russian businesses in December 2014 for EUR 56.4 million, resulting in a loss of EUR 258.8 million from discontinued operations for the year.
President and CEO's review in Annual General Meeting 2014Valmet Oyj
Valmet's Annual General Meeting 2013 was arranged on March 26, 2014 in Messukeskus, Helsinki.
Presentation material of the President and CEO Pasi Laine's review.
President and CEO's review in Annual General Meeting 2014Valmet Oyj
Valmet's Annual General Meeting 2013 was arranged on March 26, 2014 in Messukeskus, Helsinki.
Presentation material of the President and CEO Pasi Laine's review.
Presentations Electrolux Capital Markets Day 2014 - By Keith McLoughlin and T...Electrolux Group
At Electrolux capital markets day in Charlotte, North Carolina on November 20 2014, CEO Keith McLoughlin and other senior officers of the company presented a status update on the Group’s strategy as well as an overview of the current business environment and expectations for next year.
Highlights of the fourth quarter of 2014. Net sales amounted to SEK 31,400m (28,891). Sales increased by 8.7%, of which 2.0% was organic growth, 0.2% acquisitions and 6.5% currencies. Strong improvement in operating income for Major Appliances EMEA, Latin America and Asia/Pacific.
Electrolux Capital Markets Day 2013 - Presentation Tomas Eliasson, CFOElectrolux Group
Electrolux today at its capital markets day presents a status update on the Group’s strategy, focusing on actions to drive profitable growth and further improve operational excellence. President and CEO Keith McLoughlin and members of senior management will hold presentations, including an in-depth view of the operations in North America.
Electrolux Capital Markets Day 2013 - Presentation Keith McLoughlin, CEOElectrolux Group
Electrolux today at its capital markets day presents a status update on the Group’s strategy, focusing on actions to drive profitable growth and further improve operational excellence. President and CEO Keith McLoughlin and members of senior management will hold presentations, including an in-depth view of the operations in North America.
Highlights of the second quarter of 2016
Net sales amounted to SEK 29,983m (31,355).
Organic sales declined by -0.9%, acquired growth was 0.1% and currency translation had a negative impact of -3.6% on net sales.
Improved results across most business areas.
Four of six business areas achieved an operating margin above 6%.
Operating income increased to SEK 1,564m (921), corresponding to a margin of 5.2% (2.9).
Strong operating cash flow after investments of SEK 4.1bn (2.9).
Income for the period was SEK 1,079m (608), and earnings per share was SEK 3.75 (2.12).
Highlights of the fourth quarter of 2015
Net sales increased to SEK 31,794m (31,400).
Sales increased by 1.3%, of which 0.2% was organic sales growth, 0.1% acquisitions and 1.0% currency translation.
Highlights of the first quarter of 2016
Net sales amounted to SEK 28,114m (29,087).
Organic sales growth was 1.8% and acquired growth was 0.1%, while currency translation had a negative impact of -5.2% on net sales.
Improved results across most business areas.
Strong results for Major Appliances EMEA and Professional Products.
Continued recovery for Major Appliances North America.
Operating income increased to SEK 1,268m (516), corresponding to a margin of 4.5% (1.8).
Income for the period was SEK 875m (339), and earnings per share was SEK 3.04 (1.18).
Highlights of the second quarter of 2015. Net sales increased to SEK 31,355m (26,330). Sales increased by 19.1%, of which 7.0% was organic sales growth, 0.1% acquisitions and 12.0% currency translation. Organic sales growth across all business areas.
Electrolux Consolidated Results 2013 - PresentationElectrolux Group
Highlights of the fourth quarter of 2013. Net sales amounted to SEK 28,891m (29,185).
Organic sales growth was 3.6%, while currencies had a negative impact of –4.6%.
Presentations Electrolux Capital Markets Day 2014 - By Keith McLoughlin and T...Electrolux Group
At Electrolux capital markets day in Charlotte, North Carolina on November 20 2014, CEO Keith McLoughlin and other senior officers of the company presented a status update on the Group’s strategy as well as an overview of the current business environment and expectations for next year.
Highlights of the fourth quarter of 2014. Net sales amounted to SEK 31,400m (28,891). Sales increased by 8.7%, of which 2.0% was organic growth, 0.2% acquisitions and 6.5% currencies. Strong improvement in operating income for Major Appliances EMEA, Latin America and Asia/Pacific.
Electrolux Capital Markets Day 2013 - Presentation Tomas Eliasson, CFOElectrolux Group
Electrolux today at its capital markets day presents a status update on the Group’s strategy, focusing on actions to drive profitable growth and further improve operational excellence. President and CEO Keith McLoughlin and members of senior management will hold presentations, including an in-depth view of the operations in North America.
Electrolux Capital Markets Day 2013 - Presentation Keith McLoughlin, CEOElectrolux Group
Electrolux today at its capital markets day presents a status update on the Group’s strategy, focusing on actions to drive profitable growth and further improve operational excellence. President and CEO Keith McLoughlin and members of senior management will hold presentations, including an in-depth view of the operations in North America.
Highlights of the second quarter of 2016
Net sales amounted to SEK 29,983m (31,355).
Organic sales declined by -0.9%, acquired growth was 0.1% and currency translation had a negative impact of -3.6% on net sales.
Improved results across most business areas.
Four of six business areas achieved an operating margin above 6%.
Operating income increased to SEK 1,564m (921), corresponding to a margin of 5.2% (2.9).
Strong operating cash flow after investments of SEK 4.1bn (2.9).
Income for the period was SEK 1,079m (608), and earnings per share was SEK 3.75 (2.12).
Highlights of the fourth quarter of 2015
Net sales increased to SEK 31,794m (31,400).
Sales increased by 1.3%, of which 0.2% was organic sales growth, 0.1% acquisitions and 1.0% currency translation.
Highlights of the first quarter of 2016
Net sales amounted to SEK 28,114m (29,087).
Organic sales growth was 1.8% and acquired growth was 0.1%, while currency translation had a negative impact of -5.2% on net sales.
Improved results across most business areas.
Strong results for Major Appliances EMEA and Professional Products.
Continued recovery for Major Appliances North America.
Operating income increased to SEK 1,268m (516), corresponding to a margin of 4.5% (1.8).
Income for the period was SEK 875m (339), and earnings per share was SEK 3.04 (1.18).
Highlights of the second quarter of 2015. Net sales increased to SEK 31,355m (26,330). Sales increased by 19.1%, of which 7.0% was organic sales growth, 0.1% acquisitions and 12.0% currency translation. Organic sales growth across all business areas.
Electrolux Consolidated Results 2013 - PresentationElectrolux Group
Highlights of the fourth quarter of 2013. Net sales amounted to SEK 28,891m (29,185).
Organic sales growth was 3.6%, while currencies had a negative impact of –4.6%.
Interim Review January-June 2014: Strong development in orders received continued - profitability improvement proceeding according to plan
Presentation material at the news conference on July 31, 2014.
Interim Review January-March 2014: Strong development in orders received - profitability improvement continues to be in focus
Presentation material at the news conference on April 25, 2014
2014 Annual General Meeting (AGM) PresentationAegon
Presentation for Aegon's 2014 AGM on 21 May 2014, including strategic review, update on progress towards financial targets and voting items. For full details of this Annual General Meeting of Shareholders and upcoming meetings visit http://www.aegon.com/agm
Financial Statements Review 2014: Profitability in the targeted range in Q4/2014 - good orders received in Services
Presentation material at the news conference on February 6, 2015.
Oriola-KD operates as an effective and reliable channel between pharmaceutical manufacturers and consumers in Northern Europe. Oriola-KD engages in pharmaceutical retailing, i.e. pharmacy operations, in Sweden, online pharmacy business in Latvia and pharmaceutical wholesaling and distribution in Finland, Sweden and the Baltic countries. In addition Oriola-KD markets health and well-being products in Finland and the Baltic countries. Oriola-KD’s net sales for 2014 were approximately EUR 1.6 billion. Company has approximately 2 350 employees. Oriola-KD is listed on NASDAQ OMX Helsinki Ltd.
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2. Oriola-KD Corporation2
Oriola-KD Continuing Operations 2014
MAIN LOGISTIC CENTRE
DISTRIBUTION CENTRE
Net sales
EUR 1.6 billion
Operating profit
excl. non recurring itemes
EUR 59.1 million
• Sweden 73 %
• Finland & Baltics 27 %
• Retail 53 %
• Wholesale 47 %
4. Oriola-KD Corporation4
• Development of pharmacy and
product portfolio according to the
plan.
• Over one million customers in the
Kronans Apotek loyalty program.
• The share of OTC and traded goods
from sales was approximately 27 (26)
per cent in 2014.
• The fourth quarter profitability of the
Swedish retail business was
negatively affected by price
reductions of certain prescription
medicines.
Strong profitability development in the
Swedish retail business
Operating profit % excluding non-recurring items
Operating profit excluding non-recurring items
5. Oriola-KD Corporation5
Pharmacy Chains in Sweden
Market SharePharmacies
Apoteket Hjärtat
& CURA
Apoteket
Apoteksgruppen
LloydsApoteket
Others
378
374
304
165
83
Apoteket
Apoteket Hjärtat
& CURA
Apoteksgruppen
LloydsApoteket
Pharmacies 2010
Established net 2010 - 2013
Established net 2014
Source: Apoteksförening and Oriola-KD
7. Oriola-KD Corporation7
• Increased business volumes and
completed efficiency program.
• Several new small and medium
size agreements with
pharmaceutical companies.
• Share of parallel imports of the
total Swedish pharmaceutical
market was approximately 13 (21)
percent at end of 2014.
Significant profitability improvement in the
Swedish wholesale business
Operating profit excluding non-recurring items
8. Oriola-KD Corporation8
Stable Performance in Finland and Baltics
• Agreements with AbbVie, Novo and
Roche prolonged for several years.
• Significant increase in sales of the main
Consumer Health brands Avène,
Gefilus, Lysi and Pharmacare.
• In Finland and Baltics entry to
consumer business via oriolashop.fi
and intertnetaptieka.lv online shops.
Operating profit excluding non-recurring items
9. Oriola-KD Corporation9
• Oriola-KD sold its Russian businesses to
CJSC Apteki 36.6. on 8th of December
2014.
• The decision to sell the Russian
businesses was based on estimates on
the future outlook of the Russian
pharmaceutical markets, on the
competitive environment and the further
development of profitability of the
OriolaKD Russian businesses.
• The cash and debt free selling price was
RUB 3,700 million, equivalent to
approximately EUR 56.4 million.
• Result for the period from discontinued
operations in 2014 was EUR -258.8 (-
11.4) million.
Divested Russian businesses
10. Oriola-KD Corporation10
Successful EUR 75.6 million rights offering
Equity
• The purpose of the offering was to
strengthen Oriola-KD’s balance
sheet.
• Approximately 97 per cent of all
offered shares were subscribed
for on the basis of subscription
rights.
• The rights offering was
oversubscribed by approximately
146 per cent.
11. Oriola-KD Corporation11
Development of digital channels.
Key Focus Areas in 2015
Improving service businesses and expanding to
healthcare B2B market.
Improving efficiency by exploiting group
synergies.
15. Oriola-KD Corporation15
Interest-Bearing Debt
Interest-Bearing Net Debt
Milj. EUR
31 Dec
2014
31 Dec
2013
Syndicated bank loans 102.2 172.4
Commercial papers 51.8 83.1
Advance payment from
pharmacies
20.6 47.8
Finance lease 4.5 0.8
Other1)
14.7 14.6
Cash and cash equivalents 91.5 137.3
Interest-bearing net debt 102.4 181.5
Sold trade receivables 100.1 79.8
Hybrid bond 39.6 -
Gearing, % 90.1 % 65,3 %
1) Contingent consideration related to Medstop-acuisition
16. Oriola-KD Corporation16
Equity
Milj. EUR
31 Dec
2014
31 Dec
2013
Share capital 36,2 36,2
Hedging reserve -1,3 -0,2
Contingency fund 19,4 19,4
Hybrid bond 39,6 -
Other reserves 1,2 1,2
Translation difference -3,1 -25,3
Retained earnings 21.6 246,8
Equity total 113.6 278,1
Equity ratio, % 13.3 % 19,2 %
Gearing, % 90.1 % 65,3 %
Equity
17. Oriola-KD Corporation17
Profit for the Period for Continuing
Operations
Profit for the Period Dividend and Earnings per Share
Dividend
Return of Equity
Earnings per Share
1)
1) Earnings per share including discontinued
operations was EUR -1.42 (0.04)
1)
18. Oriola-KD Corporation18
Profit for the Period from Discontinued
Operations (Milj. eur) 2014 2013
Net sales 677.8 978.8
Gross profit -32.4 -3.0
Impairment -71.1 -
Operating profit -107.4 -8.3
Profit for the period -111.1 -11.4
Impairment loss resulting from re-
measurement of assets
-64.7 -
Cumulative translation differences
recognized trough profit and loss
-74.3 -
Foreign exchange differences -4.8 -
Cost of disposal -3.8 -
Profit for the period from discontinued
operations
-258.8 -11.4
Discontinued Operations
• On 8th of December 2014 Oriola-KD
sold its Russian businesses to CJSC
Apteki 36.6
• The cash and debt free selling price
was RUB 3,700 million, equivalent to
approximately EUR 51.8 million at the
final conversion fx rate.
• Profit for the period from discontinued
operations was EUR -258.8 (-11.4)
million.
• Profit for the period was EUR -111.1 (-11.4)
million.
• Impairment loss, cumulative translation
differences, foreign exchange diffence and
cost of disposal totaled EUR -147.7 million
19. Oriola-KD Corporation19
Milj. EUR
2014
Q4
20131)
Q4
Change
%
20141)
1-12
2013
1-12
Change
%
Continuing operations
Net sales 417.7 409.8 1.9 1,612.3 1 619.7 -0.5
EBITDA excl. non-recurring items 20.8 17.4 19.3 81.3 55.9 45.3
EBITDA 27.7 17.1 61.6 87.2 49.7 75.6
Operating profit excl. non-recurring items 15.1 11.6 30.7 59.1 37.0 59.5
Operating profit 22.1 9.9 123.5 65.0 29.3 121.7
Profit for the period from continuing operations 18.0 6.6 248.4 46.5 17.1 200.6
Profit for the period from discontinued operations -149.2 -1.0 -258.8 -11.4
Profit for the period -131.1 5.6 -212.3 5.8
Key Figures
1) The comparative figures have been revised as a result of the sale of reporting segment Pharmaceutical Trade Russia
20. Oriola-KD Corporation20
Milj. eur
31 Dec 2014 31 Dec 20131)
Goodwill 250.9 379.0
Equity 113.6 278.1
Interest-bearing debt 193.9 318.8
Interest-bearing net debt 102.4 181.5
Balance sheet total 874.0 1 500.1
Equity ratio, % 13.3 19.2
Return on equity (ROE), % 23.7 2.0
Return on capital employed (ROCE), % 14.4 4.2
Gearing, % 90.1 65.3
Net debt / 12 month EBITDA, continuing operations 1.2 3.7
Equity per share, EUR 0.75 1.84
Earnings per share (EPS), continuing operations EUR 0.29 0.11
Earnings per share (EPS), inc. discontinued operations EUR -1.42 0.04
Average number of shares, 1000 pcs 151 130 151 157
Balance Sheet and Key Ratios
1) Comparative balance sheet items include discontinued operations
21. Oriola-KD Corporation21
Outlook for 2015
• Oriola-KD estimates its full-year net sales to remain at the
2014 level. Operating profit excluding non-recurring items
is estimated to increase from the 2014 level. Full-year net
sales for continuing operations were EUR 1,612.3 million
and operating profit excluding non-recurring items was
EUR 59.1 million.
22. Oriola-KD Corporation22
• The Board proposes to the Annual General Meeting that no
dividend be distributed on 2014 (no dividend distributed on
2013) and that no funds from the invested non-restricted
equity fund be distributed as return of equity (no return of
equity 2013).
Distribution Proposal
23. Oriola-KD Corporation23
• Annual General Meeting
• Oriola-KD Corporation's Annual General Meeting will be held on 30
March 2015 at 5.00 p.m. at the Helsinki Fair Centre. The matters
specified in article 10 of the Articles of Association and other
proposals of the Board of Directors, if any, will be dealt with at the
meeting. The Board of Directors will decide on the notice of the
Annual General Meeting and the proposals contained in it at a later
date. The full notice of the Annual General Meeting will be published
on 6 March 2015.
• Publication of the annual report
• Oriola-KD Corporation will publish its 2014 annual summary on 6
February 2015. The financial statements in their entirety will be
published by 9 March 2015.
Annual General Meeting and Annual Report