Oriola-KD Corporation reported results for 2014. Key highlights included successful integration of the Medstop pharmacy chain in Sweden, entry into the consumer business in Finland and Baltics through online shops, and sale of the Russian businesses. Net sales were flat at EUR 1.6 billion while operating profit excluding non-recurring items increased 59.5% to EUR 59.1 million. Profit for the period was negatively impacted by EUR 258.8 million loss from discontinued Russian operations. For 2015, net sales are estimated to remain flat while operating profit is forecast to increase from 2014 levels.
In this slidecast I will give the main reasons why you should invest in Omega Pharma. This is based on the Financial analysis of the first half of 2012.
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.
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.
In this slidecast I will give the main reasons why you should invest in Omega Pharma. This is based on the Financial analysis of the first half of 2012.
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.
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.
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.
Similar to Presentation Oriola-KD’s Financial Statements for 2014 (20)
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VISION
Being proactive
Supporting optimal animal and human health
Exploring ways to reduce overall use of antimicrobials
Using the drugs that prevent and treat disease by killing microscopic organisms in a responsible way
GOAL
to prevent the generation and spread of antimicrobial resistance (AMR). Doing so will preserve the effectiveness of these drugs in animals and humans for years to come.
being to preserve human and animal health and the effectiveness of antimicrobial medications.
to implement a multidisciplinary approach in assembling a stewardship team to include an infectious disease physician, a clinical pharmacist with infectious diseases training, infection preventionist, and a close collaboration with the staff in the clinical microbiology laboratory
to prevent antimicrobial overuse, misuse and abuse.
to minimize the developme
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2. Oriola-KD Corporation2
• In the Swedish retail successful integration of Medstop
pharmacy chain, development of the product portfolio and
customer loyalty program.
• In the Swedish wholesale increased volume of the business
and completed efficiency program.
• In Finland and Baltics entry to consumer business via
oriolashop.fi and intertnetaptieka.lv online shops.
• The sale of Russian businesses to Russian pharmacy chain
CJSC Aptieka 36.6 on December 8, 2014.
Oriola-KD January – December 2014
5. Oriola-KD Corporation5
Sold Russian businesses
• On 8th of December 2014 Oriola-KD sold
its Russian businesses to CJSC Apteki
36.6.
• 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 Oriola-
KD Russian businesses.
• The cash and debt free selling price was
RUB 3,700 million, equivalent to
approximately EUR 56.4 million.
• Profit for the period from discontinued
operations in 2014 was EUR -258,8 (-
11,4) million.
Operating profit
7. Oriola-KD Corporation7
• 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
9. Oriola-KD Corporation9
Pharmacy Chains in Sweden
Market SharePharmacies
Apotek Hjärtat &
CURA
Apoteket
Apoteksgruppen
LloydsApoteket
Muut
378
374
304
165
83
Apoteket
Apotek Hjärtat &
CURA
Apoteksgruppen
LloydsApoteket
Pharmacies 2010
Established net 2010 - 2013
Established net 2014
Source: Apoteksförening and Oriola-KD
10. Oriola-KD Corporation10
• 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
11. Oriola-KD Corporation11
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
12. Oriola-KD Corporation12
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
Events after the review period
• Oriola-KD begin co-operation negotiations in Finland on 28 January 2015.The negotiations concern the planned
efficiency programme of Oriola-KD Corporation and Oriola Oy and possible impacts on personnel due to the
restructuring of operations in accordance with the planned programme as well as production-related reasons.
Approximately 500 people fall within the scope of the negotiations. According to the company's preliminary estimate,
the negotiations could result in a need to reduce the workforce by 50-65 people in Finland, which would be equivalent
to an annual cost saving of approximately 2 million euros.
• On January 20, 2014 Oriola-KD Corporation renewed the agreement to provide centralized sourcing services for
Apoteksgruppen and Lloyds Apotek pharmacy chains in Sweden. The renewed contract has been agreed to be valid
until end of 2017.
• On 28 January 2015 the Nomination Committee of Oriola-KD presented to the Board of Directors its recommendation
on the proposal to the 2015 Annual General Meeting concerning the composition of the Board of Directors as follows:
• The number of members of the Board of Directors would be eight
• The present members of the Board of Directors Jukka Alho, Per Båtelson, Anja Korhonen, Kuisma Niemelä and Matti
Rihko would be re-elected
• Eva Nilsson Bågenholm, Staffan Simberg and Anssi Vanjoki would be elected new members of the Board of Directors
• Anssi Vanjoki would be elected as Chairman of the Board of Directors
• Member of the Board of Directors Harry Brade will leave the office of Board of Directors after the 2015 Annual General
Meeting.
23. Oriola-KD Corporation23
• 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
24. Oriola-KD Corporation24
• 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