Oriola-KD Corporation published the interim report 1 January - 30 March 2015 on Thursday, 23 April 2015 at 8.30 a.m.
President and CEO Eero Hautaniemi's comments regarding the interim report:
"Net sales of the Swedish businesses increased and operating profit excluding non-recurring items remained at the level of the corresponding period. Net sales of the Swedish wholesale business was supported by the new agreements with pharmaceutical companies signed in 2014. Operating profit of the Swedish retail business increased as a result of higher sales and effective cost control measures, although new expensive prescription medicines with low margins lowered the sales margin percentage. We continued to develop our product and pharmacy portfolio during the first quarter. In accordance with our strategy we will open an online pharmacy in Sweden during the second half of the year. The depreciation of the Swedish krona from the corresponding period negatively affected the euro denominated operating profit by approximately EUR 0.6 million.
Co-operation negotiations concerning Oriola-KD's personnel in Finland were completed on 11 March 2015. The estimated annual cost savings will be approximately EUR 2 million of which EUR 1.3 - 1.5 million are estimated to realise in 2015. The related non-recurring costs recognised in the first quarter were EUR 1.4 million.
In order to strengthen Oriola-KD's balance sheet and improve the equity ratio we successfully completed EUR 75.6 million rights offering during the first quarter. The offering was oversubscribed by approximately 146 per cent."