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Oriola-KD Corporation's Interim Report for 1 January-30 September 2016
20.10.2016
Oriola-KD Corporation Stock Exchange Release 20 October 2016 at 8.30 a.m.
Oriola-KD Corporation's Interim Report for 1 January-30 September 2016
Financial performance July-September 2016
* Invoicing increased by 4.8 per cent to EUR 825.6 (787.7) million
* Net sales increased by 5.0 per cent to EUR 395.8 (377.1) million
* Adjusted EBITDA increased by 2.1 per cent to EUR 23.5 (23.1) million
* Adjusted operating profit was EUR 17.0 (17.5) million
* Profit for the period totalled EUR 12.3 (13.8) million and earnings per
share were EUR 0.07 (0.08)
Financial performance January-September 2016
* Invoicing increased by 6.0 per cent to EUR 2,547.3 (2,404.2) million
* Net sales increased by 1.0 per cent to EUR 1,217.3 (1,205.5) million
* Adjusted EBITDA increased by 4.2 per cent to EUR 65.0 (62.4) million
* Adjusted operating profit was EUR 45.7 (45.5) million
* Profit for the period totalled EUR 32.0 (32.1) million and earnings per
share were EUR 0.18 (0.18)
Outlook for 2016
Oriola-KD estimates its full-year net sales to remain at the 2015 level on
constant currency basis. Adjusted operating profit is estimated to remain at
2015 level or to increase, on a constant currency basis. Full-year net sales in
2015 were EUR 1,626.3 million and adjusted operating profit was EUR 60.8
million.
President and CEO Eero Hautaniemi:
The third quarter invoicing in the Services business grew in line with the
market, and profitability developed well in all operating countries. In the
Consumer business our growth was weaker, but the sales mix continued to develop
positively. We have established eight new pharmacies this year, and there are
some to be opened in the fourth quarter as well. The profitability of the
Consumer business declined due to the establishment costs.
We developed Oriola-KD according to our strategy; the acquisition of
PharmaService complemented the Healthcare business with dose dispensing in
Finland, and the acquisition of Farenta strengthened our Services offering to
pharmacies and pharmaceutical companies.
Impact of new ESMA guidelines
New ESMA (European Securities and Markets Authority) guidelines on Alternative
Performance Measures (APMs) are effective for the financial year 2016. Oriola-KD
presents APMs to reflect the underlying business performance and to enhance
comparability between financial periods. APMs should not be considered as a
substitute for measures of performance in accordance with the IFRS. As of Q1
2016, Oriola-KD relabels the previously referenced "excluding non-recurring
items" with "adjusted". Reporting segments' operating profit is reported
excluding adjustment items. In addition Oriola-KD uses "invoicing" as the
measure to describe the business volume.The reconciliation of the alternative
performance measurements to performance measurements defined by IFRS are
presented at the end of this interim report.
Key figures 2016 2015 Change 2016 2015 Change 2015
EUR million 7-9 7-9 (1)) % 1-9 1-9 (1)) % 1-12
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Invoicing 825.6 787.7 4.8 2,547.3 2,404.2 6.0 3,262.2
Net sales 395.8 377.1 5.0 1,217.3 1,205.5 1.0 1,626.3
Adjusted EBITDA 23.5 23.1 2.1 65.0 62.4 4.2 83.4
Adjusted EBITDA % 5.9 6.1 5.3 5.2 5.1
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Adjusted operating
profit( 2)) 17.0 17.5 -2.6 45.7 45.5 0.4 60.8
Operating profit 16.8 18.4 -8.5 44.7 45.3 -1.2 62.6
Adjusted operating
profit % 4.3 4.6 3.8 3.8 3.7
Operating profit % 4.3 4.9 3.7 3.8 3.8
Profit for the
period 12.3 13.8 -11.2 32.0 32.1 -0.3 44.5
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Earnings per share,
EUR 0.07 0.08 -9.2 0.18 0.18 -3.1 0.25
Net cash flow from
operating
activities 19.4 16.2 14.3 55.1 85.6
Gross investments,
EUR million 73.5 13.2 20.4
Total assets 929.3 928.7 946.9
Net interest-
bearing debt 81.7 28.9 6.6
Gearing, % 42.5 16.6 3.4
Net debt / 12-month
EBITDA 0.9 0.3 0.1
Equity per share,
EUR 1.06 0.96 1.07
Equity ratio, % 21.5 19.4 21.1
Return on equity
(ROE), % 22.7 31.1 29.1
Return on capital
employed (ROCE), % 18.3 20.4 19.9
Average number of
shares, 1000 pcs
(3) ) 181,374 176,204 177,502
Average number of
personnel 2,497 2,320 2,327
Number of personnel
at the end of the
period 2,866 2,346 2,353
(1)) Equity-related key figures restated as a result of correction of an error
relating to previous financial periods. Correction was made in 2015 Financial
Statements.
(2)) Adjustment items are specified in table "Adjusting items included in
Operating Profit"
(3)) Treasury shares held by the company not included
Disclosure procedure
This stock exchange release is a summary of Oriola-KD Corporation's Interim
Report January-September 2016. The complete report is attached to this release
in pdf format and is also available on Oriola-KD's website at www.oriola-
kd.com/investors.
Financial statements release
Oriola-KD Corporation will publish the financial statements release for 2016 on
10 February 2017.
Further information:
Eero Hautaniemi,
President and CEO
tel. +358 (0)10 429 2109
e-mail: eero.hautaniemi@oriola.com
Sari Aitokallio
CFO
tel. +358 (0)10 429 2112
e-mail: sari.aitokallio@oriola.com
Distribution:
NASDAQ OMX Helsinki Ltd
Key media
Released by:
Oriola-KD Corporation
Corporate Communications
Orionintie 5, 02200 Espoo
www.oriola-kd.com
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