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Press Release

Oriola-KD Corporation's Interim Report for 1 January-30 September 2016


Posted on: 20 Oct 16

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
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
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
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

GlobeNewswire
globenewswire.com

Last updated on: 20/10/2016

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