MEDIQ

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• Outlook 2011

Direct & Institutional
We are expecting a further increase in sales, both on an organic basis and from acquisitions, partly due to further ageing of the population, a further shift to direct deliveries in home healthcare settings and a further increase in the number of expensive pharmaceuticals.

Achieving purchasing synergies remains a spearhead. This enables us to mitigate the effects of price pressure from insurers, in particular. We expect a growing portion of our sales to be achieved from tendering procedures. New initiatives for this can come from both governments (Germany, USA) and healthcare insurers (Netherlands). As the largest market party we also see scope for volume growth.

We expect an EBIT margin of between 7 and 8% and an EBITA margin of between 8 and 9%

Pharmacies NL
Revenues will decline slightly due to the loss of 30 Lloyds pharmacies at our wholesaling operations per June 2010. The dispensing fee, i.e. the payment received for dispensing a prescription pharmaceutical, was reduced as of January 2011 from € 7.91 to € 7.50 (see section ‘System of Fees and Reimbursements’ for more information). This decrease in combination with a further expansion of the preference policy and the reduction of the clawback from a temporarily higher level in 2009 and 2010 to the standard percentage of 6.82% will cause a negative effect of € 8 million compared to 2010. This effect will be largely offset by cost savings resulting from the reorganisation and volume growth.  

Pharmacies International
We expect organic growth to be slightly ahead of the market at our pharmacies and an organic growth in line with the market at our wholesaling activities. We also expect to achieve improved profitability both at our pharmacies and wholesaling operations.