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• Underlying operating result up 15%

Financial highlights

Net sales
Decrease of 3% due to sale of Belgian pharmaceutical activities (- 8%), partly offset by organic growth (1%), recent acquisition in Nordics (2%) and currency effects (2%).
Operating result
Up 15%, excluding non-operational and one-off items, driven mainly by Direct & Institutional.
− Non-operational items (Anzag share price changes and the 2009 sale & leaseback in Norway) had an effect of - € 9.9 million.
− One-off items (acquisition costs and reorganisation provision) in 2010 had an effect of
- € 4.8 million.
Operating result including the above items decreased by 31% on balance.
Outlook for 2010
− Operating result of between € 108 million and € 112 million.
− Organic sales growth of 2 − 3% at constant exchange rates. This replaces the previous outlook of an organic sales growth of 3 − 5%.

Operational highlights

Direct & Institutional
− Sales growth of 11%, mainly due to acquisition in Nordics.
− Acquisition consolidated as of 31 May; integration on track.
− Growth of operating result from ordinary activities of 13%.
Pharmacies Netherlands
− Unchanged operating result, after adjusting for reorganisation provision of € 2.9 million.
− Reorganisation on track.
− Good progress of centralisation of repeat medication.
Pharmacies International
− Sales decline due to sale of Belgian activities and decrease at Polish wholesaling.
− Organic growth of Polish pharmacies in line with market.
− Operating result lower due to higher costs of national distribution centre.

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