Q2 Further international growth Mediq D&I: 12% increase of operating result (EBITA) from ordinary activities
Financial highlights
Net sales - Up 6% to € 684.4 million driven by Direct & Institutional.
EBITA* - Increase of EBITA from ordinary activities by 12% to € 29.7 million, due to improved results at Direct & Institutional and Pharmacies Netherlands.
Net result - Up 7% to € 17.0 million, due to higher operational result, a negative effect of higher amortisation of customer relationships and relatively low taxation in Q2 2010.
Other developments - Consolidation of Stichting Samenwerking Apothekers OPG as of 28 July leads to decrease in number of Mediq shares outstanding by 5.87%.
Outlook 2011 - EBITA* between € 123 million and € 127 million.
Operational highlights
Direct & Institutional
− Sales growth of 21% of which 4% organic.
− Acquisition of NM Médical consolidated as of 30 April; integration on track.
− 14% growth of EBITA from ordinary activities.
− EBITA margin of 8.6%.
Pharmacies Netherlands
− Sales down 3%, due to loss of Lloyds pharmacies as wholesaling customer as from June 2010.
− EBITA up with € 2.0 million due to effect of reorganisation provision of € 2.9 million recognised in Q2 2010.
Pharmacies Poland
− Lower sales and result at wholesaling, due to strong price competition ahead of upcoming new legislation (as of 2012).
− Pharmacy sales growth slightly higher than market.
Marc van Gelder, CEO:
“Mediq continues to grow internationally, due to acquisitions as well as organically, in the area of deliveries of medical devices direct to patients' homes and to healthcare institutions. Recent acquisitions made a significant contribution. This was supported by the swift and successful integration within Mediq of amongst others the activities in the Nordics and Baltics. These combined developments have significantly boosted both sales and results.
At Pharmacies Netherlands, we are preparing for the new method of reimbursement of pharmaceuticals and pharmaceutical care as from 2012. Mediq Pharmacy has developed a healthcare program centring on reimbursement on the basis of patient outcomes and effectiveness rather than on dispensing only. We are confident that this will set us apart in the market.
Supported by our robust financial position, we continue our drive for international, profitable growth for Mediq, both organically and through acquisitions."