Q3: Further growth in sales of medical devices; decrease in sales from pharmaceuticals  

Financial highlights 

Net sales - Declined 4% to € 625.1 million; growth from acquisitions at Direct & Institutional offset by a decrease in sales at Pharmacies Netherlands and Pharmacies Poland. 

EBITA from ordinary activities - Decreased 22% to € 21.9 million; mainly as a result of the declining sales from pharmaceuticals and the restructuring provision (€ 3.1 million) at Pharmacies Netherlands.

Net result  - Amounted to € 0.9 million due to the impairment of wholesaling assets at Pharmacies Netherlands and lower EBITA from ordinary activities.

Cash flow - Cash flow from operating activities of € 57.0 million. 

Outlook 2012

Expected EBITA between € 88 million and € 91 million. The downward adjustment relative to the earlier outlook (€ 111-116 million) is caused mainly by the restructuring provision and the impairment of wholesaling assets at Pharmacies Netherlands.

− Sales growth of 8%, due to acquisitions. Organic sales down by 4% following the transfer of biopharmaceuticals to hospital budget (the Netherlands). Excluding this effect, organic growth amounted to 1%. 

− Positive trend in operating result for medical devices; lower operating result from delivery of pharmaceuticals (the Netherlands). 

− EBITA margin from ordinary activities of 8.0%.

− Acquisition of A-Med will strengthen market position in the US.

− Lower sales and EBITA due to sharp fall in prices; persistent poor market conditions. 

− Impairment of € 12 million of wholesaling assets.

− Restructuring of pharmacy and wholesaling activities announced and launched; first tranche of restructuring provision recognised. 

− Sales down by 7%, mainly as a result of market contraction reflecting lower discounts for patients due to regulatory changes

− EBITA up, especially as a result of improved gross margin and lower costs