Q4 : Result in line with expectation
Continuing growth for Direct & Institutional.
Financial highlights Q4 2012
Net sales − Down 3% to € 680.0 million; growth from acquisitions at D&I cancelled out by declining sales at Pharmacies Netherlands and Pharmacies Poland.
EBITA from ordinary activities − Down 22% to € 29.0 million, mainly as a result of the declining sales from
pharmaceuticals and the restructuring provision at Pharmacies Netherlands and higher corporate expenses.
Net result − Amounted to € 10.0 million due to lower EBITA from ordinary activities and
non-operational costs.
Cash flow − Cash flow from operating activities of € 24.4 million.
Operational highlights Q4 2012
Direct & Institutional
− Sales growth of 8% due to acquisitions; organic sales down by 1% following the transfer of biopharmaceuticals to the hospital budget (Netherlands). Excluding this effect, organic growth was 6%.
− Positive trend in operating result for medical devices; lower operating result for pharmaceuticals (Netherlands).
− EBITA margin from ordinary activities of 8.7%.
− Acquisition of A-Med finalised; consolidated as of 1 December.
Pharmacies Netherlands
− Lower sales and EBITA due to sharp fall in prices since beginning of 2012.
− Restructuring of pharmacy and wholesaling activities; second tranche of restructuring provision recognised.
Pharmacies Poland
− Sales down 10% as a result of a declining market since the beginning of 2012 due to statutory restrictions in patient discounts.
− EBITA up, especially as result of higher gross margin and lower cost levels.