DGAP-News: Celesio AG: Celesio achieves earnings target for 2009 and increases dividend
(firmenpresse) - Celesio AG / Final Results
23.03.2010 09:30
Dissemination of a Corporate News, transmitted by
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* EBITDA of 627.6 million euros fulfils forecast
* Revenue of some 21.5 billion euros exceeds previous year's level
* Adjusted on currency effects: significant growth of EBITDA
* Dividend proposal of 0.50 euro above previous year (0.48 euro)
* Agenda 2015 growth strategy successfully initiated
* Outlook: 2010 EBITDA expected to exceed 2009 level
Stuttgart, 23 March 2010. Celesio, one of the leading international service
companies in the pharmaceutical and health care markets, generated
operating profit (EBITDA) of 627.6 million euros in 2009 and thus fulfilled
its own forecast. This equals a slight decline of 4.5 per cent in euros on
a year-on-year basis, which is due to negative currency effects,
predominantly the weakness of the British pound. In local currency, Celesio
increased its operating profit (EBITA) by 1.5 per cent. Compared to 2008,
total revenue increased by 1.6 per cent to 21,497.2 million euros, which
corresponds to even 4.6 per cent growth in local currency.
'The revenue and earnings performance is certainly a success, considering
that 2009 was the most difficult year of crisis in the post-war era', CEO
Fritz Oesterle said at today's press conference on the annual results.
Furthermore, he stated that after the strong international growth in recent
years, the core business proved to be 'pleasingly robust and stable' in a
highly challenging economic environment. 'Moreover, we managed to set the
course for the development of our group', Oesterle emphasised. 'With our
growth programme Agenda 2015 we intend to increase our EBITDA to over 1
billion euros by the end of 2015. We already implemented the first measures
in 2009.'
Proposed dividend 0.50 euro per share
Earnings before tax slightly fell - adjusted for extraordinary amortisation
of intangible assets - by 5.5 per cent to 389.6 million euros. Net profit,
also adjusted for extraordinary amortisation of intangible assets,
increased by 0.1 per cent to 268.7 million euros.
The management board and supervisory board will suggest a dividend payment
of 0.50 euro per share at the Annual General Meeting on May 6th 2010. In
the previous year, the dividend payment amounted to 0.48 euro per share.
Development in the business divisions
In Patient and Consumer Solutions, comprising the business activities
directed at end consumers and patients, total revenue amounted to 3,441.5
million euros in 2009 and thus 3.2 per cent less than in the prior year. In
local currency revenue increased by 4.5 per cent. In Retail Pharmacies,
revenue slightly fell by 4.5 per cent to 3,180.0 million euros, which can
be mainly traced back due to negative currency effects. In local currency
this equals a 3.7 per cent growth. Mail-order Pharmacies business area
increased revenue by 16.4 per cent to 256.7 million euros which corresponds
to a 16.6 per cent increase in local currency. Celesio set new priorities
in the Patient and Consumer Solutions division last year. Instead of
focusing on large-scale acquisitions of pharmacies like in the past, the
division will mainly grow through less capital-intensive new openings in
the future. In addition, Celesio will put more emphasis on brand
co-operations and franchise systems for pharmacies. The mail-order pharmacy
business, which is strategically important for the access to end customers,
will continuingly be expanded.
In Pharmacy Solutions, comprising wholesale and general services for
pharmacies, revenue rose by 1.9 per cent compared to the previous year to
17,542.3 million euros. This corresponds to 4.0 per cent growth in local
currency. Celesio increased revenue in the Wholesale business area by 1.9
per cent to 17,537.0 million euros. This corresponds to an increase of 4.0
per cent in local currency. The other business areas in Pharmacy Solutions
increased revenue by 34.6 per cent to 5.3 million euros.
In Pharmacy Solutions division Celesio succeeded in a significant step
forward in its internationalisation process in 2009: the acquisition of a
majority stake in Panpharma, the number one pharmaceutical wholesaler in
Brazil, established the group's presence for the first time in one of the
biggest emerging markets. Since its initial consolidation from the second
half year 2009, Panpharma already contributed revenue of 400.5 million
euros which equals 1.9 per cent of the total group revenue.
In Europe, the market positioning of the Pharmacy Solutions division was
also expanded through acquisitions. The Laboratoria Flandria takeover made
Celesio number two amongst Belgian fully integrated pharmaceutical
wholesalers.
In Manufacturer Solutions, offering services for the pharmaceutical
industry, gross profit is the relevant performance indicator. Due to the
first-time full consolidation of pharmexx, the results climbed 55.8 per
cent to 255.0 million euros. In local currency this corresponds to 59.7 per
cent growth. In the past fiscal year, Celesio has substantially expanded
the market position and the service portfolio in the Manufacturer Solutions
division while significantly reducing the costs. The strategic interest in
pharmexx, a personnel and marketing service provider specialising in the
pharmaceutical industry, has been increased to a majority holding. This
established Celesio to one of the leading personnel and marketing service
providers for pharmaceutical companies around the globe.
In order to strengthen Movianto's logistics business for pharmaceutical
manufacturers, Celesio acquired the Belgian company Dirk Raes in March
2009. Dirk Raes is the leading cold chain logistics service provider for
medications in the Benelux countries. This step has considerably
strengthened the group's position in the high-growth market for specialised
logistics.
Outlook for 2010
Due to its robust business Celesio remains optimistic for 2010, the 175th
year in the company's history. Latest developments such as the increase in
drug prices in Brazil as of 1 April 2010 by some 4.4 to 4.8 per cent and
positive growth prospects for the Brazilian economy underline the company's
optimism. 'This confirms once again that entering into the Brazilian market
has been the right step', Celesio CEO Fritz Oesterle states.
Celesio anticipates at least a slight economic recovery and expects euro
operating profit (EBITDA) to exceed its 2009 level. 'This will also be
strongly supported by our Agenda 2015 growth initiative. In 2010, we
therefore see ourselves not only on track with our Agenda 2015 but also
again on the successful path of past years.' Fritz Oesterle concluded.
Overview of key figures
2008 2009
Revenue in EUR m 21.166,6 21.497,2
EBITDA in EUR m 657,3 627,6
Profit
before tax in EUR m 125,2 115,3
Adjusted for
impairment of
goodwill in EUR m 412,2 389,6
2008 2009
Net profit in EUR m -18,5 2,3
Adjusted for
impairment of
goodwill in EUR m 268,5 268,7
Earnings per sharein EUR -0,12 0,00
Adjusted for
impairment of
goodwill in EUR 1,56 1,56
Press contact:
Rainer Berghausen, Celesio AG, +49 (0)711.5001-549
media(at)celesio.com
About Celesio Group:
Celesio is one of the leading international service providers within the
pharmaceutical and healthcare markets. The company is active in 26
countries worldwide and employs approximately 46,000 people in its three
divisions Patient and Consumer Solutions, Pharmacy Solutions and
Manufacturer Solutions. Approximately 2,300 of Celesio's own retail
pharmacies, as part of Patient and Consumer Solutions, serve over 550,000
customers every day. In its wholesale activities, which are part of
Pharmacy Solutions, around 140 wholesale branches deliver to over 65,000
pharmacies - day in, day out. In the Manufacturer Solutions division,
Celesio offers pharmaceutical manufacturers logistics and distribution
solutions and supports them in sales and marketing.
23.03.2010 09:30 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Medienarchiv atwww.dgap-medientreff.deandwww.dgap.de---------------------------------------------------------------------------
Language: English
Company: Celesio AG
Neckartalstr. 155
70376 Stuttgart
Deutschland
Phone: +49 (0)711 5001-735
Fax: +49 (0)711 5001-736
E-mail: investor(at)celesio.com
Internet: www.celesio.com
ISIN: DE000CLS1001
WKN: CLS100
Indices: MDAX
Listed: Regulierter Markt in Berlin, Frankfurt (Prime Standard),
München, Düsseldorf, Stuttgart; Freiverkehr in Hannover,
Hamburg; Terminbörse EUREX
End of News DGAP News-Service
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