ANNUAL REPORT 2011
Going the extra mile
- Net sales increased by 1% as a result of acquisitions (6%), a change in the presentation of two major Swedish distribution contracts (– 4%) and currency effects (– 1%).
- Organic sales were flat. Growth in Direct & Institutional was off set by a decrease in wholesaling sales at Pharmacies Netherlands and Poland as a result of strong price competition.
- Organic sales growth at Direct & Institutional amounted to 3%. Robust growth in the Netherlands (Direct), Denmark, and Sweden was partly off set by the loss of a contract for pharmaceuticals and sustained price pressure for medical devices (both in the Dutch hospital market) and lower sales of diabetes supplies in Germany and the United States.
- EBITA from ordinary activities up 7%, driven largely by acquisitions in Direct & Institutional.
- EBITA increased 1%; 2010 included a significant contribution from non-operational results.
- Increase in EBITA margin from ordinary activities mainly due to higher margin at Direct & Institutional (9.1% compared to 9.0% in 2010) and higher share of Direct & Institutional in total group sales.
- Net earnings per share from ordinary activities increased by 8%, in line with increase in EBITA from ordinary activities.
- Net result decreased by 4% due to higher amortisation of customer relationships.
- Acquisitions in Germany, the Netherlands, France, Norway and Sweden signifi cantly strengthened our position in Direct & Institutional.
- Pharmacies Netherlands well-positioned for market liberalisation; integrated pharmaceutical care programme in place.
- Weak performance of wholesale operations in Poland.
- Solid financial position due to robust operating cash flow and increased maturities of loans portfolio as a result of successful refinancing of $ 150 million.