Oriola-KD Corporation Stock Exchange Release 9 February 2012 at 8.30 a.m.
Key figures for continuing operations for 1 January - 31 December 2011
* Net sales increased by 11.2 per cent to EUR 2,146.0 million (1-12/2010: EUR
1,929.4 million).
* Operating profit excluding one-off items and impairment charges was EUR
13.2 million (1-12/2010: EUR 22.5 million).
* Operating loss, which includes an impairment charge of EUR 33.4 million
related to the Russian Stary Lekar brand in the second quarter, came to EUR
20.2 million (1-12/2010: operating profit of EUR 9.8 million).
* Net result including the impairment charge related to the Stary Lekar brand,
was EUR -24.1 million (1-12/2010: EUR 3.5 million), and earnings per share
was EUR -0.16 (1-12/2010: EUR 0.02).
* Net cash flow from operations was EUR 28.1 million (1-12/2010: EUR 88.7
million).
* Return on equity was -7.4 per cent (1-12/2010: 1.2 per cent).
* Outlook for 2012: Oriola-KD's net sales are expected to increase 10-15 per
cent and operating profit excluding one-off items is expected to be EUR
23-33 million in 2012.
* The Board proposes to the Annual General Meeting that a dividend of EUR
0.05 per share (EUR 0.05 per share) is paid for 2011, and EUR 0.03 per share
(EUR 0.13 per share) is distributed from the reserves of unrestricted equity
as repayment of equity, totaling EUR 0.08 per share (EUR 0.18 per share) in
distributed assets.
Key figures for continuing operations for 1 October - 31 December 2011
* Net sales increased by 5.9 per cent to EUR 558.8 million (10-12/2010: EUR
527.8 million).
* Operating profit excluding one-off items and impairment charges was EUR 5.8
million (10-12/2010: operating profit of EUR 8.4 million).
* Operating profit was EUR 5.8 million (10-12/2010: operating profit EUR 7.3
million).
* Net result was EUR 4.0 million (10-12/2010: EUR 5.5 million) and earnings
per share were EUR 0.03 (10-12/2010: EUR 0.04).
Eero Hautaniemi, President and CEO, in conjunction with the financial statements
release:
"Oriola-KD's net sales for 2011 increased by 11 per cent to EUR 2,146.0 million
and operating profit excluding one-off items and impairment charges was EUR
13.2 million. After the major structural changes carried out in 2007-2010,
Oriola-KD has in 2011 invested in IT systems for the retail operations and
improving the efficiency and profitability of the wholesale operations.
Profitability in 2011 was, however, not on a satisfactory level and performance
during the first part of the year in particular was poor due to the low
profitability of the Swedish retail business and Russian retail and wholesale
business. Retail profitability in Sweden and Russia improved in the latter part
of the year through measures launched in the summer of 2011. Despite measures
taken to improve efficiency and the strong growth in regional sales, the
profitability of the Russian wholesale business did not achieve a satisfactory
level due to stiff competition. Steady progress was made in Finland and the
Baltics, and the Consumer Health business was particularly successful. In 2012,
we will focus on improving profitability. In the pharmacy business in Sweden and
in Russia, we will continue to develop our pharmacy portfolio and improve the
competitiveness of individual pharmacies. The focus areas in the wholesale
business in Russia are to improve logistical efficiency and operational
reliability and further increase regional sales. In the wholesale business in
Sweden we will develop the services we provide to pharmaceutical companies and
invest in developing logistics services for pharmacy chains."
Financial performance
Net sales generated by the continuous operations of the Oriola-KD Group
(hereinafter Oriola-KD) in 2011 were EUR 2,146.0 million (EUR 1,929.4 million),
and operating profit excluding one-off items and impairment charges decreased to
EUR 13.2 million (1-12/2010: EUR 22.5 million) mainly due to the decline in the
profitability of the Swedish retail business and the Russian retail and
wholesale businesses. Operating loss, including an impairment charge of EUR
33.4 million in the second quarter related to the Russian Stary Lekar brand,
came to EUR 20.2 million (operating profit EUR 9.8 million).
Profit after financial items was EUR -28.9 million (EUR 4.5 million) and net
result EUR -24.1 million (EUR 3.5 million). Oriola-KD's financial expenses
increased to EUR 8.7 million (EUR 5.3 million), mainly due to exchange
differences of loans and increased interest expenses. Taxes were EUR 4.8 million
positive (EUR -0.9 million), mostly owing to the EUR 6.7 million change in
deferred tax related to the brand impairment charge. Taxes corresponding to the
result for 2011 are entered under this figure. Earnings per share were EUR -0.16
(EUR 0.02).
Fourth-quarter net sales came to EUR 558.8 million (EUR 527.8 million) and
operating profit excluding one-off items and impairment charges was EUR 5.8
million (operating profit EUR 8.4 million). The operating profit of the Swedish
retail and wholesale business decreased from the corresponding period last year.
Operating profit including one-off items was EUR 5.8 million (EUR 7.3 million).
Profit after financial items was EUR 4.2 million (EUR 5.6 million) and net
result EUR 4.0 million (EUR 5.5 million). Earnings per share in the fourth
quarter were EUR 0.03 (EUR 0.04).
Return on equity was -7.4 per cent (1.2 per cent) in 2011.
Balance sheet, financing and cash flow
Oriola-KD's balance sheet total on 31 December 2011 stood at EUR 1,273.3 million
(EUR 1,192.6 million). Cash assets were EUR 153.8 million (EUR 187.8 million),
equity was EUR 299.3 million (EUR 352.7 million) and the equity ratio was 24.4
per cent (30.8 per cent). During the second quarter of 2011, Oriola-KD
recognised an impairment charge of EUR 33.4 million related to the value of
intangible assets of the Stary Lekar brand in Russia. In the changed
competitive environment, the pricing power of the Stary Lekar brand has
essentially declined.
Of Oriola-KD's group goodwill of EUR 266.8 million, EUR 127.3 million has been
allocated in impairment testing to the cash-generating unit of the Russian
retail and wholesale companies, EUR 112.4 million to the cash-generating unit of
the Swedish pharmaceutical retail business and EUR 27.2 million to the cash-
generating unit of the Swedish pharmaceutical wholesale business. According to
the impairment tests conducted in conjunction with the 2011 financial
statements, Oriola-KD has no need for goodwill write-offs.
Interest-bearing debt at the end of 2011 was EUR 173.0 million (EUR 178.3
million), interest-bearing net debt was EUR 19.2 million (EUR -9.5 million) and
the gearing ratio was 6.4 per cent (-2.7 per cent). Interest-bearing debt
consists of long-term debt financing, advance payments from pharmacies in
Finland and the estimated discounted value of the minority share of the Swedish
pharmacy company that Oriola-KD is obliged to acquire. Oriola-KD has hedged the
interest rate risk of long-term debt financing.
Oriola-KD's committed long-term credit facilities of EUR 103.7 million and EUR
42.4 million in short-term credit account facilities with banks stood unused at
the end of 2011. Oriola-KD's EUR 150 million commercial paper programme was not
in use at the end of the review period. The terms of the financial covenants
were met by a wide margin at the end of 2011.
Net cash flow from operations in 2011 was EUR 28.1 million (EUR 88.7 million),
of which changes in working capital accounted for EUR 11.8 million (EUR 73.4
million). In the Swedish pharmaceutical wholesale business, the trade
receivables sales programme was continued during 2011. Net cash flow from
investments was EUR -27.1 million (EUR -104.7 million).
In the second quarter of 2011, Oriola-KD paid in dividend EUR 0.05 per share
(EUR 0.12 per share) for the financial year 2010, in total EUR 7.6 million (EUR
18.1 million for the financial year 2009), and returned equity EUR 0.13 per
share (EUR 0.00 per share), in total EUR 19.7 million (EUR 0.0).
Investments
Gross investments for 2011 came to EUR 28.8 million (EUR 196.9 million) and
consisted of pharmacy establishments and investments related to information
systems and improvements in logistics efficiency.
In November 2011, Oriola-KD signed a preliminary agreement on the sale of a
parcel of land of some 31,000 square metres, located next to its distribution
centre in Espoo, to NCC Construction Ltd for residential development. The deal
is expected to be concluded during 2012-2013, when a new town plan for the area
has been approved. The deal does not affect Oriola-KD's operations in the area.
In conjunction with the signing of the preliminary agreement, NCC made an
advance payment of EUR 0.5 million to Oriola-KD.
Personnel and Group Management Team
On 31 December 2011, Oriola-KD had a payroll of 4,854 (4,954) employees, 11 per
cent (10 per cent) of whom worked in Finland and the Baltic countries, 25 per
cent (28 per cent) in Sweden, and 64 per cent (62 per cent) in Russia. Personnel
numbers include the members of staff in active employment.
On 31 December 2011, Oriola-KD's Group Management Team was composed of:
* Eero Hautaniemi, President and CEO
* Henry Fogels, Vice President, Pharmaceutical Trade, Russia
* Thomas Gawell, Vice President, Pharmaceutical Wholesale, Sweden
* Jukka Niemi, Vice President, Pharmaceutical Wholesale, Finland and Baltics
* Kimmo Virtanen, Executive Vice President & CFO
Anne Kariniemi, Vice President, Logistics and Sourcing, resigned on 23 June
2011, and Cecilia Marlow, Vice President, Pharmaceutical Retail, Sweden,
resigned on 15 August 2011.
The Group also has an Extended Management Team, composed of the Group Management
Team and the heads of Group functions: human resources, legal affairs, treasury,
finance, IT administration, and corporate communications and investor relations.
Reporting segments
Oriola-KD's reporting segments are Pharmaceutical Trade Finland and Baltics,
Pharmaceutical Trade Sweden and Pharmaceutical Trade Russia.
Pharmaceutical Trade Finland and Baltics
The net sales of Pharmaceutical Trade Finland and Baltics in 2011 were EUR
414.8 million (EUR 448.3 million) and operating profit was EUR 20.6 million (EUR
21.4 million). Pharmaceutical Wholesale Finland's invoicing in 2011 was EUR
970.0 million (EUR 959.9 million) and net sales were EUR 335.9 million (EUR
374.3 million). Changes made from stock owned by Oriola-KD to consignment stock,
as agreed with pharmaceutical companies, contributed to the decline in net sales
during the review period. Net sales of pharmaceutical wholesale in the Baltic
countries were EUR 34.1 million (EUR 31.3 million) and net sales of the Consumer
Health business, i.e. consumer health products sold under Oriola-KD's own brands
or exclusive sales rights, were EUR 45.3 million (EUR 43.1 million).
The Finnish pharmaceutical market grew by 1.0 per cent in 2011 (decreased 1.5
per cent). Oriola-KD's market share in the Finnish pharmaceutical wholesale
market was 45.1 per cent (46.0 per cent) in 2011. Oriola-KD signed a new
distribution agreement with Eli Lilly, which entered into force on 1 January
2011, and a five-year extension of its agreement with Orion to distribute
pharmaceuticals and food supplements, which entered into force on 1 July 2011,
and a new distribution agreement with Abbott which entered into force on 1
January 2012. Wyeth's products have not been distributed by Oriola-KD since the
beginning of 2011. Eli Lilly accounts for some 2 per cent of the value of
pharmaceutical wholesaling in Finland, Orion some 10 per cent, Abbot some 3 per
cent and Wyeth some 2 per cent (source: IMS Health). Finnish wholesale
operations were certified according to ISO 9001:2008 in November 2011.
The net sales of Pharmaceutical Trade Finland and Baltics in the fourth quarter
of 2011 were EUR 105.7 million (EUR 111.5 million) and its operating profit was
EUR 4.4 million (EUR 5.3 million). Invoicing of Pharmaceutical Wholesale Finland
in the fourth quarter came to EUR 244.9 million (EUR 246.1 million) and net
sales to EUR 86.3 million (EUR 92.4 million). Net sales of pharmaceutical
wholesale in the Baltic countries were EUR 8.7 million (EUR 8.3 million), while
net sales of the Consumer Health business were EUR 10.9 million (EUR 10.9
million).
Pharmaceutical Trade Finland and Baltics had 492 (496) employees at the end of
2011.
Pharmaceutical Trade Sweden
Pharmaceutical Trade Sweden's net sales in 2011 were EUR 1,042.0 million (EUR
908.7 million) and its operating profit excluding one-off items was EUR 10.6
million (2010: EUR 15.3 million, excluding EUR 1.7 million in one-off costs
related to the bankruptcy of a pharmaceutical company in Sweden and a EUR 1.1
million provision related to the restructuring of the pharmaceutical wholesale
operations). In the pharmaceutical retail business, the operating profit
decreased due to lower year-on-year sales in Swedish krona as a result of stiff
competition, as well as by costs due to the launch of an information system.
Invoicing of the pharmaceutical wholesale business in Sweden was EUR 1,424.5
million (EUR 1,239.1 million) and net sales were EUR 616.5 million (EUR 554.9
million). Net sales of the pharmaceutical retail business in Sweden were EUR
483.0 million (EUR 402.7 million). The pharmaceutical retail business has been
consolidated with the Oriola-KD figures as of 19 February 2010.
The Swedish pharmaceutical market grew by 2.0 per cent (1.1 per cent) in 2011.
Oriola-KD's market share in the Swedish wholesale market was 38.1 per cent (39.7
per cent) and 13.5 per cent (some 14 per cent) in the Swedish pharmaceutical
retail market in 2011. Oriola-KD signed a new distribution agreement with
Abbott, in force as of February 2011. As of July 2011, Meda has not been
distributed by Oriola-KD. Abbott's market share of the value of Swedish
wholesale pharmaceutical sales was some 3 per cent and Meda's some 2 per cent.
(source: IMS Health)
A programme launched in the summer of 2011 improved retail profitability
markedly in the latter part of the year. At the end of September 2011, Kronans
Droghandel Apotek AB completed the implementation of a new information system,
which decreased the fixed costs of the retail business starting from the fourth
quarter. The company announced in September 2011 that it would start
negotiations with the labour unions to reduce a maximum of 40 positions in order
to boost the efficiency and improve profitability. The negotiations were
completed in December and the company reduced its personnel by 40 full time
positions by year end 2011. Oriola-KD had a total of 209 (189) pharmacies in
Sweden at the end of 2011.
In 2012 the retail business will focus on improving pharmacy competitiveness,
purchasing, expanding the selection of traded goods OTC assortment and opening
some 15 new pharmacies. In the wholesale business, the focus areas are improving
the distribution services provided to pharmaceutical companies and developing
logistics services for pharmacy chains.
Fourth-quarter net sales of Pharmaceutical Trade Sweden came to EUR 258.6
million (EUR 246.8 million), of which retail accounted for EUR 121.4 million
(EUR 120.3 million). Wholesale invoicing was EUR 340.9 million (EUR 330.6
million) and net sales were EUR 150.6 million (EUR 140.8 million).
Pharmaceutical Trade Sweden's operating profit excluding one-off items was EUR
2.6 million (2010: EUR 4.5 million, excluding EUR 1.1 million in one-off costs).
In the pharmaceutical retail business, the operating profit was weakened by
decreased year-on-year sales in Swedish krona as a result of stiff competition.
Pharmaceutical Trade Sweden had 1,223 (1,407) employees at the end of December
2011, of whom 988 (1,125) were employed in retail and 235 (282) in wholesale.
Pharmaceutical Trade Russia
Pharmaceutical Trade Russia's net sales in 2011 were EUR 689.4 million (EUR
572.4 million) and its operating loss excluding one-off items was EUR 12.6
million (2010: operating loss of EUR 8.2 million excluding a write-off of a EUR
2.1 million trade receivable and a EUR 7.9 million stock value write-off). Sales
margins in retail and wholesale continued to shrink in 2011 as a result of stiff
competition. An increase in social taxes due to legislative changes weakened the
2011 operating result by some EUR 3 million. The one-off items include the EUR
33.4 million impairment charge related to the Stary Lekar brand in 2011. In the
changed competitive environment, the pricing power of the Stary Lekar brand has
essentially declined. The net sales of pharmaceutical wholesale in Russia were
590.9 million (EUR 518.4 million) and of retail EUR 132.3 million (EUR 106.6
million). The figures for the 03 Apteka pharmacy chain have been consolidated
with Oriola-KD's figures as of 31 August 2010.
The ruble-denominated growth in the Russian pharmaceutical market was 12.4 per
cent (some 5 per cent) in 2011 (source: Pharmexpert). Oriola-KD's net sales
increased by 24.9 per cent (some 9 per cent) in rubles in 2011.
At the end of 2011, Oriola-KD had 249 (254) pharmacies in the Moscow area, of
which 181 (181) operated under the Stary Lekar brand and 68 (73) under the 03
Apteka brand. A programme launched in the summer of 2011 markedly improved
retail profitability in the latter part of the year. In 2011, 32 new pharmacies
were opened and 37 were closed. The Stary Lekar and 03 Apteka pharmacy chains
were integrated in 2011. The sales of the Stary Lekar pharmacy chain improved as
a result of changes in pricing.
The wholesale business has twelve regional logistics centres in addition to its
main logistics centre in Moscow. In the wholesale business, regional sales
outside Moscow were increased, sales margins were raised, a number of
unprofitable operations were discontinued, the organisation was strengthened and
the project for boosting the efficiency of logistics was continued during 2011.
The sales of the regional distribution centres outside Moscow increased by some
50 per cent compared to 2010.
In 2012, the focus areas in Russian retail are developing the pharmacy
portfolio, improving pharmacy competitiveness and strengthening the product
assortment. In wholesale, the focus areas are improving logistical efficiency
and operational reliability as well as further increasing regional sales.
In Pharmaceutical Trade Russia, the fourth-quarter net sales in 2011 came to EUR
194.5 million (EUR 169.6 million), of which retail accounted for EUR 35.7
million (EUR 33.7 million) and wholesale EUR 164.9 million (EUR 148.9 million).
Operating profit excluding non-recurring items was EUR 0.2 million (operating
profit of EUR 0.1 million).
Pharmaceutical Trade Russia had 3,139 (3,051) employees at the end of December
2011, of whom 1,464 (1,544) were employed in retail and 1,675 (1,507) in
wholesale.
Related parties
Related parties in the Oriola-KD Group are deemed to comprise the members of the
Board of Directors and the President and CEO of Oriola-KD Corporation, the other
members of the Group Management Team of the Oriola-KD Group, the immediate
family of the aforementioned persons, companies controlled by the aforementioned
persons, and the Oriola Pension Fund. The Group has no significant business
transactions with related parties, except for pension expenses arising from
defined benefit plans with the Oriola Pension Fund.
Oriola-KD Corporation shares
Trading volume of the Oriola-KD Corporation's class A and B shares in 2011:
Trading volume Jan-Dec 2011 Jan-Dec 2010
class A class B class A class B
Trading volume, million 2.9 71.8 5.9 93.6
Trading volume, EUR million 8.2 188.2 25.7 379.8
Highest price, EUR 3.83 3.74 5.47 5.49
Lowest price, EUR 1.70 1.57 3.09 3.07
Closing quotation, end of period, EUR 1.89 1.72 3.19 3.19
In the review period, the traded volume of Oriola-KD Corporation shares,
excluding treasury shares, corresponded to 49.4 per cent (65,9 per cent) of the
total number of shares. The traded volume of class A shares amounted to 6.1 per
cent (12.5 per cent) of the average stock, and that of class B shares, excluding
treasury shares, 69.0 per cent (90.5 per cent) of the average stock.
Oriola-KD Corporation's market capitalisation on 31 December 2011 was EUR 268.7
million (EUR 482.5 million).
At the end of December 2011, the company had 151,257,828 shares (151,257,828),
of which 47,148,710 were class A shares (47,163,160) and 104,109,118 were class
B shares (104,094,668). Pursuant to article 3 of the Articles of Association, a
shareholder can request that class A shares be converted to class B shares.
During January-December 2011, a total of 14,450 class A shares were converted
into class B shares (504,199).
The company has 96,822 treasury shares, all of which are class B shares. These
account for 0.06 per cent of the company's shares and 0.009 per cent of the
votes.
On 10 February 2010, Oriola-KD Corporation's Board of Directors decided on a new
share incentive scheme for the Group's key personnel for the years 2010-2012. No
awards have been paid under the incentive scheme for the 2010 and the 2011
earning periods. The Board of Directors of Oriola-KD has determined the earnings
criteria for 2012. Any awards for the 2012 earning period will be based on the
achievement of business-specific strategic targets.
Decisions of the 2011 Annual General Meeting
The Annual General Meeting of Oriola-KD Corporation, held on 6 April 2011,
adopted the 2010 financial statements and discharged the Board members and the
President and CEO from liability for the financial year ending 31 December
2010. According to the decisions of the Annual General Meeting, the company paid
a dividend of EUR 0.05 per share and distributed EUR 0.13 per share as repayment
of equity on 19 April 2011.
The Annual General Meeting authorised the Board to decide on the payment of an
additional dividend from undistributed profits and/or distribution of assets
from the company's invested unrestricted equity reserves, or both together,
totalling a maximum of EUR 0.10 per share. The authorisation will be in force
until the next annual general meeting.
The Annual General Meeting re-elected Harry Brade, Per Båtelson, Pauli Kulvik,
Outi Raitasuo, Olli Riikkala (Chairman) and Mika Vidgrén as members of the Board
of Directors and elected Jukka Alho and Ilkka Salonen as new members. The Annual
General Meeting confirmed that the Chairman of the Board will receive EUR
48,400 in remuneration for his term of office, the Vice Chairman EUR 30,250 and
the other members of the Board EUR 24,200 each. Of the annual fees, 60 per cent
will be paid in cash and 40 per cent in company shares in such a way that
Oriola-KD Corporation class B shares will be acquired on the market for Board
members and the cash portion of the annual fee will be paid on 20 April 2011.
The Chairman of the Board will receive an attendance fee of EUR 800 for each
meeting, and the other Board members EUR 400 per meeting. Attendance fees will
also be paid in the same manner to members of any committees set up by the Board
of Directors or the company.
PricewaterhouseCoopers Oy was re-elected as auditor for the company, with Heikki
Lassila APA as principal auditor.
The Annual General Meeting authorised the Board of Directors to decide on
repurchasing up to 15 million of the company's own class B shares. Shares may be
repurchased also in a proportion other than in which shares are owned by the
shareholders. The authorisation will remain in force for a maximum of 18 months
following the decision of the General Meeting.
The Annual General Meeting authorised the Board to decide on a share issue
against payment in one or more issues, including the right to issue new class B
shares or to assign class B shares held by the company. The authorisation covers
a combined maximum of 15 million class B shares of the company and includes the
right to derogate from the shareholders' pre-emptive subscription right. The
authorisation will remain in force for 18 months following the decision of the
General Meeting.
At its constitutive meeting held immediately after the Annual General Meeting,
the Board of Oriola-KD Corporation elected Outi Raitasuo as Vice Chairman of the
Board. The Board of Directors appointed from among its members Outi Raitasuo
(Chairman), Harry Brade, Ilkka Salonen and Mika Vidgrén to the Board's Audit
Committee, and Olli Riikkala (Chairman), Per Båtelson and Pauli Kulvik to the
Board's Remuneration Committee. The Board of Directors has assessed the
independence of its members and determined that all members are independent of
both the company and its major shareholders.
Composition of Oriola-KD's Nomination Committee
On 3 November 2011, the Board of Directors of Oriola-KD Corporation appointed
the following persons as members of the company's Nomination Committee: Into
Ylppö (Chairman), Harry Brade, Timo Maasilta, Risto Murto, Olli Riikkala and
Timo Ritakallio.
According to the rules of procedure of the Nomination Committee approved by the
Board of Directors, the committee is a body established by the Board of
Directors whose duty is to prepare and make a recommendation to the Board of
Directors on a proposal to be submitted to the Annual General Meeting regarding
the composition and compensation of the Board of Directors. A member of the
Committee does not need to be a member of the Board of Directors. The purpose of
this deviation from the Corporate Governance Code is to enable election of major
shareholders in the company to the Nomination Committee and thus to ensure that
their opinions are heard well before the Annual General Meeting.
Risks
Oriola-KD's Board of Directors has approved the company's risk management policy
in which the risk management operating model, principles, responsibilities and
reporting are specified. The Group's risk management seeks to identify, measure
and manage risks that may threaten Oriola-KD's operations and the achievement of
goals set. The roles and responsibilities relating to risk management have been
determined in the Group.
Oriola-KD's risks are classified as strategic, operational and financial. Risk
management is a key element of the strategic process, operational planning and
daily decision-making at Oriola-KD.
Oriola-KD has identified the following principal strategic and operational risks
in its business:
* growth in the number of pharmacies outperforms growth in the market, leading
to intense competition
* competition for market share in pharmaceutical wholesale in a consolidating
market
* ensuring cost efficiency, flexibility and quality
* development of processes and infrastructure required by strategic expansion
* requirements and restrictions on pharmaceutical retail and wholesale imposed
by the authorities, especially price control
* commitment of key employees.
The major financial risks for Oriola-KD involve currency exchange rates,
liquidity, interest rates and credit. Currency risks are the most significant
financial risks in Russia and Sweden, as any changes in the value of the Russian
rouble or the Swedish krona will have an impact on Oriola-KD's financial
performance and equity.
Goodwill and intangible rights are subject to impairment testing at least once
every year. Changes in cash flow forecasts based on strategic plans, or in the
discount rate or perpetuity growth rate, can cause a goodwill write-off, which
would weaken Oriola-KD's result. The impairment test of the goodwill of the
Russian cash-generating unit, in particular, is sensitive to changes in the
discount rate or cash-flow forecasts.
Near-term risks and uncertainty factors
Intense competition and the number of new pharmacies to be established will have
an impact on the profitability of Oriola-KD's pharmacy business in Sweden and
Russia. Changes in the exchange rate of the Russian rouble, a potential increase
in credit risks concerning customers and changes in the competitive environment
may have an impact on the profitability of the wholesale business in Russia.
Events after 2011
Lars Birkeland, M.Sc. (Econ.) (b. 1960) was appointed Managing Director of
Kronans Droghandel Apotek AB and member of the Oriola-KD Group Management Team
as of 9 January 2012.
On 31 January 2012, the Nomination Committee of Oriola-KD Corporation presented
to the Board of Directors its recommendation that the Board propose the
following to the 2012 Annual General Meeting regarding the composition of the
Board of Directors:
· The number of members of the Board of Directors would remain eight.
· The present members of the Board of Directors, Mr. Jukka Alho, Mr. Harry
Brade, Mr. Per Båtelson,
Mr. Pauli Kulvik, Ms. Outi Raitasuo, Mr. Olli Riikkala, Mr. Ilkka Salonen and
Mr. Mika Vidgrén would be re-elected.
· Mr. Olli Riikkala would be re-elected as Chairman of the Board of Directors.
The Nomination Committee also announced as its recommendation that the following
remunerations would be continued to be paid to the members of the Board of
Directors:
· Chairman of the Board: annual fee of 48,400 euros, attendance fee of 800 euros
per meeting, telephone as a fringe benefit.
· Vice chairman of the Board: annual fee of 30,250 euros, attendance fee of 400
euros per meeting.
· Other members of the Board: annual fee of 24,200 euros, attendance fee of 400
euros per meeting.
· Attendance fees would be paid respectively also to members of company and
Board committees.
· Of the annual fee, 60 per cent would be paid in cash and 40 per cent would be
used to acquire Oriola-KD Corporation's class B-shares for the members of the
Board of Directors on the NASDAQ OMX Helsinki Stock Exchange on 13 April 2012.
The cash part of the annual fee would be paid no later than 20 April 2012.
· Travel expenses would be reimbursed in accordance with the travel policy of
the company.
The Nomination Committee stated that its recommendation on board remuneration
was not given to the Board of Directors, but the matter will be proposed by a
shareholder at the 2012 Annual General Meeting.
Distribution proposal
Oriola-KD's parent company is Oriola-KD Corporation, whose distributable assets
based on the balance sheet on 31 December 2011, were EUR 221.9 million (EUR
184.5 million). Oriola-KD Corporation's net profit in 2011 was EUR 64.6 million
(EUR 106.5 million).
The Board proposes to the Annual General Meeting that a dividend of EUR 0.05 per
share (EUR 0.05 per share) is paid for 2011, and that EUR 0.03 per share (EUR
0.13 per share) is distributed from the reserves of unrestricted equity as
repayment of equity, totaling EUR 0.08 per share (EUR 0.18 per share) in
distributed assets.
Annual General Meeting
Oriola-KD Corporation's Annual General Meeting will be held on 26 March 2012 at
5.00 p.m. at the Helsinki Fair Centre. The matters specified in article 10 of
the Articles of Association and other proposals of the Board of Directors, if
any, will be dealt with at the meeting. The Board of Directors will decide on
the notice of the Annual General Meeting and the proposals contained in it at a
later date. The notice of the Annual General Meeting will be published in the
Helsingin Sanomat newspaper on 5 March 2012 at the latest.
Publication of the annual report
Oriola-KD Corporation will publish its annual report for 2011 on 5 March 2012 at
the latest.
Corporate governance statement
The company has issued a Corporate Governance Statement prepared in accordance
with Recommendation 54 of the Finnish Corporate Governance Code. The Corporate
Governance Statement is not part of the report of the Board of Directors. The
statement is available at www.oriola-kd.com.
Outlook
Oriola-KD's outlook for 2012 is based on external market forecasts, supplier and
customer agreements and management assessments. In the period 2012-2014, the
pharmaceutical market is expected to grow by some 3 per cent in Finland, 2-3 per
cent in Sweden, and 11-13 per cent in Russia, measured in local currencies
(source: IMS Health). Competition is expected to remain very tough in the
Russian pharmaceutical retail and wholesale business and the Swedish
pharmaceutical retail business.
Oriola-KD's net sales are expected to increase 10-15 per cent and operating
profit excluding one-off items is expected to be EUR 23-33 million in 2012.
Tables
The financial statements for 1 January-31 December 2011 have been prepared in
accordance with the recognition policies of the IAS 34 standard. Oriola-KD
adopted new IAS/IFRS standards in 2011: IAS 32 (amendment), IAS 24 (revised) and
IFRIC 14 (amendment). The figures have been audited.
Consolidated Statement
of
Comprehensive Income 1 Oct - 31 1 Oct - 31
(IFRS), 1 Jan - 31 Dec 1 Jan - 31 Dec Dec Dec
EUR million 2011 2010 2011 2010
--------------------------------------------------------------------------------
Continuing operations
Net sales 2,146.0 1,929.4 558.8 527.8
Cost of goods sold -1,830.1 -1,668.2 -475.1 -448.7
--------------------------------------------------------------------------------
Gross profit 315.9 261.2 83.7 79.1
Other operating income 2.6 4.8 0.7 1.6
Selling and
distribution expenses -248.6 -214.7 -63.6 -62.0
Administrative
expenses -56.8 -41.5 -14.9 -11.4
--------------------------------------------------------------------------------
Operating Profit/Loss
before Impairment * 13.2 9.8 5.8 7.3
Impairment ** -33.4 - - -
--------------------------------------------------------------------------------
Operating Profit/Loss -20.2 9.8 5.8 7.3
Financial income 10.7 13.0 3.2 4.6
Financial expenses -19.4 -18.3 -4.7 -6.4
--------------------------------------------------------------------------------
Profit/Loss before
taxes -28.9 4.5 4.2 5.6
Income taxes *** 4.8 -0.9 -0.2 -0.1
--------------------------------------------------------------------------------
Profit/Loss for the
period
from continuing
operations -24.1 3.5 4.0 5.5
Discontinued
operations
Profit for the period
from discontinued
operations - 98.6 - 37.9
--------------------------------------------------------------------------------
Profit/Loss for the
period
including discontinued
operations -24.1 102.1 4.0 43.4
Other comprehensive
income
Cash flow hedge -1.3 1.2 -0.0 1.2
Income tax relating to
other comprehensive
income 0.4 -1.0 -0.5 -0.3
Translation difference -1.2 25.1 11.9 6.2
--------------------------------------------------------------------------------
Total comprehensive
income
for the period
including discontinued
operations -26.3 127.4 15.5 50.6
Attribution of
Profit/Loss for the
period
from continuing
operations
--------------------------------------------------------------------------------
To parent company
shareholders -24.1 3.5 4.0 5.5
--------------------------------------------------------------------------------
To non-controlling
interest - - - -
--------------------------------------------------------------------------------
Attribution of
Profit/Loss for the
period
including discontinued
operations
--------------------------------------------------------------------------------
To parent company
shareholders -24.1 102.1 4.0 43.4
--------------------------------------------------------------------------------
To non-controlling
interest - - - -
--------------------------------------------------------------------------------
Attribution of total
comprehensive
income for the period
(including
discontinued
operations)
--------------------------------------------------------------------------------
To parent company
shareholders -26.3 127.4 15.5 50.6
--------------------------------------------------------------------------------
To non-controlling
interest - - - -
--------------------------------------------------------------------------------
Earnings per share for
the period
from continuing
operations
Basic earnings per
share, EUR -0.16 0.02 0.03 0.04
Diluted earnings per
share, EUR -0.16 0.02 0.03 0.04
Earnings per share for
the period
(including
discontinued
operations)
Basic earnings per
share, EUR -0.16 0.68 0.03 0.29
Diluted earnings per
share, EUR -0.16 0.68 0.03 0.29
*) Including
depreciation, EUR
million -16.1 -11.1 -5.0 -3.1
**) Stary Lekar -brand
impairment, EUR
million -33.4 - - -
***) The tax expense
for the period
corresponds to the
taxes calculated from
the
profit/loss for the
financial year and a
change in deferred tax
caused by impairment
of Stary Lekar -brand
Consolidated Balance Sheet (IFRS),
EUR million
ASSETS 31 Dec 2011 31 Dec 2010
--------------------------------------------------------------------
Non-current assets
Property, plant and equipment 74.0 68.0
Goodwill 266.8 266.1
Other intangible assets 52.1 79.3
Other shares and shareholdings 0.0 -
Other non-current assets 9.4 10.6
Deferred tax assets 7.6 3.3
--------------------------------------------------------------------
Non-current assets total 410.0 427.2
Current assets
Inventories 379.8 287.5
Trade and other receivables 329.7 290.1
Cash and cash equivalents 153.8 187.8
--------------------------------------------------------------------
863.3 765.4
Non-current assets held for sale 0.0 -
--------------------------------------------------------------------
Current assets total 863.4 765.4
ASSETS TOTAL 1,273.3 1,192.6
--------------------------------------------------------------------
EQUITY AND LIABILITIES 31 Dec 2011 31 Dec 2010
--------------------------------------------------------------------
Equity
Share capital 36.2 36.2
Funds 31.2 52.1
Retained earnings 231.9 264.5
Equity of the parent
company shareholders 299.3 352.7
Non-controlling interests - -
--------------------------------------------------------------------
Equity total 299.3 352.7
Non-current liabilities
Deferred tax liabilities 15.1 22.2
Pension obligations 6.3 5.7
Borrowings 127.0 124.5
Other non-current liabilities 0.0 -
--------------------------------------------------------------------
Non-current liabilities total 148.4 152.5
Current liabilities
Trade payables and other current liabilities 779.7 633.6
Borrowings 46.0 53.7
--------------------------------------------------------------------
Current liabilities total 825.7 687.4
EQUITY AND LIABILITIES TOTAL 1,273.3 1,192.6
--------------------------------------------------------------------
Consolidated
Statement
of Changes in
Equity (IFRS)
Equity
of the
parent Non-
Trans- com- cont-
Con- lation Re- pany roll-
tin- lation tai- share- ing
Share Hedge gency Other diffe- ned hol- inte-
EUR million capital fund fund funds rences earnings ders rest Total
--------------------------------------------------------------------------------
Equity
1 Jan 2010 36.2 - 30.0 20.9 -30.4 186.8 243.4 10.8 254.2
--------------------------------------------------------------------------------
Dividends paid - - - - - -18.1 -18.1 - -18.1
Change in non-
controlling
interest - - - - - - - -10.8 -10.8
Net
profit/loss
for the period - - - - - 102.1 102.1 - 102.1
Other
comprehensive
income:
Cash flow
hedge - 1.2 - - - - 1.2 - 1.2
Income tax
relating to
other
comprehensive
income - - - - -1.0 - -1.0 - -1.0
Translation
difference - - - - 25.1 - 25.1 - 25.1
--------------------------------------------------------------------------------
Equity
31 Dec 2010 36.2 1.2 30.0 20.9 -6.3 270.8 352.7 - 352.7
--------------------------------------------------------------------------------
Equity
1 Jan 2011 36.2 1.2 30.0 20.9 -6.3 270.8 352.7 - 352.7
--------------------------------------------------------------------------------
Dividends paid and return of
equity - - - -19.7 - -7.6 -27.2 - -27.2
Net profit/loss for the period - - - - - -24.1 -24.1 - -24.1
Other comprehensive income:
Cash flow hedge - -1.3 - - - - -1.3 - -1.3
Income tax relating to
other comprehensive
income - - - - 0.4 - 0.4 - 0.4
Translation difference - - - - -1.2 - -1.2 - -1.2
--------------------------------------------------------------------------------
Equity
31 Dec 2011 36.2 -0.0 30.0 1.2 -7.2 239.1 299.3 - 299.3
--------------------------------------------------------------------------------
Consolidated Cash Flow Statement * 1 Jan - 31 Dec 1 Jan - 31 Dec
(IFRS), EUR million 2011 2010
-------------------------------------------------------------------------
Operating profit /loss -20.2 17.1
Depreciation 16.1 11.5
Impairment 33.4 -
Change in working capital 11.8 73.4
Cash flow from financial
items and taxes -15.1 -18.1
Other adjustments 2.1 4.8
Net cash flow from operating activities 28.1 88.7
Net cash flow from investing activities -27.1 -104.7
Net cash flow from financing activities -35.0 61.2
Net change in cash and cash equivalents -34.1 45.2
Cash and cash equivalents
at the beginning of the period 187.8 133.7
Foreign exchange rate differences 0.1 8.9
Net change in cash and cash equivalents -34.1 45.2
Cash and cash equivalents
at the end of the period 153.8 187.8
-------------------------------------------------------------------------
*) Includes net cash flow of Healthcare
Trade until 31 May 2010 and net cash
flow of Dental Trade until 28 October 2010.
Change in Property, Plant and Equipment, 1 Jan - 31 Dec 1 Jan - 31 Dec
EUR million 2011 2010
--------------------------------------------------------------------------------
Carrying amount at the beginning of the period 68.0 53.3
Increases through acquisitions of subsidiary
shares - 9.7
Increases 16.2 14.3
Decreases -0.6 -5.2
Depreciation -9.6 -7.6
Transferred to assets of disposal
group classified as held for sale -0.0 -
Foreign exchange rate differences 0.1 3.4
--------------------------------------------------------------------------------
Carrying amount at the end of the period 74.0 68.0
--------------------------------------------------------------------------------
1 Jan - 31 Dec 1 Jan - 31 Dec
Key Figures 2011 2010
--------------------------------------------------------------------
Equity ratio, % 24.4 30.8
Equity per share, EUR 1.98 2.33
Return on capital employed (ROCE)
from continuing operations, % -4.0 2.1
Return on capital employed (ROCE)
incl. discontinued operations, % -4.0 23.3
Return on equity from
continuing operations, % -7.4 1.2
Return on equity incl.
discontinued operations, % -7.4 33.7
Net interest-bearing debt, EUR million 19.2 -9.5
Gearing, % 6.4 -2.7
Earnings per share from
continuing operations, EUR -0.16 0.02
Earnings per share incl.
discontinued operations, EUR -0.16 0.68
Average number of shares, 1000 pcs 151,161 151,164
Derivatives, Commitments
and Contingent Liabilities
31 Dec 2011
Positive fair Negative fair Nominal values of
EUR million value value contracts
Derivatives recognised as
cash flow hedges
Interest rate swaps - -0.0 112.2
Derivatives measured at
fair value through profit or loss
Foreign currency forward and swap
contracts 0.2 - 30.5
31 Dec 2010
Positive fair Negative fair Nominal values of
EUR million value value contracts
Derivatives recognised
as cash flow hedges
Interest rate swaps 1.2 - 111.5
Derivatives measured at
fair value through profit or loss
Foreign currency forward and swap
contracts 0.1 - 58.0
Contingencies for Own Liabilities,
EUR million 31 Dec 2011 31 Dec 2010
-------------------------------------------------------------------
Guarantees given 138.6 125.4
Mortgages on land and buildings 2.0 2.0
Mortgages on company assets 2.4 2.3
Other guarantees and liabilities 0.7 0.5
-------------------------------------------------------------------
Total 143.7 130.3
-------------------------------------------------------------------
Leasing-liabilities (operating liabilities) 0.6 0.9
Rent contingencies 61.9 66.5
NUMBER OF PERSONNEL
1 Jan - 31 Dec 1 Jan - 31 Dec
Average number of personnel 2011 2010
--------------------------------------------------------------------------
Continuing operations 4,968 4,512
Group 4,968 4,675
Number of personnel at the end of the period 31 Dec 2011 31 Dec 2010
--------------------------------------------------------------------------
Continuing operations 4,854 4,954
Group 4,854 4,954
SEGMENT INFORMATION
1 Jan - 31 Dec 1 Jan - 31 Dec
Net Sales, EUR million 2011 2010
---------------------------------------------------------
Pharmaceutical Trade
Finland and Baltics 414.8 448.3
Pharmaceutical Trade Sweden 1,042.0 908.7
Pharmaceutical Trade Russia 689.4 572.4
Net sales to other segments -0.2 -0,0
---------------------------------------------------------
Continuing operations total 2,146.0 1,929.4
1 Jan - 31 Dec 1 Jan - 31 Dec
Operating Profit/Loss, EUR million 2011 2010
----------------------------------------------------------------
Pharmaceutical Trade
Finland and Baltics 20.6 21.4
Pharmaceutical Trade Sweden 10.6 12.5
Pharmaceutical Trade Russia -46.0 -18.1
Group Administration and Others -5.5 -6.0
----------------------------------------------------------------
Continuing operations total -20.2 9.8
1 Jan - 31 Dec 1 Jan - 31 Dec
One-off costs and Impairment, EUR million 2011 2010
--------------------------------------------------------------------------------
Pharmaceutical Trade
Finland and Baltics - -
Pharmaceutical Trade Sweden * - -2.8
Pharmaceutical Trade Russia ** -33.4 -10.0
Group Administration and Others - -
--------------------------------------------------------------------------------
One-off costs and Impairment total -33.4 -12.7
*) Write-off of a receivable relating to the
bankruptcy of a pharmaceutical company EUR -1.7
million and a provision related to restructuring
of the pharmaceutical wholesale operations EUR
-1.1 million
**) Stary Lekar -brand impairment EUR -33.4
million and a write-off of a trade receivable
relating to the bankruptcy of a pharmaceutical
chain EUR -2.1 million and purchase-related
discounts booked in stock value EUR -7.9 million
Operating Profit/Loss excl. One-off costs 1 Jan - 31 Dec 1 Jan - 31 Dec
and Impairment, EUR million 2011 2010
--------------------------------------------------------------------------------
Pharmaceutical Trade
Finland and Baltics 20.6 21.4
Pharmaceutical Trade Sweden 10.6 15.3
Pharmaceutical Trade Russia -12.6 -8.2
Group Administration and Others -5.5 -6.0
--------------------------------------------------------------------------------
Continuing operations total
excl. One-off costs and Impairment 13.2 22.5
One-off costs and impairment -33.4 -12.7
--------------------------------------------------------------------------------
Continuing operations total -20.2 9.8
Quarterly Net
Sales, EUR
million Q4/2011 Q3/2011 Q2/2011 Q1/2011 Q4/2010 Q3/2010 Q2/2010 Q1/2010
--------------------------------------------------------------------------------
Pharmaceutical
Trade
Finland and
Baltics 105.7 101.8 104.8 102.5 111.5 111.1 113.1 112.6
Pharmaceutical
Trade Sweden 258.6 249.6 268.6 265.3 246.8 239.5 241.4 181.0
Pharmaceutical
Trade Russia 194.5 170.3 162.2 162.4 169.6 147.8 132.8 122.1
Net sales to
other segments -0.0 -0.0 -0.1 -0.1 -0.0 -0.0 -0.0 -0.0
--------------------------------------------------------------------------------
Continuing
operations total 558.8 521.6 535.5 530.1 527.8 498.5 487.3 415.7
Quarterly
Operating
Profit/Loss, EUR
million Q4/2011 Q3/2011 Q2/2011 Q1/2011 Q4/2010 Q3/2010 Q2/2010 Q1/2010
--------------------------------------------------------------------------------
Pharmaceutical
Trade
Finland and
Baltics 4.4 5.9 4.7 5.6 5.3 6.2 5.2 4.8
Pharmaceutical
Trade Sweden 2.6 3.8 1.9 2.3 3.3 4.9 5.6 -1.4
Pharmaceutical
Trade Russia 0.2 -5.5 -39.1 -1.6 0.1 -15.7 -2.0 -0.4
Group
Administration
and Others -1.4 -0.9 -1.9 -1.2 -1.4 -1.2 -1.9 -1.6
--------------------------------------------------------------------------------
Continuing
operations total 5.8 3.4 -34.4 5.0 7.3 -5.8 6.9 1.3
One-off costs
and Impairment,
EUR million Q4/2011 Q3/2011 Q2/2011 Q1/2011 Q4/2010 Q3/2010 Q2/2010 Q1/2010
--------------------------------------------------------------------------------
Pharmaceutical
Trade
Finland and
Baltics - - - - - - - -
Pharmaceutical
Trade Sweden * - - - - -1.1 -1.7 - -
Pharmaceutical
Trade Russia ** - - -33.4 - - -10.0 - -
Group
Administration
and Others - - - - - - - -
--------------------------------------------------------------------------------
One-off costs
and Impairment
total - - -33.4 - -1.1 -11.7 - -
*) Write-off of
a receivable
relating to the
bankruptcy of a
pharmaceutical
company EUR
-1.7 million
(Q3/2010) and a
provision
related to
restructuring of
the
pharmaceutical
wholesale
operations EUR
-1.1 million
(Q4/2010)
**) Stary Lekar
-brand
impairment EUR
-33.4 million
(Q2/2011) and a
write-off of a
trade receivable
relating to the
bankruptcy of a
pharmaceutical
chain EUR -2.1
million
(Q3/2010) and
purchase-related
discounts booked
in stock value
EUR -7.9 million
(Q3/2010)
Quarterly
Operating
Profit/Loss,
excl. One-off
costs and
Impairment, EUR
million Q4/2011 Q3/2011 Q2/2011 Q1/2011 Q4/2010 Q3/2010 Q2/2010 Q1/2010
--------------------------------------------------------------------------------
Pharmaceutical
Trade
Finland and
Baltics 4.4 5.9 4.7 5.6 5.3 6.2 5.2 4.8
Pharmaceutical
Trade Sweden 2.6 3.8 1.9 2.3 4.5 6.6 5.6 -1.4
Pharmaceutical
Trade Russia 0.2 -5.5 -5.7 -1.6 0.1 -5.7 -2.0 -0.4
Group
Administration
and Others -1.4 -0.9 -1.9 -1.2 -1.4 -1.2 -1.9 -1.6
--------------------------------------------------------------------------------
Continuing
operations total
excl.
One-off costs
and Impairment 5.8 3.4 -1.0 5.0 8.4 5.9 6.9 1.3
One-off costs
and impairment - - -33.4 - -1.1 -11.7 - -
--------------------------------------------------------------------------------
Continuing
operations total 5.8 3.4 -34.4 5.0 7.3 -5.8 6.9 1.3
1 Jan - 31 Dec 1 Jan - 31 Dec
Net Sales by Market, EUR million 2011 2010
--------------------------------------------------------------
Finland 379.4 417.6
Sweden 1,013.0 882.6
Russia 689.4 572.4
Baltic countries 32.6 30.5
Other countries 31.5 26.4
--------------------------------------------------------------
Continuing operations total 2,146.0 1,929.4
Quarterly Net
Sales by Market,
EUR million Q4/2011 Q3/2011 Q2/2011 Q1/2011 Q4/2010 Q3/2010 Q2/2010 Q1/2010
--------------------------------------------------------------------------------
Finland 96.1 93.6 96.5 93.1 103.5 102.6 106.5 105.0
Sweden 250.7 241.8 262.1 258.4 239.6 233.5 235.3 174.2
Russia 194.5 170.3 162.2 162.4 169.6 147.8 132.8 122.1
Baltic countries 8.3 8.0 7.7 8.7 7.8 7.0 7.3 8.3
Other countries 9.1 8.0 6.9 7.5 7.4 7.4 5.4 6.2
--------------------------------------------------------------------------------
Continuing
operations total 558.8 521.6 535.5 530.1 527.8 498.5 487.3 415.7
Espoo, 8 February 2012
Oriola-KD Corporation's Board of Directors
Oriola-KD Corporation
Eero Hautaniemi
President and CEO
Kimmo Virtanen
Executive Vice President and CFO
Further information:
Eero Hautaniemi
President and CEO
tel. +358 (0)10 429 2109
e-mail: eero.hautaniemi@oriola-kd.com
Kimmo Virtanen
Executive Vice President and CFO
tel. +358 (0)10 429 2069
e-mail: kimmo.virtanen@oriola-kd.com
Pellervo Hämäläinen
Vice President, Communications and IR
tel. +358 (0)10 429 2497
e-mail: pellervo.hamalainen@oriola-kd.com
Distribution
NASDAQ OMX Helsinki Ltd
Principal media
Published by:
Oriola-KD Corporation
Corporate Communications
Orionintie 5
FI-02200 Espoo, Finland
www.oriola-kd.com
[HUG#1583906]
Oriola-KD Corporation's Financial Statements Release for 1 January - 31 December 2011
| Source: Oriola-KD Oyj
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