DGAP-News: Celesio AG: Celesio announces results for the first quarter of fiscal year 2016


DGAP-News: Celesio AG / Key word(s): Quarter Results
Celesio AG: Celesio announces results for the first quarter of fiscal
year 2016

30.07.2015 / 08:00

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Celesio announces results for the first quarter of fiscal year 2016

  - First Quarter results reflect a solid start to the fiscal year 

  - Outlook for fiscal year 2016 remains unchanged

Stuttgart, 30 July 2015. Celesio generated group revenue of 5.3 billion
euro and adjusted earnings before interest and tax (EBIT) of 122 million
euro reflecting a solid start to the fiscal year. First quarter results
were ahead of expectations driven primarily by good performance in Germany
and the United Kingdom.

Beginning on April 1, 2015, Celesio changed the fiscal reporting period to
a March 31 fiscal year. For comparison purposes, fiscal year 2016 results
will be compared to the results, as previously reported, for the fiscal
year 2014.

In the first quarter of fiscal year 2016 (1 April 2015 to 30 June 2015),
revenues were up 7.0 per cent as reported and up 3.0 per cent on a constant
currency basis compared to the first quarter of fiscal year 2014 (1 January
2014 to 31 March 2014) . Adjusted earnings before interest and taxes (EBIT)
increased by 24.8 per cent as reported and 15.0 per cent on a constant
currency basis driven by  lower discounts in Germany and an improved
earnings level in several countries.

Performance in the divisions

Revenue in the Consumer Solutions division - the pharmacy business - was 1
billion euro in the quarter compared to 866 million euro in the first
fiscal quarter of 2014, an increase of 20.5 per cent, as reported and 10.2
per cent on a constant currency basis. Strong performance in the United
Kingdom, Norway and Italy contributed to the growth in the quarter.

Adjusted EBIT was 67 million euro, compared to 52 million euro in the first
quarter of fiscal year 2014, an increase of 28.8 per cent as reported and
17.8 per cent on a constant currency basis driven primarily by the strong
performance in the United Kingdom, Norway and Italy.

Revenue in the Pharmacy Solutions division - the wholesale business - was
4.3 billion euro in the first quarter compared to 4.1 billion euro in the
first quarter of fiscal 2014, an increase of 4.1 per cent as reported and
1.5 per cent on a constant currency basis. The gain of an exclusive
distribution contract with a major manufacturer in the United Kingdom and
solid growth across most other countries was partially offset by the loss
of a hospital contract in Norway.

First quarter adjusted EBIT was 68 million euro compared to 66 million euro
in the first quarter of fiscal 2014, an increase of 2.3 per cent as
reported and - 3.6 per cent on a constant currency basis. Lower discounts
in Germany was partially offset by  the loss of the hospital contract in
Norway and the continued challenging market environment in France.

Earnings forecast

The first quarter of fiscal year2016 results reflect a solid start to the
fiscal year and Celesio remains focused on achieving key priorities in the
business. The fiscal 2016 outlook assumes government intervention in
several markets and an ongoing challenging market environment in France.
Celesio expects to incur costs in fiscal 2016 associated with the
integration with McKesson and costs associated with the strategic
investments in a common information technology platform across Europe.

The outlook for fiscal year 2016 remains unchanged from prior expectation.

Therefore, the Management still expects adjusted EBIT for fiscal 2016 to be
in line with the adjusted EBIT for the adjusted fiscal 2014 excluding the
benefit in fiscal 2014 from the pension in Norway.

 

<pre>

Key figures of the                      1st         1st       Change on EUR
Celesio Group                       quarter     quarter   basis in per cent
                                       2014        2016
Continuing operations
Revenue                   EUR m     4,990.2     5,337.1                 7.0
EBIT                      EUR m        91.0       119.9                31.7
adjusted1)                EUR m        98.0       122.3                24.8
Net profit/loss           EUR m        46.7        71.8                53.8
adjusted1)                EUR m        53.7        73.9                37.6
Free cash flow            EUR m      -132.0      -104.1                21.1
Retail pharmacies2)                   2,180       2,202                   /
Wholesale branches2)                    108         109                   /
Discontinued
operations
Net profit/loss           EUR m        -3.6        -9.0               >-100
Continuing and
discontinued
operations
Net Financial Debt        EUR m     934.22)   1,046.82)                12.1
Net Financial Debt/
EBITDA adj. 1) 3) 4)                 1.712)      1.902)                   /
Employees2)                          38,581      38,149                   /
Net profit/loss           EUR m        43.1        62.8                   /
Earnings per share          EUR        0.22        0.31                   /
(basic)


</pre>

1) Adjusted for special effects from defined non-recurring expenses and
income (including tax effect).

2) Closing figures at the end of the reporting period.

3) Based on EBITDA of the last twelve months.

4) Previous year figures as reported.

 

About the Celesio Group
Celesio is a leading international wholesale and retail company and
provider of logistics and services to the pharmaceutical and healthcare
sectors. The proactive and preventive approach ensures that patients
receive the products and support that they require for optimum care. With
more than 38,000 employees, Celesio operates in 14 countries around the
world. Every day, the group serves over 2 million customers - at more than
2,200 pharmacies of its own and over 4,300 participants in brand
partnership schemes. With 134 wholesale branches, Celesio supplies 65,000
pharmacies and hospitals every day with up to 130,000 pharmaceutical
products. The services benefit a patient pool of about 15 million per day.
McKesson Corporation, San Francisco, USA, is the majority shareholder in
Celesio AG. The company acquired more than 75 percent of Celesio AG shares
in February 2014. McKesson provides solutions that include pharmaceutical
and medical-surgical supply management, healthcare information technology,
and business and clinical services.



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Language:    English                                                   
Company:     Celesio AG                                                
             Neckartalstr. 155                                         
             70376 Stuttgart                                           
             Germany                                                   
Phone:       +49 (0)711 5001-735                                       
Fax:         +49 (0)711 5001-740                                       
E-mail:      investor@celesio.com                                      
Internet:    www.celesio.com                                           
ISIN:        DE000CLS1001                                              
WKN:         CLS100                                                    
Indices:     MDAX                                                      
Listed:      Regulated Market in Berlin, Dusseldorf, Frankfurt (Prime  
             Standard), Stuttgart; Regulated Unofficial Market in      
             Hamburg, Hanover, Munich (m:access); Terminbörse EUREX    
 
 
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382183 30.07.2015