The PHOENIX group underlined its position as Europe’s leading pharmaceutical trader in the first quarter of the fiscal year 2014/15. Revenue increased by 2.1 per cent compared with the same period of the previous year to EUR 5,452.0 million in the first quarter of 2014/15. Total operating performance, including revenue as well as handled volume (handling for service charge), rose by 2.7 per cent to EUR 6,531.1 million, while the European pharmaceutical markets recorded overall growth of only 1.1 per cent in the first quarter of 2014. “The overall development of the PHOENIX group in the first quarter of 2014/15 corresponds to our expectations”, said Oliver Windholz, Chief Executive Officer of the PHOENIX group.
The PHOENIX group generated earnings before interest, taxes, depreciation, and amortisation (EBITDA) of EUR 89.7 million in the first quarter of 2014/15. Due to the persistently high level of competition in various markets, particularly in Germany, however, this figure was EUR 16.5 million lower compared with the same period of the previous year. Profit before tax fell by EUR 15.6 million to EUR 37.6 million.
Owing to the lower net debt, the financial result improved by EUR 1.4 million to EUR -25.4 million compared with the same period of the previous year. The financing structure was further optimised with improved conditions thanks to an extension of the syndicated loan agreement of EUR 1.05 billion until 2019, which was agreed in April 2014.
PHOENIX FORWARD in Germany: agreement with the Central Works Council
In Germany, constructive negotiations resulted in an agreement between the Management Board and the Central Works Council. The measures planned as part of the PHOENIX FORWARD optimisation programme, such as the division of the 20 distribution centres into eight regions with a defined regional location, will be gradually implemented from July 2014 onwards. These measures will be realised as socially acceptable as possible. It is estimated that the number of redundancies for operational reasons in Germany will be less than 50.
Forecast for the fiscal year 2014/15 confirmed
For the fiscal year 2014/15, the PHOENIX group expects to further improve its market position in Europe thanks to organic growth and selective acquisitions. The planned increase in revenue slightly above the growth of the European pharmaceutical markets was already apparent in the first quarter of 2014/15.
Key figures of the PHOENIX group in comparison with the previous year’s quarter
|First quarter 2013/141|
in EUR k
|First quarter 2014/15|
in EUR k
|Total operating performance²||6.357.819||6.531.089|
|Profit before tax||53.198||37.564|
|Profit for the period||35.272||22.808|
1 Prior-year figures were restated due to some reclassifications and the first-time adoption of IFRS 11.
2 Total operating performance = revenue + handled volume (handling for service charge)
|30 Apr 2013||30 Apr 2014|
|Equity (in EUR k)||2.149.774||2.183.874|
|Equity ratio (in %)||29,3||29,6|
|Net debt (in EUR k)||1.784.042||1.599.439|