Revenue in first quarter of 2013/14 increased in line with expectations

  • Total operating performance and revenue increased despite negative trend in the European pharmaceutical market
  • Higher revenue primarily in Germany, the largest market
  • Profit before tax at previous year’s level
  • Financial result considerably improved
  • Outlook for the 2013/14 fiscal year confirmed

The PHOENIX group underlines its position as a leading pharmaceutical trader in Europe on the basis of its dynamic business development in the first quarter of the 2013/14 fiscal year. In the first quarter of 2013/14, revenue increased by 2.7 per cent compared with the same period of the previous year to EUR 5,340.1 million.

This was primarily due to the increase in revenue in Germany, the largest market, where it was possible to regain substantial market share. Total operating performance, including revenue as well as handled volume (handling for service charge), increased by 2.9 per cent to EUR 6,358.2 million, while European pharmaceutical markets recorded an overall decline of 2.0 per cent in the first quarter of 2013.

Gross profit negatively affected by intense competition, earnings before taxes stable

Gross profit margin fell from 10.2 to 9.5 per cent, primarily as a result of intense competition in various countries. As a result of the decline in gross profit to EUR 509.1 million, earnings before interest, taxes, depreciation and amortisation (EBITDA) fell by EUR 24.1 million to EUR 106.1 million. The decrease compared with the first quarter of 2012/13 is particularly due to the fact that the full impact of the markedly more intense competition in Germany was not yet experienced in the corresponding period of the previous year. The negative effect associated with the increased discounts was only felt later on during the fiscal year.

The financial result improved by EUR 25.4 million to EUR -26.8 million. Compared with the corresponding period of the previous year, exceptional charges from early refinancing measures did not occur. In addition, the PHOENIX group further reduced its net debt compared with the first quarter of 2012/13 and also achieved more favourable financing conditions.

Despite the challenging market environment, profit before tax was, at EUR 53.2 million, on a par with the level of the previous year due to the improved financial result and the stable development of costs. “The overall profit development in the first quarter corresponds to our expectations”, said Reimund Pohl, Chief Executive Officer.

Forecast for the 2013/14 fiscal year confirmed

Despite the weakness of the market, the company continues to expect a slight increase in revenue for the 2013/14 fiscal year. A tangible increase in revenue is anticipated in the domestic German market in particular; this was already apparent in the first quarter of 2013/14.

Key figures of the PHOENIX group in comparison with the previous year’s first quarter

 First quarter of
 2012/13 in EUR k
First quarter of
  2013/14 in EUR k
Total operating performance16.180.0396.358.163
Gross profit531.136509.223
Financial result-52.172-26.818
Profit before tax53.36153.200
Profit for the period37.88035.272

¹ Total operating performance = revenue + handled volume (handling for service charge)

 30 Apr. 201230 Apr. 2013
Equity (in EUR k)1.970.1902.149.774
Equity ratio (in %)27,029,3
Net debt (in EUR k)2.050.5181.784.042
 31 Jan. 201330 Apr. 2013
Equity (in EUR k)2.103.8002.149.774
Equity ratio (in %)28,729,3
Net debt (in EUR k)1.611.5181.784.042

Press contacts

Maren HolodaDirector Corporate Communications+49 621 8505 8593m.holoda(at)
Jacob-Nicolas SprengelSenior Manager Corporate Communications+49 621 8505 8502j.sprengel(at)