In the fiscal year 2017/18, the PHOENIX group developed well once again and grew more strongly than the market as a whole. Revenue increased by 1.9 per cent to €24.9 billion and total operating performance rose by 4.3 per cent to €31.5 billion. We achieved growth of 9 per cent in earnings before interest, taxes, depreciation, and amortisation (EBITDA). To ensure that this positive development continues long into the future, we are specifically optimising operational and logistics processes through a variety of programmes. Investment also plays an important role in our strategy for growth. A substantial proportion of our earnings goes into new distribution centres, automation, and logistics services for the pharmaceutical industry as well as into the modernisation of pharmacies.