Slide 1: Interim Report January-March 2024
Interim Report January-March 2024 25 April 2024
Slide 2: Disclaimer
Disclaimer The following applies to this presentation, the oral presentation of the information in this presentation by Oriola Corporation (the “Company” or “Oriola”) or any person on behalf of the Company, and any question-and-answer session that follows the oral presentation (collectively, the “In
Slide 3: Agenda
Agenda • Q1 2024 highlights • Operating environment • Segments • Financial review • Q&A Q1 2024 | 25 April 2024 3
Slide 4: Q1 24 Sales growth and improved profitability
Q1 24 Sales growth and improved profitability Net sales • Net sales growth driven by both Distribution and Wholesale 375 (360) +4% segments EUR million • Profitability improvement was supported by lower operating expenses compared with the previous year, and lower freight costs. Adjusted EBIT excl.
Slide 5: Operating environment
Operating environment • Overall operating environment somewhat stabilised from last year, although consumer confidence remained weak. • Cost inflation has slowed down, with more stabilised energy prices while fuel prices have fluctuated. • Pharmaceutical distribution market continued a steady growth
Slide 6: Pharmaceutical wholesale markets growing
Pharmaceutical wholesale markets growing Finland and Sweden markets combined Market shares Pharmaceutical distribution Consumer health Pharmaceutical distribution Sweden 42% (43%) 58% Finland Q1 Sweden +7.3% Finland +4.2% 45% (44%) 55% Dose dispensing in Finland Source: IQVIA, LTK. Market size is 12
Slide 7: New reporting segments
New reporting segments Net sales by segment1 % Wholesale 21% Distribution 79% Distribution segment Wholesale segment • Pharmaceutical logistics • Wholesale of traded goods and • Dose dispensing services over-the-counter (OTC) products Adj. EBIT by segment2 % • Parallel import • Special licensed medi
Slide 8: Distribution segment
Distribution segment Net sales EUR million +4% +6% • Net sales growth driven by steady market 283 294 274 291 growth • Profitability improved by 29% Excl. Dose Sweden • Lower cost base year-on-year • Continue to build on steady development Q1 23 Q1 24 Q1 23 Q1 24 from last year • Stable market share
Slide 9: Wholesale segment
Wholesale segment Net sales EUR million +5% • Good growth on topline 78 81 • Solid performance in Swedish wholesale business • Good development in advisory services • Profitability burdened by lower volumes in Q1 23 Q1 24 Finnish wholesale business • Long-term strategic goal to grow Adjusted EBIT EU
Slide 10: Financial review
& Oniola Financial review
Slide 11: Sales growth and improved profitability
Sales growth and improved profitability Invoicing Q1 EUR million Net sales Q1 EUR million Adjusted EBIT Q1 EUR million In constant currency: In constant currency: Adj. EBIT excl. Dose Sweden +6% +5% +14% EUR 912 million EUR 377 million EUR 4.5 (3.9) million +4% +6% +13% 908 379 360 375 856 834 887 8
Slide 12: Improved performance by Distribution
Improved performance by Distribution Net sales by segment EUR million Adjusted EBIT by segment EUR million ERP project-related costs 375.1 Q1 23: EUR 0.7 million 372.2 2.9 3.6 -0.2 4.5 1.0 -0.2 3.9 -0.5 4.0 17.6 351.0 2023 Q1 DistributionWholesale Group 2023 excl. Dose 2024 Q1 2023 Q1 DistributionWh
Slide 13: Profit and EPS decreased
Profit and EPS decreased Profit for the period Earnings per share EUR million EUR 2022 2023 2024 2022 2023 2024 5.5 5.3 2.1 1.1 0.03 0.03 1.2 0.01 0.01 0.01 -2.3 -2.8 -0.01 -0.02 -8.1 -0.04 -20.21 -0.11 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 1Q3 2023 includes impairment loss on goodwill in Dose dispensing cash gen
Slide 14: Negative cash flow in Q1
Negative cash flow in Q1 Quarterly net cash flow from operating activities 2024 Q1 change in cash EUR million EUR million 2022 2023 2024 -11.3 -0.7 -16.6 39 36 29 19 23 10 138.4 109.8 -11 -26 -43 Q1 Q2 Q3 Q4 Cash 31 Operating Investing Financing Cash 31 Dec 2023 activities activities activities Mar
Slide 15: Net debt on a low level
Net debt on a low level Net interest-bearing debt Net interest-bearing debt items EUR million EUR million 2022 2023 2024 Interest-bearing debt down EUR 40 million Net interest-bearing debt item 31 Mar 2024 31 Mar 2023 from Q1 23 Bank loans 57.2 59.7 (syndicated Bank & term) 36 Commercial papers 24.5
Slide 16: Financial position remained strong
Financial position remained strong Equity ratio % Gearing1 % 2022 2023 2024 2022 2023 2024 15.5 23.8 22.8 21.2 21.8 19.1 19.8 19.3 18.5 8.7 17.3 8.3 4.5 -0.9 -4.6 -6.2 Q1 Q2 Q3 Q4 -10.5 -12.1 Q1 Q2 Q3 Q4 1Excluding the impact of IFRS 16 gearing would have been -11.6% (2.7%) Q1 2024 | 25 April 2024 1
Slide 17: Kronans Apotek
Kronans Apotek (Swedish Pharmacy Holding) 2024 2023 Change 2023 Key figures, EUR million 1-3 1-3 % 1-12 Net sales 286.4 279.7 2.4 1,126.9 EBITA -4.4 1.7 -353.6 0.7 EBITA % -1.5 0.6 0.1 Adjusted EBIT -5.0 0.0 -2.0 Adjusted EBIT % -1.7 0.0 -0.2 Net interest-bearing debt 94.7 82.6 14.6 93.0 Kronans Apo
Slide 18: Sale of Svensk dos AB
Sale of Svensk dos AB • The agreement to sell all shares in Svensk dos AB to Apotekstjänst Sverige AB was signed in October • Oriola is exiting the dose dispensing business in Sweden • The agreed sales price in cash is SEK 110 million (approximately EUR 9.5 million). • The transaction is subject to
Slide 19: Outlook 2024
Outlook 2024 In 2024, the pharmaceutical distribution market is expected to continue to grow. A continuation of a weak consumer confidence might impact the wholesale market development. The recent overall inflationary environment and related cost pressures may have an impact on Oriola’s profitabilit
Slide 20: Q1 24 Key takeaways
Q1 24 Key takeaways Improved Refined strategy performance Solid financial provides direction by Distribution position and priorities going segment forward Q1 2024 | 25 April 2024 20
Slide 21: Our next event - Thank you for joining us!
Our next event 18 July 2024 Half-Year Report Thank you for joining us! Q1 2024 | 25 April 2024
Slide 22: Q1 2024 | 25 April 2024
Oe ; Q1 2024 | 25 April 2024