Q3 2022: Solid performance continued despite the inflationary environment
Reporting information for 2021 has been restated to reflect
July-
Continuing operations
- Invoicing increased by 1.4% to
EUR 870.6 (858.7) million. On a constant currency basis, invoicing increased by 4.1% and wasEUR 894.0 million . -
Net sales increased by 4.1% to
EUR 373.9 (359.3) million. On a constant currency basis, net sales increased by 6.9% and wereEUR 384.1 million . -
Comparable adjusted EBIT and adjusted EBIT were
EUR 6.6 (5.4) million. On a constant currency basis, the comparable adjusted EBIT and adjusted EBIT wereEUR 6.8 million . -
EBIT was
EUR 6.3 (5.2) million. On a constant currency basis, EBIT wasEUR 6.4 million . -
Profit for the period totalled
EUR 5.3 (4.3) million and earnings per share wereEUR 0.03 (0.02).
Discontinued operations
- Invoicing decreased by 3.2% to
EUR 198.7 (205.3) million. On a constant currency basis, invoicing increased by 0.9% and wasEUR 207.1 million . -
Net sales decreased by 3.2% to
EUR 193.9 (200.2) million. On a constant currency basis, net sales increased by 0.9% and wereEUR 202.1 million . -
Comparable adjusted EBIT was
EUR 6.9 (5.0) million. On a constant currency basis, the comparable adjusted EBIT wasEUR 7.2 million . -
Adjusted EBIT was
EUR 13.2 (5.0) million. On a constant currency basis, the adjusted EBIT wasEUR 13.7 million . -
Adjusted EBIT includes a positive impact of
EUR 6.3 million from lower depreciations, as the non-current assets of discontinued operations are classified as held for sale and not depreciated. Comparable adjusted EBIT excludes the positive impact from depreciations. -
EBIT was
EUR 12.9 (4.7) million. On a constant currency basis, EBIT wasEUR 13.4 million . -
Profit for the period totalled
EUR 9.3 (2.5) million and earnings per share wereEUR 0.05 (0.01).
Continuing and discontinued operations
- Invoicing increased by 1.3% to
EUR 982.4 (970.2) million. On a constant currency basis, invoicing increased by 4.2% and wasEUR 1,010.5 million . -
Net sales increased by 3.3% to
EUR 480.9 (465.7) million. On a constant currency basis, net sales increased by 6.4% and wereEUR 495.6 million . -
Comparable adjusted EBIT was
EUR 13.5 (10.4) million. On a constant currency basis, the comparable adjusted EBIT wasEUR 13.9 million . -
Adjusted EBIT was
EUR 19.8 (10.4) million. On a constant currency basis, the adjusted EBIT wasEUR 20.5 million . -
Adjusted EBIT includes a positive impact of
EUR 6.3 million from lower depreciations, as the non-current assets of discontinued operations are classified as held for sale and not depreciated. Comparable adjusted EBIT excludes the positive impact from depreciations. -
EBIT was
EUR 19.2 (9.8) million. On a constant currency basis, EBIT wasEUR 19.9 million . -
Profit for the period totalled
EUR 14.6 (6.8) million and earnings per share wereEUR 0.08 (0.04).
January-
Continuing operations
- Invoicing increased by 3.8% to
EUR 2,661.2 (2,564.5) million. On a constant currency basis, invoicing increased by 6.3% and wasEUR 2,725.7 million . -
Net sales increased by 7.1% to
EUR 1,141.3 (1,066.0) million. On a constant currency basis, net sales increased by 9.7% and wereEUR 1,169.3 million . -
Comparable adjusted EBIT and adjusted EBIT were
EUR 16.8 (8.3) million. On a constant currency basis, the comparable adjusted EBIT and adjusted EBIT wereEUR 17.2 million . -
EBIT was
EUR 16.6 (6.3) million. On a constant currency basis, EBIT wasEUR 17.0 million . -
Profit for the period totalled
EUR 12.9 (4.8) million and earnings per share wereEUR 0.07 (0.03).
Discontinued operations
- Invoicing decreased by 1.0% to
EUR 616.3 (622.7) million. On a constant currency basis, invoicing increased by 2.6% and wasEUR 639.0 million . -
Net sales decreased by 1.0% to
EUR 601.3 (607.4) million. On a constant currency basis, net sales increased by 2.6% and wereEUR 623.5 million . -
Comparable adjusted EBIT was
EUR 16.8 (6.4) million. On a constant currency basis, the comparable adjusted EBIT wasEUR 17.5 million . -
Adjusted EBIT was
EUR 33.3 (6.4) million. On a constant currency basis, the adjusted EBIT wasEUR 34.6 million . -
Adjusted EBIT includes a positive impact of
EUR 16.5 million from lower depreciations, as the non-current assets of discontinued operations are classified as held for sale and not depreciated. Comparable adjusted EBIT excludes the positive impact from depreciations. -
EBIT was
EUR 32.6 (6.1) million. On a constant currency basis, EBIT wasEUR 33.8 million . -
Profit for the period totalled
EUR 22.6 (1.2) million and earnings per share wereEUR 0.12 (0.01).
Continuing and discontinued operations
- Invoicing increased by 3.6% to
EUR 3,002.1 (2,897.1) million. On a constant currency basis, invoicing increased by 6.3% and wasEUR 3,079.1 million . -
Net sales increased by 6.1% to
EUR 1,467.1 (1,383.4) million. On a constant currency basis, net sales increased by 9.0% and wereEUR 1,507.2 million . -
Comparable adjusted EBIT was
EUR 33.6 (14.7) million. On a constant currency basis, the comparable adjusted EBIT wasEUR 34.6 million . -
Adjusted EBIT was
EUR 50.1 (14.7) million. On a constant currency basis, the adjusted EBIT wasEUR 51.8 million . -
Adjusted EBIT includes a positive impact of
EUR 16.5 million from lower depreciations, as non-current assets of discontinued operations are classified as held for sale and not depreciated. Comparable adjusted EBIT excludes the positive impact from depreciations. -
EBIT was
EUR 49.2 (12.4) million. On a constant currency basis, EBIT wasEUR 50.8 million . -
Profit for the period totalled
EUR 35.5 (6.0) million and earnings per share wereEUR 0.20 (0.03).
Key figures | 2022 | 2021 | Change | 2022 | 2021 | Change | 2021 |
EUR million | 7-9 | 7-9 | % | 1-9 | 1-9 | % | 1-12 |
Continuing operations |
|
|
|
|
|
|
|
Invoicing | 870.6 | 858.7 | 1.4 | 2,661.2 | 2,564.5 | 3.8 | 3,506.9 |
Net sales | 373.9 | 359.3 | 4.1 | 1,141.3 | 1,066.0 | 7.1 | 1,452.2 |
Comparable adjusted EBIT1 | 6.6 | 5.4 | 23.4 | 16.8 | 8.3 | 103.0 | 14.9 |
Adjusted EBIT1 | 6.6 | 5.4 | 23.4 | 16.8 | 8.3 | 103.0 | 14.9 |
EBIT | 6.3 | 5.2 | 21.7 | 16.6 | 6.3 | 163.2 | 10.7 |
Adjusted EBIT % | 1.8 | 1.5 |
| 1.5 | 0.8 |
| 1.0 |
EBIT % | 1.7 | 1.4 |
| 1.5 | 0.6 |
| 0.7 |
Profit for the period | 5.3 | 4.3 | 23.1 | 12.9 | 4.8 | 167.3 | 8.6 |
Earnings per share, EUR, continuing operations | 0.03 | 0.02 | 23.1 | 0.07 | 0.03 | 167.2 | 0.05 |
Earnings per share, EUR, discontinued operations | 0.05 | 0.01 | 278.0 | 0.12 | 0.01 |
| 0.01 |
|
|
|
|
|
|
|
|
Continuing and discontinued operations |
|
|
|
|
|
|
|
Invoicing | 982.4 | 970.2 | 1.3 | 3,002.1 | 2,897.1 | 3.6 | 3,959.1 |
Net sales | 480.9 | 465.7 | 3.3 | 1,467.1 | 1,383.4 | 6.1 | 1,882.4 |
Comparable adjusted EBIT1, 4 | 13.5 | 10.4 | 30.4 | 33.6 | 14.7 | 128.3 | 26.3 |
Adjusted EBIT1, 2 | 19.8 | 10.4 | 91.4 | 50.1 | 14.7 | 240.8 | 26.3 |
EBIT2 | 19.2 | 9.8 | 95.4 | 49.2 | 12.4 | 297.6 | 20.5 |
Comparable adjusted EBIT %4 | 2.8 | 2.2 |
| 2.3 | 1.1 |
| 1.4 |
Adjusted EBIT %2 | 4.1 | 2.2 |
| 3.4 | 1.1 |
| 1.4 |
EBIT %2 | 4.0 | 2.1 |
| 3.4 | 0.9 |
| 1.1 |
Net cash flow from operating activities3 | -25.8 | -16.2 |
| 41.8 | -2.2 |
| 40.0 |
|
|
|
|
|
|
|
|
Gearing, % 3 |
|
|
| 29.8 | 64.1 |
| 46.5 |
Equity ratio, % 3 |
|
|
| 21.8 | 19.9 |
| 20.1 |
Return on capital employed (ROCE), % 3 |
|
|
| 15.4 | 3.7 |
| 4.6 |
1 Adjusting items are specified in note 13 Adjusting items.
2 The periods presented in the table are not fully comparable, because a non-current asset classified as held for sale is not depreciated.
3 Includes discontinued operations.
4 Includes depreciations for the period in which the non-current assets are classified as held for sale.
In order to reflect the underlying business performance and to enhance comparability between financial periods,
Outlook for 2022
On
The new outlook for 2022 (published on
The adjusted EBIT for the continuing operations is estimated to increase from the 2021 level. The new outlook is based on
The COVID-19 pandemic continues and the severity as well as the duration of the pandemic remain unclear in
The comparable adjusted EBIT in 2021 was
The previous outlook for 2022 (published on
The comparable adjusted EBIT is estimated to increase from the 2021 level.
The COVID-19 pandemic continues and the severity as well as the duration of the pandemic remain unclear in
The outlook remains based on the current group structure, including both continuing operations and discontinued operations. The comparable adjusted EBIT in 2021 was
CEO
"We had a good quarter as
I'm pleased with the continuing Services business, which was able to achieve a solid result in the current inflationary environment. For continuing operations, our invoicing increased 4.1% on constant currency basis and our adjusted EBIT improved, reaching
Right after the end of the reporting period, we finalized the combination of Kronans Apotek and Apoteksgruppen pharmacy businesses in
During the quarter, we announced a new operating model to further improve our operational, commercial and supply chain excellence. It will help us to create synergies and to ensure seamless work across markets.
Our near-term focus will continue to be on the rigorous implementation of the turnaround initiatives and transformation. All the actions related to our
In addition to the continued turnaround plan and transformation, we will build on the new operating model based on cross-market responsibilities going forward. Furthermore, we will continue the strategy work and announce
To conclude, I would like to thank all our employees for their commitment and our customers for the good cooperation in this somewhat challenging environment."
Disclosure procedure
This
Analyst and investor meeting
Further information:
VP, Communications and Sustainability
Tel. +358 40 776 2314
email: mikael.wegmuller@oriola.com
Distribution:
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