| Comparable figures refer to last year’s corresponding period unless otherwise stated.
Tamro Group Interim Report February–April 2009: Good result in challenging market conditions
First-quarter highlights
- Tamro Group net sales in February–April 2009 amounted to EUR 1,325 million, a decrease of 4.5% mainly due to the weakening of Norwegian, Swedish and Polish currencies. The FX effect on net sales was EUR -100.7 million. With constant exhange rates, Tamro’s net sales increased by 2.8%.
- Operating profit in February–April amounted to EUR 30 million, down EUR 4 million. Profit before taxes in February–April was EUR 25 million, down EUR 6 million. Both of these changes were impacted by the weakening exchange rates, higher financing costs and one-time other income included in last year’s figures.
- Market growth slowed down especially in Latvia and Lithuania, due to the weak general economic situation.
- Tamro Group’s President & CEO Jo Langmoen will retire in July 2009. He will become a member of the Tamro Board of Directors as of 1 August 2009. Juha Koponen has been appointed as Tamro Group President & CEO from 1 August 2009. He will also continue as the Managing Director of Tamro Finland.
Group key figures
| |
2–4 |
2–4 |
Change |
2/2008– |
| |
2009 |
2008 |
% |
1/2009 |
|
| Net sales, EURm |
1,325 |
1,387 |
-4.5 |
5,534 |
| Operating profit, EURm |
29.7 |
33.7 |
-11.9 |
139.3 |
| Profit before taxes, EURm |
25.4 |
31.4 |
-19.1 |
125.9 |
| Return on capital employed, % |
29.9 |
33.3 |
|
36.0 |
| Personnel, average |
5,489 |
4,896 |
12.1 |
5,168 |
|
Outlook for the full-year 2009/2010
It is likely that the market situation remains challenging for the rest of the current financial period. Thus the growth of the entire market is expected to be lower than in the previous years. Further operational improvements are expected to approximately offset the impact of the current market challenges. On operating profit level with constant currency rates, the profit outlook for 2009/10 is on par with 2008/09.
Tamro's President & CEO Jo Langmoen
“The first quarter in the new business year was challenging but overall quite successful for Tamro. More volumes were handled than ever before, our market shares increased and customers showed high appreciation on our services. However, the price development was modest, so consequently, market growth was lower than expected at the start of the year. Adverse currency changes and higher financial costs had a negative effect.
Tamro is keenly considering entering the soon-to-be-liberalised Swedish pharmacy market. However, the future structure of Swedish pharmaceutical wholesaling has not yet been determined in the legislation. Several other initiatives such as OTC liberalisation must be defined more precisely before the profitability and attractiveness of pharmaceutical retailing in Sweden can be assessed.”
The interim figures are unaudited.
Tamro Corporation
Board of Directors
For further information, please contact:
Mr Jo Langmoen, President and CEO, tel. +358 20 445 4050
Mr Juha Koponen, Deputy President and CEO, tel. +358 20 445 4041
Ms Terhi Kivinen, Director, Communications and Corporate Responsibility, tel. +358 40 848 4001, terhi.kivinen(at)tamro.com
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