| Comparable figures refer to last year’s corresponding period unless otherwise stated.
Tamro Group Interim Report February–July 2009: Continued solid results and performance
Second-quarter highlights
- Tamro Group net sales in May–July 2009 amounted to EUR 1,356 million, a decrease of 2.4% due to the weaker foreign exchange rates mainly of the Swedish, Norwegian and Polish currencies. At constant exhange rates (CER), Tamro’s net sales increased by 4.7%.
- Operating profit in May–July amounted to EUR 30.4 million, down EUR 7.6 million. Profit before taxes in May–July was EUR 28.1 million, down EUR 6.8 million. The negative profit development is largely explained by the weaker exchange rates, one-time capital gains included in last year’s figures, and extraordinary costs from preparing for the market changes in Sweden.
- Juha Koponen assumed the responsibility of Tamro Group President & CEO from 1 August 2009 and also continues as the Managing Director of Tamro Finland. Tamro Group’s former President & CEO Jo Langmoen retired at the end of July 2009, according to his employment contract. He was elected as a member of the Tamro Board of Directors from 1 August 2009.
Group key figures
| |
5–7 |
5–7 |
Change |
2–7 |
2–7 |
Change |
| |
2009 |
2008 |
% |
2009 |
2008 |
% |
|
| Net sales, EURm |
1,355.8 |
1,388.6 |
-2.4 |
2,681.2 |
2,775.8 |
-3.4 |
| Operating profit, EURm |
30.4 |
38.0 |
-20.0 |
60.1 |
71.8 |
-16.3 |
| Profit before taxes, EURm |
28.1 |
34.9 |
-19.5 |
53.5 |
66.4 |
-19.4 |
| Return on capital employed, % |
31.3 |
36.8 |
|
30.2 |
37.4 |
|
| Personnel, average |
5,550 |
5,109 |
8.6 |
5,522 |
5,002 |
10.4 |
|
Outlook for the full year 2009/2010
Operating profit for 2009/10 is expected to be on the same level or improve slightly from 2008/09 if calculated at constant currency rates and exluding the preparatory costs for the Swedish market changes and one-time capital gains included in last year’s figures.
For the rest of the financial year, pharmaceutical markets are expected to remain stable except in the Baltic States. In Sweden, Tamro is adjusting its business model to a reformed pharmaceutical market in the future. These preparations will result in one-time costs of over EUR 5 million during 2009/10.
Tamro’s President & CEO Juha Koponen:
“Tamro Group’s second-quarter results reflect continued solid performance and resistance to the economic downturn. We have managed to grow our business and keep the underlying profits at last year’s level. I wish to thank all our employees for their hard and successful work in all business units. We will continue to emphasize effectiveness, high quality and customer focus in all our operations.”
The interim figures are unaudited.
Tamro Corporation
Board of Directors
For further information, please contact:
Mr Juha Koponen, President and CEO, tel. +358 20 445 4041
Ms Terhi Kivinen, Director, Communications and Corporate Responsibility,
tel. +358 40 848 4001, terhi.kivinen@tamro.com
|
