Lower result pharmacies
Financial highlights
Net sales
Up 2% to € 671.8 million due to acquisitions and organic growth at Direct & Institutional.
EBITA from ordinary activities*
Down 13% to € 27.9 million due to lower results at Pharmacies Netherlands and Pharmacies Poland.
Net earnings per share from ordinary activities*
Down 4% to € 0.33 due to lower EBITA from ordinary activities partly compensated by lower financial costs and a lower number of shares outstanding.
Cash flow
Cash flow from operating activities of € 54.6 million, benefiting from improved working capital position.
Outlook 2011
EBITA of € 123 million to € 127 million reconfirmed.
Operational highlights
Direct & Institutional