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Dow Jones Newswires |
| 27 07. 2011 6:27 Uhr |
DJ DGAP-Adhoc: Celesio AG: Weak market environment leads to impairment losses for Celesio in Portugal and Denmark and at PharmexxDJ DGAP-Adhoc: Celesio AG: Weak market environment leads to impairment losses for Celesio in Portugal and Denmark and at Pharmexx Celesio AG / Key word(s): Miscellaneous 27.07.2011 07:27 Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. =-------------------------------------------------------------------------- Weak market environment leads to impairment losses for Celesio in Portugal and Denmark and at Pharmexx Stuttgart, 27 July 2011. An extraordinary impairment test has revealed the need for Celesio to recognise impairment losses totalling 116.3 million euro at three business units. The impairment losses affect intangible assets and amount to 72.0 million euro at Pharmexx and 21.0 million euro and 23.3 million euro, respectively, in the wholesale business in Denmark and Portugal. In accordance with international accounting standards (IFRSs), this extraordinary impairment test of all assets was triggered by the fact that the market value of Celesio AG had fallen below the carrying amount of group equity as at 30 June 2011. Impairment testing has been completed and only led to impairment losses being recognised in the three business units mentioned. They do not have any effect on cash flows, but do lead to a reduction in the net profit for the 2011 fiscal year. The impairment losses recognised for accounting purposes were the result of overall uncertainty in the European economy, which has given rise to a weak market environment that is now heavily burdened, both directly and indirectly, by government austerity measures in the healthcare sector. Following completion of restructuring, the contract portfolio at Pharmexx failed to develop according to expectations. The higher discount rate on future payments also significantly influenced the amount of the impairment losses. On the basis of the governmental measures which are known to us today, Celesio anticipates an operating result (EBITDA) of around 600 million euro for 2011 as a whole, which is in line with the current expectations of the capital market. Celesio remains committed to its traditional dividend policy of determining distributions based on the net profit of the group after eliminating impairment losses. In line with this approach, approximately 30% of the adjusted net profit of the group has been distributed as dividends in recent years. Contacts: Investor Relations Thomas Frings, Celesio AG, +49 (0)711.5001-1188 investor@celesio.com Media Dr. Jens Schreiber, Celesio AG, +49 (0)711.5001-380 media@celesio.com Rainer Berghausen, Celesio AG, +49 (0)711.5001-549 media@celesio.com 27.07.2011 DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de =-------------------------------------------------------------------------- Language: English Company: Celesio AG Neckartalstr. 155 70376 Stuttgart Germany Phone: +49 (0)711 5001-735 Fax: +49 (0)711 5001-736 E-mail: investor@celesio.com Internet: www.celesio.com ISIN: DE000CLS1001 WKN: CLS100 Indices: MDAX Listed: Regulierter Markt in Berlin, Düsseldorf, Frankfurt (Prime Standard), München, Stuttgart; Freiverkehr in Hamburg, Hannover; Terminbörse EUREX End of Announcement DGAP News-Service =-------------------------------------------------------------------------- (END) Dow Jones Newswires July 27, 2011 01:27 ET (05:27 GMT) Social Networks   |