Key figures

 

ORION'S KEY FIGURES FOR 2007–2011




2007 2008 2009 2010 2011 Change %
Net sales, EUR million 680.0 710.7 771.5 849.9 917.9 +8.0%
International operations, EUR million 479.0 493.6 548.2 620.7 677.2 +9.1%

% of net sales 70.4% 69.4% 71.1% 73.0% 73.8%
Operating profit, EUR million 192.0 185.0 207.0 254.2 282.9 +11.3%

% of net sales 28.2% 26.0% 26.8% 29.9% 30.8%
Profit before taxes, EUR million 193.4 184.2 203.7 252.6 282.0 +11.6%

% of net sales 28.4% 25.9% 26.4% 29.7% 30.7%
Income tax expense, EUR million 49.5 47.8 52.3 67.9 72.4 +6.6%
R&D expenses, EUR million 85.0 90.0 95.2 85.5 87.5 +2.3%

% of net sales 12.5% 12.7% 12.3% 10.1% 9.5%
Capital expenditure, EUR million 35.3 56.8 60.4 39.2 49.5 +26.4%

% of net sales 5.2% 8.0% 7.8% 4.6% 5.4%
Assets total, EUR million 565.7 695.5 727.1 745.8 779.1 +4.5%
Equity ratio, % 76.2% 60.2% 60.6% 62.7% 64.2%
Gearing, % -20.0% -7.1% -8.9% -12.2% -6.9%
Interest-bearing liabilities, EUR million 4.0 146.3 131.5 110.0 88.7 -19.4%
Non-interest bearing liabilities, EUR million 130.5 130.6 156.5 168.4 190.5 +13.1%
Cash and cash equivalents and money market investments, EUR million 90.4 176.1 170.5 167.2 123.0 -26.4%
ROCE (before taxes) , % 44.8% 38.5% 37.4% 45.0% 49.4%
ROE (after taxes), % 33.5% 32.1% 35.3% 40.7% 43.3%
Personnel at the end of the period 3,176 3,309 3,147 3,131 3,425 +9.4%
Average personnel during the period 3,160 3,270 3,192 3,137 3,328 +6.1%
Personnel expenses, EUR million 156.3 170.9 171.4 170.3 186.0 +9.2%








NET SALES BY BUSINESS DIVISION


EUR million 2007 2008 2009 2010 2011 Change %
Pharmaceuticals 639.7 667.6 728.5 806.2 870.6 +8.0%

Proprietary Products 259.6 278.1 324.0 370.9 408.9 +10.3%

Specialty Products 252.5 260.5 274.8 298.6 320.8 +7.4%

Animal Health 66.8 67.2 62.1 67.5 67.8 +0.4%

Fermion 38.1 36.1 41.4 44.9 43.3 -3.5%

Contract Manufacturing and others 22.6 25.7 26.2 24.4 29.7 +22.1%
Diagnostics 42.0 45.0 45.2 46.1 49.5 +7.5%
Group items -1.7 -1.9 -2.2 -2.4 -2.2 -6.5%
Group total 680.0 710.7 771.5 849.9 917.9 +8.0%










ORION'S PERFORMANCE PER SHARE 2007–2011





2007 2008 2009 2010 2011 Change %
Basic earnings per share, EUR 1.02 0.97 1.07 1.31 1.49 +13.5%
Diluted earnings per share, EUR 1.02 0.97 1.07 1.31 1.49 +13.5%
Cash flow per share before financial items, EUR 0.92 0.66 1.03 1.26 1.10 -13.0%
Equity per share, EUR 3.05 2.97 3.11 3.32 3.55 +6.9%
Total dividend, EUR million 141.3 133.9 141.0 168.9 183.1¹ +8.4%
Payout ratio, % 98.0% 97.9% 93.5% 91.6% 87.2%¹
Dividend per share, EUR 1.00 0.95 1.00 1.20 1.30¹ +8.3%
Repayment of capital from the expendable fund and reserve for invested unrestricted equity, EUR 0.10 0.06 0.12¹
A share






Number of shares at 31 Dec 52,558,688 51,440,668 51,340,668 47,563,565 44,993,218

Effective dividend yield, % 6.2% 7.9% 6.6% 7.3% 8.6%¹

Price/earnings ratio (P/E) 15.78 12.37 14.07 12.52 10.19

Closing quotation at 31 Dec, EUR 16.10 12.00 15.06 16.40 15.18

Lowest quotation during the period, EUR 15.07 10.50 10.42 12.21 13.10

Average quotation during the period, EUR 16.57 12.98 12.65 15.13 16.09

Highest quotation during the period, EUR 20.49 16.40 15.75 17.82 18.05

Shares traded, 1,000 shares 3,866 2,508 3,816 7,780 4,586


% of the total number of shares 7.2% 4.8% 7.4% 15.8% 9.9%
B share






Number of shares at 31 Dec excl. treasury shares 88,699,140 89,492,324 89,637,130 93,177,609 95,850,856

Treasury shares at 31 Dec 324,836 280,030 516,654 413,754

Number of shares at 31 Dec incl. treasury shares 88,699,140 89,817,160 89,917,160 93,694,263 96,264,610

Effective dividend yield, % 6.2% 7.9% 6.6% 7.3% 8.6%¹

Price/earnings ratio (P/E) 15.72 12.44 14.07 12.50 10.10

Closing quotation at 31 Dec, EUR 16.03 12.07 15.05 16.37 15.05

Lowest quotation during the period, EUR 15.22 10.30 10.35 13.20 13.19

Average quotation during the period, EUR 16.12 12.85 12.21 15.10 16.09

Highest quotation during the period, EUR 20.53 16.44 15.34 17.88 18.14

Shares traded, 1,000 shares 96,266 73,719 84,569 93,247 77,594


% of the total number of shares 110.5% 82.6% 94.1% 101.2% 81.8%
Total number of shares at 31 Dec 141,257,828 141,257,828 141,257,828 141,257,828 141,257,828

Average number of shares during the period excluding treasury shares 141,257,828 141,002,720 140,969,942 140,917,406 140,827,159
Shares traded, % of all shares 70.9% 54.1% 62.6% 71.5% 58.2%
Market capitalisation at 31 Dec, excluding treasury shares, EUR million 2,268.0 1,697.5 2,122.2 2,305.4 2,125.6









¹ The Board of Directors proposes to the AGM that the dividend for 2011 be EUR 1.30. Per share and that EUR 0.12 per share be distributed from the reserve for invested unrestricted equity in the distributable equity as a repayment of capital.



OPERATING PROFIT BY BUSINESS AREA


EUR million 2007 2008 2009 2010 2011 Change %
Pharmaceuticals 197.1 188.5 210.6 252.2 287.6 +14.0%
Diagnostics 6.3 6.1 5.6 6.1 4.9 -20.4%
Group items -11.4 -9.6 -9.2 -4.1 -9.5 +131.4%
Group total 192.0 185.0 207.0 254.2 282.9 +11.3%

 

KEY FIGURES FOR PHARMACEUTICALS BUSINESS


EUR million 2007 2008 2009 2010 2011 Change %
Net sales 639.7 667.6 728.5 806.2 870.6 +8.0%
Operating profit 197.1 188.5 210.6 252.2 287.6 +14.0%

% of net sales 30.8% 28.2% 28.9% 31.3% 33.0%
R&D expenses 80.7 85.4 89.4 79.5 81.1 +2.1%

% of net sales 12.6% 12.8% 12.3% 9.9% 9.3%
Capital expenditure 32.5 53.3 57.6 36.2 38.8 +7.3%

% of net sales 5.1% 8.0% 7.9% 4.5% 4.5%
Sales revenue from own proprietary products 292.3 307.5 346.5 397.1 420.2 +5.8%
Assets 428.1 466.8 504.0 527.7 597.5 +13.2%
Liabilities 76.9 77.0 101.7 102.1 132.2 +29.5%
Personnel at the end of the period 2,864 2,995 2,829 2,802 3,079 +9.9%

 

NET SALES OF ORION'S 10 TOP PHARMACEUTICAL PRODUCTS


EUR million

2009 2010 2011 Change %
Stalevo®, Comtess® and Comtan® Parkinson's disease 234.9 252.7 266.7 +5.5%
Simdax® Acute decompensated heart failure 29.4 39.9 44.0 +10.4%
Precedex® Intensive care sedative 14.6 27.2 33.0 +21.3%
Easyhaler® product family Asthma, COPD 24.9 28.1 30.5 +8.6%
Burana® Inflammatory pain 19.9 21.5 23.5 +9.2%
Dexdomitor®, Domitor®, Domosedan® and Antisedan® Animal sedatives 19.3 24.2 23.2 -3.9%
Marevan® Anticoagulant 11.2 13.1 15.6 +19.5%
Divina® range Menopausal symptoms 13.2 13.3 13.2 -0.7%
Enanton® Prostate cancer 11.9 13.0 12.0 -7.7%
Solomet® Inflammatory diseases 8.2 8.6 10.7 +24.8%
Total
387.4 441.5 472.4 +7.0%

Share of pharmaceutical net sales, %
53% 55% 54%

KEY FIGURES FOR DIAGNOSTICS BUSINESS

 

EUR million 2007 2008 2009 2010 2011 Change %
Net sales 42.0 45.0 45.2 46.1 49.5 +7.5%
Operating profit 6.3 6.1 5.6 6.1 4.9 -20.4%
  % of net sales 15.0% 13.6% 12.3% 13.3% 9.9%  
R&D expenses 4.4 4.8 5.9 6.0 6.4 +6.2%
  % of net sales 10.6% 10.6% 13.0% 13.1% 12.9%  
Capital expenditure 1.6 2.8 2.5 2.5 10.4 +315.1%
  % of net sales 3.7% 6.2% 5.6% 5.5% 21.1%  
Assets 27.8 28.2 30.3 34.2 44.4 +29.9%
Liabilities 6.1 8.0 9.4 9.1 17.4 +91.6%
Personnel at the end of the period 283 287 291 302 322 +6.7%
               
               

NET SALES BY ANNUAL QUARTERS

 

EUR million Q1/10 Q2/10 Q3/10 Q4/10 Q1/11 Q2/11 Q3/11 Q4/11 2011
Pharmaceuticals 203.3 196.0 203.2 203.7 231.0 215.9 199.8 223.8 870.6
Diagnostics 11.7 12.1 10.5 11.8 13.7 11.7 11.3 12.9 49.5
Group items -0.6 -0.7 -0.5 -0.6 -0.6 -0.6 -0.5 -0.6 -2.2
Group total 214.5 207.4 213.2 214.9 244.1 227.0 210.7 236.1 917.9
                   

 

OPERATING PROFIT BY ANNUAL QUARTERS

 

EUR million Q1/10 Q2/10 Q3/10 Q4/10 Q1/11 Q2/11 Q3/11 Q4/11 2011
Pharmaceuticals 70.5 60.4 71.5 49.9 92.3 67.1 66.8 61.4 287.6
Diagnostics 2.2 1.9 1.0 1.0 2.8 0.7 0.8 0.7 4.9
Group items -1.7 -2.3 -1.8 1.7 -2.1 -2.7 -2.1 -2.5 -9.5
Group total 71.0 60.0 70.6 52.6 92.9 65.1 65.4 59.6 282.9
                   

 

GEOGRAPHICAL BREAKDOWN OF NET SALES BY ANNUAL QUARTERS

 

EUR million Q1/10 Q2/10 Q3/10 Q4/10 Q1/11 Q2/11 Q3/11 Q4/11 2011
Finland 56.9 53.7 57.6 61.0 59.1 59.8 60.1 61.7 240.7
Scandinavia 29.0 28.1 28.4 28.6 33.4 30.3 28.1 28.5 120.2
Other Europe 72.1 72.7 70.0 77.4 80.2 77.2 71.5 79.6 308.5
North America 30.3 26.3 31.1 22.1 38.7 29.2 24.0 36.0 127.9
Other markets 26.1 26.7 26.0 25.8 32.8 30.6 26.9 30.3 120.6
Group total 214.5 207.4 213.2 214.9 244.1 227.0 210.7 236.1 917.9
                   

 

The official financial statement documents including notes to the parent company financial statements and unrounded figures are available in Finnish at www.orion.fi.