Sanacorp Pharmaholding Aktiengesellschaft
Sanacorp Pharmahandel english
Sanacorp Pharmahandel AG is prepared for decline in earnings
Ad-hoc-announcement transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
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Sanacorp Pharmahandel AG is prepared for decline in earnings
The Act on the Stabilizing of Contributions to Statutory Health Insurers
(BSSichG – Beitragssicherungsgesetz) came into effect on January 01, 2003.
Pharmaceutical wholesalers will be affected by this law, inasmuch as they are
supposed to make a compulsory contribution in the amount of Euro 600 million.
Pre-tax profits of the entire industry, however, amount to a mere Euro 240
million. It is evident therefore, that these compulsory contributions will have
to be offset against the discounts granted to pharmacies. This will not stop a
further decline in earnings, however, due to a sharper competition for discounts
as well as higher expenses relating to default risks in pharmaceutical
wholesaling, since the pharmacies will be burdened already with Euro 350 million
– the wholesalers’ cost recovery not included. The entire burden of the
pharmacies will be as much as half of their average profit.
The slump in earnings which the pharmaceutical wholesalers incurs is far from
being offset by cost cutting measures taken. Therefore, the Management Board of
Sanacorp Pharmahandel AG assumes the net operating income of Sanacorp
Pharmahandel AG to be reduced to Euro 12 – 18 million in 2003. In 2002 as much
as Euro 30.9 million were generated. If the German Federal Constitutional Court
decides, that the Act on the Stabilizing of Contributions to Statutory Health
Insurers (BSSichG – Beitragssicherungsgesetz) is unconstitutional or if the law
is repealed retroactively according to an initiative of the opposition’s
parliamentary group, we will expect the government to take other measures. Such
measures could also adversely affect the earnings of pharmaceutical wholesalers
and hence of Sanacorp Pharmahandel AG.
end of ad-hoc-announcement (c)DGAP 01.04.2003
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WKN: 716313; ISIN: DE0007163131; Index:
Listed: Amtlicher Markt in Frankfurt (Prime Standard) und München; Freiverkehr
in Berlin-Bremen, Düsseldorf, Hamburg und Stuttgart
010800 Apr 03
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