May 16, 2012

Preliminary results announcement for the year ended 31 March 2012

“International expansion drives growth”



  • Revenue up 18.4% to £23.0 billion – £25.4 billion including share of associates and joint ventures
  • EBITDA up 10.2% to £1,443 million – £1,568 million including share of associates and joint ventures
  • Trading profit up 12.4% to £1,195 million – £1,300 million including share of associates and joint ventures
  • Underlying profit (after tax) up 10.2% to £693 million
  • Cash generated from operations up 22.3% to £1,601 million
  • Year end net borrowings reduced by £826 million

Health & Beauty Division 

  • Revenue up 0.6%
  • Trading profit up 6.0%
  • Boots UK
    – Like for like dispensing volume up 1.9%
    – Like for like retail revenue up 0.8% (incl. VAT)

Pharmaceutical Wholesale Division 

  • Revenue up 27.9%
    – Like for like revenue up 2.4%
  • Trading profit up 24.7%
    – Like for like trading profit up 8.2%

Stefano Pessina, Executive Chairman, commented:

“Alliance Boots has again delivered double digit growth in trading profit while at the same time generating a strong operating cash flow to fund investment in growth and substantially reduce net borrowings. This performance, which reflects the excellent work of our teams, has been achieved through a combination of organic growth and benefits from the previous year’s acquisitions, is particularly encouraging given the challenging economic environment.

“In the coming year, we expect the economic environment to remain difficult with continuing pressure on both consumer and governmental expenditure. This will generate both challenges and new opportunities for us.

“We are confident about our future prospects and ability to pursue profitable growth, both organically and through further international expansion. This will be supported by our strong operating cash flow and secure funding arrangements, which will enable us to continue to invest while at the same time reducing net borrowings. The development of new and existing partnerships will be a key component of our future growth.”

Reconciliations of trading profit to profit from operations before associates and joint ventures, and underlying profit to profit for the year, are set out in the financial review section of this announcement.

A glossary of key terms is provided at the end of this announcement.

The Group’s Annual Report 2011/12 will be published on our website on 18 May 2012. In addition, the Group’s Corporate Social Responsibility Report 2011/12 will be published on our website in September 2012.

For further information, please contact: 

Alliance Boots
Yves Romestan/Laura Vergani/Katie Johnson
Tel: +44 (0) 20 7980 8585

RLM Finsbury
James Murgatroyd/Katie Lang
Tel: +44 (0) 20 7251 3801




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