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To reach our ambitious goals, we focus on our five priorities, which are • Enhance customer value

• Encourage a growth mindset • Strengthen leadership • Improve collaboration • Develop our talent pool.

We will enhance customer value through operational excellence, value added services and broader partnerships. We will leverage the great growth opportunities we see over the years through core growth, consolidation, channel expansion and innovation. In order to achieve growth and emphasise customer value across the board, we need the right people and the right organisation. This is why a leadership team has been set up composed of leaders from Celesio’s country management teams and central group functions. In the future, this team will define the strategic and operating priorities of the company.

Fundamental for Celesio’s success is an improved collaboration between and amongst countries and group functions. As countries differ greatly in terms of regulations and health care systems, in general decisions should be made as close to the customers as possible, i.e. by the local management. In areas like procurement, EPN or IT it is important that we are acting as a larger entity. Last but not least, developing our employees is an overarching task and management process.

Slowly improving economy in 2014

2014 saw a slight recovery in the economic environment in the wider world. How- ever, economic development varied greatly in certain countries. Whereas the economic upturn has been progressing in the United States and United Kingdom, the eurozone struggled with a slow upturn in 2014. The geopolitical crisis in Ukraine also put pressure on the situation. Even though the monetary policy remains expansionary within the eurozone, this did not pay off in healthy econom- ic growth. Following the weak economic growth, the ECB cut its main refinancing operations rate to 0.05% in September 2014. The interest rate for the deposit facility for banks was reduced to -0.2% at the same time. For these reasons, ex- perts at the IfW ["Institut für Weltwirtschaft der Universität Kiel": Kiel Institute for the World Economy] put development of GDP for the eurozone at 0.8% for 2014. This development is driven by economically strong countries such as Germany, the United Kingdom and some smaller countries, which are growing. However, Medi- terranean countries continued to struggle with dampened growth.

Lower increases in energy and food prices had a dampening effect on inflation. The United Kingdom saw an increase in economic development. For 2014, GDP was expected to increase by 3.0%.

Scandinavian countries were also able to participate on economic growth above the eurozone average, in particular Sweden (2.2%) and Norway (1.7%). Overall, emerging and developing countries again recorded higher growth rates than traditional industrialised nations in 2014. However, overall growth in Latin America is only expected to reach 1.1% for 2014;inflation is still at a high level and remains at 6.3% for 2014 in Brazil.

Business development

Group revenue was up on the previous year in both divisions. Most business units, in particular Pharmacy Solutions in Germany, in the United Kingdom, in Norway and in Austria as well as Consumer Solutions in the United Kingdom and in Norway were able to increase revenue significantly or at least within our expecta- tions. Group revenue adjusted for currency effects increased by 4.2%.

As part of the preparation of the interim financial statements as at 30 June 2014, goodwill impairment tests were conducted due to adjusted long-term reve- nue prospects for our Brazilian activities. Progress has certainly been made to date with the initiated realignment of the Brazilian business units, but not at the de- sired rate or to the extent planned. This is primarily due to lower than expected contributions from the initiated measures, the increasing consolidation of pharma- cy chains, and the direct supply deliveries from manufacturers to pharmacies. As part of this process, a non-cash impairment loss on goodwill of EUR 77.0m was identified for the Brazilian wholesale activities as well as EUR 10.7m now for other intangible assets. This goodwill was primarily due to the acquisitions of Panpharma in 2009 and Oncoprod in 2011. Furthermore, a non-cash impairment loss was recognised on the goodwill of the German wholesale business of EUR 7.0m and other impairments on property, plant and equipment of EUR 6.9m. The adjusted result of fiscal 2014 was – against our expectations – negatively impacted by additional allowances of VAT incentives and additional risks resulting from VAT in Brazil, as well as increased adjustments on receivables in Portugal and Brazil. The operational weak performance in France and Brazil was more than compensated for by the earnings growth in other countries, especially in the British wholesale business and by positive effects from pension accounting changes in Norway.

Overall exchange rates had a positive impact on revenue and on earnings in fiscal 2014, when compared to fiscal 2013. The accounting tax rate rose significant- ly from 36.3% to 66.7% due to the high level of impairments on goodwill. The adjusted tax rate rose slightly from 34.8% to 34.9%.

Value added came to EUR –180.0m in the reporting period compared to EUR – 17.4m in the previous year. In the reporting year ROCE came to 6.4% compared to 10.6% in the previous year. Despite the investments for the expansion of the European pharmacy network, the investment volume remained below the level originally expected due to, among other things, a planned time lag of IT invest- ments.