DOCSLIB.ORG

Financial Statements for the Year 2006/2007

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Financial Statements for the Year 2006/2007 PHOENIX PIB Dutch Finance B.V. Financial statements for the year 2015/16 PHOENIX PIB Dutch Finance B.V. Contents Directors’ report 1 Balance sheet as at 31 January 2016 6 Statement of income for the year 2015/16 7 Cash flow statement for the year 2015/16 8 Notes to the 2015/16 financial statements 9 Other information 25 Independent auditor’s report 26 i PHOENIX PIB Dutch Finance B.V. Directors’ report The Board of Directors of PHOENIX PIB Dutch Finance B.V. (the “Company”) is pleased to present you its financial statements for the financial year ended 31 January 2016. All amounts in the directors’ report are stated in EUR 1,000, unless indicated otherwise. General information on the legal entity PHOENIX PIB Dutch Finance B.V., with its statutory seat and its office in Maarssen, the Netherlands, serves as a financing company for certain PHOENIX Group companies and was founded on 17 April 2013. PHOENIX PIB Dutch Finance B.V. is a wholly-owned subsidiary of PHOENIX PIB Dutch Holding B.V., Maarssen, the Netherlands and is ultimately owned by PHOENIX Pharmahandel GmbH & Co KG, Mannheim, Germany (“PHOENIX”). The Company is part of a fiscal unity for corporate income tax purposes together with the principal of the fiscal unity, PHOENIX PIB Dutch Holding B.V. and PHOENIX PIB Finance B.V., a wholly-owned subsidiary of PHOENIX PIB Dutch Holding B.V.. The Company recognizes its tax result in the financial statements. The taxable result is based on a draft advanced pricing agreement which is currently under discussion with Dutch tax authorities. It is expected that the tax authorities will sign the draft advanced pricing agreement without any (major) adjustments. Financial position as at balance sheet date and the statement of income during the financial year Due to the fact that the Company serves as financing company for the PHOENIX group companies the Company’s income relates to interest income from related parties. As the net financial result of the Company for the year 2015/16 was a gain of EUR 1,664 (2014/15: EUR 1,338) and the Company incurred EUR 99 (2014/15: 116) general and administrative expenses this resulted in an operating profit before taxation for the year 2015/16 of EUR 1,565 (2014/15: EUR 1,222). The company had a positive cash flow of EUR 36 (2014/15: 204 negative) mainly due to a withdrawal of loan facilities. The Company’s solvability remained on an equal level of 1.2% (2014/15: 1.2%), mainly as the two issued bonds and the related interest payable remained stable and as there were no large movements in the equity. The current ratio improved to 73.3% (2014/15: 28.3%) as the current assets increased due to higher interest receivables. Since the Company forms a fiscal unity together with PHOENIX PIB Dutch Holding B.V. and PHOENIX PIB Finance B.V., all deferred tax assets and/or liabilities are accounted for at the principal of the fiscal unity, PHOENIX PIB Dutch Holding B.V. Therefore there are no deferred tax assets or liabilities accounted in the financial statements of the Company. Tax assets and/or liabilities will be settled with tax authorities by PHOENIX PIB Dutch Holding B.V. and the current account is directly settled with Phoenix PIB Dutch Holding B.V. Corporate Governance The Board of Directors, which is responsible for the corporate governance structure of the Company, believes that the principles and best practice provisions of the Dutch Corporate Governance Code that are applicable, are interpreted by the Board of Directors and implemented. 1 PHOENIX PIB Dutch Finance B.V. Corporate Social Responsibility To ensure the effectiveness of the PHOENIX's commitment to Corporate Social Responsibility, the Company contributes to the economy in an ethical manner. This economic responsibility has two main aspects: long-term financing for PHOENIX and business ethics. The Company has influence in its relationships with both external (long-term financing) financers and PHOENIX. Business ethics for the Company mainly contain the compliance with fiscal requirements in cooperation with the tax authorities and ethical standards.. As of 1 January 2013, the Law ‘Wet Bestuur en Toezicht’, a new Management and Supervision Act came into effect. The new Act requires large-sized Legal entities to have a balanced composition of their Board of Directors in terms of gender, with at least 30% of the seats occupied by women and at least 30% by men. The current composition of the Board of Directors deviates from the above-mentioned percentages, since the board exists of 2 male directors. In order to achieve a balance between male and female members in the future, as soon as a vacancy occurs, and the suitability of the candidates is equal, a woman candidate is preferred. Finance As per 31 January 2016 the Company’s assets were for 97% (31 January 2015: 97%) financed by long-term financing with two issued bonds. These bonds with each a nominal value of EUR 300,000 have been issued during the fiscal year 2014/15 (30 July 2014) and during the fiscal year of 2013/14 (27 May 2013) respectively. Both bonds are listed on the EURO MTF, the non- regulated market operated by the Luxembourg Stock Exchange, and represent notes issued and guaranteed, jointly and severally by PHOENIX Pharmahandel GmbH & Co KG and certain of its subsidiaries. Going Concern The Company has a positive result and shareholder’s equity for the year 2015/16, but a negative working capital as per end of the fiscal year. Although the Company has a negative working capital as per 31 January 2016 we believe however that the going concern assumption is based on the refinancing measures taken and implemented by the PHOENIX Group. PHOENIX Pharmahandel GmbH & Co KG, as ultimate parent of the Company, is in compliance with debt covenants of its Syndicated Multicurrency Term Loan and Revolving Credit Facilities Agreement and will act as a guarantor for external debts when necessary. Also for upcoming years we expect positive results and cash flows, with the result that the Company’s management has prepared the PHOENIX PIB Dutch Finance B.V. financial statements on a going concern basis. Personnel The Company has 2 part-time directors (2014/15: 2) and 3 part-time employees (2014/15: 3). No significant change is expected for the year 2016/17. Risk management The risk management policies and procedures are key to ensure proper management of the Company. However the Company is a small company with 2 directors and 3 employees, all know and understand that risk management is an important process. The risk management system is embedded in the organization from the level of the directors to the operations and 2 PHOENIX PIB Dutch Finance B.V. finance department (soft controls). All employees contribute to identifying risks and the associated control measures. The Company analyses and controls its risks by dividing them into categories which are mentioned here below. The control measures are subsequently defined for each identified risk. Where possible, a qualitative description is included of the expected effectiveness of the measures taken. The Company has put measures in place for the majority of the risks and uncertainties identified. a) Operating activities In the conduct of its operating activities the Company enters into several financial instruments such as loan facilities and bonds. Due to the use of these instruments, the Company is among others exposed to interest rate risk. Interest rate risks exist as a result of potential changes in the market interest rate and may lead to fluctuations in interest payments of variable interest-bearing financial instruments. The Company estimates the interest rate risk as low as the interest on loan facilities to related parties as well as the interest rate on bonds are fixed. The interest rate on loan facilities to related parties bear an interest which is calculated by reference of the refinancing possibilities of the Company including a margin for administration and equity at risk in line with the draft advanced pricing agreement which is currently under discussion with Dutch tax authorities. As 3 PHOENIX PIB Dutch Finance B.V. the amounts of the loan facilities and bonds are in line with each and the interest rates correlate with each other, the interest rate risk is assessed as low. b) Strategy The Company’s main activities consists of (re-) financing of related parties. Management is therefore on regular basis in close contact with the PHOENIX’ board to anticipate on any changes in financing structure. Based on the long term financing contracts and based on management actions strategic risks are estimated as a low risk. c) Financial position In the conduct of its normal activities the Company enters into several financial instruments such as payables, cash balances with banks and bonds issued. Due to the use of these instruments, the Company is exposed to credit risk and liquidity risk. As per 31 January 2016 the Company’s assets were for 97% (31 January 2015: 97%) financed by long-term financing with two issued bonds for which the ultimate parent, PHOENIX Pharmahandel GmbH & Co KG, and certain of its subsidiaries are guarantors. This position is covered by two issued loans with similar due dates as the bonds, resulting in a reduced risks on the financial position of the Company. Credit risk represents the loss that would be recognised at the reporting date should counterparties fail to perform as contracted. As of 31 January 2016, the majority of the Company’s receivables represents amounts due from related parties. PHOENIX, as a beneficial owner of the Company, ensures that any PHOENIX Group Company can meet its contractual and other obligations to third parties under the guarantee structure.
Load more

Recommended publications
  • Annual Report 2019/20 Contents
    ANNUAL REPORT 2019/20 CONTENTS 02 GROUP 20 EXTRACT FROM THE MANAGEMENT REPORT CONSOLIDATED FINANCIAL STATEMENTS 03 Fundamental information about the group 07 Economic report 21 Consolidated income statement 17 Risk and opportunity report 22 Consolidated statement of comprehensive income 19 Forecast 23 Consolidated statement of financial position 25 Consolidated statement of cash flows 27 Consolidated statement of changes in equity Annual Report _ 2019 / 2020 GROUP MANAGEMENT REPORT 2019/20 2 03 FUNDAMENTAL INFORMATION ABOUT THE GROUP 03 PHOENIX 05 Strategy and group management 06 Processes and organisation 07 ECONOMIC REPORT 07 Economic environment 07 Business development at a glance 09 Financial performance 13 Assets and liabilities 14 Financial position 15 Employees 17 RISK AND OPPORTUNITY REPORT 17 Risk management 17 Risks 18 Opportunities 18 Management Board’s overall assessment of the risks and opportunities 19 FORECAST 19 Future economic environment 19 Future development of PHOENIX 19 Management Board’s assessment of the group’s future position PHOENIX Pharmahandel GmbH & Co KG Annual Report _ 2019 / 2020 Group management report Fundamental information about the Group FUNDAMENTAL INFORMATION ABOUT THE GROUP ° Leading market position in European pharmaceutical wholesale ° Corporate strategy builds upon three pillars ° Digitalisation brings direct communication with end customers ° Projects and initiatives aim to achieve process optimisation and cost efficiency PHOENIX NET TURNOVER PER REGION in % Leading European healthcare provider PHOENIX, with its headquarters in Mannheim, Germany, is FY 2018 / 19 a leading European healthcare provider and is one of the largest family businesses in both Germany and Europe. Its core Eastern Europe 16.3 34.5 Germany business is pharmaceutical wholesale and pharmacy retail.
    [Show full text]
  • The 2013 USC Marshall International Case Competition. Each Year We
    Welcome to the 2013 USC Marshall International Case Competition. Each year we invite students from schools around the world to participate in this competitive event. Of the thirty teams attending this year, 19 teams represent schools from outside the United States. We embrace all of you and hope you enjoy your brief visit to Los Angeles and the University of Southern California. This year’s case presents issues which are current and very real to this business and their competitors in this and related industries. Thus, do not feel that the only relevant and available information is found within the four corners of this document. While some of the information provided here was only made available on the day we went to press, this industry is changing so quickly that there is no doubt in our minds that additional relevant information will appear in the days running up the time you receive this document. Thus, you should feel free to look for, and use, additional information which you may find online in completing your analysis of this case. References to some additional sources of information may be found in the Appendix. In addition to testing your skills in strategic analysis this year’s case seeks to address a topic which is very relevant to each of you as consumers. Your own experience with this industry and with the companies covered in the case will no doubt influence your perspective. Give voice to your own insights. We are certain that the panel of judges and company representatives are willing and eager to listen to your recommendations for today and the future.
    [Show full text]
  • Global CEO Appointments: About the High Pay Centre Contents a Very Domestic Issue
    THE NEW CLOSED SHOP: GLOBALWHO’S DECIDING CEO APPOINTMENTS:ON PAY? THE MAKE UP OF REMUNERATION COMMITTEES A VERY DOMESTIC ISSUE High Pay Centre Global CEO appointments: About the High Pay Centre Contents A very domestic issue The High Pay Centre is an The High Pay Centre is resolutely independent non-party think tank independent and strictly non- 4 Foreword established to monitor pay at the partisan. It is increasingly clear that top of the income distribution and there has been a policy and market 5 Executive Summary set out a road map towards better failure in relation to pay at the top business and economic success. of companies and the structures 6 Introduction of business over a period of years We aim to produce high quality under all governments. It is now 7 North America: Staying home research and develop a greater essential to persuade all parties that understanding of top rewards, there is a better way. 9 Western Europe: Trickling across the pond company accountability and business performance. We will The High Pay Centre is grateful to its 12 China: From state to state communicate evidence for change supporters for funding this work. to policymakers, companies and 13 Japan: Decades on a ladder other interested parties to build a @highpaycentre consensus for business renewal. www.highpaycentre.org 14 Rest of Asia: More introspection 15 Eastern Europe: Putin’s boys This report was prepared for 15 Latin America: Impregnable borders the High Pay Centre by David Bolchover. David Bolchover is 16 Conclusion the author of Pay Check: Are Top Earners Really Worth It? and he sits 18 Appendix: Methodology and companies in the study on the advisory board of the High Pay Centre.
    [Show full text]
  • Executive Board of the PHOENIX Group 08 Report of the Supervisory Board 10 Members of the Supervisory Board 11 PHOENIX Group in the Capital Market
    HEALTHCARE THAT FITS INTO YOUR LIFE ANNUAL REPORT 2019 / 2020 WE DELIVER HEALTH. The PHOENIX group is a leading healthcare In pharmaceutical wholesale, the PHOENIX provider in Europe, reliably supplying people group has 161 distribution centres in 27 Euro- EACH AND EVERY DAY. with drugs and health products every day. pean countries from which it supplies drugs ACROSS EUROPE. The PHOENIX group originated from the and other health products to pharmacies and merger of five regional pharmaceutical medical institutions. Numerous other pro- wholesale businesses in Germany in 1994. ducts and services for pharmacy customers Today, with more than 39,000 employees, complete the port folio – from assistance in the company offers unique geographical advising patients to modern goods manage- coverage throughout Europe, making a vital ment systems to pharmacy cooperation contribution to comprehensive healthcare. programmes. With more than 13,500 inde- The PHOENIX group’s vision is to be the best pendent pharmacies in the company’s integrated healthcare provider – wherever cooperation and partner programmes, the it is active. This means providing each cus- PHOENIX group’s pharmacy network is the tomer group with the best possible products largest of its kind in Europe. The PHOENIX and services along the entire pharmaceutical Pharmacy Partnership acts as the Europe- supply chain. wide umbrella for the PHOENIX group’s 13 pharmacy cooperation programmes in 16 countries. In pharmacy retail, the PHOENIX group ope- Pharma Services provides services along rates more than 2,700 of its own pharmacies the entire pharmaceutical supply chain. in 15 countries – of which over 1,500 operate The “All-in-One” concept stands for a com- under the corporate brand BENU.
    [Show full text]
  • The World's 200 Richest People
    The World’s 200 Richest People (2005) Compiled by Forbes (Each listing will include the rank, name, age, worth [in $billions], country of citizenship, and residence, along with brief biographical information.) 1 William Gates III, 49, $46.5bn, USA, Medina, Wash. (USA) Industry: Software Marital Status: married , 3 children Harvard University, Drop Out Gates was given honorary knighthood in March, but don’t call him Sir William: the title is only good for citizens of the Commonwealth. He is staying plenty busy pressing Microsoft beyond PCs into television set-top boxes, games, cell phones. “Software is where the action is,” Gates proclaimed to company researchers last August. Competition from rival open source operating system, Linux, is stalling Microsoft’s growth in the server market, but desktop dominance remains intact: Windows installed in 94% of PCs being sold. Next version, Longhorn, should be ready in 2006. Microsoft, meanwhile, is pursuing online music, photos and search software. Gates is methodically diversifying his wealth: He sells 20 million shares each quarter, reinvests through Cascade Investment in non-tech companies, including big stakes in Cox Communications, Canadian National Railway, Republic Services. World’s biggest philanthropist also devoting $27 billion to good deeds. Bill & Melinda Gates Foundation fights infectious diseases (hepatitis B, AIDS), funds vaccine development, helps high schools. 2 Warren Buffett, 74, $44.0bn, USA, Omaha, Neb. (USA) Industry: Investments Marital Status: widowed , 3 children University of Nebraska Lincoln, Bachelor of Arts / Science Columbia University, Master of Science Newspaper delivery boy filed first 1040 at age 13; claimed $35 deduction for bicycle. Studied under Benjamin Graham at Columbia.
    [Show full text]
  • Annual Report 2013/14 Pdf (4
    Annual Report 2013/14 PHOENIX Pharmahandel GmbH & Co KG Pfi ngstweidstrasse 10-12 68199 Mannheim Germany group www.PHOENIXgroup.eu PHOENIX Annual Report 2013/14 WE GO FORWARD Annual Report 2013/14 PHOENIX group PHOENIX group in figures Key figures of the PHOENIX group 2009/10 2010/11 2011/12 2012/13 2013/14 Revenue in EUR k 21,317,594 21,737,772 21,660,649 21,218,687 21,792,370 Total operating performance 1) in EUR k 24,433,939 25,062,613 25,479,749 25,251,336 25,917,392 Total income 2) in EUR k 2,009,062 2,078,580 2,249,687 2,319,147 2,217,593 Profit before tax 3) in EUR k 242,532 270,060 294,775 230,723 143,097 Adjusted profit before tax 4) in EUR k 306,518 324,038 294,775 329,156 253,099 Equity in EUR k 1,092,612 5) 1,772,409 5) 1,935,623 2,103,800 2,161,841 Equity ratio in % 13.5 23.4 26.1 28.7 29.4 Net debt in EUR k 3,678,418 2,176,588 1,855,743 1,611,518 1,331,627 Company rating (Standard & Poor’s) B+ BB− BB BB Employees (total) 28,156 27,873 6) 29,038 6) 28,698 28,555 Employees (full-time) 23,261 23,206 23,850 23,932 23,850 1) Total operating performance = revenue + handled volume (handling for service charge). 2) Total income = gross profit + other operating income (previous years adjusted due to changes in reporting).
    [Show full text]
  • PHOENIX PIB Dutch Finance B.V
    PHOENIX PIB Dutch Finance B.V. Annual Report for the year 2018/19 PHOENIX PIB Dutch Finance B.V. Contents Directors’ report 1 Financial statement 2018/19 6 Balance sheet as at 31 January 2019 7 Statement of income for the year 2018/19 8 Cash flow statement for the year 2018/19 9 Notes to the 2018/19 financial statements 10 Other information 27 i PHOENIX PIB Dutch Finance B.V. Directors’ report The Board of Directors of PHOENIX PIB Dutch Finance B.V. (the “Company”) is pleased to present you its financial statements for the financial year ended 31 January 2019. All amounts in the directors’ report are stated in EUR 1,000, unless indicated otherwise. General information on the legal entity PHOENIX PIB Dutch Finance B.V., with its statutory seat and its office in Maarssen, the Netherlands, serves as a financing company for the affiliated company PHOENIX PIB Finance B.V. and was founded on 17 April 2013. PHOENIX PIB Dutch Finance B.V. is a fully-owned subsidiary of PHOENIX PIB Dutch Holding B.V., Maarssen, the Netherlands and is ultimately owned by PHOENIX Pharma SE, Mannheim, Germany (“PHOENIX”). The Company is part of a fiscal unity for corporate income tax purposes together with the principal of the fiscal unity, PHOENIX PIB Dutch Holding B.V. and PHOENIX PIB Finance B.V., a fully-owned subsidiary of PHOENIX PIB Dutch Holding B.V. The Company recognizes its current tax result in the financial statements. The company has signed an advanced pricing agreement with the Dutch tax authorities.
    [Show full text]
  • Corporate Rating Component Scores Europe, the Middle East, and Africa Q4 2020
    Corporate Rating Component Scores Europe, the Middle East, and Africa Q4 2020 FALSE EMEA Corporate Rating Component Scores Oct. 31, 2020 Corporate Rating Component Scores Europe, the Middle East, and Africa S&P Global Ratings is publishing the rating component scores report for its public issuer credit ratings in Europe, the Middle East, and Africa (EMEA). This article reflects the scores defined in of our corporate methodology, accompanied by charts that show the distribution of aggregated scores. We believe that the list and charts enhance benchmarking across industries and rating levels for all market participants. We disclose these scores in line with the information we provide in our rating research publications, such as research updates and full analyses. By releasing all scores for public corporate ratings in EMEA, S&P Global Ratings confirms its commitment to deliver greater transparency and insight into the ratings process and simplify access for all market participants. Ratings are organized alphabetically by industry sector. The scores reflect the building blocks of the corporate ratings framework (see chart 1). Modifiers and components related to our group rating methodology or government-related entity methodology are indicated only where they have a positive or negative effect on the rating. The report reflects corporate credit ratings and scores as of Oct. 31, 2020. This document will not be updated for future rating actions or score revisions. To keep it concise, the list only discloses scores for the main rated entity of larger corporate groups. We omit certain entities such as subsidiaries or holding companies where the ratings are linked to those on their parent companies.
    [Show full text]
  • Annual Report of the PHOENIX Group for 2016/2017
    CARING FOR PEOPLE ANNUAL REPORT 2016/17 PHOENIX GROUP IN FIGURES Key figures of the PHOENIX group 2012/13 2013/14 5) 2014/15 2015/16 6) 2016/17 Revenue in €k 21,218,687 21,791,268 22,567,998 23,247,428 24,436,695 Total operating performance 1) in €k 25,251,336 25,916,290 27,278,243 28,484,595 30,232,784 Total income 2) in €k 2,319,147 2,217,379 2,277,295 2,416,548 2,567,225 Profit before tax in €k 230,723 3) 143,092 361,278 318,985 242,514 Profit before tax, before non-recurring items 4) in €k 329,156 253,094 296,558 335,321 289,792 Equity in €k 2,103,800 2,161,841 2,481,491 2,726,468 2,849,764 Equity ratio in % 28.7 29.4 32.1 35.1 33.1 Net debt in €k 1,611,518 1,330,855 1,068,749 1,121,561 1,377,547 Company rating (Standard & Poor’s) BB BB BB BB+ BB+ Employees (total) 28,698 28,555 28,922 29,745 34,145 Employees (full-time) 23,932 23,850 24,153 24,842 26,611 1) Total operating performance = revenue + handled volume (handling for service charge). 2) Total income = gross income + other operating income (previous years 2010/11 up to 2012/13 adjusted due to changes in reporting). 3) Adjusted due to the application of IAS 19R. 4) Adjusted for impairment losses on goodwill, effects resulting from the sale of financial assets, one-off effects related to refinancing measures in 2012, expenditures associated with the PHOENIX FORWARD optimisation programme, changes in pension schemes 2014/15 and 2015/16, Mediq acquisition costs, and tax audits for previous years.
    [Show full text]
  • Annual Report for the Year 2019/20 PHOENIX PIB Dutch Finance B.V
    PHOENIX PIB Dutch Finance B.V. Annual Report for the year 2019/20 PHOENIX PIB Dutch Finance B.V. Contents Directors’ report 1 Financial statement 2019/20 7 Balance sheet as at 31 January 2020 8 Statement of income for the year 2019/20 9 Cash flow statement for the year 2019/20 10 Notes to the 2019/20 financial statements 11 Other information 27 i PHOENIX PIB Dutch Finance B.V. Directors’ report The Board of Directors of PHOENIX PIB Dutch Finance B.V. (the “Company”) is pleased to present you its financial statements for the financial year ended 31 January 2020. All amounts in the directors’ report are stated in EUR 1,000, unless indicated otherwise. General information on the legal entity PHOENIX PIB Dutch Finance B.V., with its statutory seat and its office in Maarssen, the Netherlands, serves as a financing company for the affiliated company PHOENIX PIB Finance B.V. (registered with the trade register of the Chamber of Commerce under number 57769435) and was founded on 17 April 2013. PHOENIX PIB Dutch Finance B.V. is a fully-owned subsidiary of PHOENIX PIB Dutch Holding B.V., Maarssen, the Netherlands and is ultimately owned by PHOENIX Pharma SE, Mannheim, Germany (“PHOENIX”). The Company is part of a fiscal unity for corporate income tax purposes together with the principal of the fiscal unity, PHOENIX PIB Dutch Holding B.V. and PHOENIX PIB Finance B.V., a fully-owned subsidiary of PHOENIX PIB Dutch Holding B.V. The Company recognizes its current tax result in the financial statements.
    [Show full text]
  • 2. Impacts of Foreign Takeovers in the Nordic Countries - What Do the Company Case Studies Tell Us?
    Foreign Takeovers in the Nordic Countries 2. Impacts of foreign takeovers in the Nordic countries - what do the company case studies tell us? A report produced by NIFU STEP, ITPS, VTT, DTU and RANNIS Published by NIFU STEP, Oslo, January 2005 Financed by Impacts of Foreign Takeovers in the Nordic Countries - what do the company case studies tell us? Juha Oksanen & Nina Rilla (eds.), VTT Technology Studies ii Published by NIFU STEP Studies in Innovation, Research and Education Hammersborg torg 3 0179 Oslo January 2005 www.nifustep.no © NIFU STEP and its FOTON partners 2005 Cover photo © Photos.com The main objectives of FOTON are to study how foreign takeovers of firms in the Nordic countries affect local innovation capabilities and how this issue is approached by policy makers. FOTON is made up of three modules: The first module is a statistical exercise providing an overall picture of foreign industrial ownership in the Nordic countries. A quantitative analysis of the effects of foreign ownership on firms’ innovation performance is presented in FOTON report No. 3: Corporate Innovation Activities - Does Ownership Matter? Report No. 1 has a short overview of available statistics. The second module consists of case studies of Nordic firms that have been taken over by foreign companies. To allow for inter-Nordic comparisons, takeovers within two specific industries have been selected: Pharmaceuticals and ICT. The main focus of the case studies is on how the takeovers have affected innovation capabilities, not only in the acquired firms but also – through these firms’ linkages to local actors – in the surrounding innovation systems.
    [Show full text]
  • Sustainability Brochure
    Sustainability CONCISE 2017/18 PHOENIX. WHO WE ARE. The PHOENIX group is a leading European health service provider. It was formed in 1994 from the merger of five regional pharmaceutical whole salers in Germany. Today, the company employs around 36,000 employees and offers a unique coverage in Europe. WE’RE TALKING STRAIGHT. Pharmaceutical products, logistics, transport, retail, services – and people: Our business is complex. Indispensable for health and quality of life, with good opportunities for profitable growth. At the same time, however, it also carries risks and has an impact on the world around us. We move many vehicles, consume energy and resources, have to comply with a wide variety of regulations, work with sensitive data and are Pharma Services provides services along the responsible for around 36,000 employees. entire pharmaceutical supply In pharmaceutical wholesale chain. The All-in-One concept We are aware of that and this is the key to improving every day. Our motto the PHOENIX group has stands for a comprehensive 164 distribution centres range of services that benefits is to speak plainly: Where do we stand? What course can and must we in 27 European countries drug manufacturers, set? We ensure our key figures and performance are transparent and set from which it supplies drugs pharmacies, and patients. ourselves ambitious goals that we consistently pursue across all divisions. and other health products In pharmacy retail to pharmacies and the PHOENIX group operates medical institutions. around 2,500 of its own After all, sustainability has long been inextricably linked to our identity pharmacies in 14 countries and our growth.
    [Show full text]