anzag fact book english

Intelligent solutions for your success

Andreae-Noris Zahn AGANZAG

ANZAG Fact BookStatus: July 2011


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� ANZAG at a glance p. 3

� Business model p. 10

� Executive Board p. 21

� Market and market presence p. 27

� Regulatory environment p. 40

� ANZAG in numbers p. 44

� ANZAG share p. 52

� Conclusion p. 60

� Contact p. 61

Contents


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ANZAG at a sight


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� ANZAG, with registered office in Frankfurt, is a member of the Alliance Boots Group.

� With a market share of around 16% ANZAG is one of the leading pharmaceutical wholesalers in Germany.

� ANZAG’s business model focuses on support for the independent pharmacy – both for the entire goods logistics and for management, marketing and finance.

� As a further business unit ANZAG has been operating the pharmacy co-operation scheme vivesco since 2004, which has by now more than 1,100 pharmacies as partners.

� In 2005 ANZAG began the internationalisation of its business and by now three investees have been acquired in Croatia, Romania and Lithuania.

� Additional market opportunities are tapped by ANZAG through subsidiaries and investments in the field of healthcare logistics and information services.

� With 25 branch establishments ANZAG has the densest delivery network of all pharmaceutical wholesalers in Germany.

� ANZAG generated sales revenues of nearly EUR 2.5 billion with about 2,760 employees* in FY 2011**

Short profile of Andreae-Noris Zahn AG (ANZAG)

*Converted to full-time equivalents**Short reporting fiscal year 2011, 1 September 2010 to 31 March 2011


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Business year 20111 2010(changed)

2009(changed)

2008

Sales revenues EUR million 2,495.7 4,244.2 3,967.5 3,811.7

Gross profit EUR million 146.5 274.0 253.6 227.1

Gross profit margin Percent 5.87 6.46 6.39 5.96

Earnings before tax EUR million 10.8 49.1 26.5 10.9

Free Cash Flow EUR million 86.5 11.6 55.0 12.2

Group result EUR million 3,2 36.0 16.9 7.3

Earnings per share according to IFRS

EUR 0.29 3.37 1.58 0.68

ANZAG Group: Earnings position at a glance

1Short reporting fiscal year 2011, 1 September 2010 to 31 March 2011


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Fiscal year 20111 2010(changed)*

2009(changed)*

2008

Investments EUR million 9.7 12.5 28.2 17.1

Employees number2 2,761 2,697 2,635 2,504

EBITDA EUR million 34.4 75.9 56.6 38.9

EBITDA margin percent 1.38 1.79 1.43 1.02

EBIT EUR million 20.4 64.9 39.2 28.1

EBIT margin percent 0.82 1.53 0.99 0.74

EBT EUR million 10.8 49.1 26.5 10.9

EBT margin percent 0.43 1.16 0.67 0.29

Dividend per share EUR 0.00 0.00 1.10 1.10

Dividend yield percent 0.00 0.00 4.89 3.49

1Short reporting fiscal year 2011, 1 September 2010 to 31 March 20112 At the end of the fiscal year, converted to full-time equivalents (without apprentices)

ANZAG Group: Ratios at a glance


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1841 Johann Matthias Andreae founds in Frankfurt “J. M. Andreae Material und FarbWaaren Handlung”.

1855 Carl Friedrich Zahn sets up“Handelsgesellschaft Noris Zahn & Cie” in Nürnberg.

1923 Merger of the two companies

1941 ANZAG extends its network of branches to 27.

1980 With 42 branch establishments ANZAG has reachedthe highest density of its network of branches.

1995 ANZAG is the first pharmaceutical wholesaler to be certified according to ISO 9002.

1997 The reorganisation of the branch structure and the automisation of the six main branches are completed.

History of ANZAG


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2001 ANZAG is presented with the German Logistics Award and the European Logistics Award, the two most significantlogistics awards in Europe.

2004 Setting up of the wholly owned subsidiary “vivesco Apothekenpartner GmbH”

2004 Acquisition of a stake of 49% in the Croatian pharmaceutical wholesaler Oktal Pharma, Zagreb

2006 Acquisition of a stake of 60% in the pharmaceutical wholesaler Farmexpert, Bucharest

2008 Acquisition of a stake of 92% in the Lithuanian pharmaceutical wholesaler ARMILA UAB (currently 99%)

2010 Majority takeover of ANZAG by the Alliance Boots Group (change of control date Dec. 20.)

Niederlassung RostockHistory of ANZAG


Leading logistics system performance German + European Logistics Award (2001)

Best pharmacy partnerANZAG: Silver (2003, 2004, 2005, 2007, 2009), Gold (2008)vivesco: Bronze (2005, 2008, 2009) and Silver (2007)

Active change cultureGolden Bridge in Silver for Change Communication (2002)

International German PR AwardANZAG GIRLS CUP (2009)Soccer tournaments together with pharmacies and Bundesliga clubs

Successful distribution team“Personal Development Programme”(PEP) is presented with the International Training Award (2007)

“Deal of the Year” for factoring programmeTrade Finance Award 2010 for innovative transaction with two contracting partners (PB Factoring/Eurofactor)

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ANZAG: A distinguished company


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Business Model


The distribution and service system of ANZAG


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Source: IfH Institut für Handelsforschung 2008

Bundling of an average 9.4 products of different manufacturers in one delivery

Lower process costs by bundling effects of wholesal e trade


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Crisis management Supply reliability

Warehousing Optimised warehousing

Service quality

Procurement management Manufacturer neutrality (market access)

Full-line supply

Logistics Efficiency

Rapidity

Recall campaigns Pharmaceutical safety

Return management Customer service

Process Unique Selling Proposition (USP)

The wholesale trade has a USP or the potential for one in all process steps

Source: Deloitte Study 2007


Service portfolio pharmaceutical wholesale trade

� Logistics services

� Pre-financing

� Technical services

� Administration

� Export / Import

� Distribution and marketingsupport

� Information services

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Manufacturer(64.0%)

Services of pharmaceutical

wholesalers for the manufacturers*

Wholesale trade(4.1%)

Pharmacy(15.9%)

Patient

R&D/Production

Logistics/Wholesale trade

Consulting and sales

* Source: ABDA “Numbers, data, facts 2009“Representation plus value share (state) VAT 16%

Value chain for medicines and value share per trade stage


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Optimum distribution system for manufacturers and p harmacies

Our partners in the distribution of medicinal produ cts:� ca. 1,500 companies from the pharmaceutical industry� ca. 700 suppliers for the complementary range� ca. 21,400 public pharmacies

The warehouse of the pharmaceutical wholesale trade includes:� 120,000 registered presentations of medicinal products, including

60,000 medicines and 30,000 products from the complementary range

By way of comparison:A pharmacy stocks on average 6,000 to 8,000 medicines. Only the full line pharmaceutical wholesale trade ensures – through a range geared to the demand and needs of the patient –timely availability of medicinal products. Consequently, it is the guarantor of proper pharmaceutical supplies for the population through public pharmacies.


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Timely picking and deliveries

The pharmaceutical wholesale trade is:

Efficient� 4.9 million packages per day� By way of comparison: Deutsche Post delivers 2.5 million parcels per day

Rapid� 45 minutes on average from the transmission of the order to the making

available for delivery (in cases of urgency 15 minutes)

Error-free� ANZAG’s error ratio is in the per thousand range


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Support of pharmacies in respect of their procedure s

Logistics system services for the pharmacy

� Procurement: Ordering at the manufacturer, transport and storage

� Storage of the goods: Warehousing systems

� Order taking: Registration and verification of the orders transmitted by the pharmacy, delivery promise and/or availability and customer information

� Delivery: Picking, nationwide micro logistics and return management


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� The comprehensive and innovative marketing concepts of ANZAG and its pharmacy co-operation vivesco motivate in view of marketing-driven acting.

� With the information management of ANZAG pharmacies secure a knowledge advance versus their competitors.

� In this way pharmacists can secure and increase their earnings, gain customers and ensure their loyalty, extend their business and optimise their processes as well as strengthen their own competencies.

� In the personal development programme “pep” the distribution staff of ANZAG is trained technically and personally in such a way that it can optimally advise pharmacists in every possible situation and on all entrepreneurial aspects.

Marketing and distribution support for pharmacies


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Executive Board


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Niederlassung RostockThe Executive Board of Andreae-Noris Zahn AG

Dr. Ralf LiebMember of the Executive Board – CFO

Dr. Thomas TrümperChairman of the Executive Board - CEO

Michael MockMember of the Executive Board – HR and Logistics

Wolfgang TrautMember of the Executive Board –Marketing, Distribution and vivesco

(From left to right)


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Educational background1969 to 1973 Mechanical engineering studies at the Technical University of

Karlsruhe, Graduated Engineer 1973 to 1978 Scientific assistant at the Institute for Mechanical Engineering of

the Building Department of the Technical University of Karlsruhe1979 PhD (Dr.-Ing.)Professional background1978 to 1984 Member of the Executive Management of Westfalia, Lünen1984 to 1990 Managing Director of Kaltenbach GmbH, Lörrach1990 to 1994 Head of Operations and Logistics at Schulze GmbH, Mannheim1994 to 1997 Member of the Executive Board Operations and IT at Phoenix

Pharmahandel AG, Mannheim1997 to 2003 Independent entrepreneur in mechanical engineering, Präzonik

GmbH, Weil am RheinSince 2003 Chairman of the Executive Board of ANZAGSince 2006 Chairman of the Confederation of the German Pharmaceutical

Wholesale Trade (PHAGRO)

Niederlassung RostockChairman of the Executive Board (CEO) – Dr. Thomas T rümper


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Educational background1983 to 1988 MBA studies at the University of Bayreuth, Diplom-Kaufmann

(German MBA)1988 to 1992 Scientific assistant at the Chair for business administration, tax

and auditing1992 PhD (Dr. rer. pol.) Professional background1992 Assistant to the Head of Finance and Accounting at Sandoz AG,

Nürnberg1994 Head of Finance and Accounting at Sandoz AG, Nürnberg1995 Finance Director at Clariant (Germany) GmbH, Clariant Holding

GmbH, Leinfelden1996 Finance Director at Clariant (Deutschland) GmbH and Managing

Director of Clariant Verwaltungsgesellschaft mbH – Holding 1998 CFO at Lindner AG, Arnstorf2008 CFO at VBH Holding AG, Korntal-MünchingenSince Sep. 2010 Member of the Executive Board – Finance (CFO) of ANZAG

Niederlassung RostockMember of the Executive Board – Finance (CFO) – Dr. R alf Lieb


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Professional background1972 to 1973 Commercial Clerk at the ANZAG Headquarter1973 to 1983 Controller Assistant at the Frankfurt branch establishment1983 to 1989 Head of Regional Procurement Mitte1989 to 1996 Senior Department Head Central Procurement1996 to 2003 Department Head Goods Logistics: operational responsibility for

the operations of the then 23 branch establishments and procurement, CPL Pharma Lager und Vertrieb GmbH as well as AS Logistik GmbH

1994 to 2005 Managing Director of CPL Pharma Lager und Vertrieb GmbHSince 2003 Member of the Executive Board – HR and Logistics of ANZAG

Niederlassung RostockMember of the Executive Board – HR and Logistics – Mi chael Mock


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Educational background1970 to 1973 Training as Industrial Clerk1973 to 1974 Clerk1974 to 1978 German Army - Airforce

co-operation in the introduction of an IT-based inventory management1978 to 1980 University of Applied Sciences entrance qualification 1980 to 1983 Studies of business IT and hospital accounting at the University of

Applied Sciences Rheinland-Pfalz, Mainz II, Dipl. Betriebswirt (FH) (MBA)

Occupational background1983 to 1987 Central Controlling Officer in the food retail trade at Coop AG,

Frankfurt1987 to 2004 Head of Controlling at ANZAG2000 to 2005 Managing Director of CPL Pharma Lager and Vertrieb GmbH2004 to 09/08 Member of the Executive Board – Accounting and Finance of ANZAGSince 10/2008 Member of the Executive Board – Marketing and Distribution of

ANZAG

Niederlassung RostockMember of the Executive Board Marketing, Distributi on and vivesco – Wolfgang Traut


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Market & Market presence


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Growth of the German pharmaceutical wholesale market vs . gross domestic product

Source: IMS Health, Federal Statistical Office Data versus prior year in percent /*Short reporting fiscal year 2011, 1 September 2010 to 31 March 2011

GDP price-adjusted

Wholesale market

4,5%

1,5%

2,9%2,6%

3,3%

1,9%

-4,9%

2,3%

5,7%

3,4%

0,9%

3,5%

2,8%

6,2%

FY 2005 FY 2006 FY 2007 FY 2008 FY 2009 FY 2010 FY 2011*


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Comprehensive business in Germany and activities in Ea stern Europe


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� With 25 branch establishments ANZAG has the densest delivery network of all pharmaceutical wholesalers in Germany.

� This proximity to customers and the market leading logistics services of ANZAG ensure high delivery capacities and secure a noteworthy relief for the pharmacy – essential factors for high customer satisfaction.

� In order to further step-up the efficiency of deliveries , ANZAG modernised its branch establishment in Bremen over the last years and built a new logistics centre in the Allgäu region.

� ANZAG relies on technical innovations : as the first pharmaceutical wholesaler in Germany it developed, for instance, a holistic validated system chain for the distribution of productsrequiring a cold chain.

Branch establishment structure in Germany


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Co-operation of independent pharmacists (vivesco GmbH)

Planning and realisation of logistics centres (APL GmbH)

Overview: Essential subsidiaries of ANZAG

Domestic subsidiaries

Central warehouse for pharmaceutical wholesale trade and manufacturers

(CPL GmbH)

Foreign subsidiaries

Farmexpert DCI S.A.Bucharest, Romania

ARMILA UAB Vilnius, Lithuania

Oktal Pharma d.o.o. Zagreb, Croatia


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� For pharmacists who want to take up the challenge of the pharmacy market in a strong community, ANZAG created the pharmacy co-operation vivesco in 2004. With around 1,100 partners vivesco is one of the leading pharmacy co-operations in Germany.

� The members of vivesco communicate under a joint brand – without having to give up their individuality and entrepreneurial independence.

� The co-operation supports its members at the positioning in local competition, the recruitment of new and the securing of the loyalty of existing customers, increases in sales, the development of additional revenue sources and the sales promoting pharmacy design.

� In March 2010 vivesco launched a major marketing and information campaign with the goal of stepping up the awareness of vivesco during the next three years and become the leading co-operation of independent pharmacies.

Subsidiary vivesco Apotheken-Partner GmbH


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� CPL Pharma Lager und Vertrieb GmbH offers tailor-made logistics concepts and services for the healthcare and pharmaceutical industry from one single source.

� Apart from order taking, warehousing and distribution, the company also takes care of complementary services such as collection/dunning,return management and hotline service.

� For ANZAG and other pharmaceutical wholesalers the company acts as a central warehouse. For pharmaceutical manufacturers it takes over logistics services.

Subsidiary CPL Pharma Lager und Vertrieb GmbH


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� APL specialises in cross-sectoral tasks. It bundles competencies from the fields of architecture, logistics, materials flow and business organisation for holistic and sustainable solutions.

� The range of services includes the control and management of complex planning activities for in-house logistics and commercial real property. Within the framework of these contracts APL acts as a specialist or general planner depending on the function.

� At the customer’s request APL can also act as a general contractor and/or is able to take over operational management after the completion of the building measures. For many years already APL has run several logistics centres of ANZAG.

� APL markets also the new cold tray of ANZAG for thermolabile products which has been used since May 2009 for supplies to pharmacies.

Subsidiary APL Logistik und Bauplanung GmbH


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� Shareholding: 49% (since 2005)� Market share in Croatia: 18.6%� Sales revenues calendar year 2010: EUR 180 million

� In 2005 ANZAG acquired a stake in Oktal Pharma d.o.o. The ANZAG management anticipates considerable future growth impulses from the minority shareholding in the third largest pharmaceutical wholesaler in Croatia with subsidiaries in BosniaHerzegovina, Slovenia and Serbia.

� The Croatian pharmaceutical market is considered as one of the most important future markets in the region, due to its significant growth rates.

Foreign investment Oktal Pharma d.o.o. – Zagreb/Croati a


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� Shareholding: 60% (since 2006)� Market share in Romania: 12.9%� Sales revenues calendar year 2010: EUR 344 million

� With the acquisition of the majority in Farmexpert DCI S.A. in June 2006 ANZAG stabilised its investments in Southeast Europe.

� The country’s third largest pharmaceutical wholesaler has been growing profitably for years and supplies pharmacies and hospitals in Romania through a total of six branch establishments and a consignment warehouse.

� ANZAG sees considerable growth potential on this market with its 22 million inhabitants since expenses for medicinal products are significantly lower on a per capita basis in Romania compared to the EU average.

Foreign investment Farmexpert DCI S.A. – Bucharest/Ro mania


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� Shareholding: 99% (since 2008)� Market share in Lithuania: 11.6%� Sales revenues calendar year 2010: EUR 60 million

� The strategy of prudent foreign expansion was continued by ANZAG in September 2008 with the acquisition of a majority shareholding in Armila UAB.

� The company is in Lithuania one of the most important pharmaceutical wholesalers and its last sales revenues reported were EUR 65 million. It currently has a headcount of 105 people to supply 1,500 customers in the Baltic States, including mainly pharmacies and hospitals.

� During the last years the Lithuanian market constantly recorded double-digit growth rates and is considered to be one of the most rapidly growing markets in Northeast Europe with a major impact on neighbouring countries.

Foreign investment Armila UAB – Vilnius/Lithuania


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Regulatory environment


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� 2004: GMG – Act for the modernisation of the statuto ry health insurance: Reduction of the wholesale margin by 50% for prescription medicines.

� 2006: AVWG – Act concerning the effectiveness of med icines supplies: Massive price reductions have further reduced earnings in wholesale trade – due to the coupling of the wholesale margin to the manufacturer selling price.

� 2007: GKV-WSG – Act to strengthen competition in the statutory health insurance: Increase of expenditure for wholesale trade due to rebate contracts.

� 2009: 15th Amendment to the AMG - Act to amend medicines legisl ation and other provisions: Wholesale trade receives a public supply contract and hence a legal claim to proper and ongoing supplies by the pharmaceutical industry.

Overview of new laws and their impact on the pharma ceutical wholesale trade (1)


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� 2011/2012: AMNOG – Act relating to the restructuring of the medicines market : Effective 1 January 2012 the Act on the reorganisation of the medicines market changes the wholesale remuneration in the statutory health insurance. The wholesale margin will then include a fixed mark-up of EUR 0.70 and a variable mark-up of 3.15% of the manufacturer selling price (APU) up to a maximum of EUR 37.80, eligible for rebates.

� In this way EUR 200 million are to be saved per year. With total earnings before taxes of all full-line wholesalers in Germany in the amount of EUR 172 million in 2009, these savings are higher than the total profit of the wholesale trade. Consequently, it is unavoidable that burdens have to be passed on to the pharmacy.

� Up to then, wholesalers are to pay in 2011 for prescription medicines a deduction of 0.85% based on the pharmaceutical manufacturer selling price (APU) without value added tax to the sickness funds. Based on this interim solution higher expenditure will be incurred by the wholesale trade because of the double switch of the distribution concept and the negotiations on terms and conditions with 21,500 pharmacies.

Overview of new laws and their impact on the pharma ceutical wholesale trade (2)


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ANZAG in numbers


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Sales revenues and net operating margin - Group

Net operating margin (in perent)(Basis: Net income for the year)

Sales revenues (in EUR bn)

Fiscal year from 1 September to 31 August /*Short reporting fiscal year 2011, 1 September 2010 to 31 March 2011

2,50

3,38 3,423,68

3,813,97

4,24

GJ 2005 GJ 2006 GJ 2007 GJ 2008 GJ 2009 GJ 2010 GJ 2011

0.64% 0.65%

1.08%

0.19%

0.35%

0.72%

0,13%

3.38 3.423.68

3.81 3.974.24

FY 2005 FY 2006 FY 2007 FY 2008 FY 2009 FY 2010

2.50

FY 2011*


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146,5

224,0213,7

221,3 227,1

253,6

274,0

GJ 2005 GJ 2006 GJ 2007 GJ 2008 GJ 2009 GJ 2010 GJ 2011

6.62%

6.25%

6.01% 5.96%

6.39%

6.46%

5,87%

Gross profit and gross profit margin - Group

Gross profit margin (in percent)Gross profit (in EUR m)

*Short reporting fiscal year 2011, 1 September 2010 to 31 March 2011

FY 2005 FY 2006 FY 2007 FY 2008 FY 2009 FY 2010

224.0213.7

221.3 227.1

253.6

274.0

146.5

FY 2011*


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53,9 54,356,7

38,9

52,4

65,5

34,4

GJ 2005 GJ 2006 GJ 2007 GJ 2008 GJ 2009 GJ 2010 GJ 2011

EBITDA and EBITDA margin - Group

EBITDA margin (in percent)

EBITDA (in EUR m)

1,59% 1,59%1,54%

1,02%

1,32%

1,54%

1,38%


53.9 54.3 56.7

38.9

56.6

75.95

FY 2005 FY 2006 FY 2007 FY 2008 FY 2009 FY 2010

34.4

FY 2011*


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43,7 44,045,6

28,1

35,0

54,4

20,4

GJ 2005 GJ 2006 GJ 2007 GJ 2008 GJ 2009 GJ 2010 GJ 2011

EBIT and EBIT margin - Group

EBIT margin (in percent)

EBIT (in EUR m)

1.29% 1.29%1.24%

0.74%0.88%

1.28%

0,82%


43.7 44.0 45.6

28.1

35.0

54.4

FY 2005 FY 2006 FY 2007 FY 2008 FY 2009 FY 2010

20.4

FY 2011*


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10,8

35,133,5

30,9

10,9

22,3

40,5

GJ 2005 GJ 2006 GJ 2007 GJ 2008 GJ 2009 GJ 2010 GJ 2011

EBT margin (in percent)

EBT (in EUR m)

EBT and EBT margin - Group

1,04% 0,98%

0,84%

0,29%

0,56%

0,95%

0,43%


35.133.5

30.9

10.9

22.3

40.5

FY 2005 FY 2006 FY 2007 FY 2008 FY 2009 FY 2010 FY 2011*


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Investments (in EUR m) - Group


9,7

29,5

42,9

9,3

17,1

28,2

12,5

GJ 2005 GJ 2006 GJ 2007 GJ 2008 GJ 2009 GJ 2010 GJ 2011FY 2005 FY 2006 FY 2007 FY 2008 FY 2009 FY 2010

29.5

42.9

9.3

17.1

28.2

12.5

FY 2011*

9.7


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Financing structure - Group

*Short reporting fiscal year 20111 September 2010 to 31 March 2011GJ 2007 GJ 2008 GJ 2009 GJ 2010 GJ 2011

Kurzfristige Finanzverbindlichkeiten

Langfristige Finanzverbindlichkeiten

Eigenkapital

37.1%

19.5%

43.2% 44.4%

20.5%

43.8%

23.0%

FY 2007 FY 2008 FY 2009 FY 2010

Current financial liabilities

Non-current financial liabilities

Equity

FY 2011*

42.6%

25.9%

47.1%

36.1% 35.6% 31.5% 29.9%


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ANZAG Share


10.00

20.00

30.00

40.00

50.00

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ANZAG share price in euro – Frankfurt Stock Exchange

10,00

20,00

30,00

40,00

50,00

01.09.2005 01.09.2006 01.09.2007 01.09.2008 01.09.2009Sept. 1st 2005 Sept. 1st 2006 Sept. 1st 2007 Sept. 1st 2008 Sept. 1st 2009 March 31st 2011


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Dividend (in euro)


0,00 0,00

1,45 1,45 1,45 1,45

1,10 1,10

2004 2005 2006 2007 2008 2009 2010 20112005 2006 2007 2008 2009 20102004

1.45 1.45 1.45 1.45

1.10 1.10

2011

0.00 0.00


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Earnings per share according to IFRS (in euros)


3,37

0,29

2,07

2,40

2,09

3,44

0,68

1,58

GJ 2004 GJ 2005 GJ 2006 GJ 2007 GJ 2008 GJ 2009 GJ 2010 GJ 2011

2.07

2.40

2.09

3.44

0.68

1.58

3.37

FY 2005 FY 2006 FY 2007 FY 2008 FY 2009 FY 2010FY 2004

0.29

FY 2011*


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Ratios relating to the ANZAG share

Fiscal year 20111 2010(changed)

2009(changed)

2008

Earnings per share according to IFRS EUR 0.29 3.37 1.58 0.68

Dividend per share EUR 0.00 0.00 1.10 1.10

Stock Exchange price on the balance sheet date

EUR 28.65 26.05 22.49 31.50

Dividend yield2 percent 0.00 0.00 4.89 3.49

Cash earnings according to DVFA/SG EUR 0.00 0.00 3.37 1.25

Return on equity percent 0.9 10.6 5.2 2.2

1Short reporting fiscal year 2011, 1 September 2010 to 31 March 20112 All profitability ratios refer to the balance sheet date


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� Since December 2010 ANZAG has been a company of the Alliance Boots Group. The British health group and pharmaceutical wholesaler currently holds 82% of the shares in ANZAG.“We consider the gain in know-how and the opportunities of international networking and co-operation as major benefits of this majority takeover,” declares Dr. Thomas Trümper, CEO of ANZAG. “Intense co-operation with owner-managed independent pharmacies continues to be the focus of our corporate policy”.

Majority takeover by the Alliance Boots Group


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The diagram reflects the shareholder structure but does not reflect the disclosure under the German Securities Trading Act. The latter is printed with its full wording in annual report 2011 in the Notes to the financial statements of the AG.

Shareholder structure of ANZAG

Free Float 18.12 %

Stefano Pessina / KKR 81.88 %

As of 31 March 2011


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� As a leading pharmaceutical wholesaler in Germany, ANZAG is with its logistics and other services the binding element between manufacturers and pharmacies and, therefore, an indispensable component of the distribution system for medicines in Germany.

� ANZAG has had profitable growth during the past years and has continuously expanded its business in a growth market with a stable market share. This was based, more particularly, on the clear positioning of ANZAG as a partner of the independent pharmacy.

� Since 2005 the company has successfully completed acquisitions to tap new markets . ANZAG will continue to closely watch the attractive pharmaceutical wholesale markets in Eastern Europe.

� The management of ANZAG has many years of experience an d a high industry competency with a proven successful management performance track record. The presidency of the German Pharmaceutical Wholesale Confederation (PHAGRO) by CEO Dr. Trümper of ANZAG offers, moreover, excellent contacts, possibilities to influence and reduces the industry risk of ANZAG through a timely response to changes.

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Conclusion


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Andreae-Noris Zahn AGSolmsstraße 2560486 Frankfurt am Main

Treasury / Investor Relations Markus Kurfürst Tel. +49 (0) 69 – 7 92 03 – 543Fax. +49 (0) 69 – 7 70 63 84 [email protected]

Corporate CommunicationsThomas GrafTel. +49 (0) 69 – 7 92 03 – 124Fax. +49 (0) 69 – 7 70 63 85 [email protected]

Niederlassung RostockContact data

Master share dataISIN: DE0005047005 WKN: 504700 Symbol: ANZNumber: 10.678.430Nominal value: EUR 3.0Type: No par value ordinary bearer sharesListing: Frankfurt Stock Exchange,

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