Skip to content

Orion Group Interim Report 1-9/2002

The net sales of the Orion Group in 1-9/2002 were EUR 1,032.1 million, up by 43.3 %  (EUR 720.0 million in 1-9/2001, up by 2.5%).  The strong growth was due to the consolidation of the Swedish pharmaceutical distributor, Kronans Droghandel, or KD, in the Group as of 1 July 2002.  Excluding KD, the net sales growth would have been 3.0%. Operating profit was EUR 78.8 million (EUR 100.3 million), down by 21.4% (+9.3%). Net sales of KD in 7-9/2002 came to EUR 290.5 million and operating profit to EUR 3.1 million. The Group operating profit decreased in consequence of the sharp increase in the investment in pharmaceutical R&D as well as considerably lower milestone payments than in the comparative period.  Group profit before extraordinary items and taxes came to EUR 81.0 million (EUR 105.9 million), change -23.5% (+5.3%). Earnings per share after taxes were EUR 0.78 (EUR 1.03) and shareholders equity per share was EUR 9.81 (EUR 9.81).
In this report, the percentages showing the changes on the comparative period have been calculated from more precise figures than the published ones. The figures in the parentheses refer to the comparable ones for 1-9/2001.
The Swedish pharmaceutical wholesaler Kronans Droghandel is included in the Group figures
as of 1 July 2002. Orion's ownership in KD is 69%.
The figures for 1-9/2002 have not been audited.
Group net sales and profit in 1-9/2002
The net sales of the Orion Group were EUR 1,032.1 million (EUR 720.0 million in 1-9/2001), up by 43.3% (+2.5%). Net sales of KD in 7-9/2002 came to EUR 290.5 million. Group net sales without KD would have been EUR 741.9 million, up by 3.0%. Oriola's net sales turned to rapid growth in the third quarter mainly due to the increased volume contributed by AstraZeneca. Net sales of Oriola for 1-9/2002 grew by 14.0%. Noiro and Orion Diagnostica continued to grow at approximately the same pace as in the first half of the year. Orion Pharma's net sales came to the same level as in the comparative period.
International operations of the Orion Group came to EUR 524.2 million (EUR 320.1 million), up by 63.8% (+12.4%). Excluding KD, international operations were EUR 315.5 million, down by 1.4%.  The impact of foreign currencies was insignificant. The growth of net sales in Finland by 27.0% (-4.2%) was due to the impact of KD's operations in Finland.
Group operating profit for the review period declined by 21.4% to EUR 78.8 million (EUR 100.3 million, +9.3%). The weakened result was mainly consequence of the declined earnings of Orion Pharma. Milestone payments from marketing partners now contributed only EUR 13.3 million, while in the corresponding period of the previous year they were as high as EUR 49.0 million. Costs were burdened by considerably high investment in pharmaceutical research and development, amounting to EUR 76.0 million (EUR 51.5 million), which was almost 50% more than in the corresponding period of the previous year. Oriola's operating profit declined by 6.3% due to non-recurring income received in the comparative period.  Operating profit of KD in 7-9/2002 came to EUR 3.1 million and it improved notably. Noiro's operating profit came down by almost 18%, mainly in consequence of start-up costs of the new cosmetics plant. Orion Diagnostica's operating profit improved slightly.
Other operating income includes EUR 4.0 million in net earnings from the sale of shares in Tamro Corporation and EUR 8 million received from Novartis in the second quarter on the basis of the marketing agreement concerning Comtan.
Group profit before extraordinary items and taxes came to EUR 81.0 million (EUR 105.9 million), down by 23.5% (+5.3%). Extraordinary income includes earnings from the divestment of the subsidiary Hiven Oy in January, as well as EUR 4.0 million negative goodwill arising from the 10.6 per cent stake in KD acquired already in 1970's, fully recorded as income. Extraordinary expenses show the net loss of the sale of the real estate in Kemijärvi.
Group net income from financial operations was EUR 2.2 million (EUR 5.6 million). Net interest earnings were EUR 2.5 million (EUR 4.5 million). Exchange rates caused a net loss of EUR 0.5 million (EUR -0.7 million). Net income from securities, including received dividends, were EUR 0.2 million (EUR 1.8 million).
Group Balance Sheet
The Balance Sheet total increased significantly in consequence of the KD acquisition and the consolidation of its Balance Sheet items in the Group figures for the first time. Upon consolidation, the Equity Ratio of the Orion Group decreased to 51.1% (74.6%).  When considering the change it should be noted that the increase in the Group's current liabilities is mainly related to the trade payables of KD and that they are counter-balanced by high inventories and trade receivables, mainly from the Swedish Apoteket AB, a state monopoly. Orion has taken a loan of SEK 276.2 million, the counter value of which is EUR 30.2 million, for hedging its proportion of the shareholders' equity of KD in SEK.
Other notable items with impact on the Balance Sheet are the investments in the expanded R&D facilities of Orion Pharma, the plant investments of Noiro, the reacquisition of the marketing rights for HRT products in France as well as the considerable increase in the operational volume of Oriola.
Events in July - September and after
KD consolidated in the Group as of 1 July 2002
The Swedish pharmaceutical distributor, Kronans Droghandel, or KD, became part of the Orion Group on 1 July 2002 in result of a share acquisition, whereby Orion's ownership rose to about 69%. The goodwill arising on the acquisition came to EUR 37.0 million, to be depreciated in 15 years. A depreciation of EUR 0.6 million for the review period is included in the operating profit of the Wholesale and Distribution division of the Orion Group (table Operating Profit by Business Division).
After the transaction, several development projects in the Wholesale and Distribution Division were initiated between Oriola and KD in order to make the best use of their synergies and strengths. The strategies of the companies have also been revisited. KD and Oriola will continue their operations on the markets as independent units, each supported by their own strong identities.
New Drug Applications for Triple Combination Tablet for Parkinson's
under review in the US and the EU
Marketing authorisation applications for the triple tablet combining entacapone with levodopa and carbidopa were filed by Orion Pharma with the US regulatory authority FDA in late August and with the EMEA, the corresponding EU authority, in late September. Marketing authorisations are anticipated in the latter half of 2003. Altogether EUR 13.3 million were received by Orion Pharma in milestone payments from Novartis, associated with the submissions of the new drug applications. 
Results of European studies in deramciclane have been evaluated
The results from the European arm of the Phase 3 clinical studies with deramciclane in generalised anxiety disorders have been evaluated by Orion Pharma and reported to Pharmacia, the collaboration partner.  In the last quarter of the current year, Orion Pharma will receive a milestone payment of USD 5 million related to the collaboration agreement. The next stage for evaluating clinical results will be in the spring of 2003 upon the completion of the first Phase 3 studies currently ongoing in the US. 
Orion to continue preparations
for establishing a pharmaceutical research venture
Tthe letter of intent signed with Quintiles Transnational in April expired in September whereby Orion decided to continue with the preparations to establish a new venture for pharmaceutical R&D. Orion's intention is to establish an independent company whose initial research portfolio would consist of some investigational drugs of Orion Pharma. Capital and investors are being sought for financing the operations and taking majority ownership in the new company.
Decision to buy back own shares           
In October, the Board of Directors of Orion Corporation started actions concerning the reacquisition of the company's own shares. In accordance with the authorisation by the Annual General Meeting, up to 1,663,798 A-shares and up to 1,712,122 B-shares can be reacquired.
Development by Business Division in 1-9/2002
The core target in Orion Pharma's strategy is to generate growth in international markets based on proprietary products and own innovations. In the implementation of this strategy, all areas of the business are taken into account in such a way that profitability is not compromised.  The strategy communicates an even more enhanced focus. The research and development resources will be allocated to three core therapy areas instead of four, as previously:
-        central nervous system disorders
-        cardiology and critical care
-        hormone therapies and urology
Sales of respiratory products will be based on a product selection comprising the already existing products and those awaiting marketing approval. 
A proposal (165/2002) concerning changes in the Medicines Act and the Sickness Insurance Act is being handled by the Finnish Parliament with an aim to introduce generic substitution in Finland. If the new laws are approved, the market conditions of Orion Pharma in Finland will change considerably, calling for measures to adapt operations to the new situation. In that case, Orion will prioritise its strategic starting point, which is to safeguard profitable operations. 
The recently published results from studies with certain hormone replacement therapies in the prevention of cardiac diseases, a.o., are under review by authorities in several countries.
Net sales and profit
Net sales from Orion Pharma's continuing operations came to EUR 361.2 million, the same level as in the corresponding period of the previous year (EUR 362.5 million, +8.9%). Altogether EUR 13.3 million were received in milestone payments from Novartis, triggered by the new drug applications for the Triple Combination Tablet for Parkinson's disease, filed in the US and the EU (milestone payments in 1-9/2001 were EUR 49 million). Sales of products based on own research grew by 25.3% (+5.0%).  Orion Pharma's market leadership in Finland continued, the market share for the review period being 11%.
International operations, milestone payments included, came to EUR 220.8 million (EUR 224.2 million), slightly lower than those in 1-9/2001, and they contributed 61% (62%) to Orion Pharma's total net sales. Product sales, however, grew by 11%. The own marketing network generated EUR 89.0 million (EUR 80.0 million) or about 40% (36%) of the international operations. Net sales by the Orion Pharma marketing subsidiaries as well as the net sales contribution by marketing partners grew for the review period, but in accordance with anticipations, they flattened during the third quarter.  Fermion and Animal Health progressed favourably.
The market for pharmaceuticals in Finland grew by 11.3% in January - September. Orion Pharma's net sales of human pharmaceuticals in Finland were EUR 130.4 million (EUR 128.9 million). Net sales from prescription products were EUR 87.6 million (EUR 85.5 million) and from over-the-counter medicines EUR 42.8 million (EUR 43.4 million).
Operating profit went down by 26.6% to EUR 56.0 million (EUR 76.3 million, +9.7%). The less favourable development was particularly consequence of increased R&D investment and lower milestone payments received than those in the comparative period.
Proprietary products contributed 33% to Orion Pharma net sales
Products originating from Orion's own research pipeline contributed EUR 121.6 million or 33% (EUR 97.1 million, 26%) of Orion Pharma's net sales. The significance of these products is accentuated in the international operations of which they now accounted for 51% (40%). Comtess/Comtan (entacapone) for Parkinson's disease continued to be the largest product by sales, the combined sales revenues from it being EUR 57.9 million (EUR 41.0 million), up by 41%. Supply of Comtan to Novartis continued to show strong growth from the corresponding period of last year, but the purchases by Novartis are now clearly lower than in the first half of the current year. The sales revenues from proprietary products are presented in the Tables section of this report.
Sales revenues from Comtan for the marketing partner Novartis came to CHF 91.2 million, or EUR 62.2 million.  Sales of Comtan to patients grew by 31.7% in the US and 27.2% overall in the territory of Novartis. The US market share of Comtan of all Parkinson's disease medications in January - August 2002 came to 9.2%. The sales of Comtess to patients within Orion Pharma's own marketing territory in January - August increased by 24.1% compared to the corresponding period of last year.
Sales revenues from the heart failure drug Simdax came to EUR 3.7 million (EUR 2.2 million) and they consisted of the sales within Orion's own territory and supply to Abbott Laboratories, the marketing partner. The product is available in Finland, Sweden and Norway through Orion's own marketing organisation, and through Abbott in eleven countries including Spain, Austria, Greece, Portugal, Brazil and Argentina.
Sales of hormone replacement products increased somewhat as a whole. The sales of Indivina, a novel product in this family, more than doubled from the comparative period, and the product already accounted for about one-fourth of the total HRT sales.  Sales of the breast cancer drug Fareston (toremifene) were approximately at the same level as in the previous year.  The sales of the Easyhaler products contained initial purchases by Hexal AG, the new marketing partner in Germany.
Pharmaceutical research and development
Expenditure on pharmaceutical research and development in January - September grew by 48% from the corresponding period of last year to EUR 76.0 million (EUR 51.5 million), representing 21% of Orion Pharma's net sales.
The additional Phase 3 clinical trials with Simdax (levosimendan) that started in December 2001 are under way in the US. The trial programme is estimated to be completed in mid 2004. The results of the studies will also be utilised for the new drug applications in France, Germany and Great Britain. The trials programme is being extended to Europe.
The European arm of the clinical Phase 3 research programme with deramciclane, a drug candidate for generalised anxiety disorders, has been completed and the results have been reported to Pharmacia, the collaboration partner. The first study of the US arm of the programme, which started in the spring of 2002, is progressing to plan and will be completed during the first half of 2003. An interim analysis of the results obtained from the study will be made in due course.
The marketing authorisation applications for the entacapone triple combination tablet were submitted to the US FDA in August, and to the EMEA of the EU in September. Marketing authorisations are anticipated in the latter half of 2003.  Accordingly, the new treatment option could become available in the US in late 2003 and in the EU in early 2004.
Giona Easyhaler containing budesonide continues to remain in the notably long-lasting review process of the German regulatory drug authority.
A decision has been made to stop investing in the Phase 3 clinical trials with Easyhaler containing formoterol. Also, Orion has decided not to continue research with Fareston (toremifene) in the treatment of earlier stages of breast cancer.
Plans for R&D Venture continuing on a new basis
The letter of intent signed with Quintiles Transnational in April concerning the establishment of a joint venture for pharmaceutical development expired at the end of September.  Orion is now continuing preparations on a slightly changed basis. Drug candidates to be licensed to the new venture include MPV-2426 (fadolmidine) for spinal analgesia; orazipone for asthma, chronic obstructive pulmonary disease and inflammatory bowel disease; dexmedetomidine for sedation in intensive care, and atipamezole the potential of which is being studied for female sexual dysfunction, FSD.  Orion has decided to keep the oral formulation of levosimendan for chronic heart failure in its own research portfolio as a compound belonging to the strategic core therapy areas. 
Following the KD share acquisition, Oriola and KD were grouped under a new business division, Wholesale and Distribution, and actions were started to identify the best practises in their operations and to realise their mutual synergy benefits.
Invoicing of Oriola's continuing operations rose by 13.7% to EUR 510.2 million (EUR 448.9 million, +6.5%). Net sales grew by 14.0% to EUR 267.4 million (EUR 234.6 million, -7.3%). The volume increased considerably in the third quarter following the shift by AstraZeneca of its products for distribution by Oriola in Finland in June. Operating profit EUR 14.1 million (EUR 15.1 million) declined from the previous year due to investments in operational resources and information systems as well as the impact of non-recurring income on the preceding year. International operations grew by 25.6% to EUR 39.5 million (EUR 31.5 million, +13.4%), thanks to positive development in the Baltic countries and Denmark.
The growth of the invoicing of the Wholesale and Distribution Sector of Oriola accelerated to 15.4% (+4.7%). Oriola's market share of pharmaceutical distribution in Finland rose to 37% towards the end of the review period. Operating profit improved slightly from the previous year. 95% of the invoicing came from operations in Finland. Volumes in Latvia and Lithuania are growing steadily but competition is keen. Net sales in Estonia were at the previous year's level. The spacious Kehä-Koskelo premises hired for Oriola in Espoo provide improved manageability of operations in Finland.  Investments are currently being made to increase the degree of automation in all warehouses.
Net sales of Reformi-Keskus, which specialises in functional foods, remained at the previous year's level. Development was positive in the Baltic countries. 
Net sales of the Medical and Technical Sector grew by 4.1%. International operations increased by 24% (18%), whereas operating profit declined slightly. Rapid growth was shown by Oriola Dental, which grew in Finland, Sweden and the Baltic countries, and by Oriola Medical particularly in Finland but also in Estonia and Latvia. Net sales of Medion, which markets medical imaging and radio therapy products, declined slightly from last year. Prolab's net sales in Finland also decreased slightly, due to terminated product representations in the end of last year. Sales in the Baltic countries developed favourably.
Invoicing of KD for the period of 7-9/2002 grew by 21.8% to EUR 425.8 million (EUR 349.6 million). The continuing operations have been showing a good growth rate during the past months. Invoicing for the first nine months of the year was EUR 1,279.8 million (EUR 1,090.5 million), up by 17.4%. Net sales for 7-9/2002 were EUR 290.5 million (EUR 235.3 million) and they grew by 23.5%. Operating profit for
7-9/2002 improved significantly from the first half of the year as well as from the corresponding period of last year. The positive performance was mainly due to increased volumes, successful cost management and the favourable development of the Finnish subsidiary KD Tukku. 
Invoicing of pharmaceutical distribution for the period of 7-9/2002 rose by 20.8% to EUR 395.8 million (EUR 327.7 million). Operations in Sweden grew by 18% and the market share grew to 49% (45%).  Invoicing of KD Tukku, Finland, grew by 33% to EUR 80.9 million (EUR 60.9 million), and the market share was 23%. 
Invoicing of the units specialising in the sales of logistic services for the healthcare products sector came to EUR 29.7 million (EUR 21.6 million), up by 37.5%. Investments in these new business areas were lower than previously as a whole.
Orion Diagnostica's net sales were EUR 26.2 million (EUR 24.8 million), up by 5.8% (+ 5.0%). Operating profit improved slightly to EUR 3.6 million (EUR 3.5 million). QuikRead CRP, a test using a blood sample for the detection of infections, continued to show strong sales growth. Towards the end of the review period, a new QuikRead instrument was launched, as well as the QuikRead FOC test for measuring fecal occult blood. Sales in the USA of the Uricult test for diagnosing urinary tract infections progressed at a slower pace than anticipated. Deliveries of hormone markers to Iran decreased. Sales of QuikRead CRP as well as the Turbox analyser for protein measurements continued to show strong growth in China. Sales of hygiene tests are increasing.
The long and strong growth shown by Noiro is levelling off. Net sales came to EUR 98.8 million (EUR 93.7 million), and they grew by 5.4% (+10.8%). International operations came to EUR 34.3 million (EUR 32.1 million), up by 6.8% (+23.1%), and they mainly consisted of the exports of Lumene cosmetics and Herbina products for personal care. Exports to Russia now showed clearly lower growth than last year. Operating profit declined by 17.9% to EUR 7.0 million (EUR 8.5 million), due to the lower growth of exports and the impact of the costs of starting up operations in the new cosmetics plant.  
On the Finnish market, Noiro showed more rapid growth than the market in its sector on average. Noiro also kept a firm hold of its leading position in cosmetics and hairdressing products in Finland, the best selling brands being Lumene and the Wella hair dressing products. Farmos continued showing slightly positive performance on the domestic market for industrial and institutional cleaning and hygiene products.
Gross investments of the continuing operations for the period were EUR 138.2 million (EUR 52.0 million). Buildings accounted for EUR 18.4 million, machinery and equipment for EUR 30.2 million, the KD acquisition for EUR 60.4 million. Investment in other fixed assets was EUR 29.1 million, of which the reacquisition of the marketing rights for the HRT products for France accounted for EUR 16.5 million. Another considerable part consisted of the new business information system that was taken into use in Orion Pharma.
In September, three new plant investments were inaugurated: the extended R&D facilities of Orion Pharma in Turku, the cosmetics plant of Noiro in Espoo and the Farmos plant for institutional hygiene products in Turku.
The most important ongoing development projects in Oriola include the renewal of the logistics and financial control systems as well as the establishment of a customer relationship management system.
Changes in the Group structure
By a share transaction effective as of 1 July 2002, Orion acquired the majority ownership in the Swedish pharmaceutical distributor, Kronans Droghandel. Orion's ownership in KD rose from 10.6% to 69%.
A new subsidiary, OÜ Orion Pharma Eesti, was established in Estonia in June. Hiven Oy, which was part of Orion Pharma, was divested in January.
Research and product development
Group expenditure on research and development, excluding external financial contributions received, came to EUR 79.6 million (EUR 56.0 million) and it increased by as much as 42.2% from the corresponding period of the previous year. Orion Pharma accounted for EUR 76.0 million, or over 95% of the total. Pharmaceutical research projects have been reported above in the chapter dealing with Orion Pharma. 
The average number of personnel in the Group during the review period was 5,553 (5,507).  KD contributed to the increased total average by 174, for the period of 7-9/2002, and Oriola by 33 and Noiro by 38 persons for 1-9/2001. The average number of employees in Orion Pharma declined by 60, mainly in consequence of the adjustment of personnel a year ago in the organisation of international marketing and sales as well as the shutting down of three minor plants last year. The average number of employees in KD in 7-9/2002 was around 500.  
Outlook for the full year 2002
Orion Pharma
Net sales of Orion Pharma will be at the level of last year. The notably lower level of milestone payments is supposed to be compensated by increasing products sales. Operating profit will remain clearly below the level of 2001, due to lower milestone payments and the sharply increased investment in pharmaceutical R&D and the ongoing large Phase 3 clinical trials with deramciclane and Simdax, in particular. During the last quarter of the year, USD 5 million will be received from Pharmacia based on the collaboration project concerning deramciclane, and another payment of USD 8 million from Novartis based on the Comtan marketing agreement.
Oriola's invoicing and net sales will grow rapidly in the latter half of the year, thanks to the shift by AstraZeneca of its products to Oriola's distribution in June. Operating profit for the full year is estimated to increase slightly from last year, and the operational situation is seen positive.
KD is estimated to continue showing more positive development than in the previous year. Comparable net sales will grow almost 15% and operating profit will improve significantly.
Orion Diagnostica
Orion Diagnostica's net sales will continue to grow at the rate of the first half of the year. Increasing product development expenditure and the IT system project underway are adding costs. Hence, operating profit is estimated to be at last year's level.
Noiro's net sales growth for the full year is anticipated to slow down and operating profit is estimated to be at last year's level. Novel products will accelerate sales towards the end of the year.
Group total
The net sales for the Orion Group are estimated to grow from last year. This is mainly due to the impact of Kronans Droghandel the favourable development of Oriola's net sales. Operating profit is anticipated to be clearly lower than last year, due to the impact of Orion Pharma's decreased profits. Net financial income will also decline.
Group investment in research and development is estimated to reach a level of about EUR 115 million.
Share capital and shares of Orion Corporation
The share capital of Orion Corporation is EUR 114.8 million, and the nominal value of each share is 1.70 euros. The minimum share capital is EUR 85.0 million and the maximum is EUR 340.0 million, and it can be increased or decreased within these limits without amending the Bylaws. The total number of Orion Corporation shares is about 67.5 million and they divide among the series A and B. Both shares are quoted on the Helsinki Exchanges. At shareholders' meetings, each A-share provides 20 (twenty) votes and each B-share one (1) vote. Both series provide equal rights to company assets and dividends.
A shareholder can require the conversion of his A-shares into B-shares. In 1-9/2002, altogether 2,494,134 A-shares were converted to B-shares. A-shares currently account for 30,880,029 and
B-shares for 36,638,392 of the total number of shares.
The Board of Directors of Orion Corporation has an authorisation by the Shareholders' Meeting to acquire and convey the company's own shares until 15 April 2003.  A decision was made by the Board in October to acquire own shares.  Up to 1,663,798 A-shares and up to 1,712,122 B-shares can be acquired, and they can be used for developing the capital structure of the company, for financing corporate acquisitions or other arrangements or for otherwise conveying or invalidating them. No shares have been re-purchased yet. The terms of the authorisation have been provided in a stock exchange release on 15 April 2002.
The Board of Directors has no existing authorisation by the Shareholders' Meeting to raise the share capital or to issue a bond loan, convertible loan or stock options.
Orion Stock Option Plan 1998
The first half, the stock options "A", of the option rights attached to the Orion Stock Option Plan 1998 for the entire personnel of the Orion Group were released for trading on 2 May 2001. The options "A" are quoted on the Helsinki Exchanges. On the basis of the options "A", altogether 1,581,600 new Orion B-shares can be subscribed for during 2 May 2001 - 30 April 2005 representing 2.3% of the total Orion shares and 0.2% of the total votes. The nominal value of each is 1.70 euros and the share subscription price after the latest dividend payment is 27.81 euros. The options "B" of this option plan will be released on 2 May 2003 and their subscription period will also end on 30 April 2005. The share capital can increase by up to EUR 5,377,440 in result of the subscriptions.
Orion Stock Option Plan 2001
The Orion Stock Option Plan 2001, issued to the key persons of Orion Corporation and its wholly-owned subsidiaries, contains altogether 1,800,000 stock options, each entitling to subscribe for one Orion B-share. These options have been allocated to 120 key persons of the Group.  The subscription period for stock options "2001A" will begin on 1 October 2003, for options "2001B" on 1 October 2004, for options "2001C" on 1 October 2005 and for options "2001D" on 1 October 2006. The share subscription period will end on 31 October 2007 for all the options.
The share subscription price before the next dividend payment is EUR 27.81 for the options "2001A" and "2001B" and it will decline by each future dividend paid per share before the record date for dividend payment until shares are subscribed for. The share subscription price for options "2001C" is EUR 21.91.  For options "2001D" the price is EUR 21.96, which was the trade-volume-weighted average quotation of the B-share on the Helsinki Exchanges between 1-30 September 2002. The share subscription price of options "2001C" and "2001D" can only be reduced by possible special dividends per share that differ from the company's normal dividend distribution policy. The share capital can increase by up to EUR 3,060,000 and the number of shares by up to 1,800,000 B-shares. The shares subscribable on the basis of the options of the Stock Option Plan 2001 represent 2.7% of the total number of Orion shares and 0.3% of the total number of votes.
Espoo,  5 November 2002
Orion Corporation
Jukka Viinanen                        Jari Karlson
President and CEO                        Chief Financial Officer
The full report including tables can be downloaded from the following link.