Kiwi-eier Norgesgruppen tjente 2,1 milliarder før skatt i første halvår

Norgesgruppen, a Norwegian conglomerate that owns businesses like Kiwi, Meny, Spar and Joker, reported a profit of 2.1 billion kroner before taxes in the first half of the year. This represents a nearly 15 percent increase from the same period last year. However, the profit after taxes decreased slightly from 2.2 to 2.1 billion kroner.

The company attributes this change to one-time effects related to the acquisition of Norsk Medisinaldepot (NMD), the former owner of Vitusapotek. NMD joined Norgesgruppen at the end of January, marking the conglomerate's entry into a new market. Runar Hollevik, the company's chief executive, noted that NMD has performed better than expected in ordinary operations in a press release.

The company's financial statements also reveal that NMD's subsidiaries, net of debt, were valued at over two billion kroner at the time of the acquisition. Goodwill was accounted for at 5.87 billion kroner. The majority of this is seen as the value of NMD's market position, expected future earnings, and expertise. This suggests that the acquisition, which consisted solely of cash, valued NMD at around eight billion kroner, close to what McKesson, the selling company, reported in its annual report.

McKesson's sales revenue was reported at 821 million dollars. Norgesgruppen has not previously disclosed the purchase price of the transaction, but has been clear that this is its largest single investment ever.