Roche Holding AG reported group earnings results for the year 2012. The company saw in 2011, that it has been at CHF 15.6 billion net debt and the company went down to CHF 10.6 billion at the end of the year 2012 due to the good cash generation that it has had. The company grew its operating free cash flow 43% in 2012, so a strong cash flow generation from the division. Core operating profit up by 11%, in Swiss francs, even up by 13%, so really quite some leverage which came in. Core net income was really in line with that, the growth rate. Core EPS was in line with that growth. Free cash flow and operating free cash flow was up 10% in constant rates. Free cash flow was up by 15%, in Swiss francs, even by 19%. On the base of the strong sales, the company could increase operating profit by 11%, and that resided in an increase of its operating margin by 2% points.

The company expects to grow sales in the current year in line with 2012. The company expects, again, to increase profitability and to grow earnings faster than sales.