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48 Management%u2019s Discussion & Analysis Management%u2019sDiscussion & AnalysisSummaryBased on the resilience of our business model and our diligent strategy execution, DKSH reports good results for 2023 with all four Business Units reporting increased Core EBIT (at constant exchange rates, CER).Net sales reached CHF 11.1 billion (+5.3% at CER), Core EBIT grew to CHF 329.9 million (+12.6% at CER), and Free cash flow was CHF 282.3 million. The Core EBIT margin expanded by more than 15 basis points in a challenging market environment.Organic growth is a key growth driver for DKSH that it complements with M&A. In 2023, DKSH successfully closed three acquisitions.In Business Unit Consumer Goods, DKSH strengthened its Beauty Care business by acquiring CS&Co. Beauty Solutions, New Zealand%u2019s leading independent beauty product distributor.In Business Unit Healthcare, DKSH purchased Partizan Worldwide Pty Limited, a leading patient support healthcare solutions provider in Australia. With this acquisition, DKSH grows its patient services business in line with Business Unit Healthcare%u2019s strategy to expand its market position and drive into higher added value segments and services. In addition, DKSH announced in early 2024 that it had signed an agreement to acquire Medipharm Sdn Bhd, one of the leading pharmaceutical and medical devices distributors in Brunei. With this acquisition, DKSH Healthcare grows its business in line with the strategy to expand its footprint in the Asia Pacific region.In Business Unit Technology, DKSH strengthened its business with the acquisition of Bio-Strategy, the largest independent distributor of scientific instruments in Australia and New Zealand, thereby further consolidating the fragmented industry in Asia Pacific.The management review of the Group outlines anin-depth analysis of thefinancial year 2023 and provides an outlook for DKSH%u2019s future.