Oslo, 25 August 2016
· Record second-quarter revenues of NOK 95.3 million, a total increase of 35% - organic growth of 17% (excl. Asan)
· Adjusted EBITDA of NOK 18.6 million (12.7) - margin of 19.5% (18.0%)
· Asan portfolio and organic growth driving revenue
· Improved terms in new debt structure with increased financial and strategic flexibility. One-time financial cost effect of MNOK 17.5 related to the buy-back of the bond loan
· Strong brands secured high market share in all categories and segments of both channels
· Pursuing Nordic growth strategy with distribution agreement for pain products in Finland
· Entering new growth category with launch of Zonat, a RX product for occasional insomnia
Weifa ASA (OSE: WEIFA) had record second-quarter revenues in 2016 on higher sales of pain relief and cough & cold products, and the inclusion of the Asan portfolio. Total revenues for the quarter was NOK 95.3 million, representing an increase of 35% compared with the same period a year earlier. Organic growth was 17%, when adjusting for Asan.
Weifa delivered continued good operations and maintained a high market share in all key segments during the quarter.
EBITDA was NOK 18.6 million (NOK 12.7 million in second quarter 2015) before realisation of cost of employee options NOK 1.4 million (NOK 1.7 million). This corresponded to an adjusted EBITDA margin of 19.5% (18.0%).
"Weifa delivered growth and margin improvements in the second quarter backed by Asan and strong demand for our pain and cough & cold products. The distribution agreement for pain brands in Finland and the recently announced launch of Zonat represent key initiatives in our strategy to strengthen the presence in our home market and the Nordic region. These initiatives add new growth potential to our already long-term established brand portfolio", says CEO Kathrine Gamborg Andreassen.
In line with Weifa's dividend policy of returning excess cash to shareholders, the company paid a dividend of NOK 0.05 per share during the second quarter. Weifa on 13 July effectuated a 25:1 reverse split. Adjusted to the new share count, Weifa as a listed company has paid the equivalent of NOK 5.75 per share in dividends since October 2015.
Weifa will give a presentation today at 08:30 CET at Felix Konferansesenter, Bryggetorget 3, Oslo, Norway. CEO Kathrine Gamborg Andreassen and CFO Simen Nyberg-Hansen will represent the company. The presentation will also be webcast live and can be accessed directly from:
Questions may be submitted live during the presentation.
Please find the report and presentation for the second quarter enclosed. The report and presentation will also be made available on www.weifa.no .
For further information, please contact:
Kathrine Gamborg Andreassen
+47 95 17 86 80
+47 98 20 63 55
Weifa is Norway's leading consumer health company. We supply real value through medicines, lifestyle products and solutions that address the essential needs of consumers, customers and professional partners. Weifa was founded in 1940 and now employs about 30 highly qualified people at our headquarters in Oslo. The company has a strong position in Norway and is the market leader in pain relief, with well-established brands such as Paracet and Ibux. We are also present in other key areas such as dietary supplements and treatment for colds and respiratory problems. Weifa is listed on the Oslo Børs (ticker WEIFA). For further information, please visit: www.weifa.no
Last updated on: 26/08/2016
PharmiWeb.com is Europe's leading industry-sponsored portal for the Pharmaceutical sector, providing the latest jobs, news, features and events listings.
The information provided on PharmiWeb.com is designed to support, not replace, the relationship that exists between a patient/site visitor and his/her physician.