· Record first-quarter revenues of NOK 96.2 million, an increase of 10% y-o-y
· Adjusted EBITDA margin of 22.8%
· Asan portfolio the key driver for revenue growth
· The board of directors proposes a dividend of NOK 0.05 per share
· Strong brands secured high market share in all categories and segments of both channels
· Easter holiday had, as expected, a negative impact on demand
· Debt refinancing reduces interest costs while increasing financial and strategic flexibility
Weifa ASA (OSE: WEIFA) had record first-quarter revenues in 2016 as the inclusion of the Asan portfolio more than offset the expected negative effect of a full Easter Holiday during the period. Total revenues for the quarter was NOK 96.2 million, representing an increase of 10 percent compared with the year earlier period.
Weifa maintained high market share in all key segments during the quarter, and delivered continued good operations.
EBITDA was NOK 21.9 million (18.9 million in first quarter 2015) before realisation of additional value in inventory recognised as part of the purchase price allocation on the acquisition of Cederroth AS (Asan) of NOK 0.8 million, cost of employee options NOK 1.6 million (1.4 million) and costs in conjunction with the acquisition of Cederroth AS of NOK 3.1 million. This corresponded to an adjusted EBITDA margin of 22.8% (21.6%).
"We delivered both growth and improved margins in the first quarter. Taking over the Asan portfolio has provided an attractive new revenue stream, which more than offset the expected impact from a full Easter Holiday in the quarter. We maintain our ambition of delivering both organic growth and improved EBITDA margin in 2016", says CEO Kathrine Gamborg Andreassen.
In line with Weifa's dividend policy of returning excess cash to shareholders, the board of directors proposes a dividend of NOK 0.05 per share to be paid in second quarter 2016. This will be the second dividend paid by Weifa as a listed company following NOK 0.09 per share paid in October 2015 (before the 2:1 reverse share split).
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 fourth 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