This is a correction of the announcement from 07:30 16.02.2017 CET. Reason for the correction:
- Oslo, 16 February 2017
- Record quarterly revenues of NOK 114.5 million, up 17%
- Driven by Asan and organic growth
- Fourth quarter adjusted EBITDA of NOK 28.8 million (margin 25.2%)
- Full-year revenues NOK 400 million and adjusted EBITDA of NOK 89.3 million (margin 22.3%)
- Signed new Nordic licensing and distribution agreements supporting long-term growth strategy
- Proposed dividend of NOK 1.50 per share
Weifa ASA (OSE: WEIFA) had record fourth quarter and full-year revenues in 2016 on higher sales of the main categories: pain relief, cough & cold products and nutraceuticals, as well as the addition of the Asan portfolio. Total revenues for the quarter was NOK 114.5 million, representing an increase of 17 percent compared with the same period a year earlier. Organic growth was 5.4%, after adjusting for Asan.
"Our quarterly revenues exceeded NOK 100 million for the first time in the fourth quarter, even before including Asan. We experienced growing demand for our main product categories and positive impact from the innovative new products we have recently launched," says CEO Kathrine Gamborg Andreassen.
EBITDA was NOK 27.7 million (NOK 22.1 million) for the fourth quarter after NOK 1.1 million (NOK 2.4 million) in cost of employee options and other costs. The EBITDA margin adjusted for these costs was 25.2% (25.1%). Weifa's portfolio of long-established brands maintained a high market share in all key segments during the quarter.
Revenues for the full year 2016 was NOK 399.7 million (NOK 332.5 million), an increase of 20% from 2015. EBITDA was NOK 80.4 million (NOK 65.6 million) for the fourth quarter after NOK 8.9 million (NOK 7.3 million) in cost of employee options and other costs. The EBITDA margin adjusted for these costs was 22.3% (21.9%).
Weifa expects to launch Asan in Finland in 2017 after signing a distribution agreement with Midsona Finland Oy in the fourth quarter. A further strengthening of Nordic position is planned in 2017 after securing the rights to commercialise a new and unique product line based on a patented fixed-combination pain management solution containing ibuprofen and paracetamol.
"We remain focused on our growth strategy. The new distribution and licensing agreements we have signed in recent weeks will drive Weifa's expansion in the Nordic region. At the same we time remain committed to strengthening the established brands and developing new innovative products", says Gamborg Andreassen.
In line with Weifa's dividend policy of returning excess cash to shareholders, the board of directors proposes a dividend of NOK 1.50 per share to be paid in June 2017.
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: http://webtv.hegnar.no/presentation.php?webcastId=44472366 http://www.weifa.no/webcast/ . 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 CEO +47 95 17 86 80 kathrine.gamborg.andreassen@weifa.no
Simen Nyberg-Hansen CFO +47 98 20 63 55 Simen.nyberg-hansen@weifa.no
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
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