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Interim report 2 nd quarter & 1H 2010. Content. Highlights Second quarter 2010 and 1H 2010 K ey Figures Segment Vitaflo Segment New Business Financials Summary and outlook. Highlights. - PowerPoint PPT Presentation
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Interim report 2nd quarter & 1H 2010
Content
Highlights
Second quarter 2010 and 1H 2010 Key Figures
Segment Vitaflo
Segment New Business
Financials
Summary and outlook
23-04-20 2
Highlights
Improved profitability in Vitaflo, following improved Gross Margin, positive EBITDA in 1H 2010 and reduced operating costs
Registration of the Aspen portfolio progressing according to plan. Product launches expected from 2H 2011
Extended cooperation with ASPEN – Navamedic to distribute 8 GlaxoSmithKline products recently purchased from GSK by ASPEN. Revenues expected from Q3 2010.
New CFO hired as of September 1, 2010
23-04-20 3
New CFO
Bjørn Lindholt (55) employed as new CFO from September 1
Extensive experience from managing financial departments in an international environment
10 years experience as CFO in Profdoc ASA
Master of Business and Marketing from Oslo School of Management
23-04-20 4
Content
Highlights
Second quarter 2010 and 1H 2010 Key Figures
Segment Vitaflo
Segment New Business
Financials
Summary and outlook
23-04-20 5
Key figures Q2 2010 vs Q2 2009
Navamedic Group Navamedic Group Aspen Vitaflo
Figures in TNOK Q2 10 Q2 09 Q2 10 Q2 09 Q2 10 Q2 09
Operating revenues 12 669 12 734 - - 12 669 12 734
Gross profit 5 681 4 738 - - 5 681 4 738
Gross margin 45% 37% n/m n/m 45% 37%
EBITDA - 1 523 - 2 846 - 1 911 - 388 -2 846
EBIT - 3 191 - 4 974 - 1 911 - - 1 281 - 4 999
23-04-20 6
Key figures 1H 2010 vs 1H 2009
Navamedic Group Navamedic Group Aspen Vitaflo
Figures in TNOK 1H 10 1H 09 1H 10 1H 09 1H 10 1H 09
Operating revenues 25 723 24 905 - - 25 756 24 905
Gross profit 10 717 10 005 - - 10 717 10 005
Gross margin 42% 40% n/m n/m 42% 40%
EBITDA - 2 767 - 2 640 - 3 665 - 898 -2 640
EBIT - 6 093 - 6 454 - 3 665 - - 2 428 - 6 454
23-04-20 7
Content
Highlights
Second quarter 2010 and 1H 2010 Key Figures
Segment Vitaflo
Segment New Business
Financials
Summary and outlook
23-04-20 8
Key developments in Vitaflo
Reduced operating costs with 2.4 million in Q2 and 2.7 million in 1H
Sales development: The revenue was flat 1H 2010 compared to 1H 2009 due to a
renegotiated agreement with Vitaflo Int. regarding the Netherlands
From April 1 2010 Vitaflo Int. took over responsibility for sales and marketing of the IEM products in the Netherlands
Sales in the Netherlands accounted for MNOK 1,8 of the revenues in Q2 2009
Vitaflo will still receive a 25% margin on all Vitaflo Int. sales of IEM products in the Netherlands for additional 5 years
Gross margin is improved mainly due to additional sales of high margin products and the renegotiated agreement with Vitaflo Int.
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Sales development in key Knowledge areas
23-04-20 10
Sales in Q2 2010 vs Q2 2009
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Sales development in key Knowledge areas
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Sales in 1H 2010 vs 1H 2009
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YTD 2010
YTD 2009
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Content
Highlights
Second quarter 2010 and 1H 2010 Key Figures
Segment Vitaflo
Segment New Business
Financials
Summary and outlook
23-04-20 12
Key developments in New Business
The marketing Authorization (MA) approval process for Aspen products initiated during Q1 2010First launch in November 2011
Increased cooperation with Aspen with Navamedic taking responsibility for 8 products as of September 1, 2010These products are former GlaxoSmithKline products with a
market in the Nordic countries worth approx. MNOK 15
Expanded Regulatory department with new employees to focus on MA approvals
23-04-20 13
Content
Highlights
Second quarter 2010 and 1H 2010 Key Figures
Segment Vitaflo
Segment New Business
Financials
Summary and outlook
23-04-20 14
Financials remarks
Operating revenues;MNOK 12,7 in Q2 2010 vs MNOK 12,7 in Q2 2009
MNOK 25,8 in 1H 2010 vs MNOK 24,9 in 1H 2009
Gross margin; 45% in Q2 2010 vs 37% in Q2 2009
42% in 1H 2010 vs 40% in 1H 2009
EBITDA;MNOK -1,5 in Q2 2010 vs MNOK -2,8 in Q2 2009
MNOK -2,7 in 1H 2010 vs MNOK -2,6 in 1H 2009
23-04-20 15
Financials remarks
A dividend of NOK 1 per share was paid to shareholders during Q2 2010Total dividend payment was NOK 7.5 million
The Company held cash and liquidity of total NOK 23.7 million June 30 2010
Navamedic has the financial strength to make investment in new business and in existing business
23-04-20 16
Content
Highlights
Second quarter 2010 and 1H 2010 Key Figures
Segment Vitaflo
Segment New Business
Financials
Summary and outlook
23-04-20 17
Summary and outlook
The management is forecasting increased sales 2H
Management will continue to reinforce the marketing and sales organization in Vitaflo
Strategy Navamedic maintains its strategy to remain a Specialty Pharma player and
to be the partner of choice for companies wishing to enter the Northern European market.
Future key action: Develop and fine tune the business in Vitaflo Scandinavia AB Kick off the new cooperation with Aspen Pharma (GSK products) and
continue the registration work of products Search for new products and new business opportunities Launch Smartfish product line
18
QUESTIONSQUESTIONS
23-04-20 19
Profit and Loss Statement
23-04-20 20
(In NOK '000) Q2 Q2 YTD YTD FY2010 2009 2010 2009 2009
Operating revenues 12 669 12 734 25 756 24 905 52 593
Cost of goods sold 6 988 7 996 15 039 14 900 31 963Gross profit 5 681 4 738 10 717 10 005 20 630
Payroll expense 3 338 3 384 5 945 5 030 10 541Other operating cost 4 294 4 325 8 155 7 751 13 312Other (losses)/gains - net 428 125 616 136 715Operating costs 7 204 7 584 13 484 12 645 23 138
EBITDA (1 523) (2 846) (2 767) (2 640) (2 508)
Depreciation 10 39 15 78 172Amortization 1 658 1 664 3 311 3 311 6 623Write offs - 425 - 425 692
OPERATING RESULT (EBIT) (3 191) (4 974) (6 093) (6 454) (9 995)
Financial income and expenses
Financial income - 117 - 274 90Other financial income 18 0 42 0 302Financial expenses (3) (160) (4) (463) (688)Other financial expenses (147) - (183) 0 (1 626)Net financial result (132) (43) (145) (189) (1 922)
PROFIT BEFORE TAXES (3 323) (5 017) (6 238) (6 643) (11 917)
Tax on profit 933 427 1 761 447 8 384
(2 390) (4 590) (4 477) (6 196) (3 533)
- 682 - 1 276 16 349Net profit in the period (2 390) (3 908) (4 477) (4 920) 12 816
Other comprehensive income Q2 Q2 YTD YTD FY2010 2009 2010 2009 2009
Profit for the year (2 390) (3 908) (4 477) (4 920) 12 816
Currency translations differences 1 445 2 805 3 182 (8 129) (11 150)Total comprehensive income for the period (945) (1 103) (1 295) (13 049) 1 666
(In NOK '000) Q2 Q2 YTD YTD FY2010 2009 2010 2009 2009
Operating revenues 12 669 12 734 25 756 24 905 52 593
Cost of goods sold 6 988 7 996 15 039 14 900 31 963Gross profit 5 681 4 738 10 717 10 005 20 630
Payroll expense 3 338 3 384 5 945 5 030 10 541Other operating cost 4 294 4 325 8 155 7 751 13 312Other (losses)/gains - net 428 125 616 136 715Operating costs 7 204 7 584 13 484 12 645 23 138
EBITDA (1 523) (2 846) (2 767) (2 640) (2 508)
Depreciation 10 39 15 78 172Amortization 1 658 1 664 3 311 3 311 6 623Write offs - 425 - 425 692
OPERATING RESULT (EBIT) (3 191) (4 974) (6 093) (6 454) (9 995)
Financial income and expenses
Financial income - 117 - 274 90Other financial income 18 0 42 0 302Financial expenses (3) (160) (4) (463) (688)Other financial expenses (147) - (183) 0 (1 626)Net financial result (132) (43) (145) (189) (1 922)
PROFIT BEFORE TAXES (3 323) (5 017) (6 238) (6 643) (11 917)
Tax on profit 933 427 1 761 447 8 384
Net income for the period from continuing operations (2 390) (4 590) (4 477) (6 196) (3 533)
- 682 - 1 276 16 349Net profit in the period (2 390) (3 908) (4 477) (4 920) 12 816
Other comprehensive income Q2 Q2 YTD YTD FY2010 2009 2010 2009 2009
Profit for the year (2 390) (3 908) (4 477) (4 920) 12 816
Currency translations differences 1 445 2 805 3 182 (8 129) (11 150)Total comprehensive income for the period (945) (1 103) (1 295) (13 049) 1 666
Profit (loss) after tax for the period from dicontinued operations
Disclaimer/Restrictions
THIS PRESENTATION AND ITS ENCLOSURES AND APPENDICES (HEREINAFTER JOINTLY REFERRED TO AS THE “PRESENTATION” HAS BEEN PREPARED BY NAVAMEDIC ASA (THE “COMPANY”) EXCLUSIVELY FOR INFORMATION PURPOSES. THIS PRESENTATION HAS NOT BEEN REVIEWED OR REGISTERED WITH ANY PUBLIC AUTHORITY OR STOCK EXCHANGE. RECIPIENTS OF THIS PRESENTATION MAY NOT REPRODUCE, REDISTRIBUTE OR PASS ON, IN WHOLE OR IN PART, THE PRESENTATION TO ANY OTHER PERSON.
THE CONTENTS OF THIS PRESENTATION ARE NOT TO BE CONSTRUED AS LEGAL, BUSINESS, INVESTMENT OR TAX ADVICE. EACH RECIPIENT SHOULD CONSULT WITH ITS OWN LEGAL, BUSINESS, INVESTMENT AND TAX ADVISER AS TO LEGAL, BUSINESS, INVESTMENT AND TAX ADVICE.
THERE MAY HAVE BEEN CHANGES IN MATTERS THAT AFFECT THE COMPANY SUBSEQUENT TO THE DATE OF THIS PRESENTATION. NEITHER THE ISSUE NOR DELIVERY OF THIS PRESENTATION SHALL UNDER ANY CIRCUMSTANCE CREATE ANY IMPLICATION THAT THE INFORMATION CONTAINED HEREIN IS CORRECT AS OF ANY TIME SUBSEQUENT TO THE DATE HEREOF OR THAT THE AFFAIRS OF THE COMPANY HAVE NOT SINCE CHANGED, AND THE COMPANY DOES NOT INTEND, AND DOES NOT ASSUME ANY OBLIGATION, TO UPDATE OR CORRECT ANY INFORMATION INCLUDED IN THIS PRESENTATION.
THIS PRESENTATION INCLUDES AND IS BASED ON, AMONG OTHER THINGS, FORWARD-LOOKING INFORMATION AND STATEMENTS. SUCH FORWARD-LOOKING INFORMATION AND STATEMENTS ARE BASED ON THE CURRENT EXPECTATIONS, ESTIMATES AND PROJECTIONS OF THE COMPANY OR ASSUMPTIONS BASED ON INFORMATION AVAILABLE TO THE COMPANY. SUCH FORWARD-LOOKING INFORMATION AND STATEMENTS REFLECT CURRENT VIEWS WITH RESPECT TO FUTURE EVENTS AND ARE SUBJECT TO RISKS, UNCERTAINTIES AND ASSUMPTIONS. THE COMPANY CANNOT GIVE ANY ASSURANCE AS TO THE CORRECTNESS OF SUCH INFORMATION AND STATEMENTS.
AN INVESTMENT IN THE COMPANY INVOLVES RISK, AND SEVERAL FACTORS COULD CAUSE THE ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS OF THE COMPANY TO BE MATERIALLY DIFFERENT FROM ANY FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS THAT MAY BE EXPRESSED OR IMPLIED BY STATEMENTS AND INFORMATION IN THIS PRESENTATION, INCLUDING, AMONG OTHERS, RISKS OR UNCERTAINTIES ASSOCIATED WITH THE COMPANY’S BUSINESS, SEGMENTS, DEVELOPMENT, GROWTH MANAGEMENT, FINANCING, MARKET ACCEPTANCE AND RELATIONS WITH CUSTOMERS, AND, MORE GENERALLY, GENERAL ECONOMIC AND BUSINESS CONDITIONS, CHANGES IN DOMESTIC AND FOREIGN LAWS AND REGULATIONS, TAXES, CHANGES IN COMPETITION AND PRICING ENVIRONMENTS, FLUCTUATIONS IN CURRENCY EXCHANGE RATES AND INTEREST RATES AND OTHER FACTORS. SHOULD ONE OR MORE OF THESE RISKS OR UNCERTAINTIES MATERIALISE, OR SHOULD UNDERLYING ASSUMPTIONS PROVE INCORRECT, ACTUAL RESULTS MAY VARY MATERIALLY FROM THOSE DESCRIBED IN THIS DOCUMENT. THE COMPANY DOES NOT INTEND, AND DOES NOT ASSUME ANY OBLIGATION, TO UPDATE OR CORRECT THE INFORMATION INCLUDED IN THIS PRESENTATION.
23-04-20 21
Changes in Equity
23-04-20 22
(In NOK '000) Paid in capital
Other paid in capital/
reserves
Translation differences
Retained earnings
Total
Balance at 31 December 2008 128 912 -362 7 987 -26 293 110 244
Balance at 1. January 2009 128 912 -362 7 987 -26 293 110 244
Share option scheme -126 - - - -126 Gains and Losses on Currency Outright Agreements - - - - - Translation difference - - -11 150 - -11 150 Net profit of the period - - 12 816 12 816 Balance at 31 December 2009 128 786 -362 -3 163 -13 477 111 784
Balance at 1 January 2010 128 786 -362 -3 163 -13 477 111 784
Paid out dividend - - -7 537 -7 537 Share option scheme 67 - - - 67 Translation difference - - 3 182 - 3 182 Net profit of the period - - - -4 477 -4 477 Balance at 30 June 2010 128 853 -362 19 -25 491 103 019
Cash Flow
23-04-20 23
(In NOK '000) Q22010
Q22009
YTD2010
YTD2009
FY2009
Profit before taxes, continued operations -3 323 -5 017 -6 238 -6 643 -11 917 Profit before tax, discontinued operations (note 13) - 682 - 1 276 22 707 Net profit from sold assets - - - -29 884 Depreciation, Amortization and Write Off from continued operations 1 669 2 128 3 326 3 814 7 487 Write down of inventory - - - - 9 500 Share options 34 20 68 -83 126 Net financials 131 43 145 189 1 922 Changes in working capital 990 3 668 -593 723 723 Cash flow from operations -499 1 524 -3 292 -724 664
Net financials -131 -43 -145 -189 -1 082 Taxes paid -575 -233 -1 332 -573 -1 228 Net cash flow from operations -1 205 1 248 -4 769 -1 486 -1 646
Cash flow from investmentsNet cash from assets sold - - - - 38 389 Purchase of tangible assets -62 -83 -62 -83 -17 Purchase of intangible assets - - - -102 - Interest paid in - - - - 89 Net cash flow from investments -62 -83 -62 -185 38 461
Cash flow from financial activitiesChanges in currency 201 - 396 - -1 521 Dividend paid out -7 537 - -7 537 - - Borrowing from financial institutions - -4 000 - -4 000 -16 000 Net cash flow from financial activities -7 336 -4 000 -7 141 -4 000 -17 521
Net change in cash during the period -8 603 -2 835 -11 972 -5 671 19 294
Cash and cash equivalents at the beginning of the period 32 299 13 538 35 668 16 374 16 374 Cash and cash equivalents at the end of the period 23 696 10 703 23 696 10 703 35 668
Balance Sheet
23-04-20 24
(In NOK '000) 30.06.2010 30.06.2009 31.12.2009
Fixed and Intangible Assets
Intangible assets 81 782 88 335 81 889Deferred tax assets 4 946 3 060 3 738Tangible assets 83 117 33Investments in shares - 1 438 -Total fixed and intangible assets 86 811 92 950 85 660
Current Assets
Inventories 7 581 7 862 7 986Short term receivables 8 289 11 771 7 237Cash at hand, in banks 23 696 10 703 35 668Discontinued operations classified as held for sale - 16 993 -Total current assets 39 566 47 329 50 891
Total assets 126 377 140 279 136 551
Shareholders equity and liabilities
Shareholders equity
Paid in capital 128 853 128 476 128 786Other reserves -25 834 -31 343 -17 002Total equity 103 019 97 133 111 784
Debt
Deferred tax 12 253 14 059 12 563Long term debt to financial institutions - 4 000 -Total long term debt 12 253 18 059 12 563
Trade debtors 6 418 8 548 7 391Interest-bearing short term debt - 8 000 -Received license fees from customers - 3 456 -Other short term debt 4 687 5 083 4 813Total short term debt 11 105 25 087 12 204
Total debt 23 358 43 146 24 767
Total shareholders equity and liabilities 126 377 140 279 136 551