Vistin Pharma Asa · OSL:VISTN
Vistin Pharma Asa — Q3 2023 Earnings Presentation
28 slides from Vistin Pharma Asa's earnings presentation, Oct 25, 2023
Slide 1: Third Quarter 2023 Presentation
Kjell-Erik Nordby (CEO) / Alexander Karlsen (CFO) 25 October 2023
Slide 2: We believe in balance in life
We believe in balance in life. We want to grow our business but not at the expense of the environment, people’s wellbeing, or sound business principles
Slide 3: Agenda
Agenda Highlights Market overview Financial review Strategy Appendix
Slide 4: Record quarter with all time high revenue, EBITDA and sales volume
Highlights Record quarter with all time high revenue, EBITDA and sales volume MNOK 120 in revenue vs. MNOK 92 in Q3 2022 Other (+30%) • Net profit positively affected with approx. MNOK 10 in • Increased volume from the new production line compared to quarter by fair value of future FX cash flow hedg
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Slide 6: Agenda
Agenda Highlights Market overview Financial review Strategy Appendix
Slide 7: We are pure play metformin company with a bright outlook
We are pure play metformin company with a bright outlook A bright outlook Diabetes Metformin for Vistin Pharma One of the largest + The gold standard = A leading global health emergencies treatment of type in the 21st century 2 diabetes producer of premium metformin • Market demand for Metformin is
Slide 8: Diabetes – A global emergency
Diabetes – A global emergency
Slide 9: Metformin is the 1st-line treatment for type 2 diabetes
Metformin is the 1st-line treatment for type 2 diabetes, being cost-efficient with limited side effects An estimated 537 million adults aged 20–79 years are currently living with diabetes. This represents 10.5% of the world’s population Today Vistin contributes to deliver Metformin diabetes type 2 m
Slide 10: Total number of diabetes patients expected to rise to 783 million by 2045
Total number of diabetes patients expected to rise to 783 million by 2045 (+46%) Number of people living with diabetes / Source: International Diabetes Federation, IDF Diabetes Atlas, tenth edition, 2021
Slide 11: Vistin Pharma produces about 10% of the world's demand of metformin
Vistin Pharma produces about 10% of the world’s demand of metformin and has a world-wide sales coverage
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Slide 13: Agenda
Agenda Highlights Market overview Financial review Strategy Appendix
Slide 14: Long and successful growth track record
Financial review Long and successful growth track record Revenues Vistin Metformin (MNOK) 350 328 305 300 279 254 250 228 201 200 176 171 177 150 150 142 111 101 100 88 50 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 1-3Q 2023
Slide 15: Record high sales volume in the quarter
Financial review Record high sales volume in the quarter Quarterly sales volume metformin (HCl & DC) Annual sales volume metformin (HCl & DC) 1600 4000 1440 1400 1200 3800 3740 3750 1200 1140 1110 1030 1030 1000 3600 860 850 3480 800 3400 3360 600 460 400 3200 200 0 3000 Q3'21 Q4'21 Q1'22 Q2'22 Q3'2
Slide 16: Increased volume from the new production line has resulted in significant revenue growth
Financial review Increased volume from the new production line compared to same quarter last year has resulted in a significant revenue growth 140 120 • Revenue positively affected by a stronger EUR 120 vs NOK (+12% compared to Q3’22) 107 100 99 101 • Currency neutral revenue increased by approx. 92
Slide 17: Gross margin positively affected by lower raw material prices and favorable FX
Financial review Gross margin positively affected by lower raw material prices and favorable FX 80% • Adjusted for currency (EURNOK & USDNOK), the 70% 68% gross margin is continuing to improve from previous 64% quarters 58% 59% 60% 57% 54% • Gross margin in Q3’22 affected by one-time negative 50% 47
Slide 18: Record high EBITDA of MNOK 27 vs. negative MNOK 3 in Q3 2022
Financial review Record high EBITDA of MNOK 27 vs. negative MNOK 3 in Q3 2022 30 27 25 • EBITDA positively affected by increased sales 20 volume, competitive energy costs and a strong 20 EUR vs NOK, partly offset by a strong USD vs 14 15 11,3 NOK. Bonus accrual of MNOK 2.7 booked in 10 10 quarter (0
Slide 19: Key figures: income statement
Financial review Key figures: income statement (NOK 1 000) Q3 2023 Q3 2022 YTD 2023 YTD 2022 FY 2022 Total revenue and other income Total revenue and other income 119 938 91 714 327 607 193 921 304 853 EBITDA EBITDA 27 251 -2 864 60 938 -16 338 6 184 EBT EBT 30 120 -8 595 35 397 -27 709 -6 009 Depre
Slide 20: Balance sheet: Assets
Financial review Balance sheet Assets 30.09.2023 30.09.2022 31.12.2022 ASSETS Non-current assets • Deferred tax asset in relation to Fixed assets 216 608 195 389 219 430 realized loss for Energy Trading in Q1 Deferred tax assets 20 814 33 955 28 601 2020 Total non-current assets 237 423 229 344 248
Slide 21: Balance sheet: Equity and liabilities
Financial review Balance sheet Equity and liabilities 30.09.2023 30.09.2022 31.12.2022 EQUITY AND LIABILITIES Equity Share capital 44 345 44 345 44 345 • Strong balance sheet with an equity ratio of Share premium 206 885 206 885 206 885 78% Retained earnings 49 865 2 926 22 033 Total equity 301 095
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Slide 23: Agenda
Agenda Highlights Market overview Financial review Strategy Appendix
Slide 24: Double volume double care strategy
Double volume double care strategy Strategic positioned Attractive growth A premium producer Metformin market producer of two potential with new in a competitive expected to continue different metformin production line market to grow by 5-6% products: Metformin installed in 2022 annually HCl (bulk A
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Slide 26: Agenda
Agenda Highlights Market overview Financial review Strategy Appendix
Slide 27: Top 20 shareholders as of 30 September 2023
Appendix Top 20 share- NAME INTERTRADE SHIPPING AS* SHAREHOLDING 12 575 000 % SHARE 28,36 % HOLMEN SPESIALFOND 3 763 055 8,49 % holders as of PACTUM AS* MP PENSJON PK 3 519 733 1 719 848 7,94 % 3,88 % 30 September FERNCLIFF LISTED DAI AS* STORKLEIVEN AS 1 234 280 751 000 2,78 % 1,69 % 2023 AUGUST RI
Slide 28: Thank you for your attention
Thank you for your attention. www.vistin.com Kjell-Erik Nordby (CEO) Alexander Karlsen (CFO) 25 October 2023