Slide 1: Fourth quarter 2022 presentation
Kjell-Erik Nordby (CEO) / Alexander Karlsen (CFO) 17 February 2023
Slide 2: Doubling capacity to meet increasing market demand
‘’Doubling capacity to meet increasing market demand – balancing growth with sustainable operations’’
Slide 3: Agenda
Agenda Highlights Operational review Financial review MEP & Summary Appendix
Slide 4: Fourth quarter and preliminary 2022 results highlights
Highlights Fourth quarter and preliminary 2022 results All-time high revenue and other income in a Volume output is increasing with MEP ramp- quarter: MNOK 111 vs. MNOK 78 in Q4 2021, a up activities and production from two 42% increase parallel manufacturing lines • Revenue and other income increas
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Slide 6: Diabetes – A global emergency
Diabetes – A global emergency
Slide 7: Diabetes – a global epidemic
Diabetes – a global epidemic ■ An estimated 537 million adults aged 20–79 ■ An estimated 537 million adults aged 20–79 years are currently living with years are currently living with diabetes. This diabetes. This represents 10.5% of the world’s population in this age group represents 10.5% of the wo
Slide 8: 1st-line treatment
Operational review 1st-line treatment Used to lower glucose (blood sugar) levels • Reduces the liver’s production of glucose • Delays and reduces absorption of glucose from the intestine • Increases insulin sensitivity, leading to increased uptake of glucose in the body Most cost-efficient treatment
Slide 9: 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 10: Vistin Pharma is a metformin player with world wide sales coverage
Vistin Pharma is a metformin player with a world wide sales coverage
Slide 11: World sales map
orld sales map Atlantic ‘Ocean, Indian Ocean South Pacific Ocean
Slide 12: MEP volume started to gain traction in Q4
Financial review MEP volume started to gain traction in Q4, expected to continue to grow in 2023 Quarterly sales volume metformin (HCl & DC) Quarterly production volume metformin (HCl) 1400 1400 1200 1200 1145 1200 1061 1031 1025 1000 956 1000 922 918 933 900 892 861 854 857 853 802 800 800 600 600
Slide 13: Revenue and other income
Financial review Revenue and other income Quarterly revenue 120 • Revenue and other income increase of 42% 111 compared to Q4’21, driven by significant increase in both volume and sales prices, in addition to the 100 92 Liquidated Damages received as part of MEP contract settlement 78 80 71 • Curren
Slide 14: Gross margin
Financial review Gross margin 90% Gross profit % • Q4 and 2022 gross margin negatively affected by: 77% a) Significant increase in raw material costs & freight 80% b) Decrease in yield as part of ramp-up of new production 68% 68% 68% line and scrap (Q3) 70% 64% c) Historically strong USD (raw materi
Slide 15: EBITDA
Financial review EBITDA • EBITDA in Q4 positively affected by increased sales 25 23 volume and higher sales prices in addition to the positive effect of the LD booked in the quarter 20 (MNOK 13) 15 15 13 13 • Electricity costs up by approx. 100% in Q4’22 11 compared to same quarter last year (adjust
Slide 16: Income statement
Financial review Income statement (NOK 1 000) Q4 2022 Q4 2021 YTD 2022 YTD 2021 FY 2021 Total revenue and income 110 931 78 119 304 852 278 623 278 623 Total revenue and income 110 931 78 119 304 852 278 623 278 623 EBITDA EBITDA 22 522 11 324 6 184 43 858 43 858 EBT EBT 21 701 9 238 (6 009) 31 994
Slide 17: Balance sheet
Financial review Balance sheet Assets • Increase in fixed asset balance driven by MEP 31.12.2022 31.12.2021 ASSETS • Deferred tax asset in relation to realized loss Non-current assets for Energy Trading in Q1 2020 Fixed assets 219 469 167 457 Deferred tax assets 28 535 27 890 Total non-current asset
Slide 18: Balance sheet
Financial review Balance sheet Equity and liabilities • Strong balance sheet with an equity ratio of 31.12.2022 31.12.2021 EQUITY AND LIABILITIES Equity 68% Share capital 44 345 44 345 Share premium 206 885 206 885 Retained earnings 22 140 24 657 • Increase in current liabilities driven by Total equ
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Slide 20: The Manufacturing Expansion Project will increase Vistin's global market share
The Manufacturing Expansion Project (MEP) will increase Vistin’s global market share to approximately 15%
Slide 21: Metformin Expansion Project update
MEP & Summary Metformin Expansion Project update Operational: Financial: • Continued process optimization and MEP ramp up • MEP turnkey contract with Afry settled in December. activities has improved the manufacturing capacity in Due to delayed ramp-up of the MEP volume compared the quarter, resulti
Slide 22: Summary
MEP & Summary Summary Metformin market expected to continue to grow Vistin is strategically well positioned as many by 5-6% annually European clients prefer high quality supplies • Diabetes is one of the largest health crises of the 21 st century with short travel distances • Metformin is expected t
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Slide 24: Appendix
Appendix
Slide 25: Top 20 shareholders as of 31 December 2022
Appendix Top 20 share- NAME INTERTRADE SHIPPING AS* SHAREHOLDING 12 575 000 % SHARE 28,36 % 7,94 % holders as of HOLMEN SPESIALFOND PACTUM AS* MP PENSJON PK 3 520 243 3 519 733 1 719 848 7,94 % 3,88 % 31 December FERNCLIFF LISTED DAI AS* AUGUST RINGVOLD AGENTUR AS 784 280 750 315 1,77 % 1,69 % 1,69
Slide 26: Thank you for your attention
Thank you for your attention. www.vistin.com Kjell-Erik Nordby (CEO) Alexander Karlsen (CFO) www.vistin.com 17 February 2023