Slide 1: Presentation 2024
Presentation 2024 Magnus Tolleshaug (CEO) / Alexander Karlsen (CFO) 24 April 2024
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: First quarter 2024 results
Highlights First quarter 2024 results MNOK 104 in revenue vs. MNOK 101 in Q1 2023 Other • The 11% increased sales volume compared to the same • After unplanned maintenance/repair on line 2 in quarter last year has resulted in higher revenue first quarter, the line has been producing • Unplanned “wea
Slide 5: Focus on reducing local and global emissions
Vistin has high focus on reducing local and global emissions, and programs are in place to consume responsibly and recycle where possible
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Slide 7: Agenda
Agenda Highlights Market overview Financial review Strategy Appendix
Slide 8: 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 9: Diabetes – A global emergency
Diabetes – A global emergency
Slide 10: Number of people with diabetes expected to increase by 50% to 750 million
Number of people with diabetes expected to increase by 50% from 2019-2045 to 750 million people Number of people living with diabetes Source International Diabetes Federation, IDF Diabetes Atlas, tenth edition, 2021
Slide 11: Vistin produces about 10% of world's metformin demand
Vistin Pharma produces about 10% of the world’s demand of metformin and has a world-wide sales coverage
Slide 12: World sales map
World sales ma North Atlantic Ocean North South Atlantic Ocean
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Slide 14: Agenda
Agenda Highlights Market review Financial review Strategy Appendix
Slide 15: Long and successful growth track record
Financial review Long and successful growth track record Revenues Vistin Metformin (MNOK) 500 450 438 400 350 305 300 279 254 250 228 201 200 176 177 171 142 150 150 111 104 101 100 88 50 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Q1 2024 2022 includes a one-time positiv
Slide 16: Increased sales volume compared to Q1 2023, limited by unplanned maintenance
Financial review Increased sales volume compared to Q1 2023, however limited by unplanned maintenance and write-off Quarterly sales volume metformin (HCl & DC) Annual sales volume metformin (HCl & DC) 1600 6000 1440 5000 1400 5000 1260 1233 1200 1200 1140 1100 1030 4000 3740 3360 3480 1000 850 3000
Slide 17: Revenue increased by 4% compared to Q1'23
Financial review Revenue increased by 4% compared to Q1’23 driven by 11% increased sales volume partly offset by decreased global metformin prices 140 • Revenue positively affected by higher sales 120 120 volume, +11% compared to Q1’23 111 107 99 101 104 • Revenue negatively affected by unplanned 10
Slide 18: Gross margin negatively affected by one-time inventory adjustment
Financial review Gross margin negatively affected by one- time inventory adjustment 70% 64% 63% • One-time negative affect of MNOK 7 in 58% 59% quarter due to inventory adjustment. 60% 56% 54% • Some material produced in Q1 not complying 50% 47% 46% 47% with Vistin’s strict quality standards and wri
Slide 19: EBITDA of MNOK 20 vs. MNOK 14 in Q1 2023
Financial review EBITDA of MNOK 20 vs. MNOK 14 in Q1 2023, a 45% increase 30 27 25 • EBITDA positively affected by increased sales 25 volume and product mix compared to Q1 2023 20 20 20 • EBITDA negatively affected by a one-time 15 14 inventory adjustment of MNOK 7 10 10 5 5 0 Q1'22 Q2'22 Q3'22 Q4'2
Slide 20: Key figures: income statement
Financial review Key figures: income statement (NOK 1 000) Q1 2024 Q1 2023 FY 2023 TOTAL REVENUE AND INCOME Total revenue and income 103 884 100 940 438 328 EBITDA EBITDA 20 441 14 141 85 944 EBT EBT 15 759 9 942 68 597 Depreciation & amortisation (4 682) (4 199) (17 347) Net finance income/(expense
Slide 21: Balance sheet: assets
Financial review Balance sheet Assets 31.03.2024 31.03.2023 31.12.2023 ASSETS Non-current assets • Deferred tax asset in relation to Fixed assets 226 607 216 610 219 984 realized loss for Energy Trading in Q1 Financial Assets 11 433 - - 2020 Deferred tax assets 12 478 29 442 14 638 Total non-current
Slide 22: Balance sheet: equity and liabilities
Financial review Balance sheet Equity and liabilities 31.03.2024 31.03.2023 31.12.2023 EQUITY AND LIABILITIES Equity Share capital 44 345 44 345 44 345 • Strong balance sheet with an equity ratio of Share premium 173 626 206 885 206 885 74% Retained earnings 79 197 19 275 71 540 Total equity 297 169
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Slide 24: Agenda
Agenda Highlights Market overview Financial review Strategy Appendix
Slide 25: Double capacity double care metformin strategy
Double capacity double care metformin strategy Strategically Attractive growth A premium producer Metformin market positioned producer potential with new in a competitive expected to continue of two different production line market to grow by 5-6% metformin products: installed in 2022 annually Metfo
Slide 26: Vistin has acquired 15% of CF Pharma
2nd wave of growth Vistin has acquired 15% of CF Pharma at a transaction price cap of MEUR 1.6, which consists of a base price and an earn-out- element • CF Pharma is an API CDMO located in • CF Pharma has an extensive production site Budapest, Hungary, with a broad customer of 152 500 m2, located c
Slide 27: Agenda
Agenda Highlights Market overview Financial review Summary Appendix
Slide 28: Top 20 shareholders as of 31 March 2024
Appendix Top 20 share- NAME INTERTRADE SHIPPING AS* SHAREHOLDING 12 575 000 % SHARE 28,40 % holders as of HOLMEN SPESIALFOND PACTUM VEKST AS* 3 842 055 2 991 773 8,66 % 6,75 % 31 March 2024 MP PENSJON PK FERNCLIFF LISTED DAI AS* 1 719 848 1 234 280 3,90 % 2,80 % STORKLEIVEN AS 751 000 1,70 % AUGUST
Slide 29: Thank you for your attention
Thank you for your attention www.vistin.com Magnus Tolleshaug (CEO) Alexander Karlsen (CFO) 24 April 2024