Probi - Q4 2016: Acquisition Completed, Rights Issue Successful and yet Another Sales Record
LUND, Sweden, Jan 24, 2017 /PRNewswire/ --
Fourth quarter of 2016
NET SALES amounted to MSEK 194.0 (35.9), including MSEK 75,6 from acquisitions.
- OPERATING PROFIT totalled MSEK 43.6 (3.7).
- PROFIT AFTER TAX amounted to MSEK 36.8 (2.7).
- PROFIT AFTER TAX PER SHARE was SEK 3.46 (0.30).
- CHANGE IN CASH AND CASH EQUIVALENTS amounted to MSEK -864.5 (0.0). The purchase consideration of MSEK 900 for the acquisition was paid on 3 October.
Accumulated 2016
- NET SALES amounted to MSEK 443.5 (215.7), including MSEK 76 from acquisitions.
- OPERATING PROFIT totalled MSEK 130.3 (63.1). Operating profit was charged with acquisition costs of MSEK 16.2.
- PROFIT AFTER TAX amounted to MSEK 108.6 (49.0).
- PROFIT AFTER TAX PER SHARE was SEK 11.43 (5.38).
- CHANGE IN CASH AND CASH EQUIVALENTS amounted to MSEK -39.8 (+34.8). Probi paid dividends of MSEK 9.1 (7.7).
Significant events during the fourth quarter:
- The acquisition of Nutraceutix was completed on 3 October and the integration is progressing well
- The rights issue was successfully implemented
- Yet another sales record in the quarter, excluding acquisitions and currency effects
CEO comments on the business:
"We are building a globally leading probiotics group and the acquisition of Nutraceutix in 2016 was a major step forward. The acquisition was completed in early October and the integration process is working well. The rights issue was successful, and important for funding the acquisition.
The two companies complement each other. Our market position in North America is improving, and opportunities for continued global growth have increased significantly. We have highlighted three of Probi's proprietary probiotic strains that have not yet reached the market, and are using them to broaden our range in the US which has immediately created added value. We believe that the greatest synergy from the acquisition will initially come from the sales growth generated by these new strains.
The acquisition doubled Probi's current sales with pro forma net sales of MSEK 686 for 2016. Total operating profit for the two operations for the full-year 2016 was approximately MSEK 190 on a proforma basis.
During the year, the ordinary operations continued to perform favourably. We set a quarterly sales record for three of the year's four quarters. In the last quarter, we posted net sales of MSEK 118. Organic growth for the full-year was 71%.
Operating profit for the full-year totalled MSEK 130 (63), and was charged with transaction costs of MSEK 16, a partial impairment loss of MSEK 11 and integration costs of MSEK 5, all of which are nonrecurring.
In addition to opportunities in the US, new agreements were also signed with several European markets during the year, and we are looking forward to the future with confidence."
Invitation to teleconference:
Time: Tuesday, 24 January 2017 at 10.00 a.m. Tel: +46 (0)8 56 64 26 91. Participants from Probi: Peter Nählstedt, CEO and Niklas Brandt, CFO. The presentation is available at www.probi.se and www.financialhearings.com
For further information, please contact:
Peter Nählstedt,
CEO, Probi,
Tel: +46 (0)46-286 89 23,
E-mail: peter.nahlstedt@probi.se
Niklas Brandt,
CFO, Probi,
Tel: +46 (0)46-286 89 26,
E-mail: niklas.brandt@probi.se
This a translation of the Swedish version of the interim report. When in doubt the Swedish wording prevails.
This information is information that Probi AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 08.00 CET on 24 January 2017.
About Probi
Probi AB is a Swedish publicly traded bioengineering company that develops effective and well-documented probiotics. Through its world-leading research, Probi has created a strong product portfolio in the gastrointestinal health and immune system niches. Probi's products are available to consumers in more than 30 countries worldwide. Probi's customers are leading food, health-product and pharmaceutical companies in the Functional Food and Consumer Healthcare segments. In 2016, Probi generated sales of MSEK 444. Probi's shares are listed on Nasdaq Stockholm, Mid Cap. Probi has about 4,700 shareholders. For more information, please visit www.probi.se.
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