First quarter 2009
26.05.2009 - Consolidated sales in first quarter 2009 are MNOK 25.1 with a positive EBITDA of MNOK 2.1, and EBIT of MNOK 1.1....
* Consolidated sales in first quarter 2009 are MNOK 25.1 with
a positive EBITDA of MNOK 2.1, and EBIT of MNOK 1.1. This compares
to MNOK 19.9 in sales and a EBITDA of minus MNOK 2.0 and EBIT of
minus MNOK 3.2 in Q1 2008.
* Full European launch of Nutri5 by Nikken in May.
FIRST QUARTER report
Nutri Pharma today reports consolidated revenue of MNOK 25.1 and a
consolidated EBIT of MNOK 1.1 for Q1 2009. Compared to Q1 2008
revenue has increased by 25 %.
The EBITDA in Q1 2009 is MNOK 2.1, compared with the EBITDA of minus
MNOK 2.0 in corresponding quarter in 2008. Currency fluctuations
in the first quarter has negatively influenced the P&L by app.
Revenue in the first quarter 2009 ended at MNOK 22.0 compared to MNOK
17.7 in Q1 2008. EBITDA is reported at MNOK 1.3. EBITDA in the first
quarter of 2008 was MNOK 1.8.
Amortisation cost of the distributor list is MNOK 0.9, and finance
cost for Q 1 2009 is MNOK 0.6.
Royalty income in the Nordic area derived from the long term licence
agreement for Nutrilett was MNOK 1.6 in Q1. Royalty income in the
same quarter in 2008 was MNOK 1.3, an increase of 23 %.
Nutri5 was launched in February 2008 in Norway, and sales in Q1 2008
were MNOK 1.5. Norwegian distribution of Nutri5 has been included in
a distribution agreement with Nikken for 17 countries across Europe.
This new operation will be launched Europe-wide in May 2009. The
sale from this agreement will be visualised from the Q2 reporting.
In Q1 2009, EBITDA in the Nordic region was positive by MNOK 0.8
Amortisation in the quarter is MNOK 0.1, and finance cost is MNOK 1.7
out of which MNOK 2.0 is related to the currency fluctuations between
EURO/NOK., compared to Q4, 2008
Nutri Pharma operates with two business segments; Europe, with the
existing royalty revenues, including the direct sale of Nutri5
through NIKKEN, and Russia + CIS countries through the direct sales
organisation of MIG.
For further segment information see page 6.
Consolidated net financial expense was MNOK 2.2, out of which MNOK
2.0 is related to already mentioned currency fluctuations. Finance
costs in Q1 2008 was MNOK 0,1.
Cash, money market fund and other liquid assets were MNOK 14.0 at end
of Q1 2009, compared to MNOK 11.7 at the end of Q1 2008. At December
31 2008 the liquid assets were MNOK 11.6. There is no debt in Nutri
* Nutri5 will be distributed in 17 countries in Europe through
Nikken. Nikken is one of the largest direct-sales companies in
the world, and will launch Nutri5 in May 2009. Prior to the
launch, Nikken has developed a broad roll-out program,
emphasizing that Nutri5 will be an important product in the
company's portfolio. Revenues from the Nikken agreement are
expected to contribute between 15 and 25% of total revenues, and
a substantial part of the expected profit for 2009.
Russia / CIS
* The negative business sentiment in Eastern Europe further
emphasized by a less favourable exchange rate between the local
currencies and Euro, will be a challenge for future growth in
sales and profit in these markets. Nutri Pharma will actively
address these challenges in order to ensure the over all
* Nutrilett is expected to generate a stable income.
Oslo, may 27th 2009
The Board of Directors of Nutri Pharma ASA
For further information:
Trond Syvertsen, CEO +47 23 01 09 60 / + 47 91 72 14 57
Lars Helmer Enger, CFO +47 23 01 09 60 / + 47 90 84 37 71
Please download the report in PDF here.
For information about Nutri5®, please point your web browser to:
www.nutri5.no, or call our customer service 05222.
For information about Nutri Pharma, Nutri Pharma products, Nutri
Pharma management and Nutri Pharma financial performance, please
point your web browser to: www.nutripharma.com
For information about Meridian International Group (MIG), please
point your web browser to: http://www.miglife.net
This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)
This announcement was originally distributed by Hugin. The issuer is
solely responsible for the content of this announcement.