Vistin Pharma ASA: Fourth quarter and preliminary 2022 financial results
Oslo, Norway, 17th of February 2023
Vistin Pharma ASA (Vistin Pharma, OSE: VISTIN) today announces the financial results for the fourth quarter 2022
Det company enjoyed a very strong finishing quarter in 2022 with a 42% revenue and other income growth compared to last year. Revenue and other income in the fourth quarter ended at MNOK 111 compared to MNOK 78 in Q4 2021. Sales volume in the quarter was up by 11%. In addition, Vistin received a liquidated damage (LD) compensation of MNOK 13 in relation to capacity expansion project (MEP).
Fourth quarter EBITDA ended record high at MNOK 22.5, a 100% increase versus Q4 2021 (MNOK 11.3). High and unpredictable European energy prices and raw material costs caused by the war in Ukraine continues to negatively impact profitability.
The net profit ended at positive MNOK 16.9 (Q4’21: MNOK 7.2) for the fourth quarter of 2022.
1200MT of metformin HCl was produced in the Fikkjebakke plant in Q4, which is a new quarterly manufacturing record. Annual capacity at the end of Q4 was approx. 5500MT and is expected to continue to grow gradually during 2023 and reach close to 7000MT by year end 2023.
Vistin Pharma had net debt of MNOK 43.7 (Q4’21 net cash MNOK: 35.8) as of 31 December 2022. Driven by volume-ramp up, increased raw material stocks and time from production start of line #2 and to payment from customers, has led to high working capital requirements in the quarter. The operational cash flow is expected to improve in 2023.
The EMP turn-key contract with the engineering company was settled in December 2022. A part of the settlement included a liquidated damage (LD) compensation of MNOK 13, due to delayed ramp-up of the MEP volume compared to agreed milestones in the contract. Total project cost ended at MNOK <90, well below the MNOK 100 budget.
In December Vistin entered into a long-term renewable energy supply agreement with Statkraft that will secure a significant part of Vistin’s electricity demand on competitive terms from 1st of January 2023 and until 2032
The fourth quarter conference call, which will be held today, 17th of February, at 8.30am (CET), will be available via webcast and audio through the following access points:
Webcast:
Telephone conference (online registration):
The conference call will be held in English.
Please find the Q4 report and presentation enclosed. The report will also be made available on .
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For further information, please contact:
Alexander Karlsen
CFO
36 21
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
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