Q3 2018: Probi delivers strong operating performance and appoints new CEO
Highlights and significant events in the third quarter
• Q3 net sales increase to MSEK 169, up 26% or MSEK 35 quarter-on-quarter, driven by improved commercial execution and recovery from a customer destocking program
• Probi appoints Tom Rönnlund as new CEO, starting end of 2018, and implements a new, customer-centric organizational structure
• Partial early redemption of bank borrowings for a total amount of MSEK 57, reflecting the strength of Probi’s balance sheet, improved margins and cash flows
Financial overview
| MSEK | 9M 2018 | 9M 2017 | Full-year 2017 | |||
| Net sales | 441.3 | 492.9 | 612.2 | |||
| Net sales growth, constant currency, % | -10.3% | 95.3% | 38.2% | |||
| Gross margin, % | 45.8% | 46.4% | 45.4% | |||
| EBITDA | 110.8 | 136.5 | 157.3 | |||
| EBITDA margin, % | 25.1% | 27.7% | 25.7% | |||
| Operating profit (EBIT) | 70.5 | 96.4 | 104.1 | |||
| Net income | 52.4 | 68.1 | 69.1 | |||
| Earnings per share before and after dilution, SEK | 4.60 | 5.98 | 6.06 | |||
| Share price on closing day, SEK | 413.60 | 350.00 | 340.00 | |||
| Market cap on closing day | 4,712.6 | 3,987.9 | 3,874.0 | |||
| See note 5 for definitions of ratios not defined according to IFRS |
Invitation to Teleconference
Date: November 1, 2018
Time: 10:00 a.m.
Phone: +46 8 56 64 26 64
Participants from Probi: Jörn Andreas, CFO
The presentation is available at www.probi.com and www.financialhearings.com
Contacts
Ole Søgaard Andersen, CEO: Phone: +46 46 286 89 40 E-mail: ole.sogaard.andersen@probi.com
Jörn Andreas, CFO: Phone: +46 46 286 89 41 E-mail: jorn.andreas@probi.com
About Probi
Probi AB is a Swedish publicly traded bioengineering company. The vision of Probi is to help people live healthier lives by delivering effective and well-documented probiotics, with proven health benefits based on scientific research.
Founded by scientists in Sweden in 1991, Probi is a multinational company with four sites, active in more than 40 markets around the world and holding over 400 patents worldwide. In 2017, Probi had net sales of MSEK 612. The Probi share is listed on Nasdaq Stockholm, Mid Cap. Probi has about 5,000 shareholders. probi.com
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 8:00 a.m. CET on November 1, 2018. This a translation of the Swedish version of the interim report. When in doubt, the Swedish wording prevails.
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