New Nordic Healthbrands AB (publ) Interim Report Q3 January - September 2022NINE MONTHS 2022
- Net sales amounted to MSEK 375.8 (393.8), a decrease of 10.5 percent in local currencies and 4.6 percent in SEK.
- Gross margin decreased to 66.2 percent (68.9).
- EBITDA decreased to MSEK 2,9 (33.5).
- Operating profit decreased to MSEK 1.9 (32.8).
- Profit after tax for the period decreased to MSEK 0.7 (25.8).
- Earnings per share after tax decreased to SEK 0,11 (4.16).
Q3 2022
- Net sales amounted to MSEK 121.8 (124.9), a decrease of 9.5 percent in local currencies and 2.5 percent in SEK.
- Gross margin decreased to 66.6 percent (71.0).
- EBITDA decreased to MSEK 7.1 (8.9).
- Operating profit decreased to MSEK 6.8 (8.7).
- Profit after tax for the period increased to MSEK 7.2 (6.7).
- Earnings per share after tax increased to SEK 1.16 (1.08).
COMMENTS BY KARL KRISTIAN BERGMAN JENSEN, CEO
After reducing our marketing and innovation investments in the 3rd quarter, results has improved. We will continue this plan for the remaining part of the year.
The Swedish Krona is weakening and it is relevant to look at our figures with this in mind. Revenue for the first nine months and Q3 separately decreased with 10 percent in local currencies. Gross margin decreased from 68,9 percent to 66,2 percent due to product mix displacements and sell-off of particular overstocked products in North America.
During the first nine months of the year, personnel and other external costs are up three percent and sales revenue in SEK down by five percent. In Q3 the costs decreased three percent while revenue just decreased two percent. The 3rd quarter is an improvement compared to the first two quarters of the year and the profit after tax for the year is now positive again.
It is also positive that inventories are down four million SEK since the end of Q2 and 12 million since Q1. A great achievement in a time where sales are lower than planned.
The cashflow has been negative in the quarter despite reduction in inventory and profitability as current receivables has increased.
On the management side, I can inform that Mrs. Ditte Søndergaard Bihorac, who held the position as Chief Operating Officer since september 2021, choose to leave the company by the end of the quarter. On the other hand, I am pleased that Mr. Tage Juhl Finninge has started as Chief Commercial and Operating Officer. The position is an extension of the company's COO position and Tage will be responsible for daily operations, sales, and execution of our strategy.
Together with CFO, Ivan Ruscic and myself, Tage will form the Executive Management Team. Tage worked 25 years for E. Sæther and the last 11 years as CEO where he helped accomplish an impressive growth. Tage has a M. Sc. (Cand. Merc. IMM) from Copenhagen Business School and Ivey Business School, Canada.
The market situation continues to be challenging. All employees have shown great willingness to adapt to necessary changes. I am very grateful.
New Nordic is bursting with possibilities and the employees are ready for continued growth. As soon as consumer confidence grows and when our potential customers are again more willing to spend money on premium supplements, we are ready to take advantage.
I am confident that we are facing a good development.
Karl Kristian Bergman Jensen, CEO
New Nordic Healthbrands AB
Hyllie Boulevard 34
SE-215 32 Malmö
Sweden The information in this press release is that which New Nordic Healthbrands AB (publ) is required to disclose 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 (CET) on 28 Octoberl 2022.
Link to report on New Nordic's investor relation web page: https://newnordicinvestor.com/reports-and-presentations
Contact:
Karl Kristian Bergman Jensen, CEO, telephone +46 40-236414, e-mail [email protected].
Ivan Ruscic, CFO, telephone +46 40-236414, e-mail [email protected]
Claes Libell, Group Financial Controller and Investor Relations, telephone +46 40-236414, e-mail [email protected]
The following documents can be retrieved from beQuoted
New Nordic Pressrelease 2022-10-28.pdf
New Nordic Delarsrapport Q3 2022.pdf
New Nordic Interim Report Q3 2022.pdf New Nordic Healthbrands AB (publ), SE-215 32 Malmö, Sweden. Org. nr. 556698-0453.
Certified advisor: Mangold Fondkommission AB. +46 8 503 01 550, [email protected].
New Nordic Healthbrands AB (publ) was founded in 1990 and is listed on Nasdaq First North Growth Market Sweden since 2007. The company's business concept is to offer the most effective and safe dietary supplements, natural medicines and cosmetic products for specific health and beauty needs. All with care for people and nature. New Nordic products are now available in 41 countries in pharmacies, health stores, beauty shops, and travel retail. New Nordic has its own small sales and marketing companies in most European countries, Canada and the United States, to organise local marketing campaigns, serve retailers and serve end customers. In 2021, revenues were SEK 515 million. Almost all New Nordic products sold worldwide are manufactured in Scandinavia. For more information, visit www.newnordic.com.
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