Oslo, February 7, 2002
Nutri Pharma ASA (OSE: NUT) today announced 105% growth in fourth quarter revenues and 126% growth in preliminary revenues
for 2001 compared to 2000. Preliminary revenues for 2001 grew from NOK 7.0 million last year, to NOK 15.8 million in 2001.
Fourth quarter revenues grew from NOK 1.7 million last year to NOK 3.5 million this year.
Financial Overview (all figures in NOK million)
|
INCOME STATEMENT
|
Q4 2001
|
Q4 2000
|
2001
|
2000
|
|
|
|
Total revenue
|
3.5
|
1.7
|
15.8
|
7.0
|
|
Total operating expenses
|
-62.4
|
-27.8
|
-172.9
|
-94.4
|
|
Results of operations
|
-58.9
|
-26.0
|
-157.0
|
-87.4
|
|
Total financial income and expenses
|
5.8
|
8.5
|
27.5
|
22.3
|
|
Ordinary profit before taxes
|
-53.0
|
-17.5
|
-129.5
|
-65.1
|
|
Tax on ordinary results
|
0
|
0
|
0
|
0
|
|
|
|
|
|
|
BALANCE SHEET
|
31.12.2001
|
31.12.2000
|
|
|
|
|
|
Total long term assets
|
31.0
|
44.2
|
|
|
|
Total current assets
|
308.7
|
474.1
|
|
|
|
Total assets
|
339.8
|
518.3
|
|
|
|
Total equity
|
314.0
|
502.7
|
|
|
|
Total liabilities
|
25.7
|
15.6
|
|
|
|
Total equity and liabilities
|
339.8
|
518.3
|
|
|
|
|
|
|
|
|
|
FINANCIAL SUMMARY - FOURTH QUARTER RESULTS 2001
-
105% growth in fourth quarter revenues compared to fourth quarter 2000
-
Total balance end of December was NOK 340 million, of which NOK 282 million is cash, cash equivalents and certificates.
-
Total equity end of December was NOK 314 million.
FINANCIAL SUMMARY - PRELIMINARY RESULTS 2001
-
126% growth in preliminary 2001 total revenues compared to 2000
-
Preliminary pre-tax result 2001 in line with expectations, except for one-off charges of approximately NOK 20 million
-
Preliminary R&D, business development and personnel expenses are ahead of budget
-
Preliminary expenses related to administration and marketing are lower than budget
MILESTONES ACHIEVED 2001
-
Nutrition Partners - New joint venture with Nycomed Pharma
-
Further penetration in North-American territory
-
New agreement with Mayne (Faulding) in Australia and New Zealand
-
New patents in USA and Europe fortify value of IP
COMMENTS ON THE ANNUAL RESULT
Revenues are chiefly based on royalties from the weight reduction and weight-control products Nutrilett® and ScanDiet™. Nutrilett®
is produced and marketed in the Nordic area by Nycomed Pharma, and ScanDiet™ is marketed in North America by GNC (Numico).
Royalties from GNC constitutes NOK 12.2 million of the total revenues while royalties from Nycomed Pharma were NOK 2.1 million.
The increase in operating costs is associated with the development of the international commercial effort and one-off, non-reoccurring
costs related to the restructuring of the operation. R&D and product development cost are expensed when incurred.
RESEARCH AND DEVELOPMENT (R&D)
Nutri Pharma’s core clinical platform has now been established under the supervision of Dr Joerg Grüenwald, Director of Research.
Studies completed in 2001 at Columbia University, and by David Allison, Ph.D. at St. Luke’s Obesity Center, concluded significant
results related to weight- and cholesterol-reduction and control with ScanDiet™. Also, 3 Abacor® studies were accepted for
publication in medical journals during 2001.
INTELLECTUAL PROPERTY (IP)
Globally Nutri Pharma now has a strong IP position with 12 patent families with over 700 related claims. The company was in
2001 granted the same patent in both USA and Europe, covering Nutri Pharma’s special technique of combining soy proteins,
fibres, and lipids that can be used to lower cholesterol-levels. The patents imply a break-through for Nutri Pharma and reinforce
the USP of both the Nutrilett® and ScanDiet™ product ranges – and Abacor® - in both the North American and European market.
Worldwide Nutri Pharma now has the best documented products in these categories.
These patents are perceived as recognition, and thus valuable. This has lead to the filing of an opposition by a global company
against the European Patent Office for granting Nutri Pharma its European patent. Nutri Pharma’s issued U.S. patents are unaffected
by the filing, and resources related to the filing will be manageable and with no effect on the company.
MARKET DEVELOPMENT
The Nutrition Partners joint venture with Nycomed Pharma in the Nordic and Baltic areas is now established and will be fully
consolidated into Nutri Pharma’s results starting January 2002.
ScanDiet‘ sales in North America are healthy and further penetration in the North-American territory will improve with recent
product launches. This will positively influence future market development.
In 2001 Nutri Pharma entered into an agreement with Mayne (Faulding) for market introduction of a Nutrilett®-formula based
product-range in Australia and New Zealand. Products are now launched under the brand name Nutriplan™.
OPERATIONAL TRANSITION
During the second half of 2001 a total review of Nutri Pharma’s operations was initiated by the new management. This has lead
to a full restructuring of the organisation including Business Planning, Corporate Governance and Human Resourcing. As a result
Nutri Pharma has announced a consolidation of its office locations and will relocate its operational headquarters to London,
and expects to be fully operational from June 2002.
TREASURY STOCKS
The total amount of treasury stocks is 6.801.625. So far this year, the company has invested NOK 60 million in treasury stocks.
From April 1999 and to date NOK 73 million has been invested, with an average share price of NOK 10.76. These investments
were made in accordance to AGM decisions and no substantial new purchases should be expected.
FUTURE PROSPECTS
The revised Business Plan forecasts a significant improvement in both revenue and costs for 2002. This will be generated through
increased revenues resulting from the Nutrition Partners’ development strategy for Nutrilett®, range extensions in the North
American territory with Scan Diet™, and the development of the Nutriplan™ brand in Australia. In addition strong corporate
governance, the completed consolidation of the company structure and focused management will contribute to this improvement.
UPCOMING FINANCIAL EVENTS 2002:
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April 24. 2002
|
|
Annual General Meeting
|
|
April 25 2002
|
|
Presentation of 1st quarter 2002
|
|
August 27. 2002
|
|
Presentation of 2nd quarter 2002
|
|
October 31. 2002
|
|
Presentation of 3rd quarter 2002
|
The complete Q4 Word document and PowerPoint Report can be downloaded from the
INVESTOR
page
Nutri Pharma is a global leader in functional foods and beverages, developing and marketing innovative functional food ingredients
and products, all based on the company’s proprietary soy technology. The products cure and prevent lifestyle-related diseases,
such as elevated cholesterol level, obesity and type 2 diabetes. Nutri Pharma is listed on the main list at the Oslo Stock
Exchange and has its headquarters in Copenhagen. Nutri Pharma also have offices in Norway, Sweden, USA, England and Germany.
For further information, please contact:
Graham Waters, CEO +47 23 31 08 80
