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| Statement from the CFO |
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Ferrosan A/S - First Quarter 2010 and Annual Report 2009
June 1, 2010
After a challenging 2009 the group's first quarter 2010 result gives reason to believe in a new all-time high group result in 2010.
Key figures for first quarter 2010:
Revenue DKK 305 million (DKK 278 million first quarter 2009) - up 10%
Normalised EBITDA DKK 65 million (DKK 55 million first quarter 2009) - up 17%
After first quarter 2010 the group's revenue was well 10% ahead of the same period in 2009, and operating profits were solid 17% up as well. Not only did we benefit from the lower cost base obtained during 2009, we also benefited from exchange rates - especially the US dollars and Russian rubles - returning to more normal levels.
During 2009 revenue fell 13% (value) compared to 2008. In the same period, operating profits fell 17% mainly as a result of declining currency rates and non-recurring costs related to restructuring of the group. After adjusting for non-recurring costs the group's operating profit (normalised EBITDA) ended just 7% below the record year 2008. During 2009 the group managed to reduce its cost base by more than DKK 110 million leaving Ferrosan with a significant improved competitive profile going into 2010.
Key figures 2009:
Revenue DKK 1,142 million (DKK 1,320 million 2008) - down 13%
Normalised EBITDA DKK 251 million (DKK 269 million 2008) - down 7%
Throughout both 2009 and first quarter 2010 the underlying sales of the group's products (measured in volume) continued to remain strong both in the Nordic and Eastern European markets.
At the group's ordinary general assembly May 31, 2010 it was decided to demerge Ferrosan A/S into two companies; Ferrosan A/S, which will focus on the group's healthcare activities, and Ferrosan Medical Devices A/S, which will focus on the medical devices activities - mainly sale of wound care products via Johnson & Johnson. Both companies will continue as 100% owned subsidiaries of Ferrosan Holding A/S.
For further information, please contact:
Executive Vice President, CFO: Søren Kristiansen, Ferrosan A/S, phone +45 3958 5658.
Ferrosan Annual Report 2009
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