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results for the first quarter of 2020, with a 45% increase in revenue and a
record quarterly result of 14.2 million for the pharmaceutical business.
As previously announced all oil derivate positions in the Energy trading
business was closed on the 30(th) of March. The net financial loss in Q1 from
closing the portfolio was approx. NOK 166 million.
The revenues for the first quarter 2020 ended at NOK 61.4 million (Q1 2019: NOK
42.2 million).
The net loss for the period ended at NOK 130.8 million (2.0), which included the
loss of closing the oil derivative portfolio.
Vistin Pharma had cash of NOK 316.8 million (299.6) as of 31 March 2020.
Settlement for oil derivatives was not completed before April (Q2). The
settlement will decrease the above cash balance with approx. NOK 179M.
Based on the closing and final settlement of the oil derivative positions, the
Board will propose to pay a dividend of NOK 1 per share to its shareholders. The
dividend to be approved by the AGM.
The first quarter conference call, which will be held today, 23 April, at
8.30am (CEST) and will be available via web and audio through the following
access points:
Telephone conference:
Confirmation Code:… 5385809
International Dial-In:… +44 (0) 2071 928000
Norway, Oslo:… +47 23960264
United States, New York: +16315107495
Webcast:
https://edge.media-server.com/mmc/p/za9hkqym
The conference call will be held in Norwegian.
Please find the Q1 2020 Report and presentation enclosed. The report will also
be made available on www.vistin.com (http://www.vistin.com).
*****
For further information, please contact:
Kjell-Erik Nordby
CEO
+47 91 36 42 80
kjell-erik.nordby@vistin.com (mailto:kjell-erik.nordby@vistin.com)
Alexander Karlsen
CFO
+47 97 05 36 21
alexander.karlsen@vistin.com (mailto:alexander.karlsen@vistin.com)
This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
About Vistin Pharma | www.vistin.com
Vistin Pharma is a Norwegian pharmaceutical company producing Metformin
Hydrochloride (API). The Metformin is also available as Direct Compressible
lubricated granules. As a solely dedicated European Metformin producer, Vistin
Pharma is a well-positioned supplier to leading pharmaceutical companies. Vistin
Pharma is headquartered in Oslo, Norway, and has highly qualified employees and
a dedicated manufacturing facility in Kragerø.
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