Össur - Full Year Results 2013

        Print
| Source: Össur hf.
Highlights Q4 2013

  * Net profit and earnings per share in Q4'13 increased by 75%. Net profit
    amounted to USD 14 million compared to USD 8 million in Q4'12.
  * Sales amounted to USD 128 million compared to USD 98 million in Q4'12,
    corresponding to a 29% growth and 7% organic growth, both measured in local
    currency.
  * EBITDA in Q4'13 increased by 69% and amounted to USD 24 million and 19% of
    sales compared to USD 14 million and 15% of sales in Q4'12. Excluding impact
    from acquired companies, EBITDA margin was 20%.
  * Cash generated by operations increased by 14% and amounted to USD 29
    million.

Highlights Full Year 2013

  * Net profit and earnings per share increased by 8%. Net profit amounted to
    USD 41 million or 9% of sales, compared to USD 38 million and 9% of sales in
    2012.
  * Sales amounted to USD 436 million compared to USD 399 million in 2012,
    corresponding to a 9% growth and 2% organic growth, both measured in local
    currency.
  * Bracing and supports sales growth was 12% and 2% organic, both measured in
    local currency.
  * Prosthetics sales growth was 6% and 4% organic, both measured in local
    currency.
  * Gross profit amounted to USD 270 million and 62% of sales, compared to USD
    248 million and 62% of sales in 2012.
  * EBITDA amounted to USD 75 million and 17% of sales, compared to USD 70
    million and 18% of sales in 2012. EBITDA margin adjusted for one-time
    expenses and excluding impact from acquisitions amounted to 19% of sales.
  * Cash generation continues to be strong and cash flow from operations
    amounted to USD 73 million and 17% of sales, compared to USD 71 million and
    18% of sales in 2012.
  * During the year Össur closed three acquisitions. Sales from acquired
    companies amounted to USD 26 million in 2013.
  * Cost savings initiatives, executed in the first half of the year were
    successful, resulting in USD 5 million in savings for 2013.

Financial Guidance

For 2014 management estimates:

  * Local currency growth in the range of 14-16%.
  * Organic, LCY sales growth in the range of 2-4%.
  * EBITDA margin in the range of 17-19%.
  * CAPEX in the range of 2.5-3.5%.
  * Effective tax rate around 26%.

Jón Sigurðsson, President & CEO, comments:

"We closed the year with a very strong quarter. The fourth quarter is the second
consecutive  quarter with good profitability and continued strong cash flow. The
cost  reduction  initiatives  executed  in  the  second  quarter  have delivered
expected  results.  We  have  yet  another  good  year  in EMEA behind us and in
Americas  we see some positive developments in the second half of the year. Asia
delivered excellent growth as in previous years. During the year we closed three
acquisitions,  strengthening  our  position  and  sales  channels,  primarily in
Scandinavia."

Conference Call - Thursday 6 February 2014

Össur will host a conference call on Thursday 6 February 2014 at 12:00 CET/
11:00 GMT/ 6:00 EST. To participate in the call please dial Europe: +44 (0)
203 364 5374 or +46 (0) 8 505 564 74
The United States: + 1 855 753 2230, Iceland: 800 8660


[HUG#1759418]