January - June
- Revenues amounted to MSEK 1 965.3 (1 460.9), corresponding to an increase of +35% for the period.
-
The organic growth1 during the period was +6%. The currency impact was +3% while the acquisitions of the
Sylphar Group and E45® brand portfolio from Reckitt generated growth of +26%. - EBIT (Operating Profit) amounted to MSEK 3.8 (159.1), corresponding to a decline of 98%.
- EBITDA1 amounted to MSEK 394.6 (440.4) corresponding to a decline of 10%. Adjusted for non-recurring transactional cost of 92.0 MSEK directly related to the acquisitions of new business combinations the EBITDA1 would be MSEK 486.6 equal to an increase of 10%.
- The gross margin, defined as gross profit divided by revenues, was 56.6% (58.6%) for the period. The margin was affected negatively by mix effects from the acquisitions.
- Cash flow from operating activities amounted to MSEK 146.2 (172.1). Adjusted for non-recurring transactional costs mentioned above, the Cash flow from operating activities would be MSEK 238.2.
-
Earnings per share was
SEK -0.56 (0.14), before and after dilution.
1 Alternative Performance Measures (APM),
see notes for further information.
Comments by CEO
The first half of 2022 saw revenue growth of 35% vs. the year prior, driven by the additions of the acquired businesses,
Through H1,
H1 saw high levels of activity related to M&A transactions and our corporate finance agenda, which resulted in non-recurring, one-off costs that were not related to ordinary course of business of just below MSEK 100. These costs distort the reported financials related to our core metrics, EBITDA and cash flow. When normalizing for them, our adjusted EBITDA grew 10%.
Highlights from H1 include:
- The
Sylphar business acquisition closed onJanuary 13 . TheSylphar business has been integrated and a new organization put in place that leveragesSylphar's entrepreneurial strengths within digital marketing and digital commerce to drive organic growth across the entireKaro portfolio of brands. -
E45 transaction closed on
April 1 . Take-over of the brand from Reckitt is running according to plan with first commercial markets going live onJuly 1 (includingSpain andSouth Africa ). -
Fully subscribed rights issue of MEUR 250 completed securing financing of
Karo's recent acquisitions; change of listing venue to Nasdaq First North completed onMarch 23 . -
ESG targets released in connection with the 2021 Annual Report, setting a clear and ambitious agenda for
Karo's continued development at the forefront of the important sustainability agenda. -
Direct commercial organization established in
Spain , expandingKaro's footprint to one moreEU M5 market. -
Continued development of
Karo's commercial organization with a step-up in A&P investments and investments into digital commerce and digital assets. -
The
Karo organization remains highly engaged with eNPS scores increasing to 60 in June '22 (compared to 52 in June '21). -
As a response to the war in
Ukraine ,Karo donated pain killers (1.6m doses of paracetamol and ibuprofen) and hand sanitizers (Decubal Hand Wash andDAX Alcogel) to serve specific needs at Ukrainian hospitals and emergency units. The donations are a result of collaboration with global aid NGOs and the Swedish authorities and serve as a testament of the relevance of Karo's brand portfolio in serving important healthcare needs.
With the above moves we are a step closer to delivering on our promise of creating a highly efficient, leading European platform in everyday healthcare!
CEO
Significant events after period end
Nothing to report.
Financial calendar
Year-end report 2022
The Annual Report 2021 was released
Contact
+46 73-501 76 20 | +46 73-507 88 61 |
christoffer.lorenzen@karopharma.com | jon.johnsson@karopharma.com |
About
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https://news.cision.com/karo-pharma/r/interim-report-h1-2022,c3603764
https://mb.cision.com/Main/72/3603764/1606328.pdf
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