First quarter 2013
• Net sales amounted to MSEK 25.4 (30.6). Net sales for 2012 included minimum royalties of MSEK 3.8 from NextFoods pursuant to the agreement applicable then.
• Operating profit totaled MSEK 6.0 (8.5). Operating profit for 2012 included minimum royalties of MSEK 3.8 from NextFoods pursuant to the agreement applicable then.
• Profit after tax amounted to MSEK 4.9 (6.4).
• Proft after tax per share was SEK 0.54 (0.71).
• Cash flow amounted to MSEK 8.6 (9.7).
Significant events during the first quarter
• Probi signed a new agreement with NextFoods, USA, pertaining to strengthen the GoodBelly partnership.
“The first quarter of 2013 was one of our best quarters to date in terms of revenue and the net margin of 25 percent is above our target. Compared with the first quarter of 2012, net sales were lower due to the non-payment of minimum royalties from NextFoods as per our new agreement and the reduction of the royalty rate for ProViva in Sweden. The trend in the key North American market, both in terms of existing and potential partners, is very promising. We also note increasing interest in our offering in several markets in Asia and Eastern Europe and we are focusing on finding new distribution solutions there. In parallel with this, we are preparing new EFSA studies into gastrointestinal health and the immune system and plan to start these during the second half of 2013,” says Michael Oredsson, CEO of Probi.
On Probi´s Annual General Meeting on April 24, 2013, the following was resolved:
- The Annual General Meeting approved the Annual Report and the Boards proposal for a dividend for the financial year 2012 corresponding to 0.75 SEK per share.The record date was set for April 29, 2013.
- The Annual General Meeting discharged the Board and the CEO from liability for the financial year 2012.
- The board shall consist of six members without any deputies. Reelected members were Benedicte Fossum, Mats Lidgard, Per Lundin, Jan Nilsson and Eva Redhe Ridderstad. Newly elected was Declan McFadden. Per Lundin was reelected as Chairman of the Board. All in accordance with the nomination commitees proposal.
- The board fee was decided to a total of 1,050,000 SEK, whereof 300,000 SEK to the chairman and 150,000 SEK to each of the other members.
- The board´s proposal regarding guidelines for renumeration of senior executives was approved.
- The board was authorized, in accordance with the proposal, for the period until the next General Meeting on one or several occations to decide on buyback or transfer of treasury shares. The company´s holding of treasury shares may not exceed 10 per cent of total shares.
- The board was authorized, in accordance with the proposal, for the period until the next General Meeting on one or several occations to decide on a new issue of shares up to a total of 936,530 shares. The Board is entitled to disregard shareholders´ right of precedence, but only if the rights issue will be paid by contribution in kind in connection with an acquisition. If the authorization is utilized in full, this means approximately a 9 per cent dilution of the share capital and voting rights.
- The Probi nomination committee shall consist of three shareholder representatives and the Annual General Meeting selected Heinz-Jürgen Bertram (Symrise), Jimmy Bengtsson (Skandia Liv) and Bengt Jeppsson (Professor, Surgical Faculty, Lund University).