Weifa ASA : Stronger key brand positions after solid operational quarter

Oslo, 22 October 2014

Weifa ASA (OSE: WEIFA) had revenues of NOK 63.9 million in the third quarter, mainly reflecting revenues of Weifa AS from 15 August 2014, when it was acquired and listed as a public company under the name Weifa ASA.

EBITDA was negative at NOK 30.0 million for the period, including additional cost of sales of NOK 29.7 million relating to the sale of inventory re-valued as part of the purchase price allocation for Weifa AS, and costs relating to the acquisition.

For the third quarter as a whole, Weifa AS, on a stand-alone basis, had revenues of NOK 118 million and an EBITDA of NOK 22 million.

       - Weifa's consumer health business consolidated its number one position in the Norwegian pharmacy channel during the third quarter. The metformin business received important approvals from the US Food and Drug Association, while our opioids business took important initial steps in our 'Poppy to pill' strategy to become an even broader supplier, says CEO Kjell-Erik Nordby.
        
       - In line with our innovation strategy, we have also brought new and attractive consumer health products to market in the quarter. The launch of Proxan strengthens our position as the number one player in the pain market, while the launch of Weifa C supports our strong ambition to become the fastest growing player within "Cough & Cold, he comments.

Weifa AS was acquired for NOK 1,127 million in the third quarter and the company changed its name to Weifa ASA. The marine and offshore activities were spun off and listed on the Oslo Stock Exchange as Aqualis ASA in August. Following the acquisition and the spin-off, the company raised gross proceeds of NOK 115.2 million through a private placement.

Weifa will give a presentation today at 08:30 CET at Felix Konferansesenter, Bryggetorget 3, Oslo, Norway. CEO Kjell-Erik Nordby and CFO Gunnar Manum will represent the company.

The third quarter report and presentation is attached, and will also be made available on www.weifa.no.

For further information, please contact:
Gunnar Manum
CFO
+47 95 17 91 90
gunnar.manum@weifa.no