2015-02-05 21:59:20 CET

2015-02-05 22:00:20 CET


REGULATED INFORMATION

English
Össur hf. - Financial Statement Release

Ossur - Q4&FY Results 2014 


Highlights Full Year 2014
  * Net profit increased by 45% and amounted to USD 59 million or 12% of sales,
    compared to USD 41 million or 9% of sales in 2013.
  * Sales amounted to USD 509 million compared to USD 436 million in 2013,
    corresponding to 18% growth and 5% organic growth, both measured in local
    currency.
  * Bracing and supports sales growth in 2014 was 18% and 1% organic, both
    measured in local currency.
  * Prosthetics sales growth in 2014 was 17% and 11% organic, both measured in
    local currency.
  * Gross profit amounted to USD 323 million and 63% of sales, compared to USD
    270 million and 62% of sales in 2013.
  * EBITDA increased by 38% and amounted to USD 104 million or 20% of sales,
    compared to USD 75 million or 17% of sales in 2013. EBITDA margin adjusted
    for one-time expenses was 18% of sales in 2013.
  * Cash generated by operations amounted to USD 98 million or 19% of sales,
    compared to USD 73 million or 17% of sales in 2013.
  * Two small acquisitions were completed in the Asia-Pacific segment, APAC
    (previously referred to as Asia segment) during the year, which further
    strengthened the sales platform.
  * The Board of Directors will propose to the Annual General Meeting in 2015
    that the Company pays a cash dividend of DKK 0.12 per share for 2014, an
    increase of 20% from 2013 and equivalent to 14% of net earnings in 2014.
  * The Board of Directors will also propose to the Annual General Meeting to
    reduce the share capital by cancelling 7,456,755 of the Company's own
    shares.


Highlights Q4 2014
  * Net profit increased by 5% and amounted to USD 15 million or 12% of sales,
    compared to USD 14 million or 11% of sales in Q4 2013.
  * Sales amounted to USD 129 million compared to USD 128 million in Q4 2013,
    corresponding to 6% growth and 5% organic growth, both measured in local
    currency.
  * EBITDA increased by 7% and amounted to USD 26 million or 20% of sales,
    compared to USD 24 million or 19% of sales in Q4 2013. EBITDA growth
    amounted to 14% in local currency in the quarter.
  * Cash generated by operations amounted to USD 29 million or 23% of sales,
    compared to USD 29 million or 22% of sales in Q4 2013.
  * In November 2014, Össur purchased 9,863,578 of its own shares (2.2% of the
    Company's share capital) for USD 29 million.


Financial Guidance for 2015

The financial guidance for the full year of 2015 is as follows:

  * Total sales growth LCY in the range of 4-6%
  * Organic sales growth LCY in the range of 3-5%
  * EBITDA margin in the range of 20-21% of sales
  * Capital expenditures in the range of 2.5-3.5% of sales
  * Effective tax rate around 26%


Jón Sigurðsson, President & CEO, comments:"We  closed the  year with  yet another  strong quarter despite adverse currency
fluctuations which negatively impacted our operating results. This year has been
excellent  operationally  with  strong  profitability  and  cash  flow.  We have
successfully   been   harvesting   from  our  efficiency  improvement  projects.
Prosthetics  sales growth was excellent across all our major markets and product
lines  with good  contribution from  the latest  bionic product,  RHEO KNEE(®)3.
Sales  growth  in  bracing  and  supports  was  in  line  with expectations. Our
continued  emphasis  on  increased  profitability  from  product rationalization
efforts  and focus on selling high end innovative products is yielding promising
results."



Conference Call
Össur will host a conference call on Friday 6(th) February 2015 at 10:00 CET/
9:00 GMT/ 4:00 EDT. To participate in the call please dial:
Europe: + 45 3544 5580, +44 (0) 203 364 5374 or +46 (0) 8 505 564 74,
The United States: + 1 855 753 2230,
Iceland: +354 800 7416






[HUG#1892341]