2014-04-29 15:00:49 CEST

2014-04-29 15:01:55 CEST


REGULATED INFORMATION

English
Össur hf. - Financial Statement Release

Össur - Q1 Results 2014 


Highlights Q1 2014

  * Net profit increased by 96% and amounted to USD 11 million or 9% of sales,
    compared to USD 6 million and 6% of sales in Q1'13.
  * Sales amounted to USD 121 million compared to USD 97 million in Q1'13,
    corresponding to a 24% growth and 6% organic growth, both measured in local
    currency.
  * Bracing and supports sales growth was 28% and 2% organic, both measured in
    local currency.
  * Prosthetics sales growth was 19% and 12% organic, both measured in local
    currency.
  * Gross profit amounted to USD 76 million and 63% of sales, compared to USD
    60 million and 62% of sales in Q1'13.
  * EBITDA amounted to USD 20 million and 17% of sales, compared to USD 14
    million and 14% of sales in Q1'13.
  * Cash generation is seasonally weak in Q1 and cash generated by operations
    amounted to USD 12 million and 10% of sales, compared to USD 9 million and
    9% of sales in Q1'13.
  * On 2 April 2014 Össur amended and extended the Company's long term financing
    by three years, or until 2019, with its banking partners ING, Nordea and
    SEB. Current average interest terms are 105 bps + LIBOR/EURIBOR, changing in
    line with financial leverage.

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% of sales.
  * CAPEX in the range of 2.5-3.5% of sales.
  * Effective tax rate around 26%.

Jón Sigurðsson, President & CEO, comments:"The  results of the first quarter are in line with our expectations. We see yet
another  quarter  with  good  profitability  and  net profit is doubling between
years.   Cost   reduction  initiatives  in  2013 and  process  improvements  are
contributing  and we  are pleased  to see  continued stabilization of the market
conditions  in the  US prosthetics  market. Performance  in EMEA continues to be
good.  At the  beginning of  April, long  term financing  was extended  by three
years,  or until 2019. The terms and conditions reflect Össur's strong financial
profile and good prospects."

Conference Call - 30 April at 12:00 CET

Össur will host a conference call on Wednesday 30 April 2014 at 12:00 CET/
10:00 GMT/ 6:00 EDT.
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#1781014]