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“Selective marketing efforts deliver results! It is extremely satisfying to get confirmation that the choices we made in the form of selected market initiatives have given the desired or even better results than expected.”
— HÅKAN LAGERBERG, CEO – SWEDENCARE AB (PUBL)
SALES AND EARNINGS (Q3/2017):
- Summary of the period
- Financial Reports
- Corporate Governance
- In the Press
“Successful sales in China while the main markets are picking up the pace.”
THIRD QUARTER: July 1st – September 30th 2017
• Net revenue amounted to 21 593 KSEK (13 438 KSEK), a rise of 60,7%.
• (EBITDA) amounted to 6 190 KSEK (4 740 KSEK), corresponding to an EBITDA-margin of 28,7% (35,1%).
• Operating profit after depreciation (EBIT) amounted to 4 260 KSEK (4 254 KSEK), corresponding to an EBIT-margin of 19,7% (31,5%).
• Net income amounted to 3 169 KSEK (3 238 KSEK).
• Profit per share, based on 15 770 622 shares 0,20 SEK (0.21 SEK).
• At September 30th 2017 cash amounted to 22 018 KSEK (36 722 KSEK).
FIRST 9 MONTHS: January 1st – September 30th 2017
• Net revenue amounted to 62 852 KSEK (38 333 KSEK), an increase of 64%.
• (EBITDA) amounted to 16 733 KSEK (12 240 KSEK), corresponding to an EBITDA-margin of 26,6% (31,7%).
• Operating profit after depreciation (EBIT) amounted to 11 371 KSEK (10 895 KSEK), corresponding to an EBIT-margin of 18,1% (28,2%).
• Net income amounted to 7 974 KSEK (9 163 KSEK).
• Profit per share, based on 15 770 622 shares 0,51 SEK (0,59 SEK).
• Cash flow from operating activities amounted to 6 296 KSEK (4 429 KSEK).
Significant events during the third quarter:
• Swedencare has noted an increasing interest from institutional investors. During July a foreign institution, which has not previously been a shareholder, acquired 1,9% of the shares in Swedencare from the main shareholders (Håkan Svanberg & Co Health Care AB, Mastan AB and JCC Group Invest Sweden AB).
• Swedencare’s ProDen PlaqueOff Dental Bites was awarded the VOHC-seal for scientifically proven results of plaque and tartar control.
Significant events after the third quarter:
• Swedencare and Musti Group launch a new and unique product line – Cat dry feed containing ProDen PlaqueOff®
• Swedencare change Certified Adviser from Remium Nordic AB to FNCA Sweden AB as of October 27th 2017.
Words from the CEO:
Selective marketing efforts deliver results! It is extremely satisfying to get confirmation that the choices we made in the form of selected market initiatives have given the desired or even better results than expected.
We are, as you all know, active in an extremely interesting industry where, in principle, all markets and segments continue to grow. The number of pets grows in number, and more families choose to view their pet and its health and well-being as a high priority. Since most people now view their pets as a family member, it is natural that they are also prepared to spend a lot more to care for their four-legged friends. Thus, there is an industry filled with opportunities. With this I do not want to say that it is self-written to succeed – it still requires a clear plan, expertise, superior products and an immense drive as well as some timing. We believe that we have these parts in place and that it contributes strongly to our sales and earnings development.
With the help of our ProDen Plaque Off line, we have managed to establish ourselves as an interesting supplier and partner to veterinarians, specialty pet retail chains and pharmacies worldwide. The number of inquiries who want to buy our products and collaborate is constantly increasing. In this report we will display images from a selection of the exhibitions and events we participated in during the quarter. It is both a necessary and rewarding way to get direct response from customers as well as end consumers.
As I predicted in the previous report, we were able in Q3 to increase our sales and improve the margins due to the efforts and investments we made in Q2. Our sales so far this year have already exceeded 2016 total sales and Q4 has started strongly so I look forward to the year end closing. As for our different markets, all major markets deliver well, while Asia accounts for the biggest increase compared to Q3 last year.
In the US, we took the last extraordinary selling costs for our new Dental Bones during July. We have now provided these to all distributors in the US and in August / September, a lot of products was delivered to Canada from our warehouse in Seattle. The North American market is now well-supplied and we can focus on helping our big customers to work on the end-users in various ways, both with shop events and online campaigns.
In Europe, we are now looking forward to launching the Dental Bones at the end of Q4 2017 and during Q1 2018. The market has shown great interest and the chewbones will be introduced widely in most European countries in both veterinary and pet specialty stores.
During the past quarter, we have increased our NutriScience sales, especially in the UK. For other European markets, for example the Nordic region, it will be during Q4 2017 and Q1 2018 that the launch will result in larger sales volumes.z
Asia, mainly Japan and China, account for the majority of the sales during the quarter. Our partner in China has exceeded our expectations and we have jointly managed to inform and convince the market about the benefits of giving ProDen PlaqueOff to China’s pets. During the quarter, we were at Asia’s largest pet fair (see picture on page 9) and in addition we have had a number of training sessions / presentations for veterinarians in, for us, new regions. 2017 has been characterized by a veterinary initiative, in 2018 the focus will be Pet specialty retailers in the form of physical and online stores. We also held a board meeting in Shanghai while the big fair took place and the entire board were very impressed with what our Chinese partner has achieved and the power of the growth in the Chinese market.
In October, together with Musti Group, we have launched a new Cat Feed Line, which includes ProDen Plaqueoff in all dry feed flavorings. I look forward to being able to report on this and other feed projects during forthcoming quarterly reports. These partnerships open up a new part of the market, which we do not expect will compete with our existing products, on the contrary, it will give us a new group of customers for the most part while increasing awareness of the ProDen PlaqueOff® brand.
For our Dental Bites, we see that new business opportunities will open thanks to the successful clinical studies we conducted during the year. With these studies we have been granted the right to use the VOHC seal on our Dental Bites bags. The Veterinary Oral Health Council (VOHC) is an organization that only grants the right to use their seal on products with scientifically proven effects. Only about 20 products have achieved this status, as the requirements are high, both in terms of the design of the studies and proven results.
Even though we have been successful in recent years, both in terms of expanding the product offering and strengthening the distribution network, we still have a lot left. Today we reach a couple of percentages of the potential market, the rest we are actively working to reach with existing and new products.
To sum it up, I can proudly say that the entire organization, as well as our partners, are full of energy and will do everything possible to finish the year in the best possible way!
Read the interim report in its entirety here.
FOR FURTHER INFORMATION:
Håkan Lagerberg, CEO
Tel: +46 (0)735-170 170, E-mail: email@example.com
Jenny Graflind, CFO
Tel: +46 (0)739-448 554, E-mail: firstname.lastname@example.org
Swedencare develops, markets and sells premium products within animal health. The operations are conducted from the headquarters in Malmö and the subsidiaries in Sweden, the United States, France, Great Britain and Ireland. The company’s product portfolio is represented on approximately fifty markets in all parts of the world through its own sales companies and external distributors.
Denna information är sådan information som Swedencare AB (publ) är skyldigt att offentliggöra enligt EU:s marknadsmissbruksförordning och lagen om värdepappersmarknaden. Informationen lämnades, genom ovanstående kontaktpersoners försorg, för offentliggörande den 26 oktober 2017 kl. 08.30 CET.
Calendar Period: 2017/2018
|22 February, 2018||Report Q4 2017 (1 January – 31 December 2017)|
|28 February, 2018||Proposals to the Nomination Committee must be submitted according to Dec 7th 2017 press release|
|24 April, 2018||Annual General Meeting. Address: Medeon Science Park, Malmoe, Sweden|
|26 April, 2018||Interim Report Q1 2018 (1 January – 31 March 2018)|
|23 August, 2018||Interim Report Q2 2018 (1 January – 30 June 2018)|
|25 October, 2018||Interim Report Q3 2018 (1 January – 30 September 2018)|
Links to quarterly reports and
annual reports for Swedencare AB (publ).
Below are listed the largest shareholders in
Swedencare AB (publ) as of 31 December 2017.
|Håkan Svanberg & Co Health Care AB||5,070,982||32.15%|
|Mastan AB (Håkan Lagerberg via company)||2,102,352||13.33%|
|JCC Group Invest Sweden AB (Johan Bergdahl via company)||2,102,351||13.33%|
|SEB Life International (Swedia Capital AB)||800,786||5,08%|
|AMF Aktiefond Småbolag||755,000||4.79%|
|Aktia Nordic Micro Cap Fund||516,614||3.28%|
|Timer Hill Europe AG (Martin Shimko – CEO Swedencare USA)||301,364||1.91%|
|Nordnet Pensionsförsäkring AB||297,212||1.88%|
|Grandeur, Fund BBHBOS||223,855||1.42%|
|ML, Pierce Fenner & Smith Inc.||222,173||1,41%|
|Granit Fonder Småbolag||216,265||1,37%|
|BNP PARIBAS (Hans Persson – CEO Swedencare Frankrike)||199,750||1,27%|
|KBC Securities (Ecuphar NV)||195,122||1,24%|
|Tedcap AB (Thomas Eklund via company)||190,000||1,20%|
|Per Malmström Consulting AB||120,000||0,76%|
For the current price and other share-related information,
please refer to NASDAQOMX First North.
First North is an alternative marketplace operated by OMX Nordic Exchange Stockholm. Companies whose shares are traded on First North are not obliged to comply with the same rules as listed companies, but a less extensive regulatory framework applied to preferably smaller companies and growth companies. A placement in a company whose shares are traded on First North may therefore be more risky than a placement in a listed company. All companies whose shares are traded on First North have a Certified Adviser that oversees the company’s compliance with First North’s regulatory framework for providing information to the market and investors. Certified Adviser reviews companies whose shares are to be traded on First North. OMX Nordic Exchange Stockholm accepts the application for admission to such trade.
|Certified Adviser:||FNCA Sweden AB – phone: +46(8) 528 00 399 – Email: email@example.com – Address: Box 5807, 102 48 Stockholm, Sweden|
Links to public presentations
of Swedencare AB (publ).
|11 September, 2017||Swedencare AB (publ) – Investor Presentation SvD Börsplus 11 Sept 2017|
|30 August, 2016||Swedencare AB (publ) – Interim Report (Q2)|
|21 April, 2016||Swedencare AB (publ) – Company Presentation|
Legal Organization /
Board and Management.
The parent company Swedencare AB (publ) is responsible for the strategy, business planning and management. This is done by the control of trademarks and patents, sales rights, cooperation agreements and as parent company of the subsidiaries. The Company and headquarter is located at Medeon Science Park in Malmö, Sweden.
Swedencare owns 100% of the shares to all subsidiaries/sales companies which are responsible for the sales and marketing for its individual regions. The subsidiaries provide a monthly financial report as well as a sales progress to Swedencare. The group also have a common ERP-system where orders and invoices are registered. The system enable an effective production planning at the same time as the subsidiaries can track the order progress. Through the local market knowledge of the subsidiaries the marketing can be customized and the local customer preferences and new products can easily and effectively be identified. The subsidiaries are located and managed in France, Great Britain, Ireland, Sweden and the US.
Board of Directors (BoD) and Management
The Board of Directors are responsible for the Company’s strategic and financial targets and, together with the management, for the strategic planning. In the BoD, there is an extensive experience of international sales and marketing as well as a wide international network. The Managing Director and CFO are responsible to provide a business plan in line with the BoDs strategic and financial targets. They are also responsible for financial planning, and questions and communication with the stock exchange. The CEO of the Company, together with the managing directors of the subsidiaries, is a management team responsible for product development as well as sales and marketing.
Board of Directors of Swedencare
Member of the board since 2014 – Born 1961.
• President of the board since 2014. Background from the financial sector, among others SEB, Aragon Fondkommission, CFO at Adera AB 1998-2001 (Addnode AB), as well as several Board memberships. Bachelor of economics from Örebro Högskola.
• Managing Director and member of the board at Per Malmström Consulting AB. President of the board in K3 Nordic AB, K3 Travel AB, Håkan Svanberg & Co Health Care AB and Nordiska IT-lagret.
Member of the board since 2014 – Born 1968.
• International experience from leading positions in private and public companies. International Jur. Kand from Lunds University. Post graduate in International Trade Law from University of Torino in Italy.
• Board member in all subsidiaries of Swedencare. President of the board in One CC AB. Member of the board in HAOLAG AB and Mastan AB. Deputy of the board in Cellares AB and Comera AB.
Member of the board since 2014 – Born 1970.
• Entrepreneur and owner to several companies within sales, IT and property management. Degree in Market economy from Nercia Business School.
• President of the board in Local Market Sweden AB and BR Group AB. Member of the board in Comera AB, JCC Group AB, JCC Group Invest AB, Junikvisten 10 AB, Rostastrand Holding AB, BR Group Holding AB, BR Group Fastigheter AB, Storgatan Fastigheter AB and Trygghandel AB.
Member of the board since 2016 – Born 1967.
• Advisor to Patricia AB (Investor AB) and former Managing Director of Investor Growth Capital in Europe. Extensive experience of investments and business development within the healthcare market.
• President of the board in BoMill AB, Swevet AB, Sedana Medical AB, Itrim Holding AB. Member of the board in Boule Diagnostics AB, Biotage AB, Rodebjer Form AB, Moberg Pharma AB (publ), Neoventa Medical AB, TEDCAP AB, Memira Holding AB and Eklund konsulting AB.
Member of the board since 2014 – Born 1957.
• Member of the board in SDC Distribution AB since 2014. Entrepreneur and owner to several companies within IT, travel and finance. Master in Philosophy from Örebro University.
• Managing Director in Håkan Svanberg & Co Utveckling AB. Managing Director and member of the board in Nordiska IT Lagret AB. Member of the board in K3 Nordic AB, Håkan Svanberg & Co Health Care AB, Aqua System Sweden AB, Treberg Holding AB, Kontosmart AB, Örebro Läktaren AB, Intelligent Marketing Nordic AB, Spintr AB, Engelbrekt Finans AB, Engelbrekt Inkasso AB and Engelbrekt Factoring AB. Deputy of the board in Chief Holding AB.
|Håkan Lagerberg||CEO & Managing Director|
|Per Malmström||President of the Board|
Articles of Association for
Swedencare AB (publ) (556470-3790)
§ 1 COMPANY NAME
The company name is Swedencare AB (publ). Public company.
§ 2 REGISTERED OFFICE
The registered head office of the company is in the municipality of Malmö.
§ 3 OBJECTS OF THE COMPANY
The company objective is, directly or indirectly, the development, manufacture and sale of products within the area of animal healthcare and preventive dental care and other business compatible therewith.
§ 4 SHARE CAPITAL
The share capital shall be not less than SEK 500,000 and not more than SEK 2,000,000.
§ 5 NUMBER OF SHARES
The number of shares shall be not less than 10,000,000 and not more than 40,000,000.
§ 6 FINANCIAL YEAR
The company’s financial year shall be calendar year.
§ 7 BOARD OF DIRECTORS
The board of directors shall consist of not less than three and not more than seven board members with not more than two deputy board members. The board members and deputy board members are elected annually for the period until the close of the first annual general meeting held after the year in which the board member or deputy board member was appointed.
§ 8 AUDITOR
For audit of the company’s annual report, the accounts and the administration of the board of directors and managing director, not less than one auditor and not more than two auditors with or without deputy auditors shall be elected.
§ 9 ANNUAL GENERAL MEETING
The following matters shall be addressed at the Annual General Meeting:
1. Election of a chairman at the meeting;
2. Preparation and approval of the voting list;
3. Election of one (1) or two (2) persons to verify the minutes of the meeting;
4. Approval of the agenda;
5. Determination of whether the meeting was duly convened;
6. Submission of the annual report and the auditor’s report, and if applicable, the group accounts and the auditor’s report for the group;
(a) regarding the adoption of the income statement and balance sheet, and if applicable, the consolidated income statement and the consolidated balance sheet
(b) regarding allocation of profit or loss in accordance with the adopted balance sheet
(c) regarding the discharge from liability of the board members and, where applicable, of the managing director;
8. Determination of fees for the board of directors and, where applicable, for the auditors;
9. Election of the board of directors and auditors; and
10. Other matters which rest upon the meeting according to the Swedish Companies Act or the company’s articles of association.
§ 10 NOTICE TO ATTEND
Notice to attend a general meeting shall be advertised in Post- och Inrikes Tidningar (The Official Swedish Gazette) and on the company website. At the time of notice, information about the notice shall be advertised in Dagens Industri. The notice shall immediately, and at no cost for the recipient, be sent by post to those shareholders who so request and state their address.
Notice to attend an annual general meeting and notice to attend an extraordinary general meeting at which the issue of alterations of the articles of association is to be addressed shall be issued not earlier than six weeks and not later than four weeks prior to the meeting. Notice to attend an extraordinary general meeting other than such as mentioned above shall be issued not earlier than six weeks and not later than two weeks prior to the general meeting.
§ 11 APPLICATION IN ADVANCE
A shareholder, who wishes to participate at the general meeting, shall (i) be included in the transcript or other record of the share register as of five days before the meeting (ii) notify the company thereof not later than on the date specified in the notice to attend the general meeting. Such a date may not be a Sunday, other public holiday, Saturday, Midsummer Eve, Christmas Eve or New Year’s Eve and may not occur earlier than the fifth weekday prior to the general meeting. If the notice to attend the general meeting does not state a last day for notification, then notification is not required in order to participate at the general meeting. A shareholder who wishes to be accompanied by advisors at a general meeting shall state the number of advisors (not more than two) accompanying the shareholder in the application.
§ 12 CSD CLAUSE
The company’s shares shall be registered in a CSD (central securities depository) register in accordance with the Financial Instruments (Accounts) Act (1998:1479).
Articles of Association adopted at the general meeting held on March 7, 2016.
Links to articles about
Swedencare AB (publ) in the press.
|31 October, 2017||Interview with CEO Håkan Lagerberg (Q3 2017) [in Swedish]. Read more »|
|1 September, 2017||High demands on the pet’s purveyor Swedencare. Read more »|
|25 August, 2016||Swedencare AB (publ) – Interim Report (1 January – 30 June, 2016). Read more »|
|23 May, 2016||Swedencare taking in 30 million SEK. Read more »|
|17 May, 2016||Fido’s dental hygienist going public. Read more »|
|15 February, 2016||Swedencare won Enterprise Awards. Read more »|
|20 January, 2016||Swedencare AB (publ) acquires SV Distribution. Read more »|
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