Good day, and thank you for standing by. Welcome to the Vistin Pharma Quarterly Report Q4 2024 Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask a question during the session, you will need to press star one one on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star one one again. Alternatively, you may submit your question via the webcast. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Magnus Tolleshaug, CEO. Please go ahead.
Thank you, and welcome everyone to this fourth quarter and the preliminary full-year results presentation of Vistin Pharma. My name is Magnus Tolleshaug, CEO of the company, and with me today in today's call, I have our CFO, Mr. Alexander Karlsen. I will now go through the highlights. The revenue of the fourth quarter ended at NOK 114 million versus NOK 111 million in the fourth quarter of 2023. A strong operational performance resulted in more volumes available for sale in the quarter, plus 11% versus the fourth quarter 2023. The 2024 full-year revenue ended at NOK 430 million compared to NOK 438 million last year. The sales volume increased by 4% in 2024, even with an unplanned stop in Line 2 in the first quarter, where our Line 2 was idle for several weeks, as previously communicated.
The EBITDA for the fourth quarter ended at NOK 28 million versus NOK 25 million in the fourth quarter of 2023. The EBITDA was positively affected by increased sales volume and good cost control in the quarter. We ended at a 2024 full-year all-time high EBITDA of NOK 104 million compared to NOK 86 million last year, a 21% increase. To sum up, somewhat lower realized prices, however, at higher margins. We had close to 1,500 metric tons produced in the fourth quarter, included a planned maintenance stop in October, reflecting good operational utilization of both our manufacturing lines. We have a strong balance sheet with an equity ratio of 80% and a net cash position of NOK 13 million as of year-end. The board of directors will propose for the annual general meeting an ordinary dividend of total NOK 1.25 per share to be paid in June.
Vistin, we are a pure-play metformin company supporting patients worldwide in a growing market. About 550 million adults are living with diabetes today. It is really one of the largest health emergencies in the 21st century. Metformin is the gold standard treatment of Type 2 diabetes. In Vistin Pharma, we have a good growth opportunity, being a leading global producer of premium quality metformin. If we look at the global market demand for metformin, it is expected to grow by 4%-6% on an annual basis on a compound annual growth rate basis. Vistin's global market share is today about 10% and will also be about 10% as the new capacity expansion is fully utilized. The reason for this is that we are growing in the growing global market. For those of you who have been following us for some time, you have seen this slide before.
It is of some age, but describes the global situation well. It is predicted that we have an increase of the number of people with diabetes in the world of increasing by 50% from 2019 to 2045, expected to end at around 780 million people. On the map, you can see the growth in the number of people predicted to have diabetes in the coming years. As mentioned, around 550 million people are living with diabetes today, and about 90% of patients with diabetes have Type 2 diabetes. Over three out of four adults with diabetes live in low and middle-income countries. This is important to notice since metformin is a safe drug with a high efficacy and a very affordable drug. The medication in these countries is typically paid out of pocket rather than reimbursed.
Also, around 6.7 million deaths every year are caused by diabetes, so it's really a global health emergency. If we look at the world map of where we are exporting, we are 100% global export from Vistin Pharma. Typically, we sell our API to reputable pharmaceutical companies globally, all the way from Japan in the east to the U.S. and Latin America in the west. The majority of our volumes go to Europe, where our API is transformed by our customers into drug product. Our API is sold in more than 100 countries around the world today. Vistin, we have had a long and successful growth track record. In 2022, we invested NOK 100 million in a second production line, and now it's nice to see it's materializing into sales, as you can see on the curve. With that, I will hand over to our CFO, Mr. Alexander Karlsen, who will take us through the financial details.
Thank you, Magnus. Let's start to have a look at the sales volume. The sales volume in the fourth quarter ended at 1,400 tons, up from around 1,260 tons in Q4 2023, which is an 11% increase. Looking at the annual numbers, we have a 4% increase in sales volume to 5,200 tons in 2024. As Magnus mentioned, this is even with the unplanned stop on Line 2 in the first quarter. Having a look at the revenue, we ended at close to NOK 114 million in the fourth quarter 2024, which is an increase from around NOK 111 million in the same quarter last year. The increase is driven by the increased sales volume. If you compare 2023 to 2024, we have in the latter generally lower global metformin prices as the raw materials have decreased from high post-pandemic levels. This means lower realized prices.
However, with good cost control and excellent commercial execution, we have achieved higher margins in 2024 compared to 2023. When it comes to the gross margin, we continue to see a very solid gross margin of 63%, coming from favorable economical of scale for raw material purchasing and stable production. As before, our long-term ambition is to have the gross margin above 60%. Looking at the EBITDA, which came in at around NOK 28 million, which is an 11% increase from NOK 25 million in the same quarter in 2023. It is affected by good cost control, increased sales volume. However, we see some headwinds with a stronger USD versus NOK as we purchase raw materials in USD. We also have an incentive plan expense of NOK 2 million booked in the quarter. The full-year EBITDA came in at around NOK 104 million in 2024, up from around NOK 86 million in 2023.
This gives an EBITDA margin last year of 24%, which is an increase from 20% in 2023. Looking at some key figures, we've been through already some of the numbers, but going down to depreciation came in at around NOK 4.5 million in the fourth quarter, a small increase from the same quarter last year. Earnings before taxes, interest and taxes, ended at NOK 23 million compared to NOK 20.5 million same quarter last year. We have a small net finance income, which is mainly related to mark-to-market value of future FX cash flow hedges for the EUR/NOK. Profit before tax ended at NOK 24.8 million in the quarter, while net profit ended at around NOK 19 million, which is a small increase from the same quarter last year. Having a more look at the balance sheet, fixed assets, mainly buildings and machines at our plant in Kragerø. Total non-current assets, around NOK 240 million.
As you can see, by in the fourth quarter, we have now fully utilized the deferred tax assets, which is related to the energy trading in 2020. Going more into the current assets, total around NOK 140 million, mainly consisting of inventory and receivables and some cash as of year-end. Total assets close to NOK 385 million. We continue to see some volatility in the transportation lead times. However, we have local safety stocks and are not having any infection on our production in 2024 or in the fourth quarter. Going to equity and liability side of the balance sheet, total equity of close to NOK 310 million, which gives an equity ratio of around 80%. We can see a decrease in share premium, which is driven by the total dividend payouts of close to NOK 80 million in 2024.
We had a strong cash conversion in the quarter, meaning that we, as of year-end, have no interest-bearing debt and net cash of around NOK 13 million. We also have additional credit facilities if needed. Looking at the non-current liabilities, mainly some pension liabilities, and total current liabilities is payments to our suppliers and other current liabilities. Total equity and liabilities close to NOK 385 million. I think that was all from me, Magnus, so I give the word back to you.
Thank you, Alexander. I will now go through a summary of the presentation. This has been another strong quarter with an EBITDA of NOK 28 million in the fourth quarter of 2024, with a gross margin of 63%. We had a sales volume increase of 11% compared to the same quarter last year. We had a 2024 full-year all-time high EBITDA of NOK 104 million compared to NOK 86 million last year, representing a 21% increase. The full-year sales volume in 2024 was affected by the unplanned production stop on Line 2 in the first quarter of this year. The metformin global market is expected to continue to grow by 4%-6% annually on a compound annual growth rate basis. The long-term renewable energy supply agreement signed with Statkraft until 2032 provides us predictable power prices irrespective of the market volatility and secures 100% green renewable hydropower long-term.
This is important for us. Vistin, we have an attractive growth potential as the remaining manufacturing capacity becomes fully available and optimized. We are strategically well positioned as many European clients prefer high-quality supplies, near shore production, and an attractive ESG profile. In Vistin, we have an ambition to pay out 50% of the net annual profit as dividend. However, the size of the dividend will be dependent on the company's financial capability and capital requirements for future growth. We've had a good development in dividends the past years. In 2023, we had NOK 0.75 in dividend. Last year, we had NOK 1 in dividend, and in 2025, it is proposed NOK 1.25 in dividend, showing a steady commitment to our shareholders. Vistin acquired 15% of CF Pharma in the first quarter this year and is exploring various strategic options for future growth. I think we are done with the fourth quarter presentation and are ready to open up for questions.
Thank you. As a reminder, to ask a question, please press star one one on your telephone and wait for your name to be announced. To withdraw your question, please press star one one again. Alternatively, you may submit your question via the webcast.
Yes. Thank you. We can see there is a question here related to CF Pharma and whether we intend to increase our ownership in CF Pharma. Our 15% minority post in CF Pharma brings us close to management of CF Pharma and the daily operations, so we are exploring various options for growth. Said that, we have in Vistin solid financials, so we have an opportunistic approach towards other ways to grow as well. It could be organically or via M&A activities or partnerships, so we are optimistic.
There is a question about the recycling project where we will reuse water instead of using tap water as previously. The project was completed in Q4 2024 and is now ramping up. Most of the savings will be realized from first quarter 2025 and onwards, and we expect some significant savings on that project and also some cost avoidance going forward as we generally see yearly decreases on the water and sewage costs from the municipality. It is a very good project for us, and we are very positive with it. I think that's all the questions we have received, at least so far, Magnus.
Yes.
There are no questions on the phone. I would now like to turn the conference back to Magnus Tolleshaug for closing remarks.
Thank you. I think without further questions, I think we are now ready to close and end the fourth quarter presentation. Thank you all for listening and wish you all a good day.
This concludes today's conference call. Thank you for participating. You may now disconnect.