Consolidated profit and loss account of AS "Olainfarm" for 2014 shows that the
Group has set the new sales record as it sold its products worth 93.7 million
euros. This represents an increase by 20% compared to 2013, when sales of AS
"Olainfarm" were 78 million euros.
Olaine, 2015-02-28 12:02 CET (GLOBE NEWSWIRE) -- Net profit of the Group in 2014 was 12.66 million euros, which is an increase by 0.5% compared to 2013, when profit of AS "Olainfarm" was 12,6 million euros.
"Although we have managed to set yet another sales record in history of "Olainfarm", significant changes in almost all of our key markets, including difficulty to deliver our products to several regions of Ukraine, currency devaluations in Ukraine, Russia, Kazakhstan and Belarus, prevented us from attaining the profit guidance. Instability in these important markets makes us put even more effort to star selling our final dosage and chemical products in other regions and pay a lot more attention at identification of potential acquisition targets, which have less dependency on CIS markets," says Valerijs Maligins, Chairman of the Board of AS "Olainfarm".
During 2014 sales to all company's main markets continued increasing except for Kazakhstan, UK and Uzbekistan, where sales shrunk by 32%, 32% and 11% respectively. The most rapid sales increase during 2014 was achieved in Poland, where sales grew by 434%, and in The Netherlands, where products of WHO's anti-tuberculosis program are being shipped. Sales to The Netherlands grew by 192%. Significant sales growth has also been achieved in Lithuania (by 60%) and Belarus (by 40%). Major sales markets of AS "Olainfarm" during 2014 were Russia, Latvia, Ukraine, Belarus and The Netherlands.
During 2014 38 registration cases have been approved in several countries, including such untraditional countries for AS "Olainfarm" as Peru, Mongolia, Bhutan, Romania and Kosovo. Several products are still in the process of obtaining MAs, among other countries, in Turkey, registration processes have been launched in Bosnia and Herzegovina and other new markets. Preclinical trials of R-fenotropil are being conducted and totally new forms and line extensions of existing products are being developed. Among other things the company works at development of a new nootropic medication, new product of nitrofurantoin group and a new food supplement.
Annual meeting of shareholders of A/s "Olainfarm" held on April 29, 2014 approved operating plan of the Group. According to it, sales of the Group in 2014 are planned to be 93 million euros, but the net profit will reach 15 million euros. According to this unaudited report for 2014, during this period 100.7% of annual sales target and 84% of annual profit target is met.
Interim consolidated statement of comprehensive income
Q4 2014 Q4 2013 2014 2013 ------------------------------------- EUR '000 ===================================== Net revenue 23 764 24 320 93 655 77 956 Cost of goods sold (6 571) (6 625) (29 489) (24 962) ------------------------------------- Gross Profit 17 193 17 695 64 166 52 994 Selling expense (8 329) (8 176) (27 946) (22 968) Administrative expense (4 841) (5 113) (16 895) (14 731) Other operating income 605 797 2 119 3 121 Other operating expense (195) (490) (2 200) (2 496) Share of profit of an associate 37 208 153 208 Financial income 63 52 187 145 Financial expense (3 562) (450) (4 728) (1 390) ------------------------------------- Profit Before Tax 971 4 523 14 856 14 883 Corporate income tax (91) (613) (2 225) (2 151) Deferred corporate income tax (324) (131) 31 (131) ================================================================================ PROFIT FOR THE REPORTING PERIOD 556 3 779 12 662 12 601 Other comprehensive income for the - - - - reporting period ------------------------------------- Total comprehensive income for the 556 3 779 12 662 12 601 reporting period Total comprehensive income attributable to: The equity holders of the Parent Company 558 3 901 12 664 12 732 Non-controlling interests (2) (122) (2) (131)
Basic and diluted earnings per share, EUR 0.04 0.28 0.90 0.90
Interim Consolidated Statement of Financial Position, Condensed 31.12.2014 31.12.2013 ----------------------------- EUR '000 ============================= ASSETS NON-CURRENT ASSETS Intangible assets 18 484 17 674 Property, plant and equipment 34 674 26 923 Financial assets 364 211 ----------------------------- TOTAL NON-CURRENT ASSETS 53 522 44 808 CURRENT ASSETS Inventories 18 692 16 294 Receivables and prepayments 28 693 30 454 Loans 4 279 2 175 Cash 2 141 2 097 ----------------------------- TOTAL CURRENT ASSETS 53 805 51 020 ============================================================================ TOTAL ASSETS 107 327 95 828
EQUITY AND LIABILITIES EQUITY Share capital 20 041 20 041 Share premium 2 504 2 504 Retained earnings 50 919 39 364 Non-controlling interests 9 78 ----------------------------- TOTAL EQUITY 73 473 61 987 LIABILITIES Non-current liabilities Borrowings 10 363 10 031 Deferred corporate income tax 2 266 2 297 Deferred income 2 054 535 ----------------------------- Total Non-Current Liabilities 14 683 12 863 Current liabilities Borrowings 6 929 7 046 Trade and other payables 8 027 11 628 Taxes payable 748 656 Deferred income 1 466 174 Accrued liabilities 2 001 1 474 ----------------------------- Total Current Liabilities 19 171 20 978 ----------------------------- TOTAL LIABILITIES 33 854 33 841 ============================================================================ TOTAL EQUITY AND LIABILITIES 107 327 95 828
JSC Olainfarm is one of the biggest pharmaceutical companies in Latvia with more than 40 years of experience in production of medication and chemical and pharmaceutical products. A basic principle of company's operations is to produce reliable and effective top quality products for Latvia and the rest of the world. Products made by the Group are being exported to more than 35 countries of the world, including the Baltics, Russia, other CIS, Europe, Asia, North America and Australia
Information prepared by:
Salvis Lapins JSC "Olainfarm" Member of the Management Board Rupnicu iela 5, Olaine, Latvia, LV 2114 Phone: +371 6 7013 717 Fax: +371 6 7013 777 E-mail: Salvis.Lapins@olainfarm.lv
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Olaine, 2015-02-28 12:02 CET (GLOBE NEWSWIRE) -- Net profit of the Group in 2014 was 12.66 million euros, which is an increase by 0.5% compared to 2013, when profit of AS "Olainfarm" was 12,6 million euros.
"Although we have managed to set yet another sales record in history of "Olainfarm", significant changes in almost all of our key markets, including difficulty to deliver our products to several regions of Ukraine, currency devaluations in Ukraine, Russia, Kazakhstan and Belarus, prevented us from attaining the profit guidance. Instability in these important markets makes us put even more effort to star selling our final dosage and chemical products in other regions and pay a lot more attention at identification of potential acquisition targets, which have less dependency on CIS markets," says Valerijs Maligins, Chairman of the Board of AS "Olainfarm".
During 2014 sales to all company's main markets continued increasing except for Kazakhstan, UK and Uzbekistan, where sales shrunk by 32%, 32% and 11% respectively. The most rapid sales increase during 2014 was achieved in Poland, where sales grew by 434%, and in The Netherlands, where products of WHO's anti-tuberculosis program are being shipped. Sales to The Netherlands grew by 192%. Significant sales growth has also been achieved in Lithuania (by 60%) and Belarus (by 40%). Major sales markets of AS "Olainfarm" during 2014 were Russia, Latvia, Ukraine, Belarus and The Netherlands.
During 2014 38 registration cases have been approved in several countries, including such untraditional countries for AS "Olainfarm" as Peru, Mongolia, Bhutan, Romania and Kosovo. Several products are still in the process of obtaining MAs, among other countries, in Turkey, registration processes have been launched in Bosnia and Herzegovina and other new markets. Preclinical trials of R-fenotropil are being conducted and totally new forms and line extensions of existing products are being developed. Among other things the company works at development of a new nootropic medication, new product of nitrofurantoin group and a new food supplement.
Annual meeting of shareholders of A/s "Olainfarm" held on April 29, 2014 approved operating plan of the Group. According to it, sales of the Group in 2014 are planned to be 93 million euros, but the net profit will reach 15 million euros. According to this unaudited report for 2014, during this period 100.7% of annual sales target and 84% of annual profit target is met.
Interim consolidated statement of comprehensive income
Q4 2014 Q4 2013 2014 2013 ------------------------------------- EUR '000 ===================================== Net revenue 23 764 24 320 93 655 77 956 Cost of goods sold (6 571) (6 625) (29 489) (24 962) ------------------------------------- Gross Profit 17 193 17 695 64 166 52 994 Selling expense (8 329) (8 176) (27 946) (22 968) Administrative expense (4 841) (5 113) (16 895) (14 731) Other operating income 605 797 2 119 3 121 Other operating expense (195) (490) (2 200) (2 496) Share of profit of an associate 37 208 153 208 Financial income 63 52 187 145 Financial expense (3 562) (450) (4 728) (1 390) ------------------------------------- Profit Before Tax 971 4 523 14 856 14 883 Corporate income tax (91) (613) (2 225) (2 151) Deferred corporate income tax (324) (131) 31 (131) ================================================================================ PROFIT FOR THE REPORTING PERIOD 556 3 779 12 662 12 601 Other comprehensive income for the - - - - reporting period ------------------------------------- Total comprehensive income for the 556 3 779 12 662 12 601 reporting period Total comprehensive income attributable to: The equity holders of the Parent Company 558 3 901 12 664 12 732 Non-controlling interests (2) (122) (2) (131)
Basic and diluted earnings per share, EUR 0.04 0.28 0.90 0.90
Interim Consolidated Statement of Financial Position, Condensed 31.12.2014 31.12.2013 ----------------------------- EUR '000 ============================= ASSETS NON-CURRENT ASSETS Intangible assets 18 484 17 674 Property, plant and equipment 34 674 26 923 Financial assets 364 211 ----------------------------- TOTAL NON-CURRENT ASSETS 53 522 44 808 CURRENT ASSETS Inventories 18 692 16 294 Receivables and prepayments 28 693 30 454 Loans 4 279 2 175 Cash 2 141 2 097 ----------------------------- TOTAL CURRENT ASSETS 53 805 51 020 ============================================================================ TOTAL ASSETS 107 327 95 828
EQUITY AND LIABILITIES EQUITY Share capital 20 041 20 041 Share premium 2 504 2 504 Retained earnings 50 919 39 364 Non-controlling interests 9 78 ----------------------------- TOTAL EQUITY 73 473 61 987 LIABILITIES Non-current liabilities Borrowings 10 363 10 031 Deferred corporate income tax 2 266 2 297 Deferred income 2 054 535 ----------------------------- Total Non-Current Liabilities 14 683 12 863 Current liabilities Borrowings 6 929 7 046 Trade and other payables 8 027 11 628 Taxes payable 748 656 Deferred income 1 466 174 Accrued liabilities 2 001 1 474 ----------------------------- Total Current Liabilities 19 171 20 978 ----------------------------- TOTAL LIABILITIES 33 854 33 841 ============================================================================ TOTAL EQUITY AND LIABILITIES 107 327 95 828
JSC Olainfarm is one of the biggest pharmaceutical companies in Latvia with more than 40 years of experience in production of medication and chemical and pharmaceutical products. A basic principle of company's operations is to produce reliable and effective top quality products for Latvia and the rest of the world. Products made by the Group are being exported to more than 35 countries of the world, including the Baltics, Russia, other CIS, Europe, Asia, North America and Australia
Information prepared by:
Salvis Lapins JSC "Olainfarm" Member of the Management Board Rupnicu iela 5, Olaine, Latvia, LV 2114 Phone: +371 6 7013 717 Fax: +371 6 7013 777 E-mail: Salvis.Lapins@olainfarm.lv
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