Consolidated sales of AS Olainfarm during the first quarter of 2016 were 26.1
million euros, which represents a reduction by 3% compared to the same period
one year ago. The net profit during this period was 3.1 million euros, which is
a reduction by 52% compared to first quarter of 2015. Provisions of 1 million
euros have been made for receivables from Ukrainian partners. The major sales
markets during this period were Latvia, Russia, Ukraine and Belarus.
Olaine, 2016-05-31 17:37 CEST (GLOBE NEWSWIRE) -- "This year has started with rather unpredictable environment in several CIS countries, where we see worsening of economic situation, governmental activities targeted at protection of local markets and support of local producers. Several of these activities have influences our sales adversely. Therefore we plan to place part of production in these countries of acquire a daughter company there, which would allow at least partially mitigating the effects," says Valerijs Maligins, Chairman of the Board of AS Olainfarm.
During the 1st quarter of 2016 sales to all company's main markets continued increasing except for Russia, where they shrunk by 38%, compared to 1st quarter of 2015. This fact, combined with good sales growth in Latvia, has made Latvia to be the biggest market for the Group during 1st quarter of 2016. The most rapid sales increase has been achieved in Poland, where sales grew by 181%. Sales to Turkmenistan grew by 162%, Sales to Uzbekistan grew by 134% and sales to Belarus grew by 77%.
During this period significant changes have occurred to the structure of bestselling products, as Adaptol has become the bestselling product, leaving a long term leader Neiromidin in the second place. Share of the bestselling products has also levelled out as no product makes up more than 15% of Olainfarm sales. Overall concentration of sales has also improved, as ten bestselling products make up only 89 % of sales.
During the reporting period, registration processes continued in Turkey, Bosnia and Herzegovina, Myanmar, Cameroon and Vietnam. Registration of several products has been successfully completed in Estonia, Turkmenistan, Bosnia and Herzegovina. Laboratory research has been completed for new product "Ibuprofen Antigripp", two new final dosage forms developed for Ranitidine, scheduled for registration by the end of 2016. Work continues at developing new final dosage forms of anti-tuberculosis products.
It is proposed, that Annual meeting of shareholders of A/s "Olainfarm" to be convened on June 7, 2016 approves operating plan of the Group for 2016. According to it, sales of the Group in 2016 are planned to be 100 million euros, but the net profit will reach 10 million euros. According to this unaudited report for 1st quarter of 2015, during the first three months 26% of annual sales target and 31% of annual profit target is met.
Condensed Consolidated Statement of Financial Position Group ----------------------- 31.03.2016 31.12.2015 ----------------------- EUR '000 EUR '000 ======================= ASSETS NON-CURRENT ASSETS Intangible assets 21 142 20 591 Property, plant and equipment 35 409 35 579 Financial assets 4 845 4 910 ----------------------- TOTAL NON-CURRENT ASSETS 61 396 61 080 CURRENT ASSETS Inventories 20 971 20 990 Receivables 32 365 30 487 Cash 5 366 5 574 ----------------------- TOTAL CURRENT ASSETS 58 702 57 051 =============================================================================== TOTAL ASSETS 120 098 118 131
EQUITY AND LIABILITIES EQUITY Share capital 19 719 19 719 Share premium 2 504 2 504 Reserves 322 322 Retained earnings 68 881 65 773 Non-controlling interests 35 30 ----------------------- TOTAL EQUITY 91 461 88 348 LIABILITIES Non-current liabilities Borrowings 7 610 8 560 Deferred corporate income tax 1 830 1 947 Deferred income 2 695 2 656 ----------------------- Total Non-Current Liabilities 12 135 13 163 Current liabilities Borrowings 4 512 4 258 Trade payables and other liabilities 11 210 11 562 Deferred income 780 800 Total Current Liabilities 16 502 16 620 ----------------------- TOTAL LIABILITIES 28 637 29 783 =============================================================================== TOTAL EQUITY AND LIABILITIES 120 098 118 131
Consolidated statement of comprehensive income Group ------------------- Q1 2016 Q1 2015 ------------------- EUR '000 EUR '000 =================== Net revenue 26 130 27 024 Cost of goods sold (9 908) (8 190) ------------------- Gross Profit 16 222 18 834 Selling expense (6 845) (7 068) Administrative expense (4 466) (4 167) Other operating income 605 414 Other operating expense (1 755) (1 458) Share of profit of an associate 17 72 Financial income 257 1 990 Financial expense (40) (56) ------------------- Profit Before Tax 3 995 8 561 Corporate income tax (1 014) (1 772) Deferred corporate income tax 132 (114) ======================================================================= PROFIT FOR THE REPORTING PERIOD 3 113 6 675 Other comprehensive income for the reporting period - - ------------------- Total comprehensive income for the reporting period 3 113 6 675 Total comprehensive income attributable to: The equity holders of the Parent Company 3 108 6 671 Non-controlling interests 5 4
Basic and diluted earnings per share, EUR 0.22 0.47
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
Attachment:
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Olaine, 2016-05-31 17:37 CEST (GLOBE NEWSWIRE) -- "This year has started with rather unpredictable environment in several CIS countries, where we see worsening of economic situation, governmental activities targeted at protection of local markets and support of local producers. Several of these activities have influences our sales adversely. Therefore we plan to place part of production in these countries of acquire a daughter company there, which would allow at least partially mitigating the effects," says Valerijs Maligins, Chairman of the Board of AS Olainfarm.
During the 1st quarter of 2016 sales to all company's main markets continued increasing except for Russia, where they shrunk by 38%, compared to 1st quarter of 2015. This fact, combined with good sales growth in Latvia, has made Latvia to be the biggest market for the Group during 1st quarter of 2016. The most rapid sales increase has been achieved in Poland, where sales grew by 181%. Sales to Turkmenistan grew by 162%, Sales to Uzbekistan grew by 134% and sales to Belarus grew by 77%.
During this period significant changes have occurred to the structure of bestselling products, as Adaptol has become the bestselling product, leaving a long term leader Neiromidin in the second place. Share of the bestselling products has also levelled out as no product makes up more than 15% of Olainfarm sales. Overall concentration of sales has also improved, as ten bestselling products make up only 89 % of sales.
During the reporting period, registration processes continued in Turkey, Bosnia and Herzegovina, Myanmar, Cameroon and Vietnam. Registration of several products has been successfully completed in Estonia, Turkmenistan, Bosnia and Herzegovina. Laboratory research has been completed for new product "Ibuprofen Antigripp", two new final dosage forms developed for Ranitidine, scheduled for registration by the end of 2016. Work continues at developing new final dosage forms of anti-tuberculosis products.
It is proposed, that Annual meeting of shareholders of A/s "Olainfarm" to be convened on June 7, 2016 approves operating plan of the Group for 2016. According to it, sales of the Group in 2016 are planned to be 100 million euros, but the net profit will reach 10 million euros. According to this unaudited report for 1st quarter of 2015, during the first three months 26% of annual sales target and 31% of annual profit target is met.
Condensed Consolidated Statement of Financial Position Group ----------------------- 31.03.2016 31.12.2015 ----------------------- EUR '000 EUR '000 ======================= ASSETS NON-CURRENT ASSETS Intangible assets 21 142 20 591 Property, plant and equipment 35 409 35 579 Financial assets 4 845 4 910 ----------------------- TOTAL NON-CURRENT ASSETS 61 396 61 080 CURRENT ASSETS Inventories 20 971 20 990 Receivables 32 365 30 487 Cash 5 366 5 574 ----------------------- TOTAL CURRENT ASSETS 58 702 57 051 =============================================================================== TOTAL ASSETS 120 098 118 131
EQUITY AND LIABILITIES EQUITY Share capital 19 719 19 719 Share premium 2 504 2 504 Reserves 322 322 Retained earnings 68 881 65 773 Non-controlling interests 35 30 ----------------------- TOTAL EQUITY 91 461 88 348 LIABILITIES Non-current liabilities Borrowings 7 610 8 560 Deferred corporate income tax 1 830 1 947 Deferred income 2 695 2 656 ----------------------- Total Non-Current Liabilities 12 135 13 163 Current liabilities Borrowings 4 512 4 258 Trade payables and other liabilities 11 210 11 562 Deferred income 780 800 Total Current Liabilities 16 502 16 620 ----------------------- TOTAL LIABILITIES 28 637 29 783 =============================================================================== TOTAL EQUITY AND LIABILITIES 120 098 118 131
Consolidated statement of comprehensive income Group ------------------- Q1 2016 Q1 2015 ------------------- EUR '000 EUR '000 =================== Net revenue 26 130 27 024 Cost of goods sold (9 908) (8 190) ------------------- Gross Profit 16 222 18 834 Selling expense (6 845) (7 068) Administrative expense (4 466) (4 167) Other operating income 605 414 Other operating expense (1 755) (1 458) Share of profit of an associate 17 72 Financial income 257 1 990 Financial expense (40) (56) ------------------- Profit Before Tax 3 995 8 561 Corporate income tax (1 014) (1 772) Deferred corporate income tax 132 (114) ======================================================================= PROFIT FOR THE REPORTING PERIOD 3 113 6 675 Other comprehensive income for the reporting period - - ------------------- Total comprehensive income for the reporting period 3 113 6 675 Total comprehensive income attributable to: The equity holders of the Parent Company 3 108 6 671 Non-controlling interests 5 4
Basic and diluted earnings per share, EUR 0.22 0.47
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
Attachment:
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