Dokumenti

Olainfarm’s Six Months Net Profit Reaches 5,78 million euros

Emitents

Olainfarm, AS (213800WCG52W62ENOP27)

Veids

1.2 Pusgada finanšu pārskati un revīzijas ziņojumi / ierobežotas pārbaudes

Valoda

Statuss

Publicēts

Versija

Aktuālā (1)

Datums

2018-08-31 16:30:24

Versijas komentārs

Teksts

Unaudited Consolidated Income Statement of AS Olainfarm for first six months of 2018 shows that the sales of the Group have reached 61.8 million euros, which represents a slight decrease of 1% compared to the same period of 2017. The net profit of 6 months was 5.78 million euros, which represents an increase by 1% compared to the first half of 2017. The major sales markets of AS Olainfarm during this period remained Russia, Latvia, Belarus and Ukraine. The company's products in the first half of the year were sold in 50 markets worldwide.

In the first half of the year, the Group’s sales volumes continued to increase in all of its major markets, with the exception of Russia and Kazakhstan, which recorded a 5% drop. The significant increase in sales volumes (+ 26%) was achieved in Belarus. In Uzbekistan, sales increased by 38%, the growth was also noted in Latvia and Ukraine. The company's main sales markets in the first half of the year remained unchanged.

The 1% reduction in sales compared to the first half of 2017 was influenced by high sales of anti-tuberculosis "PASS sodium salt" to the WHO last year. Although in the second quarter of 2018 the sales volume was slightly lower, in terms of profitability, the Group achieved improvements in comparison with the corresponding period of the previous year.

Two best selling Olainfarm products during this period were CNS medicines Neiromidin and Noofen. The share of soluble furan products has slightly increased, as did the proportion of "Adaptol".

During the reporting period, registration processes of several Olainfarm products to be produced in Belorussia by subsidiary NPK Biotest continued. In case of successful outcome, it would further help The Group to strengthen its position in Belorussian market.

The Annual meeting of shareholders of JSC Olainfarm convened on June 5, 2018 approved operating plan of the Group for 2018. According to it, sales of the Group in 2018 are planned in amount of 130 million euros, but the net profit will reach 11.5 million euros. According to this unaudited report for the first half of 2018, during the first six months 47.5% of annual sales target and 50% of annual profit target is met.

Condensed Consolidated Statement of Financial Position		Group
		30.06.2018	31.12.2017
		EUR '000	EUR '000
	ASSETS
NON-CURRENT ASSETS
Intangible assets		37 068	37 034
Property, plant and equipment		42 772	41 892
Investment properties		3 510	3 526
Financial assets		1 034	2 609
	TOTAL NON-CURRENT ASSETS	84 384	85 061
CURRENT ASSETS
Inventories		25 774	24 161
Receivables		36 221	34 049
Cash		2 583	3 158
	TOTAL CURRENT ASSETS	64 578	61 368
TOTAL ASSETS		148 962	146 429

	EQUITY AND LIABILITIES
EQUITY
Share capital		19 719	19 719
Share premium		2 504	2 504
Other components of equity		(38)	(74)
Retained earnings		78 134	75 675
Non-controlling interests		-	-
	TOTAL EQUITY	100 319	97 824
LIABILITIES
Non-current liabilities
Borrowings		14 999	15 878
Deferred corporate income tax		-	-
Deferred income		2 522	2 347
	Total Non-Current Liabilities	17 521	18 225
Current liabilities
Borrowings		11 503	14 013
Trade payables and other liabilities		16 221	15 892
Dividends payable		2 958	-
Deferred income		440	475
	Total Current Liabilities	31 122	30 380
	TOTAL LIABILITIES	48 643	48 605
TOTAL EQUITY AND LIABILITIES		148 962	146 429

Consolidated statement of comprehensive income	Group		Group
	Q2 2018	Q2 2017	M6 2018	M6 2017
	EUR '000	EUR '000	EUR '000	EUR '000
Net revenue	31 055	34 148	61 844	62 719
Cost of goods sold	(12 117)	(12 467)	(24 895)	(23 930)
Gross Profit	18 938	21 681	36 949	38 789
Selling expense	(9 510)	(10 606)	(18 181)	(18 631)
Administrative expense	(5 790)	(6 035)	(11 431)	(11 449)
Other operating income	687	572	1 405	1 021
Other operating expense	(1 093)	(855)	(1 804)	(1 598)
Share of profit of an associate	7	28	75	60
Income from investments in subsidiaries	-	-	-	-
Financial income	19	79	39	156
Financial expense	(501)	(2 319)	(1 091)	(1 340)
Profit Before Tax	2 757	2 545	5 961	7 008
Corporate income tax	(87)	(569)	(177)	(1 408)
Deferred corporate income tax	2	49	2	103
PROFIT FOR THE REPORTING PERIOD	2 672	2 025	5 786	5 703
Other comprehensive income for the reporting period	41	-	36	-
Total comprehensive income for the reporting period	2 713	2 025	5 822	5 703
Total comprehensive income attributable to:
The equity holders of the Parent Company	2 713	2 028	5 822	5 701
Non-controlling interests	-	(3)	-	2

Basic and diluted earnings per share, EUR	0.19	0.14	0.41	0.40

JSC Olainfarm is one of the biggest pharmaceutical companies in Latvia with more than 45 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 60 countries worldwide, including the Baltics, Russia, other CIS, Europe, Asia, North America and Australia.

Information prepared by:

Lauris Macijevskis

JSC Olainfarm

Member of the Management Board

Rupnicu iela 5, Olaine, Latvia, LV 2114

Phone: +371 29112225

Email: lauris.macijevskis@olainfarm.lv

Pielikumi

Olainfarm_Q2_2018_consolidated_FS_ENG.pdf (1409.85 kB)