Today, on 31 May, the financial statements of the JSC “Grindeks” on the first quarter of 2013, submitted to “NASDAQ OMX Riga”, indicate that the turnover of the Group of “Grindeks” in the first quarter of 2013 amounted to 17 million lats, which is by 1.1 million lats or 7% more than in the first quarter of 2012. In its turn, the net profit of the Group, related to the shareholders of the holding company, amounted to 2.2 million lats in the first quarter of 2013, which is by 0.6 million lats or 38% more in comparison with the first quarter of 2012. The gross profit margin of the Group was 63% in the first quarter of 2013, whereas, the net profit margin was 13%. The products of the Group, manufactured during the first quarter of 2013, were exported to 43 countries worldwide for the total amount of 15.9 million lats, which is by 0.8 million lats or 5.3% more than in the first quarter of 2012.

The sales volume of the final dosage forms of “Grindeks” was 15 million lats in the first quarter of 2013 and was increased by 0.5 million lats or 3.4% in comparison with the first quarter of the previous year. The main markets of the final dosage forms are Russia, other CIS countries, Georgia and the Baltic States. The sales amount in Russia, other CIS countries and Georgia reached 12.7 million lats in the first quarter of 2013, which is by 0.4 million lats or 3.3% more than in the first quarter of 2012. In its turn, the turnover of  the final dosage forms to the Baltic States and other European countries reached 2.3 million lats, which is by 0.1 million lats or 4.5% more than in the first quarter of 2012.

In the first quarter of 2013, the sales of the active pharmaceutical ingredients reached 1.9 million lats, which is by 0.4 million lats or 27% more than in the first quarter of 2012. The main active pharmaceutical ingredient export markets for “Grindeks” are the Netherlands, Germany, Canada and the U.S. The most demanded active pharmaceutical ingredients of “Grindeks” are: zopiclone, oxytocin and xylasine.

Chairman of the Board of JSC “Grindeks” Juris Bundulis: “Following patients’ needs and market trends, “Grindeks” operation in the first quarter has resulted in significant results – both turnover and profit figures are increasing. The year 2013 is a challenging year in which the company more than ever has to take its opportunities in both the active pharmaceutical ingredients business, because an essential, all industry influencing EU regulation will enter into force in July, and the final dosage forms business, where the protectionism to local manufacturers is increasing in important export countries. In accordance with the set objectives “Grindeks” will continue also in the future to ensure stable growth dynamics by using our expertise and experience.”

About “Grindeks”

"Grindeks" is the leading pharmaceutical company in the Baltic States. Its main fields of action are: research, development, manufacturing and sale of original products, generics and active pharmaceutical ingredients. The Group of "Grindeks" consists of four subsidiary companies in Latvia, Estonia and Russia, as well as representative offices in 11 countries.

"Grindeks" specializes in the heart and cardiovascular, CNS and anti-cancer medication therapeutic groups. A range of products covers a successful combination of original products and generics, with the original products Mildronate® and Ftorafur® and more than 100 forms of effective and safe generics included therein. Currently "Grindeks" produces 24 active pharmaceutical ingredients.

Products of the company are exported to 55 countries and its export comprises more than 95% of the total turnover. The main markets are: Russia and other CIS countries, the Baltic States, Germany, the Netherlands, Japan and the U.S.

To increase production capacity and develop infrastructure, since 2002 the company has accomplished many significant investment projects, investing 45.6 million lats over the years.

JSC "Grindeks" shares are listed on the Official List of “NASDAQ OMX Riga”. Major shareholders of JSC "Grindeks" are Kirovs Lipmans – 33.29%, Anna Lipmane – 16.69%, “AB.LV Private Equity fund 2010” – 11.38%, “Skandinaviska Enskilda Banken” (nominal holder) – 10.22%, “Swedbank” AS Clients Account (nominal holder) – 8.71%.

More information about the company – www.grindeks.lv/en/

Follow "Grindeks":

Twitter.com/AS_Grindeks; Youtube.com/GrindeksLV 

Further information:

Laila Kļaviņa
Head of the Communications Department, JSC “Grindeks”
Phones: (+371) 67083370, (+371) 29256012
Fax: (+371) 67083505
laila.klavina@grindeks.lv