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Olainfarm Group's turnover in the first quarter exceeds 30 million euros. Noofen becomes the sales leader
Emitents Olainfarm, AS (213800WCG52W62ENOP27)
Veids 3.1. Papildu regulētā informācija, kas ir jāatklāj saskaņā ar dalībvalsts tiesību aktiem
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Datums 2018-05-31 19:27:18
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Olainfarm Group's turnover in the first quarter exceeds 30 million euros. Noofen becomes the sales leader

Consolidated sales of JSC Olainfarm in first quarter of 2018 reached 30,8 million euros, which represents an increase by 8% compared to the first quarter of 2017, and this is the best quarterly turnover figure for the Group's past performance.  Net profit in the 1st quarter was 3.1 million euro, which is 15% less than in the same period of 2017. The company is explaining the profit reduction with unfavorable volatility of the Russian ruble exchange rate at the beginning of the year.

 

The largest product markets in this period were Latvia, Russia, Belarus, Ukraine, and also Kazakhstan.

During the 1st quarter of 2018 sales of JSC Olainfarm demonstrated growth in all its major sales markets. The biggest increase was reached in Latvia and Belarus, where sales increased by 1.4 million euros in each of the markets. Good performance was demonstrated also in Uzbekistan where sales grew by 0.57 million and in Russia – increase by 0.51 million.

In the 1 st quarter of 2018, Olainfarm has undergone significant changes in the structure of the company's most demanded products. The prescription medicine for the health of the nervous system, Noofen, has become the most popular drug, which accounted for 18%, while Neiromidin, the leader of Y2017, is only the third amongst the most demanded products this year.  Meldonium and Memantine replaced PASS and Remantadine in the list of best- sellers.

Annual meeting of shareholders of JSC Olainfarm, which will be convened on June 5, 2018, is proposed to approve the operating plan of the Group for 2018. According to it, sales of the Group in 2018 are planned to be 130 million euros, but the net profit will reach 11.5 million euros.  According to this unaudited report for 1st quarter of 2018, during the first three months the annual sales plan is executed by 23.7%, but the annual profit plan is executed by 27.1%.

During the first quarter of 2018, nearly 160 thousand of JSC Olainfarm shares of were sold for more than 1.3 million euros at the Nasdaq Riga Stock Exchange. Compared to the first quarter of last year both, the number of traded shares and turnover, has more than tripled.

 

 

 

 

 

Condensed Consolidated Statement of  Financial Position

Group

   

31.03.2018

31.12.2017

   

EUR '000

EUR '000

 

     ASSETS

   

NON-CURRENT ASSETS

   

Intangible assets

          37 011

          37 034

Property, plant and equipment

          42 153

          41 892

Investment properties

            3 567

            3 526

Financial assets

            1 016

            2 609

 

TOTAL NON-CURRENT ASSETS

          83 747

          85 061

CURRENT ASSETS

   

Inventories

          25 036

          24 161

Receivables

          33 908

          34 049

Cash

            4 417

            3 158

 

TOTAL CURRENT ASSETS

          63 361

          61 368

TOTAL ASSETS

        147 108

        146 429

     
 

           EQUITY AND LIABILITIES

   

EQUITY

   

Share capital

          19 719

          19 719

Share premium

            2 504

            2 504

Other components of equity

               (79)

               (74)

Retained earnings

          78 420

          75 675

Non-controlling interests

                    -

                    -

 

TOTAL EQUITY

        100 564

          97 824

LIABILITIES

   

Non-current liabilities

   

Borrowings

          14 933

          15 878

Deferred corporate income tax

                    -

                    -

Deferred income

            2 621

            2 347

 

Total Non-Current Liabilities

          17 554

          18 225

Current liabilities

   

Borrowings

          12 817

          14 013

Trade payables and other liabilities

          15 714

          15 892

Deferred income

               459

               475

 

Total Current Liabilities

          28 990

          30 380

 

TOTAL LIABILITIES

          46 544

          48 605

TOTAL EQUITY AND LIABILITIES

        147 108

        146 429

 

 

Consolidated statement of comprehensive income

Group

 

Q1 2018

Q1 2017

 

EUR '000

EUR '000

Net revenue

       30 789

       28 571

Cost of goods sold

      (12 778)

      (11 463)

Gross Profit

       18 011

       17 108

Selling expense

        (8 671)

        (8 025)

Administrative expense

        (5 641)

        (5 414)

Other operating income

            718

            449

Other operating expense

           (711)

           (743)

Share of profit of an associate

              68

              32

Income from investments in subsidiaries

                 -

                 -

Financial income

              20

         1 158

Financial expense

           (590)

           (102)

Profit Before Tax

         3 204

         4 463

Corporate income tax

             (90)

           (839)

Deferred corporate income tax

                 -

              54

PROFIT FOR THE REPORTING PERIOD

         3 114

         3 678

Other comprehensive loss for the reporting period

               (5)

                 -

Total comprehensive income for the reporting period

         3 109

         3 678

Total comprehensive income attributable to:

   

The equity holders of the Parent Company

         3 109

         3 673

Non-controlling interests

                -

                5

     

Basic and diluted earnings per share, EUR

           0.22

           0.26

 

 

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 50 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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