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Consolidated Sales Of Olainfarm In 2018 Exceed 124 Million, Marking The New Record
Emitents Olainfarm, AS (213800WCG52W62ENOP27)
Veids 1.1 Gada finanšu pārskati un revīzijas ziņojumi
Valoda EN
Statuss Publicēts
Versija
Datums 2019-02-28 21:27:58
Versijas komentārs
Teksts

Consolidated profit and loss calculation of JSC Olainfarm for 2018 shows that with the sales worth more than 124 million euros the Group has set the new annual sales record. In 2018 the net profit of Olainfarm Group reached 10.3 million euros, which is a reduction by almost 5% compared to the net earnings of 2017. The products of the Group were sold in 54 markets worldwide.

Based upon the annual results, the Board will recommend the shareholders to decide on paying 1.4 million euros in dividends from earnings of 2018, that equals approximately 0.10 euros per share.

In 2018, compared to 2017, the sales volumes have increased by more than 2 million euros or by almost 2% and exceeded 124 million euros. Although the Group failed to achieve the previously announced sales target of 130 million, it has set the new annual sales record. During the last quarter, EBITDA for twelve months has grown significantly, reaching EUR 20.5 million. EBITDA profitability in the past 12 months also reached 17%. Both of these indicators are the highest since the beginning of 2016.

In 2018, the company has managed to reduce its sales costs and grow in almost all major sales markets, except for Russia, where sales fell by 5% due to previously anticipated fluctuations of the Russian ruble. On the other hand, increased presence in both Latvian and Belarusian markets has resulted into significant increase in sales in both markets. The largest sales growth of 54% was achieved in Belarus, and also in Tajikistan, where sales grew by 32%. Sales in Latvia also grew by 23%, making the home market the second largest in terms of turnover after Russia.

During the 4th quarter of 2018, compared to 4th quarter of 2017, sales of the Company increased by more than 3 million euros or by almost 10%, reaching 34.8 million euros and making this the best quarter in terms of sales in corporate history. 

Since 2017, some significant changes have occurred to the sales structure of bestselling products of Olainfarm. Remantadine and PASA were replaced by Meldonium and Memantine, while shares of Noofen and Neiromidin have become comparable.

Despite the growing number of export markets, diversification of sales markets remains one of the main challenges for Olainfarm Group. In 2018, the company also focused on conducting additional researches to ensure the presence of its products in existing sales markets and preparing to open new ones in the future.

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 to be 130 million euros, but the net profit will reach 11.5 million euros. According to the unaudited report of 2018, during the year 96% of annual sales target and 90% of annual profit target is met.

 

Condensed Consolidated Statement of Financial Position

Group

   

31.12.2018

31.12.2017

   

EUR '000

EUR '000

 

     ASSETS

   

NON-CURRENT ASSETS

   

Intangible assets

           36 619

           37 034

Property, plant and equipment

           43 698

           41 892

Investment properties

             3 492

             3 526

Financial assets

               985

             2 609

 

TOTAL NON-CURRENT ASSETS

           84 794

           85 061

CURRENT ASSETS

   

Inventories

           25 265

           24 161

Receivables

           34 337

           34 049

Cash

             2 689

             3 158

 

TOTAL CURRENT ASSETS

      62 291

           61 368

TOTAL ASSETS

         147 085

         146 429

     
 

           EQUITY AND LIABILITIES

   

EQUITY

   

Share capital

           19 719

           19 719

Share premium

             2 504

             2 504

Other components of equity

              (224)

               (74)

Retained earnings

         82 656

           75 675

 

TOTAL EQUITY

      104 655

           97 824

LIABILITIES

   

Non-current liabilities

   

Borrowings

         10 398

           15 878

Deferred income

           2 756

             2 347

 

Total Non-Current Liabilities

         13 154

           18 225

Current liabilities

   

Borrowings

         14 632

           14 013

Trade payables and other liabilities

         14 260

           15 892

Deferred income

              384

               475

 

Total Current Liabilities

        29 276

           30 380

 

TOTAL LIABILITIES

        42 430

           48 605

TOTAL EQUITY AND LIABILITIES

      147 085

         146 429

 

 

Consolidated statement of comprehensive income

Group

Group

 

Q4 2018

Q4 2017

M12 2018

M12 2017

 

EUR '000

EUR '000

EUR '000

EUR '000

Net revenue

         34 756

         31 692

     124 261

     122 076

Cost of goods sold

       (13 626)

       (12 380)

    (49 430)

    (47 231)

Gross Profit

         21 130

         19 312

       74 831

     74 845

Selling expense

       (10 376)

       (11 117)

    (37 091)

    (38 125)

Administrative expense

   (7 251)

         (6 781)

    (24 366)

    (23 653)

Other operating income

             999

             944

        2 946

        2 697

Other operating expense

            (339)

            (967)

      (2 799)

      (4 427)

Share of profit of an associate

               24

               43

           107

            113

Financial income

               19

               30

              76

            236

Financial expense

            (994)

            (395)

    (2 788)

    (2 299)

Profit Before Tax

           3 212

     1 069

     10 916

      9 387

Corporate income tax

             (359)

             (171)

             (609)

    (1 977)

Deferred corporate income tax

               1

      3 293

              1

      3 379

PROFIT FOR THE REPORTING PERIOD

           2 854

      4 191

    10 308

    10 789

Other comprehensive income for the reporting period

               (67)

             (114)

             (150)

             (114)

Total comprehensive income for the reporting period

        2 787

    4 077

    10 158

    10 675

Total comprehensive income attributable to:

       

The equity holders of the Parent Company

        2 787

     4 078

     10 158

     10 675

Non-controlling interests

               -

               (1)

              -

               -

         

Basic and diluted earnings per share, EUR

           0.20

           0.30

           0.73

           0.77

 

JSC Olainfarm is one of the biggest pharmaceutical companies in Latvia with over 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 of the world, including the Baltics, Russia, other CIS, Europe, Asia, North America and Australia.

Information prepared by:

        

Inga Krūkle

Member of the Board JSC Olainfarm

Ph.: +371 28698449

inga.krukle@olainfarm.com

 

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