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Groups 9 months profit increased by 158% and exceeds 19 million EUR; active work has begun on renewal of drug dossiers
Emitents Olainfarm, AS (213800WCG52W62ENOP27)
Veids 3.1. Papildu regulētā informācija, kas ir jāatklāj saskaņā ar dalībvalsts tiesību aktiem
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Datums 2019-11-29 09:34:31
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  • During the first nine months of this year Group’s sales reached 98 774 thousand EUR, which is an increase by 10%.
  • Group’s EBITDA was 26 257 thousand EUR, which is by 83% higher.
  • Group’s profit reached 19 198 thousand EUR, which is the largest profit amount in history.

 

“Over the last nine months, we have been able to increase the Olainfarm Group's profits to the highest level historically. This year, we have established a sufficiently stable financial base to further invest in the development of the company. Essentially it is planned to invest in the renewal of drug files so that we could continue to distribute our pharmaceutical products in the existing markets,” explained Lauris Macijevskis, Member of the Managing Board of JSC Olainfarm.

Group’s sales during the 3rd quarter of 2019 were 32 382 thousand EUR and that is by 17% more than in the 3rd quarter of 2018 when sales were 27 661 thousand EUR. In the 3rd quarter EBITDA was 9 329 thousand EUR that surpassed the figure of the 3rd quarter of 2018 by 5 339 thousand EUR or 134%. Profit for this year’s third quarter was 6 954 thousand EUR, which is an increase by 317% or 5 286 thousand EUR in comparison with the third quarter of 2018.

During the first nine months of this year Group’s sales reached 98 774 thousand EUR, which is an increase by 10% or 9 269 thousand EUR comparing to the same period of 2018. Group’s EBITDA figure during this year’s first nine months was 26 257 thousand EUR, which is by 83% or 11 928 thousand EUR more than the nine months results of the last year. Group’s reporting period profit for the nine months 2019 was 19 198 thousand EUR, which is the largest profit amount in history. Profit increased by 158% or 11 744 thousand EUR in comparison with the same period in 2018.

The reporting period profit was favorably affected by increase in gross profit by 6 624 thousand EUR, decrease in selling expense by 4 359 thousand EUR, income from foreign exchange fluctuations (2 038 thousand EUR) against losses of 1 479 thousand EUR from foreign exchange fluctuations in the nine months 2018 but was negatively affected by increase in administrative expenses.

In accordance with the approved plans Group’s sales target is fulfilled by 74% and profit figure by 151%.

As at 30 September 2019 Group has accumulated 11.4 million EUR in cash, which serves as one of the financing sources for investments in intangible assets for renewal of dossiers of all the major drugs as well as to continue investments in equipment. Group plans to continue to keep high free cash level.

Group’s main markets during the first nine months of this year are Latvia, Russia, Belarus and Ukraine, where total share is 78% of sales, which is a decline by two percentage points in comparison to the same period of the last year. All the main sales markets recorded increase except for Ukraine where decline in revenues for the three quarters this year is negligible. Group’s management is actively working to diversify sales channels by seeking beneficial cooperation partners with relevant experience and ability to advance Group’s products in markets.

During the first nine months of this year sales volumes of the main Olainfarm final dosage forms continued to increase. The share of the leading product Noofen increased to 20%, which is by one percentage point more than a year before. The share of the three largest products comprise 55% that is the same as the year before.

At the same time in the 3rd quarter this year the best-selling product was Neiromidin with 22% share, followed by Noofen with 20% and Furamag/Furasol group with 18%.

In relation to renewal of drug dossiers Group has attracted a US based international pharma and healthcare consultancy company which reviews all major products and markets. Research results will allow Group to prepare strategy for further development and to make more precise estimates of required investment amounts and research terms.

During the third quarter of 2019, more than 565 thousand shares of JSC Olainfarm, with total value of 3.8 million euros, were traded on Nasdaq Riga. Compared to the same period in 2018, the number of traded shares was higher by 135% more, while traded value was higher by 127%. During the first nine months of this year there were 5 024 trades with 1 453 910 shares for the total value of 9.4 million EUR.

Condensed Consolidated Statement of Financial Position

 

Group

   

30.09.2019

31.12.2018

   

EUR '000

EUR '000

 

     ASSETS

   

NON-CURRENT ASSETS

   

Intangible assets

         36 550

         36 619

Property, plant and equipment

         44 417

         43 697

Right-of-use assets

           7 467

                   -

Investment properties

           3 469

           3 492

Other non-current assets

               855

               983

 

TOTAL NON-CURRENT ASSETS

         92 758

         84 791

CURRENT ASSETS

   

Inventories

         28 682

         25 794

Receivables

         32 092

         34 637

Cash

         11 437

           2 689

 

TOTAL CURRENT ASSETS

         72 211

         63 120

TOTAL ASSETS

       164 969

       147 911

     
 

           EQUITY AND LIABILITIES

   

EQUITY

   

Share capital

         19 719

         19 719

Share premium

           2 504

           2 504

Reserves

                 47

             (224)

Retained earnings

       100 868

         83 079

 

TOTAL EQUITY

       123 138

       105 078

LIABILITIES

   

Non-current liabilities

   

Borrowings and lease liabilities

         13 283

           1 793

Deferred income

           3 089

           2 878

 

Total Non-Current Liabilities

         16 372

           4 671

Current liabilities

   

Borrowings and lease liabilities

         10 565

         23 236

Trade payables and other liabilities

         14 305

         14 540

Deferred income

               589

               386

 

Total Current Liabilities

         25 459

         38 162

 

TOTAL LIABILITIES

         41 831

         42 833

TOTAL EQUITY AND LIABILITIES

       164 969

       147 911

 

 

Consolidated statement of comprehensive income

 

Group

Group

 

Q3 2019

Q3 2018

M9 2019

M9 2018

 

EUR '000

EUR '000

EUR '000

EUR '000

Revenue

       32 382

       27 661

       98 774

       89 505

Cost of goods sold

(13 140)

(10 909)

(38 449)

(35 804)

Gross Profit

       19 242

       16 752

       60 325

       53 701

Selling expense

       (5 335)

      (8 534)

    (22 356)

     (26 715)

Administrative expense

       (6 835)

      (5 684)

    (20 467)

     (17 115)

Other operating income

           443

           542

         1 577

         1 947

Other operating expense

         (558)

         (656)

(1 262)

(2 460)

Share of profit of an associate

          (11)

               8

             92

             83

Financial income

           251

             18

         2 093

             57

Financial expense

         (215)

         (703)

         (703)

     (1 794)

Profit Before Tax

         6 982

         1 743

       19 299

         7 704

Corporate income tax

           (28)

           (73)

         (100)

         (250)

Deferred corporate income tax

                 -

               (2)

               (1)

                 -

PROFIT FOR THE REPORTING PERIOD

         6 954

        1 668

      19 198

         7 454

Other comprehensive income for the reporting period

             54

           (119)

           271

             (83)

Total comprehensive income for the reporting period

         7 008

        1 549

      19 469

         7 371

Total comprehensive income attributable to:

       

The equity holders of the Parent Company

         7 008

         1 549

       19 469

         7 371

Non-controlling interests

               -

               -

               -

               -

         

Basic and diluted earnings per share, EUR

           0.49

           0.12

           1.36

           0.53

 

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 of the world, including the Baltics, Russia, other CIS, Europe, Asia, North America and Australia.

Additional information:  

Jānis Dubrovskis

Investor Relations Advisor of JSC Olainfarm

Phone: +371 29178878

Email: janis.dubrovskis@olainfarm.com

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