Last Year Olainfarm Sets a New Sales Record of 110.7

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News Desk 2018

Apr 28, 2017 at 12:00 PM 33

Last Year Olainfarm Sets a New Sales Record of 110.7 Million Euros

Olaine, 2017-04-28 17:22 CEST (GLOBE NEWSWIRE) --

Group’s audited profit for the year 2016 compared to the preliminary results reported on February 28 for Q4 2016 has been improved by 1,500 thousand euros. The main reason of the profit increase is accrued selling expense reversal. Consequently this also affected retained earnings and accrued expenses captions in the statement of financial position.

Sales of the Parent company in 2016 reached 91.1 million euros, which represents an increase by 8% compared to 2015, when Parent Company’s sales were 84.7 million euros. In 2016 the Parent company made a net profit of 9.6 million euros, which is a reduction by 34% compared to 2015, when the net profit of the Parent company was 14.6 million euros.

The most rapid sales increase of the Group in 2016 was achieved in Uzbekistan, where sales grew by 65%. In 2016 Lithuania became one of the ten biggest markets of the Group, replacing Tajikistan. The biggest sales markets of the Group on 2016 were Russia, Latvia, Ukraine and Belarus.

The most rapid sales increase of the Parent company in 2016 was achieved in Uzbekistan, where sales grew by 65%. Sales to Lithuania grew by 34% and sales to Belarus and the UK, each grew by 17%. The biggest sales reduction took place in The Netherlands, where sales shrunk by 56%. In 2016 Lithuania became one of the ten biggest markets also for the Parent company, as it replaced Turkmenistan. The biggest sales markets of the Parent company in 2016 were Russia, Ukraine Latvia and Belarus.

The best sold products of the Parent company in 2016 were CNS medicines Neiromidin, Noofen and Adaptol, antibacterial preparations of Furamag and Furasol, antiarrhythmic medicine Etacizin, antituberculosis products PASA Sodium salt and antiallergic medicine Fenkarol. Share of company’s bestselling product Neiromidin in total sales of the Parent company increased from 18% to 20% in 2016.

During the reporting period, registration processes of Parent company’s products continued in Turkey, Armenia, Russia, Kazakhstan, Lithuania, Moldova, Bosnia and Herzegovina, Myanmar, Cameroon and Vietnam.

Registration of several products has been successfully completed in Estonia, Kyrgyzstan, Azerbaijan, Turkmenistan, Ukraine, Mongolia, Armenia, Turkmenistan and Bosnia and Herzegovina. Registration processes of several other products were launched in Turkey.

Annual meeting of shareholders of JSC Olainfarm held on June 7, 2016 approved operating plan of the Group for 2016. According to it, sales of the Group in 2016 were planned to be 100 million euros, but the net profit was expected reach 10 million euros. According to this audited report for 2015, during this period 111% of annual sales target is met and annual profit target is exceeded by 16%. At the same meeting targets for Parent company’s operations were approved, stating that Parent company’s sales target is 86 million euros, but the profit target is 9 million euros. According to these accounts, Parent company met 106% of sales target and exceeded its profit target by 7%.

Statement of Financial Position		Group		Parent company
		31.12.2016	31.12.2015	31.12.2016	31.12.2015
		EUR '000	EUR '000	EUR '000	EUR '000
	ASSETS
NON-CURRENT ASSETS
Intangible assets		31 860	20 591	2 253	2 210
Property, plant and equipment		40 943	35 579	35 402	34 047
Investment properties		1 963	-	-	-
Financial assets		6 514	4 910	45 322	22 382
	TOTAL NON-CURRENT ASSETS	81 280	61 080	82 977	58 639
CURRENT ASSETS
Inventories		24 011	20 990	17 447	18 979
Receivables		36 124	30 487	32 531	31 178
Cash		3 165	5 574	2 163	5 015
	TOTAL CURRENT ASSETS	63 300	57 051	52 141	55 172
TOTAL ASSETS		144 580	118 131	135 118	113 811

	EQUITY AND LIABILITIES
EQUITY
Share capital		19 719	19 719	19 719	19 719
Share premium		2 504	2 504	2 504	2 504
Reserves		322	322	322	322
Retained earnings		74 081	65 773	73 012	65 921
Non-controlling interests		37	30	-	-
	TOTAL EQUITY	96 663	88 348	95 557	88 466
LIABILITIES
Non-current liabilities
Borrowings		18 686	8 560	17 709	8 051
Deferred corporate income tax		3 025	1 947	1 278	635
Deferred income		2 810	2 656	2 706	2 604
Other liabilities		114	-	68	-
	Total Non-Current Liabilities	24 635	13 163	21 761	11 290
Current liabilities
Borrowings		7 020	4 258	6 362	3 593
Trade payables and other liabilities		15 769	11 562	11 039	9 677
Deferred income		493	800	399	785
	Total Current Liabilities	23 282	16 620	17 800	14 055
	TOTAL LIABILITIES	47 917	29 783	39 561	25 345
TOTAL EQUITY AND LIABILITIES		144 580	118 131	135 118	113 811

Statement of comprehensive income	Group		Parent company
	2016	2015	2016	2015
	EUR '000	EUR '000	EUR '000	EUR '000
Net revenue	110 693	97 392	91 096	84 746
Cost of goods sold	(40 855)	(32 315)	(29 678)	(25 979)
Gross Profit	69 838	65 077	61 418	58 767
Selling expense	(31 733)	(28 202)	(25 336)	(23 742)
Administrative expense	(19 735)	(18 965)	(18 020)	(18 118)
Other operating income	3 080	2 715	2 363	2 487
Other operating expense	(9 766)	(1 957)	(10 675)	(1 864)
Share of profit of an associate	63	118	-	-
Income from investments in subsidiaries	-	-	27	300
Financial income	3 479	262	3 355	261
Financial expense	(307)	(1 404)	(285)	(1 352)
Profit Before Tax	14 919	17 644	12 847	16 739
Corporate income tax	(2 883)	(2 110)	(2 564)	(1 976)
Deferred corporate income tax	(450)	(245)	(643)	(197)
PROFIT FOR THE REPORTING PERIOD	11 586	15 289	9 640	14 566
Other comprehensive income for the reporting period	-	-	-	-
Total comprehensive income for the reporting period	11 586	15 289	9 640	14 566
Total comprehensive income attributable to:
The equity holders of the Parent Company	11 579	15 281	9 640	14 566
Non-controlling interests	7	8	-	-

Basic and diluted earnings per share, EUR	0.82	1.08	0.68	1.03

JSC Olainfarm is one of the biggest pharmaceutical companies in Latvia with 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 35 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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