Olaine, 2017-05-31 17:58 CEST (GLOBE NEWSWIRE) -- During the 1st quarter of 2017 sales of Olainfarm continued growing in all its major sales markets, except Ukraine, where they dropped by 59% and Kazakhstan, where they dropped by 21% compared to the first quarter of 2016. The biggest sales increase during the three months period was achieved in Georgia, where sales grew by 694%, The Netherlands, where sales grew by 271%, Italy, where sale grew by 120% and Germany, where sales increased by 99%.
During the first quarter of 2017 significant changes have occurred to the structure of bestselling products, as Adaptol, which was the bestselling product in 1st quarter of 2016 is now only the third bestselling. Soluble furagin products (Furamag and Furasol) have become the bestselling product of Olainfarm, leaving Neiromidin, the long-term bestseller in the second positions. Overall, the distribution of sales between top 10 products has become more even as the leading product makes up only 16% of sales of Olainfarm products.
During the reporting period, registration processes were completed in Armenia, Albania and Azerbaijan. Registration processed have been started in Nepal and continued in Turkey, Armenia, Myanmar and Vietnam. Synthesis development is completed for anticancer and antituberculosis substances new to the company.
It is proposed, that Annual meeting of shareholders of A/s “Olainfarm” to be convened on June 1, 2017 approves operating plan of the Group for 2017. According to it, sales of the Group in 2017 are planned to be 127 million euros, but the net profit will reach 15.5 million euros. According to this unaudited report for 1st quarter of 2016, during the first three months 23% of annual sales target and 24% of annual profit target is met.
| Condensed Consolidated Statement of Financial Position | Group | ||
| 31.03.2017 | 31.12.2016 | ||
| EUR '000 | EUR '000 | ||
| ASSETS | |||
| NON-CURRENT ASSETS | |||
| Intangible assets | 33 174 | 31 860 | |
| Property, plant and equipment | 40 830 | 40 943 | |
| Investment properties | 1 963 | 1 963 | |
| Financial assets | 7 374 | 6 514 | |
| TOTAL NON-CURRENT ASSETS | 83 341 | 81 280 | |
| CURRENT ASSETS | |||
| Inventories | 24 866 | 24 011 | |
| Receivables | 35 599 | 36 124 | |
| Cash | 5 002 | 3 165 | |
| TOTAL CURRENT ASSETS | 65 467 | 63 300 | |
| TOTAL ASSETS | 148 808 | 144 580 | |
| EQUITY AND LIABILITIES | |||
| EQUITY | |||
| Share capital | 19 719 | 19 719 | |
| Share premium | 2 504 | 2 504 | |
| Reserves | 322 | 322 | |
| Retained earnings | 77 754 | 74 081 | |
| Non-controlling interests | 42 | 37 | |
| TOTAL EQUITY | 100 341 | 96 663 | |
| LIABILITIES | |||
| Non-current liabilities | |||
| Borrowings | 17 513 | 18 800 | |
| Deferred corporate income tax | 3 040 | 3 025 | |
| Deferred income | 2 694 | 2 810 | |
| Total Non-Current Liabilities | 23 247 | 24 635 | |
| Current liabilities | |||
| Borrowings | 8 072 | 7 020 | |
| Trade payables and other liabilities | 16 661 | 15 769 | |
| Deferred income | 487 | 493 | |
| Total Current Liabilities | 25 220 | 23 282 | |
| TOTAL LIABILITIES | 48 467 | 47 917 | |
| TOTAL EQUITY AND LIABILITIES | 148 808 | 144 580 | |
| Consolidated statement of comprehensive income | Group | |
| Q1 2017 | Q1 2016 | |
| EUR '000 | EUR '000 | |
| Net revenue | 28 571 | 26 130 |
| Cost of goods sold | (11 463) | (9 908) |
| Gross Profit | 17 108 | 16 222 |
| Selling expense | (8 025) | (6 845) |
| Administrative expense | (5 414) | (4 466) |
| Other operating income | 449 | 605 |
| Other operating expense | (743) | (1 755) |
| Share of profit of an associate | 32 | 17 |
| Financial income | 1 158 | 257 |
| Financial expense | (102) | (40) |
| Profit Before Tax | 4 463 | 3 995 |
| Corporate income tax | (839) | (1 014) |
| Deferred corporate income tax | 54 | 132 |
| PROFIT FOR THE REPORTING PERIOD | 3 678 | 3 113 |
| Other comprehensive income for the reporting period | - | - |
| Total comprehensive income for the reporting period | 3 678 | 3 113 |
| Total comprehensive income attributable to: | ||
| The equity holders of the Parent Company | 3 673 | 3 108 |
| Non-controlling interests | 5 | 5 |
| Basic and diluted earnings per share, EUR | 0.26 | 0.22 |
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 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
