On “Grindeks” audited financial results for 2013

| Source: Grindeks

Today, on 30 April, JSC “Grindeks” has submitted the audited consolidated financial statements for 2013 to “NASDAQ OMX Riga”. Audited financial results show that the Group’s turnover amounted to 118.5 million euros in 2013, which is by 0.8 million euros or 1% more than in 2012. In its turn, net profit related to the shareholders of the holding company amounted to 13.4 million euros in 2013. In 2013, gross profit margin of the Group was 60%, whereas, net profit margin comprised to 11.3%. Products of the Group, manufactured in 2013, were exported to 59 countries worldwide for the total amount of 112.4 million euros, which is by 1.2 million euros or by 1.1% more than in 2012.

In 2013, ROE was 11.9%; ROA was 9.3%; ROS was 13.9%; liquidity was 3.6.

Sales volume of the final dosage forms of “Grindeks” in 2013 was 100.3 million euros and has increased by 0.8 million euros or 1% in comparison to 2012. The sales amount in Russia, other CIS countries and Georgia reached 86.7 million euros in 2013, which is by 0.9 million euros or 1% more than in 2012. In its turn, turnover of the final dosage forms in the Baltic States and other European countries was 13.6 million euros, which is by 0.1 million euros or 0.4% less than in 2012. The most demanded products of “Grindeks” in 2013 were the brand product Mildronate®, ointments – Capsicam®, Viprosal B®, central nervous system medication – Somnols®, the original anti-cancer medication Ftorafur® and natural product Apilak-Grindeks.

In 2013, sales of the active pharmaceutical ingredients reached 18 million euros, which is by 0.1 million lats or 0.4% more than in 2012. Overall “Grindeks” produces 25 active pharmaceutical ingredients.

JSC “Grindeks” Chairman of the Board Juris Bundulis: ““Grindeks” concluded the year of 2013 with turnover of 118.46 million euros and profit of 13.4 million euros. Considering fierce competition in the pharmaceuticals market, these achievements are remarkable. In order to deliver the most appropriate solution to each patient, in 2014 “Grindeks” intends to improve its operating model, previously focused on the best-selling products, to a broader set of products and services. We have wide network of „Grindeks” representative offices, accordingly we will follow to customize specific needs of each region. I am convinced that these novations will improve the performance of company. “Grindeks” has always been the long-term development-oriented company, and therefore we will also continue to invest in both product portfolio development and acquisition of new markets.”

To secure and increase the understanding of investors, cooperation partners, clients and society about the company, its activities and governance, “Grindeks” audited consolidated financial statement of 2013 is submitted to “NASDAQ OMX Riga” together with Corporate Governance Report of the year of 2013.


About “Grindeks”

“Grindeks” is the leading pharmaceutical company in the Baltic States. Its main fields of action are: research, development, manufacturing and sale of original products, generics and active pharmaceutical ingredients. The Group of “Grindeks” consists of four subsidiary companies in Latvia, Estonia and Russia, as well as representative offices in 13 countries.

“Grindeks” specializes in the heart and cardiovascular, CNS and anti-cancer medication therapeutic groups. A range of products covers a successful combination of original products and generics, with the original products Mildronate® and Ftorafur® and more than 100 forms of effective and safe generics included therein. Currently “Grindeks” produces 25 active pharmaceutical ingredients.

Products of the company are exported to 59 countries and its export comprises more than 95% of the total turnover. The main markets are: Russia and other CIS countries, the Baltic States, Germany, the Netherlands, Japan and the U.S.

To increase production capacity and develop infrastructure, since 2002 the company has accomplished many significant investment projects, investing 70.7 million euros over the years.

JSC “Grindeks” shares are listed on the Official List of “NASDAQ OMX Riga”. Major shareholders of JSC “Grindeks” are Kirovs Lipmans – 33.29%, Anna Lipmane – 16.69%, “AB.LV Private Equity fund 2010” – 11.38%, “Skandinaviska Enskilda Banken” (nominee account) – 11.28%, “Swedbank” AS Clients Account (nominee account) – 10.8%.

More information about the company – www.grindeks.lv/en/

Follow “Grindeks”:

Twitter.com/AS_Grindeks; Youtube.com/GrindeksLV 


         Further information:
         Laila Kļaviņa
         Head of the Communications Department, JSC “Grindeks”
         Phones: (+371) 67083370, (+371) 29256012
         Fax: (+371) 67083505