Consolidated Sales of Olainfarm in First Quarter Reach 28.6 million euros

Consolidated sales of AS Olainfarm in first quarter of 2017 reached 28.6 million euros, which represents an increase by 9% compared to the first quarter of 2016. The main sales markets of the Group during this period were Russia, Latvia, Belarus, Ukraine and The Netherlands. In terms of sales, this has been the best first quarter and second best overall quarter in corporate history.


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


Attachments

Olainfarm_I_2017_consolidated FS_ENG.pdf