Olainfarm
“Olainfarm” Sets Group and Company Revenue Records
DGAP-News: Olainfarm 2015-04-30 / 16:02 --------------------------------------------------------------------- Consolidated profit and loss account of AS 'Olainfarm' for 2014 shows that the Group has made sales worth 93.7 million euros, which represents an increase by 20% compared to 2013, when revenues of the Group was 77.9 million euro. Sales of the Company in 2014 were 81.6 million, which is an increase by 22% compared to 2013, when sales of the Company were 66.9 million euro. Therefore, 2014 in terms of revenues was the best year in Company's and Group's history so far. Olaine, 2015-04-30 16:02 CEST (GLOBE NEWSWIRE) -- Net after tax profit of the Group in 2014 was 12.23 million euro, which is a reduction by 0.3% compared to 2013, when Group's profit was 12.6 million euros. Profit of the Company in 2014. was 11.4 million euro, which is a reduction by 11% compared to 2013. 2014 was the third best year in terms of profit in corporate history so far. Payment discipline of one of the Russian based wholesaling partners Oriola has significantly deteriorated since the end of 2014 and because information available on the financial status of that company causes concerns regarding its ability to settle outstanding payments, the Company, and hence the Group, have made provisions of 979 thousand euros, which equals 100% of receivables due from Oriola. During 2014 sales to all Group's main markets continued increasing except for Kazakhstan, UK and Uzbekistan, where sales shrunk by 32%, 32% and 11% respectively. The most rapid sales increase during 2014 was achieved in Poland, where sales grew by 434%, and in The Netherlands, where products of WHO's anti-tuberculosis program are being shipped. Sales to The Netherlands grew by 192%. Significant sales growth has also been achieved in Lithuania (by 60%) and Belarus (by 40%). Major sales markets of the Group during 2014 were Russia, Latvia, Ukraine, Belarus and The Netherlands. During 2014 sales to all Company's main markets continued increasing except for the same markets of Kazakhstan, UK and Uzbekistan, where sales shrunk by 32%, 32% and 11% respectively. The most rapid Company sales increase during 2014 was achieved in Poland, where sales grew by impressive 1136%, and in The Netherlands, where products of WHO's anti-tuberculosis program are being shipped. Sales to The Netherlands grew by 192%. Significant sales growth has also been achieved in Tajikistan (by 70%) and Belarus (by 40%). Major sales markets of the Company during 2014 were Russia, Ukraine, Latvia, Belarus and The Netherlands. Best selling products of the Company in 2014 were central nervous system medicines 'Neiromidin', 'Noofen' un 'Adaptol', antibacterial product 'Furamag' and antiarrhythmic product 'Etacizin'. During 2014 38 registration cases have been approved in several countries, including such untraditional countries for JSC Olainfarm as Peru, Mongolia, Bhutan, Romania and Kosovo. Several products are still in the process of obtaining MAs, among other countries, in Turkey, registration processes have been launched in Bosnia and Herzegovina and other new markets. Preclinical trials of R-fenotropil are being conducted and totally new forms and line extensions of existing products are being developed. Among other things the company works at development of a new nootropic medication, new product of nitrofurantoin group and a new food supplement. In December of 2014 JSC Olainfarm established a fully owned subsidiary Olainfarm Azija in Kyrgyzstan and in March of 2015 - fully owned subsidiary Olainfarm Lithuania. Main operations of the newly established entities will be related to promotion of products made by the Group and its partners in these countries. Annual meeting of shareholders of JSC Olainfarm held on April 29, 2014 approved operating plan of the Group and the Company. According to it, sales of the Group in 2014 were planned to be 93 million euros, but the net profit was to reach 15 million euros. According to this audited report for 2014, during this period 100.7% of annual sales target and 82% of annual profit target is met. Sales and profit targets approved at the same AGM for the Company were 80 million and 14 million respectively. According to this audited report for 2014, in 2014 102% of annual sales target and 82% of Company's annual were attained. Statement of comprehensive income Group Parent company --------------------------------------- 2014 2013 2014 2013 --------------------------------------- EUR '000 EUR '000 EUR '000 EUR '000 ======================================= Net revenue 93 654 77 956 81 625 66 879 Cost of goods sold (29 683) (25 040) (22 791) (17 642) --------------------------------------- Gross Profit 63 971 52 916 58 834 49 237 Selling expense (28 037) (23 507) (23 683) (20 141) Administrative expense (16 662) (14 291) (15 715) (13 044) Other operating income 2 313 3 267 1 274 1 609 Other operating expense (3 354) (2 464) (2 998) (1 496) Share of profit of an associate 153 208 - - Financial income 187 145 183 152 Financial expense (4 728) (1 391) (4 691) (1 332) --------------------------------------- Profit Before Tax 13 843 14 883 13 204 14 985 Corporate income tax (2 266) (2 151) (2 247) (2 008) Deferred corporate income tax 657 (131) 467 (131) ================================================================================ PROFIT FOR THE REPORTING PERIOD 12 234 12 601 11 424 12 846 Other comprehensive income for the - - - - reporting period --------------------------------------- Total comprehensive income for the 12 234 12 601 11 424 12 846 reporting period Total comprehensive income attributable to: The equity holders of the Parent Company 12 237 12 732 11 424 12 846 Non-controlling interests (3) (131) - - Basic and diluted earnings per share, 0.87 0.90 0.81 0.91 EUR Condensed Statement of Financial Group Parent company Position ----------------------------------------------- 31.12.2014 31.12.2013 31.12.2014 31.12.2013 ----------------------------------------------- EUR '000 EUR '000 EUR '000 EUR '000 =============================================== ASSETS NON-CURRENT ASSETS Intangible assets 18 848 17 674 2 109 1 319 Property, plant and equipment 34 674 26 923 33 252 25 187 Financial assets 4 234 211 19 848 14 682 ----------------------------------------------- TOTAL NON-CURRENT ASSETS 57 756 44 808 55 209 41 188 CURRENT ASSETS Inventories 18 693 16 294 17 172 14 682 Receivables and prepayments 27 354 30 289 28 534 30 574 Loans 865 2 411 543 2 407 Cash 2 055 2 026 1 745 1 617 ----------------------------------------------- TOTAL CURRENT ASSETS 48 967 51 020 47 994 49 280 ================================================================================ TOTAL ASSETS 106 723 95 828 103 203 90 468 EQUITY AND LIABILITIES EQUITY Share capital 20 041 20 041 20 041 20 041 Share premium 2 504 2 504 2 504 2 504 Retained earnings 50 492 39 364 51 355 39 931 Non-controlling interests 8 78 - - ----------------------------------------------- TOTAL EQUITY 73 045 61 987 73 900 62 476 LIABILITIES Non-current liabilities Borrowings 10 387 10 032 10 361 9 699 Deferred corporate income tax 1 640 2 297 438 905 Deferred income 2 099 535 2 032 435 ----------------------------------------------- Total Non-Current Liabilities 14 126 12 864 12 831 11 039 Current liabilities Borrowings 6 906 7 046 5 700 5 925 Trade and other payables 9 117 11 627 7 598 9 243 Taxes payable 745 656 666 476 Deferred income 419 174 402 159 Accrued liabilities 2 365 1 474 2 106 1 150 ----------------------------------------------- Total Current Liabilities 19 552 20 977 16 472 16 953 ----------------------------------------------- TOTAL LIABILITIES 33 678 33 841 29 303 27 992 ================================================================================ TOTAL EQUITY AND LIABILITIES 106 723 95 828 103 203 90 468 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 News Source: NASDAQ OMX --------------------------------------------------------------------- 2015-04-30 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------- Language: English Company: Olainfarm Latvia ISIN: LV0000100501 End of News DGAP News-Service --------------------------------------------------------------------- 351809 2015-04-30
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