Olainfarm
Profit of Olainfarm in First Quarter Increases by 81%, Sales Reached 27 Million
DGAP-News: Olainfarm 2015-05-29 / 17:38 --------------------------------------------------------------------- AS Olainfarm has just experienced its most profitable quarter so far, as it made a net profit of 6.7 million euro and sales of 27 million euro. Net profit has increased by 81%, while sales have increased by 16% compared to the same period one year ago. Major sales markets of AS Olainfarm during this period were Russia, Latvia, Ukraine, The Netherlands and Belarus. Olaine, 2015-05-29 17:38 CEST (GLOBE NEWSWIRE) -- 'Significant sales growth to countries of Central Asia and to Russia along with increased deliveries to the World Health Organization have helped us achieve yet another most successful quarter in history of Olainfarm. However, worsening of situation on Ukrainian and Russian markets make us be more careful and focus even more on further diversification of our sales markets. We have already taken a few steps in this direction, and commencement of exports to Mongolia and successful development with registration in Turkey are proof to that. We are expecting more rapid sales growth of Silvanols soon, as it has been more than a year since we started a lot more active use of our marketing and logistics power to help them succeed in our traditional markets,' says Valerijs Maligins, Chairman of Olainfarm's Board. During the 1st quarter of 2015 sales to all company's main markets continued increasing except for Belarus, where they shrunk by 26%, compared to 1st quarter of 2014. It should be noted, however, that during previous two years in a row, sales to Belarus were growing: by more than 40% in 2014 and more than 70% in 2013. The most rapid sales increases during the 1st quarter of 2015 were achieved in Tajikistan, where sales grew by 173%, The Netherlands, where sales grew by 157%, Kyrgyzstan, where sales grew by 129% and Kazakhstan, where sales grew by 106%. Sales to Russia grew by 27%. In total, during the first quarter AS Olainfarm made sales in 31 countries on 5 continents. During this time, significant changes have occurred to the structure of bestselling products, as due to increased demand for anti-tuberculosis product PASA Sodium salt, this product has become the second best selling product with a total share of 14% of all Olainfarm products sold. The list of best sellers is still headed by Neiromidin, Olainfarm's product for health of nervous system. It is proposed, that Annual meeting of shareholders of A/s 'Olainfarm' to be convened on June 11, 2015 approves operating plan of the Group for 2015. According to it, sales of the Group in 2015 are planned to be 100 million euros, but the net profit will reach 15 million euros. According to this unaudited report for 1st quarter of 2015, during the first three months 27% of annual sales target and 45% of annual profit target is met. Condensed Consolidated Statement of Financial Position Group ----------------------- 31.03.2015 31.12.2014 ----------------------- EUR '000 EUR '000 ======================= ASSETS NON-CURRENT ASSETS Intangible assets 18 792 18 848 Property, plant and equipment 36 006 34 674 Financial assets 4 279 4 234 ----------------------- TOTAL NON-CURRENT ASSETS 59 077 57 756 CURRENT ASSETS Inventories 18 754 18 693 Receivables 33 929 28 219 Cash 4 111 2 055 ----------------------- TOTAL CURRENT ASSETS 56 794 48 967 =============================================================================== TOTAL ASSETS 115 871 106 723 EQUITY AND LIABILITIES EQUITY Share capital 19 719 20 041 Share premium 2 504 2 504 Reserves 322 - Retained earnings 57 163 50 492 Non-controlling interests 12 8 ----------------------- TOTAL EQUITY 79 720 73 045 LIABILITIES Non-current liabilities Borrowings 9 940 10 387 Deferred corporate income tax 1 754 1 640 Deferred income 2 037 2 099 ----------------------- Total Non-Current Liabilities 13 731 14 126 Current liabilities Borrowings 6 953 6 906 Trade payables and other liabilities 15 028 12 227 Deferred income 439 419 Total Current Liabilities 22 420 19 552 ----------------------- TOTAL LIABILITIES 36 151 33 678 =============================================================================== TOTAL EQUITY AND LIABILITIES 115 871 106 723 Consolidated statement of comprehensive income Group ------------------- Q1 2015 Q1 2014 ------------------- EUR '000 EUR '000 =================== Net revenue 27 024 23 314 Cost of goods sold (8 190) (7 587) ------------------- Gross Profit 18 834 15 727 Selling expense (7 119) (6 460) Administrative expense (4 126) (3 762) Other operating income 592 497 Other operating expense (1 626) (646) Share of profit of an associate 72 22 Financial income 1 990 35 Financial expense (56) (930) ------------------- Profit Before Tax 8 561 4 483 Corporate income tax (1 772) (683) Deferred corporate income tax (114) (123) ======================================================================= PROFIT FOR THE REPORTING PERIOD 6 675 3 677 Other comprehensive income for the reporting period - - ------------------- Total comprehensive income for the reporting period 6 675 3 677 Total comprehensive income attributable to: The equity holders of the Parent Company 6 671 3 654 Non-controlling interests 4 23 Basic and diluted earnings per share, EUR 0.47 0.26 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 --------------------------------------------------------------------- 2015-05-29 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 --------------------------------------------------------------------- 363543 2015-05-29
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