Today, on 27 February, Joint Stock Company Grindeks has presented to Riga Stock
Exchange non-audited consolidated financial report about the results of 2007.
Non-audited financial results are evidence, that the Group of Grindeks worked
successfully during last year - net profit, related to the shareholders of the
holding company, in 2007 amounted to 7.2 million lats, which is by 8.8% more
than in 2006. In 2007 turnover of the Group amounted to 51.5 million lats,
which is by 9.3 million lats or 22% more than during the same period in 2006.
Chairman of the Board of Grindeks Janis Romanovskis denoted, that the positive
financial results, shown during 2007, confirm the development of the Company in
accordance with its chosen strategic aims. „Significant investments are our
utmost guarantor in the development - almost 9 million lats in 2007. The unique
in the Baltic States Analytical and Scale-up Laboratory Completed is certified
at international level, the production of disposable ready-made medications is
continued, and the building of modern waste water purification equipment is
started. The growth of Grindeks medications sales` volume in existent markets is
uninterruptedly continuous; moreover, we started the registration of various
medications in the perspective markets, such as China and Turkey”.
The significant profit increase was received as a result of sales volume growth
by 22%, related to sales of ready-made medications. Sales volume of ready-made
medications amounted to 47.7 million lats in 2007, which is by 8.7 million lats
or 22% more than during 2006. Mostly, the largest volume of medications was
delivered in the main export markets - in Russia and CIS countries, the total
sum amounted to 41.7 million lats. It's already traditionally, that during
accounting period the most turnover - 73% of the total sales volume of the
ready-made medications was formed by sales of original product Mildronate®, what
exceeded the result of 2006 by 6.2 million lats or 22%.
Positive measures of profit were also obtained as the result of increase in
export of active pharmaceutical ingredients (API), the growth of export reached
3.8 million lats, which is by 0.7 million lats or 22% more than during 2006. The
main export markets for API produced by Grindeks are Europe, Japan, the USA,
Australia, Pakistan, India.
In 2008 Grindeks intends to significantly improve product portfolio and offer
four new generics. Development of new original products will be also continued.
With the aim to develop productiveness and effectiveness of enterprise, in 2008
the Group will continue to work at the increase of its shareholders' value, by
increasing sales volumes in the existing and new attractive markets, as well as
improving effectiveness of operations.
Grindeks is the leading pharmaceutical company in the Baltic States. Its main
fields of action are: research, development and manufacturing of brand products,
generics and active pharmaceutical ingredients. Grindeks specializes in the
heart and cardiovascular, CNS and anti-cancer medication therapeutic groups.
Grindeks Group consists of four subsidiary companies in Latvia, Estonia and
Russia and of representatives and representative offices in fourteen countries.
Grindeks products are exported to more than 40 countries and its export
comprises more than 92% of the total turnover. The main markets are: the Baltic
States, Russia and CIS countries, Japan, the USA. Grindeks shares are listed in
the Official List of Riga Stock Exchange.
Further information:
Laila Klavina
Head of the Communications Department
JSC “Grindeks”
Phones: +371 67083370, +371 29256012
e-mail: laila_klavina@grindeks.lv
