Olainfarm Group's turnover in the first quarter exceeds 30 million euros. Noofen becomes the sales leader

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Olainfarm Group's turnover in the first quarter exceeds 30 million euros. Noofen becomes the sales leader

Consolidated sales of JSC Olainfarm in first quarter of 2018 reached 30,8 million euros, which represents an increase by 8% compared to the first quarter of 2017, and this is the best quarterly turnover figure for the Group's past performance.  Net profit in the 1st quarter was 3.1 million euro, which is 15% less than in the same period of 2017. The company is explaining the profit reduction with unfavorable volatility of the Russian ruble exchange rate at the beginning of the year.


The largest product markets in this period were Latvia, Russia, Belarus, Ukraine, and also Kazakhstan.

During the 1st quarter of 2018 sales of JSC Olainfarm demonstrated growth in all its major sales markets. The biggest increase was reached in Latvia and Belarus, where sales increased by 1.4 million euros in each of the markets. Good performance was demonstrated also in Uzbekistan where sales grew by 0.57 million and in Russia – increase by 0.51 million.

In the 1 st quarter of 2018, Olainfarm has undergone significant changes in the structure of the company's most demanded products. The prescription medicine for the health of the nervous system, Noofen, has become the most popular drug, which accounted for 18%, while Neiromidin, the leader of Y2017, is only the third amongst the most demanded products this year.  Meldonium and Memantine replaced PASS and Remantadine in the list of best- sellers.

Annual meeting of shareholders of JSC Olainfarm, which will be convened on June 5, 2018, is proposed to approve the operating plan of the Group for 2018. According to it, sales of the Group in 2018 are planned to be 130 million euros, but the net profit will reach 11.5 million euros.  According to this unaudited report for 1st quarter of 2018, during the first three months the annual sales plan is executed by 23.7%, but the annual profit plan is executed by 27.1%.

During the first quarter of 2018, nearly 160 thousand of JSC Olainfarm shares of were sold for more than 1.3 million euros at the Nasdaq Riga Stock Exchange. Compared to the first quarter of last year both, the number of traded shares and turnover, has more than tripled.






Condensed Consolidated Statement of  Financial Position Group
   31.03.2018 31.12.2017
   EUR '000 EUR '000
    ASSETS   
NON-CURRENT ASSETS   
Intangible assets   37 011   37 034
Property, plant and equipment   42 153   41 892
Investment properties   3 567   3 526
Financial assets   1 016   2 609
  TOTAL NON-CURRENT ASSETS   83 747   85 061
CURRENT ASSETS   
Inventories   25 036   24 161
Receivables   33 908   34 049
Cash   4 417   3 158
  TOTAL CURRENT ASSETS   63 361   61 368
TOTAL ASSETS   147 108   146 429
   
    EQUITY AND LIABILITIES   
EQUITY   
Share capital   19 719   19 719
Share premium   2 504   2 504
Other components of equity   (79)   (74)
Retained earnings   78 420   75 675
Non-controlling interests   -   -
  TOTAL EQUITY   100 564   97 824
LIABILITIES   
Non-current liabilities   
Borrowings   14 933   15 878
Deferred corporate income tax   -   -
Deferred income   2 621   2 347
  Total Non-Current Liabilities   17 554   18 225
Current liabilities   
Borrowings   12 817   14 013
Trade payables and other liabilities   15 714   15 892
Deferred income   459   475
  Total Current Liabilities   28 990   30 380
  TOTAL LIABILITIES   46 544   48 605
TOTAL EQUITY AND LIABILITIES   147 108   146 429



Consolidated statement of comprehensive income Group
  Q1 2018 Q1 2017
  EUR '000 EUR '000
Net revenue   30 789   28 571
Cost of goods sold   (12 778)   (11 463)
Gross Profit   18 011   17 108
Selling expense   (8 671)   (8 025)
Administrative expense   (5 641)   (5 414)
Other operating income   718   449
Other operating expense   (711)   (743)
Share of profit of an associate   68   32
Income from investments in subsidiaries   -   -
Financial income   20   1 158
Financial expense   (590)   (102)
Profit Before Tax   3 204   4 463
Corporate income tax   (90)   (839)
Deferred corporate income tax   -   54
PROFIT FOR THE REPORTING PERIOD   3 114   3 678
Other comprehensive loss for the reporting period   (5)   -
Total comprehensive income for the reporting period   3 109   3 678
Total comprehensive income attributable to:   
The equity holders of the Parent Company   3 109   3 673
Non-controlling interests   -   5
   
Basic and diluted earnings per share, EUR   0.22   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 50 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


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