Šīs tīmekļa vietnes satura kvalitātes uzlabošanai un pielāgošanai lietotāju vajadzībām tiek lietotas sīkdatnes - tai skaitā arī trešo pušu sīkdatnes. Turpinot lietot šo vietni Jūs piekrītat sīkdatņu lietošanai.
Olainfarm Group maintains its profit forecast, a short term decline in 9 month sales results
Emitents Olainfarm, AS (213800WCG52W62ENOP27)
Veids 3.1. Papildu regulētā informācija, kas ir jāatklāj saskaņā ar dalībvalsts tiesību aktiem
Valoda EN
Statuss Publicēts
Versija
Datums 2020-11-30 16:59:58
Versijas komentārs
Teksts

In 2020, the Olainfarm Group continued its ongoing activity in major sales markets. The highest sales in nine months in 2020 was in Latvia, reaching 28 738 thousand EUR, which is 232 thousand EUR or 1% higher than the same period year ago. Latvia sales represent 32% in Group revenues. Sales in Russia for the nine months period in 2020 amount to 20 590 thousand EUR which is a decrease from 2019 due to extra one-off shipment at the end of 2019 for consumption in the first quarter 2020 amounting to 6 million EUR.

“Covid-19 pandemic and restrictions due to it have brought different challenges our way, but we understand how to tackle them, and are committed to reach our growth plans outlined in the company's 5-year strategy. As a long-term investment, we have established a subsidiary in Russia, which allows us to get insights from the medical community and market research so that our efforts are relevant and current to customer needs. I am happy to announce that the new business model in Russia is in place and our team is operating fully,” said Elena Bushberg, Member of the Management Board, CEO of Olainfarm, a part of Olainfarm Group of companies.

During nine months of 2020, the Group’s sales reached EUR 88 893 thousand, which is 10% less than the same period of last year. Gross profit margin in 2020 is 59.2 %, which is 1.9 p.p. drop compared to 61,1 % reached the same period last year.

The Group’s EBITDA figure for nine months 2020 was EUR 18 130 thousand, which is 25 % or EUR 6 089 thousand EUR less than the result of the same period of 2019. EBITDA margin of the Group is 20.4 %. The forecasted full-year profit of the Group remains as reported in 6 month interim statements – EUR 11.2 million.

The Group’s financial position during nine months in 2020 is stable. The Group’s successful operations allowed it to accumulate EUR 29 991 thousand in cash at the end of September 2020. This is a significant precondition to limit the effect of uncertainty within the sales markets as well as allows to safeguard the supply of raw materials maintaining stable operations. Also accumulated cash allows continued financing for fixed asset investments as well as investments into research and development activities linked to completing clinical trials.

In nine months of 2020, four Phase 1 clinical trials (pharmacokinetics and bioavailability) were completed, while one Phase 1 clinical trial was deferred to H1 2021, taking into account the Covid-19 pandemic and following the guidelines issued by the European Medicines Agency in the implementation of clinical trials on 20 March 2020. Four Phase 3 clinical trials are scheduled in 2020. Within the limits and risks associated with the Covid-19 pandemic, the implementation of Phase 3 clinical trials (clinical part) is scheduled to start in 2021.

Condensed Consolidated Statement of Financial Position

Group

 

 

30.09.2020

31.12.2019

 

 

EUR '000

EUR '000

 

     ASSETS

 

 

NON-CURRENT ASSETS

 

 

Intangible assets

          40 086

          38 422

Property, plant and equipment

          41 488

          42 442

Right-of-use assets

            6 854

            7 069

Investment property

               226

               253

Other long-term investments

               726

               782

 

TOTAL NON-CURRENT ASSETS

          89 380

          88 968

CURRENT ASSETS

 

 

Inventories

          30 790

          28 247

Receivables

          22 402

          36 225

Cash

          29 991

          15 230

 

TOTAL CURRENT ASSETS

          83 183

          79 702

TOTAL ASSETS

        172 563

        168 670

 

 

 

 

           EQUITY AND LIABILITIES

 

 

EQUITY

 

 

Share capital

          19 719

          19 719

Share premium

            2 504

            2 504

Reserves

             (658)

         (12)

Retained earnings

        105 941

        105 298

 

TOTAL EQUITY

        127 506

        127 509

LIABILITIES

 

 

Non-current liabilities

 

 

Borrowings and lease liabilities

          12 068

          12 177

Deferred income

            3 649

            3 194

 

Total Non-Current Liabilities

          15 717

          15 371

Current liabilities

 

 

Borrowings and lease liabilities

            6 850

            9 568

Trade payables and other liabilities

          17 283

          15 727

Dividends payable

            4 507

                    -

Deferred income

               700

               495

 

Total Current Liabilities

          29 340

          25 790

 

TOTAL LIABILITIES

          45 057

          41 161

TOTAL EQUITY AND LIABILITIES

        172 563

        168 670

 

 

 

 

 

 

 

Consolidated statement of comprehensive income

Group

 

M9 2020

M9 2019

 

EUR '000

EUR '000

Revenue

       88 893

       98 774

Cost of goods sold

      (36 303)

      (38 449)

Gross Profit

       52 590

       60 325

Selling expense

      (19 036)

      (22 356)

Administrative expense

      (22 457)

      (20 467)

Other operating income

         1 990

         1 577

Other operating expense

        (1 796)

        (1 262)

Share of (loss) / profit of an associate

             (11)

              92

Financial income

              57

         2 093

Financial expense

        (6 040)

           (703)

Profit Before Tax

         5 297

       19 299

Corporate income tax

           (184)

           (100)

Deferred corporate income tax

              37

               (1)

PROFIT FOR THE REPORTING PERIOD

         5 150

       19 198

Other comprehensive (loss) / income for the reporting period, net of tax

           (646)

            271

Total comprehensive income for the reporting period, net of tax

         4 504

       19 469

Total comprehensive income attributable to:

 

 

The equity holders of the Parent Company

         4 504

       19 469

Non-controlling interests

                -

                -

 

 

 

Basic and diluted earnings per share, EUR

           0.37

           1.36

 

JSC “Olainfarm” is one of the largest companies in the Baltic States with more than 45 years of experience in the production of medicines and chemical pharmaceutical products. JSC “Olainfarm” is ranked as a TOP14 manufacturing company in Central and Eastern Europe. Currently, the products of JSC “Olainfarm” are exported to more than 50 countries, including Russia and other CIS countries, as well as countries of Europe, North America, Asia and Australia. The basic principle of the company’s operations is to produce sustainable healthcare products and services leveraging on manufacturing and commercial expertise.

Additional information:  
Jānis Dubrovskis
Investor Relations Advisor of JSC Olainfarm
Phone: +371 29178878
Email: janis.dubrovskis@olainfarm.com

Pielikumi
Olainfarm_Q3_2020_konsolidetais FS_ENG.pdf (1696.75 kB)