Montag, 30.11.2020 15:59 von GlobeNewswire | Aufrufe: 452

Olainfarm Group maintains its profit forecast, a short term decline in 9 month sales results

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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

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