GlobeNewswire

Olainfarm Group’s financial performance in the first half reached new highs – sales were 66.4 million EUR; net profit jumps to 12.2 million EUR

Share
  • Group sales in the first half 2019 were 66.4 million EUR, which is 7% higher than a year earlier
  • EBITDA margin for the first six month 2019 was 26%, up from 17% year ago
  • Strong liquidity and decrease in leverage support further investment needs

“Looking at the six months of Olainfarm’s financial year and its good financial position, three things should be noted: 1) the high profitability of the company; 2) a significant increase in the company’s liquidity to historically high levels; and 3) active negotiations with banks and to provide new loans. These are also key factors that provide a solid foundation for a new development stage for organising drug dossiers and conducting clinical trials for medicines,” says Lauris Macijevskis, Chairman of the Management Board of JSC Olainfarm.

During the 2nd quarter of 2019, consolidated sales of the Olainfarm Group reached 31 647 thousand EUR which is an increase by 592 thousand EUR euros or 2% if compared to similar period of 2018. In the 2nd quarter EBITDA was 6 422 thousand EUR that surpassed the figure of the 2nd quarter of 2018 by 1 497 thousand EUR or 30%. Profit for this year’s second quarter was 3 984 thousand EUR, which is an increase by 49% or 1 312 thousand EUR in comparison with the second quarter of 2018.

During the first six months of this year Group’s sales reached 66 392 thousand EUR, which is an increase by 7% or 4 548 thousand EUR comparing to the same period of 2018. Group’s EBITDA during this year’s first six months was 16 928 thousand EUR, which is by 64% or 6 589 thousand EUR more than the half year results of the last year. Group’s reporting period profit for the six month 2019 was 12 244 thousand EUR and it increased by 112% or 6 458 thousand EUR in comparison with half year of 2018. Half-year 2019 sales, EBITDA and net profit mark new record levels for the first six months period.

Reporting period profit was positively influenced by gross margin increase, selling expense decrease, income from currency rate fluctuations but negatively impacted by increase of administrative expenses. Administrative expenses rose due to investments in medicine registration dossiers and such costs may not always be possible to capitalize as well as with review of salaries and bonus payments to personnel (excluding the Supervisory Council and the Management Board).

In accordance with the approved plans for 2019 Group’s sales target is fulfilled by 50% and profit figure by 96%.

During the first six months of this year sales volumes of the main Olainfarm products continued to increase. The share of the leading product Noofen is 19%, which is by one percentage point more than a year before. The share of the three largest products (Noofen, Neiromidin and Furamag/Furasol) comprise 52% that is by one percentage point higher than a year before (51%).

In April this year JSC Olainfarm signed agreement with a unit of UN (UN Office for Project Services) about deliveries of PASS in the amount of 3 million EUR during 2019-2020, which will keep this medicine among top products also in the future.

Group introduced two new alternative performance indicators - Net debt to EBITDA ratio and Debt – Service Coverage Ratio (DSCR). Net debt to EBITDA improved from 1.4 to 0.6 and DSCR from 1.8 to 2.5.

The first half of 2019 was also significant due to rapid improvements in cash position from 2 689 thousand EUR at the beginning of the year to 10 623 thousand EUR, which allows to continue investments in updating medicine dossiers in the coming years.

During the second quarter of 2019, more than 731 thousand shares of JSC Olainfarm, with total value of 4.5 million euros, were traded on Nasdaq Riga. Compared to the same period in 2018, the number of traded shares was by 726% more, while traded value was higher by 511%.

Consolidated statement of comprehensive income Group Group
  Q2 2019 Q2 2018 M6 2019 M6 2018
  EUR '000 EUR '000 EUR '000 EUR '000
Revenue   31 647   31 055   66 392   61 844
Cost of goods sold   (11 818)   (12 117)   (25 309)   (24 895)
Gross Profit   19 829   18 938   41 083   36 949
Selling expense        (8 740)   (9 510)      (17 021)   (18 181)
Administrative expense        (7 299)   (5 790)      (13 632)   (11 431)
Other operating income   672   687   1 134   1 405
Other operating expense           (449)   (1 093)           (704)   (1 804)
Share of profit of an associate   25   7   103   75
Financial income   279   19   1 842   39
Financial expense           (327)   (501)   (488)   (1 091)
Profit Before Tax   3 990   2 757   12 317   5 961
Corporate income tax               (5)   (87)             (72)   (177)
Deferred corporate income tax   (1)   2   (1)   2
PROFIT FOR THE REPORTING PERIOD   3 984   2 672   12 244   5 786
Other comprehensive income for the reporting period   62   41   217   36
Total comprehensive income for the reporting period   4 046   2 713   12 461   5 822
Total comprehensive income attributable to:        
The equity holders of the Parent Company   4 046   2 713   12 461   5 822
Non-controlling interests   -   -   -   -
         
Basic and diluted earnings per share, EUR   0.28   0.19   0.87   0.41


Condensed Consolidated Statement of  Financial Position Group
    30.06.2019 31.12.2018
    EUR '000 EUR '000
    ASSETS    
NON-CURRENT ASSETS    
Intangible assets   36 388   36 619
Property, plant and equipment   44 832   43 697
Right-of-use assets   7 230   -
Investment properties   3 510   3 492
Other non-current assets   868   983
  TOTAL NON-CURRENT ASSETS   92 828   84 791
CURRENT ASSETS    
Inventories   29 744   25 794
Receivables   29 785   34 637
Cash   10 623   2 689
  TOTAL CURRENT ASSETS   70 152   63 120
TOTAL ASSETS   162 980   147 911
     
    EQUITY AND LIABILITIES    
EQUITY    
Share capital   19 719   19 719
Share premium   2 504   2 504
Reserves   (7)   (224)
Retained earnings   93 914   83 079
  TOTAL EQUITY   116 130   105 078
LIABILITIES    
Non-current liabilities    
Borrowings and lease liabilities   6 590   1 793
Deferred income   3 418   2 878
  Total Non-Current Liabilities   10 008   4 671
Current liabilities    
Borrowings and lease liabilities   19 015   23 236
Trade payables and other liabilities   16 047   14 540
Dividends payable   1 409   -
Deferred income   371   386
  Total Current Liabilities   36 842   38 162
  TOTAL LIABILITIES   46 850   42 833
TOTAL EQUITY AND LIABILITIES   162 980   147 911

JSC Olainfarm is one of the biggest pharmaceutical companies in Latvia with more than 45 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 60 countries of the world, including the Baltics, Russia, other CIS, Europe, Asia, North America and Australia.

Additional information:
       
Jānis Dubrovskis
Investor Relations Advisor of JSC Olainfarm
Ph.: +371 29178878
E-mail: janis.dubrovskis@olainfarm.com

Attachment

About GlobeNewswire

GlobeNewswire
GlobeNewswire
One Liberty Plaza - 165 Broadway
NY 10006 New York

https://globenewswire.com

GlobeNewswire is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.

Subscribe to releases from GlobeNewswire

Subscribe to all the latest releases from GlobeNewswire by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from GlobeNewswire

AIR Worldwide Estimates Insured Losses for Typhoon Faxai Will be Between USD 3 Billion and USD 7 Billion15.9.2019 22:40:00 CESTPress release

Boston, Sept. 15, 2019 (GLOBE NEWSWIRE) -- Catastrophe risk modeling firm AIR Worldwide estimates that industry insured losses from Typhoon Faxai, which made landfall in Japan on September 9, will be between JPY 340 billion (USD 3 billion) and JPY 740 billion (USD 7 billion). AIR Worldwide is a Verisk (Nasdaq:VRSK) business. According to AIR, Typhoon Faxai made landfall in Yokosuka, a southern suburb of Tokyo, on the main island of Honshu at around 3:00 a.m. local time Monday, September 9, with 1-minute sustained wind speeds of 170km/h (105 mph). Faxai crossed Tokyo Bay to strike Tokyo City with winds still equivalent to a strong Category 2 hurricane. Faxai brought damaging winds across southeastern Honshu, along with storm surge and heavy precipitation to coastal regions. Impacts were reported across Chiba, Kanagawa, and Shizuoka prefectures. Storm surge was highest along the eastern shores of Tokyo Bay: JMA recorded a storm surge of more than 1 meter in Mera, Chiba Prefecture. The ci

Valberedningens förslag till styrelse och revisor för Oasmia Pharmaceutical AB inför årsstämman 201915.9.2019 21:00:00 CESTPressemelding

Oasmias valberedning har informerat bolaget om sitt förslag avseende styrelse och revisor inför årsstämman den 26 september 2019. Valberedningen föreslår Hege Hellström och Anders Härfstrand till nya styrelseledamöter. Därutöver föreslås omval av de nuvarande styrelseledamöterna Jörgen Olsson, Peter Zonabend, Gunilla Öhman och Sven Rohmann. Jörgen Olsson föreslås bli omvald som styrelsens ordförande. Hege Hellström har sedan 2013 arbetat på bioteknikbolaget Sobi som chef för EMENAR (Europa, Mellanöstern, Nordafrika och Ryssland). Dessförinnan har hon varit globalt ansvarig för affärsområdet Cardiovascular inom Sanofi, VP Renal Europa och Head of Regional Liaisons på Sanofi samt VP Renal and Endocrine Europe och General Manager Benelux på Genzyme. Innan Genzyme var hon 13 år på Baxter. Hege Hellström är 54 år och har utbildning i Bio-engineering från Ullevaal School of Bioengineering, Oslo, Norge samt en utbildning i marknadsföring och finansiering vid BI, Norwegian Business School. And

The Nomination Committee's proposal regarding Board of Directors and auditor of Oasmia Pharmaceutical AB for AGM 201915.9.2019 21:00:00 CESTPress release

Oasmia's Nomination Committee has informed the company of its proposal regarding Board of Directors and auditor ahead of the Annual General Meeting September 26, 2019. The Nomination Committee proposes Hege Hellström and Anders Härfstrand as new board members. In addition, the nomination committee proposes re-election of the current Board members Jörgen Olsson, Peter Zonabend, Gunilla Öhman and Sven Rohmann. Jörgen Olsson is proposed to be re-elected as Chairman of the Board. Hege Hellström has worked at the biotechnology company Sobi since 2013 and was president for EMENAR (Europe, Middle East, North Africa and Russia). Prior to that, she was globally responsible for the Cardiovascular business area within Sanofi, VP Renal Europe and Head of Regional Liaisons, Sanofi, VP Renal and Endocrine Europe, Genzyme, General Manager Benelux Genzyme. Before Genzyme, she was 13 years at Baxter. Hege Hellström is 54 years old and has a degree in Bioengineering from Ullevaal School of Bioengineerin

SFL - Change of name to SFL Corporation Ltd. approved13.9.2019 22:55:00 CESTPress release

SFL Corporation Ltd. (the “Company”) today announced that its 2019 Annual General Meeting resolved to change the name of the Company from “Ship Finance International Limited” to “SFL Corporation Ltd.”. The Company’s common shares will continue to trade under the ticker “SFL” on the New York Stock Exchange. ISIN and instrument ID for the Company's listed securities remain unchanged. September 13, 2019 The Board of Directors SFL Corporation Ltd. Hamilton, Bermuda Investor and Analyst Contacts: Aksel Olesen, Chief Financial Officer, SFL Management AS +47 23 11 40 36 André Reppen, Senior Vice President, SFL Management AS +47 23 11 40 55 Media Contact: Ole B. Hjertaker, Chief Executive Officer, SFL Management AS +47 23 11 40 11 About SFL SFL has a unique track record in the maritime industry, being consistently profitable and paying dividends every quarter since 2004. The Company’s fleet of more than 90 vessels is split between tankers, bulkers, container vessels and offshore assets, and SF

SFL - 2019 Annual General Meeting13.9.2019 22:10:00 CESTPress release

SFL Corporation Ltd. (the “Company”) advises that the 2019 Annual General Meeting of the Shareholders of the Company was held on September 13, 2019 at 10:30 a.m. at the Hamilton Princess and Beach Club, 76 Pitts Bay Road, Hamilton HM CX, Bermuda. The audited consolidated financial statements for the Company for the year ended December 31, 2018 were presented to the Meeting. In addition, the following resolutions were passed: 1. To set the maximum number of Directors to be not more than eight. 2. To resolve that vacancies in the number of Directors be designated as casual vacancies and that the Board of Directors be authorised to fill such vacancies as and when it deems fit. 3. To re-elect Harald Thorstein as a Director of the Company. 4. To re-elect Bert M. Bekker as a Director of the Company. 5. To re-elect Gary Vogel as a Director of the Company. 6. To re-elect Keesjan Cordia as a Director of the Company. 7. To re-elect James O’Shaughnessy as a Director of the Company. 8. To approve

FRO – 2019 Annual General Meeting13.9.2019 19:27:00 CESTPress release

Frontline Ltd. (the “Company”) advises that the 2019 Annual General Meeting of the Shareholders of the Company was held on September 13, 2019 at 10:00 a.m. at the Hamilton Princess and Beach Club, 76 Pitts Bay Road, Hamilton HM CX, Bermuda. The audited consolidated financial statements for the Company for the year ended December 31, 2018 were presented to the Meeting. In addition, the following resolutions were passed: To set the maximum number of Directors to be not more than eight. To resolve that vacancies in the number of Directors be designated as casual vacancies and that the Board of Directors be authorised to fill such vacancies as and when it deems fit. To re-elect John Fredriksen as a Director of the Company. To re-elect James O’Shaughnessy as a Director of the Company. To re-elect Ulrika Laurin as a Director of the Company. To re-elect Ola Lorentzon as a Director of the Company. To re-appoint PricewaterhouseCoopers AS of Oslo, Norway as auditors and to authorise the Director