Published: 2016-05-02 09:03:07 CEST
Olainfarm
Annual report/ annual accounts

CORRECTION: Last Year Olainfarm Sets a New Profit Record of 15.3 Million Euros

Correction made to Latvian version of this disclosure. Audited consolidated profit and loss account of AS Olainfarm for 2015 shows that consolidated net profit was 15.3 million euros. This represents an increase by 25% compared to the net profit of 2014 and by 8% compared to the net profit of 2012, when the previous profit record was set. Parent company's net profit in 2015 was 14.6 million euros, which represents an increase by 28% compared to the net profit of 2014.

Olaine, 2016-05-02 09:03 CEST -- Sales of the group in 2015 reached 97.4 million euros, which represents an increase by 4% compared to 2014, when sales of the Group were 93.7 million euros and is the highest sales number ever reached by the group so far.  Sales of the parent company in 2015 were 84.7 million euros, which also represents an increase by 4% compared to 2014, when Parent company made sales of 81.6 million euros.

 

The biggest consolidated sales increase (by 107%) was achieved in The Netherlands, where products for WHO’s Anti-Tuberculosis program are shipped.  Sales in Tajikistan increased by 39%, sales to Latvia by 11%. The major sales markets of the Group in 2015 were Russia, Latvia, Ukraine, Belarus and The Netherlands

 

The biggest Parent company’s sales increase in 2015 was achieved in The Netherlands where sales grew by 107%.  Sales to Turkmenistan grew by 46%, but sales to Tajikistan grew by 39%.  Significant sales growth has also been achieved in Latvia where sales of the Parent company increased by 25%. Major sales markets of Parent company of AS Olainfarm in 2015 were Russia, Latvia, Ukraine Belarus and The Netherlands.

 

The best sold company’s products in 2015 were neurological products “Neiromidin”, “Noofen” and “Adaptol”, anti-tuberculosis product PASA Sodium”, Antibacterial products „Furamag” and “Furasol”, antiarrhythmic products “Etacizin” and antihistamine product “Fenkarol”.

 

During the reporting period, registration processes have been launched in Bosnia and Herzegovina, Vietnam, Myanmar; GMP audit by Turkish pharmaceutical authorities has been passed, and bioavailability tests for Turkish registration completed, allowing the Parent company to proceed with registration in Turkey.

 

New forms have been developed for Gripoflex 325 (with reduced content of paracetamol), ACC 200mg powder, and lactose free Memantine tablets of 10mg and 20mg. The work continues at development of new combined prolonged activity form of nitrofurantoin. Two new food supplements have been developed and registered in Baltic countries with urological and hepatological application. Food supplement Jogurt Babydrops has been registered in the Baltics and is planned for further registration in 14 countries

Annual meeting of shareholders of JSC Olainfarm held on June 11, 2015 approved operating plan of the Group for 2015.  According to it, sales of the Group in 2015 are planned to be 100 million euros, but the net profit will reach 15 million euros.  According to this audited report for 2015, during this period 97.4% of annual sales target and 101.9% of annual profit target is met. The same meeting approved targets for Parent company’s operations, stating that Parent company’s sales target is 87 million euros, but the profit target is 14 million euros. According to these accounts, Parent company met 97.4% of sales target but exceeded its profit target by 4%.

 

 

 

 

Statement of Financial Position Group Parent company
    31.12.2015 31.12.2014 31.12.2015 31.12.2014
    EUR '000 EUR '000 EUR '000 EUR '000
       ASSETS        
NON-CURRENT ASSETS        
Intangible assets           20 591           18 848             2 210             2 109
Property, plant and equipment           35 579           34 674           34 047           33 252
Financial assets             4 910             4 234           22 382           19 848
  TOTAL NON-CURRENT ASSETS           61 080           57 756           58 639           55 209
CURRENT ASSETS        
Inventories           20 990           18 693           18 979           17 172
Receivables           30 487           28 219           31 178           29 077
Cash             5 574             2 055             5 015             1 745
  TOTAL CURRENT ASSETS           57 051           48 967           55 172           47 994
TOTAL ASSETS         118 131         106 723         113 811         103 203
       
             EQUITY AND LIABILITIES        
EQUITY        
Share capital           19 719           20 041           19 719           20 041
Share premium             2 504             2 504             2 504             2 504
Reserves                322                     -                322                     -
Retained earnings           65 773           50 492           65 921           51 355
Non-controlling interests                  30                    8                     -                     -
  TOTAL EQUITY           88 348           73 045           88 466           73 900
LIABILITIES        
Non-current liabilities        
Borrowings             8 560           10 387             8 051           10 361
Deferred corporate income tax             1 947             1 640                635                438
Deferred income             2 656             2 099             2 604             2 032
  Total Non-Current Liabilities           13 163           14 126           11 290           12 831
Current liabilities        
Borrowings             4 258             6 906             3 593             5 700
Trade payables and other liabilities           11 562           12 227             9 677           10 370
Deferred income                800                419                785                402
  Total Current Liabilities           16 620           19 552           14 055           16 472
  TOTAL LIABILITIES           29 783           33 678           25 345           29 303
TOTAL EQUITY AND LIABILITIES         118 131         106 723         113 811         103 203

 

 

 

 

 

 

Statement of comprehensive income Group Parent company
  2015 2014 2015 2014
  EUR '000 EUR '000 EUR '000 EUR '000
Net revenue        97 392        93 654        84 746        81 625
Cost of goods sold       (32 315)       (29 683)       (25 979)       (22 791)
Gross Profit        65 077        63 971        58 767        58 834
Selling expense       (28 202)       (28 356)       (23 742)       (24 063)
Administrative expense       (18 965)       (16 198)       (18 118)       (15 286)
Other operating income          2 715          1 788          2 487          1 274
Other operating expense         (1 957)         (2 974)         (1 864)         (3 047)
Share of profit of an associate             118             153                  -                  -
Income from investments in subsidiaries                  -                  -             300                  -
Financial income             262             187             261             183
Financial expense         (1 404)         (4 728)         (1 352)         (4 691)
Profit Before Tax        17 644        13 843        16 739        13 204
Corporate income tax         (2 110)         (2 266)         (1 976)         (2 247)
Deferred corporate income tax            (245)             657            (197)             467
PROFIT FOR THE REPORTING PERIOD        15 289        12 234        14 566        11 424
Other comprehensive income for the reporting period                  -                  -                  -                  -
Total comprehensive income for the reporting period        15 289        12 234        14 566        11 424
Total comprehensive income attributable to:        
The equity holders of the Parent Company        15 281        12 237        14 566        11 424
Non-controlling interests                 8               (3)                 -                 -
         
Basic and diluted earnings per share, EUR            1.08            0.87            1.03            0.81

 

 

 

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 35 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


Olainfarm_2015_Consolidated and Parent Company FS_ENG.pdf