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In H1 2021 Olainfarm Group continues stable growth

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The compiled financial indicators for the first six months of this year confirm the growth of Olainfarm Group. The financial performance measures of both Olainfarm and its subsidiaries have grown steadily, compared to the same period last year, which means that we are heading in the right direction. The pandemic has not affected our operations significantly either. Russia is still our biggest market, with a significant increase of medicine sales. Ukraine now is in the second place, while the usual second-largest market, Belarus, has dropped to the third position. Overall, financially we are on track with the budget and we are performing well,” Jānis Buks, Chairman of the Management Board of JSC Olainfarm.

Operating environment

In 2021, the Group continued the marketing and development of primary therapeutic area medicinal products. The most important therapeutic areas for the Group are medicine for health of nervous system, antibacterial medicine, medicine for cardiovascular health and anti-allergy medicine. Despite decline in all therapeutical categories across all markets, the top brands in neurology, cardiology, and anti-infectives outperform the market and gain market share in the relevant therapeutic categories.

In 2021, the Group continued its ongoing activity in major markets. The highest sales in six months in 2021 was in Latvia, reaching 19 684 thousand EUR, which is 552 thousand EUR or 3% more than the same period year ago. Latvia sales represent 30% in Group revenues.

Sales in Russia for the six months period in 2021 amount to 18 092 thousand EUR which is decrease by 1 601 thousand EUR or 8% compared to the last year, however the last year ratio includes EUR 9 million unexpected deliveries to Russia in June 2020 due to the announced serialization. Group subsidiary in Russia is actively operating, proceeding with established robust digital communication channels, created patient support programs for anxiety discussions, and developed educational platform for healthcare professionals.

Financial results

During six months of 2021 the Group’s sales reached EUR 66 671 thousand, which is close to same period of last year. Gross profit was EUR 38 662 thousand, which shows decrease by 2 188 thousand EUR or 5% compared to same time period last year. Gross profit margin in reporting period is 58.0 %, which is 3.5 p.p. drop compared to 61.5 % reached same period last year.

The Group’s EBITDA figure for six months 2021 was EUR 12 129 thousand, which is 32 % or EUR 5 795 thousand EUR less than the result of the same period of 2020. EBITDA margin of the Group is 18.2 %.

Group Net profit is EUR 7 668 thousand, which is a drop by EUR 2 349 thousand or 23% versus same period of previous year.

The Group’s financial position during the first half of 2021 is stable. The Group’s successful operations allowed it to accumulate EUR 25 881 thousand in cash at the end of June 2021. According to the decision taken at Meeting of Shareholders on 18 June 2021, JSC “Olainfarm” has paid dividend EUR 2 394 thousand (0.17 EUR per share) on 12 July 2021.

The impact of Covid-19

Several of the Group companies used the opportunity provided by the Latvian State to receive financial support for Covid-19 crisis mitigation and the motivation of medical personnel. In total, in the first 6 months of 2021, the Group companies have received Latvian State financial support amounting to EUR 183 thousand.

Investments and development

In the first half of 2021, the planning of four Phase 3 clinical trials was performed and the necessary actions for the initiation of trials, which were planned to be started in 2021, in accordance with the limitations and risks related to the implementation of the Covid-19 pandemic.

In the 2nd quarter of 2021 enrollment of volunteers has started in Phase 3 clinical trial for the treatment of diseases of the peripheral nervous system.

JSC Olainfarm and Adalvo have signed a licensing and supply agreement to launch a new urology product in 17 countries in 2022 - 2023. Adalvo, a part of Alvogen Group, is one of the leading B2B pharmaceutical companies in Europe.

During the reporting period the investments mainly made in production, product development, IT and digitalization. Covid-19 pandemic restrictions and economic consequences significantly influenced the possibilities of the Group to realize planned investments.

Olainfarm, a part of Olainfarm Group, is one of the leading pharmaceutical companies in the Baltic States offering high quality medicine and chemical pharmaceutical products. The Group’s business strategy “FORWARD” highlights the main company’s vision – to become one of the TOP10 Central and Eastern European manufacturing companies by 2025.

With nearly 50 years of expertise, Olainfarm Group delivers sustainable healthcare products and services with added value to patients in more than 50 countries all over the world via its key subsidiaries – pharmaceutical company Olainfarm, food supplements & medical devices producer Silvanols, elastic & compression material producer Tonus Elast, pharmacy chain LatvijasAptieka and healthcare & diagnostics centresDiaMed & OlainMed.

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

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