GlobeNewswire

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

Share

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 PositionGroup
30.09.202031.12.2019
EUR '000EUR '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 incomeGroup
M9 2020M9 2019
EUR '000EUR '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

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

SEK TENDER OPERATION ANNOUNCEMENT FOR ONWARD LENDING27.1.2021 16:20:00 CETPress release

Bid date, 2021-01-29Bid Submission Date2021-01-29Bid times10.30-11.00 (CET/CEST) on the Bid dateOffered Amount50 billion SEKMaximum Permitted Bid Volume12.5 billion SEK from an individual bidderSettlement Date2021-02-02Minimum Permitted Bid Volume10 million SEK per bidFinal Repayment Date2025-02-03Maximum Allocation25 per cent of Offered AmountAllocation TimeNot later than 11.30 (CET/CEST) on the Bid dateRepayment Date2022-02-02Option Repayment Date 12023-02-02Option Repayment Date 22024-02-02Interest rateThe Riksbank´s applicable repo rateAdditional interest rate0.10 per centConfirmation of bids to e-maileol@riksbank.se Stockholm, 2021-01-27 This is a translation of the special terms and conditions published on www.riksbank.se. In the case of any inconsistency between the English translation and the Swedish language version, the Swedish language version shall prevail. Complete terms and conditions can be retrieved at www.riksbank.se.

Hexagon Purus selected by Talgo for first zero-emission hydrogen train in Spain27.1.2021 16:00:00 CETPress release

Hexagon Purus has received an order to deliver high pressure cylinders to Talgo, S.A., a leading manufacturer of intercity, standard and high speed passenger trains, for its first hydrogen prototype train. The Talgo Vittal-One train will be built and deployed in Spain and will serve as a testbed for how hydrogen technologies could be implemented in the Iberian Southwest. “There are more than 10,000 diesel trains in operation across Europe that will need to be replaced over the next 15 years. For distances between 400-800 km, hydrogen-powered trains are a smart solution to reduce local emissions without incurring the high cost of electrifying the tracks,” says Michael Kleschinski, Executive Vice President of Hexagon Purus. “We are excited to help develop the solutions needed for this ground-breaking move in public transit.” “Green hydrogen is no longer the future, it is a reality,” says Mr. Emilio García. Innovation Director at TALGO. “The start-up of hydrogen trains such as Talgo’s Vit

Property Carriers Beat Fraud with New Prior Loss Images in Verisk’s ISO ClaimSearch®27.1.2021 15:45:00 CETPress release

Jersey City, N.J., Jan. 27, 2021 (GLOBE NEWSWIRE) -- Verisk (Nasdaq:VRSK) announced that ISO ClaimSearch, the world’s largest database of property and casualty insurance (P&C) claims, has enhanced its robust claim intelligence platform by adding prior loss image matching. This automates previously laborious processes and significantly bolsters fraud protection. Millions of property images have been added to the system, which contains over 1.5 billion claim records and receives ongoing contributions from more than 90% of P&C insurers. Verisk created this enhancement – available at no cost to participants -- by tapping into participant-authorized claim images from its Xactware property estimation system. How ISO ClaimSearch works: As adjusters review ISO ClaimSearch match reports, a simple on-screen camera icon easily identifies prior claims containing photos.Prior loss images may reveal pre-existing damage, or the same damage being claimed again.Image forensics expose anomalies such as

Virgin Hyperloop Unveils Passenger Experience Vision27.1.2021 15:00:00 CETPress release

Groundbreaking design shows end-to-end passenger experience for the 21st century LOS ANGELES, Jan. 27, 2021 (GLOBE NEWSWIRE) -- Just months after their first passenger testing, Virgin Hyperloop today unveiled its vision for the future hyperloop experience. The newly-released concept video takes the viewer step-by-step through a hyperloop journey, from arriving at the portal to boarding the pod. “Showing the passenger experience of Virgin Hyperloop is a glimpse of the future, following the success three months ago when people rode in a hyperloop pod for the first time,” said Sultan Bin Sulayem, Chairman of Virgin Hyperloop and Group Chairman and CEO of DP World. “We have demonstrated the maturity of our technology. We are getting closer to commercialization of what will be the first new mass-scale transportation mode in a century.” “Designing a new mode of transportation from scratch is both an opportunity and a responsibility,” said Sara Luchian, Virgin Hyperloop’s Director of Passenge

Virgin Hyperloop Unveils Passenger Experience Vision27.1.2021 15:00:00 CETPress release

Groundbreaking design shows end-to-end passenger experience for the 21st century LOS ANGELES, Jan. 27, 2021 (GLOBE NEWSWIRE) -- Just months after their first passenger testing, Virgin Hyperloop today unveiled its vision for the future hyperloop experience. The newly-released concept video takes the viewer step-by-step through a hyperloop journey, from arriving at the portal to boarding the pod. “Showing the passenger experience of Virgin Hyperloop is a glimpse of the future, following the success three months ago when people rode in a hyperloop pod for the first time,” said Sultan Bin Sulayem, Chairman of Virgin Hyperloop and Group Chairman and CEO of DP World. “We have demonstrated the maturity of our technology. We are getting closer to commercialization of what will be the first new mass-scale transportation mode in a century.” “Designing a new mode of transportation from scratch is both an opportunity and a responsibility,” said Sara Luchian, Virgin Hyperloop’s Director of Passenge

Golar LNG Partners LP Cash Distributions27.1.2021 15:00:00 CETPress release

Golar LNG Partners LP (“the Partnership”) (NASDAQ: GMLP) announced today that its board of directors has approved a quarterly cash distribution with respect to the quarter ended December 31, 2020 of $0.0202 per common and general partner unit. This cash distribution will be paid on February 12, 2021 to all common and general partner unitholders of record as of the close of business on February 5, 2021. As set forth in our press release dated January 13, 2021, the Partnership has entered into a merger agreement with New Fortress Energy, Inc. (“NFE”). For additional information, please see the Partnership’s definitive proxy statement which will be filed with the Securities and Exchange Commission. A cash distribution of $0.546875 per Series A preferred unit (NASDAQ: GMLPP) for the period from November 15, 2020 through February 14, 2021 has also been declared. This will be payable on February 15, 2021 to all Series A preferred unitholders of record as at February 8, 2021. Under the merger