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

  • 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
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
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
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
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

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


About GlobeNewswire

One Liberty Plaza - 165 Broadway
NY 10006 New York

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

Resolutions at the Annual General Meeting in Eolus Vind AB on January 25th, 202025.1.2020 17:45:00 CETPress release

Hässleholm, Sweden, January 25th, 2020. In accordance with the Board of Directors’ proposal, the Annual General Meeting (“AGM”) resolved to declare a dividend of SEK 1.50 per share for the financial year 2018/2019, and the record date for the payment of dividends was set to Tuesday, January 28th, 2020. The Board members and the CEO were discharged from liability. Sigrun Hjelmqvist, Hans Johansson, Jan Johansson, Hans Linnarson, Bodil Rosvall Jönsson and Hans-Göran Stennert were re-elected as members of the Board of Directors and Hans-Göran Stennert was re-elected as chairman of the Board. Accounting firm PricewaterhouseCoopers AB was re-elected as the company’s auditor, with authorized public accountant Eva Carlsvi as auditor in charge. It was decided that fees to the Board of Directors shall amount to SEK 1,250,000 in total, whereby the fee to the chairman shall amount to SEK 375,000 and the fees for each of the other Board members that are not employed by the company shall amount to

Beslut vid årsstämman i Eolus Vind AB den 25 januari 202025.1.2020 17:45:00 CETPressemelding

Hässleholm den 25 januari 2020. I enlighet med styrelsens förslag fastställde årsstämman utdelningen för räkenskapsåret 2018/2019 till 1,50 kronor per aktie med tisdagen den 28 januari 2020 som avstämningsdag. Bolagets styrelseledamöter och VD beviljades ansvarsfrihet. Sigrun Hjelmqvist, Hans Johansson, Jan Johansson, Hans Linnarson, Bodil Rosvall Jönsson samt Hans-Göran Stennert omvaldes till styrelseledamöter och Hans-Göran Stennert omvaldes som styrelsens ordförande. Registrerade revisionsbolaget PricewaterhouseCoopers AB omvaldes till revisor med auktoriserade revisorn Eva Carlsvi som huvudansvarig revisor. Arvode till styrelsen beslutades utgå med totalt 1 250 000 kronor, varav 375 000 kronor till ordföranden och 175 000 kronor vardera till övriga styrelseledamöter som inte är anställda i bolaget. Vidare beslutade stämman att arvode till revisorn ska utgå enligt avtal. I enlighet med förslag från valberedningen fastställde stämman instruktioner för utseende av valberedningen och v

Gold Lion Closes Acquisition of Cuteye Group of Properties24.1.2020 22:05:00 CETPress release

VANCOUVER, British Columbia, Jan. 24, 2020 (GLOBE NEWSWIRE) -- Gold Lion Resources Inc. (“Gold Lion” or the “Company”) (CSE: GL) (FWB: 2BC) is pleased to announce that it has closed its acquisition of the Cuteye Group of Properties from a private British Columbia numbered company (“Numberco”) (see the Company’s January 13, 2020 news release previously announcing the transaction). Under the transaction, Gold Lion issued an aggregate of 6,000,000 Gold Lion common shares to the shareholders of Numberco. No finder’s fees were paid in connection with the transaction. Gold Lion also announces the appointment of Mr. Dan Dente as a Director of the Company. Mr. Dente brings over 20 years’ experience within the financial services industry. About Gold Lion Resources Inc. Gold Lion Resources Inc. is a mineral exploration company, actively involved in the exploration of the Cuteye Group of Properties, as well as the Fairview Copper-Silver-Zinc Property. The Cuteye Group of Properties includes the M

Notice of fourth quarter 2019 results and conference call24.1.2020 18:05:00 CETPress release

Notice of fourth quarter 2019 results and conference call Luxembourg, January 24th, 2020 – Millicom will announce its fourth quarter results for the period ending December 31st, 2019, on February 25th, 2020 at approximately 12:00 (Stockholm) / 11:00 (London) / 6:00 (Miami) via a press release. The company will host a conference call for the global financial community on February 25th, 2020 at 14:00 (Stockholm) / 13:00 (London) / 08:00 (Miami). The conference call will be webcast at Dial-in information: Please dial in 5-10 minutes before the scheduled start time to register your attendance. Dial-in numbers for the call are as follows: Sweden: +46 (0) 8506 92180 Luxembourg: +352 2786 0515 UK: +44 (0) 2071 928000 US: +1 631 5107 495 The access code is: 2348098 Replay information: A replay of the call will be available for 7 days from February 25th, 2020 at: UK: +44 (0) 3333 009785 US: +1 (917) 677-7532 Replay passcode is: 2348098 For further information, please contact Pr

Arion Bank: Share buyback program expanded in Iceland and Sweden24.1.2020 17:15:00 CETPress release

Reference is made to the Bank’s announcement concerning the Bank’s share buyback program in Iceland and Sweden published on 31 October 2019 and the change to the program published on 9 January 2020. The Board of Directors of Arion Bank has approved a revised buyback program on the basis of the authorization provided at the Bank's AGM on 20 March 2019 and the approval given by the Financial Supervisory Authority/Central Bank of Iceland on 23 January 2020. The revised share buyback program authorizes the Bank to buy a maximum of 100,000,000 shares/SDRs, corresponding to 5.5% of issued shares in the Bank, for up to ISK 8 billion at market value. The revised program represents an increase of up to 41 million shares/SDRs, corresponding to 2.3% of issued shares in the Bank, for up to ISK 3.5 billion at market value, in the Bank’s authorization to buy back shares. When the share buyback program was issued on 31 October 2019 the Bank was authorized to buy up to 59 million shares/SDRs for up to


Investor news Company announcement no 1. DFDS expects to publish the report for Q4 2019 on 6 February 2020 at around 08:00 AM CET. Torben Carlsen, CEO, and Karina Deacon, CFO, will present the report on a live conference call. The presentation in English will be followed by a Q&A session. Investors, analysts and other interested parties are invited to take part. Date: 6 February 2020 Time: 10:00 AM CET Telephone DK +45 35445577 US +1 631 913 1422 UK +44 33 33000804 List of international numbers: Access code: 66655871# If you wish to take part in the audio conference, please dial up at least five minutes before the conference begins. It will start on time, and participants will be asked to register name and company name beforehand. The conference will be broadcast live on and published there for future reference. Contact Søren Brøndholt Nielsen, IR +45 33 42 33 59 Attachment UK_OMX_no_01_Conference_ca