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GRD: Profit of “Grindeks” in the first half-year of 2012 – 3.7 million lats

Spekuliantai.lt | 2012-08-24 | NASDAQ OMX biržų naujienos | perskaitė: 1083
Raktiniai žodžiai: Grindeks, GRD
GRD: Profit of “Grindeks” in the first half-year of 2012 – 3.7 million lats

Grindeks Half Year financial report 24.08.2012

Profit of “Grindeks” in the first half-year of 2012 – 3.7 million lats

Today, on 24 August, the financial statements of the JSC “Grindeks” on the
first half-year 2012, submitted to “NASDAQ OMX Riga”, indicate that the
turnover of the Group of “Grindeks” during the first half-year of 2012 amounted
to 34.2 million lats, which is by 1.5 million lats or 4.6% more than in the
first half-year of 2011. Whereas, the Group’s net profit, related to the
shareholders of the holding company, during the first half-year of 2012 was 3.7
million lats that comparing to the first half-year of 2011 has decreased by 0.6
million lats or 14%. The indicators of the turnover and profit have been
affected by the business of active pharmaceutical ingredients, where a part of
clients have reviewed their manufacturing plans and postponed the deliveries to
the second half of the year. The gross profit margin in the first half-year of
2012 was 56.7%, whereas, the net profit margin was 10.8%. In the first half
year of 2012 the products manufactured by the Group were exported to 46
countries all over the world for the total amount of 32.3 million lats.

The sales volume of the final dosage forms of “Grindeks” in the first half-year
of 2012 was 31.7 million lats and has increased comparing to the same period of
the previous year by 3.9 million lats or 14%. The main markets of the final
dosage forms are Russia, other CIS countries, Georgia and the Baltic States.
The sales amount of Russia, other CIS countries and Georgia in the first
half-year of 2012 was 27.3 million lats, which is by 3.6 million lats or 15.2%
more than in the respective period of 2011. Whereas, the sales amount of final
dosage forms in the Baltic States and other European countries reached 4.4
million lats, which is by 0.4 million lats or 10% more than in the first
half-year of 2011.

In the first half-year of 2012 the increase of demand of final dosage forms is
explainable by the effective marketing and sales activities. In comparison with
the first half of the previous year, medication sales in the main market
Russia, this accounts more than half of the total turnover of the final dosage
forms, increased by 24%. Whereas, in one of the biggest markets Kazakhstan – by
9%. Within the last two years “Grindeks” is purposefully acquiring market
possibilities in Scandinavia. In the first half-year of 2012 the sales of
medication in these countries amounted to 133.2 thousand lats, which is by 18.5
thousand lats or 16.1% more than in the first half-year of 2011. This is a
significant turn in the overall final dosage form strategy of “Grindeks”, for
the gradual acquiring possibilities of Europe’s Northern and Western countries.

During this half year the total amount of 14.19 million packages were sold,
which is by 1.13 million packages or 8.7% more than in the same period of 2011.
The most demanded products of “Grindeks” in the first half-year of 2012– the
brand product Mildronate®, ointments – Capsicam® and Viprosal B®, central
nervous system affecting medications – Somnols® and Cyclodol®, original
anti-cancer agent Ftorafur® and natural product Apilak-Grindeks. In particular,
the remarkable sales increase was for products – Somnols® by 25.5% and
Ftorafur® by 31.9%.

The sales of active pharmaceutical ingredients in the first half-year of 2012
reached 2.4 million lats, which is by 2.5 million lats or 51% less than in the
first half-year of 2011. Part of the clients of active pharmaceutical
ingredients has reviewed their manufacturing plans for 2012, postponing the
deliveries to the second half of the year. Main export markets of the
“Grindeks” active pharmaceutical ingredients are Germany, the Netherlands,
Japan and the U.S. The most demanded active pharmaceutical ingredients of
“Grindeks” are: zopiclone, oxytocin, ftorafur (tegafurum), UDCA
(ursodeoxycholic acid), as well as the veterinary products – detomidine and
medetomidine. Overall “Grindeks” produces 22 active pharmaceutical ingredients.

Chairman of the Board of JSC “Grindeks” Juris Bundulis: “Our operating results
during the first half-year of 2012 indicate, that defined goals and plans are
fulfilled, and there are grounds to consider that our business in the second
half-year also will be successful. Because of the fierce competition, there are
not that many pharmaceutical companies that can justifiably show 14% increase
of final dosage forms – these indicators are really gratifying, as it shows the
increasing demand and number of packages sold. There are many countries, for
example, Bulgaria, Turkmenistan, Armenia, Hungary and other countries, where
our growth is measurable in hundreds of percents, however more significant is
our reputation and long term co-operation. Our performance in Russia, which
corresponds to 51% of total final dosage forms market, is very significant –
growth of 24%. I particularly want to highlight our achievements in
Scandinavia, where the final dosage forms export has began last year. This is a
meaningful turning point for the company’s market strategy and a reason of
using our opportunities in the Europe’s Northern and Western countries even
more intensively. “Grindeks” is a development-oriented company and one of the
cornerstones of its operations is a consistent, long-term co-operation with
patients, clients and partners. We are happy for our success and ability to
compete with large foreign companies on equivalent conditions also in
Scandinavian countries. In the first half-year, comparing to the previous year,
the overall picture shows some corrections to the active pharmaceutical
ingredient business, however we have reasons to believe that within the next
couple of months this picture will positively change. As there is a patient in
the centre of “Grindeks” activities, the company will continue its operations,
recognizing society’s needs and the health care situation.”



About “Grindeks”

“Grindeks” is the leading pharmaceutical company in the Baltic States. Its main
fields of action are: research, development, manufacturing and sale of original
products, generics and active pharmaceutical ingredients. The Group of
“Grindeks” consists of four subsidiary companies in Latvia, Estonia and Russia,
as well representative offices in eleven countries.

“Grindeks” specializes in the heart and cardiovascular, CNS and anti-cancer
medication therapeutic groups. A range of products covers a successful
combination of original products and generics, with the original products
Mildronate® and Ftorafur® and more than 100 forms of effective and safe
generics included therein. Currently “Grindeks” produces 22 active
pharmaceutical ingredients.

Products of the company are exported to 50 countries and its export comprises
more than 95% of the total turnover. The main markets are: Russia and other CIS
countries, the Baltic States, Germany, the Netherlands, Japan and the U.S. In
2010 the Ministry of Economics of Republic of Latvia and the Investment and
Development Agency of Latvia awarded “Grindeks” as the most export potential
company of Latvia.

During the last years the company realized many considerable investment
projects in purpose to increase production capacity and develop infrastructure
and invested 32.7 million lats within five years.

JSC “Grindeks” shares are listed on the Official List of “NASDAQ OMX Riga”.
Major shareholders of JSC “Grindeks” are Kirovs Lipmans – 33.29%, Anna Lipmane
– 16.69%, “AB.LV Private Equity fund 2010” – 11.38%, “Skandinaviska Enskilda
Banken” (nominal holder) – 10.53%, “Swedbank” AS Clients Account (nominal
holder) – 8.79%.



More information about the company – www.grindeks.lv/en/

Follow “Grindeks”:

Twitter.com/AS_Grindeks; Youtube.com/GrindeksLV




Further information:

Laila Kļaviņa
Head of the Communications Department, JSC “Grindeks”
Phones: (+371) 67083370, (+371) 29256012
Fax: (+371) 67083505
E-mail: [email protected]


1. Grindeks_presentation_2012_Q2_LVL.pdf
(https://newsclient.omxgroup.com/cds/DisclosureAttachmentServlet?messageAttachmentId=401903)
2. Grindeks_financial_statement_2012_Q2_LVL.pdf
(https://newsclient.omxgroup.com/cds/DisclosureAttachmentServlet?messageAttachmentId=401902)

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