On Grindeks results in 2015

On Grindeks results in 2015


Today, on 26 February, the JSC Grindeks submitted the non-audited consolidated financial statements of 2015 to Nasdaq Riga. Non-audited financial results indicate that the Group’s turnover in 2015 was 82.9 million euros and has decreased by 5.6 million euros or 6.3% in comparison to 2014.

In 2015, the Group’s net profit, attributable to shareholders of the parent company, was 1.0 million euro in comparison to a net loss of 2.5 million euros in 2014. Gross profit margin in 2015 was 44.4% while net profit margin was 1.2%. In 2015, the Group’s production was exported to 70 countries worldwide, a total of 74.4 million euros which is 8.5 million euros or 10.2% less than in 2015.

Sales volume of the final dosage forms of Grindeks in 2015 was 74.9 million euros and has decreased by 4.1 million euros or 5.2% in comparison to 2014. In 2015, the sales amount in Russia, other CIS countries and Georgia reached 41.5 million euros, which is by 19.0 million euros or 31.4% less than in 2014. In comparison to the previous year the biggest increase in sales volumes has been reached in Georgia (25%) and Turkmenistan (37%).

Thanks to the business diversification strategy and the development of Company’s activities in new markets, the sales volume in the Baltic States and other countries reached 33.4 million euros which is by 14.9 million euros or 1.8 times more than in 2014. The sales volume in the Netherlands comparing with 2014 has increased by 14.1 times, in Norway – 3.3 times, while in Vietnam – 2.2 times and in Poland 1.8 times. In 2015, Grindeks started the export of the final dosage forms to France where the sales volume reached 0.5 million euros, and Canada where the sales reached 0.3 million euros. In 2015, the sales volume in Latvia reached 6.6 million euros and has increased by 1.9 million euros or 41.6% in comparison with the previous year.

In 2015, Grindeks complemented its range of products and introduced the final dosage form (capsule) of Ursodeoxycholic acid (UDCA) and started its export to Russia and Georgia. Thereby Grindeks widened its offer in the gastrointestinal tract and metabolism drug therapeutic group. Grindeks has also widened its range of food supplements and introduced two new products – the latest generation lactic acid bacteria and bifidobacteria complex Lactobex® Strong and Herbastress® night. Both products are distributed in the Baltics.

In 2015, sales of the active pharmaceutical ingredients reached 7.2 million euros, which is by 1.8 million euros or 20.3% less than in 2014. The main markets of Grindeks active pharmaceutical ingredients are the EU countries, U.S., Canada and Japan. The most required active pharmaceutical ingredients of Grindeks in 2015 were oxytocin, zopiclone, ftorafur (tegafur), detomidine and xylazine.

The Chairman of the Board of JSC Grindeks Juris Bundulis: “The global economic and political situation is still uncertain and often hard to predict. Today, to compete in the global pharmaceutical market we have to use our own strengths, reorient the business, examine the situation and be adoptable more than ever before. In 2015, to lower the risks in our current markets we decidedly used our potential in other ones.  Grindeks already exports its products to 70 countries – in 2016, we will strategically focus on the growth of our activities in the European Union and Southeast Asia, where we hope to increase the sales volume by 30%. New products are under development and a number of registration procedures in many countries over the world have been started, which is going to strengthen Grindeks positions.”

Grindeks financial statements 2015 Q4 (407 KB)

Grindeks infographics 2015 (718 KB)

Grindeks presentation 2015 (2 MB)

Related posts