Today, on 24 February, JSC Grindeks has submitted the non-audited consolidated financial statements for 2011 to \u201cNasdaq OMXRiga\u201d. Non-audited financial results show that the turnover of the Group of Grindeks amounted to 69.6million lats in 2011, which is by 4.5 million lats or 6.9% more than in 2010. In its turn, net profit related to the shareholders of the holding company amounted to 6.7 million lats in 2011, which, in comparison with 2010, has decreasedby 0.4 million lats or 5.6%. In 2011, gross profit margin of the Group was 58.9%, whereas, net profit margin comprised 9.6%. Products of the Group, manufactured during the Year 2011, were exported to 50 countries worldwide for the total amountof 65.8 million lats.<\/p>\n\n\n\n
In 2011, ROE was 10.8%; ROA was 8.9%; ROS was11.2%; liquidity was 2.98.<\/p>\n\n\n\n
Sales volume of the final dosage forms of Grindeks was 60.4 million lats in 2011 and has increased by 2.7 million lats or 4.7% more in comparison with 2010. The main markets of the final dosage forms are Russia, other CIS countries, Georgia and the Baltic States. The sales amount in Russia, other CIS countries and Georgia reached 51.8 million lats in 2011, which is by 1.6 million lats or 3.2% more than in 2010. In its turn, turnover of the final dosage forms to the Baltic States and other European countries reached 8.6million lats, which is by 1.1 million lats or 14.7% more than in 2010. The most demanded products of Grindeks are the brand product Mildronate\u00ae, ointments \u2013 Capsicam\u00ae, Viprosal B\u00ae, Sulfargin\u00ae, central nervous system medications \u2013 Somnols\u00ae, Rispaxol\u00ae and the original anti-cancer medication Ftorafur\u00ae.<\/p>\n\n\n\n
In 2011, sales of the active pharmaceutical ingredients reached 9.2 million lats, which is by 1.8 million lats or 24.3% more than in 2010. The main active pharmaceutical ingredient export markets for Grindeks are Germany, the Netherlands, Japan and the U.S. The most demanded pharmaceutical ingredients of Grindeks are: zopiclone, oxytocin, ftorafur (tegafur), UDCA (ursodeoxycholic acid) as well as the veterinary products \u2013 detomidine, medetomidine, atipamezole and xylazin. Overall Grindeks produces 22 active pharmaceutical ingredients. In 2011, the company introduced 7 new active pharmaceutical ingredients. In 2011, the zopiclone of Grindeks share of the world market was 25%, while the oxytocin \u2019s share of the world market was 30%. Grindeks veterinary substances\u2019 market share in the EU amounted to 32% of the European Union market.<\/p>\n\n\n\n
Chairman of the Board of JSC Grindeks Juris Bundulis: \u201cIn the foreground of our business is the patient \u2013a human being with his health. It helps people both in times of need and inimproving the quality of life. On the one hand, this business has a humanitarian character, on the other hand, it is a business that requires enormous resources, besides, competition, both in the final dosage form and in the active pharmaceutical ingredient business, is very fierce. However, it gives a stimulus to develop and look for new solutions. In 2011, Grindeks continued to strengthen its position in existing markets and increased the turnover up to 69.9 million lats. In order to achieve better results in the future and to offer patients more efficient and modern medications, the strategic priority of Grindeks will be the product range expansion. In addition to existing therapeutic groups, Grindeks will develop new therapeutic directions \u2013 gastrointestinal and antimicrobial medications. In 2012, Grindeks will also pay special attention to strengthening the position of the foreign representative offices in all markets.<\/p>\n\n\n\n