OJSC «VEROPHARM» ANNOUNCES FINANCIAL RESULTS OF 2013

June 05, 2014, MOSCOW - OJSC «VEROPHARM» [RTS:VRPH, MICEX:VFRM] announces its unaudited financial results of the first quarter of 2014 in accordance with the International Financial Reporting Standards (IFRS).

SALES
  • Sales in the first quarter of 2014 amounted to RUR 1,311 mln. The share of product segments in OJSC "Veropharm" sales is as follows:

    Group of pharmaceutical products

    • Rx drugs sales amounted to RUR 948 mln. The Rx drugs sales made 72.3% of total sales of the Company;
    • OTC drugs sales amounted to RUR 187 mln. The OTC drugs sales made 14.2% of total sales of the Company;
    • Traditional drugs sales amounted to RUR 2 mln. The traditional drugs sales made 0.2% of total sales of the Company;

    Group of non-pharmaceutical products

    • Non-pharmaceutical products sales made RUR 174 mln, which corresponds to 13.3% of total sales of the Company.
  • Under the Federal Reimbursement Program (FRP) Veropharm's sales amounted to RUR 17.6 mln according to the results of the first quarter of 2014, which corresponds to 1.3% of the Company's total sales.
  • The Russian Federation is the main market and ensures 97.5% of the Company's sales. During the first quarter of 2014 the Company has exported 2.5% of its products.
PROFIT
  • In the first quarter of 2014 the gross profit of OJSC "Veropharm" amounted to RUR 644 mln. The gross profit ratio in the first quarter of 2014 made 49.1%. The gross profit ratio of the segments of OJSC "Veropharm" is as stated:

    Group of pharmaceutical products

    • In relation to Rx drugs it made 44.8% in the first quarter of 2014;
    • In relation to OTC drugs it made 57.0% in the first quarter of 2014;
    • In relation to traditional products it made 42.7% in the first quarter of 2014.

    Group of non-pharmaceutical products

    • In relation to non-pharmaceutical products it made 64.4% in the first quarter of 2014.
  • In the first quarter of 2014 EBITDA amounted to RUR 310 mln. EBITDA margin made 23.7%.
  • Operating profit in the first quarter of 2014 made RUR 276 mln. Operating profit margin made 21.1% in the first quarter of 2014.
  • Net profit for the reporting period amounted to RUR 30 mln. Net profit margin made 2.3%.
FACILITIES INVESTMENTS
  • In the first quarter of 2014 the amount of investments assigned for modernization and equipment of the main production facilities of the Company made RUR 404 mln.
  • As at March 31, 2013 the debt of OJSC "Veropharm" amounted to RUR 2,852 mln, which makes no more than 31% of the Company's net assets value.

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