OREANDA-NEWS. OJSC "VEROPHARM" [RTS:VRPH, MICEX:VFRM] announces its unaudited financial results of the first half of 2014 in accordance with the International Financial Reporting Standards (IFRS).

SALES

Sales in the first half of 2014 amounted to RUR 2,689 mln. The share of product segments in OJSC “Veropharm” sales is as follows:

Group of pharmaceutical products

Rx drugs sales amounted to RUR 1,956 mln. The Rx drugs sales made 72.7% of total sales of the Company;

OTC drugs sales amounted to RUR 404 mln. The OTC drugs sales made 15.1% of total sales of the Company.

Group of non-pharmaceutical products

Non-pharmaceutical products sales made RUR 329 mln, which corresponds to 12.2% of total sales of the Company.

Under the Federal Reimbursement Program (FRP) Veropharm's sales amounted to RUR 23.7 mln according to the results of the first half of 2014, which corresponds to 0.9% of the Company's total sales.

The Russian Federation is the main market and ensures 96.6% of the Company's sales. During the first half of 2014 the Company has exported 3.4% of its products.

PROFIT

In the first half of 2014 the gross profit of OJSC “Veropharm” amounted to RUR 1,290 mln. The gross profit ratio in the first half of 2014 made 48.0%. The gross profit ratio of the segments of OJSC “Veropharm” is as stated:

Group of pharmaceutical products

In relation to Rx drugs it made 42.7% in the first half of 2014;

In relation to OTC drugs it made 61.8% in the first half of 2014.

Group of non-pharmaceutical products

In relation to non-pharmaceutical products it made 61.9% in the first half of 2014.

In the first half of 2014 EBITDA amounted to RUR 654 mln. EBITDA margin made 24.3%.

Operating profit in the first half of 2014 made RUR 654 mln. Operating profit margin made 21.7% in the first half of 2014.

Net profit for the reporting period amounted to RUR 465 mln. Net profit margin made 17.3%.

FACILITIES INVESTMENTS

In the first half of 2014 the amount of investments assigned for modernization and equipment of the main production facilities of the Company made RUR 1,125 mln.

CREDIT PORTFOLIO

As at June 30, 2014 the debt of OJSC “Veropharm” amounted to RUR 2,886 mln, which makes no more than 30% of the Company's net assets value.