Today, on 31 May, the financial statements of the JSC Grindeks on the first quarter of 2013, submitted to “Nasdaq OMX Riga”, indicate that the turnover of the Group of Grindeks in the first quarter of 2013 amounted to 17 million lats, which is by 1.1 million lats or 7% more than in the first quarter of 2012.

 In its turn, the net profit of the Group, related to the shareholders of the holding company, amounted to 2.2 million lats in the first quarter of 2013, which is by 0.6 million lats or 38% more in comparison with the first quarter of 2012. The gross profit margin of the Group was 63% in the first quarter of 2013, whereas, the net profit margin was 13%. The products of the Group, manufactured during the first quarter of 2013, were exported to 43 countries worldwide for the total amount of 15.9 million lats, which is by 0.8 million lats or 5.3% more than in the first quarter of 2012.
The sales volume of the final dosage forms of Grindeks was 15 million lats in the first quarter of 2013 and was increased by 0.5 million lats or 3.4% in comparison with the first quarter of the previous year. 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 12.7 million lats in the first quarter of 2013, which is by 0.4 million lats or 3.3% more than in the first quarter of 2012. In its turn, the turnover of  the final dosage forms to the Baltic States and other European countries reached 2.3 million lats, which is by 0.1 million lats or 4.5% more than in the first quarter of 2012.
In the first quarter of 2013, the sales of the active pharmaceutical ingredients reached 1.9 million lats, which is by 0.4 million lats or 27% more than in the first quarter of 2012. The main active pharmaceutical ingredient export markets for Grindeks are the Netherlands, Germany, Canada and the U.S. The most demanded active pharmaceutical ingredients of Grindeks are: zopiclone, oxytocin and xylasine.
Chairman of the Board of JSC Grindeks Juris Bundulis: “Following patients’ needs and market trends, Grindeks operation in the first quarter has resulted in significant results – both turnover and profit figures are increasing. The year 2013 is a challenging year in which the company more than ever has to take its opportunities in both the active pharmaceutical ingredients business, because an essential, all industry influencing EU regulation will enter into force in July, and the final dosage forms business, where the protectionism to local manufacturers is increasing in important export countries. In accordance with the set objectives Grindeks will continue also in the future to ensure stable growth dynamics by using our expertise and experience.”
Non-audited Financials Statements - the first quarter of 2013 (84 KB)