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FARMACEUTICA REMEDIA SA - RMAH

2017 H1 financial results

Release Date: 8/9/2017 8:00:04 AM

IRIS Code: AA420

Board of Administrators of Farmaceutica REMEDIA SA

CONSOLIDATED REPORT 1st SEMESTER 2017

SUMMARY OF ECONOMIC AND FINANCIAL INDICATORS

 

according to the R.N.S.C. Regulation No. 1 / 2006

 

           

 Name of the commercial company: Farmaceutica REMEDIA S.A.  

Subscribed share capital:  10.608.980 Lei

Paid-up share capital:  10.608.980 Lei

Registered office:  DEVA, Str. Dorobantilor nr. 43, postal code 330160

Tel./Fax.:  0254 22 32 60 / 0254 22 61 97

No and date of registration with the Trade Register:  J20/700/25.07.1991

Tax identification number:  RO2115198

Securities: RMAH shares
            (Registration certificate No. 1470/04.05.2009)

Type: Common Nominative

Date of registration: 17.03.1997

Nominal value: 0,10 Lei

Position in RNSC Register: 1636

Total number: 106.089.800

R.N.S.C. code of shares: 16368

Lei

Registration

Date

Number of shares

Issue value

1

10.11.1999

3.370.107

337.010.70

2

06.09.2001

1.500.000

150.000,00

3

23.07.2003

42.402

   4.240,20

4

05.01.2006

5.696.471

569.647,10

5

21.12.2007

87.905.969

8.790.596,90

6

08.04.2009

     7.574.851

757.485,10

 

TOTAL

 106.089.800

10.608.980,00

 

Shares issued by the Company are traded on the Bucharest Stock Exchange.

The total market value as at 28.07.2017 is of 31.720.850,2 Lei

The value of a RMAH share was of 0,299 Lei. (on 28.07.2017)

 

           

1.   General Information

The companies whose results were consolidated are Farmaceutica REMEDIA S.A. (FR) and Farmaceutica REMEDIA Distribution & Logistics S.R.L. (FRDL). Following the legislative enactments, starting with 01.01.2016, the wholesale distribution activities, as well as their related services were transferred from FR to FRDL, while FR will continue to operate the chain of 100 own pharmacies.

FRDL is held 100 % by FR.

           

 

2. General description of the financial position and of the performances of the issuer and of its subsidiaries afferent to the 1st semester of 2017

Lei

Indicator

    30.06.2017

    30.06.2016

  Variation %

 

 

 

 

FIXED ASSETS

38.997.103

40.043.272

-2,61

Intangible assets

7.789.832

8.170.301

-4,66

Tangible assets

30.455.103

30.749.759

-0,96

Financial assets

752.168

1.123.212

-33,03

CURRENT ASSETS

131.062.087

97.439.132

+34,51

Stocks

36.361.780

30.570.855

+18,94

Trade receivables*

83.194.993

53.419.555

+55,74

Other receivables

1.174.931

1.097.864

+7,02

Cash and bank

10.191.092

12.186.727

-16,38

Accrued expenses

139.291

164.131

-15,13

CURRENT LIABILITIES, out of which

127.114.752

96.247.445

+32,07

-suppliers

122.947.906

93.571.651

+31,39

-provisions

0

0

-        

-bank loans**

0

0

-        

LONG-TERM LIABILITIES

1.415.448

1.653.224

-14,38

 - of which bank credits

0

0

 

EQUITY CAPITAL

41.528.990

39.581.735

+4,92

share capital

10.608.980

10.608.980

 -

capital premiums

757.485

757.485

 -

reserves

28.057.758

28.150.603

-0,33

current result

1.317.395

177.294

+643,06

result carried forward

900.000

0

-        

own shares

-112.628

-112.628

 -

 

(*) including provisions for the depreciation of receivables

(**) The two companies (FR and FRDL) have a common total facility opened (credit line) of 3.200.000 EUR made available by Banca Transilvania.

           

            On 30.06.2017, the two companies had constituted the following provisions:

Lei

Provisions for the depreciation of client receivables

3.577.171

Provisions for risks and expenses

0

Provisions for stocks depreciation

187.268

TOTAL PROVISIONS

3.764.439

 

Provisions for the depreciation of client receivables were constituted for balances older than 365 days, with zero or very low collection probability. 

During the first semester of 2017, no new provisions were constituted, but provisions were reversed for the depreciation of receivables in the amount of 478.231 lei. The reversal of provisions did not influence the financial results of the period because the revenues were recorded to offset the removal of some clients with balance from the accounting records that were removed from the Trade Register by court order.

 

 The consolidated financial result at the end of the 1st semester of 2017 indicates a net profit of 1.317.395 Lei.

 

Revenues from net sales of merchandise increased by 47,43 % as compared to the same period of last year, following the contribution brought by the increase in sales in the pharmacies opened in Bucharest, but especially following the increase in sales to other pharmacies of the Distribution division.

In what concerns total expenses, they have increased as compared to the same period of 2016 by 45,57%, below the recorded level of revenues (+46,81), as a result of strict cost control policy.

Lei

Indicator

    30.06.2017

    30.06.2016

  Variation %

Net sales of goods *

156.747.074

106.316.444

+47,43

Other operating revenues

2.110.806

1.504.807

+40,27

Financial revenues, out of which:

167.600

501.111

-66,55

-       exchange rate differences

20.381

498.536

-95,91

TOTAL REVENUES

159.025.480

108.322.362

 

+46,81

Goods related expenses (net) **

137.789.171

90.851.267

+51,66

Personnel costs

12.051.420

9.821.017

+22,71

Other operating expenses, out of which:

7.427.299

6.910.911

+7,47

-       expenses with provisions

0

0

-        

-       Revenues from provisions

478.231

100.000

+378,23

Financial expenses, out of which:

92.380

515.673

-82,09

-       exchange rate differences

21.833

506.102

-95,69

TOTAL EXPENSES

157.360.270

108.098.868

+45,57

Income tax

347.815

46.200

+652,85

NET RESULT

1.317.395

177.294

+643,06

 

(*) Including commercial discounts granted

(**) Including commercial discounts received

 

             

            Business segments were not stopped or alienated during the analysed period. A repartition of the sale of goods on activity segments is presented as follows:

Lei - 1st semester 2017

Farmacii REMEDIA

44.068.444

27,98%

Distribution of Pharmacies & KA

75.163.830

47,72%

Distribution of Hospitals & Private Clinics

32.937.261

20,91%

Other operations

5.212.909

3,31%

Other sales

111.974

0,08%

Total

157.494.418

100,00 %

 

            Financial statements on 30.06.2017 are not audited.

 

3. Changes that affect the share capital and the administration of the commercial company.

            On 30.06.2017, the structure of Farmaceutica REMEDIA S.A. shareholding was the following:

Shareholder

Shares owned

%

TARUS Valentin Norbert

70.555.514

66,5055

PAVEL Ionica - Mirela

17686319

16,6711

NATURAL PERSONS

8.173.139

7,7040

LEGAL PERSONS

9.674.828

9,1195

TOTAL

106.089.800

100,00

                       

            The nominal value of a share remained unmodified to 0,1 lei since 5.12.1996. The rights of securities holders with Farmaceutica REMEDIA S.A. are unmodified.

            The company is free to trading and is active at the standard category of the Bucharest Stock Exchange.

 

            Starting with 01.05.2017, Farmaceutica REMEDIA S.A. is managed by a Board of Administrators composed of 5 members and namely:

 

1.    Chairman of the Board of Administrators: “TARUS” -  Valentin Norbert TARUS e.U. by TARUS Valentin - Norbert, an Austrian citizen, born on 20.03.1952 in Deva, identified with identity card issued by the Republic of Austria under No. 10184374;

 

2.    Member of the Board of Administrators: CHIRITA Zoe, a Romanian citizen, born on 07.10.1954 in Bucharest, identified with identity card series RD No. 597851, PIN 2541007400082;

 

3.    Member of the Board of Administrators: BANCIU Mircea, a Romanian citizen, born on 31.03.1965 in Brad, identified with identity card series HD No. 741486, PIN 1650331200019;

 

4.    Member of the Board of Administrators: BACIU Ioan, a Romanian citizen, born on 11.03.1975 in Bacau, identified with identity card series RD No. 834003, PIN 1750311044451;

 

5.    Member of the Board of Administrators: CHIVU Corina-Andreea, a Romanian citizen, born on 08.09.1988 in Bucharest, identified with identity card series RD No. 812126, PIN 2880908450018;

 

The mandate of the Administrators expires on 30.04.2018.

 

            4. Own shares

              On 30.06.2017 Farmaceutica REMEDIA S.A held a number of 300.100 own shares.

           

 

 

NOTES ON AVAILABILITY MONTH REPORT 2017

          Full copy of the H1 report 2017 is available on the website www.remedia.ro or the link below

           

 

 

Chairman of the Board of Administrators

‘’TARUS’’ -  Valentin Norbert TARUS e.U. by TARUS Valentin - Norbert

 

 

 

 

 

 

 

 

 

 

 



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