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Sopharma Q4’22 EPS declines 88% YoY to BGN 0.04 on one-off gain in the comparable period and increase of impairments of long-term assets, 41% below our expectations (NEGATIVE)
Sopharma booked Q4’22 consolidated sales of BGN 444.2m, up by 4.8% YoY and 5.9% below our forecast, according to the company’s preliminary financial statements. Sales of own products (the higher margin segment) declined 3.7% YoY while sales of goods (distribution business) added 6.8% YoY. Total revenue was up 4.8% YoY to BGN 448.7m. EBITDA increased 37.3% YoY to BGN 17.2m, even though some significant impairment of long-term assets (BGN 9.6m in Q4’22) and goodwill (BGN 9.6m in Q4’22) were made during both comparable periods. The Q4’22 impairments were mainly related to the Serbian subsidiary of Sopharma Trading. The BGN 0.3m net financial cost vs BGN 34.5m net financial income in Q4’21 weighed on the profitability. Note that last year the company booked BGN 36.6m profit from sale of subsidiaries mainly from the Latvian company Briz sold in Q4’21. The income from associated companies (Doverie mainly) was up 10.4% YoY to BGN 4.7m, partly helping the consolidated net income which came to BGN 4.7m, down by 88% YoY. Q4’22 EPS amounted to BGN 0.04, 41.1% below our expectations.
2022 revenue growth came to 3.7% YoY. Adjusted for the deconsolidation of the Latvian and Belarusian subsidiaries, the sales growth was 10% YoY. EBITDA improved 13.8% YoY on lower cost of hired services, compensations and other Opex. Impairments, on the other hand, grew 72.6% YoY. The income from associated companies surged 86.1% YoY to BGN 22.5m, due to the excellent performance of Doverie’s subsidiary, Moldindconbank. The above mentioned effect for the sale of the Latvian subsidiary reduced net profit compared to last year by 18.9% to BGN 72.5m (EPS of BGN 0.60).
The annual CAPEX came to BGN 85m (excluding the new investments in associated companies for BGN 16.5m), while IB debt declined by BGN 63.8m YoY with IB debt/equity of 36.6%. Non-cash working capital was also down by BGN 21.4m YoY on higher increase of payables than the increase of receivables and inventories.
Source: Sopharma; FFBH
Sopharma Q4’22 EPS declines 88% YoY to BGN 0.04 on one-off gain in the comparable period and increase of impairments of long-term assets, 41% below our expectations (NEGATIVE)
Sopharma booked Q4’22 consolidated sales of BGN 444.2m, up by 4.8% YoY and 5.9% below our forecast, according to the company’s preliminary financial statements. Sales of own products (the higher margin segment) declined 3.7% YoY while sales of goods (distribution business) added 6.8% YoY. Total revenue was up 4.8% YoY to BGN 448.7m. EBITDA increased 37.3% YoY to BGN 17.2m, even though some significant impairment of long-term assets (BGN 9.6m in Q4’22) and goodwill (BGN 9.6m in Q4’22) were made during both comparable periods. The Q4’22 impairments were mainly related to the Serbian subsidiary of Sopharma Trading. The BGN 0.3m net financial cost vs BGN 34.5m net financial income in Q4’21 weighed on the profitability. Note that last year the company booked BGN 36.6m profit from sale of subsidiaries mainly from the Latvian company Briz sold in Q4’21. The income from associated companies (Doverie mainly) was up 10.4% YoY to BGN 4.7m, partly helping the consolidated net income which came to BGN 4.7m, down by 88% YoY. Q4’22 EPS amounted to BGN 0.04, 41.1% below our expectations.
2022 revenue growth came to 3.7% YoY. Adjusted for the deconsolidation of the Latvian and Belarusian subsidiaries, the sales growth was 10% YoY. EBITDA improved 13.8% YoY on lower cost of hired services, compensations and other Opex. Impairments, on the other hand, grew 72.6% YoY. The income from associated companies surged 86.1% YoY to BGN 22.5m, due to the excellent performance of Doverie’s subsidiary, Moldindconbank. The above mentioned effect for the sale of the Latvian subsidiary reduced net profit compared to last year by 18.9% to BGN 72.5m (EPS of BGN 0.60).
The annual CAPEX came to BGN 85m (excluding the new investments in associated companies for BGN 16.5m), while IB debt declined by BGN 63.8m YoY with IB debt/equity of 36.6%. Non-cash working capital was also down by BGN 21.4m YoY on higher increase of payables than the increase of receivables and inventories.
Source: Sopharma; FFBH
| Sopharma [SFA] | in '000 BGN | in '000 BGN | ||
| 2021 | 2022 | Q4’21 | Q4’22 | |
| Revenues | 1 617 140 | 1 676 642 | 428 171 | 448 671 |
| EBITDA | 106 230 | 120 852 | 12 530 | 17 201 |
| EBITDA margin | 6.57% | 7.21% | 2.93% | 3.83% |
| Net income | 89 546 | 72 554 | 38 968 | 4 670 |
| NI margin | 5.53% | 4.33% | 9.10% | 1.04% |
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