Накртако 
Sopharma’s Q3’20 EPS falls 80.9% on sales decline, growth of write-offs and impairments (NEGATIVE)
Sopharma’s Q3’19 sales dropped 29.9% YoY to BGN 39m as exports fell 39.5% to BGN 21.2m while domestic sales declined 14.5% to BGN 17.2m. Total revenues were down 27.8% to BGN 41.9m. EBITDA dropped in line with sales by 29.5% to BGN 8.6m with margin only 0.5 p.p. down to 20.5%. Most costs decreased over the period with the exception of other operating cost which surged 241% on BGN 2.9m write-offs of fixed assets. Net financial cost also surged by BGN 4.4m mainly on the 98.8% drop of dividend income combined with BGN 1.3m impairment of dividend receivables. As a result, net profit slumped 80.9% YoY to BGN 1.6m (EPS of BGN 0.01).
In 9m’20, sales were down 10.1% YoY (compared to the preliminary announced 11% drop) while total revenues declined by 9.5% YoY. EBITDA came 12.9% lower at BGN 33.4m as compensation costs increased 3% YoY and other operating cost surged 185.7%. Net financial income was also down by 66% mainly on BGN 3.6m impairment of trade loans and on the same reasons as in Q3 alone, bringing net income drop to 33.9% (EPS of BGN 0.18).
On the balance sheet, non-cash working capital increased by BGN 37m over 9m’20 on growth of both receivables and inventories while IB debt declined by BGN 6.8m to BGN 105.7m (IB debt to equity of 19.9%). Long-term receivables declined since the beginning of the year as Doverie [5DOV] repaid BGN 32.4m of its loans from Sopharma. YtD CAPEX amounted to BGN 10.1m.
Sopharma’s Q3’20 EPS falls 80.9% on sales decline, growth of write-offs and impairments (NEGATIVE)
Sopharma’s Q3’19 sales dropped 29.9% YoY to BGN 39m as exports fell 39.5% to BGN 21.2m while domestic sales declined 14.5% to BGN 17.2m. Total revenues were down 27.8% to BGN 41.9m. EBITDA dropped in line with sales by 29.5% to BGN 8.6m with margin only 0.5 p.p. down to 20.5%. Most costs decreased over the period with the exception of other operating cost which surged 241% on BGN 2.9m write-offs of fixed assets. Net financial cost also surged by BGN 4.4m mainly on the 98.8% drop of dividend income combined with BGN 1.3m impairment of dividend receivables. As a result, net profit slumped 80.9% YoY to BGN 1.6m (EPS of BGN 0.01).
In 9m’20, sales were down 10.1% YoY (compared to the preliminary announced 11% drop) while total revenues declined by 9.5% YoY. EBITDA came 12.9% lower at BGN 33.4m as compensation costs increased 3% YoY and other operating cost surged 185.7%. Net financial income was also down by 66% mainly on BGN 3.6m impairment of trade loans and on the same reasons as in Q3 alone, bringing net income drop to 33.9% (EPS of BGN 0.18).
On the balance sheet, non-cash working capital increased by BGN 37m over 9m’20 on growth of both receivables and inventories while IB debt declined by BGN 6.8m to BGN 105.7m (IB debt to equity of 19.9%). Long-term receivables declined since the beginning of the year as Doverie [5DOV] repaid BGN 32.4m of its loans from Sopharma. YtD CAPEX amounted to BGN 10.1m.
| Sopharma [3JR] | in '000 BGN | in '000 BGN | ||
| 9m 2019 | 9m 2020 | Q3’19 | Q3’20 | |
| Revenues | 162 567 | 147 096 | 58 061 | 41 909 |
| EBITDA | 38 387 | 33 433 | 12 178 | 8 580 |
| EBITDA margin | 23.61% | 22.73% | 20.97% | 20.47% |
| Net income | 33 509 | 22 134 | 8 528 | 1 626 |
| NI margin | 20.61% | 15.05% | 14.69% | 3.88% |
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