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| Sopharma Q3’19 EPS rises 79.1% (POSITIVE) | |
| Sopharma reported Q3’19 consolidated sales of BGN 312.8m (+7.5% YoY) as sales of own products (the higher margin segment) added 2.4% YoY to BGN 67.8m, while sales of goods (distribution business) grew 8.9% to BGN 245m. Total revenues increased 8.3% YoY to BGN 317.9m. The EBITDA improved 53.5% YoY to BGN 23.6m (margin gaining 2.2 p.p.), which we partly attribute to IFRS 16, which decreased rental cost while increased depreciation and interest cost. Depreciation was up 36.4% YoY, while the company registered net financial income of BGN 3.2m vs net financial cost of BGN 1.9m in the comparable period. This was a result of the BGN 4.6m gain on acquisition or sale of a subsidiary. All in all, net profit improved by 79.1% YoY to BGN 11.1m (EPS of BGN 0.09). 9m’19 sales grew 7.4% YoY with exports and domestic sales keeping their shares in the revenue. Total revenue was up 7.8% YoY to BGN 936.4m. EBITDA gained 23.7% YoY to BGN 72.9m on the same reasons as in Q3’19 alone. Below EBITDA line, depreciation surged 31.7% while the net financial income and the BGN 1.6m net income from the investment in Doverie helped net profit to grow 25.3% to BGN 33.8m (EPS of BGN 0.27). Recall that in Q1’19 Doverie booked BGN 10.1m profit from transactions with stakes in its subsidiaries Doverie Capital and Doverie Brico. 9m’19 CAPEX amounted to BGN 44.4m, while IB debt surged from end-2018 as a result of new loans (mainly at the parent company) as well as the recognition of new lease liabilities under IFRS 16. Long-term receivables increased by BGN 72.8m due to the extended loan to Doverie United Holding for the acquisition of Moldindconbank. Source: Sopharma; FFBH |
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