Slovenian Weekly Report 3.7.2017-7.7.2017
​On the General Meeting Krka presented first information about 1H17 results :
- Revenues amounted to EUR 655m (+8.5% YoY) with highest contribution from Eastern European markets where Krka generated sales in the amount of EUR 214m (+22% YoY). Lower sales was reported only for Western Europe where Group sold for EUR 143.2m of products (-5% YoY).
- Beside top line growth Krka improved also the profitability. 1H17 EBIT reached EUR 122.4m (+30% YoY), EBITDA reached EUR 176.9m (+20% YoY) and net profit amounted to EUR 91.7m (+31% YoY). Margins considerably improved and returned to levels before 2016. EBIT and EBITDA margin were 18.7% and 27.0% respectively.
- Both top and bottom line results were considerably above our expectations (Revenues: EUR 618.5m, Net profit: EUR 76.7m).
- Krka’s did not make any public statements regarding sales (EUR 1,220m) and net profit guidance (higher than 108m), however, they lowered capex guidance from EUR 174m to EUR 120m – the effect of additional discounts.
- Krka announced that it is in the process of acquiring pharmaceutical company in China. According to the official statement the Target is a smaller company that is engaged in pharmaceutical development, possesses significant knowhow in the regulatory field and has smaller production capacities for tablets, suspensions and injections. The Target’s annual sales are less than EUR 10m. Krka will acquire 51% ownership share and finalize the transaction by the end of the Summer.
Special Theme: SFCR reports for Zavarovalnica Triglav and Sava RE.
ALTA Invest, investicijske storitve, d.d., (ALTA Invest, investment services, Inc.) is a part of ALTA Group, the biggest financial non-banking group in Slovenia. ALTA Invest has around 28% market share on the domestic Ljubljana Stock Exchange and has more than EUR 95m of assets under management.
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A part of ALTA Group are ALTA Skladi, a mutual fund asset management company with roughly EUR 260m of asset under management. ALTA Group is also extensively involved in corporate finance projects and raised considerable assets (fixed income and equity) in the last two years for several companies.
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