Zentiva – financial results for 1H04 according to IFRS

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Investiční bankovnictví KB

      Zentiva announced financial results for 1H04 according to IFRS. Revenues rose by 8.4% to CZK 5.2bn. Revenues went up in all its major markets. Dynamic development was seen particularly in Poland and Russia. Revenues went down in Slovakia, which however cannot be considered negative signal, as it was largely caused by public finance reform and the company’s successfully protected its market share. Gross margin improved from 56.7% to 63.8% benefiting from the company’s strategy to support products with higher margin. On the contrary, EBITDA and EBIT margins remained unchanged.

       The company remains optimistic regarding its outlook for the 2H04. EBIT margin should improve on y/y comparison, as the operating costs in 2003 were negatively influenced by acquisition of Slovakofarma. Net profit should also improve, as the company reduced financial leverage after IPO.

      

       IFRS consolidated, CZK m..........1H04..........1H03.........%ch

       Revenues................................5,188.........4,785..........8.4

       EBITDA....................................1,574.........1,442..........9.2

       EBIT........................................1,312.........1,206..........8.8

       Net profit....................................753............564........33.5

       Source: company data

      

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