company Overview
Biofarm (BIO) is a producer and distributor of human pharmaceutical products covering 9 therapeutic classes, with the advantage of being the only Romanian manufacturer of soft gelatin capsules and one of the largest producers of tablets. Biofarm is the largest player on the syrups and solutions market, with approximately 15% of the market, including imports. The range of products includes mostly OTC drugs and nutritive supplements (approximately 80% of the sales), while the rest of the portfolio is represented by prescription drugs. Since July 2004, the company holds GMP for all the products and for all production lines, holding more than 70 products in its portfolio. For H108, BIO out-performed the local market (companies that have producing and selling activities in Romania, excluding the importers), as it recorded an increase of 18.31%YOY in terms of value versus a decline of 4.82%YOY registered by the local market. In terms of volumes, again BIO posted a 3.84%YOY increase while the local market decreased by 13.34%YOY.
company Description
Biofarm is a private pharmaceutical company, owned by Romanian and foreign individuals and legal entities. Even if it does not rank among the first 20 players of the market, it benefits from the leading position for several categories of products, such as: digestive products, expectorant syrups, products for the breathing system and vitamins in the form of soft gelatin capsules, for which the company is the only manufacturer on the Romanian market.
Volume '000 (chart)
Comparable Companies
Antibiotice, Zentiva
Main Shareholders
The main shareholders of Biofarm are three of the five Financial Investment Companies (SIFs). Thus, SIF Oltenia holds 16.4%, while SIF Moldova, SIF Banat-Crisana holds 11.44%, respectively 10.94%, as of 29 July 2008.
Results Overview
BIO posted a H108 net profit of RON 9.30 Mn, up only 1.66% YOY, on the back of the increase of total revenues by 10.14% YOY and of total expenses by 14.93% YOY. The turnover increased by only 6% YOY, up to RON 31.32 Mn, representing 44.84% of the 2008 estimated sales. The total assets increased by 84% YOY to RON 171 Mn out of which the financial assets account for 24.54%. Apart from the 50% stake held in a company in Ukraine, the rest of the amount (RON 42.10 Mn) represents shares acquired by BIO on BSE (more precisely SIFs, banks). Future declines of the above mentioned shares prices will negative impact the bottom line of BIO provided that BIO decides to sell them. For 2008, the estimated net profit accounted for RON 14.5 Mn, up 7.4% YOY implying a P/E(08E) of 20.23x.
| Listed | BVB/1 |
| Ticker | BIO |
| Code Reuters | BIOF.BX |
| Code Bloomerg | BIO RO |
| Code ISIN | ROBIOFACNOR9 |
| Price 15 Aug 2008 (RON) | 0.2680 |
| No. of shares issued | 1,094,861,499 |
| Mk cap | 293,422,882 |
| Minimum price YOY | 0.2280 |
| Maximum price YOY | 0.6071 |
| Free float | 61.22% |
| Change % (1M) | 11.67% |
| Change YTD | -52.73% |
| Change YOY | -40.42% |
| Average volume (last month) | 1,230,042 |
| Source: Bucharest Stock exchange |
INDICATORS (table)
FINANCIAL I NDICATORS (table)
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Copyright: 2006 SSIF IEBA TRUST SA. All rights reserved.
For further Information please contact IEBA TRUST, 66-68 Buzesti Str. , Fl. 8, Sector 1, Bucharest, Romania
Tel. +40 21 313 0102, fax: +40 21 313 1595, e-mail: research@iebatrust.ro, web site: http://www.iebatrust.ro
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Biofarm Aug 15 2008.pdf, 274 Kb
