EnglishZentiva"s Q2 sales growth in Romania decelerated to 16.1% y/y, bringing the H1 2007 sales to 1.330 billion CZK (47.4 million EUR), up 21.3% y/y. Sicomed brands accounted for 66.9% of total sales, delivering 890.5 million CZK (31,8 million EUR).
Sales to Romania were broadly in line with Erste"s target in H1 2007. Nevertheless, reflecting the cautious management guidance (referring to more strict receivables collection policies), the Austrian economists trim their target from 2.676 billion CZK to 2.634 billion CZK for 2007.
"Incorporating the lower sales dynamism, not only in the Czech market, but also in Romania and Poland and the dilutive effect of the Turkish deal on 2007 earnings, we cut our 2007 sales forecast to 17.728 billion CZK (635.8 million EUR)and net profit target to 2.135 billion CZK (76.43 million EUR)", reads the Erste report. For 2008, Erste analysts reduce their sales target from around 23.8 billion CZK to 23.0 billion CZK.
Zentiva"s sales amounted to 6.796 billion CZK in the first six months, recording a 5.5% increase from the same period last yeary. The company posted a net profit of 831.3 million CZK (29.7 million EUR), up by 12% from H2 2006.
Zentiva SA Romania (the former Sicomed) has a share capital of 41.69 million RON and a market capitalization of 667.13 million RON (203.67 million EUR).The majority shareholder is Venoma Holdings Limited with 50.98% in the company, followed by Zentiva NV, which controls Venoma Holdings Limited, with 23.93%.
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