For Investors

Sales of Olainfarm in Six Months Increase by 11%

on July 17, 2017

Preliminary consolidated results of JSC Olainfarm for June 2017 show that company’s sales have reached 10.11 million euros, which represents an increase by 8% compared to the same period of 2016. The biggest sales increase has been achieved in Turkmenistan, where sales grew by 1206%. Sales to Italy increased by 296%, sales to Kazakhstan increased by 103%, sales to Poland increased by 78%, but sales to Belarus increased by 60%. During June 2017, significant shipments also were made to Uzbekistan and The Netherlands. The biggest sales reduction took place in Ukraine, where sales shrunk by 38%. Major sales markets of Olainfarm group in June 2017 were Russia, Latvia, Ukraine and Belarus.

June 2017, consolidated sales Sales, thsnd. EUR Changes to June, 2016 Share in total sales
Russia 2 688 -8% 27%
Latvia 2 207 2% 22%
Ukraine 1 071 -38% 11%
Belarus 1 027 60% 10%
Kazakhstan 622 103% 6%
Uzbekistan 407 NA 4%
Poland 317 78% 3%
Turkmenistan 215 1206% 2%
The Netherlands 196 NA 2%
Italy 153 296% 2%
Other 1 213 -10% 12%
Total 10 116 8% 100%

 

Sales of pharmacy chain of Latvijas aptieka in June 2017 reached 1.79 million euros, which represents an increase by 21% compared to sales in June 2016. During the month of June 67 pharmacies were operating. Sales of Silvanols in June shrunk by a third to 0.29 million euros. During June 2016, Silvanols sold its products to five European countries and with the help of JSC Olainfarm also to Kazakhstan, Belarus and Armenia. Sales of Tonus Elast in June 2017 reached 0.8 million euros, which represents a reduction by 6% compared to the same period of 2016, products of this company were sold to 21 countries in four continents.

In six months of 2017, according to preliminary numbers, consolidated sales of JSC Olainfarm reached 59.16 million euros, which represents an increase by 11% compared to six months of 2016. The biggest sales increase was achieved in The Netherlands, where sales grew by 600%. Sales to Italy increased by 56%, but sales to Kazakhstan increased by 55%. The biggest sales reduction during this period took place in Ukraine, where sales volumes contracted by 40%. Major sales markets of Olainfarm group during these six months were Russia, Latvia, Belarus and Ukraine.

6 months of 2017, consolidated sales Sales, thsnd. EUR Changes to six months of 2016 Share in total sales
Russia 18 440 15% 31%
Latvia 14 387 13% 24%
Belarus 5 599 19% 9%
Ukraine 5 414 -40% 9%
The Netherlands 3 527 600% 6%
Kazakhstan 1 610 55% 3%
Italy 978 56% 2%
Uzbekistan 920 -21% 2%
Poland 877 24% 1%
Lithuania 838 21% 1%
Other 6 573 4% 11%
Total 59 163 11% 100%

 

Sales of pharmacy chain of Latvijas aptieka in six months of 2017 reached 10.3 million euros, which represents an increase by 10% compared to six months of 2016. Sales of Silvanols in six months of 2017 reached 2.74 million euros, which represents an increase by 15% compared to six months of 2016. Silvanols made its sales to nine European countries during this period, and with the help of JSC Olainfarm, also to Lithuania, Russia, Azerbaijan, Belarus and Armenia. Sales of Tonus Elast in six months reached 3.9 million euros, and products of this company were sold to 35 countries in four continents.

According to preliminary unconsolidated numbers, sales of JSC Olainfarm in June 2017 reached 8.22 million euros, which represents an increase by 11%, compared to the same period of 2016. The biggest sales increase was achieved in Turkmenistan, where sales increased by 1206%. Sales to Italy grew by 296%, sales to Kazakhstan increased by 125%, sales to Poland grew by 80%, but sales to Belarus increased by 60%. During June 2016, significant shipments were also made to Uzbekistan and The Netherlands. The biggest reduction of sales during this period took place in Ukraine, where sales shrunk by 38%. The biggest sales markets during this period were Russia, Latvia, Ukraine and Belarus. In total, during June 2017, products of JSC Olainfarm were sold to 28 countries in three continents.

June 2017, unconsolidated sales Sales, thsnd. EUR Changes to June, 2016 Share in total sales
Russia 2 336 -15% 28%
Latvia 1 112 9% 14%
Ukraine 1 071 -38% 13%
Belarus 1 013 60% 12%
Kazakhstan 503 125% 6%
Uzbekistan 407 NA 5%
Poland 253 80% 3%
Turkmenistan 215 1206% 3%
The Netherlands 196 NA 2%
Italy 153 296% 2%
Other 961 11% 12%
Total 8 220 11% 100%

 

According to preliminary unconsolidated results, sales of JSC Olainfarm in six months of 2017 reached 48 million euros, which represents an increase by 4% compared to the same period of 2016. The biggest sales increase during this six months period was achieved in The Netherlands, where sales increased by 600%. Sales to Germany grew by 202%, but sales to Italy by 51%. Biggest sales reduction in six months period took place in Ukraine, where sales shrunk by 40%. Biggest sales markets of JSC Olainfarm during this period were Russia, Latvia, Belarus Ukraine and The Netherlands. In total, during the first six months of 2017, JSC Olainfarm sold its products to 41 countries in five continents.

6 months of 2017, unconsolidated sales Sales, thsnd. EUR Changes to 6 months of 2016 Share in total sales
Russia 16 771 6% 35%
Latvia 7 136 5% 15%
Belarus 5 534 18% 12%
Ukraine 5 322 -40% 11%
The Netherlands 3 527 600% 7%
Kazakhstan 1 202 25% 3%
Italy 945 51% 2%
Uzbekistan 920 -21% 2%
Turkmenistan 805 -15% 2%
Germany 783 202% 2%
Other 5 055 -8% 11%
Total 48 000 4% 100%

 

General meeting of shareholders of JSC Olainfarm held on June 1, 2017 approved operating plan of the company, providing that unconsolidated sales of the company in 2017 will reach 96 million euros, while consolidated sales of the company will reach 127 million euros. According to these preliminary sales numbers, in six months of 2017 the company has met 50% of annual target for unconsolidated sales and 46% of annual target for consolidated sales.

 

JSC Olainfarm is one of the biggest pharmaceutical companies in Latvia with 45 years of experience in production of medication and chemical and pharmaceutical products. A basic principle of company’s operations is to produce reliable and effective top quality products for Latvia and the rest of the world. Products made by the Group are being exported to more than 40 countries of the world, including the Baltics, Russia, other CIS, Europe, Asia, North America and Australia.

 

Information prepared by:
Salvis Lapins
JSC Olainfarm
Member of the Management Board
Rupnicu iela 5, Olaine, Latvia, LV 2114
Phone: +371 6 7013 717
Fax: +371 6 7013 777
E-mail: Salvis.Lapins@olainfarm.lv

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SigitaSales of Olainfarm in Six Months Increase by 11%

Olainfarm holds First Quarter 2017 Investor Conference Webinar

on June 28, 2017

JSC Olainfarm invites shareholders, investors, mass media representatives and other stakeholders to join its investor conference webinar scheduled on June 28, 2017 at 16:00 (EEST). To join the webinar please follow the instructions below.

Webinar will be hosted by the Member of the Management Board Salvis Lapiņš. The presentation will be held in English.

During the webinar Salvis Lapiņš will inform about AS “Olainfarm” latest activities and analyze the financial results of the first quarter 2017.

During the webinar the enclosed presentation will be presented: webinarjune17

What is webinar? Webinar is a virtual conference, during which company’s representative gives information about the company, its activities and future plans. Webinar allows interactive communication and provides an opportunity to ask questions and get answers directly from the company.

How to join the webinar? All you need is a computer with internet connection and headphones.

To join the webinar, we invite you to register via http://ej.uz/OLF_2017Q1.

You will be provided with the webinar link and instructions to join webinar successfully. When joining the webinar for the first time, you will be asked to download the system application on your computer which will take only few seconds. For more information on webinar service please visit: http://www.nasdaqbaltic.com/en/products-services/webinars-3/

Join the webinar and be the first one to hear the news!

 

JSC Olainfarm is one of the biggest pharmaceutical companies in Latvia with 45 years of experience in production of medication and chemical and pharmaceutical products. A basic principle of company’s operations is to produce reliable and effective top quality products for Latvia and the rest of the world. Products made by the Group are being exported to more than 40 countries of the world, including the Baltics, Russia, other CIS, Europe, Asia, North America and Australia.

 

Information prepared by:
Salvis Lapins
JSC Olainfarm
Member of the Management Board
Rupnicu iela 5, Olaine, Latvia, LV 2114
Phone: +371 6 7013 717
Fax: +371 6 7013 777
E-mail: Salvis.Lapins@olainfarm.lv

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SigitaOlainfarm holds First Quarter 2017 Investor Conference Webinar

Vladimirs Krusinskis Appointed As the New Board Member of Olainfarm

on June 22, 2017

On June 12, Supervisory Council of JSC Olainfarm has appointed Mr. Vladimirs Krusinskis as the new Board Member of the Company.

Vladimirs Krusinskis is a Director of Tehcnical Department of JSC Olainfarm, having more than 15 years of experience in industrial companies. Mr. Krusinskis joined Olainfarm in 2012. His previous career includes JSC Rīgas Farmaceitiskā Fabrika. Vladimirs Krusinskis has a degree of Bachelor of Engineering. Mr. Krusinskis owns no shares of JSC Olainfarm.

 

JSC Olainfarm is one of the biggest pharmaceutical companies in Latvia with 45 years of experience in production of medication and chemical and pharmaceutical products. A basic principle of company’s operations is to produce reliable and effective top quality products for Latvia and the rest of the world. Products made by the Group are being exported to more than 40 countries of the world, including the Baltics, Russia, other CIS, Europe, Asia, North America and Australia.

Information prepared by:
Salvis Lapins
JSC Olainfarm
Member of the Management Board
Rupnicu iela 5, Olaine, Latvia, LV 2114
Phone: +371 6 7013 717
Fax: +371 6 7013 777
E-mail: Salvis.Lapins@olainfarm.lv

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SigitaVladimirs Krusinskis Appointed As the New Board Member of Olainfarm

Olainfarm will hold First Quarter 2017 Investor Conference Webinar

on June 20, 2017

JSC Olainfarm invites shareholders, investors, mass media representatives and other stakeholders to join its investor conference webinar scheduled on June 28, 2017 at 16:00 (EEST). To join the webinar please follow the instructions below.

Webinar will be hosted by the Member of the Management Board Salvis Lapiņš. The presentation will be held in English.

During the webinar Salvis Lapiņš will inform about JSC Olainfarm latest activities and analyze the financial results of the first quarter 2017.

After the presentation investors are welcome to ask questions. Due to the limited webinar time, please send in your questions in advance until June 27 to e-mail: eva.dzerve@nasdaq.com.

What is webinar?

Webinar is a virtual conference, during which company’s representative gives information about the company, its activities and future plans. Webinar allows interactive communication and provides an opportunity to ask questions and get answers directly from the company.

How to join the webinar?

All you need is a computer with internet connection and headphones.

To join the webinar, we invite you to register via http://ej.uz/OLF_2017Q1.

You will be provided with the webinar link and instructions to join webinar successfully. When joining the webinar for the first time, you will be asked to download the system application on your computer which will take only few seconds. For more information on webinar service please visit: http://www.nasdaqbaltic.com/en/products-services/webinars-3/

Join the webinar and be the first one to hear the news!

 

JSC Olainfarm is one of the biggest pharmaceutical companies in Latvia with 45 years of experience in production of medication and chemical and pharmaceutical products. A basic principle of company’s operations is to produce reliable and effective top quality products for Latvia and the rest of the world. Products made by the Group are being exported to more than 40 countries of the world, including the Baltics, Russia, other CIS, Europe, Asia, North America and Australia.

 

Information prepared by:
Salvis Lapins
JSC Olainfarm
Member of the Management Board
Rupnicu iela 5, Olaine, Latvia, LV 2114
Phone: +371 6 7013 717
Fax: +371 6 7013 777
E-mail: Salvis.Lapins@olainfarm.lv

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SigitaOlainfarm will hold First Quarter 2017 Investor Conference Webinar

Sales of Olainfarm in May Increase by 19%

on June 15, 2017

Preliminary consolidated results of JSC Olainfarm for May 2017 show that the sales of the company during this period have reached 10.81 million, which represents an increase by 19% compared to the same period of last year. The biggest sales increase has been achieved in The Netherlands, where sales grew by 4214%. Sales to Kazakhstan increased by 316%, sales to Tajikistan increased by 162% and sales to Belarus increased by 136%. During May of 2017, JSC Olainfarm also made significant shipments to Germany. The biggest sales markets of JSC Olainfarm in May were Russia, Latvia, Ukraine, Belarus and The Netherlands.

May 2017, consolidated sales Sales, Thsnd. EUR Changes to May, 2016 Share in total sales
Russia 3 389 -11% 31%
Latvia 2 335 35% 22%
Ukraine 1 134 13% 10%
Belarus 879 136% 8%
The Netherlands 839 4214% 8%
Tajikistan 364 162% 3%
Uzbekistan 302 13% 3%
Kazakhstan 284 316% 3%
Germany 157 NA 1%
Lithuania 169 42% 2%
Other 961 -38% 9%
Total 10 813 19% 100%

 

Sales of Latvijas aptieka Ltd. during May 2017 were 1.7 million euros, which represents an increase by 31% compared to the same period of 2016. Sixty-five pharmacies were operating during this period. Sales of Silvanols Ltd. in May 2017 reached 0.38 million, which is an increase by 12% compared to May of 2016. During May 2017, Silvanols Ltd. sold its products to eight European countries during this period and with assistance of JSC Olainfarm also to Kazakhstan, Lithuania, Russia and Armenia. Sales of Tonus Elast Ltd. during May 2017 reached 0.55 million euros. The company made its sales in 22 countries in four continents

According to preliminary results, consolidated sales of JSC Olainfarm in five months reached 49.01 million euros, which represents an increase by 11% compared to five months of 2016. The biggest sales increase was achieved in The Netherlands, where sales grew by 561%, and Germany, where sales grew by 230%. Biggest sales reductions took place in Ukraine, where sales shrunk by 40% and Turkmenistan, where sales shrunk by 36%. Major sales markets of the group during May 2017 were Russia, Latvia, Belarus, Ukraine and The Netherlands.

5 months of 2017, consolidated sales Sales, thsnd. EUR Changes to 5 months of 2016 Share in total sales
Russia 15 753 20% 32%
Latvia 12 188 16% 25%
Belarus 4 572 12% 9%
Ukraine 4 344 -40% 9%
The Netherlands 3 331 561% 7%
Kazakhstan 988 34% 2%
Italy 825 40% 2%
Lithuania 700 23% 1%
Germany 654 230% 1%
Turkmenistan 590 -36% 1%
Other 5 068 -12% 10%
Total 49 014 11% 100%

 

Sales of Latvijas aptieka Ltd. in five months of 2017 were 8.5 million euros, which represents an increase by 8% compared to the same period of 2016. Sales of Silvanols Ltd. during this period were 2.45 million euro, which represents an increase by 23% compared to five months of 2016. Products of Silvanols Ltd. were sold to nine European countries and, with the help of JSC Olainfarm also to Lithuania, Russia, Azerbaijan, Belarus and Armenia. Sales of Tonus Elast Ltd. in five months reached 3.1 million euros, and its products were sold to 33 countries in four continents.

According to unconsolidated preliminary results for May 2017, sales of JSC Olainfarm during this period reached 9.09 million euros, which represents an increase by 9% compared to the same period of 2016. The biggest sales increase was achieved in The Netherlands, where sales grew by 4214%. Sales to Kazakhstan grew by 243%, sales to Tajikistan increased by 150%, but sales to Belarus grew by 136%. Significant shipments were also made to Germany. The major sales markets during this period were Russia, Latvia, Ukraine, Belarus and The Netherlands. During May 2017, products of JSC Olainfarm were sold to 28 countries in three continents.

May 2017, unconsolidated sales Sales, thsnd. EUR Changes to May, 2016 Share in total sales
Russia 3 234 -15% 36%
Latvia 1 171 8% 13%
Ukraine 1 134 13% 12%
Belarus 879 136% 10%
The Netherlands 839 4214% 9%
Tajikistan 347 150% 4%
Uzbekistan 302 13% 3%
Kazakhstan 235 243% 3%
Germany 154 NA 2%
Lithuania 146 43% 2%
Other 649 -56% 7%
Total 9 090 9% 100%

 

According to preliminary unconsolidated numbers, sales of JSC Olainfarm in five months of 2017 reached 39.75 million euros, which represents an increase by 3% compared to the same period of 2016. The most rapid sales increase was achieved in The Netherlands, where sales grew by 561% and Germany, where sales grew by 226%. The biggest sales reduction during this time took place in Ukraine, where sales shrunk by 41%. The major sales markets of JSC Olainfarm during these five months were Russia, Latvia, Belarus, Ukraine and The Netherlands. In total during five months of 2017, products of JSC Olainfarm were sold to 40 countries in five continents.

Five months of 2017, unconsolidated sales Sales, thsnd. EUR Changes to five months of 2016 Share in total sales
Russia 14 436 10% 36%
Latvia 6 034 5% 15%
Belarus 4 521 11% 11%
Ukraine 4 252 -41% 11%
The Netherlands 3 331 561% 8%
Italy 792 35% 2%
Kazakhstan 699 -5% 2%
Germany 646 226% 2%
Turkmenistan 590 -36% 1%
Lithuania 580 19% 1%
Other 3 867 -26% 10%
Total 39 748 3% 100%

 

General meeting of shareholders of JSC Olainfarm held on June1, 2017 approved operating plan of the company, providing that unconsolidated sales of the company in 2017 will reach 96 million euros, while consolidated sales of the company will reach 127 million euros. According to these preliminary sales numbers, in five months of 2017 the company has met 41% of annual target for unconsolidated sales and 39% of annual target for consolidated sales.

 

JSC Olainfarm is one of the biggest pharmaceutical companies in Latvia with 45 years of experience in production of medication and chemical and pharmaceutical products. A basic principle of company’s operations is to produce reliable and effective top quality products for Latvia and the rest of the world. Products made by the Group are being exported to more than 40 countries of the world, including the Baltics, Russia, other CIS, Europe, Asia, North America and Australia.

 

Information prepared by:
Salvis Lapins
JSC Olainfarm
Member of the Management Board
Rupnicu iela 5, Olaine, Latvia, LV 2114
Phone: +371 6 7013 717
Fax: +371 6 7013 777
E-mail: Salvis.Lapins@olainfarm.lv

 

 

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SigitaSales of Olainfarm in May Increase by 19%

Decisions Adopted by the Annual General Meeting of Shareholders

on June 1, 2017

The following decisions have been adopted by the annual general meeting of shareholders:

 

  1. Report of the Board on results of operations in 2016.

To take notice of the Report of the Board on results of operations in 2016.

Voting: the resolution was adopted with the necessary majority of votes.

 

  1. Report of the Council on results of operations in 2016.

To take notice of the Report of the Council on results of operations in 2016.

Voting: the resolution was adopted with the necessary majority of votes.

 

  1. Report of the Auditing Committee on activities in 2016.

To take notice of the Report of the Auditing Committee on activities in 2016.

Voting: the resolution was adopted with the necessary majority of votes.

 

  1. Approval of the JSC Olainfarm Audited Consolidated Annual Report of Group and Parent Company for 2016.

To approve the Audited Consolidated Annual Report of JSC Olainfarm group and of Parent Company for 2016.

Voting: the resolution was adopted with the necessary majority of votes.

 

  1. Distribution of reserves.

5.1. To use part of JSC Olainfarm reserve in amount of EUR 281 701.56 (two hundred eighty one thousand seven hundred and one euro and 56 eurocents) to pay out to JSC Olainfarm shareholders (ISIN code of the shares LV0000100501), paying EUR 0.02 (two eurocents) per share.

Voting: the resolution was adopted with the necessary majority of votes.

 

5.2. Set December 15, 2017, as the record date and December 20, 2017, as the date of payment of the reserve’s part in amount of EUR 281 701.56 (two hundred eighty one thousand seven hundred and one euro and 56 eurocents).

Voting: the resolution was adopted with the necessary majority of votes.

 

5.3. The remaining part of the reserve in amount of EUR 40 449.68 (forty thousand four hundred forty nine euro and 68 eurocents) to remain with JSC Olainfarm reserve.

Voting: the resolution was adopted with the necessary majority of votes.

 

  1. Distribution of profit of 2016.

6.1. To use part of the year 2016 profit of JSC Olainfarm in amount of EUR 9 014 449.92 (nine million fourteen thousand four hundred forty nine euro and 92 cents) to pay dividends to shareholders of JSC Olainfarm, (ISIN code of the shares LV0000100501) paying in dividends EUR 0.64 per one share effectuating payment in three stages in II, III and IV quarters, but part of the profit in amount of EUR 625 550.08 (six hundred twenty five thousand five hundred fifty euro and 08 eurocents) to retain undistributed and to reinvest in development of JSC Olainfarm. Dividends of EUR 0.22 per share shall be paid in stage I, dividends of EUR 0.22 per share shall be paid in stage II and dividends of EUR 0.20 shall be paid in stage III.

Voting: the resolution was adopted with the necessary majority of votes.

 

6.2. Set the following order for calculation and payment of dividends

I stage (II quarter): set Set June 15, 2017, as the record date and June 20, 2017, as the date of payment;

II stage (III quarter): Set September 7, 2017, as the record date and September 12, 2017, as the date of payment;

III stage (IV quarter): Set December 7, 2017, as the record date and December 12, 2017, as the date of payment.

Voting: the resolution was adopted with the necessary majority of votes.

 

  1. Report of the Board on budget and on planned operations in 2017.

To take notice of Report of the Board on budget and on planned operations in 2017, which include JSC Olainfarm unconsolidated turnover forecast for 2017 in amount of 96 million euro and JSC Olainfarm unconsolidated profit in amount of 12.7 million euro, consolidated turnover forecast for 2017 in amount of 127 million euro, but consolidated profit in amount of 15.5 million euro.

Voting: the resolution was adopted with the necessary majority of votes.

 

  1. Amendment of Statutes.

8.1. Express article 6.2. of the Statutes as follows:

„6.2. Revision comission consists of three members of the revision commission. Members of the revision commission are elected at the shareholders meeting for 2 (two) years term.”

Voting: the resolution was adopted with the necessary majority of votes.

 

8.2. Approve new edition of the Statutes.

Voting: the resolution was adopted with the necessary majority of votes.

 

  1. Election of the Certified Auditor for 2017 and setting of renumeration of the Certified Auditor.

9.1. To elect SIA Ernst & Young Baltic (license No.17, unitary registration No. 40003593454) to be the certified auditor of JSC Olainfarm in 2017.

Voting: the resolution was adopted with the necessary majority of votes.

 

9.2. To set EUR 47 600.00 (forty seven thousand six hundred euro and 00 eurocents) as the total remuneration of the Certified Auditor for 2017.

Voting: the resolution was adopted with the necessary majority of votes.

 

  1. Elections of the Council.

10.1. To elect the Council of JSC Olainfarm consisting of the following members for the further term of five years, setting that term of the Council powers commences on June 02, 2017:

Name, last name:

  1. Valentīna Andrējeva
  2. Andis Krūmiņš
  3. Ivars Godmanis
  4. Aleksandrs Raicis
  5. Gunta Veismane

Voting: Voting: the following number of votes has been placed for each candidate:

for V.Andrējeva – 1958268 votes or 19,85% from the number of present shareholders with voting rights;

for A.Krūmiņš – 1972155 votes or 19,99% from the number of present shareholders with voting rights;

for I.Godmanis – 1985074 votes or 20,12% from the number of present shareholders with voting rights;

for A.Raicis – 1973321 votes or 20,00% from the number of present shareholders with voting rights;

for G.Veismane – 1958210 votes or 19,85% from the number of present shareholders with voting rights.

Abstain (not casted)– 19600 votes or 0,20% from the number of present shareholders with voting rights.

 

10.2. To set the total monthly remuneration of all the Council members at the amount of EUR 13 500.00 (thirteen thousand five hundred euro and 00 eurocents).

Voting: the resolution was adopted with the necessary majority of votes.

 

  1. Election of the Auditing Committee and setting of renumeration of the Auditing Committee.

 

11.1. Elect member of the JSC Olainfarm Auditing Committee:

– Deputy Head of the Council Valentīna Andrējeva,

– Member of the Council Gunta Veismane,

– Viesturs Gurtlavs.

Voting: Voting: the following number of votes has been placed for each candidate:

for V.Andrējeva – 3275872 votes or 33,20% from the number of present shareholders with voting rights;

for G.Veismane – 3275599 votes or 33,20% from the number of present shareholders with voting rights;

for V.Gurtlavs – 3295557 votes or 33,40 % from the number of present shareholders with voting rights;

Abstain (not casted) – 19600 votes or 0,20% from the number of present shareholders with voting rights.

 

11.2. Set monthly remuneration of the member of the Auditing Committee in amount of EUR 5350.00 (five thousand three hundred fifty euro and 00 eurocents).

Voting: the resolution was adopted with the necessary majority of votes.

 

 

Information prepared by:
Salvis Lapins
JSC Olainfarm
Member of the Management Board
Rupnicu iela 5, Olaine, Latvia, LV 2114
Phone: +371 6 7013 717
Fax: +371 6 7013 777
E-mail: Salvis.Lapins@olainfarm.lv

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SigitaDecisions Adopted by the Annual General Meeting of Shareholders

Consolidated Sales of Olainfarm in First Quarter Reach 28.6 million euros

on May 31, 2017

Consolidated sales of JSC Olainfarm in first quarter of 2017 reached 28.6 million euros, which represents an increase by 9% compared to the first quarter of 2016. The main sales markets of the Group during this period were Russia, Latvia, Belarus, Ukraine and The Netherlands. In terms of sales, this has been the best first quarter and second best overall quarter in corporate history.

During the 1st quarter of 2017 sales of Olainfarm continued growing in all its major sales markets, except Ukraine, where they dropped by 59% and Kazakhstan, where they dropped by 21% compared to the first quarter of 2016. The biggest sales increase during the three months period was achieved in Georgia, where sales grew by 694%, The Netherlands, where sales grew by 271%, Italy, where sale grew by 120% and Germany, where sales increased by 99%.

During the first quarter of 2017 significant changes have occurred to the structure of bestselling products, as Adaptol, which was the bestselling product in 1st quarter of 2016 is now only the third bestselling. Soluble furagin products (Furamag and Furasol) have become the bestselling product of Olainfarm, leaving Neiromidin, the long-term bestseller in the second positions. Overall, the distribution of sales between top 10 products has become more even as the leading product makes up only 16% of sales of Olainfarm products.

During the reporting period, registration processes were completed in Armenia, Albania and Azerbaijan. Registration processed have been started in Nepal and continued in Turkey, Armenia, Myanmar and Vietnam. Synthesis development is completed for anticancer and antituberculosis substances new to the company.

It is proposed, that Annual meeting of shareholders of JSC Olainfarm to be convened on June 1, 2017 approves operating plan of the Group for 2017. According to it, sales of the Group in 2017 are planned to be 127 million euros, but the net profit will reach 15.5 million euros. According to this unaudited report for 1st quarter of 2016, during the first three months 23% of annual sales target and 24% of annual profit target is met.

 

Condensed Consolidated Statement of Financial Position Group
31.03.2017 31.12.2016
EUR ‘000 EUR ‘000
     ASSETS
NON-CURRENT ASSETS
Intangible assets 33 174 31 860
Property, plant and equipment 40 830 40 943
Investment properties 1 963 1 963
Financial assets 7 374 6 514
TOTAL NON-CURRENT ASSETS 83 341 81 280
CURRENT ASSETS
Inventories 24 866 24 011
Receivables 35 599 36 124
Cash 5 002 3 165
TOTAL CURRENT ASSETS 65 467 63 300
TOTAL ASSETS 148 808 144 580
           EQUITY AND LIABILITIES
EQUITY
Share capital 19 719 19 719
Share premium 2 504 2 504
Reserves 322 322
Retained earnings 77 754 74 081
Non-controlling interests 42 37
TOTAL EQUITY 100 341 96 663
LIABILITIES
Non-current liabilities
Borrowings 17 513 18 800
Deferred corporate income tax 3 040 3 025
Deferred income 2 694 2 810
Total Non-Current Liabilities 23 247 24 635
Current liabilities
Borrowings 8 072 7 020
Trade payables and other liabilities 16 661 15 769
Deferred income 487 493
Total Current Liabilities 25 220 23 282
TOTAL LIABILITIES 48 467 47 917
TOTAL EQUITY AND LIABILITIES 148 808 144 580

 

Consolidated statement of comprehensive income Group
Q1 2017 Q1 2016
EUR ‘000 EUR ‘000
Net revenue 28 571 26 130
Cost of goods sold (11 463) (9 908)
Gross Profit 17 108 16 222
Selling expense (8 025) (6 845)
Administrative expense (5 414) (4 466)
Other operating income 449 605
Other operating expense (743) (1 755)
Share of profit of an associate 32 17
Financial income 1 158 257
Financial expense (102) (40)
Profit Before Tax 4 463 3 995
Corporate income tax (839) (1 014)
Deferred corporate income tax 54 132
PROFIT FOR THE REPORTING PERIOD 3 678 3 113
Other comprehensive income for the reporting period
Total comprehensive income for the reporting period 3 678 3 113
Total comprehensive income attributable to:
The equity holders of the Parent Company 3 673 3 108
Non-controlling interests 5 5
Basic and diluted earnings per share, EUR 0.26 0.22

 

JSC Olainfarm is one of the biggest pharmaceutical companies in Latvia with 45 years of experience in production of medication and chemical and pharmaceutical products. A basic principle of company’s operations is to produce reliable and effective top quality products for Latvia and the rest of the world. Products made by the Group are being exported to more than 40 countries of the world, including the Baltics, Russia, other CIS, Europe, Asia, North America and Australia.

 

Information prepared by:
Salvis Lapins
JSC Olainfarm
Member of the Management Board
Rupnicu iela 5, Olaine, Latvia, LV 2114
Phone: +371 6 7013 717
Fax: +371 6 7013 777
E-mail: Salvis.Lapins@olainfarm.lv

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SigitaConsolidated Sales of Olainfarm in First Quarter Reach 28.6 million euros

Draft resolutions of the Annual General Meeting of Shareholders of JSC Olainfarm to be held on June 1st, 2017

on May 17, 2017
  1. Report of the Board on results of operations in 2016.

Draft resolution:

To take notice of the Report of the Board on results of operations in 2016.

 

  1. Report of the Council on results of operations in 2016.

Draft resolution:

To take notice of the Report of the Council on results of operations in 2016.

 

  1. Report of the Auditing Committee on activities in 2016.

Draft resolution:

To take notice of the Report of the Auditing Committee on activities in 2016.

 

  1. Approval of the JSC Olainfarm Audited Consolidated Annual Report of Group and Parent Company for 2016.

Draft resolution:

To approve the Audited Consolidated Annual Report of JSC Olainfarm group and of Parent Company for 2016.

 

  1. Distribution of reserves.

Draft resolution:

5.1. To use part of JSC Olainfarm reserve in amount of EUR 281 701.56 (two hundred eighty one thousand seven hundred and one euro and 56 eurocents) to pay out to JSC Olainfarm shareholders (ISIN code of the shares LV0000100501), paying EUR 0.02 (two eurocents) per share.

5.2. Set December 15, 2017, as the record date and December 20, 2017, as the date of payment of the reserve’s part in amount of EUR 281 701.56 (two hundred eighty one thousand seven hundred and one euro and 56 eurocents).

5.3. The remaining part of the reserve in amount of EUR 40 449.68 (forty thousand four hundred forty nine euro and 68 eurocents) to remain with JSC Olainfarm reserve.

 

  1. Distribution of profit of 2016.

Draft resolution:

6.1. To use part of the year 2016 profit of JSC Olainfarm in amount of EUR 9 014 449.92 (nine million fourteen thousand four hundred forty nine euro and 92 cents) to pay dividends to shareholders of JSC Olainfarm, (ISIN code of the shares LV0000100501) paying in dividends EUR 0.64 per one share effectuating payment in three stages in II, III and IV quarters, but part of the profit in amount of EUR 625 550.08 (six hundred twenty five thousand five hundred fifty euro and 08 eurocents) to retain undistributed and to reinvest in development of JSC Olainfarm. Dividends of EUR 0.22 per share shall be paid in stage I, dividends of EUR 0.22 per share shall be paid in stage II and dividends of EUR 0.20 shall be paid in stage III.

6.2. Set the following order for calculation and payment of dividends:

I stage (II quarter): Set June 15, 2017, as the record date and June 20, 2017, as the date of payment;

II stage (III quarter): Set September 7, 2017, as the record date and September 12, 2017, as the date of payment;

III stage (IV quarter): Set December 7, 2017, as the record date and December 12, 2017, as the date of payment.

 

  1. Report of the Board on budget and on planned operations in 2017.

Draft resolution:

To take notice of Report of the Board on budget and on planned operations in 2017, which include JSC Olainfarm unconsolidated turnover forecast for 2017 in amount of 96 million euro and JSC Olainfarm unconsolidated profit in .amount of 12.7 million euro, consolidated turnover forecast for 2017 in amount of 127 million euro, but consolidated profit in amount of 15.5 million euro.

 

  1. Amendment of Statutes.

Draft resolution:

8.1. Express article 6.2. of the Statutes as follows:

„6.2. Revision commission consists of three members of the revision commission. Members of the revision commission are elected at the shareholders meeting for 2 (two) years term.”

8.2. Approve new edition of the Statutes.

 

  1. Election of the Certified Auditor for 2017 and setting of remuneration of the Certified Auditor.

Draft resolutions:

9.1. to elect SIA Ernst & Young Baltic (license No.17, unitary registration No. 40003593454) to be the certified auditor of JSC Olainfarm in 2017.

9.2. to set  EUR 47 600 + VAT as the total remuneration of the Certified Auditor for 2017.

 

  1. Election of the Auditing Committee and setting of remuneration of the Auditing Committee.

Draft resolutions:

10.1. Elect member of the JSC Olainfarm Auditing Committee:

– Deputy Head of the Council Valentina Andrejeva,

– Member of the Council Gunta Veismane,

– Viesturs Gurtlavs.

10.2. Set monthly remuneration of the Auditing Committee in amount of EUR 5350.00.

 

  1. Elections of the Council.

Draft resolution:

11.1. To elect the Council of JSC Olainfarm consisting of the following members for the further term of five years, setting that term of the Council powers commences on June 02, 2017.

Name, last name:

  1. Valentīna Andrējeva
  2. Andis Krūmiņš
  3. Ivars Godmanis
  4. Aleksandrs Raicis
  5. Gunta Veismane

11.2. To set the total monthly remuneration of all the Council members at the amount of EUR 13500,00 (thirteen thousand five hundred euro).

 

Management Board of Joint Stock Company Olainfarm

 

 

Information prepared by:
Salvis Lapins
JSC Olainfarm
Member of the Management Board
Rupnicu iela 5, Olaine, Latvia, LV 2114
Phone: +371 6 7013 717
Fax: +371 6 7013 777
E-mail: Salvis.Lapins@olainfarm.lv

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SigitaDraft resolutions of the Annual General Meeting of Shareholders of JSC Olainfarm to be held on June 1st, 2017

Sales of Olainfarm in April Increase by 28%

on May 15, 2017

Preliminary consolidated results of JSC Olainfarm for April 2017 show that sales in April have reached 11.28 million euros, which represents an increase by 28% compared to sales of April 2016. The biggest sales increase was achieved in The Netherlands, where sales grew by 6642%. Sales to Kazakhstan grew by 159%, sales to Poland grew by 143%, sales to Russia increased by 58%, but sales to Lithuania grew by 43%. The biggest sales reduction took place in Italy, where sales contracted by 43%. Major sales markets of the Group were Russia, Latvia, Ukraine and The Netherlands.

April 2017, consolidated sales Sales, thsnd. EUR Changes to April 2016 Share in total sales
Russia 4 690 58% 42%
Latvia 2 428 12% 22%
Ukraine 1 209 -6% 11%
The Netherlands 735 6642% 7%
Belarus 491 -27% 4%
Kazakhstan 255 159% 2%
Turkmenistan 183 6% 2%
Italy 160 -43% 1%
Lithuania 132 49% 1%
Poland 129 143% 1%
Other 863 -16% 8%
Total 11 275 28% 100%

 

Sales of pharmacies of Latvijas aptieka during April 2017 were 1.66 million euros, which represents an increase by 5% compared to April 2016. Sales of Silvanols in April 2017 were 0.48 million euros, which is an increase by 23% compared to the same period of last year. During April 2017, Silvanols sold its products to six European countries and with help of JSC Olainfarm also to Azerbaijan, Russia, Belarus and Armenia. Sales of Tonus Elast in April 2017 were 0.65 million euros, and the company sold its products to 16 countries in three continents.

According to preliminary numbers, consolidated sales of JSC Olainfarm in four months of 2017 was 38.28 million euros, which represents an increase by 9% compared to the same period of 2016. The biggest sales increase during this period was achieved in The Netherlands, where sales grew by 427%, while sales to Germany increased by 151%. The biggest sales reduction took place in Ukraine, where sales shrunk by 49%. The major sales markets of the group in four months of 2017 were Russia, Latvia, Belarus, Ukraine and The Netherlands.

4 months of 2017, consolidated sales Sales, thsnd. EUR Changes to 4 months of 2016 Share in total sales
Russia 12 366 33% 32%
Latvia 9 920 13% 26%
Belarus 3 693 0% 10%
Ukraine 3 209 -49% 8%
The Netherlands 2 492 427% 7%
Kazakhstan 704 5% 2%
Italy 702 32% 2%
Lithuania 530 18% 1%
Germany 497 151% 1%
Turkmenistan 462 -29% 1%
Other 3 709 -8% 10%
Total 38 284 9% 100%

 

Sales of pharmacies of Latvijas aptieka in four months of 2017 were 6.8 million euros, which represents an increase by 3% compared to the same period of 2016. Sales of Silvanols in four months of 2017 were 2.1 million euros, which is an increase by 31% compared to the same period of 2016, when Silvanols’ sales were 1.6 million euros. Products of Silvanols in four months of 2017 were sold to nine European countries and with the help of JSC Olainfarm also to Lithuania, Russia, Azerbaijan, Belarus and Armenia. Sales of Tonus Elast in four months reached 2.5 million euros and this company sold its products to 30 countries in 4 continents.

According to unconsolidated preliminary results, sales of JSC Olainfarm in April 2017 were 9.38 million euros, which represents an increase by 22% compared to April 2016. The biggest sales increase was achieved in The Netherlands, where sales grew by 6642%. Sales to Lithuania grew by 49%, while sales to Russia increased by 44%. The biggest sales reduction took place in Italy where sales shrunk by 43%. In April 2017, the company also made significant shipments to Germany. The biggest sales markets during this period were Russia, Ukraine, Latvia, The Netherlands and Belarus. Products of JSC Olainfarm were sold to 29 countries in five continents.

April 2017, unconsolidated sales Sale, thsnd. EUR Changes to April 2016 Share in total sales
Russia 4 288 44% 46%
Ukraine 1 209 -6% 13%
Latvia 1 198 7% 13%
The Netherlands 735 6642% 8%
Belarus 491 -27% 5%
Kazakhstan 217 121% 2%
Turkmenistan 183 6% 2%
Italy 161 -43% 2%
Lithuania 107 49% 1%
Germany 102 NA 1%
Other 686 -31% 7%
Total 9 377 22% 100%

 

According to unconsolidated preliminary results, sales of JSC Olainfarm in four months of 2017 were 30.72 million euros, which represents an increase by 1% compared to the same period of 2016. The biggest sales increase has been achieved in The Netherlands, where sales have increased by 415%, while sales to Germany increased by 106%. The biggest sales reduction during this period took place in Ukraine, where sales shrunk by 50%. The major sales markets of JSC Olainfarm in four months were Russia, Latvia, Belarus, Ukraine and The Netherlands. In total during this four months period JSC Olainfarm sold its products to 38 countries in five continents.

4 months of 2017, unconsolidated sales Sales, thsnd. EUR Changes to four months of 2016 Share in total sales
Russia 11 203 21% 36%
Latvia 4 929 6% 16%
Belarus 3 642 -1% 12%
Ukraine 3 117 -50% 10%
The Netherlands 2 492 415% 8%
Italy 668 26% 2%
Germany 492 148% 2%
Kazakhstan 464 -30% 2%
Turkmenistan 462 -29% 2%
Lithuania 434 13% 1%
Other 2 820 -23% 9%
Total 30 723 1% 100%

 

According to preliminary estimates, unconsolidated sales of JSC Olainfarm in 2017 might reach 96 million euros, while consolidated sales might reach 127 million euros. According to the preliminary sales numbers published here, during four months of 2017, the company has already made 32% of its unconsolidated sales estimate and 30% of its annual consolidated sales estimate.

 

JSC Olainfarm is one of the biggest pharmaceutical companies in Latvia with 45 years of experience in production of medication and chemical and pharmaceutical products. A basic principle of company’s operations is to produce reliable and effective top quality products for Latvia and the rest of the world. Products made by the Group are being exported to more than 40 countries of the world, including the Baltics, Russia, other CIS, Europe, Asia, North America and Australia.

 

Information prepared by
Salvis Lapins
JSC Olainfarm
Member of the Management Board
Rupnicu iela 5, Olaine, Latvia, LV 2114
Phone: +371 6 7013 717
Fax: +371 6 7013 777
E-mail: Salvis.Lapins@olainfarm.lv

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SigitaSales of Olainfarm in April Increase by 28%

Last Year Olainfarm Sets a New Sales Record of 110.7 Million Euros

on April 28, 2017

Audited consolidated Statement of comprehensive income of JSC Olainfarm for 2016 shows that the sales of the Group last year were 110.7 million euros. This represents an increase by 14% compared to sales of 2015. Group’s net profit in 2016 was 11.6 million euros, which represents a reduction by 24% compared to 2015, when the profit record of 15.3 million was set. Profit of 2016 was considerably adversely influenced by provisions of about 7 million euros for doubtful receivables.

Group’s audited profit for the year 2016 compared to the preliminary results reported on February 28 for Q4 2016 has been improved by 1,500 thousand euros. The main reason of the profit increase is accrued selling expense reversal. Consequently this also affected retained earnings and accrued expenses captions in the statement of financial position.

Sales of the Parent company in 2016 reached 91.1 million euros, which represents an increase by 8% compared to 2015, when Parent Company’s sales were 84.7 million euros. In 2016 the Parent company made a net profit of 9.6 million euros, which is a reduction by 34% compared to 2015, when the net profit of the Parent company was 14.6 million euros.

The most rapid sales increase of the Group in 2016 was achieved in Uzbekistan, where sales grew by 65%. In 2016 Lithuania became one of the ten biggest markets of the Group, replacing Tajikistan. The biggest sales markets of the Group on 2016 were Russia, Latvia, Ukraine and Belarus.

The most rapid sales increase of the Parent company in 2016 was achieved in Uzbekistan, where sales grew by 65%. Sales to Lithuania grew by 34% and sales to Belarus and the UK, each grew by 17%. The biggest sales reduction took place in The Netherlands, where sales shrunk by 56%. In 2016 Lithuania became one of the ten biggest markets also for the Parent company, as it replaced Turkmenistan. The biggest sales markets of the Parent company in 2016 were Russia, Ukraine Latvia and Belarus.

The best sold products of the Parent company in 2016 were CNS medicines Neiromidin, Noofen and Adaptol, antibacterial preparations of Furamag and Furasol, antiarrhythmic medicine Etacizin, antituberculosis products PASA Sodium salt and antiallergic medicine Fenkarol. Share of company’s bestselling product Neiromidin in total sales of the Parent company increased from 18% to 20% in 2016.

During the reporting period, registration processes of Parent company’s products continued in Turkey, Armenia, Russia, Kazakhstan, Lithuania, Moldova, Bosnia and Herzegovina, Myanmar, Cameroon and Vietnam.

Registration of several products has been successfully completed in Estonia, Kyrgyzstan, Azerbaijan, Turkmenistan, Ukraine, Mongolia, Armenia, Turkmenistan and Bosnia and Herzegovina. Registration processes of several other products were launched in Turkey.

Annual meeting of shareholders of JSC Olainfarm held on June 7, 2016 approved operating plan of the Group for 2016. According to it, sales of the Group in 2016 were planned to be 100 million euros, but the net profit was expected reach 10 million euros. According to this audited report for 2015, during this period 111% of annual sales target is met and annual profit target is exceeded by 16%. At the same meeting targets for Parent company’s operations were approved, stating that Parent company’s sales target is 86 million euros, but the profit target is 9 million euros. According to these accounts, Parent company met 106% of sales target and exceeded its profit target by 7%.

Statement of Financial Position Group Parent company
31.12.2016 31.12.2015 31.12.2016 31.12.2015
EUR ‘000 EUR ‘000 EUR ‘000 EUR ‘000
     ASSETS
NON-CURRENT ASSETS
Intangible assets 31 860 20 591 2 253 2 210
Property, plant and equipment 40 943 35 579 35 402 34 047
Investment properties 1 963
Financial assets 6 514 4 910 45 322 22 382
TOTAL NON-CURRENT ASSETS 81 280 61 080 82 977 58 639
CURRENT ASSETS
Inventories 24 011 20 990 17 447 18 979
Receivables 36 124 30 487 32 531 31 178
Cash 3 165 5 574 2 163 5 015
TOTAL CURRENT ASSETS 63 300 57 051 52 141 55 172
TOTAL ASSETS 144 580 118 131 135 118 113 811
             EQUITY AND LIABILITIES
EQUITY
Share capital 19 719 19 719 19 719 19 719
Share premium 2 504 2 504 2 504 2 504
Reserves 322 322 322 322
Retained earnings 74 081 65 773 73 012 65 921
Non-controlling interests 37 30
TOTAL EQUITY 96 663 88 348 95 557 88 466
LIABILITIES
Non-current liabilities
Borrowings 18 686 8 560 17 709 8 051
Deferred corporate income tax 3 025 1 947 1 278 635
Deferred income 2 810 2 656 2 706 2 604
Other liabilities 114 68
Total Non-Current Liabilities 24 635 13 163 21 761 11 290
Current liabilities
Borrowings 7 020 4 258 6 362 3 593
Trade payables and other liabilities 15 769 11 562 11 039 9 677
Deferred income 493 800 399 785
Total Current Liabilities 23 282 16 620 17 800 14 055
TOTAL LIABILITIES 47 917 29 783 39 561 25 345
TOTAL EQUITY AND LIABILITIES 144 580 118 131 135 118 113 811

 

Statement of comprehensive income Group Parent company
2016 2015 2016 2015
EUR ‘000 EUR ‘000 EUR ‘000 EUR ‘000
Net revenue 110 693 97 392 91 096 84 746
Cost of goods sold (40 855) (32 315) (29 678) (25 979)
Gross Profit 69 838 65 077 61 418 58 767
Selling expense (31 733) (28 202) (25 336) (23 742)
Administrative expense (19 735) (18 965) (18 020) (18 118)
Other operating income 3 080 2 715 2 363 2 487
Other operating expense (9 766) (1 957) (10 675) (1 864)
Share of profit of an associate 63 118
Income from investments in subsidiaries 27 300
Financial income 3 479 262 3 355 261
Financial expense (307) (1 404) (285) (1 352)
Profit Before Tax 14 919 17 644 12 847 16 739
Corporate income tax (2 883) (2 110) (2 564) (1 976)
Deferred corporate income tax (450) (245) (643) (197)
PROFIT FOR THE REPORTING PERIOD 11 586 15 289 9 640 14 566
Other comprehensive income for the reporting period
Total comprehensive income for the reporting period 11 586 15 289 9 640 14 566
Total comprehensive income attributable to:
The equity holders of the Parent Company 11 579 15 281 9 640 14 566
Non-controlling interests 7 8
Basic and diluted earnings per share, EUR 0.82 1.08 0.68 1.03

 

JSC Olainfarm is one of the biggest pharmaceutical companies in the Baltic States with 45 years of experience in production of medication and chemical and pharmaceutical products. A basic principle of company’s operations is to produce reliable and effective top quality products for Latvia and the rest of the world. Products made by the Group are being exported to more than 40 countries of the world, including the Baltics, Russia, other CIS, Europe, Asia, North America and Australia.

 

Information prepared by:
Salvis Lapins
JSC Olainfarm
Member of the Management Board
Rupnicu iela 5, Olaine, Latvia, LV 2114
Phone: +371 6 7013 717
Fax: +371 6 7013 777
E-mail: Salvis.Lapins@olainfarm.lv

read more
SigitaLast Year Olainfarm Sets a New Sales Record of 110.7 Million Euros