For Investors

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

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

Olainfarm Sells 9.83 Million in March

on April 18, 2017

Preliminary consolidated results for March 2017 show that sales of JSC Olainfarm reached 9.83 million euros, which represents an increase by 9% compared to March 2016. The biggest sales increase was achieved in The Netherlands, where sales increased by 285%. Sales to Italy grew by 268%, but sales to Russia grew by 42%. The biggest reduction of sales took place in Ukraine, where sales dropped by 75%. Significant shipments were also made to Georgia and Tajikistan. The major sales markets of Olainfarm group in March 2017 were Russia, Latvia and The Netherlands.

March 2017, consolidated sales Sales, thsnd. EUR Changes to March 2016 Share in total sales
Russia 2 719 42% 28%
Latvia 2 496 12% 25%
The Netherlands 845 286% 9%
Belarus 721 23% 7%
Ukraine 631 -75% 6%
Italy 467 268% 5%
Turkmenistan 279 -12% 3%
Kazakhstan 203 13% 2%
Georgia 176 NA 2%
Tajikistan 147 NA 1%
Other 1 145 17% 12%
Total 9 829 9% 100%

 

Sales of pharmacy chain of Latvijas aptieka during March 2017 were 1.78 million euros, which represents an increase by 9% compared to March 2016. Sixty-five pharmacies were operating during this period. Sales of Silvanols in March 2017 were 0.53 million euros, which represents an increase by 20% compared to March of 2016. Suring this period Silvanols sold its products in five European countries and with the help of JSC Olainfarm also to Russia, Lithuania, Belarus and Armenia. Sales of Tonus Elast in March 2017 were 0.96 million euros, and the company sold its products to 19 countries in three continents.

In three months of 2017, according to preliminary results, consolidated sales of JSC Olainfarm reached 26.95 million euros, which represents an increase by 3% compared to the same period of 2016. The biggest sales increase during this period was achieved in Georgia, where sales grew by 694%. Sales to The Netherlands grew by 271%, sales to Italy grew by 120% and sales to Germany grew by 99%. The biggest sales reduction took place in Ukraine, where sales dropped by 59%. The major markets of Olainfarm group in three months of 2017 were Russia, Latvia, Belarus and Ukraine.

3 months of 2017, consolidated sales Sales, thsnd. EUR Changes to 3 months of 2016 Share in total sales
Russia 7 676 22% 28%
Latvia 7 445 12% 28%
Belarus 3 202 6% 12%
Ukraine 2 000 -59% 7%
The Netherlands 1 758 271% 7%
Italy 541 120% 2%
Kazakhstan 449 -21% 2%
Lithuania 402 11% 1%
Germany 394 99% 1%
Georgia 382 694% 1%
Other 2 696 -20% 10%
Total 26 945 3% 100%

 

In three months of 2017 sales of pharmacies of Latvijas aptieka reached 5.17 million euros, which represents an increase by 3% compared to three months of 2016. Sales of Silvanols in three months of 2017 were 1.6 million euros, which represents an increase by 31% compared to three months of 2016. Products of Silvanols were sold to nine European countries and with the help of JSC Olainfarm also to Lithuania, Russia, Belarus and Armenia. Sales of Tonus Elast in 3 months were 1.9 million euros, and company’s products were sold to 26 countries in four continents.

According to preliminary unconsolidated results for March 2017, sales of JSC Olainfarm during this period were 7.58 million euros, which represents a reduction by 6% compared to March of 2016. The biggest sales increase was achieved in The Netherlands, where sales grew by 286%, but sales to Italy grew by 266%. Biggest sales reduction occurred in Ukraine, where sales dropped by 79%. During March 2017, the company also made significant shipments to Georgia and Tajikistan. The biggest sales markets were Russia, Latvia, The Netherlands and Belarus. During March 2017, products of JSC Olainfarm were sold to 27 countries in four continents.

March 2017, unconsolidated sales Sales, thsnd. EUR Changes to March 2016 Share in total sales
Russia 2 287 19% 30%
Latvia 1 193 -3% 16%
The Netherlands 845 286% 11%
Belarus 683 17% 9%
Ukraine 539 -79% 7%
Italy 464 266% 6%
Turkmenistan 279 -12% 4%
Georgia 177 NA 2%
Tajikistan 147 NA 2%
Lithuania 119 -24% 2%
Other 842 -2% 11%
Total 7 575 -6% 100%

 

According to preliminary unconsolidated results for three months of 2017, sales of JSC Olainfarm during this period were 21.3 million euros, which represents a reduction by 6% compared to the respective period of 2016. The most rapid sales increase during this period was achieved in Georgia, where sales grew by 596%. Sales to The Netherlands grew by 271%, but sales to Italy increased by 106%. The biggest sales reduction took place in Ukraine, where sales dropped by 61%. Major sales markets of JSC Olainfarm during this period were Russia, Latvia, Belarus, Ukraine and The Netherlands. In total in three months of 2017, JSC Olainfarm sold its products to 37 countries in four continents.

3 months of 2017, unconsolidated sales Sales, thsnd. EUR Changes to 3 months of 2016 Share in total sales
Russia 6 915 10% 32%
Latvia 3 684 4% 17%
Belarus 3 151 4% 15%
Ukraine 1 908 -61% 9%
The Netherlands 1 758 271% 8%
Italy 508 106% 2%
Germany 390 97% 2%
Georgia 335 596% 2%
Lithuania 327 5% 2%
Turkmenistan 279 -42% 1%
Other 2 045 -36% 10%
Total 21 300 -6% 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 three months of 2017, the company has already made 22% of its unconsolidated sales estimate and 21% of its annual consolidated sales estimate.

 

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

 

 

 

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SigitaOlainfarm Sells 9.83 Million in March

Olainfarm’s Sales in February are 8 Million Euros

on March 15, 2017

Preliminary consolidated results of JSC Olainfarm for February 2017 show that sales of the group have reached 8 million euros, which represents a reduction by 8% compared to the same period of 2016. The biggest sales increases were achieved in Georgia, where sales grew by 25% and in Russia, where sales grew by 23%. The biggest reduction in sales took place in Ukraine, where sales shrunk by 33% and in Lithuania, where sales were for 30% smaller this year. Significant shipments during this period were also made to Bulgaria, Moldova and Germany. The major sales markets of the group in February 2017 were Russia, Latvia, Ukraine and Belarus.

February 2017, consolidated sales Sales, thsnd. EUR Changes to February 2016 Share in total sales
Russia 2 617 23% 33%
Latvia 2 498 9% 31%
Ukraine 1 052 -33% 13%
Belarus 867 -6% 11%
Kazakhstan 137 -24% 2%
Bulgaria 114 NA 1%
Moldova 97 NA 1%
Lithuania 88 -30% 1%
Germany 86 NA 1%
Georgia 65 35% 1%
Other 385 -60% 5%
Total 8 006 -3% 100%

 

Sales by pharmacies of Latvijas aptieka Ltd. in February 2017 were 1.68 million euros, which represents a reduction by 3% compared to the same period one year ago. Sixty-eight pharmacies were operating during February. Sales of Silvanols Ltd. during February 2017 were .57 million euros, which is an increase by 21% compared to 2016. During this period, Silvanols Ltd. sold its products to six European countries and with assistance of JSC Olainfarm also to Belarus. Sales of Tonus Elast Ltd. in February were 0.77 million euros. This company sold its products to 17 countries in three continents.

During the first two months of 2017, the consolidated sales of the group reached 17.1 million euros, which represents an increase by 0.3% compared to consolidated sales of two months of 2016. The biggest sales increases were achieved in Georgia, where sales grew by 327% and in The Netherlands, where sales grew by 258%. The biggest reduction in sales took place in Ukraine, where sales shrunk by 42% and in Kazakhstan, where sales shrunk by 37%. The major sales markets of AS Olainfarm in two months of 2017 were Russia, Latvia, Belarus and Ukraine.

2 months of 2017, consolidated sales Sales, thsnd. EUR Changes to 2 months of 2016 Share in total sales
Russia 4 958 13% 29%
Latvia 4 949 13% 29%
Belarus 2 481 3% 14%
Ukraine 1 369 -42% 8%
The Netherlands 912 258% 5%
Poland 288 25% 2%
Germany 287 45% 2%
Lithuania 255 35% 1%
Kazakhstan 246 -37% 1%
Georgia 205 327% 1%
Other 1 165 -46% 7%
Total 17 116 0% 100%

 

Sales of pharmacies of Latvijas aptieka Ltd. in two months of 2017 were 3.4 million euros, which is comparable to their sales during the same period of 2016. Sales of Silvanols Ltd. during two months was 1.06 million euros, which represents an increase by 34% compared to two months of last year, when Silvanols’ sales were 0.79 million euros. Silvanols Ltd. sold its products to nine European countries, and, with the help of JSC Olainfarm, also to Russia and Belarus. Sales of Tonus Elast Ltd. in two months of 2017 were 0.94 million euros. This company made its sales to 21 countries in four continents.

According to unconsolidated preliminary results, sales of JSC Olainfarm during February 2017 were 6 million euros, which represents a reduction by 14% compared to the same period of 2016. The biggest sales increases were achieved in Azerbaijan, where sales grew by 67% and in Russia, where sales grew by 8%. The biggest sales reductions took place in Kazakhstan, where sales shrunk by 64% and in Lithuania, where sales shrunk by 39%. During February 2017, significant shipments were also made to Bulgaria, Germany and Moldova. The major sales markets during this period were Russia, Latvia, Ukraine and Belarus. In total JSC Olainfarm sold its products to 23 countries in Europe and Asia.

February, 2017, unconsolidated sales Sales, thsnd. EUR Changes to February, 2016 Share in total sales
Russia 2 288 8% 38%
Latvia 1 212 7% 20%
Ukraine 1 052 -30% 18%
Belarus 853 -8% 14%
Bulgaria 106 NA 2%
Germany 86 NA 1%
Lithuania 66 -39% 1%
Kazakhstan 65 -64% 1%
Moldova 55 NA 1%
Azerbaijan 41 67% 1%
Other 164 -83% 3%
Total 5 988 -14% 100%

 

According to unconsolidated preliminary results, sales of JSC Olainfarm in two months of 2017 were 13.7 million euros, which represents a reduction by 7% compared to the same period of 2016. The biggest sales increases were achieved in The Netherlands, where sales grew by 258% and in Georgia, where sales grew by 229%. The biggest sales reduction took place in Kazakhstan, where sales shrunk by 62% and in Ukraine, where sales shrunk by 40%. Biggest sales markets of JSC Olainfarm in two months of 2017 were Russia, Latvia, Belarus and Ukraine. In total in two months of 2017, JSC Olainfarm sold its products to 33 countries in four continents.

2 months of 2017, unconsolidated sales Sales, thsnd. EUR Changes to 2 months of 2016 Share in total sales
Russia 4 628 6% 34%
Latvia 2 491 7% 18%
Belarus 2 467 1% 18%
Ukraine 1 369 -40% 10%
The Netherlands 913 258% 7%
Germany 284 43% 2%
Poland 264 47% 2%
Lithuania 208 34% 2%
Georgia 159 229% 1%
Kazakhstan 150 -62% 1%
Other 792 -61% 6%
Total 13 725 -7% 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 two months of 2017, the company has already made 14% of its unconsolidated sales estimate and 13% of its annual consolidated sales estimate.

 

JSC Olainfarm is one of the biggest pharmaceutical companies in Latvia with more than 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 Olainfa
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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Eva DombrovskaOlainfarm’s Sales in February are 8 Million Euros

Recording of the Investor Conference Webinar about financial results of 2016

on March 8, 2017

On March 7, AS „Olainfarm” organized its Investor Conference Online Webinar. During the webinar the member of the management board of AS „Olainfarm” Salvis Lapiņš analyzed the financial results of fourth quarter 2016 and non-audited financial results of 12 months 2016, as well as informed about the other recent activities within the company.

The recorded “Olainfarm” webinar is available online: ej.uz/OLF_YE2016_video, and the presentation, demonstrated during the webinar, is available in the previously published company’s announcement: ej.uz/OLF_YE2016_PDF.

Olainfarm thanks all participants, who joined the webinar, and encourages everybody to follow company’s announcements to get information on the next webinar!

 

JSC Olainfarm is one of the biggest pharmaceutical companies in Latvia with more than 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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Eva DombrovskaRecording of the Investor Conference Webinar about financial results of 2016

Olainfarm holds Investor Conference Webinar about financial results of 2016

on March 7, 2017

AS „Olainfarm” invites shareholders, investors, mass media representatives and other stakeholders to join its investor conference webinar scheduled on March 7, 2017 at 16:00 (EET). 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 fourth quarter 2016 and non-audited financial results of 12 months 2016. During the webinar Mr. Lapins will inform that the budgeted target for consolidated sales is 127 million euro, while consolidated net profit is budgeted at 15.5 million euro. Unconsolidated budgets are respectively at 96 million and 12.7 million. Mr. Lapins will also provide an update about the internal discussions in the company regarding the future dividend payout ratio, as currently ongoing discussions are about the payout ratio of 40% of company’s annual profit.

After the presentation investors are welcome to ask questions. Due to the limited webinar time, please send in your questions in advance till March 6 to e-mail: eva.dzerve@nasdaq.com.

The enclosed presentation will be shown during the webinar: Webinar Presentation: 4th quarter and the whole 2016

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_YE2016.

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 more than 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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Eva DombrovskaOlainfarm holds Investor Conference Webinar about financial results of 2016

Olainfarm will hold Investor Conference Webinar about financial results of 2016

on March 2, 2017

AS „Olainfarm” invites shareholders, investors, mass media representatives and other stakeholders to join its investor conference webinar scheduled on March 7, 2017 at 16:00 (EET). 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 fourth quarter 2016 and non-audited financial results of 12 months 2016.

After the presentation investors are welcome to ask questions. Due to the limited webinar time, please send in your questions in advance till March 6 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_YE2016.

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 more than 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
Eva DombrovskaOlainfarm will hold Investor Conference Webinar about financial results of 2016

Olainfarm Demonstrates Consolidated Record Sales, Board Proposes Dividends

on February 28, 2017

Consolidated profit and loss account of JSC Olainfarm for 2016 shows that with the sales of 111.2 million euros, the Group has set the new record sales. Last year the sales grew by 14% compared to 2015. Net profit in 2016 was 10.1 million euros, which is reduction by a third comparing to 2015, when the net profit was as high as 15.3 million. Profit of 2016 was very significantly influenced by provisions for receivables. The total of about 7 million euros were left for provisions.

Board of JSC Olainfarm proposed a dividend of 0.66 euros per share from the profit of Parent company for 2016. Should it be necessary, undistributed profits of other years may also be used. The Board proposes that dividends are paid in three equal installments at the ends of second, third and fourth quarter of 2017 respectively.

“2016 was important for Olainfarm not only because we acquired four new daughter companies, but also with the sales record we achieved as we surpassed the mark of 100 million. In order to raise our targets every year, we have to get stronger every year. Therefore we focus on integrating the daughter companies into our group, expand our product portfolio, strengthen our positions in existing markets and enter the new ones. We also keep searching for new acquisition targets in different pharma related sectors,” says Valerijs Maligins, Chairman of Olainfarm’s Board.

In terms of sales, fourth quarter of 2016 is again by far the best in corporate history. During the fourth quarter of 2016, sales volumes have increased by 27% compared to similar period of 2015 and reached 32.6 million euro. Profit during this quarter reached 2.3 million, which is a reduction by 13% compared to the fourth quarter of 2015. In fourth quarter alone provisions of 2.47 were made.

The biggest sales increase in 2016 was achieved in Uzbekistan, where sales increased by 65%. During 2016, compared to its nine months share of Russia in totals sales grew significantly (from 29% to 34%). This was facilitated by particularly large sales volumes to this country during the fourth quarter. Share of Ukraine has dropped by 3 percentage points during the same period. Shares of other markets have remained relatively unchanged. The biggest sales markets in 2016 were Russia, Latvia, Ukraine and Belarus.

During the reporting period, registration processes of several products has been successfully completed in Estonia, Kyrgyzstan, Azerbaijan, Turkmenistan, Ukraine, Mongolia, Armenia, Turkmenistan and Bosnia and Herzegovina. During the fourth quarter alone registration of ten products in five countries has been completed. Registration processes of a few more products have been started in Turkey.

Annual meeting of shareholders of JSC Olainfarm convened on June 7, 2016 approved operating plan of the Group for 2016. According to it, sales of the Group in 2016 are planned to be 100 million euros, but the net profit will reach 10 million euros. According to this unaudited report for 2016, during this period 111% of annual sales target and 101% of annual profit target is met.

Condensed Consolidated Statement of Financial Position Group
31.12.2016 31.12.2015
EUR ‘000 EUR ‘000
ASSETS
NON-CURRENT ASSETS
Intangible assets 31 859 20 591
Property, plant and equipment 40 946 35 579
Investment properties 2 200
Financial assets 6 244 4 917
TOTAL NON-CURRENT ASSETS 81 249 61 087
CURRENT ASSETS
Inventories 24 135 20 990
Receivables 36 455 30 480
Cash 3 166 5 574
TOTAL CURRENT ASSETS 63 756 57 044
TOTAL ASSETS 145 005 118 131
EQUITY AND LIABILITIES
EQUITY
Share capital 19 719 19 719
Share premium 2 504 2 504
Reserves 322 322
Retained earnings 72 581 65 773
Non-controlling interests 37 30
TOTAL EQUITY 95 163 88 348
LIABILITIES
Non-current liabilities
Borrowings 19 846 8 560
Deferred corporate income tax 2 685 1 947
Deferred income 2 810 2 656
Total Non-Current Liabilities 25 341 13 163
Current liabilities
Borrowings 5 974 4 258
Trade payables and other liabilities 18 034 11 562
Deferred income 493 800
Total Current Liabilities 24 501 16 620
TOTAL LIABILITIES 49 842 29 783
TOTAL EQUITY AND LIABILITIES 145 005 118 131

 

Consolidated statement of comprehensive income Group Group
Q4 2016 Q4 2015 12M 2016 12M 2015
EUR ‘000 EUR ‘000 EUR ‘000 EUR ‘000
Net revenue 32 600 25 531 111 275  97 392
Cost of goods sold (11 233) (8 727) (41 238)  (32 315)
Gross Profit 21 367 16 804 70 037 65 077
Selling expense (12 542) (8 121) (33 882) (28 202)
Administrative expense (5 767) (6 959) (19 346) (18 965)
Other operating income 1 028 2 355 2 951 2 715
Other operating expense (2 776) (297) (9 427) (1 957)
Share of profit of an associate 38 40 65 118
Income from investments in subsidiaries
Financial income 2 103 64 3 457 262
Financial expense (100) (1 196) (307) (1 404)
Profit Before Tax 3 351 2 690 13 548 17 644
Corporate income tax (719) 585 (3 350) (2 110)
Deferred corporate income tax (319) (91) (112) (245)
PROFIT FOR THE REPORTING PERIOD 2 313 3 184 10 086 15 289
Other comprehensive income for the reporting period
Total comprehensive income for the reporting period 2 313 3 184 10 086 15 289
Total comprehensive income attributable to:
The equity holders of the Parent Company 2 315 3 182 10 079 15 281
Non-controlling interests (2) 2 7 8
Basic and diluted earnings per share, EUR 0.16 0.23 0.72 1.08

 

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 Demonstrates Consolidated Record Sales, Board Proposes Dividends

Sales of Olainfarm in January Reach 9.15 Million Euro

on February 15, 2017

Preliminary consolidated results of JSC Olainfarm for January 2017 show that sales of the company during this period were 9.15 million euros, which represents an increase by 4% compared to the same period of 2016. The biggest sales increase was achieved in Georgia, where sales grew by 615%. Sales to Lithuania grew by 161%, but sales to Poland grew by 25%. Significant shipments were also made to The Netherlands. The biggest sales markets of JSC Olainfarm during January 2017 were Latvia, Russia, Belarus and The Netherlands.

January 2017, consolidated sales Sales, thsnd. EUR Changes to January 2016 Share in total sales
Latvia 2 467 16% 27%
Russia 2 341 4% 26%
Belarus 1 614 6% 18%
The Netherlands 880 NA 10%
Ukraine 344 -56% 4%
Poland 288 25% 3%
Germany 201 2% 2%
Lithuania 167 161% 2%
Georgia 140 615% 2%
Kazakhstan 108 -48% 1%
Other 602 -58% 7%
Total 9 152 4% 100%

Sales of pharmacy chain of Latvijas aptieka in January were 1.72 million euro, which represents an increase by 4% compared to January 2016. Sixty six pharmacies were operating during this period. Sales of Silvanols in January 2017 were 0.5 million euro, which represents an increase by 56% compared to the same period of 2016. Silvanols sold its products in eight European countries and with the help of JSC Olainfarm also to Lithuania, Russia, and Belarus. Sales of Tonus Elast during January 2017 were 0.17 million euros, and its products were sold to 12 countries in four continents.

According to unconsolidated preliminary results, sales of JSC Olainfarm in January 2017 were 7.78 million euro, which is comparable to the sales made during January 2016. The biggest sales increase was achieved in Georgia, where sales grew by 565%. Sales to Lithuania grew by 200%, sales to Poland grew by 47%. During this period, significant shipments were also made to The Netherlands and Argentina. The major sales markets of JSC Olainfarm during January 2017 were Russia, Belarus, Latvia and The Netherlands. During January 2017, JSC Olainfarm sold its products to 27 countries in four continents.

January 2017, unconsolidated sales Sales, thsnd. EUR Changes to January 2016 Share in total sales
Russia 2 341 4% 30%
Belarus 1 614 6% 21%
Latvia 1 294 9% 17%
The Netherlands 880 NA 11%
Ukraine 344 -56% 4%
Poland 265 47% 3%
Germany 198 0% 3%
Lithuania 142 200% 2%
Georgia 130 565% 2%
Argentina 86 NA 1%
Other 485 -69% 6%
Total 7 779 0% 100%

According to preliminary estimates, unconsolidated sales of JSC Olainfarm in 2017 might reach 94 million euros, while consolidated sales might reach 120 million euros. According to the preliminary sales numbers published here, during January 2017, the company has already made 8% of its unconsolidated sales estimate and 8% 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 January Reach 9.15 Million Euro