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Salvis Lapins Will Remain on Olainfarm’s Management Board

on December 11, 2017

Hereby JSC Olainfarm informs that its member of the Management Board Mr. Salvis Lapins has revoked his resignation by January 12, 2018. Company’s Supervisory Council has also approved this move, therefore Mr. Lapins will continue working on the Board of JSC Olainfarm.

“I have very strong ties with Olainfarm. They have matured during more than a decade, during which we had our reasons for celebrations and we have coped with quite a few crises.  Loss of Mr. Maligins has upset our personnel, shareholders and partners very heavily. I think that my duty now is to use my experience and wisdom learned from Valerijs to help the work of his life to overcome these uneasy times,” says Salvis Lapins, member of Management Board 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 50 countries of the world, including the Baltics, Russia, other CIS, Europe, Asia, North America and Australia.

 

Further information:
Sigita Zviedre
JSC Olainfarm Head of PR
Mobile: +371 26377286
E-mail: szviedre@olainfarm.lv

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SigitaSalvis Lapins Will Remain on Olainfarm’s Management Board

On Cancellation of the Webinar Scheduled for December 12

on December 10, 2017

JSC Olainfarm hereby informs, that 3rd quarter webinar scheduled for 4:00 p.m. Latvian time on December 12, 2017 is cancelled.

Company will publish a separate announcement on new time and date of 3rd quarter webinar.

 

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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SigitaOn Cancellation of the Webinar Scheduled for December 12

Valerijs Maligins, Chairman of the Board of JSC Olainfarm Has Passed Away

on December 10, 2017

We are extremely saddened to inform that Mr. Valerijs Maligins, main shareholder and Chairman of the Board of JSC Olainfarm has passed away yesterday in his house in Jurmala at the age of 52.

Valerijs Maligins became Chairman of Olainfarm’s Board after the privatization of the company in 1997. Under his management, the company became one of the most valuable companies in Latvia reaching the level of 100 million in its revenues and selling its products to more than 50 countries.

Mr. Valerijs Maligins has also been a Chairman of the Board in AB Endokrininiai Preparatai, Chairman of the Council in JSC Rigas Farmaceitiska Fabrika, director of pharmaceutical company Aroma Baltfarm and Alfa Dental Ltd. as well as owner and manager of many other companies.

We hereby express our deepest condolences to family, friends and colleagues of Valerijs Maligins.

 

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 50 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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SigitaValerijs Maligins, Chairman of the Board of JSC Olainfarm Has Passed Away

Transactions concluded by management

on December 5, 2017

JSC Olainfarm has received the notification of manager on transactions with securities issued by  JSC Olainfarm. The received notification is available here:

NotificationSLENG

 

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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SigitaTransactions concluded by management

Olainfarm Goes on a Road Show to Baltic, Nordic and Polish Investors

on December 4, 2017

From December 5 through December 11 Member of the Board and Investor relations officer of JSC Olainfarm Mr. Salvis Lapins will have his fourth annual road show to update investors about Olainfarm’s performance and near future intentions. Presentations will be held in capitals of five countries.

Meetings are planned on December 5 in Warsaw, December 6 in Stockholm, December 7 in Helsinki, December 8 in Tallinn and December 11 in Vilnius. More than 20 meetings have been scheduled so far and during those meetings the enclosed presentation will be distributed:

baltnord17

 

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 50 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 Goes on a Road Show to Baltic, Nordic and Polish Investors

Olainfarm will hold Third Quarter 2017 Investor Conference Webinar

on December 1, 2017

JSC Olainfarm invites shareholders, investors, mass media representatives and other stakeholders to join its investor conference webinar scheduled on December 12, 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 JSC Olainfarm latest activities and analyze the financial results of the third 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 December 10 to e-mail: elizabete.kalnozola@nasdaq.com.

What is a 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_2017Q3.

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 50 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 Third Quarter 2017 Investor Conference Webinar

Sales of Olainfarm in Nine Months Reach 90.4 Million Euros

on November 30, 2017

Unaudited Consolidated Income Statement of JSC Olainfarm for nine months of 2017 shows that during this period the Group made net sales of 90.4 million euros and in terms of sales these have been the best nine months in corporate history. Sales have increased by 15% compared to nine months of 2016. Net profit of the company in nine months was 6.6 million euros, which represents a reduction by 15% compared to 2016. Major sales markets of JSC Olainfarm during this period were Russia, Latvia, Belarus and Ukraine.

JSC Olainfarm just had its best third quarter in terms of sales, as company’s sales reached 27.7 million euros, representing an increase by 10%. During this quarter, the company made a net profit of 0.9 million euros, which represents a reduction by 46% compared to third quarter of 2016. Profit was significantly adversely impacted by forex loss of 0.5 million euros as well as provisions for assets deriving from acquisitions of Klīnika Diamed, NPK Biotest and Kiwi Cosmetics.

„This is the year when we are investing considerably in integration of our daughter companies into our group and into expansion of chain our representative offices. At the same time, the work at developing some products that are new to the company has also been rather intensive, with particular emphasis on several anticancer and antituberculosis preparations. We expect that some first of them might be commercialized in two years from now,” says Valerijs Maligins, Chairman of Board of JSC Olainfarm.

In nine months of 2017, sales to all key markets of JSC Olainfarm continued growing, except Ukraine, where sales shrunk by 40% compared to nine months of 2016. Reduction of sales to Ukraine was mainly caused by deteriorating economic situation in Ukraine and falling purchasing power, but also by the fact that some antituberculosis products that previously were sold to Ukraine directly, this year were sold to Ukraine via World Health Organization. The biggest sales increases were achieved in Germany (by 200%) and The Netherlands (by 133%). In total in nine months of 2017 products of Olainfarm were sold to 48 countries in five continents.

During the reporting period, registration processes were completed in Armenia and Azerbaijan. Registration processed have been started in Nepal and continued in Turkey, Armenia, Myanmar, Cameroon and Vietnam. Registration of medicines produced by NPK Biotest continue in Belarus. Parent company itself has submitted one more dossier in Turkey and is soon expected to launch several painkilling and anti-inflammatory medicines. Registration of new product Jogurt Actio has started in several markets.

Annual meeting of shareholders of JSC Olainfarm convened on June 1, 2017 approved 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 nine months of 2017, during this period 71% of annual sales target and 43% of annual profit target is met. Taking into account a considerable deviation in schedule to achieving the profit target after the second quarter, the Board decided in September to review profit guidances downwards, setting them at 13.5 million for consolidated profit and 11 million for standalone profit.

Because of worse than expected profitability during the third quarter, the Board has again reviewed the profit guidances downwards, setting it at 9 million euros for consolidated and standalone profit, with a possibility of increasing it to 10 million if the reversion of deferred tax acquired as a result of business combination will be recognized.

Condensed Consolidated Statement of Financial Position Group
30.09.2017 31.12.2016
EUR ‘000 EUR ‘000
     ASSETS
NON-CURRENT ASSETS
Intangible assets 36 914 31 860
Property, plant and equipment 42 771 40 943
Investment properties 2 209 1 963
Financial assets 2 775 6 514
TOTAL NON-CURRENT ASSETS 84 669 81 280
CURRENT ASSETS
Inventories 24 367 24 011
Receivables 35 354 36 124
Cash 4 057 3 165
TOTAL CURRENT ASSETS 63 778 63 300
TOTAL ASSETS 148 447 144 580
EQUITY AND LIABILITIES
EQUITY
Share capital 19 719 19 719
Share premium 2 504 2 504
Reserves 40 322
Retained earnings 71 656 74 081
Non-controlling interests 38 37
TOTAL EQUITY 93 957 96 663
LIABILITIES
Non-current liabilities
Borrowings 19 829 18 800
Deferred corporate income tax 3 231 3 025
Deferred income 2 466 2 810
Total Non-Current Liabilities 25 526 24 635
Current liabilities
Borrowings 9 208 7 020
Trade payables and other liabilities 19 274 15 769
Deferred income 482 493
Total Current Liabilities 28 964 23 282
TOTAL LIABILITIES 54 490 47 917
TOTAL EQUITY AND LIABILITIES 148 447 144 580
Consolidated statement of comprehensive income Group Group
Q3 2017 Q3 2016 M9 2017 M9 2016
EUR ‘000 EUR ‘000 EUR ‘000 EUR ‘000
Net revenue 27 665 25 158 90 384 78 675
Cost of goods sold (10 921) (9 685) (34 851) (30 005)
Gross Profit 16 744 15 473 55 533 48 670
Selling expense (8 377) (6 716) (27 008) (21 340)
Administrative expense (5 423) (4 529) (16 872) (13 579)
Other operating income 732 427 1 753 1 923
Other operating expense (1 862) (2 400) (3 460) (6 651)
Share of profit of an associate 10 (12) 70 27
Income from investments in subsidiaries
Financial income 59  55 215 1 354
Financial expense (573) (98) (1 913) (207)
Profit Before Tax 1 310 2 200 8 318 10 197
Corporate income tax (398) (536) (1 806) (2 631)
Deferred corporate income tax (17) (7) 86 207
PROFIT FOR THE REPORTING PERIOD 895 1 657 6 598 7 773
Other comprehensive income for the reporting period
Total comprehensive income for the reporting period 895 1 657 6 598 7 773
Total comprehensive income attributable to:
The equity holders of the Parent Company 896 1 653 6 597 7 764
Non-controlling interests (1) 4 1 9
Basic and diluted earnings per share, EUR 0.06 0.12 0.47 0.55

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 50 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 Nine Months Reach 90.4 Million Euros

About Board Membership of Mr. Salvis Lapins

on November 30, 2017

JSC Olainfarm hereby informs that upon mutual agreement Mr. Salvis Lapins will resign from position of the Board Member by January 12, 2018.

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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SigitaAbout Board Membership of Mr. Salvis Lapins

Olainfarm receives award as the best employer in the region of Riga

on November 13, 2017

On Friday, 10 November, at the Annual Award ceremony of the Employers’ Confederation of Latvia (ECL), JSC Olainfarm received the award of the best employer in the region of Riga. It was handed to Agnese Mercalova, the Development Affairs Advisor to the Chairman of the Board of JSC Olainfarm, by the Minister for Economics of Latvia Arvils Ašeradens.

In his address to the laureates of the ECL annual award, the president of the ECL Vitālijs Gavrilovs said: “We would like to express our gratitude to those employers, who with their high level of conscientiousness towards their work and patriotism towards their country promote not only the growth of their businesses, but also economic development of Latvia. The more outstanding and accountable entrepreneurs we have, who with their success stories inspire other entrepreneurs to follow suit, the more rapid the growth and the higher the level of welfare in our country.”

JSC Olainfarm received the award “Best employer in the region of Riga” in 2015, too.

The ECL Annual Award ceremony is an important event honouring the most accountable entrepreneurs of Latvia with the objective of highlighting the importance of employers and their contribution to regional growth, by developing social dialogue between businesses and public administration and co-operation at sectoral, regional and national level. In 2017, 32 of the strongest employers were put forth to receive the Annual Award of the ECL.

 

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 50 countries of the world, including the Baltics, Russia, other CIS, Europe, Asia, North America and Australia.

 

Further information:
Sigita Zviedre
Head of PR
Mobile: +371 26377286
E-mail: slapsina@olainfarm.lv

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SigitaOlainfarm receives award as the best employer in the region of Riga

Meet Olainfarm at the CPhI Worldwide 2017 in Frankfurt at Hall 9 Stand 2C78

on September 25, 2017

We are pleased to invite you to visit our stand 2C78 at Hall 9 at the CPhI Worldwide 2017 in Frankfurt, between 24th&26th October 2017.

Olainfarm will be on site showcasing our portfolio of FDFs, APIs and intermediates. We offer complete contract manufacturing services including research, scale-up, pilot and commercial manufacturing, as well as support with QC and validation. Our top level management will be available to discuss business with you straight away. If you are interested in setting up a meeting, please contact us stating your topic of interest, and we will reserve a timeslot for you at your preferred day and time.

Olainfarm is the leading manufacturer in the chemical and pharmaceutical sector of the Baltic States with 45 years of experience and export to more than 50 countries worldwide. Our key areas of specialization in FDFs include neurology, cardiology, infectology and allergology. We have a long-standing technological and know-how advantage in adamantane chemistry, quinuclidine chemistry, nitrofurane chemistry and optically pure g-aminobutyric acid derivatives, as well as in chiral compounds.

If you require any assistance or further information, please feel free to contact us.

 

Kind regards,
Sigita Zviedre
Head of PR
Mobile: +371 26377286
E-mail: szviedre@olainfarm.lv

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SigitaMeet Olainfarm at the CPhI Worldwide 2017 in Frankfurt at Hall 9 Stand 2C78