On September 10 JSC Olainfarm organized its second quarter 2013 Investor Conference Online Webinar for investors. During the webinar the member of the management board of JSC Olainfarm Salvis Lapiņš analysed the financial results of second quarter of 2013 and discussed results in context of previously published annual forecasts.
During the webinar Salvis Lapiņš reminded that in second quarter of 2013, Olainfarm have reached new profit and turnover records and also analyzed factors that have influenced financial results in this period. One of such factors was mentioned fluctuations in Russian ruble rate against Euro that have decreased profit for the second quarter by around 0.4 million LVL. At the same time member of the board indicated that those fluctuations are taken into account when signing agreements and further on it is planned to negotiate this exchange rate with wholesalers on a quarterly basis. In the webinar it was also indicated that sales decrease in Ukraine that has happened due to significant over-shipment in the end of 2012 have strong impact on current financial results, though currently sales to this country have started to recover and if such a trend continues, management believes it is realistic to reach annual sales and profit forecasts.
Salvis Lapiņš also invited investors to discussion about possible Olainfarm stock split-off, which would tenfold the number of company’s shares with nominal value of 0.1 LVL per share. Idea about such split-off was introduced based on the fact that one share of Olainfarm is currently one of the most expensive ones in Baltic market and company has a broad retail investor base.
The recorded “Olainfarm” webinar is available online: http://ej.uz/OLF10SEPT2013, and the presentation, demonstrated during the webinar, can be found in the previously published AS “Olainfarm” announcement: https://newsclient.omxgroup.com/cdsPublic/viewDisclosure.action?disclosureId=572489&messageId=707299.
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 40 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 35 countries of the world, including the Baltics, Russia, other CIS, Europe, Asia, North America and Australia.
Information prepared by:
Member of the Board
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