For Investors

Draft resolutions of the Extraordinary General Meeting of Shareholders of JSC Olainfarm to be held on August 16th, 2016

on 3 rugpjūčio, 2016 Komentavimas išjungtas įraše Draft resolutions of the Extraordinary General Meeting of Shareholders of JSC Olainfarm to be held on August 16th, 2016

 1. Elections of the Council

Draft resolution:

1.1. 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 August 16th , 2016

Name, last name:

  1. Aleksandrs Raicis
  2. Geliia Gildeeva
  3. Gunta Veismane
  4. Ivars Godmanis
  5. Valentīna Andrējeva

1.2. To set the total monthly remuneration of all the Council members at the amount of EUR 11500,00 (eleven thousand five hundred euro).

 2. Amendments of the Articles of Association

Draft resolution:

2.1. To amend Articles of Association of JSC Olainfarm as:

2.1.1. To express article 4. of the Articles of Association as follows:
„4. Management Board
Company’s Management Board consists of seven members of the Management Board. Members of the Management Board are elected by the Council. From among the members of the Management Board a Chairperson of the Management Board is appointed by the Council. Chairperson of the Management Board and three members of the Management Board have unlimited rights to represent the Company separately. Remaining three members of the Management Board have the right to represent the Company only jointly.”

2.1.2. To express article 6.2. of the Articles of Association as follows:
„6.2. Members of the revision commission are elected at the shareholders meeting for 2 (two) years term”.

2.2. To approve the new edition of Articles of Association JSC Olainfarm.

 

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 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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Draft resolutions of the Extraordinary General Meeting of Shareholders of JSC Olainfarm to be held on August 16th, 2016

Olainfarm’s Sales in June Increase by 30%

on 15 liepos, 2016 Komentavimas išjungtas įraše Olainfarm’s Sales in June Increase by 30%

Preliminary sales results for June show that sales of JSC Olainfarm reached 9.36 million euros, which represents an increase by 30% compared to June of 2015. The biggest sales increase was achieved in Moldova, where sales grew by 946%. Sales to Kazakhstan grew by 190%, sales to Poland grew by 105% and sales to Russia grew by 67%. Group also made significant shipments to Kyrgyzstan and Switzerland. The major markets of the Group were Russia, Latvia, Ukraine and Belarus.

June 2016, consolidated sales Sales, thousand EUR Changes to June 2015 Share in total sales
Russia 2 937 67% 31%
Latvia 2 156 28% 23%
Ukraine 1 737 44% 19%
Belarus 643 47% 7%
Kazakhstan 306 190% 3%
Poland 178 105% 2%
Moldova 166 946% 2%
Kyrgyzstan 149 NA 2%
Lithuania 122 37% 1%
Switzerland 102 NA 1%
Other 860 -52% 9%
Total 9 356 30% 100%

 

Sales of pharmacies of Latvijas aptieka Ltd. during June 2016 were 1.48 million euros, which represents an increase by 12% compared to June 2015. Sixty-three pharmacies operated during this month. Green pharma company Silvanols made sales worth 0.43 million euros, which is an increase by 13% compared to June 2015. During June 2016, Silvanols Ltd. started selling its products directly to Turkey, and with assistance from JSC Olainfarm launched its sales in Russia. During June, products of Silvanols Ltd. were sold in seven other European countries directly, and with assistance from JSC Olainfarm also to Azerbaijan. Sales of Tonus Elast Ltd., producer of elastic medical products during June 2016 was 0.85 million euros and it sold its products to 24 countries in four continents.

In six months of 2016, according to preliminary data, consolidated sales of JSC Olainfarm was 53.51 million euros, which represents an increase by 5% compared to the same perio done year ago. The most rapid sales increase during this period was achieved in Italy, where sales grew by 194%. Sales to Uzbekistan grew by 134% and sales to Turkmenistan grew by 97%. The major sales markets of the Group in six months of 2016 were Russia, Latvia, Ukraine and Belarus.

Six months of 2016, consolidated sales Sales, thousand EUR Changes to 6 months of 2015 Share in total sales
Russia 16 024 -7% 30%
Latvia 12 681 12% 24%
Ukraine 9 019 44% 17%
Belarus 4 700 39% 9%
UK 1 534 2% 3%
Uzbekistan 1 171 134% 2%
Kazakhstan 1 042 -12% 2%
Turkmenistan 943 97% 2%
Poland 708 57% 1%
Italy 627 194% 1%
Other 5 061 -40% 9%
Total 53 510 5% 100%

 

Sales of pharmacies of Latvijas aptieka Ltd. in six months was 9.4 million euros, which represents an increase by 14% compared to the same period of 2015. Sales of Silvanols Ltd. in six months of 2016 was 2.38 million euros, which represents an increase by 19% compared to six months of last year, when company’s sales reached 2 million euros. Silvanols Ltd. made its sales in nine European countries and with assistance from JSC Olainfarm also to Albania, Kosovo, Azerbaijan, Kazakhstan, Belarus and Russia.

According to preliminary unconsolidated results, sales of JSC Olainfarm during June 2016 was 7.39 million euro, which represents an increase by 22% compared to the same period one year ago. The biggest sales increase was achieved in Moldova, where sales grew by 767%. Sales to Albania grew by 123%, while sales to Kazakhstan grew by 111%. Company also made significant shipments to Kyrgyzstan and Poland. The major sales markets of AS Olainfarm during this period were Russia, Ukraine, Latvia and Belarus. During June 2016, Olainfarm’s products were sold to 29 countries in three continents.

June 2016, unconsolidated sales Sales, thousand EUR Changes to June 2015 Share in total sales
Russia 2 740 56% 37%
Ukraine 1 737 70% 24%
Latvia 996 3% 13%
Belarus 632 45% 9%
Kazakhstan 223 111% 3%
Poland 141 NA 2%
Moldova 138 767% 2%
Lithuania 111 51% 2%
Kyrgyzstan 108 NA 1%
Albania 99 123% 1%
Other 465 -71% 6%
Total 7 390 22% 100%

 

According to preliminary unconsolidated results, sales of JSC Olainfarm in six months of 2016 were 46.16 million euros, which represents an increase by 3% compared to the same period of 2015. The biggest sales increase was achieved in Italy, where sales grew by 194%. Sales to Uzbekistan grew by 134%, sales to Turkmenistan grew by 97% and sales to Lithuania grew by 69%. Major sales markets of JSC Olainfarm in six months of 2016 were Russia, Ukraine, Latvia and Belarus. During first half of 2016, products of JSC Olainfarm were sold to 38 countries in four continents.

Six months of 2016, unconsolidated sales Sales, thousand EUR Changes to six months of 2015 Share in total sales
Russia 15 827 -9% 34%
Ukraine 8 934 48% 19%
Latvia 6 746 9% 15%
Belarus 4 700 39% 10%
UK 1 507 0% 3%
Uzbekistan 1 171 134% 3%
Kazakhstan 959 -19% 2%
Turkmenistan 943 97% 2%
Italy 627 194% 1%
Lithuania 597 69% 1%
Other 4 145 -46% 9%
Total 46 156 3% 100%

 

AGM of JSC Olainfarm held on June 7, this year approved operating plan of the Company and the Group, providing that Company’s sales in 2016 will reach 86 million euros, while Group’s sales will reach 100 million euros. According to these preliminary sales numbers, in six months of 2016 fifty four percent of planned annual Company’s sales and fifty four percent of planned annual Group’s sales have been attained.

 

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 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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Olainfarm’s Sales in June Increase by 30%

Announcement About Convening of the Extraordinary General Meeting of Olainfarm

on 13 liepos, 2016 Komentavimas išjungtas įraše Announcement About Convening of the Extraordinary General Meeting of Olainfarm

Agenda:

1. Elections of the Council.

2. Amendments of Statutes.

Registration of the shareholders will take place on the day of the meeting, i.e. August 16th, 2016 from  11:00 until 11:45 on the venue.

Total number of shares and the total number of the voting shares of JSC Olainfarm is 14 085 078.

Date of the record for participation of the shareholders in the Extraordinary General Meeting of shareholders  of JSC Olainfarm is August 08th, 2016. Only those who are the shareholders at the date of record have  the right to participate in the Extraordinary General Meeting of shareholders on August 16th, 2016, with the  number of shares held by them at the date of record.

Shareholders may participate in the Annual General Meeting of shareholders either in person or  represented through a proxy:

– When registering the shareholders must present either the passport or other  identification document;

– When registering the representatives of the shareholders must present the passport or  other identification document, submit a written power of attorney by the represented shareholder (the  form of the power of attorney is available at JSC Olainfarm web-site  https://lt.olainfarm.com, web-site of the system of Central Storage of Regulated Information http://www.oricgs.lv; and web-site of JSC  NASDAQ OMX Riga http://www.nasdaqomxbaltic.com) or the legal representative has to present a document confirming the authority.

Shareholders have the following rights:

– shareholders that represent at least 1/20 of the capital of the company have the right  to within 7 days after the announcement is published to request the Management Board of JSC Olainfarm  to include additional items in the agenda. Shareholders that request inclusion of additional items in  the agenda of the General Meeting of shareholders must submit to the Management Board of JSC  Olainfarm draft decisions about the issues to be included in the agenda upon their request or  explanations about the item, if no decision is planned;

– within 7 days after the publishing of this announcement, submit draft decisions about  the items of agenda.  Should all submitted draft decisions be reviewed and declined, shareholders may  submit their proposed draft decisions during the General Meeting of shareholders itself;

– should the shareholder submit an inquiry at least 7 days before the General  Meeting of shareholders, the Management Board shall at least 3 days before the General Meeting  of shareholders provide the requested information about the items included in the agenda. It is a duty  of the Management Board to upon the request of the shareholder provide information about the economic  situation of the company to the extent necessary for objective decision-making of the particular item  on the agenda.

Shareholders may see the draft resolutions of the General Meeting of shareholders from August 2nd,  2016, until August 15th, 2016 on business days from 09:00 until 16:00 in Olaine, Rupnicu iela 5, in the Legal  division of JSC Olainfarm, if scheduled in advance through telephone + 371 6 7013 870 or on the web  page of JSC Olainfarm  https://lt.olainfarm.com, but on the day of the General Meeting – at the registration desk.

Project of the amendments of JSC Olainfarm Statutes is available at web  page of JSC Olainfarm  https://lt.olainfarm.com, web-page of the system of Central Storage of Regulated Information http://www.oricgs.lv and the web page of JSC NASDAQ OMX Riga http://www.nasdaqomxbaltic.com.

 

Form of the power of attorney

Project of the amendments of JSC Olainfarm Statutes

 

 

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Announcement About Convening of the Extraordinary General Meeting of Olainfarm

Sales of Olainfarm in May Reach 9.09 Million Euros

on 15 birželio, 2016 Komentavimas išjungtas įraše Sales of Olainfarm in May Reach 9.09 Million Euros

Preliminary consolidated results, sales of JSC Olainfarm for May 2016 show that total sales have reached 9.09 million euros, which represents and increase by 28% compared to the same period of last year. The biggest sales increase was achieved in Turkmenistan, where sales grew by 213%. Sales to Russia grew by 99%, sales to Uzbekistan grew by 79%, but sales to Ukraine grew by 50%. The biggest sales markets in this period were Russia, Latvia, Ukraine and the UK.

May 2016, consolidated sales Sales, thsnd. EUR Changes to May 2015 Share in total sales
Russia 3 813 99% 42%
Latvia 1 731 1% 19%
Ukraine 1 008 50% 11%
UK 560 NA 6%
Belarus 372 -27% 4%
Turkmenistan 272 213% 3%
Uzbekistan 267 79% 3%
Tajikistan 139 NA 2%
Lithuania 119 44% 1%
Moldova 118 29% 1%
Other 690 -63% 8%
Total 9 089 28% 100%

 

Sales of chain of pharmacies of Latvijas aptieka Ltd. in May 2016 was 1.3 million euros, which is the same sales that were made in May 2015. Fifty-eight pharmacies were operating during this period. Sales of Silvanols Ltd. in this period were 0.34 million euros, which represents an increase by 70% compared to the same period of one year ago. During May 2016, Silvanols Ltd. was selling its products to four European countries and with assistance from JSC Olainfarm also to Kazakhstan, Albania and Kosovo.

In five months of 2016, according to preliminary consolidated numbers, the sales of JSC Olainfarm were 44.14 million euros, which represents an increase by 1% compared to the same period of 2015. The most rapid sales increase during five months of this year was achieved in Italy, where sales grew by 373%. Sales to Turkmenistan increased by 152%, sales to Uzbekistan increased by 134%, but sales to the United Kingdom increased by 78%. Major sales markets of JSC Olainfarm in five months of 2016 were Russia, Latvia, Ukraine and Belarus.

5 months of 2016, consolidated results Sales, thsnd. EUR Changes to 5 months of 2015 Share in total sales
Russia 13 087 -16% 30%
Latvia 10 525 10% 24%
Ukraine 7 197 43% 16%
Belarus 4 068 38% 9%
UK 1 499 78% 3%
Uzbekistan 1 171 134% 3%
Turkmenistan 926 152% 2%
Kazakhstan 736 -32% 2%
Italy 588 373% 1%
Lithuania 570 40% 1%
Other 3 776 -49% 9%
Total 44 143 1% 100%

 

In five months of 2016 sales of pharmacies of Latvijas aptieka Ltd. were 7.9 million euros, which represents an increase by 14% compared to the same period of 2015. Sales of Silvanols Ltd. during this period were 2 million euros, which represents an increase by 25% compared to five months of 2015, when this company made sales worth 1.6 million euros. Products of Silvanols Ltd. were sold to nine European countries and with assistance of JSC Olainfarm also to Albania, Kosovo, Azerbaijan, Kazakhstan and Belarus

According to preliminary unconsolidated sales results of JSC Olainfarm for May 2016, sales of the company during this period were 8.37 million euros, which represents an increase by 34% compared to the same period of 2015. The biggest sales increase was achieved in Turkmenistan, where sales grew by 213%. Sales to Russia increased by 99%, while sales to Uzbekistan increased by 79%. Significant shipments were also made to the United Kingdom and Tajikistan. The biggest sales markets were Russia, Latvia, Ukraine and the UK. During May 2016, products of JSC Olainfarm were sold to 25 countries in four continents.

May 2016, unconsolidated sales Sales, thsnd. EUR Changes to May, 2015 Share in total sales
Russia 3 813 99% 46%
Latvia 1 086 13% 13%
Ukraine 1 008 50% 12%
UK 560 NA 7%
Belarus 372 -27% 4%
Turkmenistan 272 213% 3%
Uzbekistan 267 79% 3%
Tajikistan 139 NA 2%
Moldova 118 29% 1%
Lithuania 102 54% 1%
Other 628 -65% 8%
Total 8 365 34% 100%

 

According to preliminary unconsolidated results, sales of JSC Olainfarm in five months of 2016 reached 38.76 which is an amount comparable to sales made in five months of 2015. The most rapid sales increase during this period was achieved in Italy, where sales grew by 373%. Sales to Turkmenistan grew by 152%, sales to Uzbekistan grew by 134%, but sales to the United Kingdom increase by 78%. Major sales markets of JSC Olainfarm in five months of 2016 were Russia, Ukraine, Latvia and Belarus. In total, in five months of 2016 products of JSC Olainfarm were sold in 38 countries in four continents.

5 months of 2016, unconsolidated sales Sales, thsnd. EUR Changes to 5 months of 2015 Share in total sales
Russia 13 087 -16% 34%
Ukraine 7 197 43% 19%
Latvia 5 749 10% 15%
Belarus 4 069 38% 10%
UK 1 499 78% 4%
Uzbekistan 1 171 134% 3%
Turkmenistan 926 152% 2%
Kazakhstan 736 -32% 2%
Italy 588 373% 2%
The Netherlands 504 -87% 1%
Other 3 230 -1% 8%
Total 38 756 0% 100%

 

General meeting of shareholders of JSC Olainfarm held on June 7, 2016 approved operating plan of the company, providing that unconsolidated sales of the company in 2016 will reach 86 million euros, while consolidated sales of the company will reach 100 million euros. According to these preliminary sales numbers, in five months of 2016 the company has met 45% of annual target for unconsolidated sales and 44% of annual target for consolidated sales.

 

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 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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Sales of Olainfarm in May Reach 9.09 Million Euros

Recording of the First Quarter 2016 Investor Conference Webinar

on 9 birželio, 2016 Komentavimas išjungtas įraše Recording of the First Quarter 2016 Investor Conference Webinar

On June 8 JSC Olainfarm organized its Investor Conference Online Webinar. During the webinar the member of the management board of JSC Olainfarm Salvis Lapiņš analyzed the financial results of first quarter 2016 and informed about other recent activities within the company.

During the presentation Salvis Lapiņš noted that Olainfarm has started working on acquisition idea in Belarus, while there are no serious acquisition plans in Russia at the moment. As previously announced, there are two more acquisition ideas that are currently in advance state. During the webinar Salvis Lapiņš also elaborated on profit prognoses for 2016 and explained that decrease in profit prognoses are associated with Ukrainian provisions in amount of 4.5 million EUR.

The recorded “Olainfarm” webinar is available online: http://ej.uz/OLF_Q1_2016_rec, and the presentation, demonstrated during the webinar, is available in the previously published company’s announcement: http://ej.uz/OLF_Q1_2016_PDF_LV.

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 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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Recording of the First Quarter 2016 Investor Conference Webinar

Olainfarm holds First Quarter 2016 Investor Conference Webinar

on 8 birželio, 2016 Komentavimas išjungtas įraše Olainfarm holds First Quarter 2016 Investor Conference Webinar

JSC Olainfarm invites shareholders, investors, mass media representatives and other stakeholders to join its investor conference webinar scheduled today 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, provide more detailed information about the recent acquisition – company Tonus Elast and analyze the financial results of the first quarter 2016. During the webinar the attached presentation will be presented: Webinar Presentation: 1st quarter of 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 https://attendee.gotowebinar.com/register/6056497448553409537.

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 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 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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Olainfarm holds First Quarter 2016 Investor Conference Webinar

Decisions Adopted by the Annual General Meeting of Shareholders of JSC Olainfarm held on June 7, 2016

on 7 birželio, 2016 Komentavimas išjungtas įraše Decisions Adopted by the Annual General Meeting of Shareholders of JSC Olainfarm held on June 7, 2016

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

  1. Report of the Board on results of operations in 2015.

To take notice of the Report of the Board on results of operations in 2015.
Voting: the resolution was adopted with the necessary majority of votes.

2.   Report of the Council on results of operations in 2015.

To take notice of the Report of the Council on results of operations in 2015.
Voting: the resolution was adopted with the necessary majority of votes.

3. Report of the Auditing Committee on activities in 2015.

To take notice of the Report of the Auditing Committee on activities in 2015.
Voting: the resolution was adopted with the necessary majority of votes.

4. Approval of the Audited Consolidated Annual Report of Group and Parent Company for 2015.

To approve the Audited Consolidated Annual Report of JSC Olainfarm group and of Parent Company for 2015.
Voting: the resolution was adopted with the necessary majority of votes.

5. Distribution of profit of 2015.

5.1. To use part of the year 2015 profit of JSC Olainfarm in amount of 2 549 399.12 euros to pay dividends to shareholders of JSC Olainfarm (ISIN code of the shares LV0000100501), paying 0.181 euros per one share. Part of the profit in amount of 12 016 600.88 euros to retain undistributed and to reinvest in development of JSC Olainfarm.
Voting: the resolution was adopted unanimously.

5.2. Decline proposition of the Management board to set September 14, 2016, as a record date for dividends and September 21, 2016, as the date of payment of dividends.
Voting: the resolution was adopted with the necessary majority of votes.

5.3. Set June 21st, 2016, as a record date for dividends and June 27th, 2016, as the date of payment of dividends.
Voting: the resolution was adopted with the necessary majority of votes.

6. Report of the Board on budget and on planned operations in 2016.

To take notice of Report of the Board on budget and on planned operations in 2016, which include Parent Company’s unconsolidated turnover forecast for 2016 in amount of 86 million euro, and JSC Olainfarm consolidated turnover forecast for 2016 in amount of 100 million euro. Forecast of unconsolidated profit of JSC Olainfarm is 9 million euro, but consolidated profit is 10 million euro.
Voting: the resolution was adopted with the necessary majority of votes.

7. Election of the Certified Auditor for 2016 and setting the remuneration for the Certified Auditor.

7.1. To elect SIA Ernst & Young Baltic (license No.17, unitary registration No. 40003593454) to be the certified auditor of JSC Olainfarm in 2016.
Voting: the resolution was adopted with the necessary majority of votes.

7.2. To set 43 300 EUR as the total remuneration of certified auditor for 2016.
Voting: the resolution was adopted with the necessary majority of votes.

8. Election of the Auditing Committee for 2016 and setting the remuneration for the Auditing Committee.

8.1. To elect Viesturs Gurtlavs to be the member of the Auditing Committee.
Voting: the resolution was adopted with the necessary majority of votes.

8.2. To set the total monthly remuneration of the Auditing Committee at 4800 euro.
Voting: the resolution was adopted with the necessary majority of votes.

 

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 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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Decisions Adopted by the Annual General Meeting of Shareholders of JSC Olainfarm held on June 7, 2016

Olainfarm will hold First Quarter 2016 Investor Conference Webinar

on 1 birželio, 2016 Komentavimas išjungtas įraše Olainfarm will hold First Quarter 2016 Investor Conference Webinar

JSC Olainfarm invites shareholders, investors, mass media representatives and other stakeholders to join its investor conference webinar scheduled on June 8, 2016 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, provide more detailed information about the recent acquisition – company Tonus Elast and analyze the financial results of the first quarter 2016.

After the presentation investors are welcome to ask questions. Due to the limited webinar time, please send in your questions in advance till June 7 to e-mail: ieva.unda@nasdaq.com or Investors’ portal naudaslietas.lv.

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 https://attendee.gotowebinar.com/register/6056497448553409537

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 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 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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Olainfarm will hold First Quarter 2016 Investor Conference Webinar

Consolidated sales of Olainfarm in First Quarter Reached 26.1 Million Euro

on 31 gegužės, 2016 Komentavimas išjungtas įraše Consolidated sales of Olainfarm in First Quarter Reached 26.1 Million Euro

Consolidated sales of JSC Olainfarm during the first quarter of 2016 were 26.1 million euros, which represents a reduction by 3% compared to the same period one year ago. The net profit during this period was 3.1 million euros, which is a reduction by 52% compared to first quarter of 2015. Provisions of 1 million euros have been made for receivables from Ukrainian partners. The major sales markets during this period were Latvia, Russia, Ukraine and Belarus.

„This year has started with rather unpredictable environment in several CIS countries, where we see worsening of economic situation, governmental activities targeted at protection of local markets and support of local producers. Several of these activities have influences our sales adversely. Therefore we plan to place part of production in these countries of acquire a daughter company there, which would allow at least partially mitigating the effects,” says Valerijs Maligins, Chairman of the Board of JSC Olainfarm.

During the 1st quarter of 2016 sales to all company’s main markets continued increasing except for Russia, where they shrunk by 38%, compared to 1st quarter of 2015. This fact, combined with good sales growth in Latvia, has made Latvia to be the biggest market for the Group during 1st quarter of 2016. The most rapid sales increase has been achieved in Poland, where sales grew by 181%.  Sales to Turkmenistan grew by 162%, sales to Uzbekistan grew by 134% and sales to Belarus grew by 77%.

During this period significant changes have occurred to the structure of bestselling products, as Adaptol has become the bestselling product, leaving a long term leader Neiromidin in the second place. Share of the bestselling products has also levelled out as no product makes up more than 15% of Olainfarm sales. Overall concentration of sales has also improved, as ten bestselling products make up only 89% of sales.

During the reporting period, registration processes continued in Turkey, Bosnia and Herzegovina, Myanmar, Cameroon and Vietnam. Registration of several products has been successfully completed in Estonia, Turkmenistan, Bosnia and Herzegovina. Laboratory research has been completed for new product “Ibuprofen Antigripp”, two new final dosage forms developed for Ranitidine, scheduled for registration by the end of 2016. Work continues at developing new final dosage forms of anti-tuberculosis products.

It is proposed, that Annual meeting of shareholders of JSC Olainfarm to be convened on June 7, 2016 approves 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 1st quarter of 2016, during the first three months 26% of annual sales target and 31% of annual profit target is met.

 

Condensed Consolidated Statement of Financial Position Group
31.03.2016 31.12.2015
EUR ‘000 EUR ‘000
     ASSETS
NON-CURRENT ASSETS
Intangible assets 21 142 20 591
Property, plant and equipment 35 409 35 579
Financial assets 4 845 4 910
TOTAL NON-CURRENT ASSETS 61 396 61 080
CURRENT ASSETS
Inventories 20 971 20 990
Receivables 32 365 30 487
Cash 5 366 5 574
TOTAL CURRENT ASSETS 58 702 57 051
TOTAL ASSETS 120 098 118 131
           EQUITY AND LIABILITIES
EQUITY
Share capital 19 719 19 719
Share premium 2 504 2 504
Reserves 322 322
Retained earnings 68 881 65 773
Non-controlling interests 35 30
TOTAL EQUITY 91 461 88 348
LIABILITIES
Non-current liabilities
Borrowings 7 610 8 560
Deferred corporate income tax 1 830 1 947
Deferred income 2 695 2 656
Total Non-Current Liabilities 12 135 13 163
Current liabilities
Borrowings 4 512 4 258
Trade payables and other liabilities 11 210 11 562
Deferred income 780 800
Total Current Liabilities 16 502 16 620
TOTAL LIABILITIES 28 637 29 783
TOTAL EQUITY AND LIABILITIES 120 098 118 131

 

 

Consolidated statement of comprehensive income Group
Q1 2016 Q1 2015
EUR ‘000 EUR ‘000
Net revenue 26 130 27 024
Cost of goods sold (9 908) (8 190)
Gross Profit 16 222 18 834
Selling expense (6 845) (7 068)
Administrative expense (4 466) (4 167)
Other operating income 605 414
Other operating expense (1 755) (1 458)
Share of profit of an associate 17 72
Financial income 257 1 990
Financial expense (40) (56)
Profit Before Tax 3 995 8 561
Corporate income tax (1 014) (1 772)
Deferred corporate income tax 132 (114)
PROFIT FOR THE REPORTING PERIOD 3 113 6 675
Other comprehensive income for the reporting period – –
Total comprehensive income for the reporting period 3 113 6 675
Total comprehensive income attributable to:
         The equity holders of the Parent Company 3 108 6 671
Non-controlling interests 5 4
Basic and diluted earnings per share, EUR 0.22 0.47

 

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 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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Consolidated sales of Olainfarm in First Quarter Reached 26.1 Million Euro

Olainfarm Plans to Increase Sales of Tonus Elast to 9 Million this Year

on 26 gegužės, 2016 Komentavimas išjungtas įraše Olainfarm Plans to Increase Sales of Tonus Elast to 9 Million this Year

JSC Olainfarm plans that sales of Tonus Elast Ltd. in 2016 could increase to 9 million euros. This would mean an increase by 23% compared to 2015, when company made sales of 7.3 million euros. It is expected that the net profit could remain at the level of 2015, and be at the about 1.7 million euros. It is expected that within the next three years profit and sales of Tonus Elast Ltd. could increase by 50%. Significant sales increase to Russia in Ukraine is planned for the very near future.

On May 12, 2016, JSC Olainfarm signed an agreement about acquiring 100% shares in Tonus Elast Ltd., producer of elastic medical products. The total price of shares was 14 million euros and JSC ABLV Bank provided a loan with 10 years maturity to finance the transaction.

Tonus Elast Ltd. was established in 1995 and is a producer of elastic medical products, from elastic bandages to complicated corsets for pregnant and lactating women. Products portfolio of Tonus Elast Ltd. includes more than 100 different product types, bestselling of which are bandages and compression products. The main sales markets are CIS and EU countries, India and the countries of Middle East.

A little more than 200 employees are working at production site of Tonus Elast Ltd. in Nicas novads. The site meets all requirements of a modern producer of medical appliances, which is confirmed by LVS EN ISO 9001:2009 certificate.

 

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 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
Olainfarm Plans to Increase Sales of Tonus Elast to 9 Million this Year

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