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Olainfarm has Acquired 24% Shares in NPK Biotest, a Belarus Based Company

on 8 rugsėjo, 2016 Komentavimas išjungtas įraše Olainfarm has Acquired 24% Shares in NPK Biotest, a Belarus Based Company

JSC Olainfarm has acquired 24% shares in Belarussian pharmaceutical company NPK Biotest. It is planned that in the nearest future Olainfarm will acquire another 46% shares, thus increasing its holdings to 70%. For the whole 70% share in the company Olainfarm agreed to pay 2.6 million euros. The acquisition will allow JSC Olainfarm to place some of its production processes in Belarus.

“We plan to have NPK Biotest not only as our production platform, helping us and our daughter companies to have easier access to Belarus market, but the acquisition will also add Group’s product portfolio with numerous herbal teas and their mixtures,“ says Valerijs Maligins, Chairman of the Board of JSC Olainfarm.

NPK Biotest is one of the first private pharmaceutical companies in Belarus. Group of scientists of Belarussian Academy of Sciences established it in 1990 in Hrodna. The company now is producing natural herbal medicines and food supplements. Its product portfolio includes more than 100 herbal teas, mixtures and powders. NPK Biotest owns four pharmacies in Hrodna. Company’s sales in 2015 were 2.7 million euros.

Olainfarm Group includes Latvian green pharma company Silvanols, chain of pharmacies of Latvijas aptieka, producer of elastic medical products Tonus Elast and producer of eco-cosmetics Kiwi Cosmetics.

Consolidated profit of Olainfarm in 2015 was 15.3 million euros, which is an increase by 25% compared to 2014 and by 8% compared to 2012, when the previous profit record of 14.2 million was set. Major sales markets of the Group in 2015 were Russia, Latvia, Ukraine, Belarus and The Netherlands.

 

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 has Acquired 24% Shares in NPK Biotest, a Belarus Based Company

Consolidated Sales of Olainfarm in Six Months Exceed 53 Million

on 31 rugpjūčio, 2016 Komentavimas išjungtas įraše Consolidated Sales of Olainfarm in Six Months Exceed 53 Million

Unaudited financial reports of JSC Olainfarm for six months of 2016 show that consolidated sales of the Company reached 53.5 million euros, which represents an increase by 7% compared to the first half of 2015.  Therefore, this is yet another sales record.  Net profit for the period was 6.1 million euros, which represents a reduction by 34% compared to the same period one year ago.  During these six months, provisions of two million euros have been made for Ukrainian receivables. Major sales markets of JSC Olainfarm during this period were Russia, Latvia, Ukraine and Belarus.

 „One of the main strategic activities of ours is to use our marketing and logistics experience to facilitate growth of our daughter companies in their existing and new markets.  In order to strengthen the positions of Tonus Elast in Russia we just registered our fully owned daughter company Elast Medikl there. It will be exclusive importer and distributor of Tonus Elast in Russia,” says Valerijs Maligins, Chairman of Olainfarm’s Board.

During the first half of 2016, sales to most of Company’s key markets continued growing, except Ukraine, where they fell by 7% compared to six months of 2015, and Kazakhstan, when they fell by 12% during the same period. Since during the second quarter sales to Russia increased again, Russia has again become the largest market for the Company with 30% share in total sales. During six months of 2016, significant sales increase has been achieved in Italy, where sales grew by 194%, Uzbekistan, where sales grew by 134% and Turkmenistan, where sales grew by 97%.  Major sales markets of JSC Olainfarm in first half of 2016 were Russia, Latvia, Ukraine and Belarus. In total during six months of 2016 Olainfarm’s products were sold to 38 countries in 4 continents.

During the first half of 2016 significant changes have occurred to the structure of bestselling products, as Neiromidin has again become the bestselling product with 17% share in total sales. Sales made during the second quarter have brought Furagin back to ten bestselling products replacing Remantadin. Overall concentration of sales has remained unchanged, as ten bestselling products make up only 89 % of sales.

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 6 months of 2016, during this period 54% of annual sales target and 61% of annual profit target is met.

 

Condensed Consolidated Statement of  Financial Position Group
30.06.2016 31.12.2015
EUR ‘000 EUR ‘000
     ASSETS
NON-CURRENT ASSETS
Intangible assets 28 339 20 591
Property, plant and equipment 38 513 35 579
Financial assets 4 530 4 917
TOTAL NON-CURRENT ASSETS 71 382 61 087
CURRENT ASSETS
Inventories 23 770 20 990
Receivables 38 197 30 480
Cash 3 656 5 574
TOTAL CURRENT ASSETS 65 623 57 044
TOTAL ASSETS 137 005 118 131
           EQUITY AND LIABILITIES
EQUITY
Share capital 19 719 19 719
Share premium 2 504 2 504
Reserves 322 322
Retained earnings 69 335 65 773
Non-controlling interests 35 30
TOTAL EQUITY 91 915 88 348
LIABILITIES
Non-current liabilities
Borrowings 19 367 8 560
Deferred corporate income tax 2 295 1 947
Deferred income 3 030 2 656
Total Non-Current Liabilities 24 692 13 163
Current liabilities
Borrowings 6 590 4 258
Trade payables and other liabilities 13 314 11 562
Deferred income 494 800
Total Current Liabilities 20 398 16 620
TOTAL LIABILITIES 45 090 29 783
TOTAL EQUITY AND LIABILITIES 137 005 118 131

 

Consolidated statement of comprehensive income Group Group
Q2 2016 Q2 2015 6M 2016 6M 2015
EUR ‘000 EUR ‘000 EUR ‘000 EUR ‘000
Net revenue 27 387 23 045 53 517 50 069
Cost of goods sold (10 412) (8 052) (20 320) (16 242)
Gross Profit 16 975 14 993 33 197 33 827
Selling expense (7 779) (6 375) (14 624) (13 443)
Administrative expense (4 584) (4 135) (9 050) (8 302)
Other operating income 891 522 1 496 936
Other operating expense (2 496) (1 877) (4 251) (3 335)
Share of profit of an associate 22 23 39 95
Income from investments in subsidiaries – – – –
Financial income 1 042 268 1 299 2 258
Financial expense (69) (55) (109) (111)
Profit Before Tax 4 002 3 364 7 997 11 925
Corporate income tax (1 081) (738) (2 095) (2 510)
Deferred corporate income tax 82 (21) 214 (135)
PROFIT FOR THE REPORTING PERIOD 3 003 2 605 6 116 9 280
Other comprehensive income for the reporting period – –  – –
Total comprehensive income for the reporting period 3 003 2 605 6 116 9 280
Total comprehensive income attributable to:
The equity holders of the Parent Company 3 003 2 605 6 111 9 276
Non-controlling interests – – 5 4
Basic and diluted earnings per share, EUR 0.21 0.18 0.43 0.66

 

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 Six Months Exceed 53 Million

Ivars Godmanis and Geliia Gildeeva are the New Council Members but Martins Tambaks and Mihails Raizbergs New Board Members of Olainfarm

on 19 rugpjūčio, 2016 Komentavimas išjungtas įraše Ivars Godmanis and Geliia Gildeeva are the New Council Members but Martins Tambaks and Mihails Raizbergs New Board Members of Olainfarm

Council of JSC Olainfarm has appointed Mr. Ivars Godmanis to be the new Chairman of the Council with Mrs. Valentina Andrejeva as his deputy. The Council also decided to elect Martins Tambaks and Mihails Raizbergs to be the new Board members of JSC Olainfarm. This decision will take effect by registering the said changes in Commercial register of Latvia.

Extraordinary meeting of shareholders of JSC Olainfarm held on August 16, 2016 elected a new Council of the company for a period of five years. Ivars Godmanis and Geliia Gildeeva became the new Council members, but Aleksandrs Raicis, Gunta Veismane and Valentina Andrejeva got re-elected. The meeting also decided to amend company’s Articles and extend the composition of the Board to seven members. Currently members of Olainfarm’s Board are Valerijs Maligins, Jelena Borcova, Olegs Grigorjevs, Veranika Dubitskaya and Salvis Lapins.

Since 2014 Mr. Godmanis has been Assistant Professor at RISEBA University and a lecturer at University of Latvia and Business University Turiba. His previous positions include Member of European Parliament, Prime Minister of Latvia, Minister of Finance of Latvia, Minister of Interior of Latvia, Member of the Management Board of Latvijas Kugnieciba, President of Latvijas Krajbanka and Chairman of Latvian Council of Ministers. I. Godmanis has graduated Department of Physics and Mathematics of University of Latvia, speciality of Solid Matter Physics and has a respective PhD. Mr. Godmanis does not own any shares in AS Olainfarm.

Geliia Gildeeva is an Assistant Professor in Department of Organization and Management of Circulation of Medicines in Moscow Medical Academy. She is also an Executive Director of Russian OOO Lekar, Member of the Council in Russian Association “National Pharmaceutical Chamber” and a leading partner in Russian OOO Medical Development Agency. She has graduated Moscow Medical Academy, specialized in Pharmaceuticals, taken post graduate courses in Clinical Pharmacology, she has a PhD in Biology. Mrs Gildeeva owns 65 916 shares in JSC Olainfarm.

Martins Tambaks is a CFO of JSC Olainfarm with more than 15 years of experience in finance and accounting. Mr. Tambaks joined Olainfarm in 2013, leaving his previous position in Ernst & Young Baltic Ltd., where he was an Outsourcing Director. Mr. Tambaks is a member of ACCA since 2006, has a Master’s degree in Economics and Accounting from Riga Technical University and University of Latvia. Mr. Tambaks own no shares in JSC Olainfarm.

Mihails Raizbergs is a CIO of JSC Olainfarm with more than 17 years of experience in information and communications technologies. M. Raizbergs joined JSC Olainfarm in 2006, leaving his previous position in JSC Rigas Vagonbuves rupnica. Mihails Raizbergs has a Master’s degree in Engineering from Institute of Transport and Communications, he has also graduated British Open University with professional qualifications in management. He owns 200 shares in 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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Ivars Godmanis and Geliia Gildeeva are the New Council Members but Martins Tambaks and Mihails Raizbergs New Board Members of Olainfarm

Decisions Adopted by the Extraordinary Meeting of Shareholders

on 16 rugpjūčio, 2016 Komentavimas išjungtas įraše Decisions Adopted by the Extraordinary Meeting of Shareholders

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

 1. Election of the Council

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.

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

for V.Andrējeva – 1963247 votes or 20% from the number of present shareholders with voting rights;
for G.Veismane – 1963389 votes or 20% from the number of present shareholders with voting rights;
for A.Raicis – 1963180 votes or 19,997 % from the number of present shareholders with voting rights;
for I.Godmanis – 1963247 votes or 19,998% from the number of present shareholders with voting rights;
for G.Gildeeva – 1963289 votes or 19,998% from the number of present shareholders with voting rights.

Not casted – 37807 votes or 0,38% from the number of present shareholders with voting rights.

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).

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

 

 2. Amendments of the Articles of Association

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.”

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

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”.

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

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

 

Information prepared by:

Salvis Lapins
Member of the Board
JSC Olainfarm
Tel: +371 6 7013 717
Cell: +371 2 6448 873
E-mail: Salvis.Lapins@olainfarm.lv

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Decisions Adopted by the Extraordinary Meeting of Shareholders

Sales of Olainfarm in July Increase by 35%

on 15 rugpjūčio, 2016 Komentavimas išjungtas įraše Sales of Olainfarm in July Increase by 35%

Preliminary consolidated data of JSC Olainfarm for July 2016 shows that sales have reached 10.05 million euros, which represents an increase by 35% compared to the same period of 2015. The biggest sales increase took place in The Netherlands, where sales grew by 151%. Sales to Poland grew by 97%, but sales to Russia grew by 46%. Major sales markets during July were Russia, Latvia, Ukraine, The Netherlands and Belarus.

July 2016, consolidated sales Sales, thsnd. EUR Changes to July 2015 Share in total sales
Russia 3 564 46% 35%
Latvia 1 943 17% 19%
Ukraine 1 505 24% 15%
The Netherlands 587 151% 6%
Belarus 565 37% 6%
Kazakhstan 316 12% 3%
Uzbekistan 279 37% 3%
Poland 230 97% 2%
Tajikistan 151 -28% 2%
Turkmenistan 124 39% 1%
Other 788 39% 8%
Total 10 052 35% 100%

 

Sales of pharmacy chain of Latvijas aptieka Ltd. in July 2016 were 1.38 million euros, which represents an increase by 6% compared to the same period one year ago.   Fifty – eight pharmacies were operating during this period. Sales of green pharma company Silvanols during July 2016 were 0.32 million euros, which represents an increase by 100% compared to the same period of 2015. Products of Silvanols Ltd. during this period were sold to three European countries. Producer of elastic medical materials Tonus Elast Ltd. in July 2016 were 0.52 million euros, and its products were sold to 11 countries in three continents.

According to preliminary consolidated data, in seven months of 2016 sales of JSC Olainfarm reached 63.58 million euros, which represents an increase by 9% compared to the same period of one year ago. The most rapid sales increase in seven months was achieved in Uzbekistan, where sales grew by 106%. Sales to Turkmenistan grew by 88%, sales to Ukraine grew by 45% and sales to Belarus grew by 39%. The major sales markets in seven months of 2016 were Russia, Latvia, Ukraine and Belarus.

7 months of 2016, consolidated sales Sales, thsnd. EUR Changes to 7 months of 2016 Share in total sales
Russia 19 583 -1% 31%
Latvia 14 647 13% 23%
Ukraine 10 524 45% 17%
Belarus 5 276 39% 8%
UK 1 535 2% 2%
Uzbekistan 1 450 106% 2%
Kazakhstan 1 358 -7% 2%
The Netherlands 1 090 -74% 2%
Turkmenistan 1 067 88% 2%
Poland 938 6% 1%
Other 6 109 18% 10%
Total 63 577 9% 100%

 

Sales of pharmacy chain of Latvijas aptieka Ltd. in seven months of 2016 were 10.8 million euros, which represents an increase by 14% compared to the same period one year ago. Sales of green pharma company Silvanols during July 2016 were 2.7 million euros, which represents an increase by 23% compared to the same period of 2015. Products of Silvanols Ltd. during this period were sold to eleven European countries and with mediation of JSC Olainfarm, also to Albania, Kosovo, Azerbaijan, Kazakhstan, Belarus and Russia. Producer of elastic medical materials Tonus Elast Ltd. in two months of 2016 were 1.37 million euros.

According to preliminary unconsolidated figures, sales of JSC Olainfarm in July 2016 were 8.54 million euros, which represents an increase by 28% compared to the same period of 2015. The biggest sales increase was achieved in The Netherlands, where the sales grew by 151%. Sales to Poland increased by 97%, but sales to Turkmenistan increased by 39%. The biggest sales markets were Russia, Ukraine, Latvia, The Netherlands and Belarus. In total, during July 2016, products of JSC Olainfarm were sold to 26 countries in three continents.

July 2016, unconsolidated sales Sales, thsnd. EUR Changes to July 2015 Share in total sales
Russia 3 359 37% 39%
Ukraine 1 505 24% 18%
Latvia 868 -7% 10%
The Netherlands 587 151% 7%
Belarus 565 37% 7%
Uzbekistan 279 37% 3%
Kazakhstan 256 -10% 3%
Poland 230 97% 3%
Tajikistan 151 -28% 2%
Turkmenistan 124 39% 1%
Other 614 19% 7%
Total 8 538 28% 100%

 

According to unconsolidated preliminary figures, in seven months of 2016 sales of JSC Olainfarm were 54.71 million euros, which represents an increase by 6% compared to the same period of 2015. The most rapid sales increase was achieved in Poland, where sales grew by 161%. Sales to Uzbekistan grew by 106% and sales to Turkmenistan grew by 88%. Major sales markets of JSC Olainfarm in seven months of 2016 were Russia, Ukraine, Latvia and Belarus. In total in seven months of 2016 products of JSC Olainfarm were sold to 38 countries in four continents.

7 months of 2016, unconsolidated sales Sales, thsnd. EUR Changes to 7 months of 2015 Share in total sales
Russia 19 182 -3% 35%
Ukraine 10 440 44% 19%
Latvia 7 637 7% 14%
Belarus 5 265 38% 10%
UK 1 507 0% 3%
Uzbekistan 1 450 106% 3%
Kazakhstan 1 215 -17% 2%
The Netherlands 1 090 -74% 2%
Turkmenistan 1 067 88% 2%
Poland 721 161% 1%
Other 5 138 6% 9%
Total 54 712 6% 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 seven months of 2016 the company has met 64% of annual target for unconsolidated sales and 64% 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 July Increase by 35%

Sales of Olainfarm in July Increase by 35%

on 15 rugpjūčio, 2016 Komentavimas išjungtas įraše Sales of Olainfarm in July Increase by 35%

Preliminary consolidated data of JSC Olainfarm for July 2016 shows that sales have reached 10.05 million euros, which represents an increase by 35% compared to the same period of 2015. The biggest sales increase took place in The Netherlands, where sales grew by 151%. Sales to Poland grew by 97%, but sales to Russia grew by 46%. Major sales markets during July were Russia, Latvia, Ukraine, The Netherlands and Belarus.

July 2016, consolidated sales Sales, thsnd. EUR Changes to July 2015 Share in total sales
Russia 3 564 46% 35%
Latvia 1 943 17% 19%
Ukraine 1 505 24% 15%
The Netherlands 587 151% 6%
Belarus 565 37% 6%
Kazakhstan 316 12% 3%
Uzbekistan 279 37% 3%
Poland 230 97% 2%
Tajikistan 151 -28% 2%
Turkmenistan 124 39% 1%
Other 788 39% 8%
Total 10 052 35% 100%

 

Sales of pharmacy chain of Latvijas aptieka Ltd. in July 2016 were 1.38 million euros, which represents an increase by 6% compared to the same period one year ago. Fifty – eight pharmacies were operating during this period. Sales of green pharma company Silvanols during July 2016 were 0.32 million euros, which represents an increase by 100% compared to the same period of 2015. Products of Silvanols Ltd. during this period were sold to three European countries. Producer of elastic medical products Tonus Elast Ltd. in July 2016 were 0.52 million euros, and its products were sold to 11 countries in three continents.

According to preliminary consolidated data, in seven months of 2016 sales of JSC Olainfarm reached 63.58 million euros, which represents an increase by 9% compared to the same period of one year ago. The most rapid sales increase in seven months was achieved in Uzbekistan, where sales grew by 106%. Sales to Turkmenistan grew by 88%, sales to Ukraine grew by 45% and sales to Belarus grew by 39%. The major sales markets in seven months of 2016 were Russia, Latvia, Ukraine and Belarus.

7 months of 2016, consolidated sales Sales, thsnd. EUR Changes to 7 months of 2016 Share in total sales
Russia 19 583 -1% 31%
Latvia 14 647 13% 23%
Ukraine 10 524 45% 17%
Belarus 5 276 39% 8%
UK 1 535 2% 2%
Uzbekistan 1 450 106% 2%
Kazakhstan 1 358 -7% 2%
The Netherlands 1 090 -74% 2%
Turkmenistan 1 067 88% 2%
Poland 938 6% 1%
Other 6 109 18% 10%
Total 63 577 9% 100%

 

Sales of pharmacy chain of Latvijas aptieka Ltd. in seven months of 2016 were 10.8 million euros, which represents an increase by 14% compared to the same period one year ago. Sales of green pharma company Silvanols during July 2016 were 2.7 million euros, which represents an increase by 23% compared to the same period of 2015. Products of Silvanols Ltd, during this period were sold to eleven European countries and with mediation of JSC Olainfarm, also to Albania, Kosovo, Azerbaijan, Kazakhstan, Belarus and Russia. Producer of elastic medical materials Tonus Elast Ltd, in two months of 2016 were 1.37 million euros.

According to preliminary unconsolidated figures, sales of JSC Olainfarm in July 2016 were 8.54 million euros, which represents an increase by 28% compared to the same period of 2015. The biggest sales increase was achieved in The Netherlands, where the sales grew by 151%. Sales to Poland increased by 97%, but sales to Turkmenistan increased by 39%. The biggest sales markets were Russia, Ukraine, Latvia, The Netherlands and Belarus. In total, during July 2016, products of JSC Olainfarm were sold to 26 countries in three continents.

July 2016, unconsolidated sales Sales, thsnd. EUR Changes to July 2015 Share in total sales
Russia 3 359 37% 39%
Ukraine 1 505 24% 18%
Latvia 868 -7% 10%
The Netherlands 587 151% 7%
Belarus 565 37% 7%
Uzbekistan 279 37% 3%
Kazakhstan 256 -10% 3%
Poland 230 97% 3%
Tajikistan 151 -28% 2%
Turkmenistan 124 39% 1%
Other 614 19% 7%
Total 8 538 28% 100%

 

According to unconsolidated preliminary figures, in seven months of 2016 sales of JSC Olainfarm were 54.71 million euros, which represents an increase by 6% compared to the same period of 2015. The most rapid sales increase was achieved in Poland, where sales grew by 161%. Sales to Uzbekistan grew by 106% and sales to Turkmenistan grew by 88%. Major sales markets of JSC Olainfarm in seven months of 2016 were Russia, Ukraine, Latvia and Belarus. In total in seven months of 2016 products of JSC Olainfarm were sold to 38 countries in four continents.

7 months of 2016, unconsolidated sales Sales, thsnd. EUR Changes to 7 months of 2015 Share in total sales
Russia 19 182 -3% 35%
Ukraine 10 440 44% 19%
Latvia 7 637 7% 14%
Belarus 5 265 38% 10%
UK 1 507 0% 3%
Uzbekistan 1 450 106% 3%
Kazakhstan 1 215 -17% 2%
The Netherlands 1 090 -74% 2%
Turkmenistan 1 067 88% 2%
Poland 721 161% 1%
Other 5 138 6% 9%
Total 54 712 6% 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 seven months of 2016 the company has met 64% of annual target for unconsolidated sales and 64% 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 July Increase by 35%

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 closed a Nasdaq trading session at Times Square

on 2 rugpjūčio, 2016 Komentavimas išjungtas įraše Olainfarm closed a Nasdaq trading session at Times Square

On 1 August 2016, JSC Olainfarm rang the closing bell of a trading session at the Nasdaq MarketSite studio in New York Times Square. The festive ceremony was attended by the Chairman of the Board of JSC Olainfarm Valērijs Maligins and the Member of the Board Salvis Lapiņš, as well as the Chairwoman of the Board of Nasdaq Riga Daiga Auziņa-Melalksne.

To celebrate a decade of Baltic Market Awards (BMA), at the beginning of this year, JSC Olainfarm earned the special prize “Best achievement in 10　years” for the highest stock price increase and growth in the opinion of BMA, and received an invitation to ring the closing bell of a trading session at Nasdaq MarketSite studio in Times Square.

Over the last decade, JSC Olainfarm has unwaveringly worked to improve the performance of investor relations, by organising countless virtual conferences of investors, visiting presentations in the Baltic and Nordic states, all the while ensuring an open and transparent communication with shareholders and the enterprise on the whole. The results of JSC Olainfarm in the assessment of BMA since the very first evaluation in 2006 have improved by 25%, whereas the price of stocks over 10 years has grown by 448%. Olainfarm has become a benchmark for other enterprises quoted on the Nasdaq Baltic stock exchange, as it has managed to combine accountable investor relations with substantial profits for investors.

Photo: © 2016 Nasdaq, Inc.

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.

 

Further information:

Sigita Lapsiņa
Head of PR
mobile: (+371) 26 377 286
e-mail: slapsina@olainfarm.lv

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Olainfarm closed a Nasdaq trading session at Times Square

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

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