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Olainfarm Invests Nearly 2 Million Euro to Modernise the Phenibut Intermediate Unit

on 11 rugsėjo, 2015 Komentavimas išjungtas įraše Olainfarm Invests Nearly 2 Million Euro to Modernise the Phenibut Intermediate Unit

JSC Olainfarm has completed the modernisation of the phenibut semi-product unit, where the semi-product is manufactured for the active pharmaceutical substance for medicines improving the function of the central nervous system. The unit underwent simplified renovations, and equipment has been purchased and installed to allow doubling the phenibut production volumes. Within the project, the production of new finished drug forms „Noofen 100” has been commenced. This has been implemented with the support of the European Regional Development Fund.

„As we were approaching the 40-year anniversary of Olainfarm in 2012, we informed of our plans to invest about 50 million euro in production development within the upcoming decade. Modernisation of the phenibut intermediate unit is one of such high added value investment and development projects. Before then, we had already established a nitrofuran drug production unit, and we are currently working on the modernisation of a mebicar production unit, establishment of a production plant of anti-tuberculosis active pharmaceutical substance, modernisation and expansion of the packaging process and finished product warehouses,” adds the member of the Board of JSC Olainfarm Salvis Lapiņš.

Olainfarm_fenibuta_pusproduktu_iecirknis_1

Sales volumes of the original product of JSC Olainfarm — „Noofen” — with the active pharmaceutical substance phenibut, have doubled over the last five years. It is one of the top sellers of JSC Olainfarm products.

The phenibut intermediate unit covers an area of 965 sq. metres in the 4th and 6th production block of JSC Olainfarm. It is undergoing repairs, and production equipment is being purchased and installed, including quality control equipment and modern, high performance liquid chromatographs with mass detectors of new structure. They not only allow to control the admixture contents in the analysed sample, but also to identify the molecular structure of admixtures. Production at the new unit will be carried out in compliance with the requirements of Good manufacturing practice and ISO 14001 standards.

The total project costs are 1.9 million euro, of which 0.2 million euro is the requested funding from the European Regional Development Fund. Of the total project investments, 1 million was invested in reconstruction works, whereas 0.9 million, in production and quality control equipment.

The unit was modernised within the third phase project „Modernisation of the phenibut intermediate unit” within the activity 2.1.2.4 „High added value investments” of the extension to the programme „Entrepreneurship and innovation”, on which JSC Olainfarm concluded an Agreement No. L-APV-14-0069 on 25 March 2014 with the Latvian Investment and Development Agency.

 

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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
Cell: +371 2 6377286
E-mail: slapsina@olainfarm.lv

 

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Olainfarm Invests Nearly 2 Million Euro to Modernise the Phenibut Intermediate Unit

In co-operation with the Latvian Institute of Organic Synthesis, Olainfarm performs pharmacological studies and develops a technology for the production of three new active pharmaceutical substances

on 9 rugsėjo, 2015 Komentavimas išjungtas įraše In co-operation with the Latvian Institute of Organic Synthesis, Olainfarm performs pharmacological studies and develops a technology for the production of three new active pharmaceutical substances

In co-operation with the Latvian Institute of Organic Synthesis (LIOS), JSC Olainfarm has developed a technology for the synthesis of three new active pharmaceutical substances for cost-efficient production in industrial quantities. Studies have been performed at the project pharmacology unit, which will allow JSC Olainfarm to develop new medicines for the treatment of neurodegenerative illnesses. Several inventions achieved during the project are patented. The total project costs amount to 0.57 million EUR, and it is implemented with the support of the European Regional Development Fund.

„Knowledge and intellectual property rights gained during the project will allow JSC Olainfarm to develop new drugs to expand the company’s product portfolio, to increase competitiveness and exportability. In the future, it will give a positive contribution to Latvian and European Union economies alike,” adds Vilnis Liepiņš, Head of R&D of APIs and Intermediates at JSC Olainfarm.

The project consists of a technology development and a pharmacology section. Thus, in the technological section, most cost-efficient and best ways of synthesis are found and technological parameters are optimised to allow obtaining the necessary active pharmaceutical substances according to the high quality requirements of our time. In co-operation with LIOS scientists, unique ways of synthesis have been discovered, which are now protected in capacity of industrial intellectual property after applying for a Latvian or international patent.

In the pharmacology section of the project, several active pharmaceutical substances have been studied in vivo, and their potential use for new therapeutic indications has been discovered. One of the products is showing very good prospects for neuropathic pain treatment properties. This discovery is very important and it has patentability, which means that JSC Olainfarm will be able to protect it as intellectual property and will be able to develop a new product on its basis for treating neurodegenerative illnesses. Another product demonstrated potential anti-inflammatory effect, related to reducing the inflammation factor secretion. The rights to the intellectual property generated as a result of this study are corroborated with an international patent application No. PCT/IB2015/053554. Post-stroke neuro-regenerative properties, analgesic properties and mechanisms of functioning of one active pharmaceutical substance were also studied within the project. The results of these studies have been presented in two scientific articles in international peer-reviewed pharmacology journals.

Studies have been performed within the project „Development of methods of synthesis of active pharmaceutical substances and study of pharmacological profile”, on which JSC Olainfarm concluded an Agreement No. 2013/0030/2DP/2.1.1.1.0/13/APIA/VIAA/001 on 2 December 2013 with the State Education Development Agency. Of the total project costs of 0.57 million EUR, 0.29 million EUR is co-financed by the European Regional Development Fund.

 

eraf

 

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
Cell: +371 2 6377286
E-mail: slapsina@olainfarm.lv

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In co-operation with the Latvian Institute of Organic Synthesis, Olainfarm performs pharmacological studies and develops a technology for the production of three new active pharmaceutical substances

Second Quarter 2015 Investor Conference Webinar

on 8 rugsėjo, 2015 Komentavimas išjungtas įraše Second Quarter 2015 Investor Conference Webinar

On September 8 JSC Olainfarm organized its second quarter 2015 Investor Conference Online Webinar. During the webinar the member of the management board of JSC Olainfarm Salvis Lapiņš analyzed the financial results of second quarter 2015 and informed about the company’s future activities, this time paying extra attention to pharmacy chain Latvijas aptieka Ltd. owned by JSC Olainfarm.

The recorded Olainfarm webinar is available online: ej.uz/OLF_2Q2015_video, and the presentation, demonstrated during the webinar, can be found in the previously published company’s announcement: https://newsclient.omxgroup.com/cdsPublic/viewDisclosure.action?disclosureId=675418&messageId=841985.

 

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

 

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Second Quarter 2015 Investor Conference Webinar

Olainfarm Holds Second Quarter 2015 Investor Conference Webinar

on 8 rugsėjo, 2015 Komentavimas išjungtas įraše Olainfarm Holds Second Quarter 2015 Investor Conference Webinar

JSC Olainfarm invites shareholders, investors, mass media representatives and other stakeholders to join its second quarter 2015 investor conference webinar scheduled on September 8, 2015 at 16:00 (EETWebinar will be hosted by the Member of the Management Board Salvis Lapiņš. The presentation will be held in English.

During the webinar Salvis Lapiņš informs about JSC Olainfarm latest activities and analyze the non-audited financial results of the second quarter 2015. The enclosed presentation will be presented during the webinar: Webinar Presentation: 2nd quarter and 6 months of 2015

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 ej.uz/OLF_2Q2015.

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/

 

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Olainfarm Holds Second Quarter 2015 Investor Conference Webinar

Olainfarm will Hold Second Quarter 2015 Investor Conference Webinar

on 4 rugsėjo, 2015 Komentavimas išjungtas įraše Olainfarm will Hold Second Quarter 2015 Investor Conference Webinar

JSC Olainfarm invites shareholders, investors, mass media representatives and other stakeholders to join its second quarter 2015 investor conference webinar scheduled on September 8, 2015 at 16:00 (EET). Please note that attendees have to register for the webinar – detailed information on the registration process is available 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 non-audited financial results of the second quarter 2015.

After the presentation investors are welcome to ask questions. Due to the limited webinar time, please send in your questions in advance till September 7 to e-mail: ieva.kadakovska@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 ej.uz/OLF_2Q2015.

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!

 

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Olainfarm will Hold Second Quarter 2015 Investor Conference Webinar

Profit of Olainfarm in Six Months Reaches 9.3 Million Euros

on 31 rugpjūčio, 2015 Komentavimas išjungtas įraše Profit of Olainfarm in Six Months Reaches 9.3 Million Euros

Unaudited profit and loss account of AS Olainfarm for six months of 2015 shows that the Group has made a net profit of 9.3 million euros, while sales reached 50 million euros. Net profit has increased by 4%, while the sales have increased by 3%, compared to the same period of 2014, making this the best first six months in corporate history so far, both in terms of sales and in terms of profit. The major sales markets of JSC Olainfarm during this period were Russia, Latvia, Ukraine, The Netherlands and Belarus.

„Taking into consideration the geopolitical reality, a further diversification of sales markets increasingly is a priority. During 2015 and subsequent years company plans to continue all efforts targeted at implementation of new products, entering new markets, making a little more emphasis on cooperation with other producers in distribution of their products on CIS and other markets. After the end of the reporting period, the exports were commenced to Mongolia, registration processes in Turkey and other countries are successfully continuing. More attention is being paid to possible acquisition of a company, whose sales markets or products are significantly different ours, which would help us expand our sales geography,” says Valerijs Maligins, Chairman of the Board.

During the six months period the company has made provisions of more than 1.5 million euros for receivables and currency risks.

During the first half of 2015 Company’s sales grew in Russia, Latvia, The Netherlands, where the anti-tuberculosis products is shipped for the needs of the World Health Organization (WHO), Kazakhstan, Tajikistan, Lithuania and other markets, while in Ukraine, Belarus, UK and Uzbekistan they shrunk. In general, the sales split between countries has remained relatively unchanged, and reduction of Russia’s share from 37% to 34% is really the only significant development. In total, during six months of 2015, JSC Olainfarm was selling its products to 37 countries on five continents.

During the reporting registration processes have been launched in Bosnia And Herzegovina; Vietnam, Myanmar; GMP audit by Turkish authorities has been passed, allowing the company to proceed with registration in Turkey. New forms have been developed for Gripoflex 325 (with reduced content of paracetamol), ACC 200mg powder, and lactose free Memantine tablets of 10mg and 20mg. The work continues at development of new combined prolonged activity form of nitrofurantoin. Two new food supplements have been developed and registered in Baltic countries with urological and hepatological application.

Annual meeting of shareholders of JSC Olainfarm held on June 11, 2015 approved operating plan of the Group for 2015. According to it, sales of the Group in 2015 are planned to be 100 million euros, but the net profit will reach 15 million euros. According to this unaudited report for 1st half of 2015, during the first six months 50% of annual sales target and 62% of annual profit target is met.

Condensed Consolidated Statement of Financial Position Group
30.06.2015 31.12.2014
EUR ‘000 EUR ‘000
     ASSETS
NON-CURRENT ASSETS
Intangible assets            19 876            18 848
Property, plant and equipment            36 645            34 674
Financial assets              4 122              4 234
TOTAL NON-CURRENT ASSETS            60 643            57 756
CURRENT ASSETS
Inventories            19 666            18 693
Receivables            33 148            28 219
Cash              1 854              2 055
TOTAL CURRENT ASSETS            54 668            48 967
TOTAL ASSETS          115 311          106 723
           EQUITY AND LIABILITIES
EQUITY
Share capital            19 719            20 041
Share premium              2 504              2 504
Reserves                  322                    –
Retained earnings            59 768            50 492
Non-controlling interests                  12                    8
TOTAL EQUITY            82 325            73 045
LIABILITIES
Non-current liabilities
Borrowings              8 453            10 387
Deferred corporate income tax              1 811              1 640
Deferred income              2 722              2 099
Total Non-Current Liabilities            12 986            14 126
Current liabilities
Borrowings              6 973              6 906
Trade payables and other liabilities            12 452            12 227
Deferred income                  575                  419
Total Current Liabilities            20 000            19 552
TOTAL LIABILITIES            32 986            33 678
TOTAL EQUITY AND LIABILITIES          115 311          106 723

 

Consolidated statement of comprehensive income Group Group
Q2 2015 Q2 2014 6M 2015 6M 2014
EUR ‘000 EUR ‘000 EUR ‘000 EUR ‘000
Net revenue

23 045

25 249 50 069 48 563
Cost of goods sold (8 052) (7 684) (16 242) (15 271)
Gross Profit 14 993 17 565 33 827  33 292
Selling expense (6 433) (6 689) (13 552)

(13 151)

Administrative expense (4 092) (3 880) (8 218) (7 873)
Other operating income  736  484 1 328  981
Other operating expense (2 076) (1 587) (3 702) (2 001)
Share of profit of an associate 23 71 95 93
Financial income 268 156 2 258 82
Financial expense (55) (74) (111) (894)
Profit Before Tax 3 364 6 046 11 925 10 529
Corporate income tax (738) (996) (2 510) (1 679)
Deferred corporate income tax (21) 182 (135) 59
PROFIT FOR THE REPORTING PERIOD 2 605 5 232 9 280 8 909
Other comprehensive income for the reporting period
Total comprehensive income for the reporting period 2 605 5 232 9 280 8 909
Total comprehensive income attributable to:
The equity holders of the Parent Company 2 605 5 272 9 276 8 926
Non-controlling interests (40) 4 (17)
Basic and diluted earnings per share, EUR 0.18 0.37 0.66 0.63

 

 

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:

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

 

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Profit of Olainfarm in Six Months Reaches 9.3 Million Euros

Sales of Olainfarm in July increase by 19%

on 17 rugpjūčio, 2015 Komentavimas išjungtas įraše Sales of Olainfarm in July increase by 19%

Preliminary consolidated sales figures of JSC Olainfarm for July 2015 show that sales have reached 7.44 million euros, which represents an increase by 19% compared to the same period one year ago. The biggest sales increase was achieved in Belarus, where sales grew by 850%, while sales to Poland grew by 407%, sales to Tajikistan grew by 364%, sales to Kazakhstan grew by 215% and sales to Ukraine grew by 96%. During July 2015, significant shipments were also made to The Netherlands and Uzbekistan. Major sales markets of JSC Olainfarm during July were Russia, Latvia and Ukraine.

July 2015, consolidated sales Share in total sales Changes to July 2014
Russia 33% -29%
Latvia 22% 4%
Ukraine 16% 96%
Belarus 6% 850%
Kazakhstan 4% 215%
The Netherlands 3% NA
Tajikistan 3% 364%
Uzbekistan 3% NA
Poland 2% 407%
Turkmenistan 1% -13%
Other 8% 78%
Total 100% 19%

 

Sales of pharmacy chain of Latvijas aptieka Ltd. in July 2015 were 1.3 million euro, which represents an increase by 11% compared to July 2014. During July 2015 58 pharmacies were operating. Sales of Silvanols Ltd. during July 2015 were 0.16 million euros, which represents an increase by 33% compared to the same period of 2014. During July, Silvanols Ltd. sold its products in four European countries.

According to preliminary figures, in seven months of 2015 sales of JSC Olainfarm reached 58.32 million euros, which represents an increase by 6% compared to the same period of 2014. The most rapid sales increases during this period were achieved in The Netherlands , where sales increased by 227%, while sales to Tajikistan increased by 75% and sales to Kazakhstan increased by 31%. The major sales markets of JSC Olainfarm in seven months of 2015 were Russia, Latvian, Ukraine, The Netherlands and Belarus.

7 months of 2015, consolidated sales Share in total sales Changes to 7 months of 2014
Russia 34% -1%
Latvia 22% 9%
Ukraine 12% -13%
The Netherlands 7% 227%
Belarus 7% -12%
UK 3% -10%
Kazakhstan 3% 31%
Tajikistan 2% 75%
Uzbekistan 1% -28%
Lithuania 1% 11%
Other 9% 18%
Total 100% 6%

 

In seven months of 2015 the sales of pharmacy chain of Latvijas aptieka Ltd. was 9.5 million euro, which represents an increase by 11% compared to the same period one year ago. Sales of Silvanols Ltd. in seven months of 2015 were 2.2 million euros, which represents an increase by 33% compared to seven months of 2014, where its sales were 1.65 million euro. During seven months, products of Silvanols Ltd. were sold to 11 countries on two continents.

According to preliminary unconsolidated results, sales of JSC Olainfarm during July 2015 were 6.66 million euros, which represents an increase by 22% compared to the same period of 2014. The major sales increase was achieved in Belarus, where sales grew by 850%, while sales to Tajikistan grew by 364%, sales to Kazakhstan by 215% and sales to Ukraine by 96%. Significant shipments during this period have also been made to The Netherlands, Uzbekistan and Poland. Major sales markets of JSC Olainfarm during July 2015 were Russia, Ukraine and Latvia. During July 2015, products of JSC Olainfarm were sold in 24 countries on three continents.

July 2015, unconsolidated sales Share in total sales Changes to July 2014
Russia 37% -29%
Ukraine 18% 96%
Latvia 14% 12%
Belarus 6% 850%
Kazakhstan 4% 215%
The Netherlands 4% NA
Tajikistan 3% 364%
Uzbekistan 3% NA
Poland 2% NA
Turkmenistan 1% -13%
Other 8% 71%
Total 100% 22%

 

According to preliminary unconsolidated results in seven months of 2015 JSC Olainfarm has made sales worth 51.52 million euros, which represents an increase by 7% compared to the same period of 2014. The most rapid sales increase was achieved in The Netherlands, where sales grew by 227%, while sales to Tajikistan grew by 75%, sales to Latvia by 32% and sales to Kazakhstan by 31%. The major sales markets of JSC Olainfarm seven months of 2015 were Russia, Ukraine, Latvia, The Netherlands and Belarus. In total during seven months of 2015 products of JSC Olainfarm were sold to 38 countries on five continents.

7 months of 2015, unconsolidated sales Share in total sales Changes to 7 months of 2014
Russia 38% -1%
Ukraine 14% -13%
Latvia 14% 32%
The Netherlands 8% 227%
Belarus 7% -12%
UK 3% -10%
Kazakhstan 3% 31%
Tajikistan 2% 75%
Uzbekistan 1% -28%
Turkmenistan 1% 25%
Other 8% 8%
Total 100% 7%

 

Annual General Meeting of shareholders of JSC Olainfarm, held on June 11, 2015 approved operating plan of the company, according to which the unconsolidated sales of the Company in 2015 will reach 87 million euros, while consolidated sales will reach 100 million euro. According to these preliminary sales figures, in seven months of 2015, the Company has attained 59% of annual target for unconsolidated sales and 58% 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 35 countries of the world, including the Baltics, Russia, other CIS, Europe, Asia, North America and Australia.

Information prepared by:

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

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Sales of Olainfarm in July increase by 19%

June Sales of Olainfarm Increase by 37%

on 15 liepos, 2015 Komentavimas išjungtas įraše June Sales of Olainfarm Increase by 37%

Preliminary consolidated sales results of JSC Olainfarm for June 2015 show that sales have reached 7.17 million euros, which represents an increase by 37% compared to the same period one year ago. The biggest sales increases were achieved in Georgia, where sales grew by 3346% and in Ukraine, where sales grew by 431%. Sales to Turkmenistan grew by 76%, but sales to Tajikistan grew by 71%. Significant shipments have also been made to UK and Germany. Biggest sales markets of JSC Olainfarm during June 2015 were Russia, Latvia, Ukraine, UK and Belarus.

June 2015, consolidated sales Share in total sales Changes to June 2014
Russia 25% 31%
Latvia 23% 11%
Ukraine 17% 431%
UK 9% NA
Belarus 6% -36%
Tajikistan 3% 71%
Germany 2% NA
Georgia 2% 3346%
Turkmenistan 2% 76%
Kazakhstan 1% -67%
Other 10% -26%
Total 100% 37%

 

Sales of pharmacy chain of Latvijas aptieka Ltd. fully owned by JSC Olainfarm were 1.32 million euros, which represents an increase by 16% compared to the same period of 2014.  Fifty-eight pharmacies were operating during this period.  Sales of Silvanols Ltd. in June 2015 were 0.38 million euros, which represents an increase by 65%, compared to sales made in June 2014. During May Silvanols Ltd. was selling its products to nine European countries.

In six months of 2015, according to preliminary consolidated results, sales of JSC Olainfarm were 51.05 million euros, which represents an increase by 5% compared to the same period of 2014.  The most rapid sales increases in this period were achieved in The Netherlands, where sales grew by 209%, sales to Tajikistan grew by 46%. The biggest sales markets of JSC Olainfarm during the first six months of 2015 were Russia, Latvia, Ukraine, The Netherlands and Belarus.

6 months of 2015, consolidated sales Share in total sales Changes to 6 months of 2014
Russia 34% 5%
Latvia 22% 10%
Ukraine 12% -20%
The Netherlands 8% 209%
Belarus 7% -20%
UK 3% -10%
Kazakhstan 2% 15%
Tajikistan 1% 46%
Uzbekistan 1% -49%
Lithuania 1% 7%
Other 9% 12%
Total 100% 5%

 

Sales of pharmacy chain of Latvijas aptieka Ltd. in six months were 8.24 million euros, which represents an 11% increase compared to six months of 2014. Sales of Silvanols Ltd. in six months of 2015 were 2 million euros, which means an increase by 31% compared to six months of 2014, when Silvanols Ltd. made sales of 1.523 million euros. In six months of 2015, Silvanols Ltd. made sales to 11 countries on two continents.

According to unconsolidated sales results of JSC Olainfarm, sales of the company in June 2015 were 6.17 million euro, which represents an increase by 42% compared to the same period one year ago. The biggest sales increases were achieved in Georgia, where sales grew by 2539% and in Ukraine, where sales grew by 431%. Sales to Turkmenistan grew by 76%, but sales to Tajikistan grew by 71%. Significant shipments were also made to UK and Germany. The major sales markets of JSC Olainfarm in June 2015 were Russia, Ukraine, Latvia, UK and Belarus. In total during June 2015, JSC Olainfarm sold its products in 21 countries on three continents.

June 2015, unconsolidated sales Share in total sales Changes to June 2014
Russia 29% 31%
Ukraine 20% 431%
Latvia 15% 32%
UK 11% NA
Belarus 7% -36%
Tajikistan 4% 71%
Germany 2% NA
Turkmenistan 2% 76%
Kazakhstan 2% -67%
Georgia 2% 2539%
Other 8% -42%
Total 100% 42%

 

In six months of 2015, according to preliminary unconsolidated results, the sales of JSC Olainfarm were 45.02 million euros, which represents an increase by 6% compared to the respective period of 2014. The most rapid sale increases were achieved in The Netherlands, Kyrgyzstan, Tajikistan and Latvia, where sales respectively grew by 209%, 60%, 46% and 36%. According to preliminary unconsolidated sales results, the major sales markets of JSC Olainfarm in six months of 2015 were Russia, Ukraine, Latvia, the Netherlands and Belarus. In total in six months of 2015, JSC Olainfarm sold its products in 37 countries on five continents.

6 months of 2015, unconsolidated sales Share in total sales Changes to 6 months of 2014
Russia 38% 5%
Ukraine 14% -20%
Latvia 14% 36%
The Netherlands 9% 209%
Belarus 8% -20%
UK 3% -10%
Kazakhstan 3% 15%
Tajikistan 1% 46%
Uzbekistan 1% -49%
Kirgizstan 1% 60%
Other 8% -2%
Total 100% 6%

 

Annual General Meeting of shareholders of JSC Olainfarm, held on June 11, 2015 approved operating plan of the company, according to which the unconsolidated sales of the Company in 2015 will reach 87 million euros, while consolidated sales will reach 100 million euro.  According to these preliminary sales figures, in six months of 2015, the Company has attained 52% of annual target for unconsolidated sales and 51% 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 35 countries of the world, including the Baltics, Russia, other CIS, Europe, Asia, North America and Australia.

Information prepared by:

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

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June Sales of Olainfarm Increase by 37%

Sales of Olainfarm in May Reach 7.11 Million Euro

on 15 birželio, 2015 Komentavimas išjungtas įraše Sales of Olainfarm in May Reach 7.11 Million Euro

Preliminary consolidated sales results of JSC Olainfarm for May 2015 show that sales have reached 7.11 million euro, which represents a reduction by a third comparing to the same period one year ago.  The biggest sales increases were achieved in Moldova, where sales grew by 651% and in The Netherlands, where sales grew by 500%.  During May 2015, JSC Olainfarm also made significant shipments to Switzerland. Biggest sales markets of JSC Olainfarm during May 2015 were Russia, The Netherlands, Latvia, Ukraine and Belarus.

May 2015, consolidated sales Share in total sales Changes to May 2014
Russia 27% -31%
The Netherlands 15% 500%
Latvia 24% 11%
Ukraine 9% -79%
Belarus 7% -12%
Kazakhstan 3% 33%
Poland 3% -26%
Uzbekistan 2% -69%
Switzerland 2% NA
Moldova 1% 651%
Other 7% -69%
Total 100% -33%

 

Sales of pharmacy chain of Latvijas aptieka Ltd. fully owned by JSC Olainfarm were 1.3 million euros, which represents an increase by 9% compared to the same period of 2014.  Fifty-eight pharmacies were operating during this period.  Sales of Silvanols Ltd. in May 2015 were 0.2 million euro, which represents an increase by 43%, compared to sales made in May 2014.   During May Silvanols Ltd. was selling its products to five European countries.

In five months of 2015, according to preliminary consolidated results, sales of JSC Olainfarm were 43.82 million euros, which represents an increase by 1% compared to the same period of 2014.  The most rapid sales increases during this period were achieved in The Netherlands, where sales grew by 251%, sales to Kyrgyzstan grew by 88%, sales to Kazakhstan grew by 53%, but sales to Tajikistan grew by 36%.  The biggest sales markets of JSC Olainfarm in five months of 2015 were Russia, Latvia, Ukraine, The Netherlands and Belarus.

5 months of 2015, consolidated sales Share in total sales Changes to 5 months of 2014
Russia 36% 2%
Latvia 22% 9%
Ukraine 11% -33%
The Netherlands 9% 251%
Belarus 7% -17%
Kazakhstan 2% 53%
UK 2% -50%
Uzbekistan 1% -49%
Kyrgyzstan 1% 88%
Tajikistan 1% 36%
Other 8% 8%
Total 100% 1%

 

Sales of pharmacy chain of Latvijas Aptieka Ltd. in five months were 6.9 million euros, which represents a 10% increase compared to 5 months of 2014.  Sales of Silvanols Ltd. in five months of 2105 were 1.6 million euros, which means an increase by 23% compared to five months of 2014, when Silvanols Ltd. made sales of 1.3 million euro. In five months of 2015, Silvanols Ltd. made sales to 11 countries on two continents.

According to unconsolidated sales results of JSC Olainfarm, sales of the company in May 2015 were 6.24 million euro, which represents a reduction by 36% compared to the same period one year ago.  The biggest sales increases were achieved in Moldova, where sales grew by 651% and in The Netherlands, where sales grew by 500%.  Significant shipments were also made to Switzerland.  The major sales markets of JSC Olainfarm in May 2015 were Russia, The Netherlands, Latvia, Ukraine and Belarus.  In total during May 2015, JSC Olainfarm sold its products in 25 countries on four continents.

May 2015, unconsolidated sales Share in total sales Changes to May, 2014
Russia 31% -31%
The Netherlands 17% 500%
Latvia 15% 28%
Ukraine 11% -79%
Belarus 8% -12%
Kazakhstan 3% 33%
Poland 3% -35%
Uzbekistan 2% -69%
Switzerland 2% NA
Moldova 1% 651%
Other 7% -72%
Total 100% -36%

 

In five months of 2015, according to preliminary unconsolidated results the sales of JSC Olainfarm were 38.8 million euro, which represents an increase by 2% compared to the respective period of 2014. The most rapid sale increases were achieved in The Netherlands, Kyrgyzstan, Kazakhstan, Tajikistan and Latvia, where sales respectively grew by 251%, 88%, 53%, 36% and 35%.  According to preliminary unconsolidated sales results, the major sales markets of JSC Olainfarm in five months of 2015 were Russia, Latvia, Ukraine, The Netherlands and Belarus. In total in five months of 2015, JSC Olainfarm sold its products in 36 countries on five continents.

5 months of 2015, unconsolidated sales Share in total sales Changes to 5 months of 2014
Russia 40% 2%
Latvia 13% 35%
Ukraine 13% -33%
The Netherlands 10% 251%
Belarus 8% -17%
Kazakhstan 3% 53%
UK 2% -50%
Uzbekistan 1% -49%
Kyrgyzstan 1% 88%
Tajikistan 1% 36%
Other 7% -4%
Total 100% 2%

 

Annual General Meeting of shareholders of JSC Olainfarm, held on June 11, 2015 approved operating plan of the company, according to which the unconsolidated sales of the Company in 2015 will reach 87 million euros, while consolidated sales will reach 100 million euro.  According to these preliminary sales figures, in five months of 2015, the Company has attained 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 35 countries of the world, including the Baltics, Russia, other CIS, Europe, Asia, North America and Australia.

Information prepared by:

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

 

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Sales of Olainfarm in May Reach 7.11 Million Euro

Profit of Olainfarm in First Quarter Increases by 81%, Sales Reached 27 Million

on 29 gegužės, 2015 Komentavimas išjungtas įraše Profit of Olainfarm in First Quarter Increases by 81%, Sales Reached 27 Million

JSC Olainfarm has just experienced its most profitable quarter so far, as it made a net profit of 6.7 million euro and sales of 27 million euro. Net profit has increased by 81%, while sales have increased by 16% compared to the same period one year ago.  Major sales markets of JSC Olainfarm during this period were Russia, Latvia, Ukraine, The Netherlands and Belarus.

„Significant sales growth to countries of Central Asia and to Russia along with increased deliveries to the World Health Organization have helped us achieve yet another most successful quarter in history of Olainfarm.  However, worsening of situation on Ukrainian and Russian markets make us be more careful and focus even more on further diversification of our sales markets. We have already taken a few steps in this direction, and commencement of exports to Mongolia and successful development with registration in Turkey are proof to that.  We are expecting more rapid sales growth of Silvanols soon, as it has been more than a year since we started a lot more active use of our marketing and logistics power to help them succeed in our traditional markets,” says Valerijs Maligins, Chairman of Olainfarm’s Board.

During the 1st quarter of 2015 sales to all company’s main markets continued increasing except for Belarus, where they shrunk by 26%, compared to 1st quarter of 2014.  It should be noted, however, that during previous two years in a row, sales to Belarus were growing: by more than 40% in 2014 and more than 70% in 2013. The most rapid sales increases during the 1st quarter of 2015 were achieved in Tajikistan, where sales grew by 173%, The Netherlands, where sales grew by 157%, Kyrgyzstan, where sales grew by 129% and Kazakhstan, where sales grew by 106%.  Sales to Russia grew by 27%. In total, during the first quarter JSC Olainfarm made sales in 31 countries on 5 continents.

During this time, significant changes have occurred to the structure of bestselling products, as due to increased demand for anti-tuberculosis product PASA Sodium salt, this product has become the second best selling product with a total share of 14% of all Olainfarm products sold.  The list of best sellers is still headed by Neiromidin, Olainfarm’s product for health of nervous system.

It is proposed, that Annual meeting of shareholders of JSC Olainfarm to be convened on June 11, 2015 approves operating plan of the Group for 2015.  According to it, sales of the Group in 2015 are planned to be 100 million euros, but the net profit will reach 15 million euros.  According to this unaudited report for 1st quarter of 2015, during the first three months 27% of annual sales target and 45% of annual profit target is met.

Condensed Consolidated Statement of  Financial Position

Group

31.03.2015

31.12.2014

EUR ‘000

EUR ‘000

 ASSETS
NON-CURRENT ASSETS
Intangible assets

          18 792

          18 848

Property, plant and equipment

          36 006

          34 674

Financial assets

            4 279

            4 234

TOTAL NON-CURRENT ASSETS

          59 077

          57 756

CURRENT ASSETS
Inventories

          18 754

          18 693

Receivables

          33 929

          28 219

Cash

            4 111

            2 055

TOTAL CURRENT ASSETS

          56 794

          48 967

TOTAL ASSETS

        115 871

        106 723

EQUITY AND LIABILITIES
EQUITY
Share capital

          19 719

          20 041

Share premium

            2 504

            2 504

Reserves

               322

                    –

Retained earnings

          57 163

          50 492

Non-controlling interests

                 12

                   8

TOTAL EQUITY

          79 720

          73 045

LIABILITIES
Non-current liabilities
Borrowings

            9 940

          10 387

Deferred corporate income tax

            1 754

            1 640

Deferred income

            2 037

            2 099

Total Non-Current Liabilities

          13 731

          14 126

Current liabilities
Borrowings

            6 953

            6 906

Trade payables and other liabilities

          15 028

          12 227

Deferred income

               439

               419

Total Current Liabilities

          22 420

          19 552

TOTAL LIABILITIES

          36 151

          33 678

TOTAL EQUITY AND LIABILITIES

        115 871

        106 723

 

Consolidated statement of comprehensive income

Group

Q1 2015

Q1 2014

EUR ‘000

EUR ‘000

Net revenue

       27 024

       23 314

Cost of goods sold

        (8 190)

        (7 587)

Gross Profit

       18 834

       15 727

Selling expense

        (7 119)

        (6 460)

Administrative expense

        (4 126)

        (3 762)

Other operating income

            592

            497

Other operating expense

        (1 626)

           (646)

Share of profit of an associate

              72

              22

Financial income

         1 990

              35

Financial expense

             (56)

           (930)

Profit Before Tax

         8 561

         4 483

Corporate income tax

        (1 772)

           (683)

Deferred corporate income tax

           (114)

           (123)

PROFIT FOR THE REPORTING PERIOD

         6 675

         3 677

Other comprehensive income for the reporting period

                 –

                 –

Total comprehensive income for the reporting period

         6 675

         3 677

Total comprehensive income attributable to:
The equity holders of the Parent Company

         6 671

         3 654

Non-controlling interests

                4

              23

Basic and diluted earnings per share, EUR            0.47            0.26

 

JSC Olainfarm Unaudited Interim Condensed Consolidated Financial Statements for the 3 Months Period Ended 31 March 2015:  Olainfarm_I_2015_consolidated FS_ENG

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:

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

read more
Profit of Olainfarm in First Quarter Increases by 81%, Sales Reached 27 Million