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Olainfarm Sells for 9.15 Million in April, Starts Exporting to Mongolia

on 15 gegužės, 2015 Komentavimas išjungtas įraše Olainfarm Sells for 9.15 Million in April, Starts Exporting to Mongolia

Preliminary consolidated results of JSC Olainfarm for April 2015 show that the group has made sales worth 9.15 million euros, which represents a reduction by 3% compared to April of last year.  Sales to The Netherlands grew the most, as they increased by 800%.  Sales to Kyrgyzstan increased by 129%.  During April, the group also made significant shipments to Germany and started exporting of final dosage forms to Mongolia. Major sales markets of the group during April were Russia, Latvia, Ukraine, Belarus and The Netherlands.

April 2015, consolidated sales Share in total sales Changes to April 2014
Russia 38% -21%
Latvia 22% 11%
Ukraine 11% -33%
Belarus 8% 8%
The Netherlands 7% 800%
Kazakhstan 2% -11%
Uzbekistan 2% 11%
Germany 1% NA
Kyrgyzstan 1% 129%
Turkmenistan 1% 37%
Other 6% 18%
Total 100% -3%

 

Sales of pharmacy chain of Latvijas aptieka Ltd. in April 2015 was 1.4 million euros, which represents an increase by 11% compared to 2013.  58 pharmacies were during April.  Sales of Silvanols Ltd. in April 2015 was 0.33 million euros, which represents an increase by 22% compared to 2014.  In April Silvanols Ltd. started exporting to Austria and generally was selling its products in six European countries.

During four months of 2015, according to preliminary figures, consolidated sales of JSC Olainfarm were 36.76 million euros, which represents an increase by 12% compared to similar period of 2014.  The most rapid sales growth were achieved in the Netherlands, where sales grew by 203%. Sales to Kyrgyzstan grew by 129%, sales to Tajikistan grew by 88%, but sales to Kazakhstan grew by 58%.  Major sales markets of JSC Olainfarm in four months of 2015 were Russia, Latvia, Ukraine, The Netherlands and Belarus.

4 months of 2015, consolidated sales Share in total sales Changes to 4 months of 2014
Russia 37% 10%
Latvia 21% 9%
Ukrain4 12% -1%
The Netherlands 8% 203%
Belarus 7% -18%
Kazakhstan 2% 58%
UK 2% 0%
Kyrgyzstan 1% 129%
Tajikistan 1% 88%
Uzbekistan 1% -29%
Other 7% 4%
Total 100% 12%

 

In four months of 2015, sales of pharmacy chain of Latvijas aptieka Ltd. was 5.6 million euros, which represents an increase by 10% compared to the same period one year ago.  Sales of Silvanols Ltd. in four months of 2015 were 1.4 million euros, which represents and increase by 24% compared to first four months of 2014, when Silvanols’ sales equaled 1.13 million euros. During first four months of 2015, Silvanols Ltd. was exporting its products to 11 countries in two continents.

According to preliminary unconsolidated sales figures of JSC Olainfarm, sales of the company during April 2015 were 8.08 million euros, which represents a reduction by 4% compared to the same period of 2014. The biggest sales increases were achieved in The Netherlands, where sales grew by 800%.  Sales to Kyrgyzstan grew by 129%, sales to Turkmenistan grew by 37%, and significant shipments were made to Germany and exports started to Mongolia.  Major sales markets of JSC Olainfarm in April 2015 were Russia, Latvia, Ukraine, Belarus and The Netherlands.  In total during April 2015, JSC Olainfarm made its sales in 24 countries on three continents.

April 2015, unconsolidated sales Share in total sales Changes to April 2014
Russia 43% -21%
Latvia 13% 26%
Ukraine 12% -33%
Belarus 9% 8%
The Netherlands 7% 800%
Kazakhstan 2% -11%
Uzbekistan 2% 11%
Germany 2% NA
Kyrgyzstan 2% 129%
Turkmenistan 1% 37%
Other 6% 15%
Total 100% -4%

 

According to preliminary results, during 4 months of 2015 unconsolidated sales of JSC Olainfarm has reached 32.6 million euros, which represents an increase by 15% compared to the same period of 2014.  The most rapid sales increases were achieved in The Netherlands, Kyrgyzstan, Tajikistan and Kazakhstan, where sales respectively grew by 203%, 129%, 88% and 58%.  According to preliminary unconsolidated results the major sales markets of JSC Olainfarm in four months of 2015 were Russia, Ukraine, Latvia, The Netherlands and Belarus.  In total in four months of 2015 JSC Olainfarm made sales to 33 countries in 5 continents.

4 months of 2015, unconsolidated sales Share in total sales Changes to 4 months of 2014
Russia 42% 10%
Ukraine 13% -1%
Latvia 13% 38%
The Netherlands 9% 203%
Belarus 8% -18%
Kazakhstan 3% 58%
UK 3% 0%
Kyrgyzstan 1% 129%
Tajikistan 1% 88%
Uzbekistan 1% -29%
Other 6% -6%
Total 100% 15%

 

According to preliminary estimates, the Company expects its unconsolidated sales of 2015 to reach 84 million euro, while its consolidated sales are expected to be at 100 million euro.  Preliminary sales numbers published herein show that in 4 months of 2015 the company has attained 39% of its annual estimate of unconsolidated sales and 37% of its annual estimate of 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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Olainfarm Sells for 9.15 Million in April, Starts Exporting to Mongolia

Proposal of the Management Board of JSC Olainfarm regarding distribution of profit of 2014

on 11 gegužės, 2015 Komentavimas išjungtas įraše Proposal of the Management Board of JSC Olainfarm regarding distribution of profit of 2014

The amount of net profit made by JSC Olainfarm in 2014 is 11 424 000.00 (eleven million four hundred  and twenty four thousand) euros.

Managament Board of JSC Olainfarm proposes to shareholders of the company that the entire profit made in 2014 be retained by the company and fully reinvested into further development of JSC Olainfarm.

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Proposal of the Management Board of JSC Olainfarm regarding distribution of profit of 2014

Report of the Supervisory Council of JSC Olainfarm to the General Meeting of Shareholders

on 11 gegužės, 2015 Komentavimas išjungtas įraše Report of the Supervisory Council of JSC Olainfarm to the General Meeting of Shareholders

Supervisory Council of JSC Olainfarm has read the Consolidated and Parent Company’s Annual reports for 2014, as well as Independent Auditors’ Report about it. In addition, the Council has assessed financial position of the Company and Operations of the Management Board during this financial year and hence produced this Report.

The Council is satisfied that this has been the sixth consecutive year since the Company is demonstrating considerable profitability and sales of the Company continue growing. Although during 2014 serious economic turbulences were experienced by four markets important to the Company, it managed to increase its sales in almost all of them.  It resulted in overall sales of the Company increasing by more than 20%.  We would like to particularly stress Company’s successful cooperation with its Polish partners as well as increasing shipments to the World Health Organization. In both cases Company’s sales during this year have grown by different factors, and, which is particularly important, they contribute to independence from currently unstable markets of CIS countries.

Because of successfully established and growing chain of pharmacies as well as improving operations of Silvanols Ltd., company managed to stabilize its positions on Latvian market even further as Latvia is now very clearly a second most important market for the Company.  Every fifth euro during 2014 was received from Company’s Latvian partners, while every third euro came from sales to EU countries. Since pharmaceutical sector is very seriously regulated, the Supervisory Council regards this as an important achievement for market diversification.

Consolidated profit of the Company in 2014 was 12.2 million euros, while profit of the parent company exceeded 11.4 million euro.  Throughout the year we had reasonable expectations that the Company will be able to meets its profit guidances of 15 and 14 million euros respectively.  However, the rapid devaluation of Russian Ruble versus the Euro at the end of 2014, as well as adverse fluctuations of other currencies generated the total foreign exchange loss of 4.5 million euro, which made the meeting of initial profit targets practically impossible.  The Council has drawn the attention of the Management Board to the fact that this is yet another proof that further diversification of sales markets is of utmost importance for stable development of the company.

Since over the last number of years Company has been undergoing a phase of very significant sales increases, the Council has repeatedly drawn Board’s attention to the necessity to follow carefully if the Company has all the technological capacities necessary for further development.  Council very highly appreciates the work conducted by the Board for modernization of the production and respective raising of funding.  While during the last two years significant improvements have been made to modernize production processes, a lot remains to be done in the near future for improving production infrastructure.  Not only will it significantly improve environmental standards of the Company, but if funded using different sources of support, should also provide considerable economic effect.

Because of the necessity to continue with investments, including investments into production related infrastructure, as well as taking into consideration still unstable situation in sales markets important to the Company, the Council maintains its previously expressed proposal, to abstain from declaring dividends until the profits of 2015 are distributed.  If the situation does not deteriorate, the Council might ask the shareholders to approve dividends from the profit of 2015, with a payout ratio of 17.5%

The Council continues carefully following recent developments in Russia, which remains the main market of the Company.  Although on a numerous occasions, including this Report, the Council has drawn Board’s attention to necessity to diversify Company’s sales markets, in order to reduce dependency on a market as unstable as Russia today, by no means is the Council supporting any reduction of operations or activity in Russia.  Instead, the diversification should be promoted by achieving even bigger sales increases in other countries.  The council still regards an acquisition of similar profile company, whose sales markets are significantly different from Company’s markets as one of the particularly efficient ways for increasing sales diversity. Council invites the Board to put even more effort in considering development of this kind.

Council regards acquisition of 70.88% stake of Silvanols Ltd. and a further increase to nearly 97% an important but insufficient step to better sales market diversity.  In collaboration with Silvanols Ltd. the Company has a very real chance to strengthen its positions domestically, in CIS countries and other countries, where entry with food supplements is easier.

During 2014 the Council of the Company has performed its duties and supervised operations of the Company according to legislation, decisions by the general meetings.  The Council has approved financial statements and overviewed operations of Company’s management.  During the reporting period 25 Council meetings were held.  During these meetings, Board reports, plans, planned and actual budgets were reviewed.  Agenda items of general meetings were pre-approved. Council found no insufficiencies in Boards operations in 2014.  To a large extent the Board has been consulting the Council and has taken into account all previously mentioned and other recommendations of the Council targeted at safe further development of the Company.

The Council would like to take this opportunity to thank the Board, all employees of the Company, its partners for successful operations in 2014, congratulate shareholders with good results and wish a successful, stable and positively challenging 2015 and the further years.

 

Approved by the Council Meeting on May 5, 2015

 

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Report of the Supervisory Council of JSC Olainfarm to the General Meeting of Shareholders

Olainfarm Sets Group and Company Revenue Records

on 30 balandžio, 2015 Komentavimas išjungtas įraše Olainfarm Sets Group and Company Revenue Records

Consolidated profit and loss account of JSC Olainfarm for 2014 shows that the Group has made sales worth 93.7 million euros, which represents an increase by 20% compared to 2013, when revenues of the Group was 77.9 million euro.  Sales of the Company in 2014 were 81.6 million, which is an increase by 22% compared to 2013, when sales of the Company were 66.9 million euro.  Therefore, 2014 in terms of revenues was the best year in Company’s and Group’s history so far.

Net after tax profit of the Group in 2014 was 12.23 million euro, which is a reduction by 0.3% compared to 2013, when Group’s profit was 12.6 million euros. Profit of the Company in 2014. was 11.4 million euro, which is a reduction by 11% compared to 2013.  2014 was the third best year in terms of profit in corporate history so far.

Payment discipline of one of the Russian based wholesaling partners Oriola has significantly deteriorated since the end of 2014 and because information available on the financial status of that company causes concerns regarding its ability to settle outstanding payments, the Company, and hence the Group, have made provisions of 979 thousand euros, which equals 100% of  receivables due from Oriola.

During 2014 sales to all Group’s main markets continued increasing except for Kazakhstan, UK and Uzbekistan, where sales shrunk by 32%, 32% and 11% respectively. The most rapid sales increase during 2014 was achieved in Poland, where sales grew by 434%, and in The Netherlands, where products of WHO’s anti-tuberculosis program are being shipped. Sales to The Netherlands grew by 192%.  Significant sales growth has also been achieved in Lithuania (by 60%) and Belarus (by 40%).  Major sales markets of the Group during 2014 were Russia, Latvia, Ukraine, Belarus and The Netherlands.

During 2014 sales to all Company’s main markets continued increasing except for the same markets of Kazakhstan, UK and Uzbekistan, where sales shrunk by 32%, 32% and 11% respectively. The most rapid Company sales increase during 2014 was achieved in Poland, where sales grew by impressive 1136%, and in The Netherlands, where products of WHO’s anti-tuberculosis program are being shipped. Sales to The Netherlands grew by 192%.  Significant sales growth has also been achieved in Tajikistan (by 70%) and Belarus (by 40%).  Major sales markets of the Company during 2014 were Russia, Ukraine, Latvia, Belarus and The Netherlands.

Best selling products of the Company in 2014 were central nervous system medicines  „Neiromidin”, „Noofen” un „Adaptol”, antibacterial product „Furamag” and antiarrhythmic product „Etacizin”.

During 2014 38 registration cases have been approved in several countries, including such untraditional countries for JSC Olainfarm as Peru, Mongolia, Bhutan, Romania and Kosovo.   Several products are still in the process of obtaining MAs, among other countries, in Turkey, registration processes have been launched in Bosnia and Herzegovina and other new markets.  Preclinical trials of R-fenotropil are being conducted and totally new forms and line extensions of existing products are being developed.  Among other things the company works at development of a new nootropic medication, new product of nitrofurantoin group and a new food supplement.

In December of 2014 JSC Olainfarm established a fully owned subsidiary Olainfarm Azija in Kyrgyzstan and in March of 2015 – fully owned subsidiary Olainfarm Lithuania. Main operations of the newly established entities will be related to promotion of products made by the Group and its partners in these countries.

Annual meeting of shareholders of JSC Olainfarm held on April 29, 2014 approved operating plan of the Group and the Company.  According to it, sales of the Group in 2014 were planned to be 93 million euros, but the net profit was to reach 15 million euros.  According to this audited report for 2014, during this period 100.7% of annual sales target and 82% of annual profit target is met.

Sales and profit targets approved at the same AGM for the Company were 80 million and 14 million respectively.  According to this audited report for 2014, in 2014 102% of annual sales target and 82% of Company’s annual were 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 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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Olainfarm Sets Group and Company Revenue Records

March Sales of Olainfarm Increase By 36%

on 15 balandžio, 2015 Komentavimas išjungtas įraše March Sales of Olainfarm Increase By 36%

Preliminary consolidated sales results of JSC Olainfarm show that the sales have reached 8.7 million euro, which represents an increase by 36% compared to the same period one year ago.  The biggest sales increases were achieved in The Netherlands, where sales grew by 594%.  Sales to Tajikistan grew by 227%, but sales to Kazakhstan grew by 144%.  Significant shipments have also been made to Papua New Guinea and Turkmenistan. The major sales markets of JSC Olainfarm during March were Russia, Latvia, The Netherlands and Belarus.

March 2015, consolidated sales Share in total sales Changes to March 2014
Russia 31% 29%
Latvia 22% 11%
The Netherlands 13% 594%
Belarus 9% 26%
Ukraine 6% -34%
Kazakhstan 5% 144%
Tajikistan 4% 227%
Papua New Guinea 2% NA
Kyrgyzstan 1% 39%
Turkmenistan 1% NA
Other 6% -17%
Total 100% 36%

 

Sales of pharmacy chain of Latvijas aptieka Ltd. in March 2015 were 1.44 million euro, which represents an increase by 9% compared to the March of 2014.  57 pharmacies were operating during this period.  Sales of Silvanols Ltd. in March 2015 was 0.29 million euros, which represents an increase by 7%, compared to similar period one year ago. During March 2015 Silvanols Ltd. was selling its products in eight European countries.

According to preliminary consolidated results the sales of JSC Olainfarm during the first quarter of 2015 was 27.65 million euro, which represents an increase by 18% compared to the first quarter of 2014.  The most rapid sales increases 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%.  Major sales markets of JSC Olainfarm during the first quarter of 2015 were Russia, Latvia, Ukraine, The Netherlands and Belarus.

3 months of 2015, consolidated sales Share in total sales Changes to 3 months of 2014
Russia 37% 27%
Latvia 21% 9%
Ukraine 12% 14%
The Netherlands 8% 157%
Belarus 6% -26%
UK 3% 0%
Kazakhstan 2% 106%
Tajikistan 1% 173%
Kyrgyzstan 1% 129%
Lithuania 1% 11%
Other 7% -16%
Total 100% 18%

 

Sales of pharmacy chain of Latvijas aptieka Ltd. during the first quarter of 2015 were 4.22 million euro.  Sales of Silvanols Ltd. during this period were 1.1 million euro, and sales were made to 12 European countries.

According to preliminary unconsolidated sales results of JSC Olainfarm for March 2015, the sales were 7.72 million euro, which represents an increase by 45% compared to the same period one year ago  The biggest sales increases were achieved in The Netherlands, where sales grew by 594%.  Sales to Tajikistan grew by 227%, but sales to Kazakhstan grew by 144%.  Significant shipments during this period were also made to Papua New Guinea and Turkmenistan.  Major sales markets of JSC Olainfarm during March 2015 were Russia, The Netherlands, Latvia, Belarus, Ukraine and Kazakhstan.  In total during Marchs 2015, products of JSC Olainfarm were sold to 24 countries in five continents.

March 2015, unconsolidated sales Share in total sales Changes to March, 2014
Russia 34% 29%
The Netherlands 14% 594%
Latvia 14% 51%
Belarus 10% 26%
Ukraine 7% -34%
Kazakhstan 6% 144%
Tajikistan 5% 227%
Papua New Guinea 2% NA
Kyrgyzstan 1% 39%
Turkmenistan 1% NA
Other 5% -31%
Total 100% 45%

 

According to preliminary unconsolidated sales figures of JSC Olainfarm for three months of 2015, the sales during this period were 24.57 million euro, which represents an increase by 23% compared to the same period one year ago.  The most rapid sales increases were achieved in Tajikistan, The Netherlands, Kyrgyzstan and Kazakhstan, where sales respectively grew by 173%, 157%, 129% and 106%.  According to preliminary unconsolidated sales results, the major sales markets of JSC Olainfarm in three months of 2015 were Russia, Ukraine, Latvia, The Netherlands and Belarus.  In total, during three months of 2015 products of JSC Olainfarm were sold in 31 countries in 5 continents.

3 months of 2015, unconsolidated sales Share in total sales Changes to 3 months of 2104
Russia 41% 27%
Ukraine 14% 14%
Latvia 13% 43%
The Netherlands 9% 157%
Belarus 7% -26%
UK 3% 0%
Kazakhstan 3% 106%
Tajikistan 1% 173%
Kyrgyzstan 1% 129%
Uzbekistan 1% -43%
Other 6% -18%
Total 100% 23%

 

According to preliminary sales target estimates of JSC Olainfarm, unconsolidated sales of the company in 2015 could reach 84 million euros, while consolidated sales could be as high as 100 million euro.  According to these preliminary sales figures, during three months of 2015 the company has attained 29% of annual estimate for unconsolidated sales and 28% of annual estimate 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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March Sales of Olainfarm Increase By 36%

Olainfarm’s Sales in February Increase by 56%, Export to Kosovo Commenced

on 13 kovo, 2015 Komentavimas išjungtas įraše Olainfarm’s Sales in February Increase by 56%, Export to Kosovo Commenced

Preliminary consolidated sales results of JSC Olainfarm for February 2015 show that company’s sales have reached 11.4 million euros, which is an increase by 56% compared to the same period one year ago.  The biggest sales increases were achieved to Moldova, where sales grew by 1288%, sales to Kyrgyzstan grew by 458%, and sales to The Netherlands grew by 167%, while sales to Russia grew by 114%. In February 2015, JSC Olainfarm started exports of final dosage forms to Kosovo. First shipment to this market was worth a little more than 60 thousand euros. The biggest sales markets of JSC Olainfarm in February 2015 were Russia, Latvia, Ukraine, Belarus and The Netherlands.

February 2015, consolidated sales

Share in total sales

Changes to February 2014

Russia 46% 114%
Latvia 17% 13%
Ukraine 15% 74%
Belarus 7% 8%
The Netherlands 5% 167%
Kyrgyzstan 2% 458%
Kazakhstan 1% 40%
Bulgaria 1% 35%
Lithuania 1% 59%
Moldova 1% 1288%
Other 4% -54%
Total 100% 56%

 

Sales of the pharmacy chain of Latvijas Aptieka Ltd., fully owned by JSC Olainfarm in February 2015 were 1.34 million euro, which is an increase by 9% compared to the same period of last year.  57 pharmacies were operating during February.  Sales of Silvanols Ltd. in this period were 0.43 million euros, which is an increase by 39% compared to February 2014.  In February 2015 Silvanols Ltd. sold its products to 7 European countries.

According to preliminary consolidated sales figures, in two months of 2015 sales of JSC Olainfarm were 19.17 million euros, which represents an increase by 13% compared to two months of 2014. The most rapid sales increases were achieved in Kyrgyzstan, where sales grew by 215%, sales to The Netherlands grew by 60%, while sales to Kazakhstan grew by 56%.  Major sales markets of JSC Olainfarm in two months of 2105 were Russia, Latvia, Ukraine, The Netherlands and Belarus.

2 months of 2015, consolidated sales

Share in total sales

Changes to 2 months of 2014

Russia 40% 28%
Latvia 21% 10%
Ukraine 15% 33%
The Netherlands 6% 60%
Belarus 5% -45%
UK 4% 0%
Kyrgyzstan 1% 215%
Kazakhstan 1% 56%
Uzbekistan 1% 5%
Lithuania 1% 30%
Other 5% -36%
Total 100% 13%

 

In first two months of 2015 sales of Latvijas Aptieka Ltd. were 2.8 million euros, while sales of Silvanols Ltd. were 0.82 million euros.  Silvanols Ltd. made its sales in 7 European countries.

According to preliminary unconsolidated sales figures of  JSC Olainfarm, sales of the company during February 2015 were 10.36 million euros, which represents an increase by 65% compared to the same period one year ago. The biggest sales increases were achieved in Azerbaijan, where sales grew by 99010%, sales to Moldova grew by 1288%, sales to Kyrgyzstan by 458%, sales to The Netherlands by 167%, and sales to Russia by 114%. The biggest sales markets of JSC Olainfarm in February 2015 were Russia, Ukraine, Latvia, Belarus and The Netherlands.  During February 2015, JSC Olainfarm sold its products in 17 Asian and European countries.

February 2015, unconsolidated sales Share in total sales Changes to February 2014
Russia 50% 114%
Ukraine 17% 74%
Latvia 10% 39%
Belarus 8% 8%
The Netherlands 6% 167%
Kyrgyzstan 2% 458%
Kazakhstan 2% 40%
Bulgaria 1% 35%
Moldova 1% 1288%
Azerbaijan 1% 99010%
Other 3% -66%
Total 100% 65%

 

In 2 months of 2015, according to preliminary unconsolidated sales results, the sales of JSC Olainfarm were 17.07 million euros, which represents an increase by 16% compared to the same period of 2014.  The most rapid sales increases have been achieved in Kyrgyzstan, The Netherlands and Kazakhstan, where sales grew by 215%, 60% and 56% respectively. According to preliminary unconsolidated results major sales markets of JSC Olainfarm in two months of 2015 were Russia, Ukraine, Latvia, The Netherlands, Belarus and the UK.  In total in two months of 2015 AS Olainfarm sold its products to 23 countries on 4 continents.

2 months of 2015, unconsolidated sales Share in total sales Changes to 2 months of 2014
Russia 45% 28%
Ukraine 17% 33%
Latvia 13% 42%
The Netherlands 7% 60%
Belarus 5% -45%
UK 5% 0%
Kyrgyzstan 1% 215%
Kazakhstan 1% 56%
Uzbekistan 1% 5%
Bulgaria 1% -15%
Other 4% -45%
Total 100% 16%

 

According to preliminary estimates the Company expects its unconsolidated sales of 2015 to reach 84 million euro, while its consolidated sales are expected to be at 100 million euro.  Preliminary sales numbers published herein, show that in 2 months of 2015 the company has attained 20% of its annual estimate of unconsolidated sales and 19% of its annual estimate of 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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Olainfarm’s Sales in February Increase by 56%, Export to Kosovo Commenced

Olainfarm’s Sales Last Year Reach 93.7 Million, Profit Target Not Attained

on 27 vasario, 2015 Komentavimas išjungtas įraše Olainfarm’s Sales Last Year Reach 93.7 Million, Profit Target Not Attained

Consolidated profit and loss account of JSC Olainfarm for 2014 shows that the Group has set the new sales record as it sold its products worth 93.7 million euros.  This represents an increase by 20% compared to 2013, when sales of JSC Olainfarm were 78 million euros.

Net profit of the Group in 2014 was 12.66 million euros, which is an increase by 0.5% compared to 2013, when profit of JSC Olainfarm was 12.6 million euros.

“Although we have managed to set yet another sales record in history of Olainfarm, significant changes in almost all of our key markets, including difficulty to deliver our products to several regions of Ukraine, currency devaluations in Ukraine, Russia, Kazakhstan and Belarus, prevented us from attaining the profit guidance.  Instability in these important markets makes us put even more effort to star selling our final dosage and chemical products in other regions and pay a lot more attention at identification of potential acquisition targets, which have less dependency on CIS markets,” says Valerijs Maligins, Chairman of the Board of JSC Olainfarm.

During 2014 sales to all company’s main markets continued increasing except for Kazakhstan, UK and Uzbekistan, where sales shrunk by 32%, 32% and 11% respectively. The most rapid sales increase during 2014 was achieved in Poland, where sales grew by 434%, and in The Netherlands, where products of WHO’s anti-tuberculosis program are being shipped. Sales to The Netherlands grew by 192%.  Significant sales growth has also been achieved in Lithuania (by 60%) and Belarus (by 40%).  Major sales markets of  JSC Olainfarm during 2014 were Russia, Latvia, Ukraine, Belarus and The Netherlands.

During 2014 38 registration cases have been approved in several countries, including such untraditional countries for JSC Olainfarm as Peru, Mongolia, Bhutan, Romania and Kosovo.   Several products are still in the process of obtaining MAs, among other countries, in Turkey, registration processes have been launched in Bosnia and Herzegovina and other new markets.  Preclinical trials of R-fenotropil are being conducted and totally new forms and line extensions of existing products are being developed.  Among other things the company works at development of a new nootropic medication, new product of nitrofurantoin group and a new food supplement.

Annual meeting of shareholders of JSC Olainfarm held on April 29, 2014 approved operating plan of the Group.  According to it, sales of the Group in 2014 are planned to be 93 million euros, but the net profit will reach 15 million euros.  According to this unaudited report for 2014, during this period 100.7% of annual sales target and 84% of annual profit target is met.

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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Olainfarm’s Sales Last Year Reach 93.7 Million, Profit Target Not Attained

Olainfarm Makes Shipments to Brazil, Silvanols Increases Sales to Georgia

on 16 vasario, 2015 Komentavimas išjungtas įraše Olainfarm Makes Shipments to Brazil, Silvanols Increases Sales to Georgia

According to preliminary consolidated sales results for January 2015, sales of JSC Olainfarm have reached 7.75 million euro, which represents a reduction by 20% compared to January of 2014.  The biggest sales increase has been achieved to the UK, where sales have grown by 50%, shipment of almost 55 000 euro has also been made to Brazil.  The major sales markets of  JSC Olainfarm in January 2015 were Russia, Latvia, Ukraine, The UK and The Netherlands.

January 2015, consolidated sales Share in total sales Changes to January, 2014
Russia 32% -31%
Latvia 27% 8%
Ukraine 15% -3%
UK 11% 50%
The Netherlands 6% 6%
Uzbekistan 2% 22%
Belarus 2% -86%
Lithuania 1% 6%
Brazil 1% NA
Georgia 1% -30%
Other 3% -71%
Total 100% -20%

 

Sales of Latvijas aptieka Ltd. during January were 1.43 million euro and 57 pharmacies were operating during this period. Sales of Silvanols Ltd. during January were 0.39 million euro, which is an increase by 36% compared to January of 2014. During this month Silvanols Ltd. has made sales to five European countries, sales to Georgia have demonstrated particularly strong growth.

According to unconsolidated sales results of JSC Olainfarm for January 2015, the sales of the company were 6.7 million euro, which represents a reduction by 20% compared to the same period one year ago.  The biggest sales increases were achieved in Kazakhstan, where sales grew by 141%, the UK, where sales grew by 50% and Latvia, where sales grew by 46%.  Major sales markets of JSC Olainfarm during January 2015 were Russia, Latvia, Ukraine, the UK and the Netherlands.  In total products of JSC Olainfarm during this period were sold to 20 countries on four continents.

January 2015, unconsolidated sales Share in total sales Changes to January 2014
Russia 37% -31%
Latvia 18% 46%
Ukraine 17% -3%
UK 13% 50%
The Netherlands 7% 6%
Uzbekistan 3% 22%
Belarus 2% -86%
Brazil 1% NA
Kazakhstan 1% 141%
Lithuania 1% -22%
Other 2% -79%
Total 100% -20%

 

According to preliminary estimated made by the Board of the company, the unconsolidated sales of the company in 2015 are expected to be at 84 million euro, while consolidated sales are expected to be at 100 million euro.  According to these preliminary sales figures, during January 2015 8% of annual consolidated sales target and 8% of annual unconsolidated sales targets were met.

 

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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Olainfarm Makes Shipments to Brazil, Silvanols Increases Sales to Georgia

Sales of Olainfarm Grew by 19% Last Year, Silvanols Restarts Exporting to Kazakhstan

on 15 sausio, 2015 Komentavimas išjungtas įraše Sales of Olainfarm Grew by 19% Last Year, Silvanols Restarts Exporting to Kazakhstan

According to preliminary consolidated sales results for December 2014, sales of the company have reached 7.82 million euros, which represents an increase by 23% compared to the same period of 2013.  The biggest sales increases were achieved in Poland, where sales grew by 692%, sales to Tajikistan grew by 211%, and sales to Kyrgyzstan grew by 99%, while sales to Lithuania grew by 89%.  During December 2014 JSC Olainfarm also made significant shipments to Belarus, The Netherlands, and Bulgaria, and helped Silvanols Ltd. restart exporting to Kazakhstan.  Major sales markets of JSC Olainfarm during December 2014 were Russia, Ukraine, Latvia and Belarus.

December 2014, consolidated sales Share in total sales Changes to December 2013
Russia 31% 36%
Ukraine 29% 24%
Latvia 22% 10%
Belarus 12% NA
The Netherlands 3% NA
Bulgaria 2% NA
Poland 2% 692%
Tajikistan 2% 211%
Lithuania 2% 89%
Kyrgyzstan 1% 99%
Other 3% -72%
Total 100% 23%

 

Sales of pharmacy chain of Latvijas aptieka Ltd., fully owned by JSC Olainfarm during December 2014 were 1.14 million euros and 57 pharmacies were operating during December.  Sales of Silvanols Ltd. in December 2014 were 0.42 million euros, and the company was selling its products to 4 European countries and, with assistance from JSC Olainfarm to Belarus and Kazakhstan.

During 2014 according to preliminary consolidated sales figures, sales of JSC Olainfarm were 93.79 million euros, which represents an increase by 19% compared to 2013. The most rapid sales increases were achieved in Poland, where sales grew by 434%, and in The Netherlands, where sales grew by 192%.  The major sales markets of JSC Olainfarm in 2014 were Russia, Latvia, Ukraine and Belarus.

2014, consolidated sales Share in total sales Changes to 2013
Russia 36% 15%
Latvia 22% 16%
Ukraine 15% 28%
Belarus 8% 40%
The Netherlands 3% 192%
Kazakhstan 2% -32%
UK 2% -32%
Poland 2% 434%
Uzbekistan 1% -11%
Lithuania 1% 60%
Other 8% 20%
Total 100% 19%

 

During 2014 sales of pharmacy chain of Latvijas aptieka Ltd. fully owned by JSC Olainfarm were 14.9 million euro.  Sales of  Silvanols Ltd. during 2014 were 3.5 million euro.  Silvanols Ltd. made its sales in eleven countries on two continents.

According to unconsolidated sales results of  JSC Olainfarm, sales in December 2014 were 7.62 million euros, which represents an increase by 44% compared to the same period one year ago.  The major sales increases were achieved in Tajikistan, where sales grew by 211%, Kyrgyzstan, where sales grew by 99% and Latvia, where sales grew by 45.  During December the company has also made significant shipments to Belarus, The Netherlands, Bulgaria and Poland.  The major sales markets of  JSC Olainfarm during December 2014 were Russia, Ukraine, Latvia and Belarus. During December products of JSC Olainfarm were sold to 20 countries on two continents.

December 2014, unconsolidated sales Share in total sales Changes to December 2013
Russia 32% 36%
Ukraine 30% 24%
Latvia 13% 45%
Belarus 12% NA
The Netherlands 3% NA
Bulgaria 3% NA
Poland 2% NA
Tajikistan 2% 211%
Kyrgyzstan 1% 99%
Lithuania 1% 13%
Other 3% -74%
Total 100% 44%

 

According to unconsolidated figures, sales of JSC Olainfarm during 2014 were 81.7 million euros, which represents an increase by 21% compared to 2103. The biggest sales increases were achieved to Poland, where sales grew by 1136%, sales to The Netherlands grew by 192%, sales to Tajikistan grew by 70% and sales to Belarus grew by 40%.  According to preliminary unconsolidated sales results, the biggest sales markets of JSC Olainfarm in 12 months of 2014 were Russia, Ukraine, Latvia and Belarus.  In total, during 2014 JSC Olainfarm sold its products to 35 countries on five continents.

2014, unconsolidated sales Share in total sales Changes to 2013
Russia 41% 15%
Ukraine 17% 28%
Latvia 12% 35%
Belarus 9% 40%
The Netherlands 3% 192%
Kazakhstan 3% -32%
UK 2% -32%
Poland 2% 1136%
Uzbekistan 2% -11%
Tajikistan 1% 70%
Other 8% 15%
Total 100% 21%

 

On April 29, 2014 an AGM of JSC Olainfarm approved an operating plan of the company, providing that the unconsolidated sales target for 2014 is 80 million euro, while consolidated sales target for 2014 is 93 million euro.  According to these preliminary sales results, in 2014 JSC Olainfarm has met 102% on annual unconsolidated sales target and 101% of annual consolidated sales target.

 

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 Grew by 19% Last Year, Silvanols Restarts Exporting to Kazakhstan

Decisions Adopted by the Extraordinary General Meeting of JSC Olainfarm

on 17 gruodžio, 2014 Komentavimas išjungtas įraše Decisions Adopted by the Extraordinary General Meeting of JSC Olainfarm

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

1. Elections 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 December 18th, 2014: Valentīna Andrējeva; Gunta Veismane; Aleksandrs Raicis; Volodimirs Krivozubovs; Ingrīda Circene.

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

for V.Andrējeva – 2226844 votes or 22,39% from the number of present shareholders with voting rights;

for G.Veismane – 1927765 votes or 19,38% from the number of present shareholders with voting rights.

for A.Raicis – 1928201 votes or 19,39% from the number of present shareholders with voting rights;

for V.Krivozubovs – 1927565  votes or 19,38 % from the number of present shareholders with voting rights;

for I.Circene – 1936035  votes or 19,46 % from the number of present shareholders with voting rights.

1.2. To set the total monthly remuneration of all the Supervisory Council at 10500,00 EUR.

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

 

2. Amendments of the Articles of Association and denomination of the nominal value of shares from lats to euro.

2.1. To perform fixed capital denomination to euro of Joint Stock Company Olainfarm, unitary registration Nr. 40003007246, determining that company’s fixed capital consists of 14,085,078 (fourteen million eighty-five thousand and seventy-eight) shares, with a nominal value 1, 40 EUR (one euro 40 euro cents) per share, forming the fixed capital in amount of EUR 19 719 109.20 (nineteen million seven hundred and nineteen thousand one hundred and nine euro and 20 euro cents).

Voting: the resolution was adopted unanimously.

2.2. To determine that Joint Stock Company Olainfarm share denomination date (calculation date) is January 23rd , 2015 (end of the day).

Voting: the resolution was adopted unanimously.

2.3. To transfer positive balance arising from denomination of shares of JSC Olainfarm from lats to euros  in amount of 322 151.24 EUR  (three hundred and twenty-two thousand one hundred fifty one euro and 24 euro cents) to the reserves of Joint Stock Company Olainfarm.

Voting: the resolution was adopted unanimously.

2.4. To amend Articles of Association of JSC Olainfarm as follows:

2.4.1. To express article 3.1. of the Articles of Association as follows:

“ 3.1. Fixed capital of the Company is 19 719 109.20 (nineteen million seven hundred and nineteen thousand one hundred and nine euro and 20 euro cents). Fixed capital of the Company consists of 14,085,078 (fourteen million eighty-five thousand and seventy-eight) shares. Nominal value of one share is EUR 1.40 (one euro 40 euro cents). „

Voting: the resolution was adopted unanimously.

2.4.2. To express article 4. of the Articles of Association as follows:

“ 4. Management Board

The Management Board of the Company consists from five members of the Management Board. Members of the Management Board are elected by the Council. Council designates Chairman of the Management Board, chosen among the Members of the Management Board.

Chairman of the Management Board and two Members of the Management Board has unrestricted authority to represent the company separately. Other two Members of the Management Board are authorized to represent the company only collectively.”

Voting: the resolution was adopted unanimously.

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

Voting: the resolution was adopted unanimously.

 

3. Regarding approval of the separate audited report of JSC Olainfarm for the Year 2013, prepared in accordance with the International Financial Reporting Standards accepted in European Union.

To approve the separate audited report of Joint Stock Company Olainfarm for the Year 2013, which is prepared in accordance with the International Financial Reporting Standards accepted in European Union.

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: slapinsh@olainfarm.lv

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Decisions Adopted by the Extraordinary General Meeting of JSC Olainfarm