Audited consolidated profit and loss account of JSC Olainfarm for 2015 shows that consolidated net profit was 15.3 million euros. This represents an increase by 25% compared to the net profit of 2014 and by 8% compared to the net profit of 2012, when the previous profit record was set. Parent company’s net profit in 2015 was 14.6 million euros, which represents an increase by 28% compared to the net profit of 2014.

Sales of the Group in 2015 reached 97.4 million euros, which represents an increase by 4% compared to 2014, when sales of the Group were 93.7 million euros and is the highest sales number ever reached by the group so far. Sales of the Parent company in 2015 were 84.7 million euros, which also represents an increase by 4% compared to 2014, when Parent company made sales of 81.6 million euros.

The biggest consolidated sales increase (by 107%) was achieved in The Netherlands, where products for WHO’s Anti-Tuberculosis program are shipped. Sales in Tajikistan increased by 39%, sales to Latvia by 11%. The major sales markets of the Group in 2015 were Russia, Latvia, Ukraine, Belarus and The Netherlands

The biggest Parent company’s sales increase in 2015 was achieved in The Netherlands where sales grew by 107%. Sales to Turkmenistan grew by 46%, but sales to Tajikistan grew by 39%. Significant sales growth has also been achieved in Latvia where sales of the Parent company increased by 25%. Major sales markets of Parent company of JSC Olainfarm in 2015 were Russia, Latvia, Ukraine Belarus and The Netherlands.

The best sold company’s products in 2015 were neurological products “Neiromidin”, “Noofen” and “Adaptol”, anti-tuberculosis product „PASA Sodium”, Antibacterial products „Furamag” and “Furasol”, antiarrhythmic products “Etacizin” and antihistamine product “Fenkarol”.

During the reporting period, registration processes have been launched in Bosnia and Herzegovina, Vietnam, Myanmar; GMP audit by Turkish pharmaceutical authorities has been passed, and bioavailability tests for Turkish registration completed, allowing the Parent 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. Food supplement „Jogurt Babydrops” has been registered in the Baltics and is planned for further registration in 14 countries.

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 audited report for 2015, during this period 97.4% of annual sales target and 101.9% of annual profit target is met. The same meeting approved targets for Parent company’s operations, stating that Parent company’s sales target is 87 million euros, but the profit target is 14 million euros. According to these accounts, Parent company met 97.4% of sales target but exceeded its profit target by 4%.

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