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Olainfarm’s Sales in March Exceed 10 Million Euros. Three Months Consolidated Sales Results Show 13% Sales Increase

on April 18, 2018

Consolidated sales in March
Preliminary consolidated results of JSC Olainfarm for March 2018 show that the sales exceeded 10.5 million euros, which represents an increase by 7% compared to the same period of last year.  Major sales markets of JSC Olainfarm in March were Russia, Latvia and Belarus. Sales were made to 33 countries.

The biggest sales increase in March was achieved in Uzbekistan, where sales increased by 338%.  Sales to Germany increased by 190%, but sales in India increased by 190%. Stable growth was also demonstrated by sales in established markets like Russia, Belarus, Latvia and Lithuania. The major sales reduction, however, was experienced in Ukraine, where sales dropped by 64% and Italy, where sales dropped by 58%.

March 2018, consolidated sales Sales, thsnd. EUR Share in total sales  

Changes to March, 2017 

 

Russia 3 722 35% 37%
Latvia 3 102 29% 24%
Belarus 1 236 12% 71%
Germany 310 3% 190%
Kazakhstan 294 3% 45%
Uzbekistan 292 3% 338%
Ukraine 226 2% -64%
Lithuania 207 2% 44%
Italy 195 2% -58%
India 134 1% 149%
Other 814 8% -63%
Total 10 5334 100% 7%

 

Sales of pharmacies of Latvijas Aptieka in March 2018 reached 2.2 million euros, which represents an increase of nearly 18% compared to the same period of 2017. Sixty-nine pharmacies were operating during March. Sales of Silvanols in March remained virtually unchanged compared to March of 2017 and reached 0.54 million euros. Combined sales of Tonus Elast and its Russian sales arm Elast Medical were 0.86 million euros. Combined sales of health care companies Diamed and Olainmed reached 0.22 million euros, while sales of NPK Biotest reached 0.23 million euros.

 

March 2018
Sales markets of Olainfarm 27
Sales markets of the Group 33
Number of pharmacies of Latvijas Aptieka 69
Sales of Latvijas Aptieka €   2 183 127
Sales of Olainmed and Diamed €   220 518
Sales of NPK Biotest €   231 441
Sales of Tonus Elast and Elast Medical €   863 266
Sales of Silvanols €   536 545

 

Consolidated 3 months sales
In three months of 2018, according to preliminary consolidated results, sales of JSC Olainfarm reached 30.41 million euros, which represents an increase by 13% compared to the same period of 2017. Group made its sales in 43 countries.

Sales to all ten of the top markets were growing. The biggest sales increase during this period was achieved in Japan, where sales grew by 850%. The reason for such a boost is an increased order size of chemical products to this country. Significant increases are also achieved in India, where sales grew by 504%, Uzbekistan (by 509%) and Kazakhstan (by 88%). Despite somewhat volatile economic situation in Ukraine, sales to this country during the first quarter increased by 18% compared to the first quarter of 2017.

Major sales markets of Olainfarm Group during three months of 2018 were Latvia, Russia, and Belarus.

3 months of 2018, consolidated sales Sales, thsnd. EUR Share in total sales Changes to 3 months of 2017
Latvia 8 797 29% 18%
Russia 8 191 27% 7%
Belarus 4 593 15% 43%
Ukraine 2 358 8% 18%
Kazakhstan 844 3% 88%
Uzbekistan 685 2% 509%
Germany 664 2% 68%
Lithuania 582 2% 45%
Japan 376 1% 850%
India 333 1% 504%
Other 2 988 10% -42%
Total 30 411 100% 13%

 

Sales of pharmacies of Latvijas Aptieka during the first quarter of 2018 were 6.2 million euros, which represents an increase by 19% compared to the first quarter of 2017. Sales of Silvanols during the first quarter reached 1.5 million euros, meaning they have dropped by 4.8% compared to the same period of 2017.

Combines sales of Tonus Elast and Elast Medical during the first three months of 2017 reached 2.02 million euros, while combined sales of health care companies have reached 0.6 million euros. Sales of Belarus based NKP Biotest during the first quarter reached 0.6 million euros.

3 months of 2018
Sales markets of Olainfarm 36
Sales markets of the Group 43
Number of pharmacies of Latvijas Aptieka 69
Sales of Latvijas Aptieka €   6 182 048
Sales of Olainmed and Diamed €   616 518
Sales of NPK Biotest €   626 876
Sales of Tonus Elast and Elast Medical €   2 025 783
Sales of SIlvanols €  1 540 063

 

Unconsolidated sales in March
According to preliminary unconsolidated results, sales of JSC Olainfarm in March reached 7.81 million euros, which represents an increase by 2% compared to March 2017. During the March of 2018, products of JSC Olainfarm were sold to 27 countries in four continents.

The main sales markets by share remain the same, namely Russia (43% share), Latvia (18% share) and Belarus (12% share).  Compared to March of last year, company’s sales to Uzbekistan have increased by more than 300%, however, weakening of the local currency was one of the reasons behind falling sales volumes in Ukraine, where sales in march 2018 dropped by 65% compared to March 2017. India, which has been an occasional export market of the company since 2001, the sales have increased by 149%.

March 2018, unconsolidated sales Sales, thsnd. EUR Share in total sales Changes to March 2017
Russia 3 391 43% 48%
Latvia 1 440 18% 16%
Belarus 968 12% 42%
Germany 309 4% 190%
Uzbekistan 292 4% 338%
Lithuania 197 3% 66%
Ukraine 189 2% -65%
Italy 160 2% -65%
India 134 2% 149%
Tajikistan 101 1% -31%
Other 626 8% -67%
Total 7 808 100% 2%

 

Unconsolidated sales in 3 months
According to preliminary unconsolidated results of the first quarter of 2018, the company made sales of 23.5 million euros, which represents an increase by 10% compared to the first quarter of 2017. In total, the company made its sales to 36 countries during this period.

The biggest sales increase was achieved in Japan, where sales grew by 850%, while sales to Uzbekistan grew by 509%, but sales to India increased by 505%.  The major sales markets of JSC Olainfarm during this period were Russia, Latvia, Belarus and Ukraine.

3 months of 2018, unconsolidated sales Sales, thsnd. EUR Share in total sales Changes to 3 months of 2017
Russia 7 336 31% 6%
Latvia 4 464 19% 21%
Belarus 3 895 17% 24%
Ukraine 2 320 10% 22%
Uzbekistan 685 3% 509%
Germany 659 3% 69%
Lithuania 559 2% 71%
Kazakhstan 538 2% 118%
Japan 376 2% 850%
India 332 1% 505%
Other 2 358 10% -47%
Total 23 523 100% 10%

 

According to sales guidance of JSC Olainfarm, in 2018 the company plans to reach unconsolidated sales 96 million euros and consolidated sales of 130 million euros. According to these preliminary results, in 3 months of 2018 26% of annual guidance for unconsolidated sales and 24% of annual guidance for consolidated sales have been met.

JSC Olainfarm is one of the biggest pharmaceutical companies in Latvia with more than 45 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 50 countries of the world, including the Baltics, Russia, other CIS, Europe, Asia, North America and Australia.

 

 

Information prepared by:
Salvis Lapins
Member of the Management Board
JSC Olainfarm
Rupnicu iela 5, Olaine, Latvia, LV 2114
Phone: +371 6 7013 717
Fax: +371 6 7013 777
E-mail: Salvis.Lapins@olainfarm.lv

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Dana HasanaOlainfarm’s Sales in March Exceed 10 Million Euros. Three Months Consolidated Sales Results Show 13% Sales Increase

Recording of the Fourth Quarter 2017 Investor Conference Webinar

on March 21, 2018

On March 20 JSC Olainfarm organized its Investor Conference Online Webinar. During the webinar the member of the management board of JSC Olainfarm Salvis Lapiņš analyzed the financial results of fourth quarter 2017 and informed about the other recent activities within the company.

The recorded JSC Olainfarm webinar is available online: http://ej.uz/OLF_Q4_2017, and the presentation, demonstrated during the webinar, is available in the attachment.

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

 

JSC Olainfarm is one of the biggest pharmaceutical companies in Latvia with more than 40 years of experience in production of medication and chemical and pharmaceutical products. A basic principle of company’s operations is to produce reliable and effective top quality products for Latvia and the rest of the world. Products made by the Group are being exported to more than 50 countries of the world, including the Baltics, Russia, other CIS, Europe, Asia, North America and Australia.

Information prepared by:

Salvis Lapins
JSC Olainfarm
Member of the Management Board
Rupnicu iela 5, Olaine, Latvia, LV 2114
Phone: +371 6 7013 717
Fax: +371 6 7013 777
E-mail: Salvis.Lapins@olainfarm.lv

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Dana HasanaRecording of the Fourth Quarter 2017 Investor Conference Webinar

Olainfarm will hold Fourth Quarter 2017 Investor Conference Webinar

on March 14, 2018

JSC Olainfarm invites shareholders, investors, mass media representatives and other stakeholders to join its investor conference webinar scheduled on March 20, 2018 at 16:00 (EET). To join the webinar please follow the instructions below.

Webinar will be hosted by the Member of the Management Board Salvis Lapiņš. The presentation will be held in English.

During the webinar Salvis Lapiņš will inform about JSC Olainfarm latest activities and analyze the financial results of the fourth quarter 2017.

After the presentation investors are welcome to ask questions. Due to the limited webinar time, please send in your questions in advance until March 19, 2018 to e-mail: elizabete.kalnozola@nasdaq.com.

What is a 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 http://ej.uz/OLFQ4.

You will be provided with the webinar link and instructions to join webinar successfully. When joining the webinar for the first time, you will be asked to download the system application on your computer which will take only few seconds. For more information on webinar service please visit: http://www.nasdaqbaltic.com/en/products-services/webinars-3/

Join the webinar and be the first one to hear the news!

 

JSC Olainfarm is one of the biggest pharmaceutical companies in Latvia with more than 45 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 50 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
E-mail: Salvis.Lapins@olainfarm.lv

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SigitaOlainfarm will hold Fourth Quarter 2017 Investor Conference Webinar

Statement by Irina Maligina, Guardian of Inheritance of Valerijs Maligins

on March 7, 2018

JSC Olainfarm has received the following statement of Irina Maligina, guardian of inheritance of Valerijs Maligins:

Protection of interests of family is of utmost importance now

It is very unfortunate that during the last several weeks the name of my father, Valerijs Maligins, was displayed publicly in a negative context. He surely would not like to see our family in a situation where private good is valued higher that interests of the family. This exactly is a reason why I do not want to participate in destruction generated by some interested parties. It is important now to separate what is important from what is not, and what is true from what are false speculations.

Since I was appointed by the Custody court to be the guardian of inheritance, my main task is to ensure that the inheritance is managed and its value preserved until it is transferred to heirs. I do care for preservation and increase of value of JSC Olainfarm and other companies developed by my father. This is what he would have desired and that is what is in the best interests of all parties involved. Therefore, my actions are targeted in this direction.

Recently published Annual report of JSC Olainfarm shows that the company has set the new sales record of 122 million euros, while maintaining the last year’s profit of 11.63 million. It has been a good year for the company, despite some unfavourable events, like fluctuations of Russian rouble at the beginning of the year.

Board of JSC Olainfarm proposed a dividend of three million euros or 0.21 euros per share in 2018, if audited reports have no material deviations from unaudited ones. Being a potential shareholder of the company, I understand the importance of balancing dividend payments with investments in new products or companies. Once again, I want to emphasize that further increase in value of Olainfarm group, as started by my father, is my top priority. I am ambitious about medium term development of the company – I will seriously consider any reasonable growth opportunities, including investments in new products and new companies. It is a great achievement of my father and his team, that Olainfarm has been put on the map of the major investors of the region. And it surely has to stay there.

Because of the great effort taken by Valerijs Maligins, from many perspectives, not least financial performance and governance, Olainfarm clearly is among leaders of Latvian business. It is a company with high corporate governance and transparency standards. Transparent performance is one of the key pillars on which the future value building of the company should be based.

As there are several third-party speculations in the media, let me once again emphasize that I do not plan to sell shares of Olainfarm, and neither do I support the sale of any of its daughter companies. I do care about the future of Olainfarm. I fully realize that Olainfarm group has almost 3000 employees and about 1000 shareholders, and this puts a lot of responsibility about decisions that I will have to make. My approach as a guardian of inheritance will be a pragmatic one and I will do my best possible in the best interests of heirs of Valerijs Maligins.

 

Information prepared by:
Salvis Lapins
JSC Olainfarm
Member of the Management Board
Rupnicu iela 5, Olaine, Latvia, LV 2114
Phone: +371 6 7013 717
Fax: +371 6 7013 777
E-mail: Salvis.Lapins@olainfarm.lv

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SigitaStatement by Irina Maligina, Guardian of Inheritance of Valerijs Maligins

Consolidated Sales of Olainfarm Reached 122 Million Euros

on February 28, 2018

Consolidated profit and loss calculation of JSC Olainfarm for 2017 shows that with the sales worth 122 million euros the Group has set the new sales record. Sales in 2017 increased by 10% compared to the sales of 2016.  The net profit remained at the level of 2016 and was 11.63 million euros.

Board of JSC Olainfarm proposes a dividend of 0.21 euros per share from the profit of 2017. Such a dividend will be possible if audited statements for 2017 do not deviate significantly from unaudited ones.

“Successful operations of the Company in future will largely depend on its ability to diversify its sales markets and products and to preserve its current position in its key markets. In this respect, the Company continues taking all steps necessary to obtain the market authorisations in Turkey, where the first approvals are expected by middle of 2018. The Company may continue acquiring daughter companies in several areas related to pharmaceutical sector, possibly with different sales markets. An important precondition for more efficient operations would be an ability to integrate already acquired companies and optimize the joint administrative, logistics and marketing structure,” says Olegs Grigorjevs Chairman of the Board of JSC Olainfarm.

Sales during the fourth quarter of 2017 shrunk by 1% compared to the same period of 2016 and reached 31.7 million euros.  Net income of the group in 4th quarter was 5 million euros, which represents an increase by 32% compared to the fourth quarter of 2016, making this one of the best quarters in terms of profitability.

Relatively the biggest sales increase in 2017 was achieved in Germany, where sales grew by 103%. Sales to The Netherlands grew by 57%, while sales to Belarus increased by 21%. From all the major sales markets of the Group, only sales to Poland, Uzbekistan and Ukraine experienced some reduction.  During the entire year of 2017, compared to its first nine years, share of Russia in its total sales increased from 33% to 35%.  Share of sales to other countries have remained relatively unchanged. Major sales markets of Olainfarm Group in 2017 were Russia, Latvia, Ukraine and Belarus.

During 2017, new registration processes were completed in Latvia, Kyrgyzstan, Moldova Armenia and Azerbaijan.  Registration of several medicines produced by NPK Biotest continue in Belarus has also been completed. Registration processes are still ongoing in Nepal, Armenia, Turkey, Myanmar, Cameroon and Vietnam. Registration of new product Jogurt Actio has started in several markets. New synthesis schemes have been developed for synthesis of anticancer and anti-tuberculosis medicines.

Annual meeting of shareholders of JSC Olainfarm convened on June 1, 2017 approved operating plan of the Group for 2017.  According to it, sales of the Group in 2017 are planned to be 127 million euros, but the net profit will reach 15.5 million euros. Because of poor profitability after the third quarter the management reviewed its profit guidance to either 9 million euros or ten million euros, subject to the possibility to reverse the deferred tax liability.  According to this report, annual sales target has been attained by 96%, while net profit guidance has been exceeded by 15%.

Condensed Consolidated Statement of Financial Position Group
31.12.2017 31.12.2016
EUR ‘000 EUR ‘000
     ASSETS
NON-CURRENT ASSETS
Intangible assets 37 042 31 860
Property, plant and equipment 42 562 40 943
Investment properties 2 731 1 963
Financial assets 2 704 6 514
TOTAL NON-CURRENT ASSETS 85 039 81 280
CURRENT ASSETS
Inventories 24 710 24 011
Receivables 34 280 36 124
Cash 3 158 3 165
TOTAL CURRENT ASSETS 62 148 63 300
TOTAL ASSETS 147 187 144 580
           EQUITY AND LIABILITIES
EQUITY
Share capital 19 719 19 719
Share premium 2 504 2 504
Other components of equity (79) 322
Retained earnings 76 518 74 081
Non-controlling interests 37
TOTAL EQUITY 98 662 96 663
LIABILITIES
Non-current liabilities
Borrowings 15 806 18 800
Deferred corporate income tax 3 025
Deferred income 2 347 2 810
Total Non-Current Liabilities 18 153 24 635
Current liabilities
Borrowings 13 890 7 020
Trade payables and other liabilities 16 007 15 769
Deferred income 475 493
Total Current Liabilities 30 372 23 282
TOTAL LIABILITIES 48 525 47 917
TOTAL EQUITY AND LIABILITIES 147 187 144 580

 

Consolidated statement of comprehensive income Group Group
Q4 2017 Q4 2016 M12 2017 M12 2016
EUR ‘000 EUR ‘000 EUR ‘000 EUR ‘000
Net revenue 31 694 32 018 122 078 110 693
Cost of goods sold (12 389) (10 850) (47 240) (40 855)
Gross Profit 19 305 21 168 74 838 69 838
Selling expense (11 220) (10 393) (38 228) (31 733)
Administrative expense (6 653) (6 156) (23 525) (19 735)
Other operating income 848 1 157 2 601 3 080
Other operating expense (217) (3 115) (3 677) (9 766)
Share of profit of an associate 44 36 114 63
Income from investments in subsidiaries
Financial income 22 2 125 237 3 479
Financial expense (390) (100) (2 303) (307)
Profit Before Tax 1 739 4 722 10 057 14 919
Corporate income tax 2 (252) (1 804) (2 883)
Deferred corporate income tax 3 293 (657) 3 379 (450)
PROFIT FOR THE REPORTING PERIOD 5 034 3 813 11 632 11 586
Other comprehensive loss for the reporting period (119) (119)
Total comprehensive income for the reporting period 4 915 3 813 11 513 11 586
Total comprehensive income attributable to:
The equity holders of the Parent Company 4 915 3 815 11 512 11 579
Non-controlling interests (2) 1 7
Basic and diluted earnings per share, EUR 0.36 0.27 0.83 0.82

 

JSC Olainfarm is one of the biggest pharmaceutical companies in Latvia with 45 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 50 countries of the world, including the Baltics, Russia, other CIS, Europe, Asia, North America and Australia.

 

Information prepared by:
Salvis Lapin
JSC Olainfarm
Member of the Management Board
Rupnicu iela 5, Olaine, Latvia, LV 2114
Phone: +371 6 7013 717
Fax: +371 6 7013 777
E-mail: Salvis.Lapins@olainfarm.lv

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Eva DombrovskaConsolidated Sales of Olainfarm Reached 122 Million Euros

Sales of Olainfarm in January Exceed 9 Million Euros

on February 15, 2018

Preliminary consolidated sales results of AS Olainfarm for January of 2018 show that sales have reached 9.19 million euros, which is comparable to the sales volume demonstrated in January of 2017.  The biggest sales increase was achieved in Uzbekistan, where sales grew by 237%.  Sales to Ukraine grew by 222%, but sales to Kazakhstan increased by 131%.  The biggest sales reductions were experienced in The Netherlands, where sales shrunk by 89% and Poland, where sales shrunk by 40%.  Major sales markets of Olainfarm group in January of 2018 were Latvia, Russia, Belarus and Ukraine.  Products of the group were sold to 31 countries.

January 2018, consolidated sales Sales, Thsnd. EUR Changes to January 2017 Share in total sales
Latvia 2 922 18% 32%
Russia 1 716 -27% 19%
Belarus 1 696 5% 18%
Ukraine 1 107 222% 12%
Kazakhstan 249 131% 3%
Germany 210 4% 2%
Poland 172 -40% 2%
Uzbekistan 171 237% 2%
Lithuania 145 -13% 2%
The Netherlands 97 -89% 1%
Other 705 2% 8%
Total 9 190 0% 100%

 

Sales numbers of daughter companies of JSC Olainfarm that provide significant impact on consolidated results show that sales of Latvijas Aptieka in January reached 2.03 million euros, which represents an increase by 18% compared to January of 2017. Sixty-nine pharmacies were operating during January.  Sales of Silvanols during this period were 0.42 million euros, which represents a reduction by 16%. Combined sales of Tonus Elast and its Russian based distributor Elast Medical reached 0.52 million euros.  Combined sales of medical companies Diamed and Olainmed reached 0.2 million euros, while sales of Belarus based company NPK Biotest also reached 0.2 million euros.

January, 2018
Sales markets of Olainfarm 27
Sales markets of the Group 31
Number of pharmacies of Latvijas aptieka 69
Sales of Latvijas aptieka € 2 026 519
Combined sales of Olainmed and Diamed € 197 000
Sales of NPK Biotest € 196 028
Combined sales of Tonus Elast and Elast Medical € 515 252
Sales of Silvanols € 418 216

 

According to unconsolidated preliminary results, sales of JSC Olainfarm in January 2018 reached 7.1 million euros, which represents a reduction by 9% compared to the same period of 2017.  Biggest sales increase was achieved in Uzbekistan, where sales grew by 237%. Sales to Ukraine grew by 222%, but sales to Kazakhstan grew by 175%.  The biggest sales reduction was experienced in The Netherlands, where sales shrunk by 89%.  Major sales markets during January were Belarus, Latvia, Russia and Ukraine.  In total products of Olainfarm were sold to 27 countries.

January 2018, unconsolidated sales Sales, Thsnd, EUR Changes to January 2017 Share in total sales
Belarus 1 500 -7% 21%
Latvia 1 498 16% 21%
Russia 1 486 -36% 21%
Ukraine 1 107 222% 16%
Kazakhstan 234 175% 3%
Germany 207 5% 3%
Uzbekistan 171 237% 2%
Lithuania 137 -4% 2%
Poland 133 -50% 2%
The Netherlands 97 -89% 1%
Other 529 -6% 7%
Total 7 099 -9% 100%

 

Preliminary sales targets of JSC Olainfarm for 2018 are being finalized, therefore the percentages of achieved sales targets will be provided beginning with the next monthly sales reports, once budgets for 2018 are approved.

 

JSC Olainfarm is one of the biggest pharmaceutical companies in Latvia with 45 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 50 countries of the world, including the Baltics, Russia, other CIS, Europe, Asia, North America and Australia.

 

 

Information prepared by:
Salvis Lapin
JSC Olainfarm
Member of the Management Board
Rupnicu iela 5, Olaine, Latvia, LV 2114
Phone: +371 6 7013 717
Fax: +371 6 7013 777
E-mail: Salvis.Lapins@olainfarm.lv

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Eva DombrovskaSales of Olainfarm in January Exceed 9 Million Euros

Olainfarm to Strengthen Belarus Operations

on February 13, 2018

NPK Biotest, a Belarus based producer of medical herbal infusions owned by JSC Olainfarm received a Good Manufacturing Practice certificate of Belarus. This will allow starting packing five Olainfarm products for Belarus market within this year. In addition, this year NPK Biotest becomes distributor of products of Tonus Elast in Belarus.

“Since acquisition of daughter companies we are putting a lot of effort to integrate them and use as many synergies as we can. In NPK Biotest, we have created a certified production platform, which will help us use the advantages provided to local producers in Belarus. Other European producers also expressed their interest in using services of NPK Biotest for packing of their products.

We also very highly value a long and successful experience that NPK Biotest has in cooperating with pharmacies and other retailers of Belarus, therefore we entrusted them with distributing products of Tonus Elast. We expect that potential of NPK Biotest will contribute to increasing sales of Tonus Elast in Belarus”, says Olegs Grigorjevs, Chairman of the Board of JSC Olainfarm.

JSC Olainfarm acquired Belarus based producer of medical herbal infusions in 2016 in order not only to gain the production platform in Belarus, but also to add new products to the portfolio of the group. NPK Biotest is one of the first private pharmaceutical companies in Belarus. It was established in 1990 in Hrodna by the team of scientists of Belarus Academy of Sciences. NPK Biotest develops and produces natural herbal remedies and food supplements. Its portfolio contains more than 100 herbal infusions, and mixtures. NPK Biotest also owns four pharmacies in Hrodna.

According to preliminary unconsolidated results, sales of JSC Olainfarm in 2017 was 91.97 million euros, which is comparable to the sales made in 2016. Its sales in Belarus reached 8.76 million euros, making Belarus the fourth biggest market with a share of almost 10% in total sales. Sales to Belarus in 2017 increased by 20% compared to sales made to this country in 2016. According to preliminary results, Sales of NPK Biotest in 2017 reached 2 million euros.

 

JSC Olainfarm is one of the biggest pharmaceutical companies in Latvia with 45 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 50 countries of the world, including the Baltics, Russia, other CIS, Europe, Asia, North America and Australia.

 

Information prepared by:
Salvis Lapins
JSC Olainfarm
Member of the Management Board
Rupnicu iela 5, Olaine, Latvia, LV 2114
Phone: +371 6 7013 717
Fax: +371 6 7013 777
E-mail: Salvis.Lapins@olainfarm.lv

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SigitaOlainfarm to Strengthen Belarus Operations

Orphan’s Court of City of Jurmala Has Appointed Older Daughter of Valerijs Maligins to be the Guardian of His Inheritance

on February 8, 2018

Orphan’s court of the City of Jurmala, after assessing the application of Irina Maligina has appointed her the guardian of inheritance of Valerijs Maligins, the verdict becoming effective by February 6, 2018. The Law provides that entities interested in the inheritance case may request the guardianship over the inheritance to ensure that inheritance is properly managed and preserved until the assets are taken over by heirs. Activities of guardian are being monitored by the Orphan’s court.

Irina Maligina:

“This is a great responsibility. I am ready to take it and perform with integrity to preserve the value of inheritance for the benefit of all heirs. As a guardian, among other things, I will exercise the rights of a shareholder in JSC Olainfarm and in other companies to make sure that management of those companies can continue working smoothly and implementing approved development plans. Since my father Valerijs Maligins owned several real estate properties and companies, one of the first tasks would be to identify all the elements of inheritance. It is also important to care about the real estate properties, manage them, including guarding property and pay the related bills. I have to continue servicing father’s liabilities. I would like to emphasize, that in my actions I will be very pragmatic and will do my best in the best interests of all the heirs.”

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SigitaOrphan’s Court of City of Jurmala Has Appointed Older Daughter of Valerijs Maligins to be the Guardian of His Inheritance

Announcement by Irina Maligina and Nika Saveljeva, Daughters of Late Valerijs Maligins: ” We care about the future of JSC Olainfarm”

on February 2, 2018

In relation to the sudden passing away of our father Valerijs Maligins and his will to share his inheritance equally among all three of his daughters, we would like to publicly announce our professional intentions about JSC Olainfarm, which is one of the largest pharmaceutical companies in the Baltics, as well as about other companies related to us.

Our dad, Valerijs Maligins has achieved a lot during his lifetime. No one expected his life and his work to stop so early and suddenly. We greatly respect what he has achieved and are proud of his achievements, as he developed a leading chemical and pharmaceutical products producer.

Valerijs Maligins’ will was to leave his inheritance, including shares in JSC Olainfarm to all three of his daughters in equal parts. Through this, he expressed his will that we continue with what he started. We fully realize that such an inheritance, that includes several companies, also means a great amount of duties and responsibilities.

We sincerely care about the future of Olainfarm group. We want it to continue growing, contribute to development of Latvian pharmaceutical sector and to Latvian economy in general. We will, in close cooperation with other shareholders, be working at implementation of development plans and strategies, where the current management team and other employees have a very important role to play. We rely very much on their experience and professionalism. It is the contribution of this team assembled by our father and contribution of his own that have made it into one of the strongest and the most progressive companies in the Baltics. We regard it our duty to ensure that Olainfarm remains one of the Baltic leaders in good governance and keeps creating value for all its shareholders.

We already are minority shareholders of Olainfarm and we see our professional future being related to Olainfarm and other inherited companies. We hope that Anna, our youngest sister, will also want to be related with the Company, as our father wished.

Since our childhood father wanted to introduce us to the operations of pharmaceutical sector and encouraged us to study foreign languages, because he knew it would broaden our view. Companies of Olainfarm Group have been Irina’s employers since 2013, which has allowed her know the company from its very basics and gain some professional experience. Irina has a Master’s degree in Global Management from Regent’s Business School in London; she is fluent in Russian, Latvian, English and French. Nika is studying law in Riga Stradins University; she is fluent in Latvian, Russian, English and German and is studying French and Arabic.

Our father was a wonderful person, a very bright personality, a successful businessperson and a philanthrope. We have to learn a lot to continue what our dad has started. He has taught us a lot and helps understand the main values in life. We believe this will guide us through our futures.

Our deep respect to work of Valerijs Maligins and continuation of everything he started is a mutual goal of both of us. We want to team up with other shareholders and with the management to ensure that the growth of Olainfarm continues and so do other things started by our father. We want Olainfarm and other companies to always be a pride of our own and pride of our country.

 

Irina Maligina and Nika Saveljeva

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SigitaAnnouncement by Irina Maligina and Nika Saveljeva, Daughters of Late Valerijs Maligins: ” We care about the future of JSC Olainfarm”

Regarding Inheriting of Shares of Olainfarm Owned by Valerijs Maligins

on January 16, 2018

Today, on January 16, 2018, Certified Notary Valda Vaivare read out the Testament of Valerijs Maligins, long term Chairman of the Board and co-owner of JSC Olainfarm, who suddenly passed away last month.

According to the Testament, shares of JSC Olainfarm and shares of Olmafarm Ltd. shall be inherited by all children of Mr. Maligins in equal parts, with the condition that they are not allowed to sell, present or otherwise alienate them during the five-year period after the inheritance is received. Valerijs Maligins owned 3 791 810 shares of JSC Olainfarm and 100% shares in Olmafarm Ltd., which owns another 5 994 054 shares of JSC Olainfarm.

All heirs, creditors and other entities having claims on the inheritance may submit them before April 13, 2018.

 

JSC Olainfarm is one of the biggest pharmaceutical companies in Latvia with 45 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 50 countries of the world, including the Baltics, Russia, other CIS, Europe, Asia, North America and Australia.

 

Information prepared by:
Salvis Lapins
JSC Olainfarm
Member of the Management Board
Rupnicu iela 5, Olaine, Latvia, LV 2114
Phone: +371 6 7013 717
Fax: +371 6 7013 777
E-mail: Salvis.Lapins@olainfarm.lv

 

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SigitaRegarding Inheriting of Shares of Olainfarm Owned by Valerijs Maligins