Olainfarm
Quarterly report

In Nine Months „Olainfarm” Produces Historically Best Results so Far

Results for 9 months of 2011 show that sales of AS “Olainfarm” have grown by nearly 40% compared to the same period a year ago and have reached 26.3 million lats (37.4 million euros). Sales made during 9 months of this year already exceed the sales made during the entire 2010 by more than one million lats.

Olaine, November 30, 2011, 2011-11-30 15:08 CET -- Increase in sales directly influenced company’s profits which during the third quarter of 2011 reached the best level so far of 1.8 million lats (2.6 million euros).  The profit of 9 months period was 5 million lats (7.1 million euros).

Increase in sales volumes of AS “Olainfarm” was achieved by strengthening company’s sales in Latvia and the key export markets, like Ukraine, Russia and Belarus. AS “Olainfarm” has also managed to significantly increase its sales to some markets were the sales historically were not as good, for instance to Canada and the Netherlands, where the sales have grown 50 and 10 times respectively.

„Nine months sales results show the strength of Olainfarm’s product portfolio and the good equilibrium of sales markets.  At least ten strong products can meet demands of different markets and “Olainfarm” proved to be able to dynamically react on new demands, which is where our success stories in Canadian and Dutch sales are coming from,“ says Salvis Lapins, Member of Olainfarm’s Board.

On November 16, 2011 Board of the Company decided to increase annual sales and profit targets of the Company.  The new sales target was set at 35 million lats (49.8 million euros) while the new profit target was set at 6.3 million lats (8.96 million euros).  According to this unaudited report during 9 months of 2011 75% of revised sales targets and 80% of revised profit targets are met during 3 quarters of 2011. 

AS Olainfarm is one of the biggest pharmaceutical companies in Latvia with nearly 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 30 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
         AS Olainfarm
         Cell: +371 26448873
         e-mail: Salvis.Lapins@olainfarm.lv