Olainfarm
Half Year financial report

In six months “Olainfarm” makes 3.7 million lats in profit

Consolidated profit and loss statement of AS „Olainfarm” for first six months of 2012 shows that the Company continues setting profit records by making 3.7 million lats (5.3 million euro) net profit in six months of this year. This is an increase by 15% compared to the first half of 2011, when the net profit was 3.2 million lats (4.6 million euro). This has so far been the most profitable first half of the year in corporate history of AS “Olainfarm”.

Olaine, August 31, 2012, 2012-08-31 15:12 CEST --  

“We have experienced yet another profitable half year in our history, during which, because of our own chain of pharmacies, we have increased our Latvian sales fourfold. We have paid dividends for the second year in a row, and have an intention to make this a long term tradition," says  Valerijs Maligins, Chairman of the Board of AS "Olainfarm".

Sales of AS “Olainfarm” during six months of 2012 have increased by 27% to 22.7 million lats (32.2 million euro).

During 1st half of 2012 sales to all key markets continued growing, except Belarus, where sales remained stable. The biggest sales increases were achieved in Taiwan, where sales grew by 596%, in Latvia, where sales grew by 313%, and the UK, where sales grew by 75%. Major sales markets of AS “Olainfarm” in six months of 2012 were Russia, Latvia, Ukraine, Belarus and the UK.  

Annual meeting of shareholders of A/s “Olainfarm” held on April 27, 2012 approved operating plan of the Concern.  According to it, sales of the Concern in 2012 are planned to be 48 million lats  (68.3 million euros), but the net profit will reach 8.6 million lats (12.24 million euros).  According to this unaudited report for 1^st half of 2012, during the first six months 47.2% of annual sales target and 42.9% of annual profit target is met.

A/s Olainfarm is one of the biggest pharmaceutical companies in Latvia with 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
         A/s „Olainfarm”
         Tel: +371 6 7013 717
         E-mail: slapinsh@olainfarm.lv