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Correction in the headline of press release in Latvian : Olainfarm Group Sales in November Grew By 8%

Corrected headline of the press release in Latvian. English version remains unchanged.

Preliminary consolidated results of JSC Olainfarm for November 2018 show that total sales of the Group have reached 10.9 million euros, which represents  8% increase compared to the same period of 2017.  During the eleven months, sales of the Olainfarm Group have grown by 7%, reaching 112.6 million euros. In 11- month, period Olainfarm Group has sold its products in 52 markets worldwide.

Consolidated data

Consolidated sales data for November show that the fastest growth in November was recorded in the Netherlands, Moldova, Belarus and Kazakhstan, where turnover grew by 474%, 98%, 67% and 52%, respectively. Sales to Uzbekistan in November decreased by 34%; 15% reduction was also marked in Ukraine, which can be explained by the orderly nature of orders. In November 2018, Olainfarm’s largest outlets were Russia, Latvia and Ukraine. In total Olainfarm products in November were sold in 33 markets.

The fastest sales growth in eleven months of this year has been observed in Belarus and Tajikistan, where sales increased by 53% and 52%, respectively. A significant increase by 31% compared to the last year has also been achieved in Uzbekistan. Sales in Russia in 11 months have decreased by 5%, while sales in Latvia have risen by 18%, but in Lithuania by 23%.

November 2018, consolidated salesSales, thsnd. EURChanges to November 2017Share in total sales
Russia3 454-3%32%
Total10 9208%100%

11 months of 2018, consolidated sales Sales, thsnd. EURChanges to 11 months of 2017Share in total sales
Russia33 716-5%30%
Latvia31 82718%28%
Belarus13 33653%12%
Ukraine10 6405%9%
Kazakhstan3 0705%3%
Uzbekistan2 21931%2%
Germany1 7683%2%
Lithuania1 70323%2%
Poland1 3858%1%
Tajikistan1 30052%1%
Other11 591-18%10%
Total112 5567%100%

Unconsolidated data

According to the preliminary unconsolidated results, sales of JSC Olainfarm during November 2018 reached 7.97 million euros, which is similar to the 11-month sales results of 2017.  The largest increase in sales in November was recorded in the Netherlands and Poland, where sales grew by 474% and 254%, respectively. In November, sales fell by 8% in Russia, while sales in Ukraine dropped by 19% compared to the last November. A decrease of 34% was also noted in Uzbekistan. In November 2018, Olainfarm’s products were sold in 30 countries worldwide.

According to unconsolidated 11-month results, sales of Olainfarm in Belarus have increased by 27%, in Latvia by 17%, in Ukraine by 5%, while sales in Russia have felt by 10% compared to 11 months of 2017. The largest increase in sales over the reporting period has been achieved in Tajikistan, Lithuania and Uzbekistan, where turnover grew by 59%, 35% and 31%, respectively. In total, during the eleven months of 2018, JSC Olainfarm products were sold in 46 countries.

November 2018, unconsolidated sales Sales, thsnd. EURChanges to November 2017Share in total sales
Russia2 923-8%37%
Latvia1 61618%20%
Ukraine1 249-19%16%
The Netherlands145474%2%
Total7 9960%100%

11 months of 2018, unconsolidated sales Sales, thsnd. EURChanges to 11 months of 2017Share in total sales
Russia29 124-10%34%
Latvia15 67517%18%
Ukraine10 97027%13%
Belarus10 4305%12%
Uzbekistan2 21931%3%
Kazakhstan1 9900%2%
Germany1 7525%2%
Lithuania1 57335%2%
Tajikistan1 26759%1%
Poland1 0433%1%
Other9 358-18%11%
Total85 4012%100%

Performance of daughter companies in November and 11- months period

Sales of pharmacies of SIA Latvijas Aptieka in November 2018 reached 2.1 million euros which represents an increase of 11% vs. the November 2017. 69 pharmacies were operating during September.  Sales of Silvanols in November reached 0.51 million euros ans increased by 13%. Combined sales of Tonus Elast and its Russian sales arm Elast Medical were 1.05 million euros. Combined sales of healthcare companies Diamed and Olainmed in November reached 0.25 million euros.  Sales of NPK Biotest in November 2018 reached 0.20 million euros.

Sales of pharmacies of SIA Latvijas aptieka in 11- months of 2018 reached 21.4 million euros, which represents an increase of 9% compared to the same period of 2017.  Sales of SIA Silvanols in 11-months were 5.5 million euros and demonstrated a 16% increase in comparison to the same period of the last year. Sales of SIA Tonus Elast in eleven months period reached 9.2 million euros.  Combined 11-month sales of healthcare companies Diamed and Olainmed reached 2.4 million euros, but sales of NPK Biotest – 2.1 million euros.

According to the estimates of JSC Olainfarm, the unconsolidated turnover of the company in 2018 could reach 96 million euros, while the consolidated turnover - 130 million euros. According to the preliminary turnover figures published here, in the 11-months of 2018, 88% of the total unconsolidated turnover planned for 2018 and 83% of the planned annual consolidated turnover has been achieved.

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 60 countries of the world, including the Baltics, Russia, other CIS, Europe, Asia, North America and Australia.

Information prepared by:

Inga Krukle
Board Member, JSC Olainfarm
Ph. +371 28698449

Tuesday, December 18, 2018 - 03:05