Consolidated Results of 7 months 2018

Preliminary consolidated Olainfarm Group sales results of seven months of 2018 show an increase of 4% in comparison to the corresponding period of 2017 and reached 70.6 million euros. During the first seven months of this year, the largest sales markets of the Olainfarm group were Latvia (29%), Russia (28%), Belarus (13%) and Ukraine (10%).

Sales growth was reached in home market by 22%, as a result of the successful performance of Olainfarm and its subsidiaries. In addition, 13% turnover growth in Belarus and increase of 17% in Ukrainian market have left a positive impact on the overall Group's performance during the reporting period.

Although the sales volumes in Russian market have decreased by 11%, Russia retains its position as the second largest market of Olainfarm Group.

Kazakhstan, Uzbekistan, Germany, Lithuania, and Tajikistan remain among the largest sales markets of the Group. During seven months of 2018, the largest increase in sales was reached in Uzbekistan, followed by Belarus. Some decrease in sales was observed in Kazakhstan and Poland.

7 months 2018, consolidated sales Sales, thsnd. EUR Share in total sales Changes to 7 months of 2018   
Latvia 20 173 29% 22%
Russia 19 935 28% -11%
Belarus 8 970 13% 44%  
Ukraine 6 874 10% 17%  
Kazakhstan 1 889 3% -7%
Uzbekistan 1 516 2% 46%  
Germany 1 215 2% 19%  
Lithuania 1 141 2% -  
Poland 842 1% -13%  
Tajikistan 817 1% -  
Other 7 230 10% -39%  
Total 70 602 100% 4%  

Non-consolidated results of 7 months 2018

The unconsolidated results of the first seven months of 2018 show that JSC Olainfarm sales reached nearly EUR 54 million, which is by EUR 1 million less than in the same period last year. Although the decline in sales volumes in Russia has been noted during the reporting period, the company has been able to substantially increase sales in Latvia by 18%, in Belarus by 22% and in Ukraine by 16%.

The fastest increase in sales over the seven months of this year has been achieved in Uzbekistan, where the volumes have grown by 46% against the corresponding period of last year.

7 months 2018, non-consolidated sales Sales, thousand EUR Share in total sales Changes to 7 months of 2018   
Russia 17 442 32% -15%
Latvia 9 773 20% 18%
Belarus 7 491 14% 22%
Ukraine 6 729 13% 16%
Uzbekistan 1 516 3% 46%
Kazakhstan 1 273 2% -15%
Germany 1 204 2% 20%
Lithuania 1 082 2% -
Tajikistan 817 2% -
Poland 621 1% -
Other 5 864 11% -46%
Total 53 813 100% -2%

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, during seven months of 2018, 56% of the total unconsolidated turnover planned for 2018 and 54% of the planned annual consolidated turnover has been reached.

  JSC Olainfarm is one of the biggest pharmaceutical companies in Latvia with 45 years of experience in the 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:          Lauris Macijevskis Member of the Management Board JSC Olainfarm Phone +371 29112225 Email: lauris.macijevskis@olainfarm.lv