Consolidated sales – March and 3 months

Preliminary consolidated results of JSC Olainfarm for March 2019, show that the Group has made sales worth 10.8 million euros, which represents an increase by 3% compared to March of 2018. Preliminary results for first three months of Y2019 demonstrate 14% sales increase, compared to the Q1 of 2018, reaching 34.7 million euros.  Products of Olainfarm Group during this period were sold in 47 markets worldwide.

According to consolidated sales numbers for March, three major sales markets were Latvia, with 4% sales increase, Russia, where the sales dropped by 23%, and Belarus with the sales increase of 26%. Sales volumes in Russia declined because the earlier scheduled volumes for March were ordered at the beginning of the year. Amongst the 10 largest sales markets, the sales have been shrinking also in Ukraine (by 24%).  All other major outlets demonstrated sales growth in March, with substantial deliveries to Uzbekistan, the Netherlands and Tajikistan.  

In the 1Q of 2019, the main sales markets of Olainfarm Group remained the same: Latvia (28% share), Russia, (26% share), Belarus (16% share) and Ukraine (8% share).   Other major sales markets included Uzbekistan, The Netherlands, Kazakhstan, Germany, Tajikistan and Lithuania. The most rapid sales growth during this three-month period was achieved in the Netherlands, where sales grew by 386% compared to last year, and in Uzbekistan where sale grew by 39%. Russia and Latvia have demonstrated 11% sales increase in Q1. Amongst the largest sales outlets decline has been marked in Kazakhstan      (-27%), Germany (-19%) and Lithuania (-34%).

 March 2019, consolidated sales  Sales, thsnd. EURShare in total salesChanges to March 2018
Latvia3 23330%4%
Russia2 86326%-23%
Belarus1 56214%26%
The Netherlands4244%1015%
Total10 830100%3%

Q1 2019, consolidated sales Sales, thsnd. EURShare in total salesChanges to Q1 of 2018
Latvia9 78628%11%
Russia9 07526%11%
Belarus5 50416%20%
Ukraine2 8528%21%
The Netherlands7772%386%
Other3 79611%18%
Kopā34 689100%14%

Unconsolidated sales – March and 3 months

According to preliminary unconsolidated numbers, sales of JSC Olainfarm in March reached 7.9 million euros, which represents an increase by 1% compared to March of 2018.  Result was positively influenced by the sales increase in the Netherlands (by 1038%), Kirgizstan (by 611%) and Tajikistan (by 290%). Sales shrunk in Russia (by 28%) and in Ukraine (by 17%).

Unconsolidated sales results for Q1 2019 show that sales of JSC Olainfarm reached 26,5 million euros, which represents and increase by 13% compared to first 3 month of 2018. During the reporting period, sales have increased in all major sales markets of Olainfarm, except Germany, where sales shrunk by 19%, Kazakhstan (decrease by 21%) and Lithuania (decrease by 37%).   In this 3-months period, sales of Olainfarm to the Netherlands grew by 388%, but sales to Uzbekistan and Tajikistan accordingly by 39% and 28%.

March 2019, unconsolidated sales Sales, thsnd. EURShare in total salesChanges to March 2018
Latvia2 43931%-28%
Russia1 44818%1%
Belarus1 25316%29%
Uzbekistan 5847%100%
The Netherlands4245%1038%
Tajikistan 3955%290%
Kirgizstan 1942%611%
Total7 864100%1%

Q1 2019. unconsolidated sales Sales, thsnd. EURShare in total salesChanges to Q1 2018
Russia8 01730%9%
Belarus4 60617%18%
Latvia4 49217%1%
Ukraine2 83511%22%
The Netherlands7773%388%
Other3 11812%20%
Total26 502100%13%

Results of Daughter companies – March and three months of 2019

Sales of pharmacy chain of SIA Latvijas Aptieka in March 2019 exceeded 2.1 million euros, which represents 2% decrease compared to March of 2018.  Sales of SIA Silvanols in March reached 0.58 million euros, representing increase by 7% vs. the March of 2018. Combined sales of Tonus Elast and Elast Medical in March 2019 were 0.9 million euros, which is increase by 8%. Medical centers of Olainmed and Diamed made sales worth 0.27 million euros, while Belarus daughter company NPK Biotest made sales of 0.24 million euros.

In Q1 of 2019, SIA Latvijas Aptieka sales were 6.6 million euros, demonstrating 12% increase, sales of SIA Silvanols reached 1.6 million euros (an increase by 7%). Combined sales of Tonus Elast and Elast Medical also grew by 7% to 2.17 million euros. Medical centers sold services worth 0.74 million EUR, while NPK Biotest’s sales reached 0.79 million.

 March 2019 3 months of 2019
Sales markets of Olainfarm2939
Sales markets of the Group3447
Number of pharmacies71 
Sales of Latvijas Aptieka, thsnd.  2 137 6 606
Sales of Medical centers, thsnd.   268 738
Sales of NPK Biotest, thsnd.   244 792
Sales of Tonus Elast and Elast Medical, thsnd.   935 2 168
Sales of Silvanols, thsnd. 576 1 641

According to the budget of JSC Olainfarm, unconsolidated sales of the company in 2019 are planned to reach 99 million euros, while consolidated sales are expected at 133 million euros.  According to these preliminary sales figures, in the first 3 months of 2019, 27% of the annual target for unconsolidated sales and 26 % of annual target for consolidated sales are reached.

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:
Jānis Dubrovskis
Investor Relations Advisor of JSC Olainfarm
Ph.: +371 29178878