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JSC Olainfarm donates funds to the Children’s Hospital Foundation for the purchase of new mattresses

on January 14, 2021

At the end of last year JSC Olainfarm donated 15 thousand euros to the Children’s Hospital Foundation that operates to support Children’s Clinical University Hospital, to take care of the health of children in Latvia and mitigating the consequences of Covid-19. The funds were used to purchase six anti-bedsore mattresses for the department, which currently also cares for smaller patients hospitalized with the Covid-19 virus.

The gift is already being used and Arta Bārzdiņa, Head of the Clinic of Anesthesiology and Intensive Care at Children’s Clinical University Hospital emphasizes its significance: “Anti-bedsore mattresses are used in all wards of the hospital in cases when the child has to stay lying down or in a fixed position for a long time due to his/her health condition, also when suffering from Covid-19. They can reduce the risk of bedsores.”

JSC Olainfarm continues to support state institutions in overcoming the Covid-19 crisis. “We care about the health of both our employees and society as a whole. Our corporate social responsibility activities are focused on the society – health, education and culture, therefore support for the healthcare sector, especially in this time of challenges caused by the pandemic, is a regular practice and one of the company’s priorities,” says Jeroen Weites, Chairperson of the Management Board of JSC Olainfarm.

During 2020 JSC Olainfarm has repeatedly engaged in assistance in combating the spread of Covid-19 virus and its consequences in Latvia, supporting both the information campaign of the Ministry of Health and the purchase of artificial lung ventilation devices for Stradins Hospital, as well as Covid-19 analysis equipment for the National Reference Laboratory of Riga East Hospital.

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JSC Olainfarm donates funds to the Children’s Hospital Foundation for the purchase of new mattresses

Olainfarm medicines reach patients in Russia according to new medication verification regulations

on December 12, 2020

Olainfarm medicines are successfully reaching patients in Russia. The first batch of serialised products were successfully shipped and accepted by wholesalers in October, now it has reached patients ensuring the continued availability of Olainfarm’s products in the market. The first medicines that have reached the patients, were serialized according to the new regulations, are cardiology products.

Olainfarm is committed to improving patient quality of life, including in one of the largest markets worldwide – Russia. We believe that the introduction of medication serialization and tracking regulations ensure better tracking of product circulation and protection of patients against counterfeit medication. Olainfarm worked hand in hand with international software suppliers, IT experts and Russian experts on the introduction of the medication verification system. At the moment, the process is complete – verified, approved and assessed as secure and reliable. First, high-quality heart disease drugs have been successfully introduced to the market and reached patients,” says Elena Bushberg, member of the Management Board of  JSC Olainfarm, CEO of Olainfarm, a part of Olainfarm Group of companies.

Additionally, as a long-term investment, Olainfarm has established a subsidiary in Russia, which allows it to get insights from the medical community and market research so that the efforts are relevant and current to customer needs. Olainfarm’s new subsidiary has put in place a strong digital communication, patient support programs discussing anxiety, and educational platforms for healthcare professionals reaching already 7000 subscribers since September 1st.

At the end of June this year, Olainfarm sent products worth EUR 8 million to cooperation partners in Russia, thus ensuring the continued availability of these medicines during the transition to new Russian medication verification and anti-counterfeiting regulations. Medicines are gradually being made available for sale, thus reducing supplies to Russia in the second half of this year.

Introduction of a special medication serialization and tracking system means huge investments for the manufacturer in preparing manufacturing lines. For this purpose, JSC Olainfarm ceremonially opened its new manufacturing complex a year ago in October. Investments in its construction and the purchase of equipment accounted for approximately EUR 3.6 million.

 

JSC Olainfarm is one of the largest companies in the Baltic States with more than 45 years of experience in the production of medicines and chemical pharmaceutical products. JSC Olainfarm is ranked as a TOP14 manufacturing company in Central and Eastern Europe. Currently, the products of JSC Olainfarm are exported to more than 50 countries, including Russia and other CIS countries, as well as countries of Europe, North America, Asia and Australia. The basic principle of the company’s operations is to produce sustainable healthcare products and services leveraging on manufacturing and commercial expertise.

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Olainfarm medicines reach patients in Russia according to new medication verification regulations

Olainfarm Group maintains its profit forecast, a short term decline in 9 month sales results

on December 2, 2020

In 2020, the Olainfarm Group continued its ongoing activity in major sales markets. The highest sales in nine months in 2020 was in Latvia, reaching 28 738 thousand EUR, which is 232 thousand EUR or 1% higher than the same period year ago. Latvia sales represent 32% in Group revenues. Sales in Russia for the nine months period in 2020 amount to 20 590 thousand EUR which is a decrease from 2019 due to extra one-off shipment at the end of 2019 for consumption in the first quarter 2020 amounting to 6 million EUR.

“Covid-19 pandemic and restrictions due to it have brought different challenges our way, but we understand how to tackle them, and are committed to reach our growth plans outlined in the company’s 5-year strategy. As a long-term investment, we have established a subsidiary in Russia, which allows us to get insights from the medical community and market research so that our efforts are relevant and current to customer needs. I am happy to announce that the new business model in Russia is in place and our team is operating fully,” said Elena Bushberg, Member of the Management Board, CEO of Olainfarm, a part of Olainfarm Group of companies.

During nine months of 2020, the Group’s sales reached EUR 88 893 thousand, which is 10% less than the same period of last year. Gross profit margin in 2020 is 59.2 %, which is 1.9 p.p. drop compared to 61,1 % reached the same period last year.

The Group’s EBITDA figure for nine months 2020 was EUR 18 130 thousand, which is 25 % or EUR 6 089 thousand EUR less than the result of the same period of 2019. EBITDA margin of the Group is 20.4 %. The forecasted full-year profit of the Group remains as reported in 6 month interim statements – EUR 11.2 million.

The Group’s financial position during nine months in 2020 is stable. The Group’s successful operations allowed it to accumulate EUR 29 991 thousand in cash at the end of September 2020. This is a significant precondition to limit the effect of uncertainty within the sales markets as well as allows to safeguard the supply of raw materials maintaining stable operations. Also accumulated cash allows continued financing for fixed asset investments as well as investments into research and development activities linked to completing clinical trials.

In nine months of 2020, four Phase 1 clinical trials (pharmacokinetics and bioavailability) were completed, while one Phase 1 clinical trial was deferred to H1 2021, taking into account the Covid-19 pandemic and following the guidelines issued by the European Medicines Agency in the implementation of clinical trials on 20 March 2020. Four Phase 3 clinical trials are scheduled in 2020. Within the limits and risks associated with the Covid-19 pandemic, the implementation of Phase 3 clinical trials (clinical part) is scheduled to start in 2021.

JSC “Olainfarm” is one of the largest companies in the Baltic States with more than 45 years of experience in the production of medicines and chemical pharmaceutical products. JSC “Olainfarm” is ranked as a TOP14 manufacturing company in Central and Eastern Europe. Currently, the products of JSC “Olainfarm” are exported to more than 50 countries, including Russia and other CIS countries, as well as countries of Europe, North America, Asia and Australia. The basic principle of the company’s operations is to produce sustainable healthcare products and services leveraging on manufacturing and commercial expertise.

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Olainfarm Group maintains its profit forecast, a short term decline in 9 month sales results

JSC Olainfarm donates funds to the National reference laboratory of Riga East Hospital for the purchase of Covid-19 analysis equipment

on November 23, 2020

This year, instead of corporate gifts, JSC Olainfarm chose to donate to partners and clients to limit and reduce the spread of  Covid-19 virus in Latvia. The company donated almost 18 thousand euros to the Support Fund of Riga East Clinical University Hospital. These funds were used for the purchase of equipment for the National reference microbiology laboratory, which is currently testing for Covid-19 virus using the next-generation sequencing method. 

Sequencing of the SARS-CoV-2 virus genome is a research method that can be used to determine the gene structure in genetic material, thus obtaining information about the development of the virus and tracking the spread of the Covid-19 pandemic. This method ensures the highest accuracy and quality standard of analyzes.

“The scale and speed at which Covid-19 pandemic spreads has caused an unprecedented situation, affecting the physical and mental well-being of the population. Our field of activity comes with responsibility towards our employees, partners and the Latvian society as a whole, therefore we use our knowledge, experience and the extensive cooperation network to look for solutions. The values and concerns for public health of Olainfarm remain the same – we are together and will continue our goal to improve people’s quality of life. Thank you to the doctors and laboratory staff of Riga East Clinical University Hospital! We are honoured to support the National reference microbiology laboratory with such important equipment to fight against the Covid-19 pandemic even more effective,” says Signe Baldere-Sildedze, Member of the Board of JSC Olainfarm.

Natalja Rešetņaka, Head of the Laboratory service of Riga East Clinical University Hospital: “The name of our hospital includes the words: Clinical University Hospital, while we are the main Covid-19 treatment hospital in the country, so it is very important to provide quality and prompt testing of patients and staff to help clinicians start the treatment quickly and efficiently. This is necessary for Covid-19 patients and anyone who needs the help of high-level professionals. It is a real pleasure to receive support for our work from the company Olainfarm.”

Professor Jeļena Storoženko, Head of the National reference microbiology laboratory: „I would like to thank you for this important gift to the laboratory. Thanks to the purchased equipment we will be able not only to continue testing Covid-19 but also to make a significant contribution to science by studying the nature of this virus.”

The funds donated by JSC Olainfarm have have been used to purchase equipment for a sequencing machine with the next-generation sequencing method from the German manufacturer Eppendorf. The equipment was delivered at the end of October and it is already set up for the work. A centrifuge concentrator and pipettes of various volumes have been purchased from the funds. The total amount of donation reaches almost 18 000 euros.

Management Board – Chairman of the Management Board Jeroen Weites and Board members Elena Bushberg, Zane Kotāne, Signe Baldere-Sildedze, Milana Beļeviča un Raimonds Terentjevs.

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JSC Olainfarm donates funds to the National reference laboratory of Riga East Hospital for the purchase of Covid-19 analysis equipment

“Olainfarm” confirmed the compliance with Russian Good Manufacturing Practice (GMP)

on November 2, 2020

JSC “Olainfarm” has received a Russian certificate of Good Manufacturing Practice which confirms the company’s care for the quality system, including the maintenance of requirements for the production and quality control of medicines, and compliance with the market of Russia The receiving of the certificate gives the opportunity for the company to fully continue operations in Russia, which is one of Olainfarm’s key export markets.

“The company is taking care of the product quality compliance with both international and national standards, including the requirements of the European Union and Russian regulations. Receipt of the certificate allows the company to continue achieving its goals. Special thanks to colleagues who have been working long-term to ensure that the company is meeting the highest standards,” says Raimonds Terentjevs, Member of the Board of JSC “Olainfarm” and Director of the Quality Management Department.

“One of the goals and tasks of “Olainfarm” is to build trust with customers by producing quality products in accordance with the requirements of Good Manufacturing Practices. Investments in the development and modernization of the company, as well as the work of all our team, allow “Olainfarm” to be among the pharmaceutical companies that received the Russian Good Manufacturing Practice Certificate in October. In 2019, 32% of Olainfarm’s products were exported to Russia, in line with quality requirements and a high sense of responsibility for human health and well-being. Receiving of the certificate is especially important because that way, the company has a strategically important position by combining compliance with Russian and European requirements,” emphasized Milana Beļeviča, Member of the Board of JSC “Olainfarm”.

JSC “Olainfarm” is equipped with modern technologies and certified in accordance with the requirements of Good Manufacturing Practice of Russia and EU, the Environmental Management Standard ISO 14001:2015, laboratory standard ISO 17025, in separate categories – US inspection standards (FDA), inspection standards of Australia (TGA) and Japan (PMDA). The Russian GMP Certificate is issued for three years.

JSC “Olainfarm” is one of the largest companies in the Baltic States with more than 45 years of experience in the production of medicines and chemical pharmaceutical products. JSC “Olainfarm” is ranked as a TOP14 manufacturing company in Central and Eastern Europe. Currently, the products of JSC “Olainfarm” are exported to more than 50 countries, including Russia and other CIS countries, as well as countries of Europe, North America, Asia and Australia. The basic principle of the company’s operations is to produce sustainable healthcare products and services leveraging on manufacturing and commercial expertise.

Management Board – Chairman of the Management Board Jeroen Weites and Board members Elena Bushberg, Zane Kotāne, Signe Baldere-Sildedze, Milana Beļeviča un Raimonds Terentjevs.

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“Olainfarm” confirmed the compliance with Russian Good Manufacturing Practice (GMP)

JSC “Olainfarm” awaits its 48th anniversary with a growth strategy

on October 14, 2020

This week JSC “Olainfarm” celebrates its 48th anniversary by continuing to sustainably deliver healthcare products and services to patients in the CIS, Europe and beyond, moving forward with the new five-year strategy.

“Thank you to our shareholders and partners, but especially to the team of “Olainfarm” for their contribution to the company’s development and public health by providing patients around the world with effective, high-quality treatment and disease prevention. The company has clear plans for the future – to expand its influence in Latvia, promote manufacturing and introduce the latest technologies. Our goal in celebrating this anniversary is common – to become one of the TOP 10 pharmaceutical companies in the CIS, Europe and abroad,“ says Gundars Bērziņš, the Chairperson of the Supervisory Board of JSC “Olainfarm”.

Interesting facts about “Olainfarm”

  • Currently “Olainfarm” unites more than 1,600 employees in Latvia. If all the company’s employees were choir singers, “Olainfarm” would occupy 1/10 of the stage of the Latvian Song and Dance festival closing concert.
  • The average work experience of an employee is around 12,5 years, that is the same number of years the average student spends on the school bench.
  • The company has been located in Olaine from the very beginning, in an area of 48,000 square meters, which is almost as many as 90 football fields placed next to each other.
  • One of the farthest destinations for the products of “Olainfarm” is Mexico. Measured in a straight line, those are more than 10 000 km, which is almost six times the length of the border of Latvia.

“Our manufacturing and commercial expertise of pharmaceutical products and the strengths of the company – vertical integration and full control over the production cycle – allows us to look in the future resolutely. Today a pharmaceutical company like “Olainfarm” needs to expand its product portfolio for sustainable growth, both through its production and the acquisition of pharmaceutical licenses. At present we have more than 30 new product designs, of which 14 products are in the first development phase. We expect the first products from our R&D to be commercialized as of 2023 and onwards. Our goal is to expand the product range offered by “Olainfarm” with about 5 new products every year. To achieve any goal, time and energy must be dedicated to it. During the period of strategy, we plan to devote 15 % of total revenue to investments, which is a significant part of it,” says Jeroen Weites, the Chairperson of the Management Board of JSC Olainfarm.

In recent years “Olainfarm” has strengthened its position in the Russian market by opening a subsidiary, and we are working to open another one in Ukraine in the near future. We have implemented several development projects by absorbing European Union funds, as well as have reached historically highest turnover in 2019. The anti-tuberculosis drug “PASS sodium” of the company is included in the programs of the World Health Organization (WHO) in countries where tuberculosis is prevalent. In 2019, a new manufacturing building was opened, in the production and equipment of which approximately 3,6 million euros were invested.

“Olainfarm” is committed to strengthening its position in the therapeutic areas of the central nervous system, cardiology, urinary, allergy and alimentary by bringing both, already existing and new affordable products to patients seeking treatment. This goal makes JSC “Olainfarm” an important and attractive employer in Latvia where our manufactory is situated. We want to expand our activities here considering the high environmental requirements set by the European Union.

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JSC “Olainfarm” awaits its 48th anniversary with a growth strategy

The new five-year strategy of JSC Olainfarm – sustainable healthcare products and market expansion

on September 2, 2020

On 2 September, the Management Board of JSC Olainfarm presented the company’s strategy FORWARD during Nasdaq Baltics webinar, outlining the goals and directions of the company for the next five years: sustainable Y-o-Y double digit growth in the business segments prescription drugs, over-the-counter products and Active Pharmaceutical Ingredients (API).

“Every day, Olainfarm products help improve the quality of life for millions of patients from more than 50 countries and territories around the world by caring for patients with health problems related to pain, inflammation, cardiovascular disease, mental health and others. Our mission is to improve the lives of our customers and create value for the company by providing sustainable healthcare products and services leveraging on our manufacturing and commercial expertise. We also want to transform the culture to an entrepreneurial can-do-mindset, in which our specialists are ready to make bold decisions and are able to react quickly,” said Jeroen Weites, Chairperson of the Management Board of JSC Olainfarm.

A critical strategic lever for JSC Olainfarm is to optimize both Business Development and R&D fueling our portfolio each year with new Final Dose Form (FDFs) and new APIs. Olainfarm will expand on its manufactory footprint in Latvia leading to an increase of its production activities, put innovative technologies in place and bring new skills. JSC Olainfarm has set an ambitious goal to be amongst the top 10 manufacturing companies in Central and Eastern European sustainably delivering healthcare products and services in specific therapeutic disease areas in CIS, Europe and other global markets by the year 2025. Olainfarm is one of the largest technology and knowledge intensive export oriented companies in Latvia and from a wider public context, the new Olainfarm strategy successfully supports such key initiatives as improved innovation capacity and strengthening the technological base outlined in the Latvian National Industrial Policy.

In addition, the Management Board made changes in the leadership team of the daughter companies SIA Latvijas Aptieka (pharmacy segment) and SIA Tonus Elast (compression materials segment) to implement strategy with a focus on new channels and an optimized portfolio to improve performance and net profit contribution to the group.

In the first six months of 2020 Olainfarm Group successfully continued its operations in the core markets and ensured growth of medicines supplied within its primary therapeutic areas, which allowed the Group to reach EUR 66 million sales, a similar amount of sales compared to the same time period last year. The Group’s main market in the first half of 2020 was Russia, representing 30% of total sales.

JSC Olainfarm is one of the largest companies in the Baltic States with more than 45 years of experience in the production of medicines and chemical pharmaceutical products. The basic principle of the company’s activity is to produce reliable and efficient products of the highest quality for Latvia and the whole world. Currently, the products of JSC Olainfarm are exported to more than 50 countries and territories of the world, including the Baltic States, Russia, other CIS countries, Europe, North America, Asian countries and Australia.

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The new five-year strategy of JSC Olainfarm – sustainable healthcare products and market expansion

Mārtiņš Pūriņš leaves his position as JSC Olainfarm Management Board member

on July 21, 2020

On July 21, the Supervisory Council of JSC Olainfarm received a letter of resignation from the current member of the Management Board Mārtiņš Pūriņš, he will continue to be in the position of the member of the Management Board until the 1st of August. Mārtiņš Pūriņš has been a member of the Management Board of JSC Olainfarm since April 4, 2019.

“Today I would like to thank a member of the Management board Mārtiņš Pūriņš for the important work that has done during his time on the Board of JSC Olainfarm, I thank him for his contribution to the company’s development, expertise in implementing smart technology solutions and for his efforts and energy in change management processes. On behalf of the entire council, I wish him success in future professional challenges,” emphasizes Gundars Bērziņš, Chairperson of the Supervisory Council of JSC Olainfarm.

The Chairperson of the Management Board Jeroen Weites and the Members of the Management Board Milana Beļeviča, Raimonds Terentjevs, Elena Bušberga, Signe Baldere-Sildedze and Zane Kotāne continue to work at the Management Board of JSC Olainfarm.

JSC “Olainfarm” is one of the largest companies in the Baltic States with more than 45 years of experience in the production of medicines and chemical pharmaceutical products. The basic principle of the company’s activity is to produce reliable and efficient products of the highest quality for Latvia and the whole world. Currently, the products of JSC Olainfarm are exported to more than 50 countries and territories of the world, including the Baltic States, Russia, other CIS countries, Europe, North America, Asian countries and Australia.

Additional information:  
Jānis Dubrovskis
Investor Relations Advisor of JSC Olainfarm
Phone: +371 29178878
Email: janis.dubrovskis@olainfarm.com

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Mārtiņš Pūriņš leaves his position as JSC Olainfarm Management Board member

JSC Olainfarm elects new Chairperson of the Management Board of Tonus Elast Ltd and Latvijas Aptieka Ltd

on July 21, 2020

● Jevgenijs Fedjaņins has been elected as the Chairperson of the Management Board of Tonus Elast Ltd

● The previous member of the Management Board of Latvijas Aptieka Ltd Marina Serpova has been elected as the Chairperson of the Management Board of Latvijas Aptieka Ltd

The Board of JSC Olainfarm has elected Jevgenijs Fedjaņins as the Chairperson of the Management Board of the daughter company Tonus Elast Ltd and Marina Serpova has been elected as the Chairperson of the Management Board of Latvijas Aptieka Ltd. In addition, Dace Mihnenoka and Dzianis Panou have been removed from the Board of Tonus Elast Ltd and Ilmars Pajuste has left the position on the Board of Latvijas Aptieka Ltd. Jeroen Weites, Chairperson of the Management Board of JSC Olainfarm: “I would like to say a big thank you to Mr. Pajuste, Mrs. Mihnenoka and Mr. Panou for their contribution to the business development.”

“Our goal is to strengthen the management teams of our daughter companies Tonus Elast Ltd and Latvijas Aptieka Ltd and to steer the Olainfarm Group towards sustainable and stable development. Experienced experts with a global perspective are the driving force behind the quality of the Group’s operations. In the long run, we want to move towards a unified management practice in all Group companies, and bring new momentum to the company’s development. With regard to Tonus Elast Ltd, we have ambitious plans for growth, providing a strong team and purposefully continuing to improve current results by reaching new markets, including Europe, the Arabiaan peninsula, Asia and South America, and developing new products. We are also planning to reach new customers by using new digital channels. Latvijas Aptieka Ltd has also stable positions in our home market,” says Jeroen Weites, Chairperson of the Board of JSC Olainfarm.

Jevgenijs Fedjaņins is an experienced commercial executive having previously held several leading positions in Latvia and abroad. From 2016 to 2019, he worked as a commercial director and board member of Orkla Confectionery & Snacks Latvia, working with well-known product groups in Latvia and worldwide such as Laima, Taffel, Selga and others. He has developed strong team management skills in accordance with modern industry standards. In addition, he has successfully implemented multifunctional and international projects. He has also gained significant experience in globally popular companies such as Monster Energy Europe and Nestlé Baltics.

Marina Serpova has been working on the board of Latvijas Aptieka Ltd since March 2020. She has 18 years of experience as a CFO, as well as in corporate and financial management in various sectors both in Latvia and abroad. Until now, Serpova has developed important skills in team leadership and motivation and financial and accounting matters.

Jevgenijs Fedjaņins and Marina Serpova do not own any JSC Olainfarm shares as well as shares or position at other companies.

Tonus Elast manufactures high quality elastic medical products and has an experienced team. In September 2020, the company will be 25 years old!

Last year 68 pharmacies were operating in 20 Latvian cities within the Latvijas aptieka Ltd. network of pharmacies owned by JSC Olainfarm.

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 the 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 50 countries and territories of the world, including the Baltics, Russia, other CIS, Europe, Asia, North America and Australia.

Additional information:  
Jānis Dubrovskis
Investor Relations Advisor of JSC Olainfarm
Phone: +371 29178878
Email: janis.dubrovskis@olainfarm.com

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JSC Olainfarm elects new Chairperson of the Management Board of Tonus Elast Ltd and Latvijas Aptieka Ltd

Zane Kotāne has been elected as a member of the Management Board of JSC Olainfarm

on July 2, 2020

Today, the Supervisory Council of JSC Olainfarm has elected Zane Kotāne as a member of the Management Board, who will oversee financial matters. She has significant professional experience in management, finance and governance processes in both listed and state and private companies.

“We are pleased that such a high-level specialist is joining the Management Board of Olainfarm. Zane Kotāne has significant experience in the management of both Latvian and international companies. She has in-depth knowledge in areas important to the company, such as financial analysis and planning, attracting investments from the European Union institutions and private investors, as well as internal audits. On behalf of the entire council, we wish her success,” emphasizes Gundars Bērziņš, Chairman of the Supervisory Council of JSC Olainfarm.

“It is with great pleasure that I join Olainfarm’s international management team and extensive staff to be able to turn a new page in the growth story of Olainfarm together. Olainfarm has always been the pride of Latvia – a company that, with products produced in our country, not only improves people’s lives all around the world, but also contributes to the Latvian economy and provides value for every employee of the company. I am fascinated by Olainfarm’s ambitious goals to create sustainable products and grow internationally, increasing the company’s value. Good governance is crucial to me. Finance is an important asset for transparency, sustainability and growth,” emphasizes Zane Kotāne, member of the Management Board of JSC Olainfarm.

Zane Kotāne has previously held several leading positions both on the Management Board and the Supervisory Council, in such companies as JSC Conexus Baltic Grid, JSC Latvijas Gāze, JSC Latvenergo, OU Elektrum Eesti, UAB Elektrum Lietuva. From 2018 to 2020 Z. Kotāne was the Chairperson of the Management Board of JSC Conexus Baltic Grid, but from 2016 to 2017 she was a member of the Management Board of this company. In addition, from 2015 to 2017, she was a member of the Management Board of JSC Latvijas Gāze.

In her professional career, she has been a sworn auditor, certified internal auditor, risk management specialist, process change, as well as financial manager, issuing corporate bonds in Latvia and implementing internationally accepted accounting principles. Currently, Z. Kotāne holds positions in Children’s Clinical University Hospital and the SEB Pension Fund as a member of the Supervisory Council.

Zane Kotāne holds a master’s degree in Business Administration from the Riga Business School and a bachelor’s degree in Economics and Business science from the Riga School of Economics. She also has a head of the council certificate from the Baltic Institute of Corporate Governance. In addition, she has Association of Chartered Certified Accountants (ACCA) qualification and an International Internal Auditor’s Certificate (CIA), as well as a Latvian sworn auditor’s license.

Z. Kotāne does not own any shares of JSC Olainfarm, as well as any capital shares in other companies.

Jeroen Weites, Elena Bushberg, Raimonds Terentjevs, Signe Baldere-Sildedze, Milana Beļeviča and Mārtiņš Pūriņš continue to fill their duties on the Management Board of JSC Olainfarm.

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 the 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 50 countries and territories of the world, including the Baltics, Russia, other CIS, Europe, Asia, North America and Australia.

Additional information:
Jānis Dubrovskis
Investor Relations Advisor of JSC Olainfarm
Phone: +371 29178878
Email: janis.dubrovskis@olainfarm.com

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Zane Kotāne has been elected as a member of the Management Board of JSC Olainfarm