News

Sales of Olainfarm Group’s in Nine Month Increase By 4%

on October 18, 2018

Consolidated Results of September and 9 months of 2018
Preliminary consolidated Olainfarm Group sales in September 2018 reached 9.5 million euros, which represents a slight decrease of 1% compared to sales of September 2017. The nine-month preliminary results, in contrary, demonstrated 4% growth vs. the same period of 2017 and reached 89 million euros. In the first nine months of the year Olainfarm Group was selling its’ products to 50 markets worldwide.

According to consolidated sales data of September, sales in the three largest markets of the group – Russia, Latvia, and Belarus – increased respectively by 16%, 8% and 4%. In September, a significant increase was also achieved in Tajikistan, Poland, Moldova, and Germany. By contrast, the sales volumes in Ukraine have decreased by 67% compared to September of 2017, which can be attributed to the unusually high orders in September 2017. In a nine-months perspective, the Ukrainian market shows an increase of 9% and remains one of the three largest export markets of the Olainfarm Group.The largest sales markets of the Olainfarm Group in the first nine months of the year have remained unchanged – Russia (30%), Latvia (28%), Belarus (12%) and Ukraine (9%). The company’s major trading partners also include Kazakhstan, Uzbekistan, Germany, Lithuania, Poland, Tajikistan. The fastest increase in sales over the reporting period has been achieved in Tajikistan, where sales grew by 64%, and in Belarus, where sales increased by 42% compared to last year’s nine months. Sales in Lithuania increased by 18%, in Uzbekistan by 16%, but in Latvia by 17%.

The largest sales markets of the Olainfarm Group in the first nine months of the year have remained unchanged – Russia (30%), Latvia (28%), Belarus (12%) and Ukraine (9%). The company’s major trading partners also include Kazakhstan, Uzbekistan, Germany, Lithuania, Poland, Tajikistan. The fastest increase in sales over the reporting period has been achieved in Tajikistan, where sales grew by 64%, and in Belarus, where sales increased by 42% compared to last year’s nine months. Sales in Lithuania increased by 18%, in Uzbekistan by 16%, but in Latvia by 17%.

 

September 2018, consolidated sales Sales, thsnd. EUR Share in total sales Changes to September 2017
Russia 3 998 42% 16%
Latvia 2 951 31% 8%
Belarus 699 7% 4%
Ukraine 341 4% -67%
Germany 226 2% 75%
Moldova 142 1% 189%
Tajikistan 126 1% 807%
Poland 113 1% 290%
Kirgizstan 103 1% 22%
Lithuania 102 1% -28%
Other 727 8% -45%
Total 9 528 100% -1%

 

9 months of 2018, consolidated sales Sales, thsnd. EUR Share in total sales Changes to 9 months 2017
Russia 26 360 30% -7%
Latvia 25 329 28% 17%
Belarus 10 965 12% 42%
Ukraine 8 184 9% 10%
Kazakhstan 2 269 3% -14%
Uzbekistan 1 165 2% 16%
Germany 1 441 2% 10%
Lithuania 1 300 1% 18%
Poland 1 086 1% 8%
Tadjikistan 1 071 1% 64%
Other 9 358 11% -24%
Total 89 009 100% 4%

 

Non- consolidated data for September and nine months of 2018
According to non-consolidated preliminary data of September 2018, JSC Olainfarm sold its products by 6.9 million euros, which is by 8% less than in September 2017. The decrease was mostly impacted by the drop in sales in Ukraine by 67% and in Belarus by 25% vs. the September of 2017 when we faced unusually high orders.

The positive effect on September results was left by 8% growth in Russia, 74% increase in Germany, 290% growth in Poland and a very substantial increase of 807% in sales in Tajikistan.

The non-consolidated results of the nine months show that JSC Olainfarm sold production for more than 67 million euros, which is a slight 1% decrease in comparison to the previous year. All major Olainfarm outlets, with the exception of Russia and Kazakhstan, were sales decreased by 12% and 13% respectively, worked with a plus sign in the reference period.  In 9 months, sales of Olainfarm in Tajikistan grew by 69%, in Lithuania by 35%, in Belarus by 20%, and by 18% in Latvia.

 

September 2018, non- consolidated sales Sales, thsnd. EUR Share in total sales Changes to September 2017
Russia 3 523 51% 8%
Latvia 1 360 20% 2%
Belarus 502 7% -25%
Ukraine 341 5% -67%
Germany 224 3% 74%
Tajikistan 126 2% 807%
Poland 113 2% 290%
Kirgizstan 103 1% 22%
Lithuania 92 1% -32%
Other 551 8% -37%
Total 6 935 100% -8%

 

 

9 months of 2018, non-consolidated sales Sales, thsnd. EUR Share in total sales Changes to 9 months 2017
Russia 22 808 34% -12%
Latvia 12 460 18% 18%
Belarus 9 092 13% 20%
Ukraine 8 034 12% 11%
Uzbekistan 1 615 2% 16%
Kazakhstan 1 539 2% -13%
Germany 1 429 2% 11%
Lithuania 1 255 2% 35%
Tajikistan 1 052 2% 69%
Poland 826 1% 4%
Other 7 515 11% -27%
Total 67 624 100% -1%

 

Performance of daughter companies in September and 9 months of 2018
Sales of pharmacies of Latvijas aptieka Ltd. in September 2018 reached 1.95 million euros and remained at the level of the previous year. Seventy pharmacies were operating during September. Sales of Silvanols in September reached 0.58 million euros, remaining at the level of the last year. Combined sales of Tonus Elast and its Russian sales arm Elast Medical were 0.84 million euros. Combined sales of healthcare companies Diamed and Olainmed in May reached 0.20 million euros. Sales of NPK Biotest in September 2018 also reached 0.20 million euros.

Sales of pharmacies of Latvijas aptieka Ltd. in 9 months of 2018 reached 17.3 million euros, which represents an increase of 10% compared to the same period of 2017. Sales of Silvanols Ltd. in nine months were 4.1 million euros and demonstrated a 5% increase in comparison to the same period of the last year. Sales of Tonus Elast Ltd. in nine months period reached 7.01 million euros. Combined nine- month sales of healthcare companies Diamed and Olainmed reached 1.9 million euros, but sales of NPK Biotest – 1.7 million euros.

 

September 2018  9 months 2018
Sales markets of Olainfarm 24 44
Sales markets of the Group 29 50
Number of pharmacies of Latvijas aptieka 70
Sales of Latvijas aptieka € 1,951,085.85 € 17,260,306.65
Sales of Olainmed and Diamed € 203,741.00 € 1,893,281.00
Sales of NPK Biotest € 196,723.00 € 1,696,467.47
Sales of Tonus Elast and Elast Medical € 841,726.44 € 7,089,444.86
Sales of Silvanols € 584,890.00 € 4,114,214.64

 

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 9 months of 2018, 71% of the total unconsolidated turnover planned for 2018 and 68% of the planned annual consolidated turnover has been achieved.

JSC Olainfarm is one of the biggest pharmaceutical companies in Latvia with 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 Krūkle
Member of the Board JSC Olainfarm
Ph.: +371 28698449
inga.krukle@olainfarm.com

Sales of Olainfarm Group’s in Nine Month Increase By 4%