Latvia is a small, open economy with exports contributing nearly
a third of GDP. Due to its geographical location, transit services are
highly-developed, along with timber and wood-processing, agriculture and food
products, and manufacturing of machinery and electronics industries. Corruption
continues to be an impediment to attracting foreign direct investment and
Latvia's low birth rate and decreasing population are major challenges to its
long-term economic vitality. Latvia's economy experienced GDP growth of more
than 10% per year during 2006-07, but entered a severe recession in 2008 as a
result of an unsustainable current account deficit and large debt exposure amid
the softening world economy. Triggered by the collapse of the second largest
bank, GDP plunged 18% in 2009. The economy has not returned to pre-crisis
levels despite strong growth, especially in the export sector in 2011-12. The
IMF, EU, and other international donors provided substantial financial
assistance to Latvia as part of an agreement to defend the currency's peg to
the euro in exchange for the government's commitment to stringent austerity
measures. The IMF/EU program successfully concluded in December 2011. The
government of Prime Minister Valdis DOMBROVSKIS remains committed to fiscal
prudence and reducing the fiscal deficit. The majority of companies, banks, and
real estate have been privatized, although the state still holds sizable stakes
in a few large enterprises, including 99.8% ownership of the Latvian national
airline. Latvia officially joined the World Trade Organization in February 1999
and the EU in May 2004. Latvia intends to join the euro zone in 2014.
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Order Reference
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Consumer Reference
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:
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308202
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Requested Name
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:
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Olainfarm Inc
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Identification
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Full Name
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:
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Akciju sabiedriba "Olainfarm"
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Name in English
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:
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"Olainfarm" JSC.
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Name in national language
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:
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Akciju sabiedrība "Olainfarm"
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Previous Names
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:
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-
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Akciju sabiedriba "OLAINES KIMISKI-FARMACEITISKA RUPNICA"
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-
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Valsts uznemums Olaines kimiski - farmaceitiska rupnica
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Valsts uznemums Kimiski-biofarmaceitiska apvieniba
"LATVBIOFARM"
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Office Address
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:
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Rupnicu str. 5, Olaine, Rigas region, LV-2114, Latvia
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Legal Address
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Rupnicu str. 5, Olaine, Rigas region, LV-2114, Latvia
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Contacts
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Summary
Legal Form
: AS (JSC by Latvian law)
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Incorporation : 1991
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Staff : 1 152
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Litigation events : n/a
Remarks on payments
: yes
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Sales :
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21 328 000.00 EUR ( for 3 months, ended 30.09.2014 )
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47 003 064.00 LVL ( for 12 months, ended 31.12.2013 )
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Incorporation
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:
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1991
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Registration Data
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Date of registration
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:
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04.08.2004
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Registration number
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40003007246
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Registr. authority
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:
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Commercial Register (Latvia)
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VAT number
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LV40003007246
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Registr. authority
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:
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Tax Board (Latvia)
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Legal Form
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:
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AS (JSC by Latvian law)
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since 10.06.1991
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Share Capital
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:
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19 719 109 EUR (registered)
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since 12.01.2015
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Shareholders
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:
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Information from Unaudited Interim Condensed Consolidated Financial
Statement as known as for 30.09.2014:
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-
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OLMAFARM, SIA (Latvia)
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42.56 %
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reg. number
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:
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000328369
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address
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Rupnicu iela 5, Olaine, Rigas region, Latvia
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( the data as of 16.01.2015 )
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-
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Mr Maligins, Valerijs (Latvia)
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26.22 %
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address
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Muizas iela 15, Jurmala, Rigas region, Latvia
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( the data as of 16.01.2015 )
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-
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Other shareholders
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16.92 %
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( the data as of 16.01.2015 )
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-
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Swedbank AS Clients Account
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14.30 %
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( the data as of 16.01.2015 )
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-
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Mr Maligins, Valerijs (Latvia)
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29.24 %
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address
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:
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Muizas iela 15, Jurmala, Rigas region, Latvia
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( the data as of 30.06.2013, cancelled since 11.08.2014 )
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-
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Swedbank AS Clients Account
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12.64 %
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( the data as of 30.06.2013, cancelled since 11.08.2014 )
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-
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Rupniecibas un energetikas ministrija (Ministry for Energy and
Industry) (Latvia)
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100.00 %
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reg. number
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:
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007004814
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( the data cancelled since 27.03.1997 )
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Board / Executives
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Board
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Supervisory Board Chairman
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:
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Mrs Andrejeva, Valentina (Latvia)
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Supervisory Board Member
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:
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Mr Krivozubov, Volodimir (Ukraine)
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address: Vozduhoflotskiy prosp. 20/1 apartment 63, Kiev, Ukraine
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Volodimir Krivozubov Volodimir Krivozubov is a Director of the Ukrainian
OOO Torgoviye Tehnologii. V.Krivozubov has a medical degree from A. Bogomolec
Kiev Medical Institute (1984). Positions held in other companies: OOO
Torgovije Tehnologii (Ukraine), General Director Participation in other
companies: none Number of shares of AS OlainFarm owned (as of March 31,
2014): 0
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Supervisory Board Member
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:
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Mr Raicis, Aleksandrs (Latvia)
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address: Murjanu iela 20E, Riga, Rigas region, Latvia
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Supervisory Board Member
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:
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Mrs Veismane, Gunta (Latvia)
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Deputy chairman of the board
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:
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Mrs Dudko, Elena (Ukraine)
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address: Vozduhoflotskiy prosp. 20/1 apt. 63, Kiev, Ukraine
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Jelena Dudko, Deputy Chairperson of the Council Jelena Dudko is a Strategic
Development and Marketing Director of the pharmaceutical company Olfa. In
1996 J.Dudko graduated from a post-graduate course at the Faculty of Therapy
and Hematology of the Kiev Medical Academy. Positions held and participation
in other companies: OOO OLFA (49%) Number of shares of AS OlainFarm owned (as
March 31, 2014): 0
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( the data as of 11.08.2014, cancelled since 12.01.2015 )
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Supervisory Board Member
|
:
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Mr Talents, Talis (Latvia)
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( the data cancelled since 06.06.2013 )
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Supervisory Board Chairman
|
:
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Mr Balderis-Sildedzis, Helmuts (Latvia)
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address: Braslas iela 1A, Jurmala, Rigas region, Latvia
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( the data cancelled since 02.02.2012 )
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Supervisory Board Member
|
:
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Mrs Baldere-Sildedze, Signe (Latvia)
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address: Muizas iela 15, Jurmala, Rigas region, Latvia
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( the data cancelled since 02.02.2012 )
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Supervisory Board Member
|
:
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Mr Klincis, Rolands (Latvia)
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address: Brivibas iela 177-18, Riga, Rigas region, Latvia
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( the data cancelled since 30.01.2009 )
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Executives
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Board Chairman
|
:
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Mr Maligins, Valerijs (Latvia)
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address: Muizas iela 15, Jurmala, Rigas region, Latvia
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Participation in other companies: SIA Lano Serviss (25.04%) SIA Vega MS
(60%) SIA Briz (12.48%) SIA Olfa Press (45%) SIA Carbochem (50%) SIA Aroma
(99.21%) SIA Olmafarm (100%) SIA Escargot (33.50%) SIA Olalex (50%) SIA
“Energo Capital” (50%) OOO OLFA (51%) Number of shares of AS OlainFarm owned
(as of March 31, 2014): - Directly: 3 821 266 - Indirectly (through SIA
Olmafarm): 5 994 054 - Total: 9 815 320
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Deputy Supervisory Board Chairman
|
:
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Mrs Circene, Ingrida (Latvia)
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Board Member
|
:
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Mrs Borcova, Jelena (Latvia)
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address: Spilve, Strautu iela 5, Babites pagasts, Rigas region,
Latvia
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Board Member
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:
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Mrs Dubicka (Dubitskaya), Veronika (Belarus)
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address: Chailitko str. 12-36, Minsk, 220019, Belarus
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/joint right of signature/
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Board Member
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:
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Mr Lapins, Salvis (Latvia)
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address: Vecmilgravja 1.linija 26-28, Riga, Rigas region, Latvia
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Tel.: 67013717 Email: slapinsh@olainfarm.lv
/joint right of signature/
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Board Member
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:
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Mrs Liscika, Inga (Latvia)
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address: Liela iela 34-40, Jelgava, Jelgavas region, Latvia
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/joint right of signature/
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Board Member
|
:
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Mr Cernobrovijs, Aleksandrs (Latvia)
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address: Parka iela 1-13, Olaine, Rigas region, Latvia
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/joint right of signature/
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( the data cancelled since 21.08.2007 )
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Board Member
|
:
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Mr Jegorovs, Andris (Latvia)
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address: Parslas iela 10-25, Riga, Rigas region, Latvia
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/joint right of signature/
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( the data cancelled since 21.08.2007 )
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Board Member
|
:
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Mrs Zuka-Nikulina, Viktorija (Latvia)
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address: Apuzes iela 42-1, Riga, Rigas region, Latvia
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( the data cancelled since 21.08.2007 )
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Authorised signature
|
:
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Mrs Borcova, Jelena
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Mrs Dubicka (Dubitskaya), Veronika
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Mr Lapins, Salvis
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Mrs Liscika, Inga
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Mr Maligins, Valerijs
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Changes in Registration Data
|
:
|
Historical addresses: - Rigas rajons, Olaine; - Rigas rajons, Olaine, Rupnicu
iela 5.
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- 12.01.2015
|
:
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- 06.06.2013
|
:
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- 18.05.2012
|
:
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- 23.05.2011
|
:
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- 12.08.2010
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:
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- 23.03.2010
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:
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- 21.01.2010
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:
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- 08.10.2009
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:
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- 14.07.2009
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:
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- 03.07.2009
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:
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- 25.05.2009
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:
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- 30.01.2009
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:
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- 27.11.2008
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:
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- 09.10.2008
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:
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- 10.05.2008
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:
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- 23.04.2008
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:
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- 24.01.2008
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:
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- 21.08.2007
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:
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- 13.06.2007
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:
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- 18.08.2006
|
:
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|
share capital, managers, shareholders
|
|
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- 31.07.2006
|
:
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- 19.08.2005
|
:
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- 04.08.2004
|
:
|
obsolete name: Akciju sabiedriba "OLAINES KIMISKI-FARMACEITISKA
RUPNICA"
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- 30.07.2004
|
:
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- 15.10.2003
|
:
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- 06.08.2003
|
:
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- 25.07.2003
|
:
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- 28.12.2002
|
:
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- 14.11.2002
|
:
|
changed officer's surname
|
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- 05.08.2002
|
:
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- 27.07.2002
|
:
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- 28.06.2002
|
:
|
|
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|
- 07.06.2002
|
:
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|
|
|
|
|
- 20.12.2001
|
:
|
changes in company statute
|
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|
|
|
- 04.12.2001
|
:
|
|
|
|
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|
- 01.10.2001
|
:
|
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|
- 20.03.2000
|
:
|
|
|
|
|
|
- 28.07.1998
|
:
|
|
|
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|
|
- 27.03.1997
|
:
|
obsolete name: Valsts uznemums Olaines kimiski - farmaceitiska rupnica
|
|
|
|
|
- 27.03.1997
|
:
|
|
|
|
|
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- 22.03.1993
|
:
|
obsolete name: Valsts uznemums Kimiski-biofarmaceitiska apvieniba
"LATVBIOFARM"
|
|
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|
|
- 22.03.1993
|
:
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|
- 22.07.1992
|
:
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Activities
|
:
|
|
-
|
283
|
Drugs
|
|
|
(2441 / NACE_1.1: Manufacture of basic pharmaceutical products)
|
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(2110 / NACE_2: Manufacture of basic pharmaceutical products)
|
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Company's information published at the Stock Exchange: A/s Olainfarm
is one of the biggest pharmaceutical companies in Latvia with nearly 40 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 30 countries of
the world, including the Baltics, Russia, other CIS, Europe, Asia, North
America and Australia. Information from the company's report: Manufacture of
basic pharmaceutical products; manufacture of pharmaceutical preparations;
manufacture of other inorganic basic chemicals; manufacture of other organic
basic chemicals; manufacture of fertilisers and nitrogen compounds;
manufacture of pesticides and other agrochemical products; manufacture of
other chemical products n.e.c.; wholesale of pharmaceutical goods; wholesale
of chemical products; water collection, treatment and supply; sewerage;
freight transport by road; other passenger land transportn.e.c.; renting and
operating of own or leased real estate; other food service activities; other
professional, scientific and technical activities n.e.c.; warehousing and
storage
|
|
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Staff employed
|
:
|
|
1 152
|
|
|
( the data as of 30.09.2014 )
|
|
|
|
|
|
|
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Staff History
|
:
|
|
-
|
1 145
|
|
|
( the data as of 31.03.2014 )
|
|
|
-
|
1 126
|
|
|
( the data as of 31.12.2013 )
|
|
|
-
|
1 076
|
|
|
( the data as of 30.06.2013 )
|
|
|
-
|
952
|
|
|
( the data as of 31.12.2012 )
|
|
|
-
|
881
|
|
|
( the data as of 31.12.2011 )
|
|
|
-
|
864
|
|
|
( the data as of 31.12.2010 )
|
|
|
-
|
857
|
|
|
( the data as of 31.12.2009 )
|
|
|
-
|
1 003
|
|
|
( the data as of 31.12.2008 )
|
|
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Export / Import
|
:
|
Information from the mass-media: Products made by the Group are being exported
to more than 30 countries of the world, including the Baltics, Russia, other
CIS, Europe, Asia, North America and Australia.
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Export
|
|
|
|
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- 30.06.2013
|
:
|
Major sales (export) markets in H1, 2013: Russia: 41% Ukraine: 6%
Byelarussia: 8%
|
|
|
|
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- 30.06.2012
|
:
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Major sales (export) markets in 2012: Russia: 39% Ukraine: 23%
Byelarussia: 9%
|
|
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:
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in 2010 export made 95% of total sales
|
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Import
|
:
|
China Peoples Republic, India, Spain, Denmark, Germany
|
|
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Facilities
|
:
|
|
unknown ownership:
|
|
-
|
Other tools & equipment - Transport vehicle
|
|
quantity
|
:
|
122.00 unit(s)
|
|
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|
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Branches
|
:
|
|
-
|
Branch (Olaine, Rigas region, Latvia)
|
|
name
|
:
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Biological purifying facility
|
|
address
|
:
|
Bisukarklini 5, Olaine, Rigas region, LV-2127, Latvia
|
|
Telephone number: +371 67013840
|
|
|
-
|
Representative office (United States of America)
|
|
name
|
:
|
US Representative Office Olainfarm
|
|
address
|
:
|
451 SW Squire Johns Lane, Bldg.2, Palm City, FL 34990, United States
of America
|
|
Tel. (772) 5975700 Fax (772) 5975720 Managing director Mr. Vlad
Zelkin mob. (+371) 9242440 E-mail: olfusa@aol.com
|
|
|
-
|
Representative office (Warszawa, Poland)
|
|
address
|
:
|
ul.Volska 84/86, Warszawa, Poland
|
|
|
-
|
Representative office (Minsk, Belarus)
|
|
address
|
:
|
uk. Kozlova 4, Minsk, Belarus
|
|
|
-
|
Representative office (Kaunas, Lithuania)
|
|
address
|
:
|
Laisves 51a, Kaunas, Lithuania
|
|
|
-
|
Representative office (Almaty, Almaty region, Kazakhstan)
|
|
address
|
:
|
ul. Djambul 25, Almaty, Almaty region, Kazakhstan
|
|
|
|
|
|
|
|
|
|
|
ILMAS APTIEKAS drugs network (14 drug stores)
|
|
|
|
|
Subsidiaries and Participation
|
:
|
According to the company's report as for 30.09.2014: SIA Lano Serviss
(25.04%) SIA Vega MS (60%) SIA Briz (9.02%) SIA Olfa Press (47.5%) SIA Carbochem
(50%) SIA Aroma (99.21%) SIA Olmafarm (100%) SIA Escargot (33.50%) SIA Olalex
(50%) SIA Energo Capital (50%) OOO OLFA (0%, till 24.08.2014 - 51%)
|
|
|
|
|
Bankers
|
:
|
|
|
|
|
|
|
Information from the financial report: In February 2013 an agreement
was signed with AS „SEB Banka”, whereby the amount of loan was increased by
6.6 million euro. Additional loan was taken in order to finance purchases of pharmacies
and other companies related to pharmaceuticals.
|
|
|
|
Historical information as known as for 2011: On March 27, 2009
amendments were signed to the Credit line Agreement with JSC SEB Banka, providing
that the new due date of the credit line is June 30, 2009 and the limit of
the credit line is to be reduced to 2 200 000 Euro (Ls 1 546 169) by May 31,
2009. The new interest rate of the credit line was set at Euribor 3m +2,9%.
On July 14, 2009 new amendments to the Credit Line Agreement with JSC SEB
Banka were signed, providing the new due date of the credit line to be on
December 31, 2009. Also agreements on long term loans were amended at this
date, whereby the additional interest rate was increased to 2.1%. On May 22,
2009 Olainfarm signed a Factoring agreement with SIA „SEB Lizings” about
factoring services with the total limit of EUR 800 000 (LVL 562 243). The
Concern has put a deposit of 712 000 Euro (Ls 500 996) as an additional
financial collateral to secure its obligations towards SEB Banka. On December
30, 2009., new amendments to the Credit line agreement were signed with SEB
Banka, providing that the limit of the credit line is reduced to 1 488 000
EUR and the new due date is December 31st , 2010.
|
|
|
|
|
Clients
|
:
|
Current data is not available, information as known as for 2011:
|
|
|
|
|
|
|
|
-
|
Aversi-Pharma (Georgia)
|
|
address
|
:
|
D. Aghmashenebeli Avenue 148/2, Tbilisi, 0112, Georgia
|
|
reg. number
|
:
|
20660218
|
|
/official representative/
|
|
|
-
|
JSC Olfa (Ukraine)
|
|
address
|
:
|
ul. Dankevicha 4, Kiev, Ukraine
|
|
/official representative/
|
|
|
-
|
OOO Baltfarm (Russian Federation)
|
|
address
|
:
|
7-ya Kozhuhovskaya 20, Moscow, 115193, Russian Federation
|
|
/official representative/
|
|
|
-
|
PLIMED-VG (Moldova)
|
|
address
|
:
|
Ghioceilor street 1, Chisinau, MD2008, Moldova
|
|
reg. number
|
:
|
1003600039688
|
|
/official representative/
|
|
|
-
|
Riyad-Farm (Azerbaijan)
|
|
address
|
:
|
Ingilab street, block 1061, Baku, Azerbaijan
|
|
reg. number
|
:
|
0103-P9-37514
|
|
/official representative/
|
|
|
|
|
|
|
|
|
|
|
“Merz” (DE), “Sanofi” (FR), “Johnson & Johnson” (USA), “Degussa”
(DE), “InterChem” (USA) Regular number of clients - above 100
|
|
|
|
|
Suppliers
|
:
|
Current data is not available, information as known as for 2011:
Regular supliers - about 30
|
|
|
|
|
Litigation
|
:
|
There are no bankruptcy/insolvency listed in the subject name in the official
sources. The subject company has been involved as defendant, claimant and
co-claimant into several litigation processes from 14.12.2004 till
30.04.2015.
|
|
|
|
|
Remarks on payment
|
|
|
|
|
- 08.11.2012
|
:
|
|
Debt collection (unconfirmed)
|
0.00 LVL
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
( the data as of 08.11.2012, cancelled since 06.12.2012 )
|
|
|
|
|
- 09.04.2009
|
:
|
|
Debt collection (confirmed)
|
0.00 LVL
|
|
payment status
|
:
|
complete
|
|
|
|
|
|
|
|
|
|
( the data as of 09.04.2009, cancelled since 08.05.2009 )
|
|
|
|
|
- 03.04.2009
|
:
|
|
Debt collection (confirmed)
|
0.00 LVL
|
|
payment status
|
:
|
complete
|
|
|
|
|
|
/debt's range: 0-100 LVL/
|
|
|
|
( the data as of 03.04.2009, cancelled since 27.07.2009 )
|
|
|
|
|
- 17.05.2000
|
:
|
|
Debt collection (confirmed)
|
0.00 LVL
|
|
payment status
|
:
|
complete
|
|
|
|
|
|
/debt's range: 1000-3000 LVL/
|
|
|
|
( the data as of 17.05.2000, cancelled since 06.06.2000 )
|
|
|
|
|
- 01.09.1998
|
:
|
|
Debt collection (confirmed)
|
0.00 LVL
|
|
payment status
|
:
|
complete
|
|
|
|
|
|
/debt's range: 0-100 LVL/
|
|
|
|
( the data as of 01.09.1998, cancelled since 09.04.1999 )
|
|
|
|
|
|
There are no more other on unpaid invoices/defaulted payments noted by
local debt collection companies.
|
|
|
|
|
Business mortgages
|
|
|
- 11.11.2014
|
:
|
|
Commercial pledge
|
|
|
pledgee
|
:
|
SEB banka, AS
|
|
|
|
|
|
|
|
|
|
|
- 27.12.2013
|
:
|
|
Commercial pledge
|
|
|
pledgee
|
:
|
SEB banka, AS
|
|
|
|
|
|
|
|
|
|
|
- 12.09.2013
|
:
|
|
Commercial pledge
|
|
|
pledgee
|
:
|
SEB banka, AS
|
|
|
|
|
|
|
|
|
|
|
- 19.07.2013
|
:
|
|
Commercial pledge
|
|
|
pledgee
|
:
|
TRASTA KOMERCBANKA, AS (Latvia)
reg. number: 40003029667
|
|
|
|
|
|
|
|
|
|
|
- 09.08.2012
|
:
|
|
Commercial pledge
|
|
|
pledgee
|
:
|
SEB banka, AS
|
|
|
|
|
|
|
|
|
|
|
- 26.10.2010
|
:
|
|
Commercial pledge
|
|
|
pledgee
|
:
|
SEB banka, AS (Latvia)
|
|
|
|
|
|
|
|
|
|
|
- 03.08.2009
|
:
|
|
Commercial pledge
|
|
|
pledgee
|
:
|
SEB banka, AS (Latvia)
|
|
|
|
|
|
|
|
|
|
( the data as of 03.08.2009, cancelled since 17.07.2013 )
|
|
|
|
|
- 17.04.2008
|
:
|
|
Commercial pledge
|
|
|
pledgee
|
:
|
SEB banka, AS (Latvia)
|
|
|
|
|
|
|
|
|
|
|
- 12.02.2008
|
:
|
|
Commercial pledge
|
|
|
pledgee
|
:
|
SEB Latvijas Unibanka, AS (Latvia)
|
|
|
|
|
|
|
|
|
|
|
- 30.10.2007
|
:
|
|
Commercial pledge
|
|
|
pledgee
|
:
|
SEB Latvijas Unibanka, AS (Latvia)
|
|
|
|
|
|
|
|
|
|
|
- 06.06.2006
|
:
|
|
Commercial pledge
|
|
|
pledgee
|
:
|
SEB Latvijas Unibanka, AS (Latvia)
|
|
|
|
|
|
|
|
|
|
( the data as of 06.06.2006, cancelled since 06.07.2011 )
|
|
|
|
Financial Elements
|
|
|
*)
|
|
|
|
|
Profit and Loss figures are for period: 31.03.2014 - 30.09.2014.
|
|
|
|
|
Period, months
|
3
|
|
12
|
|
12
|
|
|
Ended
|
30.09.2014
|
|
31.12.2013
|
|
31.12.2012
|
|
|
Currency
|
EUR
|
|
LVL
|
|
LVL
|
|
|
Comments
|
*)
|
|
|
|
|
|
|
|
===== BALANCE SHEET ====================
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
--- A S S E T S --------------------
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT ASSETS
|
|
|
|
|
|
|
|
- Intangible assets
|
17 765 000.00
|
|
926 614.00
|
|
970 219.00
|
|
|
- Fixed assets
|
33 160 000.00
|
|
17 702 173.00
|
|
12 209 341.00
|
|
|
- Investments in tangible assets
|
|
|
|
|
|
|
|
- Financial assets
|
329 000.00
|
|
10 318 001.00
|
|
5 472 501.00
|
|
|
- Other non-current assets
|
|
|
|
|
|
|
|
Non-current assets total
|
51 254 000.00
|
|
28 946 788.00
|
|
18 652 061.00
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS
|
|
|
|
|
|
|
|
- Stock
|
16 608 000.00
|
|
10 318 962.00
|
|
6 950 674.00
|
|
|
- Debtors
|
33 141 000.00
|
|
23 130 628.00
|
|
21 213 596.00
|
|
|
- Other receivables
|
|
|
|
|
|
|
|
- Short-term financial investments
|
|
|
|
|
|
|
|
- Cash
|
1 835 000.00
|
|
1 186 286.00
|
|
1 338 361.00
|
|
|
- Other current assets
|
|
|
|
|
|
|
|
Current assets total
|
51 584 000.00
|
|
34 635 876.00
|
|
29 502 631.00
|
|
|
|
|
|
|
|
|
|
Assets total
|
102 838 000.00
|
|
63 582 664.00
|
|
48 154 692.00
|
|
|
|
|
|
|
|
|
|
--- EQUITY AND LIABILITIES ---------
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL AND RESERVES
|
|
|
|
|
|
|
|
- Share capital
|
20 041 000.00
|
|
14 085 078.00
|
|
14 085 078.00
|
|
|
- Additional capital
|
2 504 000.00
|
|
1 759 708.00
|
|
1 759 708.00
|
|
|
- Other capital
|
|
|
|
|
|
|
|
- Reserve capital
|
9 000.00
|
|
|
|
|
|
|
- Retained earnings (Non-covered loss)
|
50 363 000.00
|
|
28 063 693.00
|
|
20 542 370.00
|
|
|
Capital and reserves total
|
72 917 000.00
|
|
43 908 479.00
|
|
36 387 156.00
|
|
|
|
|
|
|
|
|
|
Provisions
|
|
|
0.00
|
|
544 139.00
|
|
|
|
|
|
|
|
|
|
LONG-TERM LIABILITIES
|
|
|
|
|
|
|
|
- Loans and credits
|
10 812 000.00
|
|
6 816 547.00
|
|
974 075.00
|
|
|
- long-term amounts owed to banks
|
10 812 000.00
|
|
6 695 429.00
|
|
943 614.00
|
|
|
- Other long-term liabilities
|
3 465 000.00
|
|
942 023.00
|
|
0.00
|
|
|
Long-term liabilities total
|
14 277 000.00
|
|
7 758 570.00
|
|
974 075.00
|
|
|
|
|
|
|
|
|
|
SHORT-TERM LIABILITIES
|
|
|
|
|
|
|
|
- Loans and credits
|
5 175 000.00
|
|
4 164 494.00
|
|
6 032 904.00
|
|
|
- short-term amounts owed to banks
|
5 175 000.00
|
|
4 077 185.00
|
|
6 004 890.00
|
|
|
- Creditors
|
8 459 000.00
|
|
6 830 599.00
|
|
3 343 066.00
|
|
|
- trade debts
|
7 286 000.00
|
|
6 326 615.00
|
|
1 861 485.00
|
|
|
- accrued payroll
|
|
|
|
|
|
|
|
- tax liabilities
|
1 073 000.00
|
|
334 390.00
|
|
954 414.00
|
|
|
- other creditors
|
|
|
139 788.00
|
|
473 763.00
|
|
|
- advances received
|
100 000.00
|
|
29 806.00
|
|
53 404.00
|
|
|
- Dividends in arrears
|
|
|
|
|
|
|
|
- Accrued income, deferred charges
|
1 885 000.00
|
|
920 522.00
|
|
873 352.00
|
|
|
- Other short-term liabilities
|
125 000.00
|
|
|
|
|
|
|
Short-term liabilities total
|
15 644 000.00
|
|
11 915 615.00
|
|
10 249 322.00
|
|
|
|
|
|
|
|
|
|
Liabilities total
|
29 921 000.00
|
|
19 674 185.00
|
|
11 223 397.00
|
|
|
Equity and liabilities total
|
102 838 000.00
|
|
63 582 664.00
|
|
48 154 692.00
|
|
|
|
|
|
|
|
|
|
===== PROFIT AND LOSS ACCOUNT ==========
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ORDINARY ACTIVITY INCOME AND CHARGES
|
|
|
|
|
|
|
|
Net sales
|
21 328 000.00
|
|
47 003 064.00
|
|
46 341 142.00
|
|
|
Cost of goods sold
|
7 647 000.00
|
|
-2 229 879.00
|
|
-495 798.00
|
|
|
Gross profit
|
13 681 000.00
|
|
49 232 943.00
|
|
46 836 940.00
|
|
|
Distribution costs
|
6 504 000.00
|
|
|
|
|
|
|
Administrative and management costs
|
3 958 000.00
|
|
10 228 981.00
|
|
9 681 532.00
|
|
|
Profit on sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING INCOME AND CHARGES
|
|
|
|
|
|
|
|
Interest receivable
|
|
|
107 096.00
|
|
47 748.00
|
|
|
Interest payable
|
|
|
981 765.00
|
|
234 451.00
|
|
|
Income from participating interests
|
23 000.00
|
|
|
|
|
|
|
Other operating income
|
533 000.00
|
|
1 221 633.00
|
|
595 216.00
|
|
|
Other operating charges
|
461 000.00
|
|
24 286 625.00
|
|
24 514 468.00
|
|
|
Operating profit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INVESTMENT INCOME AND CHARGES
|
|
|
|
|
|
|
|
Investment income less charges
|
42 000.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit before taxation
|
|
|
10 604 543.00
|
|
12 057 857.00
|
|
|
Income-tax and other similar payments
|
159 000.00
|
|
1 576 051.00
|
|
2 050 099.00
|
|
|
Profit (loss) from ordinary activity
|
|
|
|
|
|
|
|
Extraordinary income less charges
|
|
|
|
|
|
|
|
Net profit
|
3 197 000.00
|
|
9 028 492.00
|
|
10 007 758.00
|
|
|
|
|
|
|
|
|
|
|
- - - - - - - KEY RATIOS - - - - - - -
|
|
|
|
|
|
|
|
Return on sales, %
|
|
|
22.56
|
|
26.02
|
|
|
Profit before taxation / Net sales
|
|
|
|
|
|
|
|
Operating margin of profit, %
|
|
|
|
|
|
|
|
Operating profit / Net sales
|
|
|
|
|
|
|
|
Return on investment, %
|
|
|
24.15
|
|
33.14
|
|
|
Profit before taxation / Equity
|
|
|
|
|
|
|
|
Current assets turnover
|
0.41
|
|
1.36
|
|
1.57
|
|
|
Net sales / Current assets
|
|
|
|
|
|
|
|
Working capital
|
35 940 000.00
|
|
22 720 261.00
|
|
19 253 309.00
|
|
|
Current assets - Short-term liabilities
|
|
|
|
|
|
|
|
Leverage
|
0.71
|
|
0.69
|
|
0.76
|
|
|
Equity / Total assets
|
|
|
|
|
|
|
|
Current ratio
|
3.30
|
|
2.91
|
|
2.88
|
|
|
Current assets / Short-term liabilities
|
|
|
|
|
|
|
|
Quick ratio
|
2.24
|
|
2.04
|
|
2.20
|
|
|
(Current assets - Stock) / Short-term liabilities
|
|
|
|
|
|
|
|
Debt-to-equity ratio
|
0.41
|
|
0.45
|
|
0.31
|
|
|
Total liabilities / Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Publications
|
|
|
|
|
- 31.07.2014
|
:
|
|
Subject
|
:
|
Maligin sold shares Olainfarm for almost 1 million euros.
|
|
|
|
|
|
|
The head of the pharmaceutical company Olainfarm Valery Maligin sold
127,900 shares of the company according to NASDAQ OMX Riga information. As part
of this transaction Maligin received 999,900 euros. Press office of the
company on behalf of Malygin prepared following press release: "The
sale of shares is part of the deal by taking over the company Silvanols,
explained Maligin. We sure Silvanols has great potential for development,
so we want to play a more important role in the success of this enterprise.
With the former owner, we agreed to purchase additional units of the
company, enabling them to buy a small portion of the shares of Olainfarm owned
by me. Belief in the potential of the owners of the company and the
possibility to implement it - it is very important for success, so I'm glad
to work with such partners. " After the conclusion of this
transaction, the number of shares Olainfarm will be 14 million, all of
which are public. Largest shareholder Olainfarm - CIA Olmafarm, which owns
42.56% of the securities. At the end of April Malygin owned 27.83% of the
shares, and Swedbank clients account - 12,7%. The price of shares AS
Olainfarm this year increased by 8.68%, and now it is 7.67 euros per share.
|
|
|
|
|
|
|
|
- 30.05.2014
|
:
|
|
Subject
|
:
|
OLAINFARM SALES IN Q1 2014 REACH 23.3 MILLION EURO, NET PROFIT GROWS
BY 32%
|
|
|
|
|
|
|
JSC Olainfarm has experienced the most profitable first quarter in
its history, as its profits reached 3.7 million euro and sales were up to
23.3 million euro. Profit has increased by 32%, while sales by 30%,
compared to the same period one year ago. Major sales markets of JSC
Olainfarm during Q1 2014 were Russia, Ukraine, Latvia, Belarus and the
Netherlands. „Despite very tense Russia – Ukraine relationships and
devaluation of Tenge in Kazakhstan, we have experienced the most profitable
first quarter in our history. Sales of major products are more even, sales
of registered products are expanding and we plan to start exporting to
Mongolia this year. Sales of nti-tuberculosis product to WHO are also
increasing,” says Valerijs Maligins, Chairman of the Board of JSC
Olainfarm. During the 1st quarter of 2014 JSC Olainfarm sales continued to
increase in all of the company’s main markets, except for Kazakhstan, where
they decreased by 50% year-on-year. The decrease was due to devaluation of
Kazakhstan national currency Tenge at the beginning of the year. The
biggest increases in sales during Q1 2014 were achieved in Spain (+181%),
Lithuania (+171%), Ukraine (+157%) and Uzbekistan (+67%).In total during
three months of 2014 products of JSC Olainfarm were sold to 31 countries in
five continents. During this period 12 registration cases have been
approved in several countries. Several products are still in the process of
obtaining MAs, among other countries, in Poland, Mongolia and Kosovo.
Preclinical trials of R-fenotropil are being conducted and totally new
forms of existing products are being developed. JSC Olainfarm budget and
operating plan for 2014 sets targets for consolidated sales to reach 93
million euro and net profit to reach 15 million euro. According to the
unaudited report, during the 1st quarter of 2014 25.1% of the annual sales
target and 24.5% of the annual profit target have been met. JSC Olainfarm
is one of the biggest pharmaceutical companies in Latvia with more than 40
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 35
countries of the world, including the Baltics, Russia, other CIS, Europe,
Asia, North America and Australia. Information prepared by: Salvis Lapins
JSC Olainfarm Member of the Management Board Rupnicu iela 5, Olaine,
Latvia, LV 2114 Phone: +371 6 7013 717 Fax: +371 6 7013 777 e-mail:
slapinsh@olainfarm.lv
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|
|
- 28.04.2014
|
:
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|
Subject
|
:
|
IN 2013 CONSOLIDATED SALES OF OLAINFARM REACHED ALMOST 78 MILLION
EURO
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|
|
Consolidated profit and loss account of JSC Olainfarm for 2013 shows
that the company has reached sales of 77.9 million euro. This represents an
increase by 4% compared to 2012, when sales of JSC Olainfarm were 75.2
million euro. After tax profit of the company in 2013 was 12.6 million
euro, which is a reduction by 9% compared to 2012, when the net profit was
13.8 million euro.During 2013 sales to all key markets of JSC Olainfarm
continued growing, except Ukraine, where due to extra shipments of 2012
they shrank by 45%. The biggest sales increases were achieved in The
Netherlands, where products for WHO’s anti-tuberculosis products are being
sent. Sales there have increased by 351%. Significant sales increase has
also been achieved in Spain (sales grew by 202%), Belarus (sales grew by
48%) and Uzbekistan (sales grew by 42%). Major sales markets of JSC
Olainfarm in 2013 were Russia, Latvia, Ukraine, Belarus, Kazakhstan and the
UK. The bestselling products in 2013 were neurology medication Neiromidin,
Noofen and Adaptol, antibacterial medication Furamags and cardiology
medication Etacizīns. During 2013 37 products have been registered in
7 different countries, including the marketing partnership products.
Registration processes have been started also in Turkey, Mongolia, Mexico
and Kosovo. The work has been started at developing several new final
dosage forms, clinical trials of injectable form of Kapikor (Olvazol) are
being conducted. With support of European Regional Development Fund in 2013
laboratory equipment has been acquired which will allow moving the
production of nitrofuranes to a new production unit and further improving
production technologies of this group of products. In December 2013
Management Board of JSC Olainfarm adjusted previously set profit and sales
guidance. According to them the sales of the Concern in 2013 were planned
to be 75.1 million euro while the net profit guidance was 12.5 million
euro. According to audited report the sales guidance has been outperformed
by 3.8%, while profit guidance was outperformed by 0.8%. JSC Olainfarm
Consolidated Annual Report for the Year Ended 31 December 2013 JSC
Olainfarm is one of the biggest pharmaceutical companies in Latvia with
more than 40 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 35 countries of the world, including the Baltics, Russia, other CIS,
Europe, Asia, North America and Australia. Information prepared by: Salvis
Lapiņš Member of the Board JSC Olainfarm Mobile. +371 26 448 873
E-mail: slapinsh@olainfarm.lv
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- 16.10.2013
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:
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Subject
|
:
|
OlainFarm Receives An Award For Being The Most Rapidly Growing
Listed Company In Latvia
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Company Announcement Today at the „National Capital Awards” ceremony
AS “OlainFarm” received a special award for being the most rapidly growing
listed company in Latvia in the list of TOP 101 most valuable Latvian
companies. This year “OlainFarm” has been ranked 15th most valuable company
in Latvia, as the value of its business has increased by 58% during a year.
Olaine, 2013-10-16 16:25 CEST (GLOBE NEWSWIRE) -- “Increase in company’s
value reflects very professional and successful team work that we have been
demonstrating over a number of years. It is a grand total of very many
decisions. Last year price of share of “OlainFarm” in Riga Stock Exchange
increased by 50%. All this successful development allowed us to pay 1.5
million lats in dividends. Over the last number of years we have been
actively informing investors about corporate news and results, in webinars
we share achievements and plans. We will continue developing these and
other initiatives in order to even further improve the level of investor
relations,” Salvis Lapins, Member of the Board of AS “OlainFarm” said.
"Through ambitious and dedicated work the company has achieved
excellent results. “OlainFarm” is the last year’s most traded company among
all the companies listed in Riga Stock Exchange, besides, its share price
has increased the most among all the companies of the Official list,"
Daiga Auzina-Melalksne, Chairwoman of “NASDAQ OMX Riga” emphasized.
"According to evaluation done by the Stock exchange, ”OlainFarm” has a
high corporate management coefficient. As a listed company it is making its
financial disclosures on a regular basis, its operations are closely
watched by investors, media and the general public," said Chairwoman
of the Stock Exchange. Value of the business of AS “OlainFarm” has this
year increased by 58% compared to the last year, i.e. from 90.7 million
lats (129.05 million euro) in 2012 to 143.6 million lats (204.3 million
euro) in 2013. This has ensured that AS „OlainFarm” has moved up 9
positions in the list of most valuable Latvian companies, from 24th place
last year to 15th place in 2013. Last year at the ceremony of “National
Capital Awards” Chairman of the Board of AS “Olainfarm” Valerijs Maligins
received a Certificate of Appreciation from President Andris Berzins of
Latvia. The Certificate was awarded celebrating impressive growth of the
company that has been achieved through successful conquest of export
markets. Top 101 of the most valuable Latvian companies is an annual
publication by “Kapitāls” magazine, the winners are celebrated at the
National Capital Awards ceremony. List of the most valuable Latvian
companies is being prepared in cooperation with "NASDAQ OMX Riga"
and independent investment banking and financial advising company
"Prudentia", informative support is provided by "Lursoft
IT". A/s OlainFarm is one of the biggest pharmaceutical companies in
Latvia with 40 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 30 countries of the world, including the Baltics, Russia, other CIS,
Europe, Asia, North America and Australia.
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- 15.10.2013
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:
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Subject
|
:
|
Sales of OlainFarm in September increase by 22%
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|
|
Company Announcement Preliminary consolidated sales results of AS
“OlainFarm” for September 2013 show that sales have reached 5.54 million lats
(7.88 million euro), which is an increase by 22% compared to the same
period one year ago. The biggest sales increases wrer achieved in Spain,
where sales increased by 167%, sales to Belarus increased by 71%, while
sales in Latvian market increased by 41%. Major sales markets of AS
“OlainFarm” in September 2013 were Russia, Latvia, Ukraine and Belarus.
Significant shipments to Tajikistan have also been made. ccording to
preliminary consolidated results, sales of AS “OlainFarm” in nine months of
2013 were 38.02 million lats (54.1 million euro), which represents an
increase by 8% compared to the same period of 2012. The most rapid sales
increases have been witnessed in The Netherlands, where sales increases by
2685%, as well as Spain (by 202%) and Belarus, where sales increased by
62%. Major sales markets of AS “OlainFarm” in nine months of 2013 were
Russia, Latvia, Ukraine, Belarus and Kazakhstan. Sales of Pharmacy chain
SIA “Latvijas aptieka” owned by AS “OlainFarm” were record-high in
September as they reached 0.83 million lats (1.18 million euro). 49
pharmacies were operating throughout September. In nine months of 2013
sales of SIA “Latvijas aptieka” were 6.89 million lats. Sales of SIA
“SIlvanols” in September 2013 were 0.19 million lats (0.27 million euro).
According to preliminary unconsolidated results sales of AS “OlainFarm” in
September 2013 were 4.87 million lats (6.93 million euro), which represents
an increase by 22% compared to the respective period of 2012. The biggest
sales increases were achieved in Spain, where sales grew by 167%, sales in
Latvia grew by 110%, and sales to Belarus by 71%. 0,09 million lats (0.13
million euro) worth of products have also been sold to Tajikistan.
According to unconsolidated result the major sales markets of AS
“OlainFarm” in September 2013 were Russia, Ukraine, Latvia, Belarus and
Spain. Suring September 2013 products of AS “OlainFarm” were sold to 26
countries on 4 continents. In nine months of 2013 according to preliminary
unconsolidated results sales of AS “OlainFarm” were 32.71 million lats
(46.54 million euro), which is an increase by 8% compared to the same
period of 2012. The most rapid sales increases during this period have been
achieved in The Netherlands and Spain, where sales have grown by 2685% and
202% respectively. Relatively high rate of increase during this period has
also been observed in Latvia (by 82%) and Belarus (by 62%). According to
preliminary unconsolidated results major sales markets of AS “OlainFarm” in
nine months of 2013 were Russia, Latvia, Ukraine, Belarus, Kazakhstan and
the UK. Products to 35 countries have been sold during nine months of 2013.
On April 12, 2013 Management Board of AS “OlainFarm” approved an operating
plan for the company, providing that unconsolidated sales of the company
will reach 50 million lats (71.1 million euro), while consolidated sales of
the company will reach 59 million lats (83.9 million euro). According to
these preliminary sales results, during nine months of 2013 65% of
unconsolidated sales target and 64% of consolidated sales target have been
achieved.
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- 30.08.2013
|
:
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|
Subject
|
:
|
“OlainFarm” Sets Another Sales and Profits Record
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|
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|
|
Half Year financial report OlainFarm's unaudited profit and loss
statement for the first half of 2013 shows that the company had a turnover
of 24.3 million lats (34.6 million euros). It is 7% more than in the same
period last year. Consequently, the first half of 2013 is the most
successful in terms of turnover of “OlainFarm” history. Olaine 30.08.2013,
2013-08-30 19:04 CEST (GLOBE NEWSWIRE) -- "In the first half of the
year “OlainFarm” has managed to achieve yet another sales record. We plan
to retain this acceleration and increase it, because the seasonality
affects the pharmaceutical industry in a way that the second half of the
year is more successful. Strategically we will continue to develop in the
same direction - introduce new products, will acquire and strengthen our
presence in the pharmaceutical markets. This will be achieved by closer
co-operation with other manufacturers for product distribution in the CIS
and other countries. Simultaneously we are expanding the "Latvijas
aptieka” network and we are actively engaging in medical device and food
supplements sub segment that is possible after “OlainFarm” acquired the
stocks of “Silvanols”," says Valerijs Maligins, Chairman of
OlainFarm’s Board. “OlainFarm” profit after tax during this period was 3.63
million lats (5.16 million euros). Particularly successful and thus also
the most profitable 2nd quarter in company’s history has been the 2nd
quarter of 2013, in which the net profit reached 1.68 million lats (2.39
million euros), which is an increase by almost 30% compared to the same
period last year. In the first half of 2013 there have been 18 completed
registrations of “OlainFarm” products in 7 different countries, as well as
started the registration processes in Turkey and Mongolia. The work also continues
on a number of new drug form developments including clinical studies of
injectible form of Kapikor (Olvazol). “OlainFarm” in May 2013, received a
discount of 5,21 million lats to the corporate income tax (CIT) for long
term investments programme. In the first half of 2013 “OlainFarm” became
the main stockholder in the third biggest Latvian pharmaceutical company
“Silvanols” by acquiring 70,88% stock. Sales volumes continued to grow in
all key business markets, except Ukraine, where it fell by 63% compared to
the first half of 2012. This is due to the fact that AS
"OlainFarm" overshipped products to Ukraine in the 4th quarter of
2012, resulting in sales to Ukraine in 2013 being smaller than usual. The
most rapid growth in the first half of 2013 was achieved in The Netherlands
where sales increased by 1982%. In Canada, it has almost tripled, while in
Belarus sales increased by 33% Latvia by 32% and Russia by 26%.
“OlainFarm’s” biggest markets in the first half of 2013 were Russia,
Belarus, Latvia, Ukraine and the United Kingdom. Annual meeting of
shareholders of AS “OlainFarm” held on April 29, 2013 approved operating
plan of the Concern. According to it, sales of the Concern in 2013 are
planned to be 59 million lats (84 million euros), but the net profit will
reach 11,5 million lats (16,4 million euros). According to this unaudited
report for 2 quarters of 2013, 41% of annual sales plan and 32% of annual
profit target have been achieved.
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- 16.08.2012
|
:
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|
Subject
|
:
|
https://newsclient.omxgroup.com/cdsPublic/viewDisclosure.action?disclosureId=517862&messageId=636342
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|
|
Sales of “Olainfarm” in July increase by 51% Preliminary consolidated
results of AS “Olainfarm” for July show that the sales of the company have
increased by 51% compared to the same period a year ago and have reached
4.06 million lats (5.78 million euro). The biggest sales increases were
achieved in India, where sales grew 158 times, in Latvia by 430%, in Turkey
by 73% and in Russia by 45%. Major sales markets of AS “Olainfarm” in July
of 2012 were Russia, Ukraine, Latvia and Uzbekistan.
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- 07.06.2012
|
:
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|
Subject
|
:
|
www.rus.delfi.lv
|
|
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|
|
The next year Olainfarm plans to increase own drug stores network up
to 50-60.
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|
- 10.12.2009
|
:
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|
Subject
|
:
|
http://www.nasdaqomxbaltic.com
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|
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|
|
“Olainfarm” starts exporting to Canada and Australia According to
its long term cooperation agreement with international pharmaceutical
company “Arrow Group” JSC Olainfarm has started supplying the active
pharmaceutical ingredient (API) and tablets of memantine (new generation of
neuroprotectors) to Canadian and Australian markets. API worth 31 626 lats
(45 000 Euros) will be shipped to Canada this year, while memantine pills
worth 87 850 lats (125 000 Euros) will be delivered to Australia in 2010.
“There is a great element of satisfaction in seeing that this long term
work at development and launching of memantine has resulted in cooperation
with such a strong company as “Arrow Group” and in Olainfarm entering
totally new export markets. Although in monetary terms we are talking about
very small sums, one has to keep in mind that this is just a very beginning
and will be followed by other shipments and countries. This shipment, in
combination with sales of API of rimantadine to USA and shipments to multinational
giant “Novartis” is not only a proof of exceptional quality of Olainfarm's
products, but it also shows that Latvian pharmaceutical industry meets the
highest international standards," says Mr. Valerijs Maligins,
Olainfarm's CEO. In 2004 Olainfarm signed an agreement with “Arrow Group”.
It provides that Olainfarm will produce API and final dosage forms (FDFs)
of memantine and divide the sales markets with Arrow Group. „Arrow Group“
will sell memantine to US, Canada, UK, Australia, New Zealand, Israel and
Japan, while Olainfarm will sell it to the Baltics, CIS, CEE, Middle East
and Asia.. Memantine represents a new generation of neuroprotectors, with
particularly wide and successful application in treatment of Alzeimer's
disease. Olainfarm has invested about 1 million lats (about 1.5 million
euros) in research and development of this product. “Arrow Group” is a
London based pharmaceutical company established in 2000, operating in 20
countries. It operates as “Cobalt” in USA and Canada, as “Arrow Generics”
in the UK, and “Arrow Generiques” in France. “Arrow Group” employs 800
people and it owns three plants in Canada, Malta and Brazil. In summer 2009
“Arrow Group” was bought by second largest US generics company “Watson
Pharmaceuticals Inc.” for 1.75 billion US$.
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FINAL COMMENTS
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|
An inquiry had been sent to the company by e-mail for attention of
Salvis Lapins. If company's administration agrees to provide us with information,
we will update the report.
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|
Events History
|
:
|
According to the company's web - site data: The company was
established in 1972 as a state enterprise „Olaine Chemical-pharmaceutical Plant”.
The main objective of the company’s establishment was to supply all Soviet
Union plants manufacturing finished drug forms with pharmaceutical substances
and intermediates.
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Registration History
|
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|
|
- 10.06.1991
|
:
|
|
Registration number
|
:
|
000300724
|
|
Registr. authority
|
:
|
State Register (Latvia)
|
|
|
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|
|
|
|
( the data as of 10.06.1991, cancelled since 04.08.2004 )
|
|
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|
Capital History
|
|
|
|
|
- 21.08.2007
|
:
|
14 085 078 LVL (registered)
|
|
|
|
( the data as of 11.08.2014, cancelled since 12.01.2015 )
|
|
|
|
|
- 18.08.2006
|
:
|
13 209 055 LVL (registered)
|
|
|
|
( the data as of 18.08.2006, cancelled since 21.08.2007 )
|
|
|
|
|
- 04.08.2004
|
:
|
10 252 365 LVL (registered)
|
|
|
|
( the data as of 04.08.2004, cancelled since 18.08.2006 )
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|
APPENDIX A
|
|
|
|
|
|
|
Financial Statements
|
|
|
|
|
|
|
Period, months
|
3
|
|
12
|
|
12
|
|
|
Ended
|
30.09.2014
|
|
31.12.2013
|
|
31.12.2012
|
|
|
Currency
|
EUR
|
|
LVL
|
|
LVL
|
|
|
|
PROFIT AND LOSS ACCOUNT
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
010 Net turnover
|
21 328 000.00
|
|
|
|
|
|
|
020 Cost of sales
|
7 647 000.00
|
|
|
|
|
|
|
025 Change in stock, finished and semi-finished goods
|
|
|
|
|
|
|
|
030 Gross profit or loss
|
13 681 000.00
|
|
|
|
|
|
|
035 Facilities produced at the expense of own funds for internal use
|
|
|
|
|
|
|
|
040 Distribution costs
|
6 504 000.00
|
|
|
|
|
|
|
050 Administrative expenses
|
3 958 000.00
|
|
|
|
|
|
|
060 Other operating income
|
533 000.00
|
|
|
|
|
|
|
062 Economical expenses
|
|
|
|
|
|
|
|
064 Gross profit or loss
|
|
|
|
|
|
|
|
065 Administrative charges
|
|
|
|
|
|
|
|
067 Depreciation of fixed assets
|
|
|
|
|
|
|
|
068 Other operating expenses
|
461 000.00
|
|
|
|
|
|
|
070 Income from participating interests
|
23 000.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
080 Income from securities and loans forming long-term
|
42 000.00
|
|
|
|
|
|
|
investments
|
|
|
|
|
|
|
|
090 Other interest receivable and similar income
|
|
|
|
|
|
|
|
100 Value adjustments in respect of financial assets and
|
|
|
|
|
|
|
|
of investments held as current assets
|
|
|
|
|
|
|
|
110 Interest payable and similar charges
|
|
|
|
|
|
|
|
120 Profit or loss on ordinary activities before taxation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
130 Extraordinary income
|
|
|
|
|
|
|
|
140 Extraordinary charges
|
|
|
|
|
|
|
|
150 Extraordinary profit or loss before taxation
|
|
|
|
|
|
|
|
151 Profit or loss before taxation
|
3 356 000.00
|
|
|
|
|
|
|
160 Income-tax for fiscal period
|
455 000.00
|
|
|
|
|
|
|
170 Other taxes
|
|
|
|
|
|
|
|
175 Deferred Income-tax for fiscal period
|
296 000.00
|
|
|
|
|
|
|
180 Profit or loss for fiscal period
|
3 197 000.00
|
|
|
|
|
|
|
995 Depreciation
|
|
|
|
|
|
|
|
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BALANCE SHEET
|
|
|
|
|
|
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|
|
|
|
|
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|
|
A S S E T S
|
|
|
|
|
|
|
|
|
|
|
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|
|
NON-CURRENT ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intangible assets
|
|
|
|
|
|
|
|
010 Cost of research and development
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
020 Concessions, patents, licences, brands, etc.
|
9 397 000.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
021 Other intangible assets
|
1 512 000.00
|
|
|
|
|
|
|
030 Goodwill
|
6 660 000.00
|
|
|
|
|
|
|
040 Payments on account for intangible assets
|
196 000.00
|
|
|
|
|
|
|
050 Total intangible assets
|
17 765 000.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible assets
|
|
|
|
|
|
|
|
060 Real estate
|
12 105 000.00
|
|
|
|
|
|
|
061 Long-term investments in leased tangible assets
|
224 000.00
|
|
|
|
|
|
|
070 Plant and machinery
|
10 590 000.00
|
|
|
|
|
|
|
080 Other fixtures and fittings, tools and equipment
|
2 299 000.00
|
|
|
|
|
|
|
090 Payments on account and tangible assets in cours
|
6 465 000.00
|
|
|
|
|
|
|
of construction
|
|
|
|
|
|
|
|
091 Prepayment for tangible assets
|
1 477 000.00
|
|
|
|
|
|
|
100 Total tangible assets
|
33 160 000.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
III Investment property, total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
107 Total biological assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial assets
|
|
|
|
|
|
|
|
110 Shares in subsidiaries
|
|
|
|
|
|
|
|
120 Loans to subsidiaries
|
|
|
|
|
|
|
|
130 Shares in related companies
|
329 000.00
|
|
|
|
|
|
|
140 Loans to related companies
|
|
|
|
|
|
|
|
150 Other securities and capital participation
|
|
|
|
|
|
|
|
160 Other loans
|
|
|
|
|
|
|
|
170 Own shares and parts
|
|
|
|
|
|
|
|
180 Loans to the members of the company and
|
|
|
|
|
|
|
|
the management
|
|
|
|
|
|
|
|
182 Trade debtors
|
|
|
|
|
|
|
|
184 Deferred income tax asset
|
|
|
|
|
|
|
|
190 Total financial assets
|
329 000.00
|
|
|
|
|
|
|
200 NON-CURRENT ASSETS TOTAL
|
51 254 000.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock
|
|
|
|
|
|
|
|
210 Raw materials and consumables
|
2 633 000.00
|
|
|
|
|
|
|
220 Work in progress
|
7 022 000.00
|
|
|
|
|
|
|
230 Finished goods and goods for resale
|
6 778 000.00
|
|
|
|
|
|
|
240 Orders outstanding
|
|
|
|
|
|
|
|
250 Payments on account
|
175 000.00
|
|
|
|
|
|
|
260 Working and productive animals
|
|
|
|
|
|
|
|
270 Total stock
|
16 608 000.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
275 LONG-TERM INVESTMENT ASSETS WITHHELD
|
|
|
|
|
|
|
|
FOR SALE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debtors
|
|
|
|
|
|
|
|
280 Trade debtors
|
27 730 000.00
|
|
|
|
|
|
|
290 Amounts owed by subsidiaries
|
|
|
|
|
|
|
|
300 Amounts owed by related companies
|
|
|
|
|
|
|
|
310 Other debts
|
1 078 000.00
|
|
|
|
|
|
|
320 Subscribed capital called but not paid
|
|
|
|
|
|
|
|
330 Short-terms loans to the members of the company
|
3 859 000.00
|
|
|
|
|
|
|
and the management
|
|
|
|
|
|
|
|
335 Other loans
|
|
|
|
|
|
|
|
340 Prepayments and accrued
|
474 000.00
|
|
|
|
|
|
|
341 Accrued income
|
|
|
|
|
|
|
|
343 Deferred tax liabilities
|
|
|
|
|
|
|
|
350 Total debtors
|
33 141 000.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities current assets and short-term capital
|
|
|
|
|
|
|
|
participations
|
|
|
|
|
|
|
|
360 Shares in subsidiaries
|
|
|
|
|
|
|
|
370 Own shares and parts
|
|
|
|
|
|
|
|
380 Other securities and capital participation
|
|
|
|
|
|
|
|
385 Financial derivatives
|
|
|
|
|
|
|
|
390 Total securities and shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
400 Cash at bank and in hand (total)
|
1 835 000.00
|
|
|
|
|
|
|
410 CURRENT ASSETS TOTAL
|
51 584 000.00
|
|
|
|
|
|
|
420 BALANCE
|
102 838 000.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
L I A B I L I T I E S
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL AND RESERVES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
430 Share capital
|
20 041 000.00
|
|
|
|
|
|
|
440 Share premium account
|
2 504 000.00
|
|
|
|
|
|
|
450 Long-term assets revaluation reserve
|
|
|
|
|
|
|
|
Reserves
|
|
|
|
|
|
|
|
452 Financial instruments revaluation reserve
|
|
|
|
|
|
|
|
460 Reserve stipulated by law
|
|
|
|
|
|
|
|
470 Reserve for own shares and parts
|
|
|
|
|
|
|
|
480 Reserve provided by charter
|
|
|
|
|
|
|
|
490 Other reserves
|
9 000.00
|
|
|
|
|
|
|
500 Total reserves
|
9 000.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retained earning or uncovered losses
|
|
|
|
|
|
|
|
510 Profit or loss brought forward from previous years
|
38 257 000.00
|
|
|
|
|
|
|
520 Profit or loss for the current year
|
12 106 000.00
|
|
|
|
|
|
|
505 Equity, total
|
|
|
|
|
|
|
|
525 Consolidation margin
|
|
|
|
|
|
|
|
530 CAPITAL AND RESERVES TOTAL
|
72 917 000.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROVISIONS
|
|
|
|
|
|
|
|
540 Provisions for pensions and similar obligations
|
|
|
|
|
|
|
|
550 Provisions for taxation
|
|
|
|
|
|
|
|
560 Other provisions
|
|
|
|
|
|
|
|
561 Provisions for vacations
|
|
|
|
|
|
|
|
570 PROVISIONS TOTAL
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CREDITORS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term liabilities
|
|
|
|
|
|
|
|
580 Debenture loans
|
|
|
|
|
|
|
|
590 Convertible loans
|
|
|
|
|
|
|
|
600 Amounts owed to credit institutions
|
10 812 000.00
|
|
|
|
|
|
|
601 Other loans
|
|
|
|
|
|
|
|
602 Advanced payments received
|
|
|
|
|
|
|
|
603 Trade debts
|
|
|
|
|
|
|
|
610 Amounts owed to subsidiaries
|
|
|
|
|
|
|
|
620 Amounts owed to related companies
|
|
|
|
|
|
|
|
621 Taxes and social security payments
|
|
|
|
|
|
|
|
630 Other creditors
|
|
|
|
|
|
|
|
631 Deferred income
|
1 424 000.00
|
|
|
|
|
|
|
632 Non-paid dividends of current year
|
|
|
|
|
|
|
|
633 Non-paid dividends of previous years
|
|
|
|
|
|
|
|
634 Deferred tax liabilities
|
1 942 000.00
|
|
|
|
|
|
|
635 Accrued liabilities
|
|
|
|
|
|
|
|
636 Leasing liabilities
|
99 000.00
|
|
|
|
|
|
|
640 Total long-term liabilities
|
14 277 000.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term liabilities
|
|
|
|
|
|
|
|
650 Debenture loans
|
|
|
|
|
|
|
|
660 Convertible loans
|
|
|
|
|
|
|
|
670 Amounts owed to credit institutions
|
5 175 000.00
|
|
|
|
|
|
|
671 Other loans
|
|
|
|
|
|
|
|
680 Advanced payments received
|
100 000.00
|
|
|
|
|
|
|
690 Trade debts
|
7 286 000.00
|
|
|
|
|
|
|
700 Bills of exchange payable
|
|
|
|
|
|
|
|
710 Amounts owed to subsidiaries
|
|
|
|
|
|
|
|
720 Amounts owed to related companies
|
|
|
|
|
|
|
|
730 Taxes and social security payments
|
1 073 000.00
|
|
|
|
|
|
|
740 Other creditors
|
|
|
|
|
|
|
|
750 Deferred income
|
145 000.00
|
|
|
|
|
|
|
760 Fiscal period dividends
|
|
|
|
|
|
|
|
770 Non-paid dividends of previous years
|
|
|
|
|
|
|
|
771 Accrued charges
|
1 740 000.00
|
|
|
|
|
|
|
773 Deferred tax liabilities
|
|
|
|
|
|
|
|
774 Obligations for state funds exploitation
|
|
|
|
|
|
|
|
775 Alienated financial instruments
|
|
|
|
|
|
|
|
776 Leasing obligations
|
125 000.00
|
|
|
|
|
|
|
995 Depreciation
|
|
|
|
|
|
|
|
780 Total short-term liabilities
|
15 644 000.00
|
|
|
|
|
|
|
790 CREDITORS TOTAL
|
29 921 000.00
|
|
|
|
|
|
|
800 BALANCE
|
102 838 000.00
|
|
|
|
|
|
|
990 Employees number
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- 31.12.2013
|
:
|
|
Fiscal period: 12 month(s), currency: LVL
|
|
|
|
|
PROFIT AND LOSS ACCOUNT
|
|
|
|
|
|
|
010 Net turnover
|
47 003 064.00
|
|
|
020 Cost of sales
|
|
|
|
025 Change in stock, finished and semi-finished goods
|
-2 229 879.00
|
|
|
030 Gross profit or loss
|
|
|
|
035 Facilities produced at the expense of own funds for internal use
|
|
|
|
040 Distribution costs
|
|
|
|
050 Administrative expenses
|
|
|
|
060 Other operating income
|
1 221 633.00
|
|
|
062 Economical expenses
|
-6 304 804.00
|
|
|
064 Gross profit or loss
|
|
|
|
065 Administrative charges
|
-10 228 981.00
|
|
|
067 Depreciation of fixed assets
|
-2 121 429.00
|
|
|
068 Other operating expenses
|
-15 860 392.00
|
|
|
070 Income from participating interests
|
|
|
|
|
|
|
080 Income from securities and loans forming long-term
|
|
|
|
investments
|
|
|
|
090 Other interest receivable and similar income
|
107 096.00
|
|
|
100 Value adjustments in respect of financial assets and
|
|
|
|
of investments held as current assets
|
|
|
|
110 Interest payable and similar charges
|
-981 765.00
|
|
|
120 Profit or loss on ordinary activities before taxation
|
10 604 543.00
|
|
|
|
|
|
130 Extraordinary income
|
|
|
|
140 Extraordinary charges
|
|
|
|
150 Extraordinary profit or loss before taxation
|
|
|
|
151 Profit or loss before taxation
|
10 604 543.00
|
|
|
160 Income-tax for fiscal period
|
-1 411 100.00
|
|
|
170 Other taxes
|
-73 044.00
|
|
|
175 Deferred Income-tax for fiscal period
|
-91 907.00
|
|
|
180 Profit or loss for fiscal period
|
9 028 492.00
|
|
|
995 Depreciation
|
|
|
|
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
|
|
|
|
|
|
|
BALANCE SHEET
|
|
|
|
|
|
|
A S S E T S
|
|
|
|
|
|
|
NON-CURRENT ASSETS
|
|
|
|
|
|
|
Intangible assets
|
|
|
|
010 Cost of research and development
|
|
|
|
|
|
|
020 Concessions, patents, licences, brands, etc.
|
104 616.00
|
|
|
|
|
|
021 Other intangible assets
|
684 187.00
|
|
|
030 Goodwill
|
|
|
|
040 Payments on account for intangible assets
|
137 811.00
|
|
|
050 Total intangible assets
|
926 614.00
|
|
|
|
|
|
Tangible assets
|
|
|
|
060 Real estate
|
7 617 532.00
|
|
|
061 Long-term investments in leased tangible assets
|
|
|
|
070 Plant and machinery
|
3 843 202.00
|
|
|
080 Other fixtures and fittings, tools and equipment
|
1 319 163.00
|
|
|
090 Payments on account and tangible assets in cours
|
3 026 532.00
|
|
|
of construction
|
|
|
|
091 Prepayment for tangible assets
|
1 895 744.00
|
|
|
100 Total tangible assets
|
17 702 173.00
|
|
|
|
|
|
III Investment property, total
|
|
|
|
|
|
|
107 Total biological assets
|
|
|
|
|
|
|
Financial assets
|
|
|
|
110 Shares in subsidiaries
|
10 317 001.00
|
|
|
120 Loans to subsidiaries
|
|
|
|
130 Shares in related companies
|
1 000.00
|
|
|
140 Loans to related companies
|
|
|
|
150 Other securities and capital participation
|
|
|
|
160 Other loans
|
|
|
|
170 Own shares and parts
|
|
|
|
180 Loans to the members of the company and
|
|
|
|
the management
|
|
|
|
182 Trade debtors
|
|
|
|
184 Deferred income tax asset
|
|
|
|
190 Total financial assets
|
10 318 001.00
|
|
|
200 NON-CURRENT ASSETS TOTAL
|
28 946 788.00
|
|
|
|
|
|
CURRENT ASSETS
|
|
|
|
|
|
|
Stock
|
|
|
|
210 Raw materials and consumables
|
1 473 645.00
|
|
|
220 Work in progress
|
5 503 993.00
|
|
|
230 Finished goods and goods for resale
|
3 210 612.00
|
|
|
240 Orders outstanding
|
|
|
|
250 Payments on account
|
130 712.00
|
|
|
260 Working and productive animals
|
|
|
|
270 Total stock
|
10 318 962.00
|
|
|
|
|
|
275 LONG-TERM INVESTMENT ASSETS WITHHELD
|
|
|
|
FOR SALE
|
|
|
|
|
|
|
Debtors
|
|
|
|
280 Trade debtors
|
18 065 490.00
|
|
|
290 Amounts owed by subsidiaries
|
1 333 034.00
|
|
|
300 Amounts owed by related companies
|
179 732.00
|
|
|
310 Other debts
|
712 402.00
|
|
|
320 Subscribed capital called but not paid
|
|
|
|
330 Short-terms loans to the members of the company
|
1 664 185.00
|
|
|
and the management
|
|
|
|
340 Prepayments and accrued
|
113 042.00
|
|
|
341 Accrued income
|
418 178.00
|
|
|
343 Deferred tax liabilities
|
644 565.00
|
|
|
350 Total debtors
|
23 130 628.00
|
|
|
|
|
|
Securities current assets and short-term capital
|
|
|
|
participations
|
|
|
|
360 Shares in subsidiaries
|
|
|
|
370 Own shares and parts
|
|
|
|
380 Other securities and capital participation
|
|
|
|
385 Financial derivatives
|
|
|
|
390 Total securities and shares
|
|
|
|
|
|
|
400 Cash at bank and in hand (total)
|
1 186 286.00
|
|
|
410 CURRENT ASSETS TOTAL
|
34 635 876.00
|
|
|
420 BALANCE
|
63 582 664.00
|
|
|
|
|
|
L I A B I L I T I E S
|
|
|
|
|
|
|
CAPITAL AND RESERVES
|
|
|
|
|
|
|
430 Share capital
|
14 085 078.00
|
|
|
440 Share premium account
|
1 759 708.00
|
|
|
450 Long-term assets revaluation reserve
|
|
|
|
Reserves
|
|
|
|
452 Financial instruments revaluation reserve
|
|
|
|
460 Reserve stipulated by law
|
|
|
|
470 Reserve for own shares and parts
|
|
|
|
480 Reserve provided by charter
|
|
|
|
490 Other reserves
|
|
|
|
500 Total reserves
|
|
|
|
|
|
|
Retained earning or uncovered losses
|
|
|
|
510 Profit or loss brought forward from previous years
|
19 035 201.00
|
|
|
520 Profit or loss for the current year
|
9 028 492.00
|
|
|
505 Equity, total
|
|
|
|
525 Consolidation margin
|
|
|
|
530 CAPITAL AND RESERVES TOTAL
|
43 908 479.00
|
|
|
|
|
|
PROVISIONS
|
|
|
|
540 Provisions for pensions and similar obligations
|
|
|
|
550 Provisions for taxation
|
0.00
|
|
|
560 Other provisions
|
|
|
|
570 PROVISIONS TOTAL
|
0.00
|
|
|
|
|
|
CREDITORS
|
|
|
|
|
|
|
Long-term liabilities
|
|
|
|
580 Debenture loans
|
|
|
|
590 Convertible loans
|
|
|
|
600 Amounts owed to credit institutions
|
6 695 429.00
|
|
|
601 Other loans
|
121 118.00
|
|
|
602 Advanced payments received
|
|
|
|
603 Trade debts
|
|
|
|
610 Amounts owed to subsidiaries
|
|
|
|
620 Amounts owed to related companies
|
|
|
|
621 Taxes and social security payments
|
|
|
|
630 Other creditors
|
|
|
|
631 Deferred income
|
|
|
|
632 Non-paid dividends of current year
|
|
|
|
633 Non-paid dividends of previous years
|
305 977.00
|
|
|
634 Deferred tax liabilities
|
636 046.00
|
|
|
640 Total long-term liabilities
|
7 758 570.00
|
|
|
|
|
|
Short-term liabilities
|
|
|
|
650 Debenture loans
|
|
|
|
660 Convertible loans
|
|
|
|
670 Amounts owed to credit institutions
|
4 077 185.00
|
|
|
671 Other loans
|
87 309.00
|
|
|
680 Advanced payments received
|
29 806.00
|
|
|
690 Trade debts
|
6 326 615.00
|
|
|
700 Bills of exchange payable
|
|
|
|
710 Amounts owed to subsidiaries
|
26 472.00
|
|
|
720 Amounts owed to related companies
|
113 316.00
|
|
|
730 Taxes and social security payments
|
334 390.00
|
|
|
740 Other creditors
|
0.00
|
|
|
750 Deferred income
|
112 000.00
|
|
|
760 Fiscal period dividends
|
|
|
|
770 Non-paid dividends of previous years
|
|
|
|
771 Accrued charges
|
808 522.00
|
|
|
773 Deferred tax liabilities
|
|
|
|
774 Obligations for state funds exploitation
|
|
|
|
775 Alienated financial instruments
|
|
|
|
995 Depreciation
|
|
|
|
780 Total short-term liabilities
|
11 915 615.00
|
|
|
790 CREDITORS TOTAL
|
19 674 185.00
|
|
|
800 BALANCE
|
63 582 664.00
|
|
|
990 Employees number
|
|
|
|
|
|
|
|
|
|
|
|
|
- 31.12.2012
|
:
|
|
Fiscal period: 12 month(s), currency: LVL
|
|
|
PROFIT AND LOSS ACCOUNT
|
|
|
|
|
|
|
010 Net turnover
|
46 341 142.00
|
|
|
020 Cost of sales
|
|
|
|
025 Change in stock, finished and semi-finished goods
|
-495 798.00
|
|
|
030 Gross profit or loss
|
|
|
|
035 Facilities produced at the expense of own funds for internal use
|
|
|
|
040 Distribution costs
|
|
|
|
050 Administrative expenses
|
|
|
|
060 Other operating income
|
595 216.00
|
|
|
062 Economical expenses
|
-6 739 932.00
|
|
|
064 Gross profit or loss
|
|
|
|
065 Administrative charges
|
-9 681 532.00
|
|
|
067 Depreciation of fixed assets
|
-1 977 043.00
|
|
|
068 Other operating expenses
|
-15 797 493.00
|
|
|
070 Income from participating interests
|
|
|
|
|
|
|
080 Income from securities and loans forming long-term
|
|
|
|
investments
|
|
|
|
090 Other interest receivable and similar income
|
47 748.00
|
|
|
100 Value adjustments in respect of financial assets and
|
|
|
|
of investments held as current assets
|
|
|
|
110 Interest payable and similar charges
|
-234 451.00
|
|
|
120 Profit or loss on ordinary activities before taxation
|
12 057 857.00
|
|
|
|
|
|
130 Extraordinary income
|
|
|
|
140 Extraordinary charges
|
|
|
|
150 Extraordinary profit or loss before taxation
|
|
|
|
151 Profit or loss before taxation
|
12 057 857.00
|
|
|
160 Income-tax for fiscal period
|
-1 945 768.00
|
|
|
170 Other taxes
|
-74 063.00
|
|
|
175 Deferred Income-tax for fiscal period
|
-30 268.00
|
|
|
180 Profit or loss for fiscal period
|
10 007 758.00
|
|
|
995 Depreciation
|
|
|
|
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
|
|
|
|
|
|
|
BALANCE SHEET
|
|
|
|
|
|
|
A S S E T S
|
|
|
|
|
|
|
NON-CURRENT ASSETS
|
|
|
|
|
|
|
Intangible assets
|
|
|
|
010 Cost of research and development
|
|
|
|
|
|
|
020 Concessions, patents, licences, brands, etc.
|
101 429.00
|
|
|
|
|
|
021 Other intangible assets
|
742 513.00
|
|
|
030 Goodwill
|
|
|
|
040 Payments on account for intangible assets
|
126 277.00
|
|
|
050 Total intangible assets
|
970 219.00
|
|
|
|
|
|
Tangible assets
|
|
|
|
060 Real estate
|
7 535 452.00
|
|
|
061 Long-term investments in leased tangible assets
|
|
|
|
070 Plant and machinery
|
2 576 217.00
|
|
|
080 Other fixtures and fittings, tools and equipment
|
1 027 666.00
|
|
|
090 Payments on account and tangible assets in cours
|
933 831.00
|
|
|
of construction
|
|
|
|
091 Prepayment for tangible assets
|
136 175.00
|
|
|
100 Total tangible assets
|
12 209 341.00
|
|
|
|
|
|
III Investment property, total
|
|
|
|
|
|
|
107 Total biological assets
|
|
|
|
|
|
|
Financial assets
|
|
|
|
110 Shares in subsidiaries
|
5 471 501.00
|
|
|
120 Loans to subsidiaries
|
|
|
|
130 Shares in related companies
|
1 000.00
|
|
|
140 Loans to related companies
|
|
|
|
150 Other securities and capital participation
|
|
|
|
160 Other loans
|
|
|
|
170 Own shares and parts
|
|
|
|
180 Loans to the members of the company and
|
|
|
|
the management
|
|
|
|
182 Trade debtors
|
|
|
|
184 Deferred income tax asset
|
|
|
|
190 Total financial assets
|
5 472 501.00
|
|
|
200 NON-CURRENT ASSETS TOTAL
|
18 652 061.00
|
|
|
|
|
|
CURRENT ASSETS
|
|
|
|
|
|
|
Stock
|
|
|
|
210 Raw materials and consumables
|
1 235 886.00
|
|
|
220 Work in progress
|
4 156 216.00
|
|
|
230 Finished goods and goods for resale
|
1 402 227.00
|
|
|
240 Orders outstanding
|
|
|
|
250 Payments on account
|
156 345.00
|
|
|
260 Working and productive animals
|
|
|
|
270 Total stock
|
6 950 674.00
|
|
|
|
|
|
275 LONG-TERM INVESTMENT ASSETS WITHHELD
|
|
|
|
FOR SALE
|
|
|
|
|
|
|
Debtors
|
|
|
|
280 Trade debtors
|
18 548 832.00
|
|
|
290 Amounts owed by subsidiaries
|
951 165.00
|
|
|
300 Amounts owed by related companies
|
171 846.00
|
|
|
310 Other debts
|
544 556.00
|
|
|
320 Subscribed capital called but not paid
|
|
|
|
330 Short-terms loans to the members of the company
|
898 801.00
|
|
|
and the management
|
|
|
|
340 Prepayments and accrued
|
98 396.00
|
|
|
341 Accrued income
|
0.00
|
|
|
343 Deferred tax liabilities
|
0.00
|
|
|
350 Total debtors
|
21 213 596.00
|
|
|
|
|
|
Securities current assets and short-term capital
|
|
|
|
participations
|
|
|
|
360 Shares in subsidiaries
|
|
|
|
370 Own shares and parts
|
|
|
|
380 Other securities and capital participation
|
|
|
|
385 Financial derivatives
|
|
|
|
390 Total securities and shares
|
|
|
|
|
|
|
400 Cash at bank and in hand (total)
|
1 338 361.00
|
|
|
410 CURRENT ASSETS TOTAL
|
29 502 631.00
|
|
|
420 BALANCE
|
48 154 692.00
|
|
|
|
|
|
L I A B I L I T I E S
|
|
|
|
|
|
|
CAPITAL AND RESERVES
|
|
|
|
|
|
|
430 Share capital
|
14 085 078.00
|
|
|
440 Share premium account
|
1 759 708.00
|
|
|
450 Long-term assets revaluation reserve
|
|
|
|
Reserves
|
|
|
|
452 Financial instruments revaluation reserve
|
|
|
|
460 Reserve stipulated by law
|
|
|
|
470 Reserve for own shares and parts
|
|
|
|
480 Reserve provided by charter
|
|
|
|
490 Other reserves
|
|
|
|
500 Total reserves
|
|
|
|
|
|
|
Retained earning or uncovered losses
|
|
|
|
510 Profit or loss brought forward from previous years
|
10 534 612.00
|
|
|
520 Profit or loss for the current year
|
10 007 758.00
|
|
|
505 Equity, total
|
|
|
|
525 Consolidation margin
|
|
|
|
530 CAPITAL AND RESERVES TOTAL
|
36 387 156.00
|
|
|
|
|
|
PROVISIONS
|
|
|
|
540 Provisions for pensions and similar obligations
|
|
|
|
550 Provisions for taxation
|
544 139.00
|
|
|
560 Other provisions
|
|
|
|
570 PROVISIONS TOTAL
|
544 139.00
|
|
|
|
|
|
CREDITORS
|
|
|
|
|
|
|
Long-term liabilities
|
|
|
|
580 Debenture loans
|
|
|
|
590 Convertible loans
|
|
|
|
600 Amounts owed to credit institutions
|
943 614.00
|
|
|
601 Other loans
|
30 461.00
|
|
|
602 Advanced payments received
|
|
|
|
603 Trade debts
|
|
|
|
610 Amounts owed to subsidiaries
|
|
|
|
620 Amounts owed to related companies
|
|
|
|
621 Taxes and social security payments
|
|
|
|
630 Other creditors
|
|
|
|
631 Deferred income
|
|
|
|
632 Non-paid dividends of current year
|
|
|
|
633 Non-paid dividends of previous years
|
0.00
|
|
|
634 Deferred tax liabilities
|
0.00
|
|
|
640 Total long-term liabilities
|
974 075.00
|
|
|
|
|
|
Short-term liabilities
|
|
|
|
650 Debenture loans
|
|
|
|
660 Convertible loans
|
|
|
|
670 Amounts owed to credit institutions
|
6 004 890.00
|
|
|
671 Other loans
|
28 014.00
|
|
|
680 Advanced payments received
|
53 404.00
|
|
|
690 Trade debts
|
1 861 485.00
|
|
|
700 Bills of exchange payable
|
|
|
|
710 Amounts owed to subsidiaries
|
2 367.00
|
|
|
720 Amounts owed to related companies
|
21 026.00
|
|
|
730 Taxes and social security payments
|
954 414.00
|
|
|
740 Other creditors
|
450 370.00
|
|
|
750 Deferred income
|
252 467.00
|
|
|
760 Fiscal period dividends
|
|
|
|
770 Non-paid dividends of previous years
|
|
|
|
771 Accrued charges
|
620 885.00
|
|
|
773 Deferred tax liabilities
|
|
|
|
774 Obligations for state funds exploitation
|
|
|
|
775 Alienated financial instruments
|
|
|
|
995 Depreciation
|
|
|
|
780 Total short-term liabilities
|
10 249 322.00
|
|
|
790 CREDITORS TOTAL
|
11 223 397.00
|
|
|
800 BALANCE
|
48 154 692.00
|
|
|
990 Employees number
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|