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OLF: Olainfarm's 1st quarter profit increases by more than 1 million euros; EBITDA nearly triples.

Spekuliantai.lt | 2009-05-29 | NASDAQ OMX biržų naujienos | perskaitė: 1491
Raktiniai žodžiai: Olainfarm, OLF
OLF: Olainfarm's 1st quarter profit increases by more than 1 million euros; EBITDA nearly triples.

Olainfarm Quarterly report 29.05.2009

Olainfarm's 1st quarter profit increases by more than 1 million euros; EBITDA
nearly triples.

Olainfarm's consolidated profit and loss account for the 1st quarter of 2009
shows that sales of the concern has increased by 3% compared to the first
quarter of 2008, while the net profit has reached 466 thousand lats (663
thousand euros). Such a rapid improvement in financial indicators reflects
successful operations of Olainfarm abroad and in Latvia and proves that
strengthened marketing effort started last year in Russia and other CIS
countries is starting to bring returns.

Unaudited consolidated profit and loss statement for the 1st quarter of 2009
shows the consolidated sales of Olainfarm reaching 5.56 million lats (7,92
mill. euros), which is an increase of 3% compared to 5.41 million lats (7,70
mill. euros), which were the sales in similar period of 2008. The concern
worked with the net profit of 465 713 lats (662 650 euros), while it was loss
making in the 1st quarter of 2008, when loss reached 355 444 lats (505 751
euros).

„Returns on investments in strengthened marketing combined with company's cost
cutting efforts have allowed the company to become profitable again. In May we
have restarted the cooperation with the British daughter company of
multinational pharmaceutical company Novartis and have received an order for
shipment of chemical product worth 1 million euros which will take place this
year. This is very good news for the company in this situation when certain
macroeconomic instability remains. “says Valerijs Maligins, CEO of Olainfarm.

The above mentioned improvements in sales and margins have also influenced the
levels of EBIT and EBITDA. For the first quarter of 2009 EBIT was 577 145 lats
(821 203 euros), while during the same period of 2008 it was negative -195 984
lats (278 860 euros). EBITDA too was performing well in the first quarter of
2009 when it nearly tripled to 1 204 787 lats (1 714 257 euros).

During the 1st quarter of 2009 sales to markets where marketing effort has been
strengthened continued increasing. Sales to Russia grew by 49%, to Latvia by
27%, to Georgia by 97%, to Moldova by 39%, Azerbaijan by 219%. Countries like
Ukraine, Belarus and Kazakhstan, where significant devaluations of local
currencies have taken place during the last few months, despite the decrease of
local purchasing power, the sales remained nearly unchanged.

________________________________________
Olainfarm is one of the biggest companies in the Baltic States with more than
35 years of experience in production of medicines and chemical and
pharmaceutical products. The basic principle of Concern's operations is to
produce reliable and effective top quality products for Latvia and the rest of
the world. Currently the products of Concern are being exported to more than
30 countries worldwide, including the Baltics, Russia, CIS, Scandinavian and
other Western European countries, Asia and the USA.



Information prepared by:
Salvis Lapinsh
Deputy CFO
JSC Olainfarm
Rupnicu iela 5, Olaine
Latvia, LV 2114
Tel: + 371 6 7013 717
Fax: + 371 6 7013 777
Cell: + 371 2 6448 873
E-mail: [email protected]



1. olainfarm fs ifrs_eng_310309.pdf
(https://newsclient.omxgroup.com/cds/DisclosureAttachmentServlet?messageAttachmentId=227131)

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