Alcohol, Baltic Export, Latvia, Markets and Companies

Latvijas Balzams reported a profit of EUR 7.962 million on a turnover of EUR 73.052 million for 2014.

The company's management said in the financial statement that the growth of Latvijas Balzams turnover was primarily driven by a 4.85% increase in orders from Stoli Group. At the same time, sales in Russia and Ukraine declined last year.

The company's profit declined last year as sales in the most profitable markets dropped and Latvijas Balzams invested in advertising and marketing activities, developing a launch pad for expansion to other export markets.

The company's growth forecasts for 2016 are cautious, given the drop in the oil price in Russia, China's economic slowdown and volatility in the EU. At the same time, Latvijas Balzams is determined to continue consistent work aimed at achieving its targets both in the domestic and foreign markets.

Shares in Latvijas Balzams are quoted on the Secondary List of the Nasdaq Riga stock exchange.

Latvijas Balzams has been part of Amber Beverage Group since October 2014. Amber Beverage Group was founded and belongs to the Netherlands-registered company S.P.I. Regional Business Unit B.V.