Baltic Export, Latvia, Markets and Companies, Medicine

The biggest sales increase was achieved in Germany, where sales increased by 406%. Sales to the Netherlands increased by 225%, sales to Kazakhstan increased by 49%, but sales to Italy increased by 43%. The biggest sales reduction took place in Ukraine, where sales shrunk by 44%. Major sales markets of Olainfarm Group in seven months of 2017 were Russia, Latvia, Belarus and Ukraine.

Sales of pharmacy chain of Latvijas Aptieka in seven months of 2017 reached EUR 11.9 million, which represents an increase by 10% compared to the same period of 2016. Sales of Silvanols during this period reached EUR 3 million, which represents an increase by 11% compared to seven months of 2016. Silvanols sold its products to ten European countries and with the help of Olainfarm also to Lithuania, Russia, Azerbaijan, Belarus and Armenia. Sales of Tonus Elast in seven months reached EUR 4.7 million and its products were sold to 35 countries in four continents.

According to unconsolidated preliminary results, sales of Olainfarm in seven months of 2017 reached EUR 54.8 million, which is comparable to seven months of 2016. The biggest sales increases during this period were achieved in Germany, where sales grew by 408% and the Netherlands, where sales grew by 225%. The biggest sales reduction in seven months of 2017 took place in Ukraine, where sales shrunk by 44%. Major sales markets of Olainfarm during this period were Russia, Latvia Belarus and Ukraine. In total, in seven months of 2017, products of Olainfarm were sold to 43 countries in five continents.

Preliminary consolidated results of Olainfarm for July 2017 show that the sales have reached EUR 8.67 million, which represents a reduction by 14% compared to July 2016. The biggest sales increase was achieved in Moldova, where sales grew by 2,825%. Sales to Germany increased by 362%, and sales to France increased by 343%. The biggest sales reductions took place in Ukraine, where sales shrunk by 68%, Poland, where sales shrunk by 59% and Uzbekistan, where sales shrunk by 58%. Major sales markets of Olainfarm Group during July 2017 were Russia Latvia and Belarus.

According to unconsolidated preliminary results, sales of Olainfarm in July 2017 reached EUR 6.8 million, which represents a reduction by 20% compared to July of 2016. The biggest sales increase was achieved in Germany, where sales grew by 385%, but the biggest sales reduction took place in Ukraine, where sales shrunk by 68%. Sales to Poland shrunk by 60%, but sales to Uzbekistan shrunk by 58%. Significant shipments during this period have also been made to Mongolia. Major sales markets of Olainfarm during July 2017 were Russia, Latvia, Belarus and Ukraine. During July 2017, products of Olainfarm were sold to 24 countries in Europe and Asia.

Sales of pharmacy chain Latvijas Aptieka in July 2017 reached EUR 1.62 million, which represents an increase by 17% compared to the same period of 2016. 68 pharmacies were operating during this period. Sales of Silvanols during this period were EUR 0.23 million, which represents a reduction by 28% compared to July 2016. In July 2017 Silvanols made sales to five European countries, including first ever shipments to France. Sales of Tonus Elast during July 2017 were EUR 0.81 million, which represents an increase by 56% compared to the same period of last year. Sales were made to 21 countries in two continents.

General meeting of shareholders of Olainfarm held on June 1, 2017 approved operating plan of the company, providing that unconsolidated sales of the company in 2017 will reach EUR 96 million, while consolidated sales of the company will reach EUR 127 million. According to these preliminary sales numbers, in seven months of 2017 the company has met 57% of annual target for unconsolidated sales and 53% of annual target for consolidated sales.

Olainfarm makes medicines, food supplements, active pharmaceutical ingredients and chemical substances. Olainfarmshares are quoted on the Main List of the Nasdaq Riga stock exchange. The company's key owner is its board chairman Valerijs Maligins.