Olainfarm Group sales in the first half of the year increased by 7%

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From the Top 10 markets the sales have been increasing in Kazakhstan (+55%), Tajikistan (+186%) and Mongolia (+113%). Egypt was amongst the largest markets in June, while also presenting the potential for developing a long-term cooperation. According to consolidated sales numbers for June, revenues were affected by seasonality and decreased in all major markets of the Group: Russia, with a 63% sales decline compared to June of last year, Ukraine with a sales drop by 39%, and Belarus with a 5% decrease. In Latvia the revenue was the same as the last year.

In the first six months of 2019, the main sales markets of Olainfarm Group contributed 78% of the total revenue– Latvia (29% share), Russia (27% share), Belarus (13% share) and Ukraine (9% share). Other major sales markets included the Netherlands, Uzbekistan, Kazakhstan, Germany, Tajikistan and Lithuania. The most rapid sales growth during this six-month period was achieved by the Netherlands, where sales grew by 620% compared to last year, and in Tajikistan where sales grew by 42%. Russia and Belarus have demonstrated 2% and 7% sales increases within six months, respectably. Amongst the largest sales outlets a decline was marked in Ukraine (-5%), Germany (-5%) and Lithuania (-33%).

According to preliminary unconsolidated figures, JSC Olainfarm sales reached 6.1 million euros in June, which represents a decline by 33% compared to June, 2018. The decline in Russia increased by 64%, Ukraine by 39%, Uzbekistan by 32%. Growth was observed in markets such as Tajikistan (+186%), Kazakhstan (+122%) and Mongolia (+113%). Out of the main markets sales in Latvia shrank by 8% and in Belarus by 5%.

The unconsolidated sales results for the first six months of 2019 show that JSC Olainfarm sales reached 50,4 million euros, which represents an increase by 5% compared to the first 6 months of 2018. During this reporting period, sales have increased in six out of the ten major markets of Olainfarm – Russia (+4%), Latvia (+0.2%), Belarus (+4%), Uzbekistan (+37%), the Netherlands (+623%) and in Tajikistan (+40%). Revenues declined by 5% in Ukraine and Germany, by 3% in Kazakhstan and by 37% in Lithuania.

The pharmacy chain SIA Latvijas Aptieka sales reached 1.9 million euros in June 2019, which represents a 1% decrease compared to June 2018. 68 pharmacies were operating during this period. SIA Silvanols sales reached 0.46 million euros in June 2019, representing a decline by 8% vs. June 2018. The combined sales of Tonus Elast and Elast Medical in June 2019 were 0.8 million euros, which is at the same level as this time last year. Olainmed and Diamed Medical Center sales reached 0.24 million euros, while the Belarus subsidiary NPK Biotest reached 0.21 million euros in sales in June.

During the first six month period of 2019, SIA Latvijas Aptieka sales amounted to 13.0 million euros, demonstrating a 6% increase in comparison to the same time period last year, sales of SIA Silvanols reached 3 million euros which is 2% less than last year. The combined sales of Tonus Elast and Elast Medical totaled up to 4.5 million euros which is approximately the same as the last year. Medical Centers Diamed and Olainmed revenues were 1.5 million euros during the first six months of this year and the Belarus company NPK Biotest sales were worth 1.5 million euros, improving the result of last year.

According to the JSC Olainfarm budget, unconsolidated sales are planned to reach 99 million euros in 2019, while consolidated sales are expected at 133 million euros.  According to these preliminary sales figures, in the first six months of 2019, 51% of annual target for unconsolidated sales and 50% of annual target for consolidated sales have been reached.

Information prepared by:        Jānis DubrovskisInvestor Relations Advisor of JSC OlainfarmPh.: +371 29178878 janis.dubrovskis@olainfarm.com

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Globe Newswire: 14:30 GMT Friday 12th July 2019

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