The unaudited turnover of the Company in the first nine months of 2016 was 54.6 million Euros, which is 1.2% less than in the same period of Year 2015. While the unaudited profit for the reporting period reached 4.99 million euro that represents 3% increase versus the nine months of Year 2015.

Although the Company has expanded its export geography this year and the turnover drop has been impacted by the decrease of sales in the most profitable markets. To compensate production and sales volume drop during first half of 2016, Latvijas balzams AS has started providing an  additional services – using employee competence and warehouse resources. From beginning of 2016 Company is providing a number of warehousing and logistics services, mostly to alcohol beverage companies – like transit assurance service, bonded warehouse services, 3PL services, value added services, picking, etc. Actions taken, were  increasing the profit and reaching more efficient use of available resources and assets.

Latvijas balzams AS is the leading producer of alcoholic beverages in Latvia, as well as one of the largest local taxpayers. During the first nine months of 2016, Latvijas balzams AS paid 37.5 million euro to the state budget, including excise tax, amounting to 28.6 million euro.
 
Future prospects

Latvijas balsams AS year-end outlook remains cautious due to the impact of the situation with oil prices in Russia slow down in China and the uncertainty around the EU. The Company will continue its purposeful focus on the achievement of objectives in both domestic and export markets. Our priorities will be focused on strengthening of the domestic business, building our international brands, and on implementation of effective production strategy to increase the Company`s competitiveness.

Latvijas balsams AS is an active member of Latvian Alcohol Industry Association and cooperates with non-governmental organizations, represents the interests of industry in any dialogue with legislators and law enforcement institutions. Company supports development of well - considered industry policy in Latvia and promotes responsible consumption and public education on these issues, as well as continues to combat the illegal production and distribution of non-commercial alcoholic beverages.

Intars Geidāns
Chairman of the Board

Riga, 30 November, 2016

For contacts:

Dana Hasana, Communications Manager
dana.hasana@amberbev.com
+371 26355895