| Emitents | Olainfarm, AS (213800WCG52W62ENOP27) |
| Veids | Citi |
| Valoda | EN |
| Statuss | Publicēts |
| Versija | |
| Datums | 2011-04-30 12:39:55 |
| Versijas komentārs | |
| Teksts |
Statement of the Supervisory Council of JSC
„Olainfarm” to the General Meeting of Shareholders
Olaine, April 29th, 2011
Supervisory Council of JSC „Olainfarm” (hereinafter
referred to as „the Company”) has reviewed the annual report and
consolidated report of the Company prepared by the Management Board
as well as the auditor’s statement of 2010. The Supervisory Council
has also assessed the financial situation at the Company and
operations of the Management Board during 2010 and has prepared
this Statement.
The Supervisory Council is very satisfied with financial
results of the Company achieved in 2010 and with the work conducted
by the Management Board to make further improvements to Company’s
financial situation. Sales, profits and margins of the Company
continue improving and intensive work at introducing new products
and entering new sales markets, the basis is laid for
sustainability of this positive trend. Considerable work has
been done to reduce different financial risks, improve financing
terms, active work has been started to accommodate structural and
other resources available to the Company. During just one year
several projects have been prepared targeted at more efficient use
of energy and human resources. All of the above activities
have been conducted by the Management Board with full approval of
the Council.
2010 will be remembered not only as yet another year of
record sales and profits, but also as the first year when
Management Board of the Company proposed the shareholders to pay
part of the profit in dividends. Council fully backs this
proposal of the Management Board and agrees to the amount of profit
to be distributed. The Council fully understands all the
challenges that the Company is facing when trying to enter markets
that are totally new to the Company and when launching new
products, therefore it respects the moderate approach taken to
proposed amount of dividends.
When assessing the Company’s sales by countries for last
few years, the Council has drawn the attention of Management Board
to necessity to take more active steps to reduce the dependency of
sales from any single market, although launching of the sales in
any new market might require significant financial resources.
Council is satisfied with results already achieved with
registration of new products in Serbia and Albania and hopes that
sales to these countries will begin in the nearest
future. The council expects Management Board to continue
investing significant effort to ensure that similar results will be
achieved in other countries and other regions.
During 2010 the Council of the Company has fulfilled its
duties and has supervised the work of the Company according to the
legislation and the decisions of Shareholders’ Meetings; it has
been reviewing financial reports and supervising the work of
Company’s management. 13 Council meeting were held
during the reporting period. At the meetings the
management reports, planned and actual numbers were reviewed and
issues and draft decisions included in the agenda of Shareholders’
were given a prior consideration. Several decisions were taken
regarding participation of the Company in projects important for
Company, pharmaceutical sector and inhabitants of
Olaine. No shortfalls were ascertained in the
Management Board’s activities during 2010. In its operations
the Management Board has largely been consulting Supervisory
Council and has been taking into consideration its suggestions
regarding the further growth of the Company .
The Council would like to take this opportunity and
thank the Management Board and all the people of Olainfarm for a
fruitful work in 2010 and congratulate shareholders of the Company
with successful results of the last year.
Chairman of the
Council
Helmuts Balderis – Sildedzis
Olaine, April 30, 2011
Information prepared by:
Salvis Lapins
JSC Olainfarm
Member of the Board
Rupnicu iela 5, Olaine
Latvia, LV 2114
Tel: +371 6 7013 717
Fax: +371 6 7013 777
e-mail:
slapinsh@olainfarm.lv
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