The enterprise was founded in 1900, but the actual name it has got in 1970. AS Latvijas balzams is a leading producer of alcoholic beverages in the Baltic States that produces more than 100 different kinds of alcoholic drinks. AS Latvijas balzams major shareholder is SPI Regional Business Unit BV which owns 89.53% of the company/ s equity capital.

 

AS Latvijas balzams is the biggest producer of alcoholic beverages in Latvia, as well as one of the largest taxpayers in Latvia. During first quarter of 2012 AS Latvijas balzams paid 9.3 millions lats to the state budget, including excise tax amounting to 6.8 millions lats. 

 

The unaudited turnover of the company in the first quarter of 2012 was 15.3 million lats, which is by 15% more than in the first quarter of 2011. Turnover in the domestic market has risen by 20%, in the export market by 12.5%, and export orders of S.P.I. Group has increased by 13%. During the first quarter of 2012, sales to the EU countries were in the same level as last year, sales to Norway increased by 21%, and sales to Latvia`s tax free zone increased by 28%. Increase in sales was affected by strengthening targeted market relations with partners in the main markets. During the first quarter of 2012 the top focus sales markets were the Baltic States, Russia, the Netherlands and Scandinavia. Meanwhile, new export markets were actively acquired, for example, Slovakia, Slovenia, Kazakhstan and Belgium.

 

The unaudited profit for the reporting period was 313 thousands lats, that is 3% less than in the first quarter of 2011. Decrease in profit comparing to the first quarter of 2011 were caused by the increase of price of raw materials and by difference of total sales distribution between product categories.

 

 

The company has successfully introduced new products thus improving product portfolio. Increased attention will be put on development of new competitive products, extension of the existing market share, as well growth in export market. AS Latvijas balzams 2012 priorities will be further control of production and logistics costs, optimization and improvement of production efficiency, increase of company's competitiveness.

 

AS Latvijas balzams will continue to support nature friendly solutions, persistently improving activities that decrease company's negative impact on the environment, establishing high requirements for itself and company's partners.

 

AS Latvijas balzams

Chairman of the Board                                                                                                            Guntis Āboltiņš - Āboliņš

 

 

Riga, May 28, 2012