Audited statement of JSC „Olainfarm”


Joint Stock Company „Olainfarm” has completed audit of financial activity in

year 2004 and received a certified auditor’s opinion. The full text of JSC „Olainfarm”

annual report for year 2004 along with the certified auditor’s opinion and company’s

Council’s report can be found at the home page of Riga Stock Exchange

// (Trading information / Market info/ Baltic equity lists /

 OLF1R / reports).


Comparing to unaudited report for year 2004 of JSC „Olainfarm” as submitted earlier,

 a total sum of the losses has change and now constitute 0,594 millions Ls

(0,845 millions EUR). Such increase of the total sum of the losses has arisen due to

reestimation of JSC „Olainfarm” participation in the share capital of the daughter

 companies. Mentioned corrections have arisen as a result of audit in the daughter

 companies which has been carried out for consolidation purposes and management of the

joint stock company has not been able to foresee it beforehand. Consolidated annual report

 will be published as soon as it is finished.


Despite the changes occurred, results of activity of joint stock company in first

month of year 2005 confirm stability and successful development of the company which allows

 to plan loss coverage from the future periods profit. The work on participation of

 JSC „Olainfarm” in federal state social aid program in Russian Federation has been

especially successful. This program already includes 8 pharmaceutical products manufactured

by JSC „Olainfarm” (Remantadine, Etacizin, Fenkarol, Furamag etc.) and in the nearest time

 it is planned to supplement this list with 2 more preparations. During time from February

 of 2005 up to the end of May the medicines for the total amount of 0,454 millions Ls

(0,646 millions EUR) have been sold only within the mentioned program.