The Company was established in 1900 and operates under the current name since 1970. The major shareholder of JSC Latvijas balzams is SPI Regional Business Unit BV which owns 89.53% of the Company’s equity capital.
JSC Latvijas balzams is the largest producer of alcoholic beverages in the Baltic States with a range of more than 100 different products. 73% of our production is exported to more than 160 export markets, as mediated by SPI group, and an additional 30 markets via the Company`s direct export route.
The Company`s Activity in 9 months of 2014
The unaudited turnover of the Company in the first 9 months of 2014 was 49.0 million Euros, which is 1.5% more than in the first 9 months of 2013. The turnover in the domestic market decreased by 2.0% due to changes in the beverage portfolio. The export by the orders of SPI Group has increased by 2.2%. While the most significant increase in sales was achieved in the Baltic countries and Norway (+10.2%), and also in Retail Travel and Duty-free market (+3%).
The unaudited profit for the reporting period reached 4.4 million Euros, which represents 18.6% growth versus the first 9 months of 2013. The result was achieved through focused development of the beverage portfolio and production process efficiency.
During the first 9 months of 2014, JSC Latvijas balzams paid 40.5 million Euros into the state budget, including excise tax, amounting to 29.8 million Euros.
Outlook of Future Activities
The Company will continue purposeful focus on achieve of settled objectives in both domestic and export markets. Our priorities still will be beverage portfolio consummate with the focus on exportable beverages and internationally acknowledged brands, as well as focus on implementation of effective production strategy to increase the Company`s competitiveness.
By active participation in the Industry Association and cooperating with non-governmental organizations, the Company will represent the interests of industry in the dialogue with legislators and law enforcement institutions, and promote advised policy development in the alcohol market. The Company will continue to focus on activities of combating non-commercial alcoholic beverages and to focus on the public education on these issues.
JSC Latvijas balzams
Procurator Ronalds Žarinovs
Riga, November 28th, 2014
