Joint  stock  company "Olainfarm" prepared approximate balance-sheet on

operation of year 2003. In accordance with non-audited data the company

have  sold output on 7,367,685 lats and received income of 42 000 lats,

which is twice and a half times more then in year 2002.

It  is worth mentioning that in year 2003 JSC "Olainfarm" have begun on

final  stage  of  implementation  of  GMP  standards  on  the plant, by

preparing  it for obligatory certification before accession to European

Union.   Necessity   to   carry   out   urgent  huge  construction  and

reconstruction   works   (8   objects)  required  noticeable  financial

investments,  which  hindered  achievement  of higher amount of income.

Besides,  fluctuant  exchange  rates  affected in a negative way all of

Latvian  exporters, including JSC "Olainfarm", which exports 80% of its

output.

Last  week in accordance with approved feasible work schedules, company

submitted  for  exploitation  4  more reconstructed objects, which were

inspected  by  State  Pharmacy  Inspection.  Those  are  -  archive  of

technological  documentation,  microbiological laboratory, stockroom of

printed  materials,  warehouse  of  raw  stuff and materials. Documents

necessary for licensing and GMP certificate acquisition for appropriate

circuits  have been prepared and submitted to responsible institutions.

Prepared by V.Zuka-Nikulina

Ph.: 7013870