OREANDA-NEWS. The Company was established in 1900 and operates under the current name since 1970. Due to SPI Group internal reorganization the major shareholder of Latvijas balzams AS from October 2014 is Amber Beverage Group SIA, which owns 89.99% of the Company’s equity capital.

Latvijas balzams AS is the largest producer of alcoholic beverages in the Baltic States with a range of more than 100 different products. Our production is exported to more than 160 export markets as mediated by Stoli Group, and to 42 markets via the Company`s direct export route.

The Company`s Activity in the first quarter of 2016

The unaudited turnover of the Company in the first quarter of 2016 was 16.8 million Euros, which is 8.5% more than in the first quarter of 2015. The turnover growth has been achieved by launching new products, establishing collaboration with new partners and a solid teamwork.

The unaudited profit for the reporting period reached 1.2 million euro that represents 12% decrease versus the first quarter of 2015 that caused by decrease of sales in the most profitable markets, as well as development of a platform for future growth in other export markets by investing in advertising and sales promo activities for Latvijas balzams AS branded products.

Latvijas balzams AS is the leading producer of alcoholic beverages in Latvia, as well as one of the largest local taxpayers. During the first quarter of 2016, Latvijas balzams AS paid 13.1 million euro to the state budget, including excise tax, amounting to 9.9 million euro.

Future prospects

As Latvijas Balsams’s outlook for the year ahead is one of caution as the impact of the situation in Russia, with the price of oil coupled with the slow down in China and the uncertainty around the EU is expected to dampen growth in 2016.

The Company will continue its purposeful focus on the achievement of objectives in both domestic and export markets. Our priorities will continue to be to focus on our domestic business, on building our international brands, and on implementation of effective production strategy to increase the Company`s competitiveness.