Annual report for the year ended 31 December 2016

Jaunpilī, 2017-02-28 14:42 CET (GLOBE NEWSWIRE) — The Company’s revenue in 2016 amounts to EUR 918157; it is 2.8 % less than in 2015. The Company’s profit for the year is EUR 111828, profit per share is EPS EUR 0.128. The main reasons for revenue decrease are grain purchase price downslide and the continuing fall of milk purchase price, as a result clients choose to purchase cheaper bioproducts and use the Company’s services less.

Due to the spread of African swine fever, the amount of the Company’s small clients has reduced. 80% of total boars bioproducts is sold to the big farms. The major clients  work with caution and no longer increase the number of sows, as a result sales of boars sperm have slightly decreased.

In the reporting year, the Company received subsidies from the state and EU in the amount of EUR 55531. Subsidies received for breed animals maintenance and EU payments area.

In 2016 the Company purchased property, plant and equipment in the amount of EUR 143427, including: reconstruction of garage workshop building EUR  113818, two cars  EUR 19812, tractor trailer-tank EUR 8250, computer system with printer EUR 1547.

In 2016, attracting EU funds, the Company’s technical housing redevelopment project was implemented (Project “Garage-building workshop conversion” No. 16-08-A, 16-08-A 00401-000444) for a total amount of EUR 109161.72. Upon completion of the project, in January 2017, received public funding of EUR 43664.69. It has been made drainage system rebuilding in the amount of EUR 15015.80, improving agricultural land acquisition of 37.7 hectares.

Revenue for 2016 in the amount of EUR 18707 applies to co-financing from the EU Structural Funds.

 

Profit or Loss Account for the Period Ended on 31 December  2015

	01.01.-31.12. 2015         EUR	01.01.-31.12. 2014.       EUR
1.Net turnover	918157	943948
a)from agricultural activity	806744	836326
b)from other type of economic activities	111413	107622
2.Cost of sales	-478961	-500105
3.Gross profit or loss	439196	443843
4.Sales expenses	-194435	-180699
5.Administrative expenses	-207682	-206093
6.Other operating income	75751	61035
7.Other operating expenses	-906	0
8.Interest payable and similar expenses
a)to other persond	-96	-746
9.Profit or loss before taxe	111828	117340
10.Corporate income tax	0	-4657
11.Profit or loss for the year	111828	112683
Earnings (loss) per share (EPS)	0.128	0.129

 

Daiga Lielpinka

Member of the Management Board

Tel. 63107104

E-mail: [email protected]