Salacgriva, Latvia, 2015-02-27 16:06 CET (GLOBE NEWSWIRE) -- Management Report
February 27, 2015
Type of activities
The types of activities performed by the JSC “Brivais Vilnis” are processing and canning of fish and fish products, wholesale of food products and other commercial activities classified nowhere else. On May 14, 2002 the company was registered in the Common commercial register of the Republic of Latvia.
Economic activities
Year 2014 is the 23rd year of operation since the Company was transformed into a Joint Stock Company. In 2014 the Company produced a total of 22.5 million cans of various types (157) of fish products, including 10.0 million cans of sprat. 22.4 million cans were sold for EUR 12.8 million.
The financial result of the year 2014 is profit of EUR 416 473. This profit is from economic activities of the Company.
Net turnover of 2014 is EUR 12 846 thousand.
Result of 2014 (EUR) 416 473
Gross profit of 2014 (EUR) 1 576 576
| 2014 | 2013 | |
| EUR | EUR | |
| Net turnover | 12 846 107 | 14 098 155 |
| Cost of sales | (11 269 540) | (12 271 518) |
| Gross profit (loss) | 1 576 567 | 1 826 637 |
| Distribution costs | (223 870) | (208 205) |
| Administrative expenses | (883 785) | (829 443) |
| Other operating income | 367 217 | 293 590 |
| Other operating expenses | (268 007) | (147 326) |
| Interest receivable and similar income | ||
| 150 382 | 39 539 | |
| Interest payable and similar expenses | ||
| (214 990) | (219 872) | |
| Profit /(Loss) before taxes | 503 514 | 754 920 |
| Corporate income tax for the resporting year | (66 801) | (104 684) |
| Other taxes(real estata tax) | (20 240) | (28 299) |
| Profit / (Loss) for the reporting period | ||
| 416 473 | 621 937 | |
| Earnings(loss) per share | 0,134 | 0,201 |
| ASSETS | ||
| 31.12. | 31.12. | |
| 2014 | 2013 | |
| EUR | EUR | |
| NON-CURRENT ASSETS | ||
| Intangible assets | ||
| Projects, licences and similar expenses | 685 | 5236 |
| TOTAL | 685 | 5236 |
| Tangible assets | ||
| Land, buildings and constructions | 3 539 111 | 3 492 571 |
| Equipment and machinery | 343 855 | 315 353 |
| Other fixtures and fittings, tools and equipment | 148 007 | 135 566 |
| Advance for tangible assets | 165 | 90 948 |
| TOTAL | 4 031 138 | 4 034 438 |
| CURRENT ASSETS | ||
| Inventories | ||
| Raw materials | 677 111 | 649 312 |
| Finished goods and goods for resale | 603 777 | 512 129 |
| TOTAL | 1 280 888 | 1 161 441 |
| Receivables | ||
| Trade receivables | 3 247 866 | 2 779 395 |
| Other receivables | 154 377 | 203 501 |
| Prepaid expenses | 105 394 | 6 268 |
| TOTAL | 3 507 637 | 2 989 164 |
| Cash | 88 016 | 275 777 |
| TOTAL CURRENT ASSETS | 4 876 541 | 4 426 382 |
| TOTAL ASSETS | 8 908 364 | 8 466 055 |
| LIABILITIES | ||
| 31.12. | 31.12. | |
| 2013 | 2012 | |
| EUR | EUR | |
| EQUITY | ||
| Share capital | 4 339 230 | 4 410 120 |
| Non-current assets revaluation reserve | 2 130 791 | 2 161 448 |
| Other reserves | 70 890 | |
| Retained earnings | ||
| brought forward | (2 676 383) | (3 298 326) |
| for the period | 416 473 | 621 937 |
| TOTAL | 4 281 001 | 3 895 179 |
| PROVISIONS FOR LIABILITIES AND CHARGES | ||
| Other provisions | 141 097 | 130 682 |
| TOTAL | 141 097 | 130 682 |
| LIABILITIES | ||
| Non-current liabilities | ||
| Loans from credit institutions | 1 576 780 | 1 712 948 |
| Other loans | 246 437 | 246 437 |
| Deferred corporate income tax liabilities | 101 216 | 101 217 |
| TOTAL | 1 924 433 | 2 060 602 |
| Current liabilities | ||
| Loans from credit institutions | 408 000 | 505 942 |
| Other loans | 45 602 | 219 438 |
| Prepayments received from costumers | 300 916 | 305 115 |
| Trade payables | 1 416 888 | 918 791 |
| Taxes payable | 141 629 | 179 746 |
| Other liabilities | 165 316 | 243 730 |
| Defferred income | 76 682 | |
| Accumulating compensated absences | 6 800 | 6 830 |
| TOTAL | 2 561 833 | 2 379 592 |
| TOTAL LIABILITIES | 4 486 266 | 4 440 194 |
| TOTAL EQUITY AND LIABILITIES | 8 908 364 | 8 466 055 |
In 2014 the JSC “Brivais vilnis” has obtained a number of new equipment for production of canned fish.
We are a leader in product quality, we don`t use genetically modified raw materials and synthetic food additives in production.
In 2014 the JSC “Brivais vilnis” continued to work on introduction of new type of packaging by experiments and tests in its laboratory.
In 2015 the Company will start export of the new product with the transparent lid to Finland. We will continue to work on development of new export markets. Taking into account deterioration of economic situation in Russia and other CIS countries, development of new export markets has been set as a priority.
| Arnolds Babris |
| Chairman of the Board |
