Lapsu street 3, Dubeņi, Grobiņa parish, Grobiņa district, Zip : LV- 3411, 2015-02-27 16:11 CET (GLOBE NEWSWIRE) -- The Company's net sales for 2014 year amounted to € 2,879,362, and it has decreased by 23% compared to 2013 year. The Company's loss for 2014 year is € 1,657,441, but the 2014 year’s net loss per share is EUR -3,315, while the year 2013 net earnings per share were EUR 1,567.
In 2014 year’s 12 months were sold 94 849 mink skins on the average price of € 28.39 / pcs, which exceeded the Finnish mink auction average sales price, and however, was below the cost of production.
Despite the global fur fall in prices in 2014, JSC "Grobiņa" during the reporting period has been able to carry out ongoing investment projects in 2013, as a result of the JSC "Grobiņa" long-term investment to the end of 2014, constitute 15,223,427, -EUR, what is about 6,022,704, -EUR more than in 2013 year. Thanks to the investments made in 2014 ,JSC "Grobiņa" has boosted its production gaining 120 000 mink skins.
As already JSC "Grobiņa" management predictored the 2014 year’s price collapse in the world fur was transitory nature, because since the beginning of the new season, fur sales in 2015, according to the January and February 2015 Auction Results in Danish auction house in Copenhagen and in the Canadian auction NAFA's house - the average realization price of mink skin in excess of 50 EUR /skin and reaches 100% of sales. All this confirms that this season the fur market has recovered and returned to the sales price what was in 2011-2013 year’s selling season limits, as a result of JSC "Grobiņa" management believes that in 2015 will be able to stabilize the company's cash flow and take the accumulated 2014 creditors' debts.
| BALANCE SHEET | ||||
| ASSETS | 31.12.14. EUR | 31.12.13. EUR | ||
| II | Tangible assets | |||
| Land, building and construction | 6 015 305 | 666 533 | ||
| Equipment and machinery | 87 282 | 109 357 | ||
| Other fixed assets and equipment | 762 132 | 347 674 | ||
| Construction in progress | 1 371 393 | 5 230 874 | ||
| Advance payments for tangible assets | 273 543 | 313 118 | ||
| Total tangible assets | 8 509 655 | 6 667 556 | ||
| III | Biological assets | |||
| Breeding animals | 6 709 772 | 2 529 167 | ||
| Advance payments for breeding animals | 4 000 | 4 000 | ||
| Total biological assets | 6 713 772 | 2 533 167 | ||
| Total non-current assets | 15 223 427 | 9 200 723 | ||
| Current assets | ||||
| I | Inventories | |||
| Raw materials and consumables | 230 243 | 553 974 | ||
| Unfinished production | 1 084 582 | 0 | ||
| Finished production and goods for sale | 2 104 264 | 3 054 830 | ||
| Total inventories | 3 419 089 | 3 608 804 | ||
| II | Receivables | |||
| Trade receivables | 108 544 | 2 319 | ||
| Other receivables | 37 398 | 72 544 | ||
| Prepaid expenses | 11 347 | 9 144 | ||
| Total receivables | 157 289 | 84 007 | ||
| III | Cash (total) | 43 778 | 580 744 | |
| Total current assets | 3 620 156 | 4 273 555 | ||
| Total assets | 18 843 583 | 13 474 278 | ||
| BALANCE SHEET (continued) | ||||
| EQUITY AND LIABILITIES | 31.12.14. EUR | 31.12.13. EUR | ||
| I | Equity | |||
| Share capital (equity) | 711 436 | 711 436 | ||
| Reserves: | ||||
| d) other reserves | 77 481 | 77 481 | ||
| Total reserves | 77 481 | 77 481 | ||
| Retained earnings | ||||
| a) retained earnings for the previous year | 2 276 944 | 1 493 524 | ||
| b) retained earnings for the reporting year | -1 657 441 | 783 420 | ||
| Total retained earnings | 619 503 | 2 276 944 | ||
| Total equity | 1 408 420 | 3 065 861 | ||
| II | Provisions | |||
| Other provisions | 71 106 | 69 782 | ||
| Total provisions | 71 106 | 69 782 | ||
| III | Liabilities | |||
| I | Long-term liabilities | |||
| Loans from credit institutions | 0 | 4 500 541 | ||
| Other loans | 587 073 | 10 398 | ||
| Further period income | 2 199 191 | 1 825 366 | ||
| Deferred tax liabilities | 112 278 | 35 852 | ||
| Total long-term liabilities | 2 898 542 | 6 372 157 | ||
| II | Short-term liabilities | |||
| Loans from credit institutions | 7 153 608 | 381 006 | ||
| Other loans | 514 809 | 31 515 | ||
| Prepayments received from customers | 2 302 548 | 2 344 865 | ||
| Trade payables | 4 087 520 | 956 731 | ||
| Taxes and state social insurance payables | 226 643 | 94 263 | ||
| Other payables | 58 709 | 37 427 | ||
| Further period income | 95 617 | 96 072 | ||
| Accrued liabilities | 26 061 | 24 599 | ||
| Total short-term liabilities | 14 465 515 | 3 966 478 | ||
| Total liabilities | 17 364 057 | 10 338 635 | ||
| Total equity and liabilities | 18 843 583 | 13 474 278 | ||
| INCOME STATEMENT | ||||
| 2014 EUR | 2013 EUR | |||
| Net turnover | 2 879 362 | 3 722 278 | ||
| Cost of sales | 3 514 908 | 2 025 515 | ||
| Gross profit or loss | -635 546 | 1 696 763 | ||
| Sales expenses | 119 644 | 81 918 | ||
| Administrative expenses | 417 056 | 465 561 | ||
| Other operating income | 157 057 | 65 639 | ||
| Other operating expenses | 74 210 | 74 160 | ||
| Profit or loss from operations | -1 089 399 | 1 140 763 | ||
| Interest payable and similar expenses | 482 189 | 229 963 | ||
| Profit or loss before extraordinary items and taxes | -1 571 588 | 910 800 | ||
| Profit or loss before taxes | -1 571 588 | 910 800 | ||
| Company income tax for the accounting year | 0 | 82 195 | ||
| Deferred corporate income tax | 76 426 | 35 852 | ||
| Other taxes | 9 427 | 9 333 | ||
| Profit or loss of the reporting year | -1 657 441 | 783 420 | ||
| Earnings (loss) per share (EPS) | -3,315 | 1,567 | ||
More information: Gundars Jaunsleins JSC “Grobiņa” Chairman of the Board Tel: +371 26353885
