The basic economic activity of the Joint Stock Company invariably is the production and sale of bull semen, comprising 52.3% of its net turnover in the accounting period, as well as the milk testing and data processing services, which collectively comprise 36.1% of the Company's net turnover. The proportion of the Company's basic activities, if compared to the first nine months of 2014, does not show any significant changes.
Company's net turnover in the first nine months of 2015 was 842.9 thousand EUR, showing a decrease of 3.7% against the corresponding period in 2014, while Company's profit of 103.9 thousand EUR of the first nine months of 2015 shows a decrease of 30.3% against the corresponding period in 2014.
The decrease of the net turnover and the increase of the trade receivables was effected both by the shrinking of the sales market in Russia, due to the sanctions imposed by Russia, and the lifting of quotas on milk production by the European Union in 2015, directly influencing both the milk price and the market conjuncture resulting in lowering of the farmers purchasing power.
The commercial profitability in the first nine months of 2015 was 14.7%, compared to 18.5% in 2014.
Profit or Loss Account for the Period Ended on 30 September 2015
| 2015 EUR | 2014 EUR | |
| Net sales | 842 942 | 875 193 |
| Changes in stock of ready-made goods and unfinished products | 24 778 | 37 355 |
| Other operating income | 8 057 | 6 673 |
| Costs of materials: | (339 360) | (342 834) |
| a) raw materials and auxiliary costs of materials | (254 511) | (258 131) |
| b) other external costs | (84 849) | (84 703) |
| Personnel costs: | (344 625) | (347 286) |
| a) salaries for work | (274 081) | (275 926) |
| b) state social insurance compulsory contributions | (61 717) | (62 161) |
| c) other social insurance costs | (8 827) | (9 199) |
| Write-off of assets and values: | (34 686) | (33 934) |
| a) depreciation of fixed assets and amortization of intangible assets | (34 686) | (33 934) |
| Other operating costs | (30 803) | (31 636) |
| Other interest income and similar income | 4 306 | 2 989 |
| Interest payments and similar costs | (6 588) | (4 232) |
| Profit or loss before taxes | 124 021 | 162 288 |
| Enterprise income tax in the reporting year | (18 287) | (11 544) |
| Other taxes | (1 854) | (1 635) |
| The profit or loss of the year | 103 880 | 149 109 |
| Equity per 1 share (EPS) | 0.246 | 0.353 |
JSC ‘Siguldas ciltslietu un mākslīgās apsēklošanas stacija’ is one of the largest high-quality breeding bull semen producers and suppliers in Latvia. The second largest field of the Company’s basic economic activities is the milk testing services. The Company also provides other breeding related services – consultations on issues of cattle breeding, feeding and keeping, evaluation of cow exterior, artificial insemination of cows, initial processing of the monitoring data.
Valda Mālniece Member of the Management Board, Manager of the Financial and Accounting department E-mail: valda.malniece@sigmas.lv
