Annual report for the year ended 31 December 2016
Post# of 301275
Jaunpilī, 2017-03-17 15:19 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 2016
| 01.01.-31.12. 2015 EUR | 01.01.-31.12. 2014. EUR | |
| 1.Net turnover | 918157 | 943948 |
| a)from agricultural activity | 814634 | 839250 |
| b)from other type of economic activities | 103523 | 104698 |
| 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 |
Annexed: Annual report for the year 2016
Announcement on corporative management for 2016
Independent Auditors Report
Daiga Lielpinka
Member of the Management Board
Tel. 63107104
E-mail: daiga@kcmas.apollo.lv
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