The Company’s net turnover in 2016 was 1.1 million euros, which is by 34 thousand euros or 3.1% less than in 2015 due to the overall economic crisis in the milk market of Latvia.
The proportion of the revenue from the Company’s basic economic activities, if compared to year 2015, had not changed substantially − the revenue from the sales of the bull semen comprised 51.4% of the net turnover, whereas the milk laboratory services and processing of supervisory data services, taken together, accounted for 37.0% of the net turnover.
In 2016 the revaluation of the investment properties into the actual value resulted in loss of 7 thousand euros, whereas in 2015 it accounted for loss of 18 thousand euros.
Compared to 2015, the profit before taxes in the reporting year has increased by 8 thousand euros, and was 103 thousand euros.
The Company’s commercial profitability in 2016 was 9.6%, 1.0% points up if compared to 2015.
Profit or Loss Account for the Period Ended on 31 December 2016
| 2016 EUR | 2015 EUR | |
| Net sales | 1 070 645 | 1 105 143 |
| a) from agricultural activities | 1 070 645 | 1 105 143 |
| Changes in stock of ready-made goods and unfinished products | 62 397 | 17 309 |
| Other operating income | 25 199 | 15 157 |
| Costs of materials: | (464 083) | (443 564) |
| a) raw materials and auxiliary costs of materials | (352 790) | (329 681) |
| b) other external costs | (111 293) | (113 883) |
| Personnel costs: | (456 891) | (460 609) |
| a) salaries for work | (364 397) | (367 444) |
| b) state social insurance compulsory contributions | (82 697) | (83 677) |
| c) other social insurance costs | (9 797) | (9 488) |
| Depreciation adjustments: | (63 888) | (65 057) |
| a) depreciation adjustments of fixed and intangible assets | (44 882) | (45 616) |
| b) depreciation adjustments of current assets which the company considers to be above the normal write-off amounts | (19 006) | (19 441) |
| Other operating costs | (70 826) | (73 722) |
| Income from shareholding: | 15 | 11 |
| a) in capitals of associated companies | 15 | - |
| Profit or loss before enterprise income tax | 102 568 | 94 668 |
| Enterprise income tax for the reporting year | (18 254) | (20 111) |
| Profit or loss after enterprise income tax calculation | 84 314 | 74 557 |
| Revenue or expenses from the changes in the deferred tax assets or liabilities in the balance | 1 008 | 1 111 |
| The profit or loss for the year | 85 322 | 75 668 |
| Equity per 1 share (EPS) | 0,202 | 0,179 |
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 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
