OREANDA-NEWS. LTD Baltic Dairy Board annual report for the year ended 31st December 2015.

Year 2015 net turnover 9 067 905 EUR, 23% less than in year 2014. During the reporting period net loss 551 827 EUR, 2015 book value 10 060 709 EUR - 148% more than in year 2014.

"Baltic Dairy Board" factory was put into operation on December 22, 2015, production launch on January 15, 2016. Baltic Dairy Board, Ltd main type of activity is raw milk and other dairy side product processing. Manufactured raw materials are then being used for end products like butter, milk protein powder and yeast products. Main goal is to establish own drying facility by 2018 with capability to dry own liquids and offer drying services to other dairy companies.

In annual report Net turnover was 9 067 905 EUR, which is 23% less than it was in 2014. This drop was according to price drop for all dairy products and downfall in dairy industry itself. 

The book value of year 2015 is 10 060 709 EUR which is 148% more than 2014. This big increase in book value is because we have invested our and attracted funds in to factories equipment and construction process.

  In annual report Net loses are 551 827 EUR. Mentioned market situation in dairy industry and companies investments in designing, processing plant reconstruction, processing equipment purchases, recruitment of new staff and providing special training and factory tests before main production was started. Taking in to consideration mentioned loses are reasonable and understandable.

 

  Notes
 		 2015 2014
    EUR EUR
Net sales (1) 9 067 905 11 849 005
Cost of sales (2) (8 433 005) (10 697 393)
Gross profit   634 900 1 151 612
Distribution expenses (3) (590 995) (331 428)
Administrative expenses (4) (484 639) (248 369)
Other income (5) 63 410 72 363
Other expenses (6) (166 622) (135 090)
Finance expenses (8) (87 876) (45 491)
Profit (loss) before tax   (631 822) 463 597
Corporate income tax (9) 79 995 (75 863)
Net profit   (551 827) 387 734

  

ASSETS   31.12.2015.  31.12.2014. 
Non-current assets   EUR  EUR 
Intangible assets (10) 178 0
Property, plant and equipment (11) 9 031 798 2 536 030
Investment property (12) 0 106 335
Deferred tax assets (9) 69 965 0
Total non-current assets: (10) 9 101 941 2 642 365
Current assets      
Inventories (13) 7 164 65 422
Trade receivables (14) 362 365 356 081
Corporate income tax receivable   132 132 48 788
Other current assets (15) 355 753 332 515
Cash and cash equivalents (16) 101 354 617 322
Total current assets:   958 768 1 420 128
Total assets   10 060 709 4 062 493
       
EQUITY AND LIABILITIES      
Equity      
Share capital (17) 777 778 2 845
Share issue premium   421 557  
Retained earnings      
previous year's retained  earnings   678 521 290 787
current years profit or losses   (551 827) 387 734
Total equity:   1 326 029 681 366
Liabilities      
Non-current liabilities      
Debenture loans (18) 950 000 950 000
Deferred revenue (19) 1 154 049 608 539
Loans from credit institutions (21) 3 351 733 0
Other borrowings (21) 500 665 0
Finance lease liabilities (20) 69 592 37 489
Deferred income tax liabilities (9) 0 10 030
Total non-current liabilities:   6 026 039 1 606 058
Current liabilities      
Deferred revenue (19) 107 855 0
Finance lease liabilities (20) 28 310 16 474
Loans from credit institutions (21) 712 850 0
Trade payables (22) 1 559 346 1 653 926
Other liabilities (23) 300 280 104 669
Total current liabilities:   2 708 641 1 775 069
Total liabilities:   8 734 680 3 381 127
Total equity and liabilities:   10 060 709 4 062 493
 


Family owned company founded in 2008. From year 2008 until 2015 main business connected with raw milk logistics and other dairy product purchase and distribution. In 2015 company opened new added value product factory located in Bauska, Latvia. Factory is one of the larges Milk protein and Whey protein manufacturer in northern Europe with approx. 8 000MT of protein powder produced every year.