OREANDA-NEWS. In 2014, the JSC "Brivais vilnis" has been working with a net profit of 257 t. EUR. Earnings of reporting year were 12,8 million EUR, while the gross profit of 1,5 million EUR. The profit of 2014 is 40% of the previous year`s result. Turnover in 2014 decreased by 10% compared to 2013. The Company`s operating results have been affected by the economic situation in the CIS countries. The management of the Company has found a new production sales market to that acquisition is currently beeing worked on.

Management Report

The types of activities performed by the JSC “Brivais vilnis” (“the Company”) are processing and canning of fish and fish products, wholesale of food products, including fish, shellfish and mollusc, and other commercial activities classified nowhere else.

Year 2014 was the 23rd year of operation since the Company was transformed into a Joint Stock Company.

In 2014 the JSC „Brivais vilnis” continued modernization of production process, obtained a number of new equipment for production of canned fish products.

We are a leader in product quality, we do not use genetically modified raw materials and synthetic food additives in the production.

In the reporting year the Company carried out the reregistration of the share capital from the Lats to the Euro.

In 2014 we started production of canned fish in multilayer plastic cans, any other producer of canned fish has such type of product. Canned fish in plastic can is tastier and well seen visually.

In 2014 the Company produced a total of 22.5 million cans of various types (157) of canned fish products, including 10.0 million cans of sprat. 22.4 million cans were sold for EUR 12.8 million. Gross profit in 2014 is EUR 1,5 million.

The financial result of the year 2014 is profit of EUR 257 010.  

  Profit or loss statement

    2014 2013  
    EUR EUR  
         
Net turnover   12 769 143 14 098 155  
Cost of sales   (11 269 545) (12 271 518)  
Gross profit   1 499 598 1 826 637  
Distribution costs   (228 694) (208 205)  
Administrative expenses   (932 432) (829 443)  
Other operating income   326 662 293 590  
Other operating expenses   (234 335) (147 326)  
Interest receivable and similar income   65 149 39 539  
Interest payable and similar expenses   (168 474) (219 872)  
Profit before taxes   327 474 754 920  
Corporate income tax for the reporting year   (29 246) (104 684)  
Deferred corporate income tax   (20 979) (8 559)  
Other taxes   (20 239) (19 740)  
Profit of the reporting year   257 010 621 937  
         
Earnings per share   0,083 0,201  

 

 

Balance Sheet

  ASSETS
      31.12.2014 31.12.2013
NON-CURRENT ASSETS    EUR  EUR
Intangible assets      
  Concessions, patents, licences, trademarks and similar expenses    685 5 236
  TOTAL   685 5 236
Fixed assets      
  Land, buildings and constructions   3 539 111 3 492 571
  Equipment and machinery   343 855 315 353
  Other fixed assets and inventory   148 007 135 565
  Tangible costs   165 -
  Advance payments for fixed assets   - 90 949
  TOTAL   4 031 138 4 034 438
  TOTAL NON-CURRENT ASSETS   4 031 823 4 039 674
CURRENT ASSETS      
Stock      
  Raw materials   677 112 649 312
  Finished goods and goods for sale   603 777 512 129
  TOTAL   1 280 889 1 161 441
Receivables      
  Trade receivables   2 966 973 2 779 395
  Other receivables   184 383 203 501
  Prepaid expenses   105 395  6 268
  TOTAL   3 256 751 2 989 164
Cash   88 016 275 777
  TOTAL CURRENT ASSETS   4 625 656 4 426 382
         
Total assets   8 657 479 8 466 056
         

 

 

  Balance Sheet      
  LIABILITIES
      31.12.2014 31.12.2013
EQUITY    EUR  EUR
Share capital     4 339 230   4 410 120
Non-current assets revaluation reserve   2 130 791 2 161 448
Reserves:   70 890 -
Retained earnings:      
  retained earnings of previous years / (outstanding losses)   (2 676 389) (3 298 326)
  retained earnings of reporting year       257 010     621 937
  TOTAL EQUITY   4 121 532 3 895 179
         
PROVISIONS      
  Provisions for vacations   141 095 130 682
  TOTAL PROVISIONS   141 095  130 682 
         
LIABILITIES      
Non-current liabilities      
  Loans from credit institutions   1 576 780 1 712 948
  Other loans   185 329 246 437
  Deferred income   58 857 -
  Deferred tax liabilities   122 196 101 217
  TOTAL   1 943 162 2 060 602
Current liabilities      
  Loans from credit institutions      408 000 505 942
  Other loans   106 633 219 438
  Customer advances   342 455 305 115
  Accounts payable to suppliers and contractors   1 266 206 918 792
  Taxes and social insurance contributions   134 041 179 746
  Other liabilities   169 340 243 730
  Deferred income   18 215 -
  Accrued liabilities   6 800 6 830
  TOTAL   2 451 690 2 379 593
  TOTAL LIABILITIES   4 394 852 4 440 195
         
Total equity and liabilities   8 657 479 8 466 056

 

Impact on the operating results of the JSC “Brivais vilnis” left depreciation of the Russian ruble and devaluation of the Ukrainian hryvnia. To sell products, the Company had to reduce the selling prices. As well as due to depreciation of the Russian ruble, there was the fall of demand in Russia.

The management of the Company recommends covering of previous years losses with the profit of reporting year.

The Company`s goal is to continue work on introduction of new types of packaging and looking for additional markets in Mexico, China and France in 2014. We are planning intensive visiting of international exhibitions.

As from May 18, 2015 the JSC “Brivais vilnis” will temporarily stop the production to carry annual repairs out. The Company plans to restart the production in the beginning of August, 2015. To ensure fulfilment of orders in summer, the Company has produced the products in required quantity and assortment. All relieved employees will re-start the work in the Company in August.