Jaunpils, 2015-03-24 15:27 CET (GLOBE NEWSWIRE) -- The financial showings of the audited Annual Report are the same as in the Interim Report for the 12 month period.
The Company turnover in 2014 amounted to EUR 1053462, which is 3.4% less than in 2013. The Comapny's loss after tax is EUR 98089. Loses per 1 share (EPS) are EUR 0.196.
During the reporting year, the Company has received EUR 34964 as national and EU subsidies. The subsidies have been received for the maintenance of breeding animals and as EU area payments.
In 2014, the joint stock company has acquired fixed assets totalling EUR 112394 including 20.8 ha of agricultural land for EUR 79194 to be used for grain cultivation.
From the European Union Structural Funds co-financing by the 2014, the EUR 18707 revenue.
Loses incurred by the decision recommended by the Board and approved by Council on own-produced breeding bull bioproduct inventory write-downs. The reasons for bioproduct inventory revaluation are market trends in recent years, as a result Company's sales of imported breeding bull bioproduct increased. Sales opportunities in future years of current breeding bull bioproduct inventory over the age of 5 years were assessed. Breeding bull bioproduct in the amount of EUR 254857 was written-off as result of revaluation.
Losses incurred by the Company in connection with inventory write-downs do not affect Company's cash flow and future economic activity. In the comig years, a similar amount of bioproduct inventory write-downs are not intended.
Profit or Loss Account for the Period Ended on 31 December 2014
| 2014. EUR | 2013. EUR | |
| Net turnover | 1053462 | 1090924 |
| Cost of sales | 573233 | 589970 |
| Gross profit or loss | 480229 | 500954 |
| Sales expenses | 432773 | 221962 |
| Administrative expenses | 208530 | 231575 |
| Other operating income | 70011 | 78669 |
| Other operating expenses | 1768 | 10780 |
| Profit or loss from operations | -92831 | 115306 |
| Interest payable and similar expenses | 127 | 169 |
| Profit or loss before extraordinary items and taxes | -92958 | 115137 |
| Profit or loss before taxes | -92958 | 115137 |
| Corporate income tax | 105 | |
| Other taxes | 5131 | 4233 |
| Profit or loss the reporting year | -98089 | 110799 |
| Earnings (loss) per share (EPS) | -0.196 | 0.253 |
Daiga Lielpinka
Member of the Management Board
Tel. 63107104
E-mail: daiga@kcmas.apollo.lv
