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