The proportion of the revenue from the Company’s basic economic activities, if compared to year 2014, had not changed substantially − the revenue from the sales of the bull semen comprised 51.5% of the net turnover, whereas the milk laboratory services and treatment of supervisory data services, taken together, accounted for 36.8% of the net turnover.
The Company’s net turnover in 2015 was 1.1 million euros, which is by 43 thousand euros or 3.8% less than in 2014.
In 2015 the revaluation of the investment properties into the actual value resulted in loss of 18 thousand euros, whereas in 2014 it accounted for earnings of 25 thousand euros.
Compared to 2014, the profit before taxes in the reporting year had decreased by 86 thousand euros, and was 97 thousand euros.
The Company’s commercial profitability in 2015 was 8.7%, 7.2% points down if compared to 2014.
The decrease of the net turnover and the increase of the trade receivables was effected both by the shrinking of the sales market in Russia, due to the sanctions imposed by Russia, and the lifting of quotas on milk production by the European Union in 2015, directly influencing both the milk prices and the market conjuncture, which consequently − due to the lowering of the farmers purchasing power − made the Company revise its price policy.
Profit or Loss Account for the Period Ended on 31 December 2015
|
2015 EUR |
2014 EUR |
|
| Net sales | 1 105 143 | 1 148 420 |
| Changes in stock of ready-made goods and unfinished products | 17 309 | 23 855 |
| Other operating income | 10 258 | 11 641 |
| Costs of materials: | (443 564) | (448 525) |
| a) raw materials and auxiliary costs of materials | (329 681) | (332 379) |
| b) other external costs | (113 883) | (116 146) |
| Personnel costs: | (460 609) | (464 261) |
| a) salaries for work | (367 444) | (370 349) |
| b) state social insurance compulsory contributions | (83 677) | (84 417) |
| c) other social insurance costs | (9 488) | (9 495) |
| Write-off of assets and values: | (65 057) | (62 394) |
| a) depreciation of fixed assets and amortization of intangible assets | (45 616) | (45 850) |
| b) write-off of value of current assets above the normal deductions | (19 441) | (16 544) |
| Other operating costs | (41 171) | (43 565) |
| Other interest income and similar income | 4 910 | 28 874 |
| Interest payments and similar costs | (30 697) | (11 040) |
| Profit or losses before taxes | 96 522 | 183 005 |
| Enterprise income tax for the reporting year | (20 111) | (26 164) |
| Deferred tax | 1 111 | 710 |
| Other taxes | (1 854) | (1 635) |
| The profit or loss for the year | 75 668 | 155 916 |
| Equity per 1 share (EPS) | 0.179 | 0.369 |
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 the 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
