JSC "Brivais vilnis" Unaudited Interim Report for 12 months of 2015

In 12 months of 2015, the JSC "Brivais vilnis" has been working with a loss of 759 t. EUR. In the previous year the company worked with a profit of 257 t. EUR. Earnings of reporting period were 7 204 t. EUR, while the gross profit of 487 t. EUR. Losses are related with decrease of sales volume and the common situation of the canned fish market in 2015.

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Salacgriva, Latvia, 2016-02-29 15:22 CET (GLOBE NEWSWIRE) --  

 

Management Report

 

February 29, 2016

Type of activities

The types of activities performed by the JSC “Brivais Vilnis” are processing and canning of fish and fish products, wholesale of food products and other commercial activities classified nowhere else. On May 14, 2002 the company was registered in the Common commercial register of the Republic of Latvia.

Economic activities

Year 2015 is the 24th year of operation since the Company was transformed into a Joint Stock Company. In 2015 the Company produced a total of 14.1 million cans of various types (148) of fish products, including 6.0 million cans of sprat. 13.3 million cans were sold for EUR 7.2 million.

The financial result of the year 2015 is a loss of EUR 759 757. This loss is from economic activities of the Company.

The common situation of the canned fish market is tense. Demand for canned products in non-traditional markets is lagging behind the production volumes. At production of lower volumes, actual costs of products become more expensive, but the market prices at the same time have fallen as a result of competition.

Net turnover of 2015 is EUR 7 204 thousand.

Result of 2015 (EUR)                                                  (759 757)                               

Gross profit of 2015 (EUR)                                           487 124

The Company is a leader in product quality, we don`t use genetically modified raw materials and synthetic food additives in production.

We continue to work on development of new export markets. Taking into account embargo of Russia, Belorussia and Kazakhstan, development of new export markets has been set as a priority. We have visited food fairs in CIS countries, United States of Amerika, China, Hong Kong, Iran, United Arab Emirates, France, Germany, United Kingdom and other countries. Development of new markets lasts from one to two years.

At the same time we are working on development of new products. We are using progressive packaging types.

The Company has set a target to stabilize production and sales in the second half of 2016 through the work done in 2015.

 

Arnolds Babris

Chairman of the Board

Attachments

Finanšu pārskats - 2015.g. 12 mēn. (EN).pdf