Year 2017 net turnover 19 456 023 EUR, 4.6% more than in year 2016. During the reporting period net loss 1 117 858 EUR, 2017 book value 9 996 401 EUR - 7% less than in year 2016.
The type of business activity of SIA "Baltic Dairy Board" is an in-depth processing of raw milk and milk by-products with biotechnological methods. Raw materials are being manufactured to produce butter, cheese, milk protein powder and whey protein. The goal in year 2018 is to start the continuous long-term manufacturing and delivery of GOS (galacto-oligossaharide) products to leading manufacturers of infant/young children foods in the world.
In annual report Net turnover was 19 456 023 EUR, which is 4.6% more than it was in 2016. This drop was according to price drop for all dairy products and downfall in dairy industry itself.
The book value of year 2017 is 9 969 401 EUR which is 7% less than 2016.
In annual report Net loses are 1 117 858 EUR. There are several reasons for the net loss:
1. asset depreciation costs in the amount of 631 423 EUR
2. expensive funding costs in the amount of 587 540 EUR
3. in accordance with the new Corporate income tax law previously acknowledged deferred tax asset was written off in the amount of 279 096 EUR.
| |
NOTES |
2017 |
2016 |
| |
EUR |
EUR |
| Net sales |
(1) |
19 456 023 |
18 603 949 |
| Cost of sales |
(2) |
(18 848 333) |
(17 561 090) |
| Gross profit |
|
607 690 |
1 042 859 |
| Distribution expenses |
(3) |
(312 645) |
(503 924) |
| Administrative expenses |
(4) |
(450 362) |
(493 069) |
| Other income |
(5) |
292 917 |
291 896 |
| Other expenses |
(6) |
(388 822) |
(336 720) |
| Finance expenses |
(8) |
(587 540) |
(582 770) |
| Profit (loss) before tax |
|
(838 762) |
(581 728) |
| Corporate income tax |
(9) |
(279 096) |
209 131 |
| Net profit |
|
(1 117 858) |
(372 597) |
| |
|
|
|
|
|
|
|
|
|
|
|
| |
NOTES |
31.12.2017. |
31.12.2016. |
| ASSETS |
EUR |
EUR |
| Non-current assets |
|
|
|
| Intangible assets |
(10) |
49 |
113 |
| Property, plant and equipment |
(11) |
8 707 261 |
9 111 507 |
| Deferred tax assets |
(9) |
- |
279096 |
| Participation in the capital of another company |
|
200 |
200 |
| |
|
8 707 510 |
9 390 916 |
| Current assets |
|
|
|
| Inventories |
(12) |
340 225 |
187 810 |
| Trade receivables |
(13) |
883 076 |
814 808 |
| Corporate income tax receivable |
|
- |
24 428 |
| Other current assets |
(14) |
37 821 |
334 607 |
| Cash and cash equivalents |
(15) |
769 |
859 |
| Total current assets: |
|
1 261 891 |
1 362 512 |
| Total assets |
|
9 969 401 |
10 753 428 |
| |
|
|
|
| EQUITY AND LIABILITIES |
|
|
|
| Equity |
|
|
|
| Share capital |
(17) |
777 778 |
777 778 |
| Share issue premium |
|
421 557 |
421 557 |
| Retained earnings: |
|
|
|
| Retained earnings or losses |
|
(245 903) |
126 994 |
| Profit or loss of the year |
|
(1 117 858) |
(372 597) |
| Total equity: |
|
(164 426) |
953 732 |
| Liabilities |
|
|
|
| Non-current liabilities |
|
|
|
| Debenture loans |
(17) |
1 128 695 |
1 035 500 |
| Deferred revenue |
(18) |
1 455 094 |
1 540 688 |
| Loans from credit institutions |
(21) |
1 753 538 |
2 743 571 |
| Other borrowings |
(21) |
746 767 |
626 146 |
| Finance lease liabilities |
(19) |
33 700 |
41 817 |
| Total non-current liabilities: |
|
5 176 246 |
5 987 722 |
| Current liabilities |
|
|
|
| Deferred revenue |
(18) |
85 594 |
85594 |
| Finance lease liabilities |
(19) |
38 917 |
26 403 |
| Factoring liabilities |
(20) |
132 382 |
402 024 |
| Loans from credit institutions |
(21) |
1 801 308 |
1 022 642 |
| Trade payables |
(22) |
1 804 409 |
1 809 480 |
| Current income tax payables |
(23) |
269 639 |
11 067 |
| Advances from customers |
(24) |
883 784 |
455 064 |
| Other liabilities |
|
4 957 581 |
3 812274 |
| Total current liabilities: |
|
10 133 827 |
9 799 996 |
| Total liabilities: |
|
9 969 401 |
10 753 728 |
| |
|
|
|
Family owned company founded in 2008. From year 2008 until 2015 main business connected with raw milk logistics and other dairy product purchase and distribution. In 2015 company opened new added value product factory located in Bauska, Latvia. Factory is one of the larges Milk protein and Whey protein manufacturer in northern Europe with approx. 8 000MT of protein powder produced every year.
Additional information:
Kaspars Kazaks
Chairman of the Board
Phone +371 26010072
e-mail:kaspars@bdb.lv |