As “Talsu Mežrūpniecība” (Registration Number 40003113243)
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AS “TALSU MEŽRŪPNIECĪBA” (REGISTRATION NUMBER 40003113243) FINANCIAL REPORT OF 9 MONTH OF THE YEAR 2015 (NON-AUDITED) WorldReginfo - f2a67133-a959-4cab-bfc4-d17cdd01ea0c AS „T ALSU MEŽR ŪPNIEC ĪBA ” FINANCIAL REPORT FOR 9 MONTH OF THE YEAR 2015 (NON - AUDITED ) Content Page General Information 3 Management Report 4 Profit and Loss statement 5 Balance Sheet 6 Equity and L ia bilities 7 Equity Statement 8 Cash Flow Statement 9 Notes 10-18 WorldReginfo - f2a67133-a959-4cab-bfc4-d17cdd01ea0c AS „T ALSU MEŽR ŪPNIEC ĪBA ” FINANCIAL REPORT FOR 9 MONTH OF THE YEAR 2015 (NON - AUDITED ) General information Company name A/s „Talsu Mežrūpniecība” Legal Status Joint stock company Registration numb er, time and place 40003113243, Riga January 29, 1993 Legal address Eksporta Street 26, Tukums, LV - 3104 Address of the executive bodies Dumpīšu Street 3, Stende, LV – 3257 Shareholders All Company shares are book -entry shares. Public placement at LCD – 230,000 shares are bearer shares Closed issue - 265,699 shares are registered shares Board Gatis Štāks ,chairman of the Board from Roja district., Parish Roja, “Birzītes” Pēteris Klava , member of the Board Talsi district., Parish Libagi, “Veikals” Andis Gribusts , member of the Board Talsi district, Parish Lauciene, „Dzelzkalēji”. Supervisory Board Oskars Derings , Chairman of the Supervisory Board, Talsi, Riga Street 3-13 Eva Emerberga , member of the Supervisory Board Talsi, Riga Street 3-13 Alda Kiore , member of the Supervisory Board Talsi district, Stende, Robezu Street 4. Asmeralda Kļava , member of the Supervisory Board Talsi district, Parish Abava, „Vītiņi”. Gita Emerberga , member of the Supervisory Board Roja district, Kaltene, “Foreles-3”. Period 01.01.2015.-30.09.2015. Audithor Daiga Baraua ,sworn audithor, No. Sertificate 89, Talsi district, Parish Valdgale, “Lejaskalēji”, LV-3253, Latvia 3 WorldReginfo - f2a67133-a959-4cab-bfc4-d17cdd01ea0c AS „T ALSU MEŽR ŪPNIEC ĪBA ” FINANCIAL REPORT FOR 9 MONTH OF THE YEAR 2015 (NON - AUDITED ) MANAGEMENT REPORT The main activities of the Company in 2015 were logging and production of timber products: peeled and turn poles production in timber processing unit. The result for 9 month of the year 2015 is profits EUR -101200 which corresponds to EUR 0.204 profits per share. During 9 month of the year 16 910 m3 poles were produced in the timber processing unit and woodchips of 43 686 m3 were sold. Total revenues for the Company during 9 month of year 2015 were EUR 2 916 310.-. This compared to 2014 is about 33.4% higher. The demand for products to England is positive The company’s profit at the 9 month, year 2015 are EUR 52 605.-, which corresponds to EUR 0.106 profit per share. In the future the Company plans to continue the production of peeled and turn poles, increasing the proportion of timber purchased from small logging companies and private loggers, whose price offering is lower than that of VAS Latvijas valsts meži. It is also planned to sell the produced goods to a wider network of clients, achieving the most beneficial sales price. Suggestions for distribution of profit and covering of losses Profits will be used for new production equipment and machine purchase. Board: Gatis Štāks Pēteris Kļava Andis Gribusts Ch ai rman of the Board Member of the Board Member of the Board 15 th October, 2015. 4 WorldReginfo - f2a67133-a959-4cab-bfc4-d17cdd01ea0c AS „T ALSU MEŽR ŪPNIEC ĪBA ” FINANCIAL REPORT FOR 9 MONTH OF THE YEAR 2015 (NON - AUDITED ) Profit and Loss Statement 2015 2014 Note EUR EUR Revenues 2 2 916 310 1 930 456 Cost of goods sold 3 (2 747 853) (1 737 288) Gross result 119 862 193 168 Administration expenses 4 (56 977) (43 328) Other operating income 5 4 18 579 Other operating expenses 6 (8 572) (8 817) Fiancial income 7 2 059 516 Financial expenses 8 (2 528) (3 280) Profit (loss) before taxes 53 848 156 838 Deferred corporate income tax 9; 18 Other taxes 17 (1 243) (1 243) Net profit (loss) 52 605 155 595 Notes on pages 10 to 18 are integral part of the financial statements Board: Gatis Štāks Pēteris Kļava Andis Gribusts Chairman of the Board Member of the Board Member of the Board 15 th October, 2015 5 WorldReginfo - f2a67133-a959-4cab-bfc4-d17cdd01ea0c AS „T ALSU MEŽR ŪPNIEC ĪBA ” FINANCIAL REPORT FOR 9 MONTH OF THE YEAR 2015 (NON - AUDITED ) Balance Sheet ASSETS 30.09.2015. 30.09.2014. LONG TERM ASSETS Note EUR EUR Fixed assets Land, buildings and constructions 118 079 122 759 Machinery and equipments 278 033 238 883 Other fixed assets 53 215 61 405 Lizings 124 366 180 579 Total 10 609 503 603 626 TOTAL LONG TERM ASSETS 609 503 603 626 CURRENT ASSETS Inventories Materials 12 944 10 641 Production in progress 59 566 19 713 Goods for sale 55 242 48 033 Advances for goods 6 403 6 403 TOTAL 134 155 84 790 Debtors Trade receivables, net 11 277 146 154 355 Other debtors 12 9 090 11 415 Prepaid expenses 5 163 4 710 TOTAL 291 399 170 480 Cash and cash equivalenets 112 556 163 870 TOTAL CURRENT ASSETS 558 110 419 140 TOTAL ASSETS 1 167 613 1 022 766 Notes on pages 10 to 18 are integral part of the financial statements Board: Gatis Štāks Pēteris Kļava Andis Gribusts Chairman of the Board Member of the Board Member of the Board 15 th October, 2015 6 WorldReginfo - f2a67133-a959-4cab-bfc4-d17cdd01ea0c AS „T ALSU MEŽR ŪPNIEC ĪBA ” FINANCIAL REPORT FOR 9 MONTH OF THE 2015 ( NOT – AUDITED ) EQUITY AND LIABILITIES 30.09.2015. 30.09.2014. EQUITY Piezīme EUR EUR Share capital Treasury shares 13 693 979 705 316 Reserv 11 337 - - Prior year loss (13 584) (165 432) Current year profit (loss) 101 200 155 595 Total equity 792 932 695 479 Provisions Uzkrājumi paredzamajiem nodokļiem 14 28 187 18 792 TOTAL PROVISIONS 28 187 18 792 LIABILITIES Long term liabilities Loans several 16 67 681 93 179 Loans from credit institutions 16 11 739 Deferred tax liabilities 18 38 024 25 339 Short term liabilities TOTAL 117 444 118 518 Other loans 16 7 095 7 960 Loans from credit institutions 16 3 201 27 746 Trade creditors 167 011 121 941 Taxes payable 17 19 575 11 998 Other liabilities 26 690 17 706 Acured liabilities 15 5 478 2 626 TOTAL 229 050 189 977 TOTAL LIABILITIES 346 494 308 495 TOTAL EQUITY AND LIABILITIES 1 167 613 1 022 766 Notes on pages 10 to 18 are integral part of the financial statements Board: Gatis Štāks Pēteris Kļava Andis Gribusts Chairman of the Board Membe r of the Board Member of the Board 15 th October, 2015 7 WorldReginfo - f2a67133-a959-4cab-bfc4-d17cdd01ea0c AS „T ALSU MEŽR ŪPNIEC ĪBA ” FINANCIAL REPORT FOR 9 MONTH OF THE YEAR 2015 (NON – AUDITED ) Equity Statement Prior period Current period EUR Share capital loss profit (loss) Total January 1, 2014 705 316 (197 950) 32 518 539 884 Transferred to prior period losses - 25 132 (25 132) - Current period loss - - 155 595 155 595 September 30, 2014 705 316 (172 818) 162 981 695 479 (11 337) (11 337) Transferred to prior period losses - (13 584) 9 837 (3 747) Current period profit - - 52 605 52 605 11 337 11 337 September 30, 2015 705 316 (186 402) 225 423 744 337 Notes on pages 10 to 18 are integral part of the financial statements. Board: Gatis Štāks Pēteris Kļava Andis Gribusts Chairman of the Board Member of the Board Member of the Board 15 th October, 2015 8 WorldReginfo - f2a67133-a959-4cab-bfc4-d17cdd01ea0c AS „T ALSU MEŽR ŪPNIEC ĪBA ” FINANCIAL REPORT FOR 9 MONTH OF THE YEAR 2015 (NON – AUDITED ) Cash Flow Statement 2015. (based on indirect method) 2015 2014 Operating cash flow EUR EUR Profit (loss) before taxes 53 848 156 838 Adjustments: Depreciation 61 361 44 488 Interest (income)/expenses 8 572 2 764 Increas/(decrease) in provisions 9 395 9 457 Asset writte offs - - (Profit)/loss from sale of fixed assets Revaluation of biological assets - - (profit)/loss from currency fluctuations - - Operating cash flow before changes in current assets 133 176 213 547 Decrease/(increase) of inventories (19 362) 97 491 Decrease/(increase) of debtors (120 919) (47 620) Increas/(decrease) in creditors 34 162 133 729 Operating cash flow 27 054 397 147 Interest paid (2 528) Corporate income tax paid (14 757) Real estate tax paid (1 243) (1 243) Net operating cash flow 8 526 395 904 Cash flow from investing activities Acquisition of long term assets (29 161) (228 260) Income from sale of fixed assets 18 000 Net cash flow from investing activities (29 161) (210 260) Cash flow from financing activities - - Loand received/(paid), net (30 679) (32 993) Net financing cash flow (30 679) (32 993) Cash increse/(decrease) (51 314) 152 651 Cash at the beginning of the year 163 870 11 219 Cash at the end of the year 112 556 163 870 Notes on pages 10 to 18 are integral part of the financial statements. Board: Gatis Štāks Pēteris Kļava Andis Gribusts Chairman of the Board Member of the Board Member of the Board 15 th October, 2015. 9 WorldReginfo - f2a67133-a959-4cab-bfc4-d17cdd01ea0c AS „T ALSU MEŽR ŪPNIEC ĪBA ” FINANCIAL REPORT FOR 9 MONTH OF THE YEAR 2015 (NON – AUDITED ) Notes 1. Significant accounting policies Annual report preparation principles The annual report is prepared in accordance with the Law on Accounting, Law of Annual Accounts and Latvian accounting standards applicable as of December 31, 2014.