The financial showings of the audited Annual Report are the same as in the Interim Report for the 12 month period. As attachment to the Annual Report there has been submitted the Independent Auditors’ Report.
The Company’s net turnover in 2014 was 1.1 million euros, which is by 61 thousand euros or 5.6% more than in 2013.
The proportion of the revenue from the Company’s basic economic activities, if compared to year 2013, had not changed substantially − the revenue from the sales of the bull semen comprised 53.1% of the net turnover, whereas the milk testing and monitoring data processing services, taken together, accounted for 35.6% of the net turnover.
Compared to 2013, the profit before taxes for the reporting year had increased by 96 thousand euros, comprising 183 thousand euros. In 2014 the revaluation of the investment properties into the actual value resulted in earnings of 25 thousand euros.
The Company’s commercial profitability in 2014 was 15.9%, comprising an increase of 8% points if compared to 2013.
By expanding Company’s market share in Latvia, the revenue from the sales of the bull semen had gone up by 5%. The purchase of a modern production equipment and good deals on the purchase of bulls from abroad in the preceding reporting year had resulted in an increase of the proportion of the Company’s home-produced bull semen, comprising 80% of the total dosages sold.
 
Profit or Loss Account for the Period Ended on 31 December 2014
 
2014
EUR
2013
EUR
Net sales
1 148 420
1 087 470
Changes in stock of ready-made goods and unfinished products
23 855
18 203
Other operating income
11 641
7 366
Costs of materials:
(448 525)
(462 412)
a) raw materials and auxiliary costs of materials
(332 379)
(351 381)
b) other external costs
(116 146)
(111 031)
Personnel costs:
(464 261)
(428 229)
a) salaries for work
(370 349)
(338 466)
b) state social insurance compulsory contributions
(84 417)
(78 909)
c) other social insurance costs
(9 495)
(10 854)
Write-off of assets and values:
(62 394)
(54 439)
a) depreciation of fixed assets and amortization of intangible assets
(45 850)
(48 016)
b) write-off of value of current assets above the normal deductions
(16 544)
(6 423)
Other operating costs
(43 565)
(41 309)
Other interest income and similar income
28 874
3 550
Interest payments and similar costs
(11 040)
(43 017)
Profit or loss before taxes
183 005
87 183
Enterprise income tax in the reporting year
(26 164)
(15 279)
Deferred tax
710
(197)
Other taxes
(1 635)
(1 612)
The profit or loss of the year
155 916
70 095
Equity per 1 share (EPS)
0.369
0.166
 
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
Financial and accounting department manager, Member of the Management Board

E-mail: valda.malniece@sigmas.lv