JSC "Brivais vilnis" Unaudited Financial Information for 9 months of 2018

In 9 months of 2018, the JSC "Brivais vilnis" has been working with a loss of 435 662 EUR. The 9 month loss of the previous year was 679 693 EUR. Earnings of reporting period are 5 106 thousand EUR, while the gross profit 250,8 thousand EUR. Losses of 9 months of 2018 are related to the low marketing activity in the 1st half of 2018 and the high competition in the canned fish market.

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Salacgriva, Latvia, 2018-11-30 15:07 CET (GLOBE NEWSWIRE) --  

 

MANAGEMENT REPORT

November 30, 2018

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.

Year 2018 is the 27th year of operation since the Company was transformed into a Joint Stock Company. In 9 months of 2018 the Company produced a total of 8.1 million cans of various types (154) of fish products, including 3.3 million cans of sprat. In 9 months of 2018 there were sold 9.9 million cans for EUR 5.1 million. The financial result of 9 months of 2018 is a loss of EUR 435 662. These losses are from economic activities of the Company.

Net turnover for 9 months of 2018 is EUR 5 106 thousand.

Result for 9 months of 2018:                 

Gross profit (EUR)                                                                  251 thousand

Gross profit (%)                                                                       4.9

Operating results of the JSC “Brivais vilnis” compared to the previous year are more successful, the impact of the Russian embargo is still felt. Sales volumes have increased, losses have decreased. The Company has not stopped the operation, it is working according to orders received, mainly by using the fresh local raw materials. Due to the existing market situation, we believe that the most important is to keep existing customers and work on adoption of new markets. We are visiting and participating in food fairs in Western Europe and other world – the exhibitions “Foodagro Kenya 2018” in Nairobi (Kenya), “CONXEMAR 2018” IN Vigo (Spain), “SIAL Paris 2018” in Paris (France), “China International Import Expo (CIIE) 2018” in Shanghai (China).

The Company is working on development of new types of products and new lines of products, and development of new types of packaging, as well as on improvement of quality of the current assortment. The main thing that ensures our products to be special on the market of food products is that it does not contain genetically modified additives, chemical flavour enhancers and colouring agents. Canned fish products are handmade and therefore have a good quality. The world`s increasing demand is for natural food, produced without artificial additives.

We are continuing to work on optimizing the cost structure.

The Company has the IFS certificate – an international food safety standard and the Kosher certificate of the Orthodox Union.

 

Arnolds Babris

Chairman of the Board

 

Attachments

Finanšu informācija - 2018.g. 9 mēn. (EN).pdf