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Ditton pievadkezu rupnica
Quarterly Report • May 29, 2015
2232_rns_2015-05-29_a7d6e857-91b9-40d1-8549-54e9069d5a50.pdf
Quarterly Report
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JSC "DITTON PIEVADĖĒŽU RŪPNĪCA"
NON-AUDITED AND NON-CONSOLIDATED FINANCIAL REPORT FOR 3 MONTHS OF YEAR 2015 (01.01.2015 – 31.03.2015)
Prepared in accordance with Latvian statutory requirements and AS "NASDAQ OMX Riga" rules
Daugavpils 2015
Contents
| Information about the Company ………………………………… | 3-5 |
|---|---|
| Management report ……………………………………………… | 6 |
| Balance sheet …………………………………………………… | 7-8 |
| Income statement | 9 |
| Cash flow statement ………………………………………… | 10-11 |
| Statement of changes in equity ………………………….………… | 12 |
| Appendixes | |
| Explanatory notes ……………………………………………………. | 13 |
| Explanations and analyses on separate items of financial reports … | 14 |
INFORMATION ABOUT THE COMPANY
| Company name | Ditton pievadkezu rupnica |
|---|---|
| Legal status | Joint Stock Company |
| Registrations number | 40003030187 |
| Registration in Register of Enterprises | Riga, 03.10.1991 |
| Registration in Commercial Register Office | Riga, 29.08.2003. |
| Legal address | Visku Str. 17, Daugavpils, |
| LV-5410, Latvia | |
| Mailing address | Visku Str. 17, Daugavpils, |
| LV-5410, Latvia | |
| Fixed capital (before denomination) | 7 400 000 LVL |
| Number of public bearer shares | 7 400 000 |
| Nominal value of one share | 1.00 LVL |
| Fixed capital (after denomination, from 23.01.2015) 10 360 000 EUR | |
| Number of public bearer shares | 7 400 000 |
| Nominal value of one share | 1.40 EUR |
| Chief accountant | Valentina Krivoguzova |
| Reporting period | 01.01.2015 – 31.12.2015 |
Persons in charge for drawing up of the financial report: Mr. Boriss Matvejevs, phone +371 65402333, e-mail: [email protected] Ms. Natalja Redzoba, phone +371 65402333, e-mail: [email protected]
INFORMATION ON MANAGEMENT BOARD AND COUNCIL MEMBERS
THE MANAGEMENT BOARD
Chairman of the Management Board Rolands Zarans, elected 15.01.2014 Members of the Management Board Natalja Redzoba, elected 29.08.2003.
Information on shares owned by Members of the Management Board
| Members of the Management Board | Share ownership ∗ | |
|---|---|---|
| Quantity of shares | % | |
| Rolands Zarans, | no shares | - |
| Natalja Redzoba | no shares | - |
THE COUNCIL
Chairman of the Council Boriss Matvejevs, elected 05.05.2005 Deputy Chairmen of the Council Georgijs Sorokins, elected 06.11.2000 Members of the Council Anzelina Titkova, elected 14.08.2009 Vladimir Bagaev, elected 28.05.2012
Information on shares owned by Members of the Council Members of the Management Board Share ownership*
| Quantity of shares | % | ||
|---|---|---|---|
| Boriss Matvejevs | no shares | - | |
| Georgijs Sorokins | 5 768 | 0,08 | |
| Anzelina Titkova | no shares | - | |
| Vladimir Bagaev | no shares | - | |
For more detailed information on professional background of the Management Board and Council members please refer to our website: http://www.dpr.lv/web_ru/for-akcioner.htm .
* As of 29.05.2015
INFORMATION ON SHAREHOLDERS AND SHARES
COMPANY SHAREHOLDERS (OVER 5%) *
| NAME | Ownership interest, % |
|
|---|---|---|
| Eduards Zavadskis | 20,00 | |
| Vladislavs Driksne | 19,92 | |
| MAX Invest Holding SIA | 13,63 | |
| Maleks S SIA | 13,63 | |
| DVINSK MNG SIA | 9,46 |
* Note: Information is presented on the basis of the list of shareholders of JSC "Ditton pievadėēžu rūpnīca" dated 27.10.2014, taking into account the shareholders' notifications on acquisition and disposal significant holding in the Issuer's equity.
SHARE PRICE DEVELOPMENT
MANAGEMENT REPORT
Information on the results of the company in 3 months of year 2015
In 3 months period of 2015 net-turnover was fulfilled in the amount of 1 456 thous.EUR, which is by 1 668 thous.EUR or 53% less than index of the 3 months period of 2014.
Commodity output is estimated in the amount of 1 491 thous.EUR. The result of 3 months of 2015 is by 500 thous.EUR lower than in the relevant period of previous year.
In the reporting period the company exported 32 % of its core products to the East and West: among them 8% eastwards and 24% westwards; 68% of products were sold on domestic market.
The Company closed the 3 months period of 2015 with book losses before taxes in the amount of 897 thous.EUR. Book losses after taxes amounted to 927 thous.EUR. The analysis of the loss structure and causes is given in the section "Significant events. Market tendencies and development of the company. Risks" of the Management report to the annual report for 2014 also applies to the figures of the reporting period.
The average statistical number of employees of JSC "Ditton pievadėēžu rūpnīca" was 238 employees in 3 months of year 2015.
The average salary amounted to 420 EUR in 3 months period of 2015, which is by 29 EUR less than in 3 months of 2014.
Significant events. Market tendencies and development of the company. Risks.
The Company's' Management Board disclosed in the Management report to the annual report for 2014 significant events, market tendencies and development of the Company, and risks, as well as other significant factors affecting theses processes.
In the reporting period all the above conditions and factors remained relevant and thus have to be taken into account.
Considering that performance of the reporting period compared to the same period of previous year is significantly lower, as well conditions and factors disclosed earlier in the Management report to the annual report, the Company's Management Board specifically points out that, unlike the 3 months period of 2014, which has been characterized by growth trends, the 3 months period of 2015 has been characterized by fall trends as consequences of certain circumstances. Thus, it would be more appropriate to compare the reporting period with the performance in the third and fourth quarter of the previous year, when there were a similar market situation and economic and legal circumstances. Full analytical information on the significant drop on the market in the 2nd half of 2014 in relation to the 1st half of the year and the reasons for it, which remained relevant in the reporting period, has been presented in the Management report to the annual report for 2014.
STATEMENT ABOUT MANAGEMENT LIABILITY
According to our information, the presented financial statements for 3 months of year 2015 ended 31 March 2015 have been prepared in accordance with the existing legislative requirements and give a true and fair view of the assets, liabilities, financial position and profits of the jointstock company "Ditton pievadkezu rupnica". Management report contains truthful information.
Chairman of the Management Board of JSC "Ditton pievadkezu rupnica" Rolands Zarans
BALANCE SHEET
| ASSETS | 31.03.2015. EUR |
31.03.2014. EUR |
|---|---|---|
| 1. Long-term investments | ||
| I. Non-material investments | ||
| Concessions, patents, licenses, trade marks and similar rights | 951 | 1 379 |
| Other non-material investments | 1 192 350 | 2 782 150 |
| Non-material investments total | 1 193 301 | 2 783 529 |
| II. Fixed assets | ||
| Plots of land, buildings and constructions | 2 077 496 | 2 603 203 |
| Technological equipment and machinery | 16 798 | 5 675 |
| Other fixed assets and stock | 6 849 | 15 604 |
| Formation of fixed assets and costs of unfinished construction objects |
2 773 567 | 44 425 |
| Fixed assets total | 4 874 710 | 2 668 907 |
| III. Long-term financial investments | ||
| Participation in the capital of other companies | 67 160 | 67 160 |
| Assets of deferred tax | - | 4 076 674 |
| Other loans and other long-term debtors | - | 329 651 |
| Long-term financial investments total | 67 160 | 4 473 485 |
| 1. Long-term investments total | 6 135 171 | 9 925 921 |
| 2. Current assets | ||
| I. Reserves Raw materials, basic materials and subsidiary materials |
703 511 | 929 754 |
| Unfinished products | 276 078 | 371 252 |
| Finished products and goods for sale | 610 220 | 458 307 |
| Advance payments for goods | 1 428 659 | 959 187 |
| Reserves total | 3 018 468 | 2 718 500 |
| II. Debtors | ||
| Debts of buyers and customers | 2 691 008 | 3 636 579 |
| Other debtors | 218 460 | 212 568 |
| Expenses of future periods | 6 096 | - |
| Debtors total | 2 915 564 | 3 849 147 |
| IV. Cash and cash equivalents | 39 357 | 78 245 |
| 2. Current assets total | 5 973 389 | 6 645 892 |
| TOTAL ASSETS | 12 108 560 | 16 571 813 |
BALANCE SHEET
| LIABILITIES | 31.03.2015. EUR |
31.03.2014. EUR |
|
|---|---|---|---|
| 1. Equity capital | |||
| Fixed capital | 10 360 000 | 10 529 251 | |
| Other reserves | 169 251 | - | |
| Retained earnings: | |||
| a) retained earnings of previous years | -5 637 329 | 1 543 379 | |
| b) profit / (loss) of reporting period) | -926 710 | 3 617 | |
| 1. Equity capital total | 3 965 212 | 12 076 247 | |
| 2. Long-term creditors: | |||
| Loans from credit institutions | 1 502 387 | 1 585 658 | |
| 2. Long-term creditors total | 1 502 387 | 1 585 658 | |
| 3. Short-term creditors: | |||
| Loans from credit institutions | 2 052 576 | 705 729 | |
| Other loans | 406 607 | 245 336 | |
| Advance payments received from customers | 51 651 | 161 727 | |
| Debts to suppliers and contractors | 3 263 185 | 1 128 625 | |
| Taxes and compulsory social security contributions | 422 637 | 328 110 | |
| Other creditors | 376 540 | 269 064 | |
| Accumulated liabilities | 67 765 | 71 317 | |
| 3. Short-term creditors total | 6 640 961 | 2 909 908 | |
| Creditors total | 8 143 348 | 4 495 566 | |
| LIABILITIES TOTAL | 12 108 560 | 16 571 813 |
INCOME STATEMENT
| 31.03.2015. EUR |
31.03.2014. EUR |
|
|---|---|---|
| Net turnover | 1 456 518 | 3 124 272 |
| Production cost of sold products | -1 783 448 | -2 472 189 |
| Gross profit | -326 930 | 652 083 |
| Selling costs | -397 450 | -397 450 |
| Administration costs | -146 864 | -199 353 |
| Other operating income | 19 287 | 4 125 |
| Other operating expenses | -17 708 | -6 628 |
| Interest payment and similar expenses | -27 266 | -32 995 |
| Profit / (loss) before taxes | -896 931 | 19 782 |
| Other taxes | -29 779 | -16 165 |
| Profit / (loss) of reporting period | -926 710 | 3 617 |
| Index EPS | -0.089 | 0.000 |
STATEMENT OF CASH FLOW
| 31.03.2015. EUR |
31.03.2014. EUR |
|
|---|---|---|
| I. Cash flow of basic activity | ||
| -896 931 | 19 782 | |
| 1. Profit / (loss) before taxes | ||
| Corrections: | ||
| Depreciation of fixed assets | 82 397 | 177 570 |
| Amortization of non-material investments | 107 | 108 |
| Interest expense | 27 266 | 32 995 |
| Amortization share of other non-material investments | 397 450 | 397 449 |
| 2. Profit / (loss) from economic activity in reporting period | -389 711 | 627 904 |
| Corrections in current assets and short-term creditors: | ||
| In Debtors | 1 001 426 | 64 885 |
| In Reserves | -1 600 615 | 591 628 |
| In Creditors | 1 625 580 | -1 178 880 |
| 3. Cash flow of basic activity | 636 680 | 105 537 |
| 4. Expenses on tax payments (corporate income tax and tax on immovable property) |
-29 779 | -16 165 |
| Cash flow of basic activity | 606 901 | 89 372 |
| II. Cash flow of investing activity | ||
| Loans issued | - | - |
| Purchase of fixed assets | -729 430 | - |
| Income from sale of fixed assets | - | - |
| Cash flow of investing activity | -729 430 | - |
| III. Cash flow of financing activity | ||
| Loans received / (repaid), net | 129 576 | -185 474 |
| Interest paid | -27 266 | -32 995 |
| Cash flow of financing activity | 102 310 | -218 469 |
CONSOLIDATED DATA ON CASH INCOME AND EXPENSES
| 31.03.2015. EUR |
31.03.2014. EUR |
||
|---|---|---|---|
| Cash flow of basic activity | 606 901 | 89 372 | |
| Cash flow of investing activity | -729 430 | - | |
| Cash flow of financing activity | 102 310 | -218 469 | |
| Growth of cash and cash equivalents | -20 219 | -129 097 | |
| Balance of cash and cash equivalents at the beginning of reporting period |
59 576 | 207 342 | |
| Balance of cash and cash equivalents at the end of reporting period |
39 357 | 78 245 |
STATEMENT OF CHANGES IN EQUITY for the period from 01.01.2015 till 31.03.2015
| Equity capital |
Other reserves |
Retained profit of previous periods |
Profit of reporting period |
Total | |
|---|---|---|---|---|---|
| EUR | EUR | EUR | EUR | EUR | |
| 1 January 2015 | 10 529 251 | - | -5 637 329 | - | 4 891 922 |
| Other reserves | -169 251 | 169 251 | - | - | - |
| Loss of 3 months period 2015 |
- | - | -926 710 | -926 710 | |
| 31 March 2015 | 10 360 000 | 169 251 | -5 637 329 | -926 710 | 3 965 212 |
| 1 January 2014 | 10 529 251 | - | 1 543 379 | - | 12 072 630 |
| Profit of 3 months period 2014 |
- | - | - | 3 617 | 3 617 |
| 31 March 2014 | 10 529 251 | 1 543 379 | 3 617 | 12 076 247 |
Appendix
Explanatory notes
Accounting policies and methods applied in present interim financial statement are consistent with those applied in the last Annual Report.
This financial statement of JSC "Ditton pievadkezu rupnica" has been prepared in accordance with the source documents and presents fairly the financial position of the JSC as of 31 March 2015 and the results of its operation and cash flows for the 3 months period ended 31 March 2015.
This financial report has been prepared in compliance with statutory regulations of the Republic of Latvia on a going concern basis. Appropriate accounting policies have been applied on a consistent base.
The interim financial report for 3 months of 2015 has not been audited by jury auditor.
The interim report has been prepared in Euro.
Explanations and analyses on separate items of financial reports
Production of commodity products in the 3 months period of 2015 (thous.EUR) Output of commodity products is estimated in the amount 1 491 thous.EUR. The result of reporting period is by 500 thous.EUR or 25% less than in 3 months period of previous year.
Production of driving chains in 3 months period of 2015 (thous.meters) Production of driving chains in natural units is by 163 thous.meters less than in 3 months period of previous year.
Production of driving chains in 3 months period of 2015 (thous.EUR) In 3 months of this year there have been driving chains produced in money terms in the amount of 1 462 thous.EUR. The actual performance of reporting period is by 490 thous.EUR lower than in the relevant period of previous year.
Sales (net-turnover) in 3 months period of 2015 (thous.EUR)
In 3 months period of year 2015 net-turnover has been in fact fulfilled in the amount of 1 456 thous.EUR. The actual performance of the reporting period is by 1 668 thous.EUR or 53% less than the index of the same period of previous year.
Sales of main products in 3 months period of 2015 (thous.EUR)
Sales of core products amounted to 1 052 thous.EUR in the reporting period, and it is by 1 371 thous.EUR or 57% less than the result of the relevant period of previous year.