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 fixed capital of the JSC “KURZEMES ATSLEGA 1” is 1 285 401 EUR. In 2014 net turnover reached 2 063 075 EUR, profit 20669 EUR, profit per share 0.02 EUR. 

Profit or Loss Account for the Period Ended on 31 December 2014 

  The action type of the Joint Stock Company “KURZEMES ATSLEGA 1” during 2014 has not changed in comparison with previous periods of time: door locks, ironware, furniture fittings, forged products, building structures, production tools etc. are still being produced and services of galvanization provided.

Net turnover of 2014 compared with 2013 has reduced by 28 679 EUR, what makes 1.4% of turnover of the 2013. Export has reduced by 0.3%. The main export markets are Lithuania, Uzbekistan, Belize.

Volume of sold production in 2014 divides as follows:

• sold in local market (Latvia) – 51.4%,
• exported - 48.6%

Volume of sold production in 2013 divides as follows:

• sold in local market (Latvia) – 51.9%,
• exported – 48.1%.

Average number of employees in 2014 was 103, average salary – 437 EUR, average number of employees in 2013 was 105, average salary 435 EUR. In comparison with corresponding period of previous period, average salary is up by 0.5%. The Company has no tax and other arrears due to state and municipal budget.

New lock production was implemented in 2014.

Financial activity of the Company has provided mainly with its own assets, the loan facility in limit of 70000 EUR has been linked. In comparison with 2013, short-term credit (line of credit) balance has reduced by 9345 EUR in the end of 2014.On the basis of balance and other financial statement data, it may be concluded the total resource (asset) value in comparison with 2013 is reduced by 1.2%. Liquidity ratios of the Company have been decreased. Inventory turnover ratio has reduced by 0,2 percentage points. This is related to the relatively long production technology and the sustained of necessary level of precursory to ensure continuous production. The Company does not plan to increase the production volume for door locks and ironware during 2015. More attention will be paid to cooperation with leading construction companies with the aim to master the production of new building structures.

The Board suggests to shift the profit for a further development of the company.

 Please find in attachment:

1. JSC “KURZEMES ATSLEGA 1” Annual Report 2014 audited
2. Auditors Report 2014
3. Corporate Governance Report 2014

  The Board of JSC “KURZEMES ATSLEGA 1”