Annual Financial Report
SIA "AgroCredit Latvia" audited annual accounts for year 2016
Mārupe, Latvia, 2017-04-30 19:34 CEST --
SIA "AgroCredit Latvia" continued gradual growth in 2016. The total assets exceeded 5 mEUR, what was an increase by 24% in comparison to year 2015. Share capital of the company was increased by 1/3rd. The total interest income were 620 tEUR which was 20% more than in a year before. The methodology of approving accruals was implemented to cover the credit risks in a conservative manner and accruals were booked according to the methodology, what was the major factor for the decrease of rentability and figure flucuations comparing to midterm unaudited figures.
Although the year was quite unfavorable for the grain growers (low grain quality, poor weather conditions during the harvest time, low grain prices) the quality of credit repayments remained on consistently high standard level. There were no credit losses during the year.
The company plans further development in 2017 and expects steady growth. To serve wider range of customers it is planned to increase the amount of credit resources by attracting more investments.
About SIA AgroCredit Latvia
The company is operating since 2011 and grants specialized financial services to the farmers, mainly grain growers. The seasonal financing is offered to the customers to finance the purchases of raw materials and other current assets. The loans are repaid after the harvest and sales of grain.
Chairman of the Board
Phone +371 29445225