Audited financial report of year 2017 of AS “Rīgas kuģu būvētava”An independent auditor has completed the audit of financial report of year 2017 of AS “Rīgas kuģu būvētava”
In 2017 a total net turnover of AS "Rīgas kuģu būvētava" was EUR 12 853 528, but gross loss in the amount of EUR 1 139 978.
AS “Rīgas kuģu būvētava” draws attention that a net loss of AS “Rīgas kuģu būvētava” in the report period was in the amount of EUR 308 216.
In 2017 AS “Rīgas kuģu būvētava” performed the repair of 49 vessels (in comparison with 2016 – the repair of 71 vessel), whereas 5 ship hulls were built and floated out, what is about two ship hulls more than in 2016.
AS “Rīgas kuģu būvētava” products and services, as well as the principal raw material suppliers have not changed. Ship repair customers are mainly from Western ship service agencies and shipping companies. The main materials and spare parts suppliers are the companies registered in Latvia and in the European Union.
The Company’s Management Board in cooperation with its Council continues the market research activities, participates in international exhibitions and support programmes to uptake new production sectors and new markets in order to ensure better use of production capacities and increase the labour productivity in the Company.
Upon evaluation of the existing market situation and the Company’s opportunities, as well as considering initiated the legal protection proceedings of the Company, the Management Board performs the actions to increase the number of the repaired ships, as well as to get engaged more actively in the broader uptake of the market of industrial metal structures, at the same time reorganizing economic activities of the Company.
The Management Board of AS “Rīgas kuģu būvētava” proposes to cover the net loss of 2017 from undistributed profit of previous years.
Find hereby enclosed the audited Financial Report of year 2017, auditor's report and Corporative Governance Report on 2017.
Alda Bērziņa
Chief accountant
Phone: +371 67080868
E-mail: a.berzina@riga-shipyard.com
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