Annual Financial Report
„PATA Saldus” JSC Revised Annual report for the year 2019
Principal activities of the Company are forestry and primary wood processing - lumber production.
Within the framework of economic activity, the necessary forestry work shall be carried out to ensure reforestation, maintenance and enhancement of the forest by means of environmentally friendly, non-degrading forest management, working in accordance with the requirements and recommendations of forest management and wood supply chain certificates. In the process of wood processing JSC PATA Saldus shall operate in accordance with the requirements of the certificate of the energy management system (LVS EN ISO 50’001:2012). In order to meet these requirements, the Company shall regularly take the appropriate monitoring and improvement measures, but the proportion of these costs in the cost of production is not relevant.
JSC PATA Saldus loss from operating activities in 2019 was EUR 1 865 259 with a net turnover of EUR 57 387 266, which represents losses per weighted average share issued of 2.25 EUR. The Company’s financial statements have been prepared based on the information available to the board, existing laws and regulations, that gives a true and fair view of assets, liabilities, financial position and profit or loss that is generated by the Company and consolidated group. The report contains true information.
In relation to the previous reporting year, in 2019 the Company carried losses. Thus, net turnover has decreased by 11 758 828 EUR. As at 31 December 2019, the Company's current assets exceeded current liabilities by 7 902 820 EUR, while total assets exceeded total liabilities by 13 432 590 EUR.
Member of the Board Ilze Bukulde