Published: 2020-04-30 13:48:32 CEST
Baltic Dairy Board
Annual Financial Report

Baltic Dairy Board Ltd. annual report for the year ended 31st December 2019

Year 2019 net turnover 2 135 568 EUR. EBITDA for the reporting period in 2019 reached

1 395 028 EUR, net profit 79 094 EUR.

Baltic Dairy Board Ltd. operates in-depth processing of conventional and organic raw milk and its by-products. It manufactures raw material for the production of butter, cheese and milk protein powder. The company specializes in the production of specific raw material – GOS (galacto-oligosaccharides) - intended for use in infant and baby food companies. In addition, the company has started operations in the production of biological products (raw materials), as well as the provision of processing services.

In annual report Net turnover was EUR  2 135 568.

The book value of year 2019 is EUR  7 763 819   which is 9% less than 2018.

Net profit for the reporting year is EUR 79 094.

The company's EBITDA in 2019 reached EUR 1 395 028.

EBITDA and net income can be explained by several reasons:

  1. fixed asset depreciation costs of EUR 566 035,
  2. estimated financing costs in the EUR amount of 836 919,
  3. the Company's liabilities were significantly reduced by mutual agreement by canceling liabilities to a related party in the amount of EUR 1 757 286.
  4. the operating load of the plant returned to normal and started to increase in May 2019.

 Considering the results of the first quarter of 2020 and market development trends, the Company's Management Board forecasts that in 2020 the Company's net turnover could range from EUR 5.5 to 7.0 million, while EBITDA from EUR 1.7 to 2.5 million.

         Additional information:
         Kaspars Kazaks
         Member of the Board
         Phone +371 26010072

Baltic Dairy Board_Annual Report with Auditor report_2019.pdf