Unaudited financial results of SIA “Banga Ltd“ for the 12 months of 2023
Statement of the Management Board
Key events in Q4 and 12 Months 2023
Type of activity
The Company’s sales turnover in 2023 was EUR 12,975,716, the highest in its history and 9.89% higher than in 2022.
On the second half of 2023, demand remained at the same level as in the previous period, thus enabling the company to maintain its sales growth momentum. As a part of the sales strategy, cooperation with new customers was launched, with export shipments to new countries, including South America and Asia. The Company’s customer basis is expanding, both among distributors and retail chains. In 2023, the company’s management invested more resources in the development of new products to strengthen the company’s position in the Atlantic fish group.
By the end of 2023, the company sells has more than 50 products in 37 countries. The Company’s product range includes the following fish products: Baltic Sea sprats and Baltic herrings, mussels, mackerels, sardines and herrings, salmon, cod liver and tuna.
In 12 months of 2023, according to operational data, the company generated profit in the amount of EUR 1,063,385, including in the 4th quarter in the amount of EUR 225,656. Exceptional income received within the framework of support of the European Maritime, Fisheries and Aquaculture Fund has a significant impact on profit from, in addition to the partial reimbursement of costs, which totalled to EUR 501,654 in 2023, including Q4: 97,960. Excluding the cost growth compensation component, from the profit statement, in 2023, profit amounted to EUR 561,731, including EUR 127,696 in Q4.
The Company’s equity at the end of 2023 was EUR 3.40 million or 38.07% of total assets, representing 4.87% over the indicator at the end of 2022.
In 2023, the company continued investment project implemented with the support of the European Maritime, Fisheries and Aquaculture Fund, thus ensuring not only increase in production capacity, but also additional jobs for the municipality’s residents and tax payments to the state and municipal budgets.In 2023, the amount of labour taxes paid to the budget was EUR 812.101.
Due to the protracted hostilities in Ukraine and the difficulties related to operative management of activities, the company’s management decided to exit direct business in Ukraine by disposing of the capital shares in the subsidiary “Banga Ukraina” LLC. Within the framework of the aforementioned transaction, according to the accounting data, losses amounting to EUR 30,721 were fixed. Further deliveries to Ukrainian customers will be made directly to retail chains or to the company’s distributor.
In cooperation with the Rural Support Service, in 2023 the investment project – expansion of the fish canning plant – Phase 8 was fully completed – general construction works of the new production unit, construction of networks, installation of equipment. Likewise, the finished goods warehouse was also expanded in the second half of 2023, providing additional storage capacity for finished goods. Completion of the investment project is also reflected in the balance sheet items, with the total value of fixed assets at the end of 2023 reaching EUR 4.24 million representing 35.5% over the beginning of the year. Fixed assets in the company’s assets amount to 47.6% of total assets.
Future development plans
The Company’s immediate plans for 2024 – 2025 foresees activation of business operations in the current markets, offering a new range of products to the existing partners. Increased new production reserves combined with new products will ensure the achievement of long-term objectives in expanding market share and increasing sales.
Raivis Veckāgans
+371 29252286