Management report on 1st half 2007.
2007 is the 160th year since foundation of the factory and the 12th year since
it's transformation into joint stock company.
According to it's development strategy JSC Rigas Raugs continues to strengthen
positions selling products to 5 countries. 70,3% of products are exported..
Sales volumes to Estonia and Russia have grown considerably. In Baltic States
Rigas Raugs has reached its target and become the leading supplier of yeast.
Total turnover reached 698 857 LVL which is 1,4 % higher than last year at the
same period.
Despite the fact that turnover has increased, the company finished half of the
year with losses of 3 180 LVL. The main reason is increase in production and
sales costs. Rigas Raugs prices were unchanged in the 1st half of 2007 due to
hard competition at the yeast markets.
Total investments accounted for 6 KLVL for 6 months.
In February Rigas Raugs was audited by a co-operation party according to food
safety standard and got green category successfully.
Since 2001 JSC Rigas Raugs works with ISO 9001:2000 quality management
certificate which was issued by Det Norske Veritas. Staff continues to improve
the quality management system. Re-certification of quality system is foreseen in
the second half of 2007.
Rigas Raugs property, liability and business interruption is insured by IF
Latvia AAS.
