Bonds
| ISIN | Nominal value of the issue | Annual coupon rate | Maturity |
|---|---|---|---|
| LV0000860088 | 2 500 000 | 6% | 9th May 2025 |
Financial report
2022
2023
2024
Financial calendar
| May | August | November | February | April |
|---|---|---|---|---|
Contacts for investors
Evija Imuna – Velde
News
30.08.2024
Banga Ltd
Interim information
SIA Banga Ltd reports unaudited 6 month results for 2024
The Company’s product sales in the first 6 months of 2024 continued their upward trend, resulting in a net turnover of EUR 7.76 million during that representing 16.20% over the performance of 6 months in 2023. The main sources of the Company’s income remained the same: sales of canned fish, which accounted for more than 90%, as well as trade in industrial food, frozen raw materials and fish waste. Product sales volumes have increased as a result of a combination of factors, including a broader range of products in the group of Atlantic canned fish and salads, as well as new customers in new regions.
At the end of the reporting period, Banga LTD products were sold to more than 40 countries, including more than 60% of products were sold outside the EU, demonstrating the expansion of market geography. The Company’s main marketing activities during the reporting period were the annual fish trade fair in Barcelona and the Private Label Trade Show in Amsterdam.
Raivis Veckāgans
+371 29252286
31.05.2024
Banga Ltd
Interim information
Q1 2024 results of SIA Banga Ltd
The turnover of Banga LTD increased by 13 % in Q1.
The turnover of the Company in Q1 2024 amounted to EUR 3 739 167, an increase of 13 % in comparison with the corresponding period in 2023.
“Launching new products, attracting new customers, and diversifying by region are key factors in increasing sales. The expansion of infrastructure and production capacity in previous periods, without doubt, is an important factor. The recognition of the Banga LTD brand in different regions is increasing and gives optimism for the future,” notes Raivis Veckāgans, Sales Director of Banga LTD.
About Banga LTD
Banga LTD is 100 % Latvian capital company that was established in 2007 in the fishing village Roja in the north western part of Latvia where its manufacturing operations are located, while its operations date back to 1947. The principal activity of the Company is canned seafood production.
The Company has a diversified revenue base, both geographically and by product, as it sells its products to more than 40 countries.
The Company holds the IFS (International Featured Standards), MSC (Marine Stewardship Council), and ASC (Aquaculture Stewardship Council) certifications and thus meets the requirements of international customers in terms of food and supply chain quality and safety.
Raivis Veckāgans
+371 29252286
03.05.2024
Banga Ltd
Annual report
CORRECTION: SIA Banga Ltd reports audited results for 2023
Development and financial results during the reporting period.
The Company’s turnover in 2023 was EUR 12,975,716, which is the highest turnover in its history and 9.89% higher than in 2022.
As part of the sales strategy, cooperation with new customers was started by making export shipments to new countries, including South America and Asia. The Company’s customer base is expanding among both 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 segment.
By the end of 2023, the Company sells more than 50 products in 37 countries. The Company’s product range includes the following fish products: Baltic sea bream and Baltic herring, mussels, mackerel, sardines and herring, salmon, cod liver and tuna.
In 2023, the Company’s sales units volume reached 14 million cans, which is 5.8% more than in 2022.
In the 4th quarter of 2023, the Company started production in the industrial food segment, starting deliveries to the Scandinavian market and providing additional business opportunities in the future.
In 2023, the Company continued the investment project implemented with the support of the European Maritime, Fisheries and Aquaculture Fund, thus ensuring not only an increase in production capacity, but also additional jobs for the residents of the municipality and tax payments to the state and municipal budgets. In 2023, the amount of labor personnel taxes paid in the budget was EUR 812,101.
Due to the protracted hostilities in Ukraine and difficulties related to the operational management of operations, the management of the company decided to stop direct business in Ukraine by selling the capital shares of the subsidiary “Banga Ukraina” LLC. In the framework of the aforementioned transaction, according to accounting data, losses in the amount of EUR 30,721 were recorded. Further deliveries to Ukrainian customers will be made directly to retail networks or the Company’s distributor.
In cooperation with the Rural Support Service of Latvia (RSS), the investment project was fully completed in 2023 – expansion of the fish canning factory, round 8 – general construction works of the new production plant, construction of networks, installation of equipment. Also, in the second half of 2023, the finished goods warehouse was expanded, providing additional warehouse capacity for finished products. The completion of the investment project is also reflected in the balance sheet items, where the total value of fixed assets reached 4.24 million euros at the end of 2023, which is 35.5% more than at the beginning of the year. Fixed assets in the company’s assets make up 47.6% of total assets.
Raivis Veckāgans
+371 29252286
29.02.2024
Banga Ltd
Interim information
Unaudited financial results of SIA “Banga Ltd“ for the 12 months of 2023
Statement of the Management Board
29 February 2024
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
25.01.2024
In 2023, SIA Banga Ltd, thanks to the Rural Support Service, started the European Maritime, Fisheries and Aquaculture Fund (2021–2027) project Investment in Processing of Fishery and Aquaculture Products, Round 1, No. 23-00-U2021901-000003.
Modernization and expansion was set as the main fundamental objective. To achieve this fundamental objective, the following sub-objectives were defined:
to increase storage areas for raw materials required for the company’s manufacturing, which would meet the food company hygiene requirement standards;
to speed up processing of finished products;
to expand areas for storage and processing of finished products;
to improve the infrastructure of the company’s territory.
Within the project, the company SIA Banga Ltd has built a new warehouse for finished products, which ensures more efficient preparation of finished products and provides additional space for their storage until the finished products are shipped to customers. Storage areas for raw materials have been expanded, renovating a building already situated in the company’s territory, so that it meets the food company hygiene requirement standards and it can be used for storage of raw materials necessary for production.
Within the project, the infrastructure of the company’s territory has been improved, carrying out gravel cover asphalting works to ensure efficient and safe transportation of finished products from the production facility to the finished products warehouse and guarantee successful supply of raw materials.
Thanks to the investment made for acquisition of production equipment, the company will be able to increase its production capacity and speed up the processing of finished products and improve the production process to create high quality products that meet the requirements of customers.
The total eligible costs of the project constitute EUR 809,963.75, including the public funding equal to EUR 404,981.86 and private funding equal to EUR 404,981.89.
30.11.2023
Banga Ltd
Interim information
Unaudited financial results of SIA “Banga Ltd“ for the nine months of 2023
Statement of the Management Board
30 November 2023
Key events in Q3
The Company’s sales volume for the first 9 months of 2023 amounted to EUR 9,371,175. This represents a 16% increase compared to the same period in 2022. The growth rate of product sales has slowed down in the 3rd quarter of the current reference period. The traditional low summer season shopper activity was compounded by the relatively high inventories accumulated in previous periods, as well as the slowdown in global economic growth, especially in Europe. Previous demand factors such as COVID-19 and the war in Ukraine are gradually losing their impact on sales figures. Atlantic salmon raw material prices continued to increase in the 3rd quarter, putting additional pressure on profitability figures.
For the first 9 months of 2023, the company’s profit amounted to EUR 837,729, which is 2.81 times the 2022 figure for the same 9-month period. It should be noted that significant impact on the profit figures was due to extraordinary income received from the European Maritime, Fisheries and Aquaculture Fund support, in addition to the partial reimbursement of costs, which totalled EUR 403,693.
Excluding the cost growth compensation component, the profit for the first 9 months of 2023 was EUR 434,036, an increase of EUR 136,862 compared to the corresponding period of 2022.
The Company’s equity as at 30 June 2023 amounted to EUR 3,18 million. or 38.98% of total assets.
During the reporting period, the Company continued to actively expand its product range. New products are launched in the Atlantic fish group – herring, mackerel. In general, the Company offers its customers products from the Baltic Sea (sprat, herring), the Atlantic (herring, mackerel, salmon) also cod liver, mussels, and tuna. The Company offers its customers both the Banga brand and private brands, the share of which in the reporting period exceeds 45%. As part of the Company’s product sales strategy, transactions with new customers were signed in United Arab Emirates and Canada. At the same time the Company’s client portfolio has been supplemented by buyers from non-traditional markets – such as Chile, Vietnam.
The renovation and extension of the Company’s production infrastructure continues, with funds received from European Maritime, Fisheries and Aquaculture Fund being used to renovate the finished product/stock warehouse. The investment will reduce the cost of storing raw materials and other stocks in third-party warehouses.
In July 2023, the Company’s production plant took advantage of the summer technological break and the holiday period of the production staff to carry out repairs to the production building and equipment.
In order to ensure the achievement of the company’s indicators in accordance with the long-term plan, to strengthen the sustainability of operations, in the coming periods, the management of the company plans:
• to strengthen contractual relations with the main suppliers of raw materials,
• increase production volumes according to the new technological capacity,
• review the product range and prices with the company’s customers.
Raivis Veckāgans
+371 29252286
24.10.2023
The President of Latvia paid a working visit to Banga Ltd, one of the leading Latvian producers of canned fish
Today, on 24 October, the President of Latvia Edgars Rinkēvičs paid a regional working visit to Banga Ltd, a local Latvian fish industry company. Together with the Chairman of the Talsi Regional Council Eva Kārkliņa, the owners of Banga Ltd Raivis and Ingus Veckāgani the President of Latvia got acquainted with the activities of the company, its technological solutions, future plans and investments, and also discussed a number of topical issues for the fish industry.
This morning at 11:00 the President was welcomed at the Banga Ltd production plant, after which the owners of the company introduced the President to the production facilities, the more than 150 employees of the company and organised a product tasting.
During the visit, representatives of the company talked about Banga Ltd investment and potential digitisation projects and also demonstrated the latest technological equipment at the facility. After the tour, representatives of the company had the opportunity to discuss with the President the most pressing current issues and challenges in the fish industry sector requiring state support. “There are three big issues not only for us but for the entire fishing industry at the moment – expanding export markets, reducing catches of sprat and herring in the Baltic Sea, attracting and retaining local labour”, says Raivis Veckāgans, co-owner of Banga Ltd.
“Banga Ltd currently exports its products to more than 35 countries, including the Baltics, parts of Asia, Europe, North America and Australia. We discussed with Mr. Rinkēvičs how and whether market opportunities could be expanded with the participation of the state, and whether exports could be possible to South American countries, for example. Employment of local labour remains an issue in all sectors, so we talked about potential support from the Ministry of Economy and others in attracting and retaining workers, not only in the short term, but also in the long term. We updated on the reduction of fishing limits, which is a key issue for the long-term development of the fishing industry. We are making the most of the available state support instruments, EU funds, including the European Regional Development Fund’s programme for international competitiveness, which we hope will reopen soon,” says R. Veckāgans.
About Banga Ltd
Banga Ltd is a Latvian fish product manufacturing company located in Roja, Talsi Region. The company produces various types of canned fish – salmon, mackerel, sprats, herring, mussels and other products. The company sells in more than 35 countries in Europe, America, Asia and other markets.
More information:
Evija Imuna – Velde
31.08.2023
Banga Ltd
Interim information
Unaudited financial results of SIA “Banga Ltd“ for the six months of 2023
Key events in Q2 and 6 Month 2023
The Company’s turnover in Q2 of 2023 has maintained its upward momentum compared to both Q1 and H1 of 2022. In the first half of 2023, the company’s turnover amounted to EUR 6 781 809, which is 27.9% higher than in the same period of 2022. The production and sale of canned sterilised fish is the company’s main source of income, accounting for 99.67% of turnover, including 75.89% from own production.
The Company’s sales growth is driven by a wide range of clients – distributors, supermarket chains – around the world, long-term business relationships with clients and a wide range of products.
Performance and Financial situation of the Company
In the first 6 months of 2023, the company made a profit of EUR 875 931, including in the 2nd quarter in the amount of EUR 486 479. Exceptional income received has a significant impact on profit from European Maritime, Fisheries and Aquaculture Fund support, in addition to the partial reimbursement of costs, which amounted to EUR 135 626 in Q1, EUR 192 614 in Q2 and a total of EUR 328 240 for the 6 months. Excluding the cost increase compensation component in the 6 months of 2023, the profit calculation amounted to EUR 547 692, or 1,92 times higher than in the corresponding period of 2022. The Company’s equity as at 30 June 2023 amounted to EUR 3,22 million, or 36,84 % of total assets, an increase of 7,84 % compared to the corresponding period in 2022 at the end of June.
The start of full production in the new unit, implemented with the support of the European Maritime, Fisheries and Aquaculture Fund, will not only increase the company’s production capacity, but will also provide additional jobs for the county’s residents and tax payments to the state and municipal budgets. In 2022, the total amount of taxes paid was EUR 644,348 and EUR 373,214 in the first 6 months of 2023. At the end of the reporting period, the company employed a total of 149 county staff.
Raivis Veckagans
+371 29252286
30.06.2023
Banga Ltd
Annual report
SIA Banga Ltd reports audited results for 2022
Type of activity
“Banga Ltd” SIA (hereinafter – the Company) manufactures and sells canned sterilised fish.
Performance and Financial Situation of the Company
The reporting year is the 12th active year of the Company. During the year, the Company continued its core business, increasing turnover, profitability, output and product mix. Active participation in export markets has expanded the sales regions to over 30 countries worldwide and created the conditions for a promising new product launch. The Company’s financial position is stable, with a significant increase in equity capital, which is invested in the Company’s long-term assets.
Future Development Plans
The substantial investments made in the Company’s production facilities, equipment and infrastructure during the year under review have created the basis to continue to increase output while reducing costs and to develop new products. The production of new ranges and the use of new equipment efficiencies will enable the Company to be more competitive in world markets – increasing turnover and improving profitability. Future development includes continued investment in the Company’s real estate, infrastructure, personnel and digitalisation.
Use of Financial Instruments
Most significant financial instruments of the Company are issued bonds, loans from credit institutions and credit lines, trade and other payables. The main task of these financial instruments is to provide financing for the company’s business operations. The Company is also exposed to a number of other financial instruments, such as trade receivables and cash arising directly from operating activities.
Raivis Veckagans
+371 29252286
30.05.2023
Banga Ltd
Interim information
Q1 2023 results of SIA Banga Ltd
Key events in Q1
The Company’s economic performance in Q1 2023 continued to show an increase in sales, which increased by 23.8 per cent compared to the corresponding period of 2022. The positive result in sales of the company’s products was achieved despite the traditional decline in market demand in January and February. As a part of the Company’s sustainable sales strategy, cooperation with new partners (e.g., in Estonia, Poland, the UK, Asia, etc.), and outsourcing cooperation with other manufacturers in Latvia was commenced. The flexible pricing policy and the wide range of customers in different regions, as well as the stabilisation of raw material and energy prices, led to a 76.3 per cent increase in gross margin in Q1 2023 compared to Q1 2022. In order to ensure a more efficient production process and to reduce the prime cost of end products, changes in the range of products was introduced in the previous reporting period, which enabled us to increase the number of units produced by 30 percent! The company’s range of products has been expanded to include new salmon and Atlantic fish products.
During the reporting period, works within the framework of the investment project implemented in cooperation with the Rural Support Service – the 8th round of expansion of the canned fish production plant – were completed, i.e., the general construction works of the new production unit, network construction, and equipment installation, and test production of the products was commenced. Commencement of production in the new unit will enable the company both to further increase production volumes and to provide output for the new growth markets. The first batches of products in new packaging have already been shipped to customers in April.
The completion of the investment project is also reflected in the balance sheet items – land, buildings, structures and technological equipment and machinery, bringing the total value of property, plant and equipment to EUR 3.37 million.
During the reporting period, warehouse of the finished products was expanded, which provides additional volume for storage of finished products, including for sales during the summer months – the period of technological interruption in production. The balance of end products at the end of the reporting period amounted to EUR 1.7 million representing 83% over the indicators at the beginning of the year.
As a part of sustainable staff policy, from 1 January 2023, staff salaries were increased within the limits of 10% depending on the employee’s category and contribution to the development of company. The company employs people from both Talsi Municipality and Tukums Municipality, as well as Ukrainian war refugees.
Economic performance in the first quarter of 2023 resulted in profit of EUR 386,452. The profit indicator was significantly affected by exceptional revenue received under the European Maritime, Fisheries and Aquaculture Fund for partial reimbursement of additional costs, which amounted to more than 135 thousand euro. Excluding the compensation component for cost increases, the profit was EUR 250 827, or 2.17 times more than in Q1 2022.Within the framework of further period of the 2022/2023 season, the Company plans to fully start producing in the new production unit, implement marketing activities at industry exhibitions, continue development of new products, complete the audit of the Company’s 2022 annual financial statements.
Raivis Veckagans
+371 29252286
18.04.2023
Banga Ltd bonds are included in the Baltic First North market
From today, April 18, 2023, the bonds of SIA Banga Ltd are included in the Nasdaq Riga Baltic First North market.
The size of Banga Ltd bond issue is EUR 2,5 million. The nominal value of bonds is 1,000 EUR with an annual coupon rate of 6%, paid out quarterly. The bonds mature in May, 2025.
Daiga Auziņa-Melalksne, CEO of Nasdaq Riga: “We are welcoming Banga Ltd on the Baltic First North market.
Fisheries have always played an important role in the development of the Latvian economy, therefore we are delighted that the stock exchange can facilitate the growth of another local business!”
Ingus Veckāgans, Member of the Board of Banga Ltd: “The listing of Banga Ltd bonds on the Nasdaq First North market is the next step in our company’s progression to the public capital markets. The cash raised in the bond issue enabled the company to expand its production facilities, purchase new production equipment and increase its competitiveness in international markets. The company’s products are in demand in many countries around the world, in 2022 sales exceeded by 33.10% comparing with the previous year, and we are pleased that the company’s development is being recognised by both our global customers and investors.”
“We are delighted with the development of Banga Ltd over the last few years, and for having the courage to raise funds through the capital market. Banga Ltd bond issue saw significant interest from both private and institutional investors from Latvia with the issue oversubscribed by 1.4 times, which demonstrates strong support from local investors to well governed local manufacturers,” Kristiāna Janvare, Head of Investment Division at “Signet Bank”.
The main activity of “Banga LTD” is the production of sterilised canned fish. The company’s production facility is located in Roja, Talsi District. “Banga LTD” production covers the full canning cycle and it employs more than 140 people. Exports cover 4 continents and more than 30 countries, including Europe, USA, Japan and Australia. The company’s customer base includes wholesalers and distributors, as well as international retail chains. The products are made from high-quality raw fish materials supplied from Latvian, Norwegian, Spanish, Chilean and Faroese fisheries. Product quality is confirmed by IFS (International Featured Standards), MSC (Marine Stewardship Council) and ASC (Aquaculture Stewardship Council) certifications. The company’s product range comprises more than 50 products under the BANGA brand and private labels. The company’s goals for the future years include increasing production capacity, developing new products and launching them on the European/US markets, taking a leading position among canned fish producers in the region!
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