Frigate AS audited annual report for 2021 / News / Investor relations / | Investment business service

Frigate AS audited annual report for 2021

Riga, 2022-07-16 18:14 CEST -- Frigate AS publishes audited annual report for 2021. Annual report for 2021 together with the independent auditor’s report is available in the attachment (in Latvian).

According to the audited financial statements, Frigate AS ended the year 2021 with a negative operating result, or losses in the amount of EUR 197 176, compared to the profit of EUR 38 783 in 2020. This result is mainly related to the postponement of several projects, the revaluation of investments in subsidiary companies, the closure of two subsidiary companies and the increase in costs. Net turnover in 2021, compared to 2020, decreased by approximately 14%, which is mainly related to the drop in activity as a result of Covid-19.

Total assets of Frigate AS at the end of 2021, compared to the beginning of the year, decreased by approximately 13%, which is mainly related to the disposal of the interest in associated company and losses from the investment in the irrecoverable value of the liquidated subsidiary. In 2020, the liabilities of Frigate AS decreased (by approximately 1.3%), reaching EUR 357 092 at the end of the year, while equity decreased by approximately 16% and amounted to EUR 1 005 149 as at December 31, 2021.

In 2022, the company will continue its active economic activity and cooperation with partners and customers, sign new cooperation agreements with potential customers. By implementing these plans, the Company intends to increase its turnover.

The Board of Frigate AS


Frigate AS, founded in 2015 in Latvia, is an international group of companies currently active in Switzerland, Luxembourg, Lithuania and Latvia, which provides services in various investing areas according to client’s needs. Frigate AS provides a wide range of services which give investors access to securities - investment advice, portfolio management, executing orders for clients, structured products for different kinds of clients, documentary maintenance of investment operations and helping companies raise funds on capital markets. Frigate AS staff has all the licenses required for the activity on securities market and has extensive experience in working with documentation and cooperation with regulatory authorities. The company’s specialists are certified by the regulatory authorities in the field of preventing money laundering. For more information, visit:

Frigate AS shares are admitted to trading on Nasdaq Baltic First North Market.

The Certified Adviser for Frigate AS is AS Nexia Audit Advice.


         Contact information:
         Address: Vaļņu Street 19-1D, Riga, LV-1050, Latvia
         Contact person: Armands Bušs, partner
         E-mail: Turn on Javascript!
         Phone: +371 29512246
         Certified Adviser:
         AS Nexia Audit Advice
         Contact person: Olga Molčanova
         E-mail: Turn on Javascript!
         Phone: +371 67333228