Siguldas CMAS

Interim / Quarterly Report • Nov 23, 2017

Joint Stock Company SIGULDAS CILTSLIETU UN MĀKSLĪGĀS APSĒKLOŠANAS STACIJA

Unaudited financial information

for the nine months

of the year 2017

Index of Contents

	Page
Information on the Company	3
Profit or Loss Account	4
Balance sheet	5
Cash flow statement	7
Statement on changes in shareholders' equity	8
Report on Management Liability	9

Information on the Company

Company's name	SIGULDAS CILTSLIETU UN MĀKSLĪGĀS APSĒKLOŠANAS STACIJA
Company's legal status	Joint stock company
Registration number, place and date	40003013295, Riga, 26 July 1991
	Registration in the Commercial Register on 19 June 2004
Legal address	'Kalnabeites' 8, Sigulda parish, Sigulda municipality, LV-2150
Shareholders holding more than 5% of the total number of voting shares	'Siguldas mākslīgās apsēklošanas stacija' Ltd. (49.92%), registration No. 40003311954
	Oļegs Radčenko (5.20%)
	Swedbank AS Clients account (5.07%)
Members of the Management Board	Nils Ivars Feodorovs, Chairman of the Management Board Sarmīte Arcimoviča, Member of the Management Board Valda Mālniece, Member of the Management Board
Members of the Supervisory Board	Inita Bedrīte, chairman of the Supervisory Board Maija Beča, deputy chairman of the Supervisory Board Jekaterina Kreise, member of the Supervisory Board Maruta Niedrīte, member of the Supervisory Board from 21.04.2017 Ērika Everte, member of the Supervisory Board till 21.04.2017 Solvita Arcimoviča, member of the Supervisory Board till 21.04.2017
Reporting period	01.01.2017 – 30.09.2017
Previous reporting period	01.01.2016 – 30.09.2016
Auditors	Vija Dzene Sworn Auditor Certificate No. 108
	V. Dzenes Audits Ltd. Hospitalu street 8 Riga, LV-1013, Latvia Sworn Auditors' Commercial Company's license No. 120

Profit or loss account

	30.09.2017 EUR	30.09.2016 EUR
Net sales	843 271	815 026
a) from agricultural activities	843 271	815 026
Changes in stock of ready-made goods and unfinished products	14 554	12 986
Other operating income	30 008	19 063
Costs of materials:	(380 694)	(350 401)
a) raw materials and auxiliary costs of materials	(279 461)	(265 016)
b) other external costs	(101 233)	(85 385)
Personnel costs:	(337 659)	(340 307)
a) salaries for work	(268 301)	(270 403)
b) state social insurance compulsory contributions	(60 177)	(60 845)
c) other social insurance costs	(9 181)	(9 059)
Depreciation adjustments:	(33 983)	(34 220)
a) depreciation adjustments of fixed and intangible assets	(33 983)	(34 140)
b) depreciation adjustments of current assets which the company considers to be above the normal write-off amounts	-	(80)
Other operating costs	(43 685)	(41 996)
Earnings from shareholding:	-	15
a) in capitals of associated companies	-	15
Profit or loss before enterprise income tax	91 812	80 166
Enterprise income tax for the reporting year	(13 929)	(15 885)
Profit or loss after enterprise income tax calculation	77 883	64 281
The profit or loss for the year	77 883	64 281
Equity per 1 share (EPS)	0.184	0.152

Chairman of the Management Board

Nils Ivars Feodorovs Sarmīte Arcimoviča Valda Mālniece Member of the Management Board

Member of the Management Board, Manager of the Financial and Accounting department

Balance sheet

Assets	30.09.2017 EUR	31.12.2016 EUR
Long-term investments
Intangible assets
Concessions, patents, licenses, trademarks and similar rights	1 077	1 332
Intangible assets total	1 077	1 332
Fixed assets (fixed assets, investment properties, biological assets)
Fixed assets
Immovable properties - land parcels, buildings and constructions	98 844	110 297
Technological equipment and machinery	12 865	9 850
Other fixed assets and inventory	21 742	44 004
Fixed assets total	133 451	164 151
Investment properties	87 000	87 000
Biological assets	72 534	58 786
Long-term financial investments
Investments in capital of associated companies	-	84 053
Other securities and investments	684	683
Long-term financial investments total	684	84 736
Long-term investments total	294 746	396 005
Current assets
Stock
Raw materials, basic materials and auxiliary materials	16 557	13 992
Ready-made goods and goods for sale	652 237	634 513
Prepayments for goods	404	2 439
Stock total	669 198	650 944
Receivables
Trade receivables	297 382	183 308
Other receivables	666	2 597
Prepaid expenses	3 547	10 584
Receivables total	301 595	196 489
Cash	342 150	364 575
Current assets total	1 312 943	1 212 008
Assets total	1 607 689	1 608 013

Balance sheet

Shareholders' equity and liabilities	30.09.2017 EUR	31.12.2016 EUR
Shareholders' equity
Share capital	591 416	591 416
Other reserves	1 213	1 213
Retained earnings or loss carried forward from previous years	872 141	850 185
Profit or loss of the reporting year	77 883	85 322
Shareholders' equity total	1 542 653	1 528 136
Payables
Long-term payables
Deferred tax liabilities	1 721	1 721
Long-term payables total	1 721	1 721
Short-term payables
Prepayment received from customers	726	480
Trade payables	14 080	19 766
Taxes and social insurance payments	29 447	34 523
Other payables	12 739	17 064
Accrued liabilities	6 323	6 323
Short-term payables total	63 315	78 156
Payables total	65 036	79 877
Shareholders' equity and liabilities total	1 607 689	1 608 013

Chairman of the Management Board

Nils Ivars Feodorovs Sarmīte Arcimoviča Valda Mālniece Member of the Management Board

Member of the Management Board, Manager of the Financial and Accounting department

Cash flow statement

	30.09.2017 EUR	30.09.2016 EUR
Cash flow from operating activities
Income from sale of goods and provision of services	913 511	882 147
Payments to suppliers, employees, other expenses arising from basic operations	(962 394)	(893 524)
Gross cash flow from basic operations	(48 883)	(11 377)
Expenses for enterprise income tax payments	(12 011)	(10 169)
Net cash flow from operating activities Cash flow from investing activities	(60 894)	(21 546)
Purchase of capital shares of associated company
Income from dispossession of capital shares of associated company	-	(99)
Purchase of fixed assets and intangible investments	92 948	-
Income from dispossession of fixed assets	(14 578) 16 549	(10 111) 826
Received dividends	-	15
Net cash flow from investing activities	94 919	(9 369)
Cash flow from financing activities
Subsidies received as a state support	7 409	6 584
Dividends paid	(63 366)	(42 244)
Net cash flow from financing activities	(55 957)	(35 660)
Result of foreign exchange rate fluctuations	(493)	(171)
Net increase or decrease of cash and its equivalents	(22 425)	(66 746)
Cash and its equivalents balance at the beginning of the reporting year	364 575	350 009
Cash and its equivalents balance at the end of the reporting
year	342 150	283 263

Chairman of the Management Board

Nils Ivars Feodorovs Sarmīte Arcimoviča Valda Mālniece Member of the Management Board

Member of the Management Board, Manager of the Financial and Accounting department

Statement on changes in shareholders' equity

	Share capital	Other reserves	Retained earnings carried forward from previous years	Profit of the reporting year	Shareholders' equity total
	EUR	EUR	EUR	EUR	EUR
31.12.2015	591 416	1 213	816 761	75 668	1 485 058
Profit of 2015 transferred to retained earnings of previous years Dividends for 2015 Profit for the reporting year	- - -	- - -	75 668 (42 244) -	(75 668) - 64 281	- (42 244) 64 281
30.09.2016	591 416	1 213	850 185	64 281	1 507 095
31.12.2016 Profit of 2016 transferred to retained	591 416	1 213	850 185	85 322	1 528 136
earnings of previous years Dividends for 2016 Profit of the reporting year	- - -	- - -	85 322 (63 366) -	(85 322) - 77 883	- (63 366) 77 883
30.09.2017	591 416	1 213	872 141	77 883	1 542 653

Chairman of the Management Board

22 November 2017

Nils Ivars Feodorovs Sarmīte Arcimoviča Valda Mālniece Member of the Management Board

Member of the Management Board, Manager of the Financial and Accounting department

Report on Management Liability

Based on information at the Management Board's possession the Financial information for the nine months of the year 2017 has been prepared according to the effective requirements of legislative enactments and provide a true and fair view of the joint stock company's 'Siguldas ciltslietu un mākslīgās apsēklošanas stacija' assets, liabilities, financial condition and profit.

Financial information is prepared in accordance with the same item recognition and assessment principles which were used in the preparation of the annual report.

Financial information for the nine months of the year 2017 has not been audited by a sworn auditor.

Nils Ivars Feodorovs Sarmīte Arcimoviča Valda Mālniece

Chairman of the Management Board

Member of the Management Board, Manager of the Production and Marketing department

Member of the Management Board, Manager of the Financial and Accounting department