Latvijas Juras medicinas centrs

Quarterly Report • Feb 5, 2016

JOINT STOCK COMPANY "LATVIJAS JŪRAS MEDICĪNAS CENTRS"

(UNIFIED REGISTRATION NUMBER 40003171237)

CONSOLIDATED FINANCIAL STATEMENTS FOR THE 9 MONTH OF 2015 (12th financial year)

PREPARED IN ACCORDANCE WITH INTERNATIONAL FINANCIAL REPORTING STANDARDS, AS ADOPTED BY THE EU

Riga, 2015

TABLE OF CONTENTS

Information on the Parent Company	3–4
Report of the Management	5–6
Statement of Management's responsibility	7
Consolidated financial statements:
Consolidated statement of comprehensive income	8-9
Consolidated statement of financial position	10-11
Consolidated statement of changes in equity	12
Consolidated statement of cash flows	13-14
Notes to the consolidated financial statements	15–30

INFORMATION ON THE PARENT COMPANY

COMPANY NAME: LATVIJAS JŪRAS MEDICĪNAS CENTRS JSC

LEGAL STATUS: Joint stock company

REGISTRATION: Registered in Latvian Register of Enterprises at 27.08.2004. Registration Number: 40003306807

LEGAL ADDRESS: 23, Patversmes str., Riga, LV - 1005, Latvia

SHARES 800 000 public registered shares with face value 1.40 EUR ISIN code: LV0000100741

MAJOR SHAREHOLDERS:

Ilze Birka 17.50% Mārtiņš Birks 17.50% Ilze Aizsilniece 11.45% Guna Švarcberga 10.36% Jānis Birks 10.17% Adomas Navickas 6.35%

NAMES AND POSITIONS OF THE COUNCIL MEMBERS

From April 28, 2010 till the financial statements signing day

Martins Birks - Chairman of the Council Viesturs Šiliņš - Member of the Council Ineta Gadzjus - Member of the Council Jevgēņijs Kalējs - Member of the Council Uldis Osis - Member of the Council

NAMES AND POSITIONS OF THE BOARD MEMBERS

From August 18, 2009 till the 30 April 2014

Jānis Birks - Chairman of the Board Marta Aizsilniece - Member of the Board Andris Vīgants - Member of the Board

From 1 May 2014 till the financial statements signing day

Jānis Birks - Chairman of the Board Vita Švarcberga - Member of the Board Juris Imaks - Member of the Board

INFORMATION ON THE PARENT COMPANY (CONTINUED)

SUBSIDIARY COMPANIES:

"Neirožu Klīnika" Ltd. - 50.40% Registration Number: 40003461335 16 February 2004 Dzintaru prospekts 48, Jurmala, LV 2015

REPORTING YEAR: 1 January 2015 - 30 September 2015

AUDITORS NAME AND ADDRESS:

PricewaterhouseCoopers SIA Licence No.5 Kr. Valdemāra iela 21-21

Riga, LV-1010 Latvia

Certified auditor in charge: Lolita Čapkeviča Certificate No.120

REPORT OF THE MANAGEMENT

Type of activity

JSC Latvijas Juras medicinas centrs (LJMC or the Company) is a certified, high level and accessible to all private medical institution that consists of: Sarkandaugava outpatient health care centre in Patversmes Street 23, Riga, Central hospital in Patversmes street 23, Riga, Vecmīlgrāvis hospital and Ziemeļu diagnostic centre in Vecmīlgrāvja 5. līnija 26, Riga, Vecmīlgrāvis primary health care centre in Melīdas Street 10, Riga. In 2014 average number of LJMC employees was 360. LJMC shares are quoted in Nasdaq Riga, AS stock exchange on the secondary market. Full information about the parent company is provided: www.ljmc.lv. Neirožu klinika providespsychotherapeytic medical care in a clinic situated in Jurmala.

Starting from 5 September 2013 JSC Latvijas Juras medicinas centrs is included in the LR Health inspection approved list of medical institutions, that provide medical tourism services, meaning that LJMC provides medical tourism services as trusted partners, and it gives an idea about the Latvian healthcare system as a whole, because it includes only those medical institutions that are registered in the register of medical institutions for at least 3 years and over the last three years the medical institution has been subjugated to control.

JSC Latvijas Juras medicinas centrs "Ziemeļu diagnostikas centrs" received a quality certificate ISO 9001:2008 in functional diagnostics and radiology from DVN Certification OY/AB, Finland in 2013. This certificate is valid till March 14, 2016. LJMC continues the work to introduce ISO quality standards in their other structural units. LJMC have concluded cooperation agreements with all health insurance companies in Latvia.

Activity in the 9 month of 2015 and future development

2013 LJMC completed an ambitious 3-year investment project worth 2.3 million EUR. Investment project entailed two major sections: the Medical centre's old building complex renovation and redevelopment of adjacent areas to the modern medical standards to create Sarkandaugava outpatient health care centre (SAVAC) and secondly, investment in new medical equipment to raise competitiveness in the Baltic market, attracting medical patients from both the Baltic states, as well as the EU by offering high quality medical examinations.

Since the creation of the new LJMC Sarkandaugava outpatient health care centre (SAVAC) the amount of new patients has increased by 25%. Restructuring from inpatient to ambulatory services has already increased the efficiency of LJMC in the reporting year, and it will continue to improve the efficiency in the future, by maximizing the use of the centre's resources and increasing the quality of patient care.

In 2015 a contract was signed with the National Health Service regarding provision of state paid medical services within the magnitude of the budget of 2015. In April 2015 LJMC won a the rights to provide medical care to the patients of SJSC "Paula Stradiņa Klīniskās universitātes slimnīca" with a term of 1 year.

REPORT OF THE MANAGEMENT (CONTINUED)

One of LJMC development directions in 2015 was attracting foreign patients (so called medical tourism). LJMC combines excellent doctors in Latvia, as well as knowledgeable medical staff, therefore the quality of the medical examinations is also high and competitive outside of Latvia. It is demonstrated by the increasing number of foreign patients, as well as the fact that LJMC has been included in the official medical tourism service provider register kept by the LR Health inspection. In 2015 LJMC continues to attract medical tourists from the EU, by improving its paid service package. To attract new foreign and local patients, LJMC made investments in 2015 with the goal to implement innovative solutions in the medical service field, to improve staff qualifications in patient service by continuing to implement national policies on hospital redirection to ambulatory care.

The Company, by using its pre-emption rights, bought 9 632 shares, or 5.08% of LLC "Neirožu klīnika" share capital from State Social Insurance Agency, for the amount totalling 13,677 EUR. After the deal LJMC owns 50.4% of LLC "Neirožu klīnika" share capital.

Financial performance

In 2015 the Group has operated according to the approved budget plan of 2015. The Group's realize investment and development projects, loses before tax in 9 month of 2015 is EUR 239 587.

The Group continues to deploy an intensive investment policy, directed to increase the Group's competitiveness and profitability in the future. In 2015 the investments set for the amount of EUR 450 thousand.

Risk management

The Group continues to deploy activities to reduce the potential financial risk on the financial position of the Group companies, through use of control and analytical measures.

Financial assets exposed to credit risk consist mainly of cash, trade receivables and other debtors. To ensure credit risk management the Group carries out regular customer control procedures and measures for recovering debts, thus ensuring timely identification and resolution of problems.

The Group follows a prudent liquidity risk management, ensuring appropriate resources are made available for settlement of obligations within their terms. The Group companies do not use borrowed funds.

Events after the balance sheet date

There have not been such events after the balance sheet date which would have a significant impact on the financial position of the Group at 2015. In January 2015, the Group's subsidiary SIA Juras Medicina was liquidated and all its net assets were transferred to the Group's parent company LJMC.

Chairman of the board Jānis Birks

Member of the board Vita Švarcberga

Member of the board Juris Imaks

Riga, 30 November 2015

STATEMENT OF MANAGEMENTS' RESPONSIBILITY

The Board of Directors of JSC "Latvijas Jūras Medicīnas Centrs" is responsible for the preparation of the consolidated financial statements of the Group.

The consolidated financial statements on pages 15 to 30. are prepared in accordance with the accounting records and source documents and present fairly the financial position of the Company as of 30 September 2015 and the results of its operations and cash flows for 9 month of 2015.

The consolidated financial statements are prepared in accordance with International Financial Reporting Standards as adopted by the European Union on a going concern basis. Appropriate accounting policies have been applied on a consistent basis. Prudent and reasonable judgments and estimates have been made by the Board of Directors in the preparation of the financial statements.

The Board of Directors of LJMC is responsible for the maintenance of proper accounting records, the safeguarding of the Group's assets and the prevention and detection of fraud and other irregularities in the Group. The Board of Directors is also responsible for operating the Group in compliance with the legislation of the Republic of Latvia.

On behalf of the Board of Directors,

Chairman of the board Jānis Birks

Member of the board Vita Švarcberga

Member of the board Juris Imaks

Riga, 30 November 2015

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR 9 MONTH OF 2015

	Note	September 30, 2015	December 31, 2014	30.09.2014. EUR
		EUR	EUR
Revenue	4	4 269 113	5 485 449	4 025 732
Cost of sales	5	-4 180 414	-4 971 357	-3 638 367
Gross profit		88 699	514 092	387 365
Administrative expenses	6	-380 414	-476 405	-331 795
Other operating income	7	299 406	1 173 614	136 951
Other operating expenses		-272 854	-29 172	-7 857
Operating profit / (loss)		-265 163	1 182 129	184 664
Finance income, net		-	3 093
Share of profit/ (loss) of investments accounted for using the equity method	9	6 191	3 896	967
Intererst income and similar income	10	19 385	-	2 489 -
Profit / (loss) before income tax		-239 587	1 189 118	188 120
Income tax expense		-	26 308	-
Profit / (loss) for the year		-239 587	1 215 426	188 120
Other comprehensive income		-	-	-
Total comprehensive income/ (loss) for the year		-239 587	1 215 426	188 120
Profit / (loss) attributable to:
- Owners of the parent		-234 628	1 218 662	188 120
- Non-controlling interest Basic earnings per share:	17	-4 959 -0.29	-3 236 1.52	- 0.24
The notes on pages 15 to 30 are an integral part of these financial statements.
On behalf of the board of directors
Chairman of the board Jānis Birks	Member of the board Vita Švarcberga		Member of the board Juris Imaks
Riga, 30 November 2015

8

CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 30 SEPTEMBER 2015

	Note	30.09.2015.	31.12.2014.	30.09.2014.
		EUR	EUR	EUR
ASSETS
Non-current assets
Property, plant and equipment	3	7 326 095	7 780 511	3 000 533
Intangible assets	10	15 092	8 314	11 208
Investments in associates		-	-	186 369
Total non-current assets		7 341 187	7 788 825	3 198 110
Current assets
Inventories	14	118 330	104 295	113 461
Trade receivables	11	296 330	230 758	221 948
Current income tax receivable		-	-
Deffered expenditure		-	-	5 118
Other receivables		37 378	48 877	4 547
Cash and cash equivalents	13	1 530 796	1 524 805	1 516 127
Total current assets		1 982 834	1 908 735	1 861 201
TOTAL ASSETS		9 324 021	9 697 560	5 059 310

The notes on pages 15 to 30 are an integral part of these financial statements.

On behalf of the board of directors

Chairman of the board Jānis Birks

Member of the board Vita Švarcberga

Member of the board Juris Imaks

Riga, 30 November 2015

CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 30 SEPTEMBER 2015

	Note	30.09.2015 EUR	31.12.2014 EUR	30.09.2014. EUR
EQUITY AND LIABILITIES Equity attributable to owners of parent
Share capital		1 120 000	1 120 000	1 120 000
Revaluation reserve		2 375 129	2 379 400	686 622
Other reserves		63 819	63 819	63 819
Retained earnings		2 804 348	3 038 976	2 147 050
		6 363 296	6 602 195	4 017 491
Non-controlling interests	17	1 143 954	1 148 913	-
Total shareholders` equity		7 507 250	7 751 108	4 017 491
Provisions for liabilities and charges: Provisions for vacations		-	-	107 711
Deffered tax provisions		-	-	92 897
Total
provisions Liabilities				200 608
Non-current liabilities

Deferred income tax liabilities	16	796 124	805 353
Deferred income	15	464 929	464 929	506 753
		1 261 053	1 270 282	506 753
Current liabilities
Trade and other payables	19	524 265	625 087	310 682
Deferred income	15	31 453	51 083	23 776
		555 718	676 170	334 458
Total liabilities		2 960 725	1 946 452	841 211
TOTAL EQUITY AND LIABILITIES		9 324 021	9 697 560	5 059 310

The notes on pages 15 to 30 are an integral part of these financial statements.

On behalf of the board of directors

Chairman of the board Jānis Birks

Member of the board Vita Švarcberga

Member of the board Juris Imaks

Riga, 30 November 2015

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 SEPTEMBER 2015

	Attributable to the owners of the parent					Non-control
	Share	Other	Revaluatio	Retained	Total	ling interest	Total
	capital	reserves	n reserves	earnings
Balance as at 1 January 2014	EUR 1 138 297	EUR 45 522	EUR 790 653	EUR 1 836 539	EUR 3 811 011	EUR -	EUR 3 811 011
Conversion of the share capital into EUR	-18 297	18 297	-	-	0	-	-
Acquisition of subsidiary	-	-	-	-	-	-	-
Restatement			-122391	12391	0
Deffered taxation			18 360		18 360		18 360
Total comprehensive profit/(loss) for the year	- -	- -	- -	- 188 120	- 188 120	- -	- 188 120
Balance as at 30 September 2014	1 120 000	63 819	686 622	2 147 050	4 017 491	-	4 017 491
Conversion of the share capital into EUR	-	-	-	-	-	-	-
Acquisition of subsidiary	-	-	-	-	-	1 152 149	1 152 149
Restatement	-	-	1 692 778 (326 736)		1 366 042	-	1 366 042
Total comprehensive profit/(loss) for the year	-	-	-	1 218 662	1 218 662	-3 236	1 215 426
Balance as at 31 December 2014	1 120 000	63 819	2 379 400	3 038 976	6 602 195	1 148 913	7 751 108
Acquisition of subsidiary	-	-	-	-	-	-	-
Restatement about 2014	-	-	-4 271	-	-4 271	-	-4 271
Total comprehensive profit/(loss) for the year	-	-	-	-234 628	-234 628	-4 959	-239 587
Balance as at 30 September 2015	1 120 000	63 819	2 375 129	2 804 348	6 363 296	1 143 954	7 507 250

The notes on pages 15 to 30 are an integral part of these financial statements,

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 SEPTEMBER 2015

	September 30, 2015	December 31, 2014	30.09.2014. EUR
Cash flows from
operating activities
Profit/(loss) before	-239 587	1 189 118
taxation			188 120
Adjustments for:
fixed asset	356 927	457 314
depreciation			441 330
write-down of	-	14 146
intangible assets			10 549
(profit)/loss from
investment in	-	-3 896	-967
associate
net (gain)/loss on
acquisition of a	-6 191	-969 476	-
subsidiary shares
gain from disposal of	-	-	-
fixed assets
ERAF income	-	-	-23 775
recognized in profit or
interest income, net	-19 385	-3 093	-
	91 764	684 113	325 129
Adjustments for:
trade debtors'
increase	-54 073	-68 470
inventories (increase) /
decrease	-14 035	-17 842	-
Corrections:
receivables	-	-	-47 815
inventory	-	-	-28 588
current liabilities	-	-	-114 383
trade and other	-133 952	-47 918
creditors' increase /			-
(decrease)
Cash generated	-110 296	549 883
from operations			134 343
Net cash generated from operations	-110 296	549 883	134 343

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 SEPTEMBER 2015 (CONTINUED)

Cash flows from investing activities
Acquisition of shares in subsidiary from non controlling interest	-	-	-
Dividend	6 191		967
Acquisition of plant, property and equipment	90 711	-331 369	-124 082
Received interest	19 385		2 489
Acquisition of subsidiary	-	173 854	-1 757
Net cash flows used in investing activities	116 287	-157 515	-122 383
Net cash flows generated from investing activities	116 287	-157 515	-122 383
Net increase / (decrease) in cash and cash equivalents	5 991	392 368	383 690
Cash and cash equivalents at the beginning of the period	1 524 805	1 132 437	1 132 437
Cash and cash equivalents at the end of the period	1 530 796	1 524 805	1 516 127

The notes on pages 15 to 30 are an integral part of these financial statements,

NOTES TO THE FINANCIAL STATEMENTS

1 INCORPORATION AND ACTIVITIES

"Latvijas Juras Medicinas Centrs" (LJMC) is a joint-stock company (the Company) incorporated in the Republic of Latvia on 27 August 1996. The consolidated financial statements incorporate the financial statements of the Company and its subsidiaries – "Juras medicina" Ltd and "Neirožu klīnika" Ltd. (the Group). Since 21 May 2007 the shares of the Company are quoted on Nasdaq Riga, AS. The registered office of the Group's Parent Company is 23 Patversmes Street, Riga, LV-1005, Latvia.

The Group`s companies are involved in provision of health care services. LJMC is a certified, high level and all available private medical institution and provides both hospital services as well as ambulance services. Neirožu klinika provides psychotherapeutic medical care in a clinic situated in Jurmala. At the end of 2014 the Group employed 393 persons (2013: 355).

These consolidated financial statements have been approved by the Board of Directors on August 31, 2015. The shareholders of the Parent Company have a statutory right to either approve these financial statements or not approve them and require the management to prepare a new set of financial statements.

2 ACCOUNTING POLICIES

The principal accounting policies adopted in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

(a) Basis of preparation

The financial statements of the Group have been prepared in accordance with International Financial Reporting Standards as adopted by the European Union (IFRS as adopted by the EU). Due to the European Union's endorsement procedure, the standards and interpretations not approved for use in the European Union are presented in this note as they may have impact on financial statements of the Company in the following periods if endorsed.

The financial statements have been prepared under the historical cost convention, as modified by the revaluation of property, plant and equipment as disclosed in the Accounting policies Note (e) below.

The preparation of financial statements in conformity with IFRS requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Although these estimates are based on Management's best knowledge of current events and actions, actual results ultimately may differ from those.

The Group carried out a revaluation of its land and buildings at the end of 2014 and concluded that their market value significantly exceeded their carrying value at the date of revaluation and at the beginning and end of previous reporting period.

Given that there had not been significant changes during the last two years and given that the previous revaluation took place in 2007, the Company's management concluded that the results of revaluation carried out at the end of 2014 were also indicative of the fair value of those assets at the end of 2013 and 2012, subject to depreciation adjustment. As a result, retrospective restatement was carried out in respect of the comparative figures in these financial statements in order to report such comparative balances of land and buildings, as if the revaluation took place by 31 December 2012. Impact of the retrospective restatement on the comparative financial information is described in Note 25 to these financial statements.

Besides the retrospective adjustment described above, accounting policies used by the Group are consistent with those used in the previous reporting period. Minor reclassification between profit and loss account positions and balance sheet positions has been made in the current year without adjusting current year's profit.

2 ACCOUNTING POLICIES (CONTINUED)

(a) Basis of preparation (continued)

The following new and amended IFRS and interpretations come into force in 2014 and apply to the Company`s operations, but have no impact on these financial statements apart from certain new disclosure requirements:

IFRS 10 "Consolidated financial statements" (effective for annual periods beginning on or after 1 January 2013, endorsed by EU for annual periods beginning on or after 1 January 2014);

IAS 28 (revised in 2011) "Associates and joint ventures" (effective for annual periods beginning on or after 1 January 2013, endorsed by EU for annual periods beginning on or after 1 January 2014);

IFRS 12 "Disclosures of interests in other entities" (effective for annual periods beginning on or after 1 January 2013, endorsed by EU for annual periods beginning on or after 1 January 2014);

The following new and amended IFRS and interpretations come into force in 2014, but do not apply to the Company`s operations and have no impact on these financial statements:

IFRS 11 "Joint arrangements" (effective for annual periods beginning on or after 1 January 2013, endorsed by EU for annual periods beginning on or after 1 January 2014);

Amendments to IFRS 10, 11 and 12 on transition guidance (effective for annual periods beginning on or after 1 January 2013, endorsed by EU for annual periods beginning on or after 1 January 2014);

IAS 27 (revised in 2011) "Separate financial statements" (effective for annual periods beginning on or after 1 January 2013, endorsed by EU for annual periods beginning on or after 1 January 2014);

Amendments to IFRS 10, IFRS 12 and IAS 27 on consolidation for investment entities (effective for annual periods beginning on or after 1 January 2014);

Amendments to IAS 32 "Financial instruments: Presentation" on offsetting financial assets and financial liabilities (effective for annual periods beginning on or after 1 January 2014);

Amendments to IAS 36 "Impairment of assets" on recoverable amount disclosures (effective for annual periods beginning on or after 1 January 2014);

Amendments to IAS 39 "Financial instruments: Recognition and measurement" on novation of derivatives and hedge accounting (effective for annual periods beginning on or after 1 January 2014);

IFRIC 21 "Levies" (effective for annual periods beginning on or after 1 January 2014).

2 ACCOUNTING POLICIES (CONTINUED)

(a) Basis of preparation (continued)

A number of new standards and interpretations have been published and come into force on financial periods beginning on or after 1 January 2015, and do not relate to the Company`s operations or are not endorsed by the European Union:

Amendments to IAS 19 "Employee benefits plans" regarding defined benefit plans (effective for annual periods beginning on or after 1 July 2014, not yet endorsed in the EU);

Annual improvements 2012 (effective for annual periods beginning on or after 1 July 2014, not yet endorsed in the EU). These amendments include changes that affect 7 standards:

• IFRS 2 "Share-based payment"
• IFRS 3 "Business Combinations"
• IFRS 8 "Operating segments"
• IFRS 13 "Fair value measurement"
• IAS 16 "Property, plant and equipment" and IAS 38 "Intangible assets"
• Consequential amendments to IFRS 9 "Financial instruments"
• IAS 37 "Provisions, contingent liabilities and contingent assets", and
• IAS 39 "Financial instruments Recognition and measurement"

Annual improvements 2013 (effective for annual periods beginning on or after 1 July 2014, not yet endorsed in the EU). The amendments include changes that affect 4 standards:

• IFRS 1 "First time adoption"
• IFRS 3 "Business combinations"
• IFRS 13 "Fair value measurement" and
• IAS 40 "Investment property"

Amendment to IFRS 11 "Joint arrangements" on acquisition of an interest in a joint operation (effective for annual periods beginning on or after 1 January 2016, not yet endorsed in the EU);

Amendments to IAS 16 "Property, plant and equipment" and IAS 41 "Agriculture" regarding bearer plants (effective for annual periods beginning on or after 1 January 2016, not yet endorsed in the EU);

Amendment to IAS 16 "Property, plant and equipment" and IAS 38 "Intangible assets" on depreciation and amortization (effective for annual periods beginning on or after 1 January 2016, not yet endorsed in the EU);

IFRS 14 "Regulatory deferral accounts" (effective for annual periods beginning on or after 1 January 2016, not yet endorsed in the EU);

Amendments to IAS 27 "Separate financial statements" on the equity method (effective for annual periods beginning on or after 1 January 2016, not yet endorsed in the EU);

Amendments to IFRS 10 "Consolidated financial statements" and IAS 28 "Investments in associates and joint ventures" (effective for annual periods beginning on or after 1 January 2016, not yet endorsed in the EU);

Annual improvements 2014 (effective for annual periods beginning on or after 1 July 2016, not yet endorsed in the EU). The amendments include changes that affect 4 standards:

• IFRS 5 "Non-current assets held for sale and discontinued operations"
• IFRS 7 "Financial instruments: Disclosures" with consequential amendments to IFRS 1
• IAS 19 "Employee benefits"
• IAS 34 "Interim financial reporting"

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

2 ACCOUNTING POLICIES (CONTINUED)

(a) Basis of preparation (continued)

IFRS 15 "Revenue from contracts with customers" (effective for annual periods beginning on or after 1 January 2017, not yet endorsed in the EU).

IFRS 9 "Financial instruments" (effective for annual periods beginning on or after 1 January 2018, not yet endorsed in the EU).

(b) Consolidation

Subsidiaries

Subsidiaries are all entities over which the group has control. The group controls an entity when the group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the group. They are deconsolidated from the date that control ceases.

Associates

Associates are all entities over which the group has significant influence but not control, generally accompanying a shareholding of between 20% and 50% of the voting rights. Investments in associates are accounted for using the equity method of accounting. Under the equity method, the investment is initially recognised at cost, and the carrying amount is increased or decreased to recognise the investor's share of the profit or loss of the investee after the date of acquisition. The group's investment in associates includes goodwill identified on acquisition.

The group's share of post-acquisition profit or loss is recognised in the income statement, and its share of post-acquisition movements in other comprehensive income is recognised in other comprehensive income with a corresponding adjustment to the carrying amount of the investment. When the group's share of losses in an associate equals or exceeds its interest in the associate, including any other unsecured receivables, the group does not recognise further losses, unless it has incurred legal or constructive obligations or made payments on behalf of the associate.

(c) Business combinations

The group applies the acquisition method to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair values of the assets transferred, the liabilities incurred to the former owners of acquiree and the equity interests issued by the group. The consideration transferred includes the fair value of any asset or liability resulting from

a contingent consideration arrangement. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. The group recognises any non-controlling interest in acquiree on an acquisition-by-acquisition basis, at the non-controlling interest's proportionate share of the recognised amounts of acquirer's identifiable net assets.

If the business combination is achieved in stages, the acquisition date carrying value of the acquirer's previously held equity interest in the acquiree is re-measured to fair value at the acquisition date; any gains or losses arising from such re-measurement are recognised in profit or loss. If the case of a bargain purchase, the gain resulting from excess of the fair value of identifiable assets acquired and liabilities and contingent liabilities assumed over the fair value of the consideration transferred is recognised in profit or loss on the acquisition date.

2 ACCOUNTING POLICIES (CONTINUED)

(d) Foreign currency translation

Functional and presentation currency

On 1 January 2014, the Republic of Latvia joined the euro area and adopted the euro as its official currency, replacing the Latvian lat. Consequently, the functional and reporting currency of the Group since 1 January 2014 is euro. The Group has translated the balances on their accounts as of 31 December 2013 by applying the conversion rate of EUR 1.0 = LVL 0.702804, determined by the Bank of Latvia.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the profit or loss. All transactions denominated in foreign currencies are recorded in euro at foreign exchange reference rates, which are both set and published by the European Central Bank (till 31 December 2013 recorded in lats at rates of exchange set forth by the Bank of Latvia), at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated into euro at foreign exchange reference rates, which are both set and published by the European Central Bank (till 31 December 2013 recorded in lats at rates of exchange set forth by the Bank of Latvia), prevailing at the end of the reporting period. Any gain or loss resulting from a change in rates of exchange subsequent to the date of the transaction is included in the profit and loss account as profit from transactions with financial instruments.

The principal rates of exchange (foreign currency quoted per unit of EUR) set forth by the European Central Bank and used in the preparation of the Group's financial statements at 0.702804. As at 31.12.2014. the Group was not exposed to significant forex revaluations.

(e) Property, plant and equipment

Property, plant & equipment are recorded at historical cost or revalued amount net of accumulated depreciation and accumulated impairment losses. Historical cost includes expenditure that is directly attributable to the acquisition of the fixed assets. The following fixed asset groups are revalued regularly but not less frequently than every five years:

• Buildings;
• Land.

Increase in the carrying amount arising on revaluation is credited to "Long-term investments revaluation reserve" in shareholders' equity. Decreases that offset previous increases of the same asset are charged against the revaluation reserve directly in equity; all other decreases are charged to the current year's profit and loss account. Any accumulated depreciation at the date of revaluation is eliminated against the gross carrying amount of the asset and the net amount is restated to the revalued amount of the asset.

All other property, plant and equipment are stated at historical cost, less accumulated depreciation and impairment losses. Historical cost includes expenditure that is directly attributable to the acquisition of the items.

Subsequent costs are included in the asset's carrying amount or recognized as separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. All other repairs and maintenance are charged to the income statement during the financial period in which they are incurred.

2 ACCOUNTING POLICIES (CONTINUED)

(e) Property, plant and equipment (continued)

Land is not depreciated. Depreciation on other assets is calculated using the straight-line method to allocate their cost or revalued amounts to their residual values over their estimated useful lives, as follows: Years

Buildings	35-40
Machinery and equipment	3
Other fixed assets	5

The assets' residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period.

An asset's carrying amount is written down immediately to its recoverable amount if the asset's carrying amount is greater than its estimated recoverable amount.

Gains or losses on disposals are determined by comparing carrying amount with proceeds and are charged to the profit and loss account during the period in which they are incurred. When revalued assets are sold, the amounts included in Revaluation reserve are transferred to retained earnings.

(f) Intangible assets

Intangible assets primarily consist of software licences. Intangible assets have a finite useful life and are carried at cost less accumulated amortisation. Amortisation is calculated using the straight-line method to allocate the cost of intangible assets over their useful lives. Generally intangible assets are amortised over a period of 5 years.

(g) Impairment of non-financial assets

All Group's non-financial assets have a finite useful life (except land). Assets that are subject to amortization or depreciation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's fair value less costs to sell and value in use. For the purpose of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash generating units).

Non-financial assets that suffered impairment are reviewed for possible reversal of the impairment at each reporting date.

(h) Financial assets

The Group classifies all its financial assets as Loans and receivables. The classification depends on the purpose for which the financial assets were acquired. Management determines the classification of its financial assets at initial recognition and re-evaluates this designation at every reporting date. Receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are included in current assets, except for assets with maturities greater than 12 months after the end of the reporting period.

2 ACCOUNTING POLICIES (CONTINUED)

(i) Inventories

Inventories are stated at the lower of cost and net realisable value. Cost is determined using the first-in, firstout (FIFO) method. Net realisable value is the estimated selling price in the ordinary course of business, less applicable variable selling expenses.

(j) Trade receivables

Trade receivables are recognised initially at fair value and subsequently carried at amortised cost using the effective interest method, less provision for impairment. A provision for impairment of trade receivables is established when there is objective evidence that the Group will not be able to collect all amounts due according to the original terms of trade receivables. Significant financial difficulties of the debtor, probability that the debtor will enter bankruptcy or financial reorganisation, and default or delinquency in payments are considered indicators that the trade receivables are impaired. The amount of the provision is the difference between the asset's carrying amount and the present value of estimated future cash flows, discounted at the original effective interest rate. The amount of the provision is recognised in the profit or loss. If, in subsequent period, the amount of impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognized, the reversal of the previously recognized impairment loss is recognized in the profit or loss.

(k) Cash and cash equivalents

Cash and cash equivalents comprise cash on hand, balances of current accounts with banks and deposits held at call with banks with original term less than 90 days and other short-term highly liquid investments, which can be easily converted to cash and are not subject of significant change in value.

(l) Share capital and recognition of dividends payable

Ordinary shares are classified as equity. Dividend distribution to the Parent Company's shareholders is recognized as a liability in the Group's financial statements in the period in which the dividends are approved by the Parent Company's shareholders.

(m) Deferred income tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case the tax is also recognised in other comprehensive income or directly in equity, respectively.

The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the balance sheet date. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.

Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements.

Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the balance sheet date and are expected to apply when the temporary differences will reverse.

The principal temporary differences arise from different property, plant and equipment depreciation rates, revaluation of property, plant and equipment, as well for unused annual leave and other accruals and

2 ACCOUNTING POLICIES (CONTINUED)

(m) Deferred income tax (continued)

provisions. Deferred income tax asset is recognized only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilized.

Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income taxes assets and liabilities relate to income taxes levied by the same taxation authority on either the taxable entity or different taxable entities where there is an intention to settle the balances on a net basis.

Increase in deferred income tax liability that results from revaluation of property, plant and equipment is charged to other comprehensive income as deduction from respective increase in the Revaluation reserve. Decrease in deferred income tax liability that results from depreciation of revalued property, plant and equipment is charged to the income statement.

(n) Current income tax

Income tax is assessed for the period in accordance with Latvian tax legislation. The tax rate stated by Latvian tax legislation is 15 percent.

(o) Accrued unused annual leave expenses

Amount of accrual for unused annual leave is determined by multiplying the average daily wage of employees for the last six months of the reporting year by the amount of accrued but unused annual leave at the end of the reporting year.

(p) Trade payables

Trade payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.

(r) Revenue recognition

The Group recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and when specific criteria have been met for each of the Group's activities as described below. The Group bases its estimates on historical results, taking into consideration the type of customer, the type of transaction and the specifics of each arrangement.

Healthcare services

Revenues from medical services, either hospital or ambulance services, are recognised as services are rendered, at the rates set for each type of service, irrespective of who is the payer for the service. Services which are paid for by the State Healthcare Service (NVD) are priced at the rates stipulated by this state authority.

Other services

All sales of services are recognised in the accounting period in which the services are rendered.

2 ACCOUNTING POLICIES (CONTINUED)

(s) Earnings per share

Earnings per share is determined by dividing the profit or loss attributable to equity holders of the Company by the weighted average number of participating shares outstanding during the reporting year.

(t) Related parties

Related parties are defined as the Company's major shareholders that have a significant influence, members of the Council and the Board, their close relatives and companies in which they have a significant influence or control.

(u) Grants and deferred income

EC funding related to property, plant and equipment is recognized as deferred income and is credited to the profit and loss account systematically over the expected lives of the related assets.

(v) Critical accounting estimates and judgements

The preparation of the financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Company's accounting policies.

IFRS requires that in preparing the financial statements, management of the Group makes estimates and assumptions that affect the reported amounts of assets and liabilities and required disclosure at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The areas involving a higher degree of judgement and thus having significant risk of casing a material adjustments to the carrying amounts of assets and liabilities within the next financial year are revaluation of property, plant and equipment, determination of frequency of revaluations, the management assumptions and estimates in determination of useful lives of property, plant and equipment, recoverable amount of accounts receivable and inventories, post-employment benefits and other employee benefits as described in respective notes.

Revaluation of fixed assets and assessment of the remaining useful lives of the buildings

The management determines fair value of land and buildings based on valuations performed by independent certified valuator. The Group's internal policy is to perform the revaluations when there are indications that the fair value of the land and buildings has changed significantly as compared to its carrying value, but at least once per 5 years. As of 31 December 2012 and 2013 the fair value of land and buildings was significantly different from their book value. During 2014, the management corrected the error and retrospectively carried out a revaluation of its land and buildings as of 31 December 2012. Group`s land and buildings were revalued by independent certified appraiser SIA Latio (certificate No. 19). The market value was determined by a combination of Income and Market approach results. The values as of 31 December 2012 were determined by obtaining valuation of the properties as at 31 December 2014 and rolling them backwards to 31 December 2012. The management also revised the remaining useful lives of the buildings as at 2014 year end, and determined them to be 35 – 40 years. The revised depreciation charge was used retrospectively when making retrospective revaluation adjustments as described above as this was the only basis to ensure comparability of net book values of land and buildings at the 2014 year-end and prior year-end.

(v) Critical accounting estimates and judgements (continued)

Determination of the fair value of the net identifiable assets of the subsidiary in a business combination

When evaluating the fair value of net assets of the acquired subsidiary, fair value adjustment was applied to the land and buildings, with a corresponding entry to deferred tax liability. The fair value assessment was performed by certified valuator SIA Latio, using the market approach (comparative transactions). The market price of the whole property was based on the market price of the land plot, based on the assumed most profitable use of the property.

3 FINANCIAL RISK MANAGEMENT

3.1. Financial risk factors

The Management Board is responsible for setting up risk management guidelines and risk monitor. The Company has identified the major risk factors and developed policies and mechanisms to control these factors. The major risks are defined as:

(a) Market risk - a country's economic deterioration, changes in the public and the insurer health care and its financing policy, competition, changes in utility tariffs, etc. can significantly affect the demand for Groups services and its profitability. The company`s management has assessed each type of market risks and made possible measures to mitigate negative reaction in the market.

b) Credit risk - The inability of insurance companies, fellow hospitals and patients to pay for the services in time and in full amount. Most of the services are cash settled prior to providing service or funded by the state and insurance companies, therefore there is very low credit risk.

(c) Operational risk - The possibility of suffering losses caused by inadequate or failed internal pace of the medical treatment process, actions of staff or systems, or external events impact. Patient dissatisfaction with the quality of medical services, treatment process organization or staff attitudes in the long term can lead to a fall in income and even financial claims.

(c) Liquidity risk – possibility of being unable to meet the legally enforceable requirements without major damage and inability to cope with unplanned changes in Groups resources and / or market conditions related to the fact that it does not have sufficient liquid assets. The entity has no outstanding debts and holds sufficient cash resources to settle the liabilities when they fall due.

Risk control mechanisms include: appropriate risk policies, investment planning, cash flow planning, budgeting and control, liquidity control, the medical treatment process organization and control, sanitary compliance control, staff skill development, implementation of advanced technologies, employee involvement in risk assessment and control.

3.2. Capital management

The Group's objectives when managing capital are to safeguard the group's ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital.

In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders or issue new shares.

3. FINANCIAL RISK MANAGEMENT (CONTINUED)

3.3. Fair value estimation

IFRS 13 specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources; unobservable inputs reflect the Group's market assumptions. This hierarchy requires the use of observable market data when available. The Group considers relevant and observable market prices in its valuations where possible.

The objective of the fair value measurement, even in inactive markets, is to arrive at the price at which an orderly transaction would take place between market participants to sell the asset or transfer the liability at the measurement date under current market conditions.

In order to arrive at the fair value of a financial instrument different methods are used: quoted prices, valuation techniques incorporating observable data and valuation techniques based on internal models. These valuation methods are divided according with the fair value hierarchy in Level 1, Level 2 and Level 3.

The level in the fair value hierarchy within which the fair value of a financial instrument is categorized shall be determined on the basis of the lowest level input that is significant to the fair value in its entirety.

The classification of financial instruments in the fair value hierarchy is a two-step process:

1. Classifying each input used to determine the fair value into one of the three levels;

2. Classifying the entire financial instrument based on the lowest level input that is significant to the fair value in its entirety.

Quoted market prices - Level 1

Valuations in Level 1 are determined by reference to unadjusted quoted prices for identical assets or liabilities in active markets where the quoted prices are readily available and the prices represent actual and regularly occurring market transactions on an arm's length basis.

Valuation techniques using observable inputs - Level 2

Valuation techniques in Level 2 are models where all significant inputs are observable for the asset or liability, either directly or indirectly. Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly (that is, as price) or indirectly (that is, derived from prices).

Valuation technique using significant unobservable inputs - Level 3

A valuation technique that incorporates significant inputs that are not based on observable market data (unobservable inputs) is classified in Level 3. Unobservable inputs are those not readily available in an active market due to market illiquidity or complexity of the product. Level 3 inputs are generally determined based on observable inputs of a similar nature, historic observations on the level of the input or analytical techniques.

Assets and liabilities for which fair value is disclosed

The carrying amount of liquid and short-term financial instruments (with maturity below 3 months), for example, cash and cash equivalents, short-term trade payables and trade receivables corresponds to their fair value.

3.3. Fair value estimation (continued)

Assets measured at fair value

Group's land and buildings are stated at revalued amount, determined by a combination of Income and Market approach results, based on the definition of the assets' market value formulated in the International valuation standards. As a result, it may be concluded that both observable and unobservable market data is being used in valuation which corresponds to the 3rd level valuation technique.

3. PROPERTY, PLANT AND EQUIPMENT AND INTANGIBLE ASSETS

		Intangible assetsLand and buildings Machinery & equipment			Other fixed assets	Assets under constructi o n	Advance payments for fixed assets	TOTAL
	EUR		EUR restated EUR		EUR	EUR	EUR	EUR restated
Cost or revalued amount
	31.12.2013	72,040	4,510,889	3,682,898	503,560	156,571	-	8 925 962
Acquisition of subsidiary		703	2,500,000 -		23,924	-	-	2 524 627
Additions		2,050	-	82,350	5,707	370,035	-	460 142
Disposals		(3,724)	-	(163,886)	(46,851)	-	-	-214 461
	31.12.2014	71069	7 010 889	3601362	486344	526606		- 11 696 270
Additions		16 443	-109757	18 475	43 573	-59 445	-	(90 711)
Disposals		-2364	429 740	-7759	-41897	-429740	-	(52 020)
	30.06.2015	85 148.00		7 330 872.00 3 612 078.00	488 020.00 37 421.00			- 11 553 539
Depreciation
	31.12.2013	52,333	306,620	2,853,185	438,304	-	-	3,650,442
Charge for year 2013 restated		14,146	118,259	308,662	30,393	-	-	471,460
Disposals		(3,724)	-	-	(46,847)	-	-	(214,457)
	31.12.2014	62755	424879	2997961	421850	-	-	3 907 445
Charge for year 2014		9 665	29 880	222 240	30 091			291 876
Disposals		-2 364	-	-7759	-41 897	-	-	(52 020)
	30.09.2015	70 056.00		519 810.00 3 212 442.00	410 044.00	-	-	4 212 352
Net book value 31.12.2014.
		8,314	6,586,010	603,401	64,494	526,606	-	7,788,825
Net book value 31.12.2013 restated		19,707	4,204,269	829,713	65,260	156,571	-	5,275,520
Net book value 30.09.2015
		15 092	6 811 062	399 636	77 976	37 421	-	7 341 187

4. NET SALES

	2015	2014
	EUR	EUR
Medical ambulance services	3 029 900	3 757 011
Medical hospital services	603 559	936 787
Insurance payments	306 250	384 894
VS ZDC ambulance services	180 956	251 750
Inpatient Care	128 288	122 762
Stomatology services	0	8 472
Family doctors	-	-
Residents training	20 019	16 682
Services - minimum fixed part	-	6 564
Other income	141	527
TOTAL	4 269 113	5,485,449
5. COST OF SERVICES PROVIDED
Salaries and wages		2 284 631
Fixed assets depreciation	1 895 920	457 823
Medical goods	357 126 517 729	646 635
State social insurance contributions	433 974	524 755
Public utilities	193 643	234 478
Expensed VAT	244 678	276 034
Repair expenses	143 700	160 774
Current assets write-off	112 743	60 976

TOTAL	4 180 414	4,971,357
Other costs	83 313	52 117
Transport expense	12 841	12 922
Insurance expenses	5 054	5 819
Office expenses	11 457	12 477
Advertising	13 451	29 836
Real estate tax	6 945	13 872
Household supplies		39 903
IT maintenance costs	14 875	33 835
Catering expenses	32 277	34 835
Provisions for vacations	-	15 336
Medical researches	26 082	53 128
Security expenses	14 599	22 018

-

19 385 - 19 385 -

6. ADMINISTRATIVE EXPENSES Salaries and wages 280 005 342 487 State social insurance contributions 64 732 82 241 Communication expenses 13 298 13 052 Audit expenses 0 12 188 Office expenses 10 489 5 216 Bank expenses 7 095 9 241 Legal services 896 2 811 Other administrative expenses 3 899 6 169 TOTAL 380 414 476 405 7. OTHER OPERATING INCOME 2015 2014 EUR EUR Excess of the consideration over the acquired net assets of subsidiary - 969 476 Rental income 78 711 152 761 ERDF income amortisation 19 523 38 406 Other income 201 172 12 971 TOTAL 299 406 1 173 614 8. OTHER OPERATING EXPENSES 2015 2014 EUR EUR Other 6 525 29 172 Loss from investment in SIA JM 266 329 - 272 854 29 172 2015 2014 EUR EUR Share of profit/ (loss) of investments accounted for using the equity method 6 191 Liquidation commission 3 896 6 191 3 896 9. Operating profit / (loss) 2015 2014 10. Interest income and similar income EUR EUR

11. TRADE RECEIVABLES

	2015	2014
	EUR	EUR
National Health Department	197 102	115 806
P. Stradiņa klīniskā universitātes slimnīca	12 337	42 862
Insurance companies	54 747	35 570
Other institutions, companies and persons	39 977	45 596
Provisions for doubtful debts	-7 833	-9 077
TOTAL	296 330	230 758
12. OTHER RECEIVABLES
	2015	2014
	EUR	EUR
Tax transfer (appendix Nr.18)	-	-
VAT	4 212	-
The other debtor	33 166	48 877
	37 378	48 877
13. CASH AND CASH EQUIVALENTS	2015	2014
	EUR	EUR
Cash in banks	1 517 992	1 519 327
Cash on hand	12 804	5 479
TOTAL	1 530 796	1 524 805
14. INVENTORIES
	2015	2014
	EUR	EUR
Pharmaceuticals	116 580	104 183
Other materials	1 750	112
Total	118 330	104 295
15. DEFERRED INCOME	2015	2014
	EUR	EUR
Grant provided by ERDF for project reimbursement:
Non-current part	31 453	51 083
Long – term part	464 929	464 929
TOTAL	496 382	516 012
16. DEFERRED INCOME TAX LIABILITIES
	2015	2014
	EUR	EUR
TOTAL	796 124	805 353

17. NON-CONTROLLING INTEREST	2015
	EUR
At the begin of the period	1 148 913
Non-controlling interest	-4 959
At the end of the period	1 143 954

Non-controlling interest owns 49,6% of the ordinary voting shares in SIA Neirožu klinika.

18. SHARE CAPITAL

	30.09.2015		31.12.2014
Shareholders	Number of shares	%	Number of shares	%
Ilze Birka	140 000	17.50%	140 000	17.50%
Mārtiņš Birks	140 000	17.50%	140 000	17.50%
Ilze Aizsilniece	91 600	11.45%	91 600	11.45%
Guna Švarcberga	82 880	10.36%	82 880	10.36%
Jānis Birks	81 338	10.17%	81 338	10.17%
Adomas Navickas	50 825	6.35%	50 825	6.35%
Other shareholders (shares less than 5%)	213 357	26.67%	213 357	26.67%
Total	800 000	100,00%	800 000	100,00%
19. TRADE AND OTHER PAYABLES	2015		2014
	EUR		EUR
Trade payables	82 565		217 320
Taxes payable	136 361		125 800
Salaries payable	166 683		143 716
Accruals for unused vacations	134355		134 355
Advances paid	1 755		2 214
Other creditors	2546		1 682
TOTAL	524 265		625 087