Siguldas CMAS

Quarterly Report • Nov 28, 2013

Joint stock company SIGULDAS CILTSLIETU UN MĀKSLĪGĀS APSĒKLOŠANAS STACIJA

INTERIM STATEMENT for 9 months of 2013

Index of Contents

Information on the Company	3
Profit or Loss Account	ব
Balance sheet	ર
Cash flow statement	7
Statement on changes in shareholders' equity	8
Notes to the Financial Statements	0
Report on Management Liability	22

Page

Information on the Company

Company's name	SIGULDAS CILTSLIETU UN MĀKSLĪGĀS APSĒKLOSANAS STACIJA
Company's legal status	Joint stock company
	40003013295, Riga, 26 July 1991
Registration number, place and date	Registration in the Commercial Register on 19 June 2004
Legal address	,,Kalnabeites''8, Sigulda parish, Sigulda area, LV-2150
Shareholders holding more than 5% of the total number of voting shares	SIA "Siguldas mākslīgās apsēklošanas stacija" (49.8%), registration No. 40003311954
	Oļegs Radčenko (5.18%)
Members of the Board	Nils Ivars Feodorovs, Chairman of the Board Sarmīte Arcimoviča, Member of the Board Valda Mālniece, Member of the Board
Members of the Council	Inita Bedrīte, Chairman of the Council Maija Beča, Deputy Chairman of the Council Erika Everte, Member of the Council Solvita Arcimoviča, Member of the Council Jekaterina Kreise, Member of the Council
Reporting year	01.01.2013 - 30.09.2013
Auditors	Anita Sondore Sworn Auditor Certificate No. 129
	AUDITS A.S., SIA "Pīlādži", Līgatne parish, Līgatne area, LV-4108, Latvia Sworn Auditors' Commercial Company's license No. 27

Profit or loss account for the period ended 30 September 2013

	Note	2013 LVL	2012 LVL	2013 EUR	2012 EUR
Net sales	3	576 429	રજૂવે 159	820 184	838 297
Changes in stock of ready-made goods and unfinished products	4	14 388	10 374	20 472	14 762
Other operating income	5	3 613	4 480	5 140	6 374
Costs of materials:		(246 140)	(244 771)	(350 226)	(348 278)
a) raw materials and auxiliary costs of materials		(187 440)	(190 060)	(266 703)	(270 431)
b) other external costs		(58 700)	(54 711)	(83 523)	(77 847)
Personnel costs:	6	(226 363)	(229 605)	(322 085)	(326 698)
a) salaries for work		(178 280)	(182 076)	(253 670)	(259 071)
b) state social insurance compulsory contributions		(40 993)	(41 311)	(58 327)	(58 779)
c) other social insurance costs		(7 090)	(6 218)	(10 088)	(8 848)
Write-off of assets and values:		(25 443)	(31 301)	(36 202)	(44 536)
a) depreciation of fixed assets and amortization of intangible assets		(25 277)	(31 289)	(35 966)	(44 519)
b) write-off of value of current assets above the normal deductions		(166)	(12)	(236)	(17)
Other operating costs	7	(21 918)	(19 787)	(31 186)	(28 155)
Other interest income and similar income	8	2 333	2 620	3 320	3 728
Interest payments and similar costs	9	(2 427)	(2 827)	(3 453)	(4 023)
Profit or losses before taxes		74 472	78 342	105 964	111 471
Enterprise income tax for the reporting year		(8 266)	(7 286)	(11 761)	(10 367)
Other taxes	10	(1 133)	(1 119)	(1 612)	(1 593)
The profit or loss for the year		65 073	69 937	તેટ રતે 1	ਰੇਰੇ ਵੀ I
Equity per 1 share (EPS)	22	0.154	0.166	0.219	0.236

Notes on pages 9 to 21 form an integral part of these financial statements.

Nils Ivars Feodorovs Chairman of the Board

Sarmīte Arcimoviča Member of the Board

Valda Mālniece Member of the Board

Balance sheet as at 30 September 2013

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F[h^j[l]_fm&\ocf^cham[h^]ihmnlo]ncihm [h^j_l_hhc[fjf[hncham		++-/-/	+,1+-+	+0+/.0	+2*23+
?kocjg_hn[h^g[]bch_ls		.1,+-	.--,/	01+12	0+0.0
Inb_l`cr_^[mm_nm[h^chp_hnils		002*	./3.	3/*/	0/-1
Fixed assets total	+,	-230.4	-31,1,	./45	.05,30
Ejsapqiajqloklaoqeap	+-	41,,,	51,,,	-.,500	-/1-3/
>ekhkce_]h]ppaqp		1,,13	0-00-	3-0	14521
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Inb_lm_]olcnc_m[h^chp_mng_hnm	+/	.2*	.2*	02-	02-
Long-term financial investments total		1504/	15,51	402/3	40,41
Hkjc)qaoiejsapqiajqpqkq]h		/2-524	/3,142	1-1,/0	1.3.53
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Jl_j[sg_hnm`ilaii^m		//1	2-+	13-	++2-
Stock total		/202-5	/2,250	1-44,1	1-/-
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Jl_j[c^_rj_hm_m	+3	-+0*	-+3*	..31	./-3
Receivables total		-/.2-3	--5430	-44254	-3,122
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Short-term financial investments total		.-420	.-4,1	/---,	/-,.2
?]pd	,+	-135.1	-05/-5	03,3	.-.02-
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Balance sheet as at 30 September 2013

Shareholders' equity and liabilities	Note	2013 LVL	2012 LVL	2013 EUR	2012 EUR
Shareholders' equity
Share capital	22	422 440	422 440	601 078	601 078
Retained earnings:
Retained earnings carried forward from previous years		492 374	477 138	700 585	678 906
Retained earnings of the reporting year		65 073	69 937	92 591	dd 211
Shareholders' equity total		979 887	તે જેવી સારત કરવામાં આવેલું એક ગામના લોકોનો મુખ્ય વ્યવસાય ખેતી, ખેતમજૂરી તેમ જ પશુપાલન છે. આ ગામનાં લોકોનો મુખ્ય વ્યવસાય ખેતી, ખેતમજૂરી તેમ જ પશુપાલન છે. આ ગામનાં મુખ્યત્વે	1 394 254	1 379 495
Provisions
Other provisions	23	5 746	8 823	8 176	12 555
Provisions total		5 746	8 823	8 176	12 555
Payables
Long-term payables
Deferred tax liabilities	24	3 059	3 325	4 353	4 731
Long-term payables total		3 059	3 325	4 353	4 731
Short-term payables
Prepayment received from customers		136	443	193	630
Trade payables		20 433	11 123	29 074	15 827
Taxes and social insurance payments	25	21 731	21 605	30 920	30 741
Other payables		8 001	7 444	11 384	10 592
Short-term payables total		50 301	40 615	71 571	57 790
Payables total		53 360	43 940	75 924	62 521
Shareholders' equity and liabilities total		1 038 993	1 022 278	1 478 354	1 454 571

Notes on pages 9 to 21 form an integral part of these financial statements.

Nils Ivars Feodorovs Chairman of the Board

Sarmīte Arcimoviča Member of the Board

Valda Mālniece Member of the Board

Cash flow statement for the period ended 30 September 2013

	Note	2013 LVL	2012 LVL	2013 EUR	2012 EUR
Cash flow from operating activities
Income from sale of goods and provision of services		647 810	700 209	921 750	996 307
Payments to suppliers, employees, other expenses arising from basic operations		(629 548)	(649 186)	(895 766)	(923 707)
Gross cash flow from basic operations		18 262	51 023	25 984	72 600
Expenses for enterprise income tax payments		(9 880)	(4 556)	(14 057)	(6 483)
Net cash flow from operating activities		8 382	46 467	11 927	66 117
Cash flow from investing activities
Purchase of capital shares of associated company		(388)	(2 012)	(552)	(2 863)
Purchase of fixed assets and intangible investments		(22 149)	(13 796)	(31 514)	(19 629)
Income from exclusion of fixed assets			4		6
Dividends received		1 293	1 292	1 839	1 838
Net cash flow from investing activities		(21 244)	(14 512)	(30 227)	(20 648)
Cash flow from financing activities
Subsidies received as a state support		3 613	4 476	5 140	6 368
Dividends paid		(42 244)	(42 244)	(60 108)	(60 108)
Net cash flow from financing activities		(38 631)	(37 768)	(54 968)	(53 740)
Result of foreign exchange rate fluctuations		(274)	125	(390)	177
Increase/ decrease of cash and its
equivalents		(51 767)	(5 688)	(73 658)	(8 094)
Cash and its equivalents at the beginning of the period		209 692	155 007	298 365	220 555
Cash and its equivalents at the end of the period	21	157 925	149 319	224 707	212 461

Notes on pages 9 to 21 form an integral part of these financial statements.

Nils Ivars Feodorovs Chairman of the Board

Sarmīte Arcimoviča Member of the Board

Valda Mālniece Member of the Board

Statement on changes in shareholders' equity for the period ending 30 September 2013

	Share capital	Retained earnings carried forward from previous years	Retained earnings for the reporting year	Shareholders' equity total
	LVL	LVL	I VL	LVL
31.12.2011	422 440	451 471	67 911	941 822
Profit for 2011 transferred to retained earnings of previous years		67 911	(67 911)
Dividends for 2011		(42 244)		(42 244)
Retained earnings for the reporting year			69 937	69 937
30.09.2012	422 440	477 138	69 937	969 215
31.12.2012	422 440	477 138	57 480	957 058
Profit for 2012 transferred to retained earnings of previous years		57 480	(57 480)
Dividends for 2012		(42 244)		(42 244)
Retained earnings for the reporting year			65 073	65 073
30.09.2013	422 440	492 374	65 073	979 887

	Share capital	Retained earnings carried forward from previous years	Retained earnings for the reporting year	Shareholders' equity total
	Cloud	COR	ETTIR	EUR
31.12.2011	601 078	642 386	96 628	1 340 092
Profit for 2011 transferred to retained earnings of
previous years		96 628	(96 628)
Dividends for 2011		(60 108)		(60 108)
Retained earnings for the reporting year			dd	99 511
30.09.2012	601 078	678 906	ਰੇਨੇ ਵੀ ।	1 379 495
31.12.2012	601 078	678 906	81 787	1 361 771
Profit for 2012 transferred to retained earnings of
previous years		81 787	(81 787)
Dividends for 2012		(60 108)		(60 108)
Retained earnings for the reporting year			92 591	92 591
30.09.2013	601 078	700 585	92 591	1 394 254

Notes on pages 9 to 21 form an integral part of these financial statements.

Nils Ivars Feodorovs Chairman of the Board

Sarmīte Arcimoviča Member of the Board

Valda Mālniece Member of the Board

(1) General information on the Company

AS "Siguldas ciltslietu un mākslīgās apsēklošanas stacija" (hereinafter - the Company) was registered in the Register of Enterprises of the Republic of Latvia on 26 July 1991 and was reregistered in the Commercial Register of the Republic of Latvia on 19 June 2004.

The Company's basic activities are agriculture and the types of business are as follows:

• Production and sale of agricultural products high-quality breeding animals semen,
• making of milk analyses,
• evaluation of cow exterior,
• artificial insemination of cows,
• milk recording data processing,
• animals breeding organization.

(2) Significant accounting principles

Underlying principles of preparation of the Financial Statements

The Company's Financial Statements have been prepared according to the Law On Annual Reports of the Republic of Latvia. The Profit or Loss Account was prepared based on the period costs method. The Cash Flow Statement was prepared according to the direct method.

Accounting principles used

The items of the Financial Statements have been evaluated according to the following accounting principles:

• It is assumed that the Company will be a going concern;
• The same evaluation methods have been used, which were used in the previous year;
• Evaluation was done with sufficient prudence:
  • · The Financial Statements include solely the profit gained until the balance sheet date,
  • All expected risk amounts and losses have been taken into account, which occurred during the reporting year or in previous years, also if they were known during a certain period of time between the balance sheets date and the day of preparing the Financial Statements,
  • · All value decreasing and depreciation amounts have been taken into account irrespective whether the reporting year was closed with profit or loss;
• reporting year related income and costs were recognized irrespective of the payment date of receipt or issuance of invoice. Costs have been agreed with the income in the reporting period;
• components of asset and liabilities items have been recognized separately;
• the opening balance of the reporting year agrees with the closing balance of the previous year;
• all items have been recognized, which materially influence assessment or decision-making process of the users of the annual report, insignificant items are merged and they are detailed in the Appendix;
• operating transactions in the reporting year have been recognized in the Financial Statements by taking into account their economic substance and contents, rather than legal form.

Financial instruments

Fair value of financial assets and liabilities

Fair value of financial assets and liabilities reflect the amount, for which it is possible to exchange assets or perform liabilities in a deal between well informed, interested and financially independent persons. If in the Company's management opinion, fair value of financial assets and liabilities materially differs from the value recognized in the balance sheet, then the fair value of these assets and liabilities is recognized in the Notes to the Financial Statements.

Financial risks management

Credit risk

The Company's management has developed credit policy, which is constantly controlled. Client evaluation is done for all customers above a fixed amount. The Company cooperates with clients who have proper credit assessment.

Currency risk

Based on the current structure of Company's financial assets and liabilities held in foreign currency risk is not material

Reporting period

The reporting period is 9 months from 1 January to 30 September 2013.

Revaluation of foreign currencies

The Company's functional currency and the currency used in the Financial Statements is the Republic of Latvia national currency Lat (LVL). All transactions in foreign currencies are translated to Lats according to the exchange rate set by the Central Bank of Latvia on the day of making the respective transaction.

Monetary assets and liabilities, which are expressed in foreign currency, are translated to Lats to the exchange rate set by the Central Bank of Latvia on the last day of the reporting year.

	30.09.2013	30.09.2012
EUR	0 702804	0.702804
USD	0 521	0 546

Currency exchange rate differences arising from settlements in when recognizing assets and liabilities by using currency exchange rates, which differ from the initial currency exchange rates used for accounting of transactions, are recognized in the profit or loss account in net value.

Recognition of income

Income is recognized acording to the conviction about the Company's possibility to gain economic benefit and in the amount, in which it is possible to state it, less value added tax and sales-related discounts. When recognizing income, also the following provisions are taken into account.

Sale of goods

Income is recognized when the Company has transferred to the purchaser major risks and indemnities related to the title of goods.

Provision of services

Income from services is recognized in the period when the services are provided.

Penalty and delay charges

Income from penalty and delay charges is recognized at the moment of their receipt.

Interest

Income is recognized according to the respective period of time.

Long-term and short-term items

Long-term items include amounts whose receipt, payments or write-off terms are due later after the end of the respective reporting year. Amounts, which are receivable, payable or written off during the year, are recognized in short-term items.

Leasing transactions

Financial leasing

In cases when fixed assets are purchased on the conditions of financial leasing and the related risks and return are taken over, these fixed assets are recognized in the value, for which they could be purchased with immediate payment. Leasing interest payments and similar payments are included in the profit or loss account of that period when they occurred

Intangible assets and fixed assets

In the balance sheet, all intangible assets and fixed as their purchase prices, less depreciation. Depreciation is calculated from the first date of the next month after their commissioning and finished on the first date of the subsequent month after it is excluded from fixed assets. Depreciation is calculated according to the straight line method and is written off during the useful life time of respective fixed assets by choosing the following annual depreciation rates as fixed by the management:

Intangible assets:

Licenses	5 years
Fixed assets:
Buildings and constructions	20 years
Equipment and machinery	5, 6 and 7 years
Computer hardware and communication equipment	5 years
Inventory and tools	3 and 5 years
Other fixed assets	2 and 3 years

Balances of fixed assets have been counted in the annual count of fixed assets.

Investment properties

Investment properties - land in possession of the stock company, which market value is expected to grow. Investment properties have been filed according to their purchase value. No later than on the end of account the investments properties are being revalued according to their real market value considering any other activities related to particular property. Any changes in the market value of the investments properties are being shown in the profit and loss account

Biological assets

Biological assets are assets, which are characterized by regeneration and changes in value as a result of growth. The Company in biological assets includes breeding animals - bulls, which are kept for getting agricultural products for sale. Biological assets are recognized in the purchase value.

Stock

Stock is recognized in the lowest cost or net sales value. All stock is assessed by using the average weighted method.

Net sales value is the sales price of stock fixed during normal Company's operations, less the stock completion and selling costs. In cases when the stock net selling value is lower than their cost price, provisions are made for these stocks for decrease of their value down to the net sales value.

All direct costs, which are related to production of breeding animals - bull semen, during the year are booked in the profit or loss account and are adjusted at the end of the year when evaluating stocks according to the lowest sales value or cost price and including them in stocks as "Ready-made goods and goods for sale".

Trade receivables and other receivables

Receivables are recognized in the balance sheet in the amortized value, less provisions for doubtful and bad debts. Provisions for doubtful and bad debts are made in cases when there is objective evidence to the fact that the Company will not be able to receive the debts in full value according to the initially fixed repayment dates. Provisions for doubtful and bad debts are the difference between the amortized purchase value of receivables and the recoverable value. The recoverable value of receivables is the current value of planned cash flow.

Provisions

Provisions are recognized when the Company has liabilities (legal or substantial) due to some past event and there is a probability that the performance of these liabilities will require outflow of economic resources from the Company, and the amount of liabilities can be fairly assessed.

Corporate income tax

Corporate income tax for the reporting period consists of the tex calculated for the reporting period and deferred tax. Corporate income tax is recognized in the profit or loss account.

Calculated tax

The tax calculated for the reporting period has been calculated in compliance with the requirements of the Law "On Corporate Income Tax'' by fixing the taxable income and applying the statutory rate of 15%.

Deferred tax

Deferred corporate income tax is calculated for temporary time differences, which are caused due to differences in the value of assets and liabilities in the financial statements (book-keeping) and its value for tax purposes. The mentioned differences are mainly due to different fixed assets depreciation rates applied in tax and financial accounting, provisions made and losses transferred according to the Company's income tax declaration. Deferred tax is calculated by applying the statutory tax rate 15%.

Subsidies

Amounts, which are received as a state support for agricultural, i.e., for covering of expenses for maintaining highquality breed bulls, are included in the income of that reporting period when they are received.

Use of assumptions

When preparing the financial statements, the Company's management has to make calculations and assumptions, which impact recognition of assets and liabilities included in the financial statements as at the day of preparing the financial statements, as well as the income and expenses recognized in the specific reporting period. Management has made profit or loss assessment and considers that the financial statements reflect the true financial condition based on all currently available information.

(3) Net sales

Sales include income gained during the year from the Company's basic activities – sales of products and provision of services without value added tax and less discounts.

Type of operations	2013 LVL	2012 LVL	2013 EUR	2012 EUR
Livestock sperm	308 222	311 105	438 560	442 662
Milk laboratory services	145 118	146 889	206 485	209 004
Treatment of supervisory data	55 298	55 685	78 681	79 233
Cow exterior appraisal	2 867	3 146	4 080	4 476
Artificial insemination of livestock	22 858	21 607	32 524	30 744
Immune-genetic laboratory services		1 092		1 554
Other income	42 ()66	49 635	59 854	70 624
	576 429	589 159	820 184	838 297
Distribution of net sales according to the geographical markets:	2013	2012	2013	2012

	LVL	I.VL	EUR	EUR
Latvia	576 429	589 159	820 184	838 297
	576 429	589 159	820184	838 297

Earnings from agricultural activities represented in net sales:

	2013 LVL	2012 I.VL	2013 EUR	2012 EUR
Earnings from agricultural activities	576 429	589 159	820 184	838 297
	576 429	રકતે 150	820184	838 297

(4) Changes in stock of ready-made goods and unfinished products

	2013 LVL	2012 LVL	2013 EUR	2012 EUR
Changes in sperm stock value	12 900	18 220	18 354	26 395
Written-off sperm	(ર રેત્રેભ)		(7 962)
Changes in stud bull herd value	7 084	(8 176)	10 080	(11 633)
	14 388	10 374	20 472	14 762
Other operating income (ર)
	2013 LVL	2012 LVL	2013 EUR	2012 EUR
Revenue from exclusion of fixed assets		4		6
State support for agricultural	3 613	4 476	5 140	6 368
	3 613	4 480	5 140	6 374

(6) Personnel costs

	2013 LVL	2012 LVL	2013 EOR	2012 EUR
Salaries for work	171 041	174 160	243 370	247 808
Life insurance with cash value accrual	7 239	7 916	10 300	11 263
State social insurance contributions	40 993	41 311	58 327	58 779
Health insurance	5 220	5 672	7 427	8 071
Other costs	1 870	546	2 661	777
	226 363	229 605	322 085	326 698

(7) Other operating expenses

	2013 LVL	2012 LVL	2013 EUR	2012 EUR
Insurance payments	937	1 132	1 333	1 611
Business trip expenses	] રેતે8	684	2 274	973
Selling expenses	1 691	1 743	2 406	2 480
The costs of accreditation and employee training	1 827	1 409	2 રેજેવે	2 005
The costs of security services	669	776	વેરે રે	1 103
Taxes applied on the vehicles	701	660	997	939
Company's management and administrative
expenses	10 737	11 154	15 278	15 871
Other costs	3 758	2 229	5 347	3 173
	21 918	19 787	31 186	28 155

(8)

	2013 LVL	2012 LVL	2013 EUR	2012 EUR
Income from shareholding in the company
capitals	1 293	1 292	1 839	1 838
Income from securities	31	117	ਕੇ ਦੇ	166
Recovered doubtful and bad debts	1 009	1 211	1 436	1 724
	2 333	2 620	3 320	3 728

(9)

	2013 LVL	2012 LVL	2013 EUR	2012 EUR
Losses from foreign currency exchange rate
tluctuations	183	719	261	1 023
Contractual penalties and fines		61		87
Employees' leisure and other costs not connected
with operating activities	2 244	1 652	3 192	2 350
Other costs		૩૦ર		563
	2 427	2 827	3 453	4 023

Other taxes (10)

	2013 LVL	2012 LVL	2013 EUR	2012 EUR
Real estate tax	1 133	1 119	1612	। રેતેરે
	1 133	1 119	1 612	1 593

(11) Intangible assets

	Concessions, patents, licenses, trade marks and similar rights	Concessions, patents, licenses, Total trade marks and similar rights		Total
	LVL	LVL	COR	EUR
Initial value
31.12.2012	720	720	1 024	1 024
Purchased
Disposed
30.09.2013	720	720	1 024	1 024
Accrued depreciation
31.12.2012	718	718	1 022	1 022
Calculated depreciation
Depreciation of excluded investments
30.09.2013	720	720	1 024	1 024
Book value as at 31.12.2012
Book value as at 30.09.2013

(12) Report on movement of fixed assets

	Land, buildings and constructions	Technological equipment and machinery	Other fixed assets	Total
	LVL	LVL	LVL	LVL
Initial value
31.12.2012	266 607	365 052	86 684	718 343
Purchased		19 556	2 592	22 148
Disposed	(935)	(47 597)	(3 208)	(51 740)
30.09.2013	265 672	337 011	86 068	688 751
Accrued depreciation
31.12.2012	142 881	324 576	80 329	547 786
Calculated depreciation	10 152	12 819	2 267	25 238
Depreciation of excluded fixed
assets	(896)	(47 597)	(3 208)	(51 701)
30.09.2013	152 137	289 798	79 388	521 323
Book value as at 31.12.2012	123 726	40 476	6 355	170 557
Book value as at 30.09.2013	113 535	47 213	6 680	167 428

As at 30 September 2012, the cadastral value of real estate - land and constructions - was LVL 110 291 As at 30 September 2013, the cadastral value of real estate – land and constructions - was LVL 110 968

	Land, buildings and constructions	Technological equipment and machinery	Other fixed assets	Total
	EUR	Cloud	CITIR	Cloir
Initial value
31.12.2012	379 348	519 422	123 341	1 022 111
Purchased		27 826	3 688	31 514
Disposed	(1 330)	(67 724)	(4 565)	(73 619)
30.09.2013	378 018	479 524	122 464	980 006
Accrued depreciation
31.12.2012	203 302	461 830	114 298	779 430
Calculated depreciation	14 445	18 240	3 226	35 011
Depreciation of excluded fixed
assets	(1 275)	(67 724)	(4 565)	(73 564)
30.09.2013	216 472	412 346	112 959	741 777
Book value as at 31.12.2012	176 046	57 592	9 043	242 681
Book value as at 30.09.2013	161 546	67 178	9 505	238 229

As at 30 September 2012, the cadastral value of real estate – land and constructions - was EUR 156 930 As at 30 September 2013, the cadastral value of real estate – land and constructions - was EUR 157 893

(13)

	Land	Total	Land	Total
	LVL	LVL	EUR	EUR
Book value as at 31.12.2011	95 000	95 000	135 173	135 173
Increase/decrease of value due to revaluation
Book value as at 30.09.2012	95 000	95 000	135 173	135 173
Book value as at 31.12.2012	85 000	85 000	120 944	120 944
Increase/decrease of value due to revaluation
Book value as at 30.09.2013	85 000	85 000	120 944	120 944

(14) Investments in capital of associated companies

	2013				2012
	% from total share capital	LVL	EUR	% from total share capital	LVL	EUR
Ltd "Animal Breeders Association of Latvia" (SIA "Latvijas šķirnes dzīvnieku audzētāju savienība" )
Legal address: Republikas laukums 2, Rīga, LV-1010, Latvia	36.3	59 003	83 954	36 0	58 615	83 402
		59 003	83 954		રેક રીક	83 402
Other securities and investments (15)					T TT	FITD

Purchase value as at 30.09.2012	480	683
Book value as at 30.09.2012	480	683
Purchase value as at 30.09.2013	480	683
Book value as at 30.09.2013	480	683

(16) Ready-made products and goods for sale

	2013 LVL	2012 LVL	2013 EUR	2012 EUR
Bull semen	341 602	337 560	486 055	480 304
Other goods for sale	9 113	9 634	12 967	13 708
	350 715	347 194	499 022	494 012

Trade receivables (17)

	2013 LVL	2012 LVL	2013 EUR	2012 EUR
Accounting value of trade receivables	132 648	114 882	188 741	163 463
Provisions for doubtful trade receivables	(3 587)	(2 439)	(5 104)	3 471
	129 061	112 443	183 637	159 992

(18) Other receivables

	2013 LVL	2012 LVL	2013 EUR	2012 EUR
VAT for received goods and services	160	834	228	1 186
Overpayment of taxes		2 358		3 355
Other receivables	236	1 049	336	1 494
	396	4 241	564	6 035

(19) Prepaid expenses

The item recognizes the costs made during the reporting year, but referring to the next reporting periods.

	2013 LVL	2012 LVL	2013 EUR	2012 EUR
Advertising costs	208	ો તેર	296	277
Insurance	2 223	2 306	3 163	3 282
Press and legislation updates' subscription	491	433	699	616
Other prepaid expenses	238	256	339	364
	3 160	3 190	4 497	4 539

(20)

SEB Lats reserve fund	Number 15 044	2013 Market price 1.45331	Amount LVL 21 864	Number 15 044	2012 Market price 1.44941	Amount LVL 21 805
		2013	21 864		2012	21 805
	Number	Market price	Amount EUR	Number	Market price	Amount EUR
SEB Lats reserve fund	15 044	2.06787	31 110 31 110	15 044	2.06232	31 026 31 026

Money market fund shares have no guaranteed interest rate. In 2013 the profitability was 0.27 %. Exclusion of money market fund shares is carried out at the Company's request.

(21) Cash in LVL and foreign currencies according to the LCB exchange rate

Break-down of cash according to currencies:		2013		2012
		Currency	LVL	Currency	LVL
Cash in hand	I.VL		5 802		4 657
Cash in bank	I VL		151 952		144 138
Cash in bank	FÜR	244	171	745	524
			157 925		149 319

Break-down of cash according to currencies:		2013		2012
		Currency	EUR	Currency	EUR
Cash in hand	LVL	5 802	8 255	4 657	6 626
Cash in bank	LVL	ીરી 952	216 208	144 138	205 090
Cash in bank	EUR		244		745
			224 707		212 461

(22) Share capital

The Company's shares are quoted on NASDAQ OMX Riga Stock Exchange's second listing. The Company's share capital consists of shareholders' investments. The total number of shares is 422 440, the nominal value per share is 1 Lat.

	2013 LVL	2012 LVL	2013 EUR	2012 EUR
Ordinary common shares with voting rights	421 440	421 440	રેજેતે રહેરાં રહ્યું હતું રાજ્યના દિવેલા કરવામાં આવેલું એક ગામના દિવેલા દિવેલા દિવેલા દિવેલા દિવેલા દિવેલા દિવેલા દિવેલા દિવેલા દિવેલા દિવેલા દિવેલા દિવેલા દિવ	599 655
Shares owned by the Board without voting rights	1 000	1 000	1 423	1 423
	422 440	422 440	601 078	601 078

421440 shares or 99.8% of the share capital are bearer shares, which give equal rights to receive dividends, receipt of liquidation quota and voting rights in the Shareholders' Meeting.

1000 shares or 0.2% of the share capital, which are not included in the regulated market, are personnel registered shares, which may be obtained only by Members of the Board, and they give equal rights only to receipt of dividend and liquidation quota.

There are no share alienation restrictions, nor the necessity to receive the Company's or other shareholders' consent for alienation of shares.

There are no restrictions on voting rights, nor any other similar restrictions.

Profit per share

Profit per one share is calculated by dividing the profit of the reporting period with the average weighted number of shares during the year.

	2013 LVL	2012 LVL	2013 EUR	2012 EUR
Profit of the reporting period	65 073	69 937	92 591	dd 211
Average weighted number of shares during the year	422 440	422 440	422 440	422 440
	0.154	0.166	0.219	0.236

Other Provisions (23)

	2013 LVL	2012 LVL	2013 EUR	2012 EUR
Provisions for vacations	5 746	8 823	8 176	12 555
	5 746	8 823	8 176	12 555
Provisions for deferred tax (24)
	2013 LVL	2012 LVL	2013 EUR	2012 EUR
Temporary differences in fixed assets
depreciation	26 141	30 992	37 195	44 098
Provisions for vacations	(5 746)	(8 823)	(8 176)	(12 555)
Total temporary differences	20 395	22 169	29 019	31 543
Deferred tax provisions at the beginning of
the period	3 059	3 325	4 353	4 731
Increase or decrease
Deferred tax provisions at the end of the period	3 050	3 325	4 353	4 731

(25) Taxes and social insurance payments

Tax type	Balance as at 31.12.2012 LVL	Calculated in 2013 LVL	Paid in 2013 LVL	Balance as at 30.09.2013 LVL
Corporate income tax	1 614	8 266	(9 880)
Value added tax	4 032	81 862	(74 257)	11 637
Social insurance contributions	8 502	59 712	(61 797)	6 417
Personal income tax	5 079	33 806	(35 251)	3 634
Real estate tax		1 133	(1 133)
Nature resource tax	30	143	(140)	33
Business risk duty	9	81	(80)	10
Tax for the exploitation of the vehicles		331	(331)
Tax applied on company owned motorcars		370	(370)
	19 266	185 704	(183 239)	21 731
Including:	2012			2013
	LVL			LVL
Tax overpaid
Tax due	19 266			21 731

Tax type	Balance as at 31.12.2012	Calculated in 2013	Paid in 2013	Balance as at 30.09.2013
	COR	EUR	EUR	CITR
Corporate income tax	2 296	11 761	(14 057)
Value added tax	5 737	116 480	(105 659)	16 558
Social insurance contributions	12 097	84 962	(87 929)	9 130
Personal income tax	7 227	48 102	(50 158)	5 171
Real estate tax		1 612	(1 612)
Nature resource tax	ਕਤੇ	204	(200)	47
Business risk duty	13	ો રિ	(114)	14
Tax for the exploitation of the vehicles		471	(471)	-
Tax applied on company owned motorcars		526	(526)
	27 413	264 233	(260 726)	30 920
Including:	2012			2013
	COR			ETTR
Tax overpaid
Tax due	27 413			30 920
Tax overpaid declared in position "Other receivables"

(26) Number of persons employed by the Company

	2012
Average number of persons employed during the reporting year	35

(27)

	2013 LVL	2012 LVL	2013 EUR	2012 EUR
Council Members' salaries for work, including state social insurance contributions Board Members' salaries for work, including	ર્ ૨૦૩૩	ર રહ્યું રહ્યું રહ્યું રહ્યું રહ્યું રહ્યું રહ્યું રહ્યું રહ્યું રહ્યું રહ્યું રહ્યું રહ્યું રહ્યું રહ્યું રહ્યું રહ્યું રહ્યું રહ્યું રહ્યું રહ્યું રહ્યું	7 858	7 861
state social insurance contributions	19 548	22 316	27 814	31 754
Total remuneration to management members	25 071	27 841	35 672	39 615

There are no special regulations worked out, which would regulate election of Board Members, changes in the composition of the Board and amending of the Articles of Association.

All Board Members have equal Company's representation rights. The Chairman of the Board represents the Company separately, but other Board Members can represent the Company only both together.

There is no agreement signed between the Company and the Board Members, which provides any compensation.

Report on Management Liability

According to the information being at our disposal, the Interim statement for nine months of 2013 have been prepared according to the effective requirements of legislative enactments and fair view about the joint stock company's "Siguldas ciltslietu un mākslīgās apsēklošanas stacija" assets, liabilities, financial condition and proft.

Interim statement for nine months of 2013 have not been audited by Sworn Auditor.

Nils Ivars Feodorovs

Chairman of the Board

Member of the Board, Head of Production and Marketing Department

Sarmīte Arcimoviča

Valda Mālniece

Member of the Board, Head of Financial and Accounting Department