Siguldas CMAS

Interim / Quarterly Report • Aug 21, 2025

Joint Stock Company 'SIGULDAS CILTSLIETU UN MĀKSLĪGĀS APSĒKLOŠANAS STACIJA'

Unaudited INTERIM REPORT for the First Six Months of 2025

Index of Contents

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4
5
6
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24

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, Sigulda municipality, LV-2150
Shareholders holding more than 5% of the total number of voting shares	'Siguldas mākslīgās apsēklošanas stacija' Ltd. (49.80%), registration No. 40003311954
	SCI AG (7.61%)
	Bartholomäus-Arnoldi-Str. 82, DE-61250 Usingen, Germany
	Oļegs Radčenko (5.17%)
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, chairwoman of the Supervisory Board Guntis Mecaucis, deputy chairman of the Supervisory Board Līga Kubuliņa, member of the Supervisory Board Baiba Mecauce, member of the Supervisory Board Edgars Nartišs, member of the Supervisory Board
Reporting period	01.01.2025 – 30.06.2025
Previous reporting period	01.01.2024 – 30.06.2024
Auditors	Olga Kuzmiča Sworn Auditor Certificate No. 207
	'Orients Audit & Finance' Ltd. Gunāra Astras street 8B Riga, LV-1082, Latvia Sworn Auditors' Commercial Company's license No. 28

Management Report

JSC 'Siguldas ciltslietu un mākslīgās apsēklošanas stacija' (hereinafter referred to as the Company) is the only producer of high-quality breeding bull semen and one of the largest suppliers of it in Latvia. The second largest field of the Company's basic economic activities is the milk testing services. The Company also provides other breeding related services – consultations on issues of cattle breeding, feeding and keeping, evaluation of cow exterior, artificial insemination of cows, initial processing of the supervisory data. The company offers Latvian farms the opportunity to test herd animal genome samples in US and European genetic laboratories.

The proportion of revenue from the main activity, compared to the first six months of 2024, has not changed significantly − revenue from the sale of goods and services in the genetics sector accounted for 77.0% of net turnover, while milk testing laboratory services totaled 18.1% of net turnover.

In the first six months of 2025, net turnover was 956.2 thousand euros, which is 24.5% more than in the first six months of the previous year, but profit before corporate income tax was 57.7 thousand euros – 6.0% or 3.7 thousand euros less than in the corresponding period of the previous year.

In the first six months of 2025 there are no another major events that have affected the financial statement, as well as no significant risks that the Company might be confronted with and which could have an impact on its financial position and financial performance.

By increasing the operational efficiency of its business, the Company will continue to work on the expansion of its marketed product and service volume.

Chairman of the Management Board

20 August 2025

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

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

Profit or loss account

	Note	30.06.2025 EUR	30.06.2024 EUR
Net sales	3	956 178	768 297
a) from agricultural activities		956 178	768 297
Changes in stock of ready-made goods and unfinished products	4	16 076	21 932
Other operating income	5	37 227	42 577
Costs of materials:		(567 710)	(435 589)
a) raw materials and auxiliary costs of materials		(499 875)	(401 674)
b) other external costs		(67 835)	(33 915)
Personnel costs:	6	(288 289)	(247 179)
a) salaries for work		(224 346)	(189 558)
b) state social insurance compulsory contributions		(53 124)	(44 726)
c) other social insurance costs		(10 819)	(12 895)
Depreciation adjustments:		(48 894)	(43 465)
a) depreciation adjustments of fixed and intangible assets		(48 894)	(43 465)
Other operating costs	7	(43 024)	(42 097)
Interest payments and similar costs:	8	(3 850)	(3 077)
a) to other persons		(3 850)	(3 077)
Profit or loss before enterprise income tax		57 714	61 399
Enterprise income tax for the reporting year		(43)	(40)
Profit or loss after enterprise income tax calculation		57 671	61 359
The profit or loss for the year		57 671	61 359
Earnings per 1 share (EPS)	17	0.137	0.145

Notes on pages 10 to 23 form an integral part of these financial statements.

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

Long-term investments Intangible assets - - Concessions, patents, licenses, trademarks and similar - - rights Intangible assets total 9 Fixed assets (fixed assets, investment properties) Fixed assets Immovable properties - land parcels, buildings and 86 233 91 035 constructions Productive animals 37 715 54 048 Technological equipment and machinery 85 237 102 379 65 307 72 527 Other fixed assets and inventory Fixed assets total 10 274 492 319 989 Investment properties 11 144 000 144 000 Long-term financial investments Other securities and investments 684 684 684 684 Long-term financial investments total Long-term investments total 419 176 464 673 Current assets Stock Raw materials, basic materials and auxiliary materials 11 022 14 446 Ready-made goods and goods for sale 12 1 285 734 1 162 933 Prepayments for goods - 38 445 Stock total 1 296 756 1 215 824 Receivables Trade receivables 13 476 282 470 396 Other receivables 14 5 563 4 021 Prepaid expenses 15 6 445 10 270 Accrued income 21 493 20 775 Receivables total 509 783 505 462 Cash 16 67 958 82 385 Current assets total 1 874 497 1 803 671 2 293 673 2 268 344 Assets total	Assets	Note	30.06.2025 EUR	31.12.2024 EUR

Balance sheet

Shareholders' equity and liabilities	Note	30.06.2025 EUR	31.12.2024 EUR
Shareholders' equity
Share capital	17	591 416	591 416
Retained earnings or loss carried forward from previous years		1 300 187	1 219 399
Profit or loss of the reporting year		57 671	80 788
Shareholders' equity total		1 949 274	1 891 603
Payables
Long-term payables
Other loans	18	87 965	87 965
Long-term payables total		87 965	87 965
Short-term payables
Loans from credit institutions	19	32 860	-
Other loans	20	15 129	29 796
Prepayment received from customers		379	1 103
Trade payables		122 049	163 057
Taxes and social insurance payments	21	43 734	44 565
Other payables		23 609	28 840
Accrued liabilities	22	18 674	21 415
Short-term payables total		256 434	288 776
Payables total		344 399	376 741
Shareholders' equity and liabilities total		2 293 673	2 268 344

Notes on pages 10 to 23 form an integral part of these financial statements.

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

	Note	30.06.2025 EUR	30.06.2024 EUR
Cash flow from operating activities
Income from sale of goods and provision of services		1 173 518	889 652
Payments to suppliers, employees, other expenses arising from basic operations		(1 211 136)	(842 330)
Gross cash flow from basic operations		(37 618)	47 322
Expenses for interest payments		(3 850)	(3 077)
Expenses for enterprise income tax payments		(2 879)	(2 583)
Net cash flow from operating activities Cash flow from investing activities		(44 347)	41 662
Purchase of fixed assets and intangible investments		(6 228)	(16 835)
Income from dispossession of fixed assets		7 275	35 693
Net cash flow from investing activities		1 047	18 858
Cash flow from financing activities
Credit line limit used		32 860	-
Subsidies received as a state support		15 169	1 988
Expenses for the redemption of a leased fixed asset		(14 667)	(9 399)
Dividends paid		-	(21 122)
Net cash flow from financing activities		33 362	(28 533)
Result of foreign exchange rate fluctuations		(4 489)	(2 433)
Net increase or decrease of cash and its equivalents		(14 427)	29 554
Cash and its equivalents balance at the beginning of the reporting year		82 385	154 235
Cash and its equivalents balance at the end of the reporting year	16	67 958	183 789

Notes on pages 10 to 23 form an integral part of these financial statements.

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	Retained earnings carried forward from previous years	Profit of the reporting year	Shareholders' equity total
	EUR	EUR	EUR	EUR
31.12.2023	591 416	1 175 086	65 435	1 831 937
Profit of 2023 transferred to retained earnings of previous years	-	65 435	(65 435)	-
Dividends distributed	-	(21 122)	-	(21 122)
Profit of the reporting year	-	-	61 359	61 359
30.06.2024	591 416	1 219 399	61 359	1 872 174
31.12.2024	591 416	1 219 399	80 788	1 891 603
Profit of 2024 transferred to retained earnings of previous years Profit of the reporting year	- -	80 788 -	(80 788) 57 671	- 57 671
30.06.2025	591 416	1 300 187	57 671	1 949 274

Notes on pages 10 to 23 form an integral part of these financial statements.

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

(1) General information on the Company

JSC '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 and Consolidated Annual reports of the Republic of Latvia. According to Section 5 of the Law on Annual Reports and Consolidated Annual reports, the Company is classified as a small company according to the last two years figures. Taking into account the legal requirements for commercial companies whose transferable securities are listed on a regulated market, the Company applies requirements that are binding on a large company. The Profit or Loss Account is been prepared based on classification according to expense types. The Cash Flow Statement was prepared according to the direct method.

Complying the regulation stated in Article 13 Part 5 Chapter 2 of the Law On Annual Reports and Consolidated Annual reports, the Company acknowledges, assesses, shows in its financial report and provides explicative information on investment properties in compliance with the international accounting standards.

Accountig 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 and the 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 currencies, the currency risk is not material.

Reporting period

The reporting period is six months from 1 January to 30 June 2025.

Revaluation of foreign currencies

The Company's functional currency and the currency used in the Financial Statements is euro (EUR). All transactions in foreign currencies are converted into euro according to the euro foreign exchange reference rate published by the European Central Bank on the day of particular transaction being performed.

Monetary assets and liabilities, which are shown in foreign currencies, are converted into euro according to the fixed euro foreign exchange reference rate published by the European Central Bank on the last day of the reporting period.

	30.06.2025	30.06.2024
CAD	1,60270	1,46700
USD	1,17200	1,07050

Currency exchange rate differences arising from settlements in currencies or 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 according 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 assets are reflected at 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	10, 20, 25, 40 and 59 years
Productive animals	2 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.

The Company capitalizes its fixed assets valued over 70 euro with useful life exceeding one year. Depreciation for improvements and other low costs items with the value less than 70 euro is recognized by 100 % after commissioning.

If sufficient evidence is acquired that the future economic benefit associated with subsequent repair or reconstruction costs will flow to the Company, which exceeds the return set previously, costs are capitalized as additional costs to the fixed asset.

Net gains or losses from disposal of fixed assets is calculated as the difference between the carrying amount of the fixed asset and proceeds from sale, and recognized in the income statements during the period when disposal are incurred.

If it is possible to conclude due to any kind of occurrence or circumstances that residual value of fixed or intangible assets could not reach its recoverable value, appropriate value of fixed or intangible asset is to be decreased until recoverable value. Recoverable value is calculated as the highest of fair value less costs to sell or value in use.

Productive animals meet the value criteria of fixed assets and are included in fixed assets.

Investment properties

Investment property is property (land plots, building or part of building) held by the owner or by lessee under a finance lease to earn rentals or for capital appreciation rather than use in the production or supply of goods or services or for administrative purposes or sale in the ordinary course of business. For the land with uncertain future use (if the Company has not determined that it will use the land as owner occupied or short term sale in the ordinary course of business, it is assumed that land is held for capital appreciation), it is classified as investment property.

Investment property of the company– 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 at the end of the year of account the investments properties are being revalued according to their real market value considering any other activities related to particular property. The revaluation is performed by a certified evaluator. Any changes in the market value of the investments properties are being shown in the profit and loss account.

Evaluation using a comparable transaction method was carried out by a certified evaluator:

2024 – LTD 'Eiroeksperts' 2023 – LTD 'Eiroeksperts'

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

In the balance sheet receivables are recognized in the recoverable value, provisions for doubtful receivables having been deducted. Provisions for doubtful 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 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.

Cash

For the purposes of the cash flow statement, cash and cash equivalents comprise cash, the balances of the current bank account and other current liquid financial assets with maturities up to 90 days.

Provisions

Provisions are liabilities related to current or previous years events and at the preparation of financial statements it is probable that an outflow of resources will be required to settle the obligation and its amount can be reliably estimated. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation.

This is a translated copy of the original document. The original document in Latvian language has been submitted to the Nasdaq Riga stock exchange (https://www.nasdaqbaltic.com).

Subsidies

Amounts, which are received as a state support for agricultural, i.e., for covering of expenses for maintaining high-quality breed bulls, are included in the income of that reporting period when they are received and all material conditions for the grant are fulfilled.

Taxes

Corporate income tax for the financial year

Corporate income tax is payable on the distribution of profits and the conditional distribution of profits. Distributed and notionally distributed profits are taxed at the rate of 20 percent of the gross amount, or 20/80 of net costs. Corporate income tax on the payment of dividends is recognized in the profit and loss account as an expense in the period in which the dividends are declared and, in the case of other retained earnings, as incurred.

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	30.06.2025 EUR	30.06.2024 EUR
Products and services in the genetics industry	736 206	569 759
Milk testing laboratory services	172 689	157 127
Other income	47 283	41 411
	956 178	768 297

Distribution of net sales according to the geographical markets:

	30.06.2025 EUR	30.06.2024 EUR
Latvia	956 178	768 297
	956 178	768 297

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

	30.06.2025 EUR	30.06.2024 EUR
Changes in the value of semen stocks produced	16 076	21 932
	16 076	21 932

(5) Other operating income

	30.06.2025 EUR	30.06.2024 EUR
Net income from dispossession of fixed assets	4 444	15 018
State support for agricultural	15 169	1 988
Recovered doubtful and bad debts	15 597	25 571
Net income from foreign currency exchange rate fluctuations	1 641	-
Other income	376	-
	37 227	42 577

(6) Personnel costs

	30.06.2025 EUR	30.06.2024 EUR
Salaries for work	224 346	189 558
State social insurance contributions	53 124	44 726
Health insurance	10 188	10 683
Other costs	631	2 212
	288 289	247 179

(7) Other operating expenses

	30.06.2025 EUR	30.06.2024 EUR
Insurance payments	5 523	4 514
Selling expenses	1 624	1 363
The costs of accreditation and employee training	3 220	3 220
Business trip expenses	5 785	1 018
Labour protection expenditure	1 674	1 465
Company's management and administrative expenses	4 238	4 222
Regulated securities market expenses	8 252	12 691
Loss from foreign currency exchange rate fluctuations	-	2 973
Employees' leisure and similar costs	2 364	1 722
Real estate tax	1 862	1 862
Other costs	8 482	7 047
	43 024	42 097

(8) Interest payments and similar costs

	30.06.2025 EUR	30.06.2024 EUR
Interest on the use of financing	3 255	3 077
Interest on use or non-use of credit line limit	595	-
	3 850	3 077

(9) Intangible assets

	Concessions,
	patents, licenses,
	trademarks and
	similar rights
	EUR
Initial value
31.12.2024	8 943
Purchased	-
Disposed	-
30.06.2025	8 943
Accrued depreciation adjustments
31.12.2024	8 943
Annual write-off of the value	-
Adjustments to accrued depreciation of excluded intangible assets	-
30.06.2025	8 943
Book value as at 31.12.2024	-
Book value as at 30.06.2025	-

	Concessions,
	patents, licenses,
	trademarks and
	similar rights
	EUR
Initial value
31.12.2023	8 943
Purchased	-
Disposed	-
30.06.2024	8 943
Accrued depreciation adjustments
31.12.2023	8 943
Annual write-off of the value	-
Adjustments to accrued depreciation of excluded intangible assets	-
30.06.2024	8 943
Book value as at 31.12.2023	-
Book value as at 30.06.2024	-

(10) Report on movement of fixed assets

	Land, buildings and constructions	Productive animals	Technological equipment and machinery	Other fixed assets and inventory	Total
	EUR	EUR	EUR	EUR	EUR
Initial value
31.12.2024	467 494	66 281	471 810	350 643	1 356 228
Purchased	-	-	-	6 228	6 228
Dispossessed or liquidated	-	(12 139)	-	(782)	(12 921)
30.06.2025	467 494	54 142	471 810	356 089	1 349 535
Accrued depreciation adjustments
31.12.2024	376 459	12 233	369 431	278 116	1 036 239
Calculated depreciation Depreciation of dispossessed or liquidated	4 802	14 055	17 142	12 895	48 894
fixed assets	-	(9 861)	-	(229)	(10 090)
30.06.2025	381 261	16 427	386 573	290 782	1 075 043
Book value as on 31.12.2024	91 035	54 048	102 379	72 527	319 989
Book value as on 30.06.2025	86 233	37 715	85 237	65 307	274 492

As on 30 June 2025, the cadastral value of real estate – land and constructions – was EUR 158 539.

	Land, buildings and constructions	Productive animals	Technological equipment and machinery	Other fixed assets and inventory	Total
	EUR	EUR	EUR	EUR	EUR
Initial value
31.12.2023	467 494	56 107	467 810	321 724	1 313 135
Purchased Dispossessed or	-	7 222	-	32 899	40 121
liquidated	-	(9 113)	-	(30 509)	(39 622)
30.06.2024	467 494	54 216	467 810	324 114	1 313 634
Accrued depreciation adjustments
31.12.2023	366 855	29 546	336 316	273 705	1 006 422
Calculated depreciation Depreciation of dispossessed or	4 802	12 590	16 141	9 857	43 390
liquidated fixed assets	-	(6 012)	-	(12 859)	(18 871)
30.06.2024	371 657	36 124	352 457	270 703	1 030 941
Book value as on 31.12.2023	100 639	26 561	131 494	48 019	306 713
Book value as on 30.06.2024	95 837	18 092	115 353	53 411	282 693

As on 30 June 2024, the cadastral value of real estate – land and constructions – was EUR 158 539.

(11) Investment properties

		Land
		EUR
Book value as on 31.12.2023		136 000
Increase/decrease of value due to revaluation		-
Book value as on 30.06.2024		136 000
Book value as on 31.12.2024		144 000
Increase/decrease of value due to revaluation		-
Book value as on 30.06.2025		144 000
(12) Ready-made products and goods for sale
	30.06.2025 EUR	31.12.2024 EUR
Bull semen	1 270 435	1 148 170
Other goods for sale	15 299	14 763

This is a translated copy of the original document. The original document in Latvian language has been submitted to the Nasdaq Riga stock exchange (https://www.nasdaqbaltic.com).

1 285 734 1 162 933

(13) Trade receivables

	30.06.2025 EUR	31.12.2024 EUR
Accounting value of trade receivables	511 364	521 060
Provisions for doubtful trade receivables	(35 082)	(50 664)
	476 282	470 396

(14) Other receivables

	30.06.2025 EUR	31.12.2024 EUR
Prepayment for services	2 990	3 435
Other receivables	2 573	586
	5 563	4 021

(15) Prepaid expenses

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

	30.06.2025 EUR	31.12.2024 EUR
Insurance	5 422	7 394
Press and legislation updates' subscription	21	777
Server maintenance and similar costs	522	877
Other prepaid expenses	480	1 222
	6 445	10 270

(16) Cash

Break-down of cash according to currencies:			30.06.2025		31.12.2024
		Currency	EUR	Currency	EUR
Cash in hand	EUR	-	2 982	-	785
Cash in bank	EUR	-	64 976	-	81 600
			67 958		82 385

(17) Share capital

Since 21 May 2007 Company's shares are quoted on the Second List of Nasdaq Riga Stock Exchange (ISIN code: LV0000100600). The Company's share capital has been formed of shareholders' investments.

The total number of shares as per 30.06.2025 is 422 440, the nominal value of one share is 1.40 euro.

The total number of shares as per 31.12.2024 was 422 440, the nominal value of one share – 1.40 euro.

	30.06.2025 EUR	31.12.2024 EUR
Dematerialized shares with voting rights	591 416	591 416
	591 416	591 416

422 440 shares or 100 % of the share capital are dematerialized shares, which give equal rights to receive dividends, receipt of liquidation quota and voting rights in the Shareholders' Meeting.

Owners of voting shares of the Company

	30.06.2025 %	31.12.2024 %
'Siguldas mākslīgās apsēklošanas stacija' Ltd	49.80	49.80
Inita Bedrīte, chairwoman of the Supervisory Board	0.26	0.26
Guntis Mecaucis, deputy chairman of the Supervisory Board	1.29	1.29
Baiba Mecauce, member of the Supervisory Board	2.44	2.44
Nils Ivars Feodorovs, chairman of the Management Board	0.09	0.09
Sarmīte Arcimoviča, member of the Management Board	0.98	0.98
Valda Mālniece, member of the Management Board	3.38	3.38
Other shareholders	41.76	41.76
	100.00	100.00

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.

Earnings per share

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

	30.06.2025 EUR	30.06.2024 EUR
Profit or loss of the reporting period	57 671	61 359
Average weighted number of shares during the year	422 440	422 440
	0.137	0.145

(18) Long-terms payables

	30.06.2025 EUR	31.12.2024 EUR
Financial lease agreement of Swedbank Līzings SIA (expiration date –
15.01.2028)	44 919	44 919
Financial lease agreement of Swedbank Līzings SIA (expiration date –
15.05.2029)	20 598	20 598
Financial lease agreement of Swedbank Līzings SIA (expiration date –
15.11.2029)	22 448	22 448
	87 965	87 965
(19) Loans from credit institutions
	30.06.2025 EUR	31.12.2024 EUR
"Swedbank" AS credit line agreement (limit validity period – 16.12.2025.)	32 860	-
	32 860	-

(20) Short-term payables

	30.06.2025 EUR	31.12.2024 EUR
Financial lease agreement of Swedbank Līzings SIA (expiration date –
15.01.2028)	9 906	19 496
Financial lease agreement of Swedbank Līzings SIA (expiration date –
15.05.2029)	2 673	5 265
Financial lease agreement of Swedbank Līzings SIA (expiration date –
15.11.2029)	2 550	5 035
	15 129	29 796

(21) Taxes and social insurance payments

Tax type	30.06.2025 EUR	31.12.2024 EUR
Value added tax	20 765	16 105
Personal income tax	7 223	8 211
Social insurance payments	15 701	17 274
Nature resource tax	35	128
Corporate income tax	-	2 836
Business risk state fee	10	11
	43 734	44 565

Tax overpaid declared in position 'Other receivables'

(22) Accrued liabilities

	30.06.2025 EUR	31.12.2024 EUR
Calculated liabilities to personnel for unused vacation	17 586	17 586
Accrued accounts payable	1 088	3 829
	18 674	21 415

(23) Information on the number of management members and remuneration

	30.06.2025 EUR	30.06.2024 EUR
Remuneration to five Supervisory Board members for execution of functions Social insurance payments from remuneration to five Supervisory Board	5 280	5 280
members for execution of functions Remuneration to three Management Board members for execution of	2 337	1 706
functions Social insurance payments from remuneration to three Management Board	28 551	21 808
members for execution of functions	6 047	4 626
Total remuneration to the management members	42 215	33 420

There are no special regulations put in place to regulate the election of the Management Board members, the change of the composition of the Management Board and amendments to the Articles of Association.

All Management Board members have equal Company's representation rights. The chairman of the Management Board represents the Company separately, but other Management Board members may represent the Company only collectively. There is no agreement signed between the Company and the Management Board members ensuring any kind of compensation.

(24) Average number of employees

30.06.2025 number	30.06.2024 number
2	2
3	3
25	22
30	27

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

This is a translated copy of the original document. The original document in Latvian language has been submitted to the Nasdaq Riga stock exchange (https://www.nasdaqbaltic.com).

Report on Management Liability

The Management of JSC 'Siguldas ciltslietu un mākslīgās apsēklošanas stacija' (hereinafter - the Company) is responsible for the preparation of the financial statements of the Company. The financial statements are prepared in accordance with the source documents and present fairly the financial position of the Company as of 30 June 2025 and the results of their operations and cash flows for the year then ended.

The Management Board confirms that the financial statements and notes to the financial statements contained on pp. 3-23 have been prepared on the basis of source documents and the decisions adopted and the assessments made were conservative and prudent. The accounting policy compared to the preceding year has not changed. The Management Board confirms that the financial statements have been prepared on a going-concern basis

Management is responsible for ensuring an appropriate accounting system, preserving the Company's assets, as well as detecting and preventing fraud and other violations committed at the Company. The Management is also responsible for fulfilling the legislative requirements of the Republic of Latvia, as well as the requirements of the European Union regulations that are applicable to the Company.

Interim report for the first six months of the year 2025 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

20 August 2025