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AUGA group Interim / Quarterly Report 2017

Aug 31, 2017

2259_ir_2017-08-31_4585c819-182e-4957-a025-a89f60f08f81.pdf

Interim / Quarterly Report

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AUGA GROUP, AB

Unaudited Interim Results and Financial Information for 6 months ended 30 June 2017

I. GENERAL PROVISIONS 3
Accounting period covered by the Report 3
Key data on the issuer 3
Information on where and when the Report and the documents, on which the Report is based, are publicly
available and the name of the mass media means 12
II. INFORMATION ABOUT THE LARGEST SHAREHOLDERS AND ISSUERS MANAGEMENT 13
Share capital 13
Shareholders 13
The sales of the Issuer's securities on exchanges and other organized markets 13
Agreements with the mediators of securities public circulation 13
Procedure for amendments of the Articles of Association 13
Members of the managing bodies 14
III. FINANCIAL INFORMATION 15
Consolidated income statement 15
Consolidated statement of comprehensive income 15
Consolidated balance sheet 16
Consolidated statement of changes in equity 17
Consolidated statement of cash flows 18
Comments to the Financial Information 19
IV. THE NEWEST AND ESSENTIAL EVENTS IN THE ACTIVITY OF THE ISSUER 29
The newest events in the activity of the Issuer 29

INTERIM REPORT

(All amounts are in EUR thousand, unless otherwise stated)

I. GENERAL PROVISIONS

Accounting period covered by the Report

The report covers 6 month period ended 30 June 2017.

Key data on the issuer

Name of the company: Auga Group, AB (hereinafter – AG or the Company) Share capital: EUR 54,350,713.08 Address of headquarters: Konstitucijos av. 21C, Quadrum North, LT-08130, Vilnius, Lithuania Telephone: (8~5) 233 53 40 Fax: (8~5) 233 53 45 E-mail address: [email protected] Website: www.auga.lt Legal-organizational form: Legal body, joint stock company Place and date of registration: 25 June 2003, Vilnius Register code: 1262 64360 Register number: AB2003-926 Registrant of the Register of legal bodies: State Enterprise Centre of registers

As at 30 June 2017 the Group was comprised of the Company and it's subsidiaries:

Date and
place of Company Phone, fax and
Name Legal form registration code Address e-mail
UAB Baltic Champs Joint stock
company		 27-12-2012, State
Registrar		 302942064 Poviliškės, Šiauliai distr. (8~5) 233 53 40;
fax: (8~5) 233 53 45,
e-mail: [email protected]
UAB AVG Investment Joint stock
company		 10-02-2005, State
Registrar		 300087691 Vilniaus m. sav. Vilniaus m.
Konstitucijos pr. 21C		 (8~5) 233 53 40;
fax: (8~5) 233 53 45,
e-mail: [email protected]
UAB AWG Investment 1 Joint stock
company		 18-06-2008, State
Registrar		 301745765 Vilniaus m. sav. Vilniaus m.
Konstitucijos pr. 21C		 (8~5) 233 53 40;
fax: (8~5) 233 53 45,
e-mail: [email protected]
UAB AWG Investment 2 Joint stock
company		 24-07-2008, State
Register		 301807590 Vilniaus m. sav. Vilniaus m.
Konstitucijos pr. 21C		 (8~5) 233 53 40;
fax: (8~5) 233 53 45,
e-mail: [email protected]
UAB Agross Joint stock
company		 24-07-2008, State
Register		 301807601 Jonavos r. sav. Bukonių k.
Lankesos g. 1		 (8~5) 233 53 40;
fax: (8~5) 233 53 45,
e-mail: [email protected]
UAB Grain Lt Joint stock
company		 17-03-2010, State
Register		 302489354 Vilniaus m. sav. Vilniaus m.
Konstitucijos pr. 21C		 (8~5) 233 53 40;
fax: (8~5) 233 53 45,
e-mail: [email protected]
UAB AMT Žemė Joint stock
company		 15-03-2011, State
Register		 302602713 Smolensko st. 10, Vilnius (8~5) 233 53 40;
fax: (8~5) 233 53 45,
e-mail: [email protected]
UAB Agro GIS Joint stock
company		 18-01-2011, State
Register		 302583978 Vilniaus m. sav. Vilniaus m.
Konstitucijos pr. 21C		 (8~5) 233 53 40;
fax: (8~5) 233 53 45,
e-mail: [email protected]
UAB Agro Management
Team		 Joint stock
company		 02-03-2011, State
Register		 302599498 Jonavos r. sav. Bukonių k.
Lankesos g. 1		 (8~5) 233 53 40;
fax: (8~5) 233 53 45,
e-mail: [email protected]

INTERIM REPORT

(All amounts are in EUR thousand, unless otherwise stated)

UAB Agrotechnikos
centras		 Joint stock
company		 03-02-2011, State
Register		 302589187 Jonavos r. sav. Bukonių k.
Lankesos g. 1		 (8~5) 233 53 40;
fax: (8~5) 233 53 45,
e-mail: [email protected]
UAB AUGA Trade Joint stock
company		 29-02-2012, State
Registrar		 302753875 Jonavos r. sav. Bukonių k.
Lankesos g. 1		 (8~5) 233 53 40;
fax: (8~5) 233 53 45,
e-mail: [email protected]
ŽŪB Žemės fondas Agricultural
entity		 07-04-2006, State
Register		 300558595 Vilniaus m. sav. Vilniaus m.
Konstitucijos pr. 21C		 (8~5) 233 53 40;
fax: (8~5) 233 53 45,
e-mail: [email protected]
UAB Žemės vystymo
fondas 6		 Joint stock
company		 10-08-2006, State
Registrar		 300589719 Jonavos r. sav. Bukonių k.
Lankesos g. 1		 (8~5) 233 53 40;
fax: (8~5) 233 53 45,
e-mail: [email protected]
UAB Žemės vystymo Joint stock 09-03-2006, State 300547638 Jonavos r. sav. Bukonių k. (8~5) 233 53 40;
fondas 9 company Registrar Lankesos g. 1
fax: (8~5) 233 53 45,
e-mail: [email protected]
UAB Žemės vystymo
fondas 10		 Joint stock
company		 10-01-2008, State
Registrar		 301522723 Jonavos r. sav. Bukonių k.
Lankesos g. 1		 (8~5) 233 53 40;
fax: (8~5) 233 53 45,
e-mail: [email protected]
UAB Žemės vystymo Joint stock 22-06-2007, State 300887726 Jonavos r. sav. Bukonių k. (8~5) 233 53 40;
fondas 20 company Registrar Lankesos g. 1
fax: (8~5) 233 53 45,
e-mail: [email protected]
ŽŪB AUGA Spindulys Agricultural 09-04-1993, 171330414 Radviliškio r. sav. Vaitiekūnų (8~5) 233 53 40;
entity Radviliškis district k. Spindulio g. 13
municipality
fax: (8~5) 233 53 45,
e-mail: [email protected]
ŽŪB AUGA Smilgiai Agricultural 16-09-1992, 168548972 Panevėžys st. 23, Smilgiai, (8~5) 233 53 40;
entity Panevėžys district
municipality		 Smilgiai mun., LT-38375
fax: (8~5) 233 53 45,
e-mail: [email protected]
ŽŪB AUGA Skėmiai Agricultural 01-10-1992, 171306071 Radviliškio r. sav. Skėmių k. (8~5) 233 53 40;
entity Radviliškis district Kėdainių g. 36
municipality
fax: (8~5) 233 53 45,
e-mail: [email protected]
ŽŪB AUGA Nausodė Agricultural
entity		 11-08-1992,
Anykščiai district		 154179675 Anykščių r. sav. Kirmėlių k. (8~5) 233 53 40;
municipality
fax: (8~5) 233 53 45,
e-mail: [email protected]
ŽŪB AUGA Dumšiškės Agricultural 29-09-1992, LR 172276179 Raseinių r. sav. Paraseinio k. (8~5) 233 53 40;
entity Raseiniai district
board
fax: (8~5) 233 53 45,
e-mail: [email protected]
ŽŪB AUGA Žadžiūnai Agricultural 30-06-1992, 175706853 Šiaulių r. sav. Žadžiūnų k. (8~5) 233 53 40;
entity Šiauliai district
municipality		 Gudelių g. 30-2
fax: (8~5) 233 53 45,
e-mail: [email protected]
ŽŪB AUGA Mantviliškis Agricultural
entity		 06-11-1992,
Kėdainiai district		 161274230 Kėdainių r. sav. Mantviliškio k. (8~5) 233 53 40;
board
fax: (8~5) 233 53 45,
e-mail: [email protected]

INTERIM REPORT

(All amounts are in EUR thousand, unless otherwise stated)

ŽŪB AUGA Alanta Agricultural
entity		 29-06-1992,
Molėtai district		 167527719 Molėtų r. sav. Kazlų k.
Skiemonių g. 2A		 (8~5) 233 53 40;
municipality fax: (8~5) 233 53 45,
ŽŪB AUGA Eimučiai Agricultural
entity		 29-06-1992,
Šiauliai district		 175705032 Šiaulių r. sav. Žadžiūnų k.
Gudelių g. 30-2		 e-mail: [email protected]
(8~5) 233 53 40;
ŽŪB AUGA Vėriškės Agricultural
entity		 municipality
29-09-1992,
Radviliškis district		 171305165 Radviliškio r. sav. Vėriškių k. fax: (8~5) 233 53 45,
e-mail: [email protected]
(8~5) 233 53 40;
municipality fax: (8~5) 233 53 45,
ŽŪB AUGA Želsvelė Agricultural
entity		 03-07-1992,
Marijampolė
municipality		 165666499 Marijampolės sav. Želsvos k. e-mail: [email protected]
(8~5) 233 53 40;
ŽŪB AUGA Lankesa Agricultural
entity		 06-04-1999,
Jonava district		 156913032 Jonavos r. sav. Bukonių k. fax: (8~5) 233 53 45,
e-mail: [email protected]
(8~5) 233 53 40;
municipality fax: (8~5) 233 53 45,
ŽŪB AUGA Kairėnai Agricultural
entity		 02-03-1993,
Radviliškis district
municipality		 171327432 Radviliškio r. sav. Kairėnų k. e-mail: [email protected]
(8~5) 233 53 40;
ŽŪB AUGA Jurbarkai Agricultural
entity		 31-07-1992,
Jurbarkas district		 158174818 Jurbarko r. sav. Klišių k.
Vytauto Didžiojo g. 99		 fax: (8~5) 233 53 45,
e-mail: [email protected]
(8~5) 233 53 40;
municipality fax: (8~5) 233 53 45,
e-mail: [email protected]
UAB Grūduva Joing stock
company		 24-02-1997,
Šakiai district
municipality		 174401546 Šakių r. sav. Gotlybiškių k. (8~5) 233 53 40;
fax: (8~5) 233 53 45,
e-mail: [email protected]
Panevežio region ŽŪB
Gustoniai		 Agricultural
entity		 09-12-1992,
Panevėžys district
municipality		 168565021 Panevėžio r. sav. Gustonių k.
M. Kriaučiūno g. 15		 (8~5) 233 53 40;
ZAO Agroprom Closed joint
stock company		 01-09-2008,
Russian Federation		 1,09E+12 Baimanskaja st. 7-10,
Moscow, Russia		 fax: (8~5) 233 53 45,
e-mail: [email protected]
(8~5) 233 53 40;
fax: (8~5) 233 53 45,
e-mail: [email protected]
KB Siesartis Cooperative
entity		 21-04-2010,
Šakiai district
municipality		 302501098 Šakių r. sav. Gotlybiškių k.
Mokyklos g. 18		 (8~5) 233 53 40;
KB Kašėta Cooperative
entity		 21-04-2010,
Jonavos district		 302501251 Jonavos r. sav. Bukonių k.
Lankesos g. 1		 fax: (8~5) 233 53 45,
e-mail: [email protected]
(8~5) 233 53 40;
municipality fax: (8~5) 233 53 45,
ŽŪB Gustonys Agricultural
entity		 08-06-2010,
Vilniaus district
municipality		 302520102 Panevėžio r. sav. Gustonių k.
M. Kriaučiūno g. 15		 e-mail: [email protected]
(8~5) 233 53 40;
fax: (8~5) 233 53 45,
e-mail: [email protected]

INTERIM REPORT

(All amounts are in EUR thousand, unless otherwise stated)

ŽŪB Skėmių
pienininkystės centras		 Agricultural
entity		 05-03-2012
Radviliškis district
municipality		 302737554 Radviliškio r. sav. Skėmių k.
Alyvų g. 1		 (8~5) 233 53 40;
Agrobokštai ŽŪK Cooperative
entity		 02-03-2010,
Marijampolė		 302485217 Vilniaus m. sav. Vilniaus m.
Smolensko g. 10		 fax: (8~5) 233 53 45,
e-mail: [email protected]
(8~5) 233 53 40;
KB Dotnuvėlės valdos Cooperative municipality
21-04-2011,		 302618614 Šiaulių r. sav. Žadžiūnų k. fax: (8~5) 233 53 45,
e-mail: [email protected]
(8~5) 233 53 40;
entity Šiauliai district
municipality		 Gudelių g. 30-2 fax: (8~5) 233 53 45,
KB Nevėžio lankos Cooperative
entity		 21-04-2011,
Radviliškis district
municipality		 302618596 Kėdainių r. sav. Mantviliškio k.
Liepos 6-osios g. 60		 e-mail: [email protected]
(8~5) 233 53 40;
KB Radviliškio kraštas Cooperative
entity		 20-04-2011,
Radviliškis district		 302618742 Radviliškio r. sav. Skėmių k.
Kėdainių g. 13		 fax: (8~5) 233 53 45,
e-mail: [email protected]
(8~5) 233 53 40;
KB Šventosios pievos Cooperative
entity		 municipality
20-04-2011,
Radviliškis district		 302618201 Radviliškio r. sav. Vaitiekūnų
k. Spindulio g. 13-2		 fax: (8~5) 233 53 45,
e-mail: [email protected]
(8~5) 233 53 40;
municipality fax: (8~5) 233 53 45,
e-mail: [email protected]
KB Kairių ūkis Cooperative
entity		 13-04-2011,
Marijampolė
municipality		 302615194 Panevėžio r. sav. Gustonių k.
M. Kriaučiūno g. 15		 (8~5) 233 53 40;
KB Šiaurinė valda Cooperative
entity		 13-04-2011,
Šakiai district
municipality		 302615187 Šiaulių r. sav. Poviliškių k. fax: (8~5) 233 53 45,
e-mail: [email protected]
(8~5) 233 53 40;
KB Šušvės žemė Cooperative
entity		 21-04-2011,
Radviliškis district
municipality		 302618767 Kelmės r. sav. Pašiaušės k.
Vilties g. 2		 fax: (8~5) 233 53 45,
e-mail: [email protected]
(8~5) 233 53 40;
ŽŪK Agromilk Cooperative
entity		 23-04-2009,
Radviliškis district		 302332698 Anykščių r. sav. Nausodės k.
Nausodės g. 55		 fax: (8~5) 233 53 45,
e-mail: [email protected]
(8~5) 233 53 40;
municipality fax: (8~5) 233 53 45,
e-mail: [email protected]
KB Žalmargėlis Cooperative
entity		 23-09-2013, State
Registrar		 303145954 Vilniaus m. sav. Vilniaus m.
Smolensko g. 10		 (8~5) 233 53 40;
fax: (8~5) 233 53 45,
KB Juodmargėlis Cooperative
entity		 03-10-2013, State
Registrar		 303159014 Raseinių r. sav. Paraseinio k.
Paraseinio g. 2		 e-mail: [email protected]
(8~5) 233 53 40;
UAB Agrosaulė 8 Joint stock 23-08-2012, State 302846105 Jonavos r. sav. Bukonių k. fax: (8~5) 233 53 45,
e-mail: [email protected]
(8~5) 233 53 40;
company Registrar Lankesos g. 1 fax: (8~5) 233 53 45,
e-mail: [email protected]

INTERIM REPORT

(All amounts are in EUR thousand, unless otherwise stated)
Pasvalys distr.,
Pušalotas reclamation
infrastructure users
association		 Association 11-12-2009
Pasvalys district
municipality		 302465563 Pasvalio r. sav. Diliauskų k.
Diliauskų g. 23		 (8~5) 233 53 40;
fax: (8~5) 233 53 45,
e-mail: [email protected]
Grūduvos melioracija Association 23-11-2010, State 302567116 Mokyklos st. 2, Gotlybiškės, (8~5) 233 53 40;
Registrar Šakiai distr. fax: (8~5) 233 53 45,
e-mail: [email protected]
Skėmių melioracijos
statinių naudotojų
asociacija		 Association 22-10-2013, State
Registrar		 303170256 Vilniaus m. sav. Vilniaus m.
Smolensko g. 10		 (8~5) 233 53 40;
fax: (8~5) 233 53 45,
e-mail: [email protected]
Melioracijos sistemų
naudotojų asociacijos		 Association 22-10-2013, State
Registrar		 304219592 Vilniaus m. sav. Vilniaus m.
Konstitucijos pr. 21C		 (8~5) 233 53 40;
"Nausodė"
fax: (8~5) 233 53 45,
e-mail: [email protected]
Vaitiekūnų melioracijos
statinių naudotojų		 Association 22-10-2013, State
Registrar		 303170306 Vilniaus m. sav. Vilniaus m.
Smolensko g. 10		 (8~5) 233 53 40;
asociacija
fax: (8~5) 233 53 45,
e-mail: [email protected]
UAB Traktorių nuomos Joint stock 16-07-2012, State 302820808 Jonavos r. sav. Bukonių k. (8~5) 233 53 40;
centras company Registrar Lankesos g. 1
fax: (8~5) 233 53 45,
UAB Traktorių nuomos
paslaugos		 Joint stock
company		 16-07-2012, State
Registrar		 302820797 Jonavos r. sav. Bukonių k.
Lankesos g. 1		 e-mail: [email protected]
(8~5) 233 53 40;
fax: (8~5) 233 53 45,
e-mail: [email protected]
UAB Arnega Joint stock
company		 13-08-2011, State
Registrar		 302661957 Jonavos r. sav. Bukonių k.
Lankesos g. 1		 (8~5) 233 53 40;
fax: (8~5) 233 53 45,
e-mail: [email protected]
UAB AGRO Ramučiai Joint stock
company		 05-09-2012, State
Registrar		 302854479 Šiaulių r. sav. Poviliškių k. (8~5) 233 53 40;
fax: (8~5) 233 53 45,
e-mail: [email protected]
UAB Luganta Joint stock
company		 05-09-2012, State
Registrar		 300045023 Kelmės r. sav. Pašiaušės k. (8~5) 233 53 40;
fax: (8~5) 233 53 45,
e-mail: [email protected]
UAB ŽVF projektai Joint stock 27-12-2012, State 300137062 Jonavos r. sav. Bukonių k. (8~5) 233 53 40;
company Registrar Lankesos g. 1 fax: (8~5) 233 53 45,
e-mail: [email protected]
UAB Bukonių ekologinis Joint stock 23-08-2012, State 302846621 Vilniaus m. sav. Vilniaus m. (8~5) 233 53 40;
ūkis company Registrar Konstitucijos pr. 21C fax: (8~5) 233 53 45,
e-mail: [email protected]
ŽŪB Želsvelės ekologinis Agricultural 09-06-2014, State 303325856 Marijampolės sav. Želsvos k. (8~5) 233 53 40;
ūkis entity Registrar Želsvelės g. 1
fax: (8~5) 233 53 45,
e-mail: [email protected]
ŽŪB Smilgių ekologinis Agricultural 09-06-2014, State 303325824 Panevėžio r. sav. Smilgių mstl. (8~5) 233 53 40;
ūkis entity Registrar Panevėžio g. 23-1
fax: (8~5) 233 53 45,
e-mail: [email protected]
ŽŪB Skėmių ekologinis Agricultural 09-06-2014, State 303325692 Radviliškio r. sav. Skėmių k. (8~5) 233 53 40;
ūkis entity Registrar Kėdainių g. 13
fax: (8~5) 233 53 45,
e-mail: [email protected]

INTERIM REPORT

(All amounts are in EUR thousand, unless otherwise stated)

ŽŪB Mantviliškio
ekologinis ūkis		 Agricultural
entity		 09-06-2014, State
Registrar		 303325703 Kėdainių r. sav. Mantviliškio k.
Liepos 6-osios g. 60		 (8~5) 233 53 40;
fax: (8~5) 233 53 45,
ŽŪB Spindulio ekologinis
ūkis		 Agricultural
entity		 09-06-2014, State
Registrar		 303325817 Radviliškio r. sav. Vaitiekūnų
k. Spindulio g. 13-2		 e-mail: [email protected]
(8~5) 233 53 40;
fax: (8~5) 233 53 45,
ŽŪB Lankesos ekologinis
ūkis		 Agricultural
entity		 09-06-2014, State
Registrar		 303325710 Jonavos r. sav. Bukonių k.
Lankesos g. 1		 e-mail: [email protected]
(8~5) 233 53 40;
fax: (8~5) 233 53 45,
ŽŪB Dumšiškių
ekologinis ūkis		 Agricultural
entity		 09-06-2014, State
Registrar		 303324722 Raseinių r. sav. Paraseinio k.
Paraseinio g. 2		 e-mail: [email protected]
(8~5) 233 53 40;
fax: (8~5) 233 53 45,
ŽŪB Kairėnų ekologinis
ūkis		 Agricultural
entity		 09-06-2014, State
Registrar		 303325774 Radviliškio r. sav. Vaitiekūnų
k. Spindulio g. 13-2		 e-mail: [email protected]
(8~5) 233 53 40;
fax: (8~5) 233 53 45,
ŽŪB Žadžiūnų ekologinis
ūkis		 Agricultural
entity		 09-06-2014, State
Registrar		 303325870 Šiaulių r. sav. Žadžiūnų k.
Gudelių g. 30-2		 e-mail: [email protected]
(8~5) 233 53 40;
fax: (8~5) 233 53 45,
e-mail: [email protected]
ŽŪB Vėriškių ekologinis
ūkis		 Agricultural
entity		 09-06-2014, State
Registrar		 303325849 Radviliškio r. sav. Skėmių k.
Kėdainių g. 13		 (8~5) 233 53 40;
fax: (8~5) 233 53 45,
ŽŪB Nausodės Agricultural 09-06-2014, State 303325781 Anykščių r. sav. Nausodės k. e-mail: [email protected]
(8~5) 233 53 40;
ekologinis ūkis entity Registrar Nausodės g. 55 fax: (8~5) 233 53 45,
ŽŪB Jurbarkų ekologinis
ūkis		 Agricultural
entity		 09-06-2014, State
Registrar		 303325361 Jurbarko r. sav. Klišių k.
Vytauto Didžiojo g. 99		 e-mail: [email protected]
(8~5) 233 53 40;
fax: (8~5) 233 53 45,
ŽŪB Eimučių ekologinis
ūkis		 Agricultural
entity		 09-06-2014, State
Registrar		 303324715 Šiaulių r. sav. Žadžiūnų k.
Gudelių g. 30-2		 e-mail: [email protected]
(8~5) 233 53 40;
fax: (8~5) 233 53 45,
e-mail: [email protected]
ŽŪB Alantos ekologinis
ūkis		 Agricultural
entity		 09-06-2014, State
Registrar		 303324747 Molėtų r. sav. Kazlų k.
Skiemonių g. 2A		 (8~5) 233 53 40;
fax: (8~5) 233 53 45,
e-mail: [email protected]
ŽŪB Grūduvos ekologinis
ūkis		 Agricultural
entity		 09-06-2014, State
Registrar		 303324804 Šakių r. sav. Gotlybiškių k.
Mokyklos g. 2		 (8~5) 233 53 40;
fax: (8~5) 233 53 45,
e-mail: [email protected]
UAB eTime invest Joint stock
company		 09-06-2014, State
Registrar		 300578676 Vilniaus m. sav. Vilniaus m.
Saltoniškių g. 29		 (8~5) 233 53 40;
fax: (8~5) 233 53 45,
e-mail: [email protected]
OOO Karakash Agro Joint stock
company		 09-09-2010,
Ukraine		 37171461 Adalet st. 18, Chechova,
Razdolnenskiy distr., Krym		 (8~5) 233 53 40;
fax: (8~5) 233 53 45,
e-mail: [email protected]
OOO Karakash Joint stock
company		 09-09-2010,
Ukraine		 32140884 Adalet st. 18, Chechova,
Razdolnenskiy distr., Krym		 (8~5) 233 53 40;
fax: (8~5) 233 53 45,
e-mail: [email protected]
AgroSchool OU Joint stock
company		 15-07-2013,
Estonia		 12491954 Parnu st. 15, Harju distr.,
Tallinn		 (8~5) 233 53 40;
fax: (8~5) 233 53 45,
e-mail: [email protected]

INTERIM REPORT

(All amounts are in EUR thousand, unless otherwise stated)

Public institution Public 22-07-2013, State 303104797 Vilniaus m. sav. Vilniaus m. (8~5) 233 53 40;
AgroSchool institution Registrar Smolensko g. 10
fax: (8~5) 233 53 45,
e-mail: [email protected]
Turvaste partners OU Private limited 02-05-2014, 12655410 Parnu st. 15, Harju distr., (8~5) 233 53 40;
company Estonia Tallinn
fax: (8~5) 233 53 45,
e-mail: [email protected]
Nakamaa Agro OU Private limited 02-05-2014, 12655522 Parnu st. 15, Harju distr., (8~5) 233 53 40;
company Estonia Tallinn
fax: (8~5) 233 53 45,
e-mail: [email protected]
Hindaste Invest OU Private limited 24-04-2014, 12655384 Parnu st. 15, Harju distr., (8~5) 233 53 40;
company Estonia Tallinn
fax: (8~5) 233 53 45,
e-mail: [email protected]
Tuudi River OU Private limited 02-05-2014, 12655384 Parnu st. 15, Harju distr., (8~5) 233 53 40;
company Estonia Tallinn
fax: (8~5) 233 53 45,
e-mail: [email protected]
Palderma Partners OU Private limited 02-05-2014, 12654959 Parnu st. 15, Harju distr., (8~5) 233 53 40;
company Estonia Tallinn
fax: (8~5) 233 53 45,
e-mail: [email protected]
Ave-Martna Capital OU Private limited 02-05-2014, 12655155 Parnu st. 15, Harju distr., (8~5) 233 53 40;
company Estonia Tallinn
fax: (8~5) 233 53 45,
e-mail: [email protected]
Hobring Invest OU Private limited 02-05-2014, 12655427 Parnu st. 15, Harju distr., (8~5) 233 53 40;
company Estonia Tallinn
fax: (8~5) 233 53 45,
e-mail: [email protected]
Rukkirahhu Capital OU Private limited 02-05-2014, 12655232 Parnu st. 15, Harju distr., (8~5) 233 53 40;
company Estonia Tallinn
fax: (8~5) 233 53 45,
e-mail: [email protected]
Pahasoo OU Private limited 02-05-2014, 12655367 Parnu st. 15, Harju distr., (8~5) 233 53 40;
company Estonia Tallinn fax: (8~5) 233 53 45,
e-mail: [email protected]
KB Ganiklis Cooperative 20-10-2014, State 303429417 Radviliškio r. sav. Skėmių k. (8~5) 233 53 40;
entity Registrar Alyvų g. 1-3 fax: (8~5) 233 53 45,
e-mail: [email protected]
KB Ganiavos gėrybės Cooperative 20-10-2014, State 303429431 Radviliškio r. sav. Skėmių k. (8~5) 233 53 40;
entity Registrar Alyvų g. 1-3 fax: (8~5) 233 53 45,
e-mail: [email protected]
KB Žemėpačio pieno Cooperative 22-10-2014, State 303432388 Radviliškio r. sav. Skėmių k. (8~5) 233 53 40;
ūkis entity Registrar Alyvų g. 1-3 fax: (8~5) 233 53 45,
e-mail: [email protected]
KB Žemynos pienelis Cooperative 17-10-2014, State 303427989 Radviliškio r. sav. Skėmių k. (8~5) 233 53 40;
entity Registrar Alyvų g. 1-3 fax: (8~5) 233 53 45,
e-mail: [email protected]
KB Lygiadienio ūkis Cooperative 17-10-2014, State 303428087 Radviliškio r. sav. Skėmių k. (8~5) 233 53 40;
entity Registrar Alyvų g. 1-3 fax: (8~5) 233 53 45,
e-mail: [email protected]
KB Laumės pieno ūkis Cooperative 17-10-2014, State 303427996 Radviliškio r. sav. Skėmių k. (8~5) 233 53 40;
entity Registrar Alyvų g. 1-3 fax: (8~5) 233 53 45,
e-mail: [email protected]

INTERIM REPORT

(All amounts are in EUR thousand, unless otherwise stated)

KB Medeinos pienas Cooperative
entity		 17-10-2014, State
Registrar		 303428112 Radviliškio r. sav. Skėmių k.
Alyvų g. 1-3		 (8~5) 233 53 40;
fax: (8~5) 233 53 45,
e-mail: [email protected]
KB Gardaitis Cooperative 20-10-2014, State 303429381 Radviliškio r. sav. Skėmių k. (8~5) 233 53 40;
entity Registrar Alyvų g. 1-3
fax: (8~5) 233 53 45,
e-mail: [email protected]
KB Dimstipatis Cooperative 20-10-2014, State 303429424 Radviliškio r. sav. Skėmių k. (8~5) 233 53 40;
entity Registrar Alyvų g. 1-3
fax: (8~5) 233 53 45,
e-mail: [email protected]
KB Aušlavis Cooperative 20-10-2014, State 303429456 Radviliškio r. sav. Skėmių k. (8~5) 233 53 40;
entity Registrar Alyvų g. 1-3
fax: (8~5) 233 53 45,
e-mail: [email protected]
KB Austėjos pieno ūkis Cooperative 17-10-2014, State 303428094 Radviliškio r. sav. Skėmių k. (8~5) 233 53 40;
entity Registrar Alyvų g. 1-3
fax: (8~5) 233 53 45,
e-mail: [email protected]
KB Aitvaro ūkis Cooperative 20-10-2014, State 303429374 Radviliškio r. sav. Skėmių k. (8~5) 233 53 40;
entity Registrar Alyvų g. 1-3
fax: (8~5) 233 53 45,
e-mail: [email protected]
KB Giraičio pieno ūkis Cooperative 20-10-2014, State 303429399 Radviliškio r. sav. Skėmių k. (8~5) 233 53 40;
entity Registrar Alyvų g. 1-3
fax: (8~5) 233 53 45,
e-mail: [email protected]
Fentus 10, GmbH Private limited 02-05-2014, HRB106477 Torstrasse 138, Berlin, DE-10119, (8~5) 233 53 40;
company Germany Germany
fax: (8~5) 233 53 45,
e-mail: [email protected]
Norus , AG Private limited 02-05-2014, HRB109356B Torstrasse 138, Berlin, DE-10119, (8~5) 233 53 40;
company Germany Germany
fax: (8~5) 233 53 45,
e-mail: [email protected]
LT Holding AG Private limited 02-05-2014, HRB109265B Torstrasse 138, Berlin, DE-10119,
Germany		 (8~5) 233 53 40;
company Germany
fax: (8~5) 233 53 45,
e-mail: [email protected]
,,KTG Agrar" UAB Private limited 20-10-2014, State 300127919 Maironio g. 3, Raseiniai (8~5) 233 53 40;
company Registrar
fax: (8~5) 233 53 45,
e-mail: [email protected]
UAB ,,Agrar Raseiniai" Private limited
company		 20-10-2014, State
Registrar		 300610316 Maironio g. 3, Raseiniai (8~5) 233 53 40;
fax: (8~5) 233 53 45,
e-mail: [email protected]
UAB ,,Agrar Mažeikiai" 300610348 Dvaro g.30, Gėluvos k., Ariogalos
Private limited
company		 20-10-2014, State
Registrar		 sen., Raseinių r. (8~5) 233 53 40;
fax: (8~5) 233 53 45,
e-mail: [email protected]
UAB ,,PAE Agrar" Private limited 20-10-2014, State 300867691 Dvaro g.30, Gėluvos k., Ariogalos (8~5) 233 53 40;
company Registrar sen., Raseinių r.
fax: (8~5) 233 53 45,
e-mail: [email protected]
UAB ,,Delta Agrar" Private limited 20-10-2014, State 300868875 Dvaro g.30, Gėluvos k., Ariogalos (8~5) 233 53 40;
company Registrar sen., Raseinių r.
fax: (8~5) 233 53 45,
e-mail: [email protected]
UAB ,,KTG Grūdai" Private limited 20-10-2014, State 302637486 Dvaro g.30, Gėluvos k., Ariogalos (8~5) 233 53 40;
company Registrar sen., Raseinių r.
fax: (8~5) 233 53 45,
e-mail: [email protected]

INTERIM REPORT

(All amounts are in EUR thousand, unless otherwise stated)

UAB ,,KTG Eko Agrar" Private limited
company		 20-10-2014, State
Registrar		 300510650 Maironio g. 3, Raseiniai (8~5) 233 53 40;
UAB ,,Agronita" Private limited
company		 20-10-2014, State
Registrar		 300132574 Maironio g. 3, Raseiniai fax: (8~5) 233 53 45,
e-mail: [email protected]
(8~5) 233 53 40;
UAB ,,Agronuoma" Private limited 20-10-2014, State 303204954 Dvaro g.30, Gėluvos k., Ariogalos fax: (8~5) 233 53 45,
e-mail: [email protected]
(8~5) 233 53 40;
UAB ,,VL Investment Vilnius company
Private limited		 Registrar
20-10-2014, State		 303205611 sen., Raseinių r.
Dvaro g.30, Gėluvos k., Ariogalos		 fax: (8~5) 233 53 45,
e-mail: [email protected]
(8~5) 233 53 40;
12"
UAB ,,Agrar Ašva"		 company
Private limited		 Registrar
20-10-2014, State		 301608542 sen., Raseinių r.
Dvaro g.30, Gėluvos k., Ariogalos		 fax: (8~5) 233 53 45,
e-mail: [email protected]
(8~5) 233 53 40;
company Registrar sen., Raseinių r. fax: (8~5) 233 53 45,
UAB ,,Agrar Varduva" Private limited
company		 20-10-2014, State
Registrar		 301608791 Dvaro g.30, Gėluvos k., Ariogalos
sen., Raseinių r.		 e-mail: [email protected]
(8~5) 233 53 40;
UAB ,,Agrar Seda" Private limited
company		 20-10-2014, State
Registrar		 301608777 Dvaro g.30, Gėluvos k., Ariogalos
sen., Raseinių r.		 fax: (8~5) 233 53 45,
e-mail: [email protected]
(8~5) 233 53 40;
UAB ,,Agrar Kvistė" Private limited 20-10-2014, State 302308067 Dvaro g.30, Gėluvos k., Ariogalos fax: (8~5) 233 53 45,
e-mail: [email protected]
(8~5) 233 53 40;
UAB ,,Agrar Luoba" company
Private limited		 Registrar
20-10-2014, State		 302308035 sen., Raseinių r.
Dvaro g.30, Gėluvos k., Ariogalos		 fax: (8~5) 233 53 45,
e-mail: [email protected]
(8~5) 233 53 40;
company Registrar sen., Raseinių r. fax: (8~5) 233 53 45,
e-mail: [email protected]
UAB ,,Agrar Gaja" Private limited
company		 20-10-2014, State
Registrar		 302594412 Dvaro g.30, Gėluvos k., Ariogalos
sen., Raseinių r.		 (8~5) 233 53 40;
fax: (8~5) 233 53 45,
UAB ,,Agrar Ariogala" Private limited
company		 20-10-2014, State
Registrar		 301626540 Dvaro g.30, Gėluvos k., Ariogalos
sen., Raseinių r.		 e-mail: [email protected]
(8~5) 233 53 40;
UAB ,,Agrar Girdžiai" Private limited
company		 20-10-2014, State
Registrar		 301621568 Dvaro g.30, Gėluvos k., Ariogalos
sen., Raseinių r.		 fax: (8~5) 233 53 45,
e-mail: [email protected]
(8~5) 233 53 40;
UAB ,,Agrar Vidauja" Private limited 20-10-2014, State 301622531 Dvaro g.30, Gėluvos k., Ariogalos fax: (8~5) 233 53 45,
e-mail: [email protected]
(8~5) 233 53 40;
company Registrar sen., Raseinių r. fax: (8~5) 233 53 45,
e-mail: [email protected]
UAB ,, Agrar Raudonė" Private limited
company		 20-10-2014, State
Registrar		 302309532 Dvaro g.30, Gėluvos k., Ariogalos
sen., Raseinių r.		 (8~5) 233 53 40;
UAB ,,Agrar Venta" Private limited
company		 20-10-2014, State
Registrar		 302307855 Dvaro g.30, Gėluvos k., Ariogalos
sen., Raseinių r.		 fax: (8~5) 233 53 45,
e-mail: [email protected]
(8~5) 233 53 40;
fax: (8~5) 233 53 45,
e-mail: [email protected]
UAB ,,Agrar Nerys" Private limited
company		 20-10-2014, State
Registrar		 302594063 Dvaro g.30, Gėluvos k., Ariogalos
sen., Raseinių r.		 (8~5) 233 53 40;
fax: (8~5) 233 53 45,
e-mail: [email protected]

INTERIM REPORT

(All amounts are in EUR thousand, unless otherwise stated)

UAB ,,Agrar Gėluva" Private limited
company		 20-10-2014, State
Registrar		 302312133 Dvaro g.30, Gėluvos k., Ariogalos
sen., Raseinių r.		 (8~5) 233 53 40;
fax: (8~5) 233 53 45,
e-mail: [email protected]
UAB ,,Agrar Betygala" Private limited
company		 20-10-2014, State
Registrar		 302312222 Dvaro g.30, Gėluvos k., Ariogalos
sen., Raseinių r.		 (8~5) 233 53 40;
fax: (8~5) 233 53 45,
e-mail: [email protected]
UAB ,,Agrar Dubysa" Private limited
company		 20-10-2014, State
Registrar		 302312215 Dvaro g.30, Gėluvos k., Ariogalos
sen., Raseinių r.		 (8~5) 233 53 40;
fax: (8~5) 233 53 45,
e-mail: [email protected]
UAB ,,Agrar Pauliai" Private limited
company		 20-10-2014, State
Registrar		 302312165 Dvaro g.30, Gėluvos k., Ariogalos
sen., Raseinių r.		 (8~5) 233 53 40;
fax: (8~5) 233 53 45,
e-mail: [email protected]
UAB ,,Agrar Mituva" Private limited
company		 20-10-2014, State
Registrar		 302312172 Dvaro g.30, Gėluvos k., Ariogalos
sen., Raseinių r.		 (8~5) 233 53 40;
fax: (8~5) 233 53 45,
e-mail: [email protected]

Information on where and when the Report and the documents, on which the Report is based, are publicly available and the name of the mass media means

The report is available during working days from 8.30 to 17.30 at the headquarters of Auga Group AB at the adress: Konstitucijos av. 21C, Quadrum office, Vilnius, or at the Company's internet website: www.auga.lt. The announcements of the Company, including the information and other documents related to the Annual General meeting, also the information and other documents related to liquidation or reorganisation of the Company, minutes of the shareholder and Board meetings, other announcements and documents, which according to the law of Republic of Lithuania, the Statutes of the Company ant the decisions of the Management have to be announced publicly are announced in the state registrar electronic bulletin or delivered to each shareholder and other person personally – either by registered mail, or by signed delivery. Announcements of the Company are placed on the NASDAQ OMX Vilnius Stock exchange information system and on the ESPI information system which is operated by Polish FSA, as well as on Electronic Information Base which is operated by Warsaw Stock Exchange.

INTERIM REPORT

(All amounts are in EUR thousand, unless otherwise stated)

II. INFORMATION ABOUT THE LARGEST SHAREHOLDERS AND ISSUERS MANAGEMENT

Share capital

The share capital of AUGA Group AB as at 30 June 2017 was EUR 54,350,713.08. The share capital was divided into 187,416,252 ordinary shares. Each issued share has a EUR 0.29 nominal value and fully paid.

Shareholders

Total number of shareholders as at 30 June 2017 was 1,018 (one thousand nineteen). The shareholders owning more than 5 per cent of all the company shares:

Name, surname /
name of the company		 Company /
personal code		 Address Votes held by
shareholder		 Shares held by
shareholder
UAB "Baltic Champs Group" 145798333 Poviliškių km.,
Šiaulių raj. sav.		 165,167,939 88.13%
Multi Asset Selection Fund I015 Antano Tumėno g.
4-B		 10,920,736 5.83%

The sales of the Issuer's securities on exchanges and other organized markets

Over the accounting period, the Companies shares were traded on the NASDAQ OMX Vilnius (hereinafter – OMX Vilnius).

Price, EUR Total turnover
Reporting period max min Last
session		 Date of last
session		 Units EUR,
million
2017 I quarter 0.490 0.431 0.470 2017.03.31 365.499 0.168
2017 II quarter 0.460 0.300 0.410 2017.06.30 311.059 0.132

Agreements with the mediators of securities public circulation

The Company and FMĮ Orion Securities UAB (A. Tumėno st. 4, B korpusas, LT-01109, Vilnius) signed an agreement regarding handling of Shareholders accounts.

Procedure for amendments of the Articles of Association

The Articles of Association can be changed following Lithuanian Republic law on Stock companies with an appropriate approval of the Companies' shareholders.

INTERIM REPORT

(All amounts are in EUR thousand, unless otherwise stated)

Members of the managing bodies

The managing bodies of the company are general meeting of the shareholders, the Supervisory Council, the Board of Directors and Managing Director. The Supervisory Council (consisting of 3 members) is elected by the shareholder meeting. The Board of directors is formed from 5 members. The chairman is elected by the Board. The Boardmembers are elected by the Supervisory Council. The Board of Directors elects and recalls the Director, decide upon remuneration and other working conditions, approves official rulebook, awards and handles penalties. The General director is the manager of the Company.

Information on managing bodies of the Company as at 30 June 2017:

End of current term Period of service
Name, Surname Position of office as a member
Chairman of Until general meeting of Chairman of Supervisory
Vladas Lašas Supervisory Board shareholders to be held in 2019 Board since 14-05-2015
Member of Until general meeting of Member of Supervisory
Liudas Navickas Supervisory Board shareholders to be held in 2019 Board since 13-03-2014
Member of Until general meeting of Member of Supervisory
Rimantas Rudzkis Supervisory Board shareholders to be held in 2019 Board since 13-03-2014
End of current term Period of service
Name, Surname Position of office as a member
Kęstutis Juščius Chairman of Board Until general meeting of
shareholders to be held in 2019		 Chairman of Board since
14-05-2015
Member of Board Until general meeting of Member of Board since
08-05-2014
General director since
Linas Bulzgys General director shareholders to be held in 2019 05-05-2015
Marijus Bakas Member of Board Until general meeting of
shareholders to be held in 2019		 Member of Board since
08-05-2014
Linas Strėlis Member of Board Until general meeting of
shareholders to be held in 2019		 Member of Board since
14-12-2007
Agnė Jonaitytė Member of Board Until general meeting of
shareholders to be held in 2019		 Member of Board since
07-02-2017

Information on the shares of the Company held by the members of the Supervisory Board, the Board and the top management as of 30 June 2017:

Name, Surname Position Owned shares in the
Company, units		 Owned shares in the
Company, %
Kęstutis Juščius Chairman of the Board 1,392 0.00%
Marijus Bakas Member of Board 39,062 0.02%

Kęstutis Juščius, Chairman of the Board, is the ultimate shareholder of Baltic Champs Group, UAB , controlling 88.13% of the Group shares.

(All amounts are in EUR thousand, unless otherwise stated)

III. FINANCIAL INFORMATION

INCOME STATEMENT Half-Year ended 30 June
GROUP
COMPANY
2017 2016 2017 2016
Revenues
Cost of sales
Gain (loss) on changes in fair values of
biological assets and on recognition at fair
value of agricultural produce at point of
harvest		 22,835
(17,603)
-		 18,068
(13,437)
-		 339
-
-		 290
-
-
GROSS PROFIT 5,232 4,631 339 290
Operating expenses
Revaluation of investment property		 (4,332)
-		 (3,121)
-		 (1,955) (1,254)
Other income 124 256 12,968 13
OPERATING PROFIT 1,024 1,766 11,352 (951)
Finance cost (605) (772) (923) (387)
PROFIT (LOSS) BEFORE INCOME TAX 419 994 10,429 (1,338)
Income tax expense 68 9 - -
NET PROFIT / (LOSS) FOR THE YEAR 487 1,003 10,429 (1,338)
ATTRIBUTABLE TO:
Equity holders of the Company
Non-controlling interest		 487
(15)		 1,031
(28)		 10,429
-		 (1,338)
-
STATEMENT OF OTHER COMPREHENSIVE
INCOME		 472 1,003 10,429 (1,338)
NET PROFIT/ (LOSS) FOR THE PERIOD 472 1,003 10,429 (1,338)
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR		 472 1,003 10,429 (1,338)
ATTRIBUTABLE TO:
Equity holders of the Company
Non-controlling interest		 487
(15)		 1,031
(28)		 10,429
-		 (1,338)
-
472 1,003 10,429 (1,338)

(All amounts are in EUR thousand, unless otherwise stated)

BALANCE SHEET

GROUP COMPANY
ASSETS Half-year
2017		 Year-end
2016		 Half-year
2017		 Year-end
2016
Non-current assets
Property, plant and equipment 82,416 76,262 231 217
Investment property - - - -
Investments in subsidiaries - - 69,777 69,774
Intangible assets 1,010 19 11 16
Long term receivables
Available for sale investments		 3,032
286		 2,599
286		 -
-		 -
-
Deferred tax asset 671 669 - -
Biological assets 7,081 6,858 - -
Total non-current assets 94,496 86,693 70,019 70,007
Current assets
Biological assets 18,914 5,223 - -
Inventory 7,851 15,157 - 1
Trade receivables, advance payments and other
receivables 12,086 13,367 218 116
Receivables and advance payments from
Intercompanies		 - - 13,711 158
Cash and cash equivalents 357 1,650 - 97
Total current assets 39,208 35,397 13,929 372
TOTAL ASSETS 133,704 122,090 83,948 70,379
EQUITY AND LIABILITIES
Capital and reserves
Share capital 54,351 54,351 54,351 54,351
Share premium 7,890 7,890 7,890 7,890
Revaluation reserve
Legal reserve		 4,179
579		 4,179
579		 -
579		 -
579
Currency exchange differences (259) (217) - -
Retained earnings / (accumulated deficit) 5,635 5,163 (9,991) (20,420)
Equity attributable to equity holders of the
parent 72,375 71,945 52,829 42,400
Non-controlling interest 278 293 -
Total equity 72,653 72,238 52,829 42,400
Non-current liabilities
Borrowings 18,440 16,938 - -
Borrowings from intercompanies - - 24,636 25,568
Obligations under finance lease 7,383 3,427 107 79
Deferred grant income 2,812 3,286 - -
Deferred tax liability 436 433 - -
Total non-current liabilities 29,071 24,084 24,743 25,647
Current liabilities
Current portion of non-current borrowings 2,565 3,585 - 1,170
Current portion of non-current obligations under
finance lease 1,522 2,690 11 17
Current portion deferred grant income 416 566 - -
Current borrowings
Trade payables		 6,393
13,812		 5,350
8,796		 3,993
396		 -
159
Payables to intercompanies - - 1,726 769
Other payables and current liabilities 7,272 4,781 250 217
Total current liabilities 31,980 25,768 6,376 2,332
Total liabilities 61,051 49,852 31,119 27,979
TOTAL EQUITY AND LIABILITIES 133,704 122,090 83,948 70,379

(All amounts are in EUR thousand, unless otherwise stated)

STATEMENT OF CHANGES IN EQUITY

GROUP Equity
Currency attributable to
the		 Non
Share Share Revaluatio exchange Legal Retained shareholders of controllin
capital premium n reserve differences reserve earnings the company g interest Total
Balance as at
31 December 2016 54,351 7,890 4,179 (217) 579 5,163 71,945 293 72,238
Comprehensive income
Net profit (loss) for the period - - - - - 472 472 (15) 457
Other comprehensive income - - - - - - - - -
Currency exchange differences - - - (42) - - (42) - (42)
Total comprehensive income - - - (42) - 472 430 (15) 415
Transactions with
shareholders
Increase in share capital - - - - - - - - -
Total transactions with
shareholders - - - - - - - - -
Balance as at
30 June 2017		 54,351 7,890 4,179 (259) 579 5,635 72,375 278 72,653
COMPANY Share
capital		 Share
premium		 Legal
reserve		 Retained
earnings		 Total
Balance as at
31 December 2016 54,351 7,890 579 (20,420) 42,400
Comprehensive income
Net profit (loss) for the period - - - 10,429 10,429
Total comprehensive income - - - (10,429) 52,829
Transactions with shareholders
Increase in share capital - - - - -
Total transactions with
shareholders		 - - - - -
Balance as at
30 June 2017 54,351 7,890 579 (9,991) 52,829

(All amounts are in EUR thousand, unless otherwise stated)

STATEMENT OF CASHFLOWS

Half-Year ended 30 June
GROUP COMPANY
2017 2016 2017 2016
Net profit (loss) before income tax 457 1,003 10,428 (1,339)
Adjustments for non-cash expenses (income) items and
other adjustments
Depreciation expense 3,365 3,016 12 15
Amortization expense - 48 4 3
Write offs and impairment of PPE 42 71 - -
(Profit) loss on sales of non-current assets - - - -
(Gain) on sale of investment property - - - -
Write-offs of inventory - 260 - -
Net finance cost 552 710 44 75
Net finance cost (from intercompanies) - - 859 312
Acquired own liabilities at discount - - - -
(Profit) loss on sale of investments - - - -
Revaluation of investment property - - - -
Impairment of investments - - - -
Impairment of accounts receivable - - - -
Loss (gain) on changes in fair value of biological assets - - - -
Grants related to assets, recognized as income (569) (302) - -
Changes in working capital - -
(Increase) decrease in biological assets (13,000) (5,977) - -
(Increase) decrease in trade receivables and prepayments 5,621 (281) (13,654) (176)
(Increase) decrease in inventory 7,500 3,603 1 (2)
(Decrease) increase in trade and other payables 3,037 (228) 1,227 527
7,005 1,923 (1,080) (585)
Income tax paid - - - -
Interest received, gross - - - -
Interest paid, gross (544) (522) (902) (387)
Net cash flows from /(to) operating activities 6,461 1,401 (1,982) (973)
Cash flows from /(to) investing activities
Purchase of property, plant and equipment (5,073) (3,809) (25) (76)
Purchase of Investments (KTG Group) (478) - - -
Purchase of accounts receivables (KTG Group) (887) - - -
Cash acquired with subsidiaries 44 - - -
Purchase of investment property, investments - - - -
Proceeds from sales of investment property, PPE - - - -
Proceeds from sales of investments - 299 - -
Grants related to assets, received from NPA - - - -
Loans repaid (granted) (431) (716) - (53)
Net cash flows from/(to) investing activities (6,883) (4,226) (25) (129)
Cash flows from /(to) financing activities
Disposal (acquisition) of available for sale investments - - - -
Loans repaid to banks (5,291) (6,813) 3,991 (2,990)
Loans repaid to intercompanies - - (2,837) (4,219)
Loans received from intercompanies - - 1,901 4,310
Borrowings received 4,489 6,834 - 4,000
Other borrowings obtained (paid) (1,941) - (1,170) (72)
Finance lease repayments 1,823 805 22 73
Net cash flows from/(to) financing activities (920) 826 1,910 1,102
Net (decrease) / increase in cash and cash equivalents (1,293) (1,999) (97) -
Cash and cash equivalents at the beginning of the period 1,650 4,068 97 -
Cash and cash equivalents at the end of the period 357 2,069 - -

(All amounts are in EUR thousand, unless otherwise stated)

Comments to the Financial Information

General information

Auga Group AB (hereinafter – "the Company") was founded and started its operations on 25 June 2003. The Company's head office is located in Konstitucijos av. 21C, Quadrum North, Vilnius, Lithuania. The Company's main activity is management of agricultural companies.

In 2003 the Company's legal name Galuvė UAB was changed to Agrovaldymo grupė UAB. In February 2006, limited liability company Agrovaldymo grupė was reorganized to a public company Agrovaldymo grupė AB. In December 2007 the Company's name was changed to Agrowill Group AB.

In October, 2016 the Company's legal name Agrowill Group AB was changed to Auga Group AB.

In April 2014, AUGA Group AB group of companies (hereinafter pre-acquisition consolidated entity – AWG) were acquired by Baltic Champs Group UAB. AWG issued 102,596,266 new shares, 88,444,014 of which were acquired by Baltic Champs Group UAB by contributing shares of Baltic Champs UAB (hereinafter – BC), the remaining 14,151,252 shares were acquired by Vretola Holdings Limited by contributing shares of eTime invest UAB. Based on the requirements outlined in International Financial Reporting Standard 3 "Business Combinations" (IFRS 3) such transaction is treated and accounted for as a reverse acquisition, as former shareholders of BC obtained control of more than 50% of AUGA Group AB shares and received the majority of seats in the Board of Directors. For accounting purposes, the legal buyer AUGA Group AB is treated as an accounting acquiree, while legal acquiree Baltic Champs UAB is treated as an accounting acquirer. The new AUGA Group AB group of companies, hereinafter in the financial statements is referred to as the Group.

Due to this reverse acquisition transaction, the consolidated figures for the reporting period represent the Group's financial information, being those of Baltic Champs UAB (accounting acquirer) and its subsidiaries financial statements, although the legal name continues to be that of AUGA Group AB.

The Company's shareholders' meeting has the power to reject and request the management to reissue financial statements after issue. Starting since 1 April 2008 the Company was listed on Vilnius Stock Exchange Main list, since 30 April 2009, the Company was moved to the Secondary list of NASDAQ OMX Vilnius Stock Exchange. As of 8 July 2011, the Company's shares are also traded on the Warsaw Stock Exchange. The fiscal year of the Company and its subsidiaries corresponds with calendar year.

The consolidated Group (hereinafter the Group) consists of the Company and one hundred fourty two subsidiaries. The subsidiaries included in the Group's consolidated financial statements are indicated below:

Group ownership interest, %
Subsidiary Country 30 Jun 2017 31 Dec 2016 Activity
UAB Baltic Champs Lithuania 100.00% 100.00% Agricultural operations
AVG Investment UAB Lithuania 100.00% 100.00% Management company
AWG Investment 1 UAB Lithuania 100.00% 100.00% Management company
AWG Investment 2 UAB Lithuania 100.00% 100.00% Management company
UAB Agross Lithuania 100.00% 100.00% Trade and logistics
Grain Lt UAB Lithuania 100.00% 100.00% Trade and logistics
AMT Žemė UAB Lithuania 100.00% 100.00% Trade and logistics
Agro GIS UAB Lithuania 95.00% 95.00% IT system development
Agro Management Team UAB Lithuania 100.00% 100.00% Land management company
Agrotechnikos centras UAB Lithuania 100.00% 100.00% Lease of machinery
AUGA trade, UAB Lithuania 100.00% 100.00% Trade activities
Žemės fondas ŽŪB Lithuania 100.00% 100.00% Rent of land
UAB Žemės vystymo fondas 6 Lithuania 100.00% 100.00% Land purchase and rent
UAB Žemės vystymo fondas 9 Lithuania 100.00% 100.00% Land purchase and rent
UAB Žemės vystymo fondas 10 Lithuania 100.00% 100.00% Land purchase and rent
UAB Žemės vystymo fondas 20 Lithuania 100.00% 100.00% Land purchase and rent
Grūduva UAB Lithuania 97.41% 97.41% Agricultural operations
Agricultural company AUGA Spindulys Lithuania 99.96% 99.96% Agricultural operations
Agricultural company AUGA Smilgiai Lithuania 99.95% 99.95% Agricultural operations
Agricultural company AUGA Skėmiai Lithuania 99.87% 99.87% Agricultural operations
Agricultural company AUGA Nausodė Lithuania 99.94% 99.94% Agricultural operations
Agricultural company AUGA Dumšiškės Lithuania 99.38% 99.38% Agricultural operations
Agricultural company AUGA Žadžiūnai Lithuania 99.81% 99.81% Agricultural operations
Agricultural company AUGA Mantviliškis Lithuania 98.79% 98.79% Agricultural operations
Agricultural company AUGA Alanta Lithuania 99.99% 99.99% Agricultural operations

(All amounts are in EUR thousand, unless otherwise stated)

Agricultural company AUGA Eimučiai Lithuania 99.25% 99.25% Agricultural operations
Agricultural company AUGA Vėriškės Lithuania 99.93% 99.93% Agricultural operations
Agricultural company AUGA Želsvelė Lithuania 97.17% 97.17% Agricultural operations
Agricultural company AUGA Lankesa Lithuania 96.24% 96.24% Agricultural operations
Agricultural company AUGA Kairėnai Lithuania 98.47% 98.47% Agricultural operations
Agricultural company AUGA Jurbarkai Lithuania 98.52% 98.52% Agricultural operations
Panevėžys region Agricultural company
Gustoniai Lithuania 99.00% 99.00% Agricultural operations
ZAO Agroprom Russia 75.00% 75.00% Management of subsidiaries
Natur Agro Grup S.R.L. Moldova 0.00% 100.00% Acquisitions and rent of land
Cooperative entity Siesartis Lithuania 100.00% 100.00% Agricultural services
Cooperative entity Kašėta Lithuania 100.00% 100.00% Agricultural services
Agricultural company Gustonys Lithuania 100.00% 100.00% Rent of land
Agricultural company Skėmių pienininkystės
centras Lithuania 50.00% 50.00% Agricultural services
Cooperative entity Agrobokštai Lithuania 100.00% 100.00% Agricultural services
Cooperative entity Dotnuvėlės valdos Lithuania 100.00% 100.00% Agricultural services
Cooperative entity Nevėžio lankos Lithuania 100.00% 100.00% Agricultural services
Cooperative entity Radviliškio kraštas Lithuania 100.00% 100.00% Agricultural services
Cooperative entity Šventosios pievos Lithuania 100.00% 100.00% Agricultural services
Cooperative entity Kairių ūkis Lithuania 100.00% 100.00% Agricultural services
Lithuania 100.00% 100.00% Agricultural services
Cooperative entity Šiaurinė valda
Cooperative entity Šušvės žemė Lithuania 100.00% 100.00% Agricultural services
Cooperative company Žalmargėlis Lithuania 100.00% 100.00% Agricultural services
Cooperative company Juodmargėlis Lithuania 100.00% 100.00% Agricultural services
Cooperative company AgroMilk Lithuania 100.00% 100.00% Agricultural services
Cooperative company Purpurėja Lithuania 100.00% 100.00% Agricultural services
UAB Agrosaulė 8 Lithuania 100.00% 100.00% Management company
Association Grūduvos melioracija Lithuania 100.00% 100.00% Agricultural services
Biržai distr., Rinkuškiai reclamation
infrastructure users association Lithuania 100.00% 100.00% Agricultural services
Pasvalys distr., Pušalotas reclamation
infrastructure users association Lithuania 100.00% 100.00% Agricultural services
Skėmiai reclamation infrastructure users
association Lithuania 100.00% 100.00% Agricultural services
Vaitiekūnai reclamation infrastructure users
association Lithuania 100.00% 100.00% Agricultural services
UAB Traktorių nuomos centras Lithuania 100.00% 100.00% Agricultural services
UAB Traktorių nuomos paslaugos Lithuania 100.00% 100.00% Agricultural services
Arnega UAB Lithuania 100.00% 100.00% Agricultural services
AgroSchool OU Estonia 100.00% 100.00% Management of subsidiaries
Public institution AgroSchool Lithuania 50.00% 50.00% Human resource management
UAB Agro Ramučiai Lithuania 100.00% 100.00% Agricultural operations
UAB Luganta Lithuania 100.00% 100.00% Agricultural operations
UAB eTime invest Lithuania 100.00% 100.00% Management of subsidiaries
Karakash Agro, OOO Ukraine 100.00% 100.00% Agricultural operations
Karakash, OOO Ukraine 100.00% 100.00% Agricultural operations
UAB ŽVF projektai Lithuania 100.00% 100.00% Acquisitions and rent of land
UAB Bukonių ekologinis ūkis Lithuania 100.00% 100.00% Management of subsidiaries
UAB Alantos ekologinis ūkis Lithuania 100.00% 100.00% Agricultural operations
UAB Dumšiškių ekologinis ūkis Lithuania 100.00% 100.00% Agricultural operations
UAB Eimučių ekologinis ūkis Lithuania 100.00% 100.00% Agricultural operations
UAB Grūduvos ekologinis ūkis Lithuania 100.00% 100.00% Agricultural operations
UAB Jurbarkai ekologinis ūkis Lithuania 100.00% 100.00% Agricultural operations
UAB Kairėnų ekologinis ūkis Lithuania 100.00% 100.00% Agricultural operations
UAB Lankesos ekologinis ūkis Lithuania 100.00% 100.00% Agricultural operations
UAB Mantviliškio ekologinis ūkis Lithuania 100.00% 100.00% Agricultural operations
UAB Nausodės ekologinis ūkis Lithuania 100.00% 100.00% Agricultural operations
UAB Skėmių ekologinis ūkis Lithuania 100.00% 100.00% Agricultural operations
UAB Smilgių ekologinis ūkis Lithuania 100.00% 100.00% Agricultural operations
UAB Spindulio ekologinis ūkis Lithuania 100.00% 100.00% Agricultural operations
UAB Vėriškės ekologinis ūkis Lithuania 100.00% 100.00% Agricultural operations
UAB Žadžiūnų ekologinis ūkis Lithuania 100.00% 100.00% Agricultural operations
UAB Želsvelės ekologinis ūkis Lithuania 100.00% 100.00% Agricultural operations
Turvaste partners OU Estonia 100.00% 100.00% Management of subsidiaries
Nakamaa Agro OU Estonia 100.00% 100.00% Management of subsidiaries
Hindaste Invest OU Estonia 100.00% 100.00% Management of subsidiaries
Tuudi River OU Estonia 100.00% 100.00% Management of subsidiaries

(All amounts are in EUR thousand, unless otherwise stated)

Palderma Partners OU Estonia 100.00% 100.00% Management of subsidiaries
Ave-Martna Capital OU Estonia 100.00% 100.00% Management of subsidiaries
Hobring Invest OU Estonia 100.00% 100.00% Management of subsidiaries
Rukkirahhu Capital OU Estonia 100.00% 100.00% Management of subsidiaries
Pahasoo OU Estonia 100.00% 100.00% Management of subsidiaries
KB Ganiklis Lithuania 100.00% 100.00% Agricultural operations
KB Ganiavos gėrybės Lithuania 100.00% 100.00% Agricultural operations
KB Žemėpačio pieno ūkis Lithuania 100.00% 100.00% Agricultural operations
KB Žemynos pienelis Lithuania 100.00% 100.00% Agricultural operations
KB Lygiadienio ūkis Lithuania 100.00% 100.00% Agricultural operations
KB Laumės pieno ūkis Lithuania 100.00% 100.00% Agricultural operations
KB Medeinos pienas Lithuania 100.00% 100.00% Agricultural operations
KB Gardaitis Lithuania 100.00% 100.00% Agricultural operations
KB Dimstipatis Lithuania 100.00% 100.00% Agricultural operations
KB Aušlavis Lithuania 100.00% 100.00% Agricultural operations
KB Austėjos pieno ūkis Lithuania 100.00% 100.00% Agricultural operations
KB Aitvaro ūkis Lithuania 100.00% 100.00% Agricultural operations
KB Giraičio pieno ūkis Lithuania 100.00% 100.00% Agricultural operations
Fentus 10, GmbH Germany 100.00% 0.00% Management of subsidiaries
Norus , AG Germany 100.00% 0.00% Management of subsidiaries
LT Holding AG Germany 100.00% 0.00% Management of subsidiaries
,,KTG Agrar" UAB Germany 100.00% 0.00% Agricultural operations
UAB ,,Agrar Raseiniai" Lithuania 100.00% 0.00% Agricultural operations
UAB ,,Agrar Mažeikiai" Lithuania 100.00% 0.00% Agricultural operations
UAB ,,PAE Agrar" Lithuania 100.00% 0.00% Agricultural operations
UAB ,,Delta Agrar" Lithuania 100.00% 0.00% Agricultural operations
Lithuania 100.00% 0.00% Agricultural operations
UAB ,,KTG Grūdai"
UAB ,,KTG Eko Agrar" Lithuania 100.00% 0.00% Agricultural operations
UAB ,,Agronita" Lithuania 100.00% 0.00% Agricultural operations
UAB ,,Agronuoma" Lithuania 100.00% 0.00% Agricultural operations
UAB ,,VL Investment Vilnius 12" Lithuania 100.00% 0.00% Agricultural operations
UAB ,,Agrar Ašva" Lithuania 100.00% 0.00% Agricultural operations
UAB ,,Agrar Varduva" Lithuania 100.00% 0.00% Agricultural operations
UAB ,,Agrar Seda" Lithuania 100.00% 0.00% Agricultural operations
UAB ,,Agrar Kvistė" Lithuania 100.00% 0.00% Agricultural operations
UAB ,,Agrar Luoba" Lithuania 100.00% 0.00% Agricultural operations
UAB ,,Agrar Gaja" Lithuania 100.00% 0.00% Agricultural operations
UAB ,,Agrar Ariogala" Lithuania 100.00% 0.00% Agricultural operations
UAB ,,Agrar Girdžiai" Lithuania 100.00% 0.00% Agricultural operations
UAB ,,Agrar Vidauja" Lithuania 100.00% 0.00% Agricultural operations
UAB ,, Agrar Raudonė" Lithuania 100.00% 0.00% Agricultural operations
UAB ,,Agrar Venta" Lithuania 100.00% 0.00% Agricultural operations
UAB ,,Agrar Nerys" Lithuania 100.00% 0.00% Agricultural operations
UAB ,,Agrar Gėluva" Lithuania 100.00% 0.00% Agricultural operations
UAB ,,Agrar Betygala" Lithuania 100.00% 0.00% Agricultural operations
UAB ,,Agrar Dubysa" Lithuania 100.00% 0.00% Agricultural operations
UAB ,,Agrar Pauliai" Lithuania 100.00% 0.00% Agricultural operations
UAB ,,Agrar Mituva" Lithuania 100.00% 0.00% Agricultural operations

As at 30 June 2017 the Group had 1,226 employees, 31 December 2016 – 1,099 employees. Main operations of the Group – cultural mushrooms growing and selling, production and sales of milk and different grain and rapeseed crops, as well as land management activities.

(All amounts are in EUR thousand, unless otherwise stated)

Basis of preparation

Except as described below, the accounting policies applied are consistent with those of the annual financial statements for the year ended 31 December 2016, as described in those annual financial statements. Taxes on income in the interim periods are accrued using the tax rate that would be applicable to expected total annual earnings.

The accompanying interim financial information for the period ended 30 June 2017 has been prepared in accordance with IAS 34, 'Interim financial reporting'. The consolidated financial information have been prepared on the historical cost basis, as modified by the revaluation of property, plant and equipment, investment property and biological assets (livestock and crops). This financial information should be read in conjunction with the annual financial statements for the year ended 31 December 2016, which have been prepared in accordance with IFRS as adopted by the EU.

The preparation of financial information in conformity with IAS 34 requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the group's accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial information, are disclosed below.

Critical accounting estimates and assumptions

The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities in future periods are addressed below.

Income taxes

Tax authorities have right to examine accounting records of the Company and its Lithuanian subsidiaries at anytime during the 5 year period after the current tax year and account for additional taxes and fines. In the opinion of the Group's management, currently there are no circumstances which would raise substantial liability in this respect to the Group.

The Group has created deferred tax liability on revaluation amounts of investment property and own assets. The applicable tax rate used was 15%, as it is planned that assets will be realized (if will be realized) after 2013 when the 15% corporate tax effect will be applicable to all Group's entities (except for the agricultural subsidiaries which are currently taxed at lower transition tax rate of 5%).

(All amounts are in EUR thousand, unless otherwise stated)

Business combinations

In December 2016, the Group started acquisition procedues of KTG AGRAR SE subsidiary companies, operating in Lithuania (KTG group companies). The Group filed a request with the Competition authority regarding permission to acquire the operations. The formal acceptance was received on 13 January 2017, and the Group finalized the acquisition procedues on 31 January 2017. The majority of the acquired companies are agricultural operations companies, other 3 companies are subsidiary management companies. Fair value estimation of acquired KTG group companies is provided below:

Business combination KTG group companies
Fair value of the group as at
31 January 2017
Non-current assets
Intangible assets (land rent contracts) 984
PPE 4,598
Biological assets (current)
Crops 915
Current assets
Trade receivables and other current assets 1,909
Inventory 193
Cash and cash equivalents 44
Long term liabilities
Grants (55)
Financial liabilities (1,869)
Short term liabilities
Other financial liabilities (3,206)
Trade payables and other current liabilities (4,579)
Net assets at acquisition date (1,066)
Accounts receivable acquired 2,431
Acquired share capital and receivables, % 100.0
Total value of acquired investment 1,365
-
Consideration paid for shares 478
Consideration paid for receivables 887
Total purchase consideration 1,365
Total (negative) goodwill -

The Group updated fair value estimations of the KTG group companies provided in 31 December 2016. The fair value of land rent contracts (decreased), agricultural land plots (increased), construction in progress (decreased), crops (increased) and accounts receivable (increased) was updated after more in depth analysis of the assets.

(All amounts are in EUR thousand, unless otherwise stated)

Revenues

Revenues breakdown by type was the following: 6 month period
ended 30 June
2017 2016
Mushrooms and compost 12,170 12,359
Milk sales 3,990 2,880
Crop sales 6,116 2,272
Cattle sales 434 491
Other revenues 125 66
Total 22,835 18,068

The Group revenues increased by 26% in the first half of 2017 compared to the same period last year. Most of the increase is related to Crop sales which increased by 169%. This occurred due to the transition to organic farming, as most of the sales of organic produce are quite evenly divided from the point of harvest until the next summer while conventional produce is mostly sold right after the harvest - only 40% of 2016 year's harvest were sold in 2016, while 80% of 2015 year's harvest were sold in 2015. Revenues from mushrooms and compost sales decreased by 8%, due to temporary problems in production in the first quarter of 2017. However, the problems were solved the same quarter and sales in subsequent months returned to 2016 year's level. Revenues from sales of milk have increased due rise of market milk prices. Comparing to the first half of 2016, milk price has increased by 39%, while the yield decreased by 3%.

Cost of sales

Cost of sales breakdown by type was the following: 6 month period

ended 30 June
2017 2016
Mushrooms and compost 12,061 11,459
Milk cost of sales 3,139 2,984
Crop cost of sales 4,666 1,665
Cattle cost of sales 1,022 1,049
Other cost of sales 79 31
Less: State subsidies (3,364) (3,751)
Total 17,603 13,437

The Group cost of sales increased mainly due to increased cost of crop sales. Cost of crop sales increased in-line with sales increase. Cost of mushrooms and compost sales slightly increased despite decrease in sales due to aforementioned temporary problems in production which were solved the same quarter. State subsidies decreased due to the fact that in 2017 the Group will fully finish the convertion to organic agriculture and the harvest of 2017 will be fully organic for which ecological subsidies are lower. In first half of 2017 the Group accrued a half of the estimated amounts of subsidies. In August, 2017 the Group has full completed the transition to ecological agriculture.

The Group gross profit in the first half of 2017 has increased mainly due to rise of milk price and crop sales comparing to the same period last year.

Operating expenses

Operating expenses breakdown by type of expenses was the following: 6 month period

ended 30 June
2017 2016
Payroll expenses 1,468 1,111
Social security expenses 455 344
Depreciation and amortization 381 166
Write-off of inventory 233 347
Consultation services 359 243
Fuel and transportation expenses 159 122
Tax and insurance expenses 193 120
Rent and utilities 132 69
Other expenses 952 599
Total 4,332 3,121

(All amounts are in EUR thousand, unless otherwise stated)

Operating expenses (continuing)

Payroll expenses increased due to increased number of employees related to acquisition of KTG group companies and increased number of employees in the Company. Additionally the Group incurred more consulting expenses due to acquisition of KTG group companies and other ongoing investment projects. Other expenses increased as the Group invested more in AUGA brand and end-user products development and promotion, as well as export development.

Other income

Other income breakdown by type was the following:

6 month period
ended 30 June
2017 2016
Interest and fines income 64 149
Write-down of liabilities 42 52
Other income 18 55
Total 124 256

No unusual significant income were obtained during the first six months of 2017.

Financial expenses

Financial expenses breakdown by type was the following:

6 month period
ended 30 June
2017 2016
Bank interest expenses 536 596
Debt extinguishment interest expenses - -
Other interest expenses 17 114
Currency fluctuation effect - -
Other financial expenses 52 62
Total 605 772

In first half of 2017 bank interest expenses were lower due decreased financial liabilities to banks after the sale of Fixed yield investment fund in December, 2016. However the decrease is not that significant due inherited financial liabilities with acquisition of KTG Group companies and additions of property plant and equipment financed by financial leasing.

(All amounts are in EUR thousand, unless otherwise stated)

Fixed assets

Land Buildings Constructions
and machinery		 Vehicles,
equipment and
other property,
plant and
equipment		 Construction
in progress		 Total
Carrying amount
As at 31 December 2015		 27,021 45,004 15,098 2,005 506 89,634
- additions 1,122 149 4,848 1,203 673 7,995
- disposals and write-offs ( 242) ( 66) ( 362) ( 285) (1) ( 956)
- revaluation 822 - - - - 822
- depreciation - ( 2,072) ( 3,506) ( 480) - ( 6,058)
- reclassifications 9,636 ( 635) 635 ( 28) 28 9,636
- sale of ŽVF Group ( 24,811) -
-		 - - ( 24,811)
As at 31 December 2016 13,548 42,380 16,713 2,415 1,206 76,262
- acquired with KTG group companies 1,946 676 1,447 429 - 4,498
- additions 736 228 3,630 470 - 5,064
- disposals and write-offs - - ( 42) - - ( 42)
- revaluation - - - - - -
- depreciation - ( 1,054) ( 1,955) ( 356) - ( 3,365)
- reclassifications - 137 - - ( 137) -
As at 30 June 2017 16,230 42,367 19,793 2,958 1,069 82,416
Acquisition cost as at
31 December 2015 27,021 49,768 20,784 2,881 506 100,960
31 December 2016 13,548 49,216 25,905 3,771 1,206 93,646
30 June 2017 16,230 50,257 30,940 4,670 1,069 103,165
Accumulated depreciation and
impairment losses as at
31 December 2015 - ( 4,764) ( 5,686) ( 876) - ( 11,326)
31 December 2016 - ( 6,836) ( 9,192) ( 1,356) - ( 17,384)
30 June 2017 - ( 7,890) ( 11,147) ( 1,712) - ( 20,749)
Carrying amount as at 31
December 2015		 27,021 45,004 15,098 2,005 506 89,634
Carrying amount as at 31
December 2016		 13,548 42,380 16,713 2,415 1,206 76,262
Carrying amount as at 30 June
2017		 16,230 42,367 19,793 2,958 1,069 82,416

(All amounts are in EUR thousand, unless otherwise stated)

Equity

The share capital of AUGA Group, AB as at 30 July 2017 was EUR 54,351 thousand. The share capital is divided into 187,416,252 ordinary shares. Each issued share has a EUR 0.29 nominal value and fully paid. Each share had usual material and intangible rights as per Law on Companies of the Republic of Lithuania and the Company's statutes.

A legal reserve is a compulsory reserve under Lithuanian legislation. Annual transfer of 5% of net profit, calculated in accordance with Lithuanian regulatory legislation on accounting, is compulsory until the reserve including share premium reaches 10% of the share capital. The legal reserve can be used to cover the accumulated losses. The legal reserve of the Company equalled EUR 579 thousand as at 30 June 2017 and 31 December 2016.

During the Annual General Meetings of Shareholders of AUGA Group, AB subsidiaries: AUGA Želsvelė, ŽŪB, AUGA Dumšiškės, ŽŪB, AUGA Mantviliškis, ŽŪB, AUGA Skėmiai, ŽŪB, AUGA Smilgiai, ŽŪB, AUGA Spindulys, ŽŪB held in 2017, a decision was made to pay out dividends to shareholders. Due to this the Company has received EUR 12,907 thousand dividend income. In the table below the distribution of dividends of each subsidiary is provided. By 31 June 2017 there were no other subsidiaries which made a decision to pay out the dividends.

Share-owners share of dividends (%) Share-owners share of dividends (Eur)
AUGA
Group, AB		 AVG
investment,
UAB		 AUGA
Eimučiai,
ŽŪB		 Third
parties		 Dividends
(EUR)		 AUGA Group,
AB		 AVG
investment
(Subsidiary)		 AUGA
Eimučiai,
ŽŪB
(Subsidiary)		 Third
parties
AUGA Želsvelė 98,64% 0,31% - 1,05% 2,560,000 2,525,178 7,873 - 26,949
AUGA Dumšiškės 99,25% 0,13% - 0,62% 980,000 972,625 1,251 - 6,124
AUGA Mantviliškis 98,77% 0,02% - 1,21% 1,600,000 1,580,270 397 - 19,333
AUGA Skėmiai 99,75% 0,12% - 0,12% 1,200,000 1,197,047 1,477 - 1,477
AUGA Smilgiai 97,84% - 2,16% - 3,100,000 3,033,083 - 66,917 -
AUGA Spindulys 99,96% - - 0,04% 3,600,000 3,598,507 - - 1,493
13,040,000 12,906,709 10,998 66,917 55,375

Liabilities

The Group's long term borrowings consisted of the following:

As at 30 June
2017		 As at 31 December
2016
Borrowings from banks
Mushroom growing companies 6,918 7,905
Land management entities - -
Agricultural entities 7,870 6,558
Agricultural cooperatives 3,236 840
Long-term payment to 3rd parties
Long-term payable to the State 1,527 1,687
Long-term payable to creditors 1,454 2,345
Long-term payable to the investment fund for purchased land - 1,188
Total 21,005 20,523
Less: amounts, payable within one year (according to agreements) (2,565) (3,585)
Total long term borrowings 18,440 16,938

The Group owes payable amount to the State of EUR 1,527 thousand for land acquisition made by Group in 2008 - 2014. The payable amount to State is over 15 year period.

(All amounts are in EUR thousand, unless otherwise stated)

The long-term borrowings and payables are repayable as follows: As at 30 June
2017		 As at 31 March
2016
Borrowings from banks
Within second year 4,160 5,147
Within third and fourth year 12,837 10,708
After fifth year and later 1,443 1,083
Total 18,440 16,938

The Group's short term borrowings were the following:

As at 30 June
2017		 As at 31 March
2016
Borrowings from banks
Mushroom growing companies 2,400 2,317
Agricultural entities - -
Parent company 3,993 -
Grain selling entity - 3,033
-Total short term borrowings 6,393 5,350

Short-term loans from banks include EUR 6,393 thousand (In 2016: EUR 5,350 thousand) credit-line facilities.

Information on audit

Consolidated Interim Financial Information of the Group for the 6 month period ended 30 June 2017 was not audited.

(All amounts are in EUR thousand, unless otherwise stated)

IV. THE NEWEST AND ESSENTIAL EVENTS IN THE ACTIVITY OF THE ISSUER

The newest events in the activity of the Issuer

Completion of transition to organic farming

In August 2017, agricultural companies of AUGA group, AB have successfully completed transition to organic farming, which commenced in 2015, and have received European organic farming certificates. Henceforth, crops and milk produced by the companies are certified as organic and will be used to produce new organic food products.

Implementation of the Supervision Service of the Bank of Lithuania decision

Supervision Service of the Bank of Lithuania on 2017 June 5 made Decision No. 241-104 (Decision) in which obliged AUGA group, AB (Company) to retrospectively make corrective adjustments according to the requirements of IAS 40 "Investment Property" and IFRS 13 "Fair Value Measurement" when preparing its interim Financial Statements for the first 6 months of 2017: value of investments must be properly identified and justified according to the definition of fair value specified in the mentioned standards. In the case that the value of investment property as of 2015 September 30 is defined as being different than specified in the interim Financial Statements for the first 9 months of 2015, the Company must retrospectively correct its Financial Statements.

Implementing the Decision the Company commissioned retrospective valuation of land plots which values were the basis for calculating values for larger part of land plots owned by the Group on 2017 September 30. Based on the results of the retrospective valuation, the value of land plots owned by the Group, including investment property, was EUR 30 493 thousand (0,7% higher than stated in interim Financial Statements for the first 9 months of 2015).

Management of the Company sees this change in value of the land plots as not material. Therefore the value of land plots, including investment property, owned by the Group stated in the interim Financial Statements for the first 9 months of 2015 is justified and meets the requirements of IAS 40 "Investment Property" and IFRS 13 "Fair Value Measurement".

Regulatory oversight actions regarding Valuation report of the eTime invest UAB shares

In February 2015 AUGA Group AB received a letter of the Supervision Service of the Bank of Lithuania forwarding a conclusion of the Property Valuation Oversight Agency regarding the compliance of the business valuation report prepared by OBER-HAUS nekilnojamas turtas UAB on the valuation of the shares in eTime invest UAB (Report) and applied valuation methods with the provisions of the Law on the Bases of Property and Business Valuation of the Republic of Lithuania. The Property Valuation Oversight Agency provided a conclusion that the said Report did not comply with the Law on the Bases of property and Business Valuation of the Republic of Lithuania. More detailed information about this situation and its progress during year 2015-2017 is provided in the 31 December 2016 financial statements note 30 and 31 March 2017 interim financial statements.

The financial statements of the Group and the Company continue to reflect the share capital issued to Vretola Holdings Limited in exchange of the in-kind contribution of the eTime Invest shares as fully paid-up at 30 June 2017 and comparative periods. Management of the Company believes that it adheres to IFRS and its financial statements are transparent and reliable. Only after the final ruling of the courts in the legal challenge against the Decision case will it be possible to evaluate what actions should be taken and what possible effects to the Company's and (or) Group's financial statements it may have.

Acquisition of KTG AGRAR Lithuanian operations

As it was discussed earlier the Group finalized the acquisition procedures of KTG AGRAR SE subsidiary companies on 31 January 2017.

Changes in the governing bodies of the Group

On 31 January 2017, the Group's shareholders changed the statutes of the Company and reduced the number of Supervisory Board members from 5 to 3 (electing former members Vladas Lašas, Rimantas Rudzkis and Liudas Navickas as new Supervisory Board members) and decreasing number of Board of Directors members from 7 to 5. On 8 February 2017, the Supervisory Board elected Kęstutis Juščius, Agnė Jonaitytė, Linas Bulzgys, Marijus Bakas, and Linas Strėlis as new members of Board of Directors.

(All amounts are in EUR thousand, unless otherwise stated)

Material events over January – August 2017:

The Company informs of all material events over the CNS system of NASDAQ OMX VILNIUS stock Exchange and on the ESPI information system which is operated by Polish FSA, as well as on Electronic Information Base which is operated by Warsaw Stock Exchange.

Announce

ment date Announcement header
08.08.2017 Completion of transition to organic farming
11.08.2017 AUGA group, AB has signed a Market Maker Agreement with UAB FMĮ "Orion Securities"
08.06.2017 Regarding the Decision by the Supervision Service of the Bank of Lithuania
31.05.2017 Interim information AUGA group, AB for the 3 months period ended 31 March 2017
05.05.2017 Bank of Lithuania imposes penalty on the general manager
28.04.2017 AUGA group, AB Annual information for the year 2016
28.04.2017 Decisions of ordinary shareholders meeting of AUGA group, AB which took place on 28 April, 2017
27.04.2017 Draft decisions of ordinary shareholders meeting of AUGA group, AB which will take place on 28 April, 2017 (AMENDED)
07.04.2017 Regarding the decision of the Supervision Service of the Bank of Lithuania
06.04.2017 Draft decisions of ordinary shareholders meeting of AUGA group, AB which will take place on 28 April, 2017
06.04.2017 Notice on Convocation of the ordinary General Meeting of Shareholders of AUGA group, AB on 28 April, 2017
04.04.2017 Notification on the acquisition of voting rights, AUGA group, AB
28.02.2017 AUGA group, AB interim unaudited financial information for 12 months ended 31 December 2016
08.02.2017 Appointment of new management board of AUGA group
Resolutions of AUGA group, AB, with regard election of Chairman of Supervisory Board, election of members of
08.02.2017 Management Board and Chairman of Management Board
31.01.2017 AUGA group, AB has completed acquisition of KTG AGRAR SE subsidiary companies
31.01.2017 Decisions of extraordinary shareholder's meeting of AUGA group, AB which took place on 31st January , 2017
AUGA group, AB has received a permission of the Competition Council of the Republic of Lithuania to execute a
13.01.2017 concentration and acquire KTG AGRAR SE companies
09.01.2017 Notice on Convocation of the extraordinary General Meeting of Shareholders of AUGA group, AB on 31 January, 2017
09.01.2017 Draft decisions of extraordinary shareholder's meeting of AUGA group, AB which will take place on 31st January, 2017

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