Siguldas CMAS

Quarterly Report • May 23, 2013

Joint stock company SIGULDAS CILTSLIETU UN MĀKSLĪGĀS APSĒKLOŠANAS STACIJA

INTERIM STATEMENT for 3 months of 2013

Index of Contents

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

Page

Information on the Company

Company's name	SIGULDAS CILTSLIETU UN MĀKSLĪGĀS APSĒKLOŠANAS STACIJA
Company's legal status	Joint stock company
Registration number, place and date	40003013295, Riga, 26 July 1991
	Registration in the Commercial Register on 19 June 2004
Legal address	,,Kalnabeites''8, Sigulda parish, Sigulda area, LV-2150
Shareholders holding more than 5% of the total number of voting shares	SIA "Siguldas mākslīgās apsēklošanas stacija" (49.8%), registration No. 40003311954
Members of the Board	Nils Ivars Feodorovs, Chairman of the Board Sarmīte Arcimoviča, Member of the Board Valda Mālniece, Member of the Board
Members of the Council	Inita Bedrīte, Chairman of the Council Maija Beča, Deputy Chairman of the Council Erika Everte, Member of the Council Solvita Arcimoviča, Member of the Council Jekaterina Kreise, Member of the Council
Reporting year	01.01.2013 - 31.03.2013
Auditors	Anita Sondore Sworn Auditor Certificate No. 129
	AUDITS A.S., SIA "Pīlādži", Līgatne parish, Līgatne area, LV-4108, Latvia Sworn Auditors' Commercial Company's license No. 27

Profit or loss account for the period ended 31 March 2013

	Note	2013 LVL	2012 LVL	2013 EUR	2012 EUR
Net sales	3	172 010	178 392	244 748	253 829
Changes in stock of ready-made goods and unfinished products	4	9 843	13 853	14 005	19 711
Other operating income	5	1 213	] તેરી	1 726	2 776
Costs of materials:		(79 581)	(81 939)	(113 233)	(116 589)
a) raw materials and auxiliary costs of materials		(59 136)	(63 742)	(84 142)	(90 696)
b) other external costs		(20 445)	(18 197)	(29 091)	(25 893)
Personnel costs:	6	(71 281)	(71 785)	(101 424)	(102 140)
a) salaries for work		(55 568)	(56 354)	(79 067)	(80 184)
b) state social insurance compulsory contributions		(12 712)	(12 649)	(18 087)	(17 997)
c) other social insurance costs		(3 001)	(2 782)	(4 270)	(3 959)
Write-off of assets and values:		(9 695)	(10 587)	(13 795)	(15 064)
a) depreciation of fixed assets and amortization of intangible assets		(9 555)	(10 587)	(13 595)	(15 064)
b) write-off of value of current assets above the normal deductions		(140)		(200)
Other operating costs	7	(10 430)	(9 862)	(14 840)	(14 032)
Other interest income and similar income	8	506	1 320	720	1 878
Interest payments and similar costs	9	(910)	(570)	(1 295)	(811)
Profit or losses before taxes		11 675	20 773	16 612	29 558
Enterprise income tax for the reporting year		(2 232)	(3 417)	(3 176)	(4 862)
Other taxes	10	(1 133)	(1 119)	(1 612)	(1 593)
The profit or loss for the year		8 310	16 237	11 824	23 103
Equity per 1 share (EPS)	22	0.020	0.038	0.028	0.055

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

Nils Ivars Feodorovs Chairman of the Board

Sarmīte Arcimoviča Member of the Board

Valda Mālniece Member of the Board

22 May 2013

Balance sheet as at 31 March 2013

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Fixed assets total	+,	-2--03	-4.231	5.5.	.155./
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Long-term financial investments total		1504/	15,11	402/3	40,.4
Hkjc)qaoiejsapqiajqpqkq]h		/042,/	/4,4-.	052,-3	10-403
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Stock total		/25--2	/1..14	1.1.,2	1,-.-3
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Receivables total		53420	533,.	-/5.04	-/5,-3
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Short-term financial investments total		.-405	.-3/5	/-,44	/,5//
?]pd	,+	-51/45	-22543	.34,-/	./32,-
?rooajq]ppaqpqkq]h		240.-4	2/4242	53/111	5,4324
=ppaqpqkq]h		-,/.4.-	-,-5054	-02513.	-01,2-1

Balance sheet as at 31 March 2013

Shareholders' equity and liabilities	Note	2013 LVL	2012 LVL	2013 EUR	2012 EUR
Shareholders' equity
Share capital	22	422 440	422 440	601 078	601 078
Retained earnings:
Retained earnings carried forward from previous years		534 618	519 382	760 693	739 014
Retained earnings of the reporting year		8 310	16 237	11 824	23 103
Shareholders' equity total		965 368	958 059	1 373 595	1 363 195
Provisions
Other provisions	23	5 746	8 823	8 176	ાર તરીકે રહિર
Provisions total		5 746	8 823	8 176	12 555
Payables
Long-term payables
Deferred tax liabilities	24	3 059	3 325	4 353	4 731
Long-term payables total		3 059	3 325	4 353	4 731
Short-term payables
Prepayment received from customers		340	180	483	257
Trade payables		36 271	15 764	રી 600	22 430
Taxes and social insurance payments	25	14 706	25 077	20 925	35 680
Other payables		7 331	8 270	10 431	11 767
Short-term payables total		58 648	49 291	83 448	70 134
Payables total		61 707	52 616	87 801	74 865
Shareholders' equity and liabilities total		1 032 821	1 019 498	1 469 572	1 450 615

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

Nils Ivars Feodorovs Chairman of the Board

Sarmīte Arcimoviča Member of the Board

Valda Mālniece Member of the Board

22 May 2013

Cash flow statement for the period ended 31 March 2013

	Note	2013 LVL	2012 LVL	2013 EUR	2012 EUR
Cash flow from operating activities
Income from sale of goods and provision of services		190 706	222 986	271 350	317 280
Payments to suppliers, employees, other expenses arising from basic operations		(204 153)	(206 837)	(290 485)	(294 302)
Gross cash flow from basic operations		(13 447)	16 149	(19 135)	22 978
Expenses for enterprise income tax payments		(1 512)	(3 417)	(2 151)	(4 862)
Net cash flow from operating activities		(14 959)	12 732	(21 286)	18 116
Cash flow from investing activities
Purchase of capital shares of associated company		(388)	(1 972)	(552)	(2 806)
Purchase of fixed assets and intangible investments		(145)	(718)	(206)	(1 022)
Net cash flow from investing activities		(533)	(2 690)	(758)	(3 828)
Cash flow from financing activities
Subsidies received as a state support		1 213	। જેરી	1 726	2 776
Net cash flow from financing activities		1 213	ા તેરી	1 726	2 776
Result of foreign exchange rate fluctuations		(24)	(13)	(34)	(18)
Increase/ decrease of cash and its
equivalents		(14 303)	11 980	(20 352)	17 046
Cash and its equivalents at the beginning of the period		209 692	155 007	298 365	220 555
Cash and its equivalents at the end of the period	21	195 389	166 987	278 013	237 601

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

Nils Ivars Feodorovs Chairman of the Board

Sarmīte Arcimoviča Member of the Board

Valda Mālniece Member of the Board

22 May 2013

Statement on changes in shareholders' equity for the period ending 31 March 2013

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(1) General information on the Company

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

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

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

(2) Significant accounting principles

Underlying principles of preparation of the Financial Statements

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

Accounting principles used

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

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

Financial instruments

Fair value of financial assets and liabilities

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

Financial risks management

Credit risk

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

Currency risk

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

Reporting period

The reporting period is 3 months from 1 January to 31 March 2013.

Revaluation of foreign currencies

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

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

	31.03.2013	31.03.2012
EUR	0 702804	0 702804
USD	0 547	0 528

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

Recognition of income

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

Sale of goods

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

Provision of services

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

Penalty and delay charges

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

Interest

Income is recognized according to the respective period of time.

Long-term and short-term items

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

Leasing transactions

Financial leasing

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

Intangible assets and fixed assets

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

Intangible assets:

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

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

Investment properties

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

Biological assets

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

Stock

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

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

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

Trade receivables and other receivables

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

Provisions

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

Corporate income tax

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

Calculated tax

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

Deferred tax

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

Subsidies

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

Use of assumptions

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

(3) Net sales

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

Type of operations	2013 LVL	2012 LVL	2013 EUR	2012 EUR
Livestock sperm	86 162	88 814	122 597	126 371
Milk laboratory services	47 639	47 428	67 784	67 484
Treatment of supervisory data	18 381	18 182	26 153	25 871
Cow exterior appraisal	1 082	766	1 540	1 090
Artificial insemination of livestock	6 427	6 082	9 144	8 654
Immune-genetic laboratory services		1 092		1 554
Other income	12 319	16 028	17 530	22 805
	172 010	178 392	244 748	253 829
Distribution of net sales according to the geographical markets:

2013 LVL	2012 LVL	2013 EUR	2012 EUR
172 010	178 392	244 748	253 829
172 010	178 392	244 748	253 829

Earnings from agricultural activities represented in net sales:

	2013 LVL	2012 LVL	2013 EUR	2012 EUR
Earnings from agricultural activities	172 010	178 392	244 748	253 829
	172 010	178 392	244 748	253 829

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

	2013 LVL	2012 LVL	2013 EUR	2012 EUR
Changes in sperm stock value	15 439	19 388	21 967	27 586
Written-off sperm	(ર રેત્રેભ)		(7 962)
Changes in stud bull herd value		(5 535)		(7 875)
	9 843	13 853	14 005	19 711
Other operating income (5)
	2013 LVL	2012 LVL	2013 EUR	2012 EUR
State support for agricultural	1 213	। તેરી	1 726	2 776
	1 213	। તેરી	1 726	2 776

(6) Personnel costs

	2013 LVL	2012 LVL	2013 EUR	2012 EUR
Salaries for work	52 901	53 358	75 272	75 921
Life insurance with cash value accrual	2 667	2 996	3 795	4 263
State social insurance contributions	12 712	12 649	18 087	17 997
Health insurance	2 175	2 522	3 095	3 589
Other costs	826	260	1 175	370
	71 281	71 785	101 424	102 140

(7) Other operating expenses

	2013 LVL	2012 LVL	2013 EUR	2012 EUR
Insurance payments	912	1 078	1 298	1 534
Business trip expenses	469		667
Selling expenses	1 056	973	1 203	1 384
The costs of accreditation and employee training	711	104	1 011	149
The costs of security services	223	187	317	266
Taxes applied on the vehicles	74	90	। OE	128
Company's management and administrative
expenses	5 723	6 629	8 143	9 432
Other costs	1 262	801	1 796	1 139
	10 430	9 862	14 840	14 032

(8)

	2013 LVL	2012 I.VL	2013 EUR	2012 EUR
Income from securities	16	રો	23	72
Income from foreign currency exchange rate fluctuations		428		609
Recovered doubtful and bad debts	490	841	697	1 197
	506	1 320	720	1 878

(9)

	2013 LVL	2012 LVL	2013 EUR	2012 EUR
Losses from foreign currency exchange rate
fluctuations	399		567
Employees' leisure and other costs not connected
with operating activities	રી I	570	728	811
	910	570	1 295	811

(10) Other taxes

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

Intangible assets (11)

	Concessions, patents, licenses, trade marks and similar rights	Total	Concessions, patents, licenses, trade marks and similar rights	Total
	LVL	LVL	EUR	EUR
Initial value
31.12.2012	720	720	1 024	1 024
Purchased
Disposed
31.03.2013	720	720	1 024	1 024
Accrued depreciation
31.12.2012	718	718	1 022	1 022
Calculated depreciation
Depreciation of excluded investments
31.03.2013	720	720	1 024	1 024
Book value as at 31.12.2012
Book value as at 31.03.2013

(12) Report on movement of fixed assets

	Land, buildings and constructions	Technological equipment and machinery	Other fixed assets	Total
	LVL	LVL	LVL	I VI.
Initial value
31.12.2012	266 607	365 052	86 684	718 343
Purchased			145	145
Disposed		(47 092)	(1 719)	(48 811)
31.03.2013	266 607	317 960	85 110	669 677
Accrued depreciation
31.12.2012	142 881	324 576	80 329	547 786
Calculated depreciation	3 405	5 373	777	તે રેરેર
Depreciation of excluded fixed
assets		(47 092)	(1 719)	(48 811)
31.03.2013	146 286	282 857	79 387	208 230
Book value as at 31.12.2012	123 726	40 476	6 355	170 557
Book value as at 31.03.2013	120 321	35 103	5 723	161 147

As at 31 March 2012, the cadastral value of real estate – land and constructions - was LVL 110 291 As at 31 March 2013, the cadastral value of real estate – land and constructions - was LVL 110 968

	Land, buildings and constructions	Technological equipment and machinery	Other fixed assets	Total
	EUR	EUR	EUR	EUR
Initial value
31.12.2012	379 348	519 422	123 341	1 022 111
Purchased			206	206
Disposed		(67 006)	(2 446)	(69 452)
31.03.2013	379 348	452 416	121 101	952 865
Accrued depreciation
31.12.2012	203 302	461 830	114 298	779 430
Calculated depreciation	4 844	7 645	1 106	13 રેતેર
Depreciation of excluded fixed
assets		(67 006)	(2 446)	(69 452)
31.03.2013	208 146	402 469	112 958	723 573
Book value as at 31.12.2012	176 046	57 592	9 043	242 681
Book value as at 31.03.2013	171 202	49 947	8 143	229 292

As at 31 March 2012, the cadastral value of real estate – land and constructions - was EUR 156 930 As at 31 March 2013, the cadastral value of real estate – land and constructions - was EUR 157 893

(13)

	Land	Total	Land	Total
	LVL	I.VL	EUR	EUR
Book value as at 31.12.2011	95 000	95 000	135 173	135 173
Increase/decrease of value due to revaluation
Book value as at 31.03.2012	95 000	95 000	135 173	135 173
Book value as at 31.12.2012	85 000	85 000	120 944	120 944
Increase/decrease of value due to revaluation
Book value as at 31.03.2013	85 000	85 000	120 944	120 944

(14) Investments in capital of associated companies

		2013			2012
	% from total share			% from total share
	capital	LVL	EUR	capital	LVL	EUR
Ltd "Animal Breeders Association of Latvia" (SIA "Latvijas šķirnes dzīvnieku audzētāju savienība" )
Legal address: Republikas laukums 2, Rīga,
LV-1010, Latvia	36.3	29 003	83 954	36.0	58 575	83 345
		59 003	83 954		58 575	83 345
Other securities and investments (15)
					LVL	EUR
Purchase value as at 31.03.2012					480	683
Book value as at 31.03.2012					480	683
Purchase value as at 31.03.2013					480	683

(16) Ready-made products and goods for sale

	2013 LVL	2012 LVL	2013 EUR	2012 EUR
Bull semen	353 426	337 632	502 880	480 407
Other goods for sale	5 890	6 780	8 381	9 648
	359 316	344 412	511 261	490 055

480

683

Trade receivables (17)

Book value as at 31.03.2013

	2013 LVL	2012 LVL	2013 EUR	2012 EUR
Accounting value of trade receivables	100 328	93 084	142 753	132 447
Provisions for doubtful trade receivables	(4 107)	(2 762)	(5 843)	(3 930)
	96 221	90 322	136 910	128 517

(18) Other receivables

	2013 LVL	2012 LVL	2013 EUR	2012 EUR
VAT for received goods and services	। 021	1 107	1 496	1 275
Overpayment of taxes		5 088		7 240
Other receivables	485	1 130	690	1 606
	ા ટેંડર્ભ	7 325	2 186	10 421

(19) Prepaid expenses

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

	2013 LVL	2012 LVL	2013 EUR	2012 EUR
Advertising costs		36		રી
Insurance	16	ો ર	23	21
Press and legislation updates' subscription	63	ব	89	7
Other prepaid expenses	28	-	40
	107	રર	152	79

(20)

		2013			2012
	Number	Market	Amount	Number	Market	Amount
		price	LVL		price	LVL
SEB Lats reserve fund	15 044	1.45230	21 849	15 044	1.44503	21 739
			21 849			21 739
		2013			2012
	Number	Market	Amount	Number	Market	Amount
		price	EUR		price	EUR
SEB Lats reserve fund	15 044	2.06644	31 088	15 044	2.05609	30 933
			31 088			30 933

Money market fund shares have no guaranteed interest rate. In 2013 the profitability was 0.29 %. Exclusion of money market fund shares is carried out at the Company's request.

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

Break-down of cash according to currencies:		2013		2012
		Currency	LVL	Currency	LVL
Cash in hand	I.VL		2 972		2 920
Cash in bank	I VL		192 111		163 329
Cash in bank	EUR	435	306	1 051	738
			195 389		166 987

Break-down of cash according to currencies:		2013		2012
		Currency	EUR	Currency	EUR
Cash in hand	I.VL	2 972	4 229	2 920	4 154
Cash in bank	I.VL	192 111	273 349	163 329	232 396
Cash in bank	EUR		435		1 051
			278 013		237 601

(22) Share capital

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

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

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

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

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

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

Profit per share

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

	2013 LVL	2012 LVL	2013 EUR	2012 EUR
Profit of the reporting period Average weighted number of shares during the	8 310	16 237	11 824	23 103
year	422 440	422 440	422 440	422 440
	0.020	0.038	0.028	0.055

Other Provisions (23)

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

(25) Taxes and social insurance payments

Tax type	Balance as at 31.12.2012 LVL	Calculated in 2013 LVL	Paid in 2013 LVL	Balance as at 31.03.2013 LVL
Corporate income tax	1 614	2 232	(1 512)	2 334
Value added tax	4 032	20 719	(21 914)	2 837
Social insurance contributions	8 502	18 216	(20 928)	6 090
Personal income tax	5 079	10 328	(12 010)	3 397
Real estate tax		1 133	(1 133)
Nature resource tax	30	39	(30)	39
Business risk duty	9	26	(26)	9
Tax for the exploitation of the vehicles		ર્ત્વે	(55)
Tax applied on company owned motorcars		19	(19)
	19 266	53 067	(57 627)	14 706
Including:	2012			2013
	LVL			LVL
Tax overpaid
Tax due	19 266			14 706

Tax type	Balance as at 31.12.2012	Calculated in 2013	Paid in 2013	Balance as at 31.03.2013
	EUR	EUR	EUR	Cloik
Corporate income tax	2 296	3 176	(2 151)	3 321
Value added tax	5 737	29 480	(31 181)	4 036
Social insurance contributions	12 097	26 347	(29 778)	8 666
Personal income tax	7 227	14 695	(17 089)	4 833
Real estate tax		1 612	(1 612)
Nature resource tax	ਕਤੇ	રેણ	(43)	56
Business risk duty	13	37	(37)	13
Tax for the exploitation of the vehicles		78	(78)
Tax applied on company owned motorcars		27	(27)
	27 413	75 508	(81	20 925
Including:	2012			2013
	EUR			EUR
Tax overpaid
Tax due	27 413			20 925
Tax overpaid declared in position "Other receivables"

(26) Number of persons employed by the Company

	2012
Average number of persons employed during the reporting year	35

(27)

	2013 LVL	2012 LVL	2013 EUR	2012 EUR
Council Members' salaries for work, including state social insurance contributions Board Members' salaries for work, including	1 841	1 842	2 619	2 621
state social insurance contributions	6 932	7 036	9 864	10 011
Total remuneration to management members	8 773	8 878	12 483	12 632

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

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

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

Report on Management Liability

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

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

Nils Ivars Feodorovs

Chairman of the Board

Member of the Board, Head of Production and Marketing Department

Sarmīte Arcimoviča

Valda Mālniece

Member of the Board, Head of Financial and Accounting Department

22 May 2013