Akciju sabiedriba "VEF"

Earnings Release • Feb 27, 2017

JSC VEF financial statements for the 12 months of 2016 (non-audited )

Net cash flow/turnover of the joint venture within  twelve months of 2016 reached  1 297 712 EUR that is higher by 14% in comparison with the last period reported.                Despite the growth of net turnover, at the end of the reporting period the management board has executed also cost saving measures; thus, as the result the company concluded the year with not-audited profit of 165 792 EUR.

Currently the Company continues to provide full set of services and is in preparations for planned renovation of its real estate that is required since buildings are in use for more than fifteen years. Renovation plans are in the phase of approval and will require substantial investments which the Company is planning to cover from own reserves.

The Company is preparing to reconstruct premises previously used for production and convert these premises into office spaces to successfully attract new customers. To cover investments required for these activities the Company is also planning to use its own resources - only in the case of necessity bank financing will be attracted.

As of planned works for the next reporting period the Company is planning to invest in improving of roads and energy efficiency that are important for existing and new potential customers.

Board of JV VEF holds to the strategic plans of the company according to economic developments in the country and following to the trends of the real estate rent markets

JSC Managements Board.

Attachments  :JSC VEF financial statements 2016.12 (non-audited )