JSC “Grobina” audited financial statement of 2

Dubeni, Grobina parish, Grobina district, LV-3438, 2017-03-16 15:36 CET (GLOBE NEWSWIRE) -- JSC "Grobina" in 2015 is increased product sales reaching 12 months of 2015 the net turnover of 6 220 362 EUR. Therefore, the 12 months of 2015 were sold 113 521 mink skins at an average sales price of  40.18 EUR / pcs., An increase of  20% more than in 2014 12 months, when it was realized 94 849 mink skins at an average price of  28 39 EUR / pcs. As a result, 2015 12-month profit is 756 903 EUR which was basement for successful reconstruction process completing in 2015 with JSC “Citadele banka” ,  there were covered bank debts accumulated in the previous season. Therefore, 2015 net earnings per share are1,5138 EUR, 2014 when the 12-month net loss per share was  4.2797 EUR.

Although the fur market in 2015 as a whole showed a positive trend, as evidenced by the production increase in prices of 41.5% compared to the previous years of crisis in the sector - fur sales prices in 2015 still did not reach the expected levels. However, in 2015 held the Finnish auction house Saga Furs fur auctions (March, June, September) was very significant fluctuations in the price of fur, which showed that the fur market situation is not stable.

As a result, by 2016 the world's markets was fur sales price of a dramatic decline as a result of the JSC "Grobiņa" appealed to the court with a legal protection process application. Since the majority of the creditors, according to the Insolvency Law Article 42, third paragraph, agreed JSC "Grobina" management developed by the process of legal protection plan based on the Liepaja Court judgment of 29 June 2016 the JSC "Grobina" 17 May 2016 Legal Protection Proceedings the plan was approved. By March 03, 2017, Liepaja court decision is confirmed JSC "Grobina" legal protection proceedings plan amendments. Since JSC "Grobina" legal protection proceedings prosecution excitation, company continues economic activities in accordance with an approved JSC "Grobina" legal protection proceceedings action plan and its amendments.

         JSC "Grobina"          chairman of the board          Gundars Jaunsleinis