JSC “Grobina” audited financial statement of 2

Dubeni, Grobina parish, Grobina district, LV-3438, 2017-05-02 08:47 CEST (GLOBE NEWSWIRE) -- The Company's 2016 12-month net turnover is 2,750,528 euros, it has fallen by 43% compared to 2015  12-month period, in 2016 12 months were sold 131,356 mink skins at an average price of 20.17 EUR / pc ., but in 2015, 12 months were sold 113,521 mink skins for average price 39.41 EUR / pcs. Although in 2016 the JSC "Grobina" mink average sales price of Finnish mink auction house exceeded the average auction sales price, however, due to the fur industry crisis in the world, JSC Grobiņa" in 2016 12 months realized produced producrtion below cost and the company has suffered a loss. In order to obtain financial stability in the 29 June 2016 decision of Liepaja court it has approved the JSC "Grobiņa" Legal protection process action plan, which provides for payment to creditors in 2018. In spite of the JSC "Grobiņa" legal protection process of the JSC "Grobiņa" management of the 2016 growing season it reached an agreement with the Finnish auction houses Saga Furs of funding for fur breeding, which allows the company to legal protection proceedings to normal economic activity in accordance with the established legal protection proceedings plan.

         JSC "Grobina"          chairman of the board          Gundars Jaunsleinis