AS TALSU MEŽRŪPNIECĪBA

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1 ANNUAL REPORT OF 3 MONTHS OF THE YEAR 2012 (NON - AUDITED) AS TALSU MEŽRŪPNIECĪBA (REGISTRATION NUMBER ) ANNUAL REPORT FOR 3 MONTHS OF THE YEAR 2012 (NON-AUDITED) 2 Stende, 2012

2 ANNUAL REPORT OF 3 MONTHS OF THE YEAR 2012 (NON - AUDITED) Content Page General Information 3 Management Report 4 Profit and Loss statement 5 Balance Sheet 6 Equity Statement 7 Cash Flow Statement 8 Notes 10 3

3 ANNUAL REPORT OF 3 MONTHS OF THE YEAR 2012 (NON - AUDITED) Information Company name Legal Status JSC Talsu Mežrūpniecība Joint stock company Registration number, time and place , Riga January 29, 1993 Legal address Eksporta iela 26, Tukums, LV Address of the executive bodies Dumpīšu iela 3, Stende, LV 3257 Shareholders Board Supervisory Board Public placement at LCD 230,000 shares Closed issue - 265,699 shares Gatis Štāks,chairman of the Board ID code , Roja district., Parish Roja, Birzītes Ruta Krūze, member of the Board ID code Talsi district., Parish Ģibuļi, Nameji Andis Gribusts, member of the Board ID code Talsi district, Parish Lauciene, Dzelzkalēji. Oskars Derings, Chairman of the Supervisory Board, ID , Liepaja, Toma Street 12/20-41 Eva Emerberga, member of the Supervisory Board ID code Liepaja, Toma Street 12/20-41 Alda Kiore, member of the Supervisory Board ID code Talsi district, Stende, Robezu Street 4. Asmeralda Kļava, member of the Board ID code Talsi district, Parish Abava, Vītiņi. Dace Štāka, member of the Supervisory Board ID code Roja district, Parish Roja, Birzītes. Period Audithor Daiga Baraua,sworn audithor, No. Sertificate 89, Talsi district, Parish Valdgale, Lejaskalēji. 4

4 ANNUAL REPORT OF 3 MONTHS OF THE YEAR 2012 (NON - AUDITED) Management Report The main activities of the Company in 2012 were logging and production of timber products: peeled and turn poles production in timber processing unit. The financial position of the Company during 3 month of the 2012 was influenced by increased production output, increased prices and determined decrease of costs of the Company (salaries, materials and other resources). During 3 month 2012, m3 pales were produced in the timber processing unit and woodchips of m3 were sold. Total revenues for the Company during 3 month 2012 were Ls , revenues from assets were Ls The result for 3 month 2012 is losses Ls which corresponds to Ls losses per share. In the future the Company plans to continue the production of peeled and turn poles, increasing the proportion of timber purchased from small logging companies and private loggers, whose price offering is lower than that of VAS Latvijas valsts meži. It is also planned to sell the produced goods to a wider network of clients, achieving the most beneficial sales price. Suggestions for distribution of profit and covering of losses The profit of next period will be used to cover losses of the instant period. Board: Gatis Štāks Pēteris Kļava Andis Gribusts Chairman of the Board Member of the Board Member of the Board April 19,

5 ANNUAL REPORT OF 3 MONTHS OF THE YEAR 2012 (NON - AUDITED) Profit and Loss Statement Note Revenues Cost of goods sold 3 ( ) ( ) ( ) ( ) Gross result (560) (797) Administration expenses 4 (8 465) (8 577) (12 045) (12 204) Other operating income Other operating expenses 6 (17 192) (3 437) (24 462) (4 890) Fiancial income Financial expenses 8 (2 285) (798) (3 251) (1 135) Profit (loss) before taxes (13 740) (12 085) (19 550) (17 194) Deferred corporate income tax 9; Other taxes 17 (330) (1 123) (470) (1 598) Net profit (loss) (14 070) (13 208) (20 020) (18 792) Notes on pages 11 to 19 are integral part of the financial statements Board: Gatis Štāks Pēteris Kļava Andis Gribusts Chairman of the Board Member of the Board Member of the Board April 19,

6 ANNUAL REPORT OF 3 MONTHS OF THE YEAR 2012 (NON - AUDITED) Balance Sheet ASSETS LONG TERM ASSETS Note Fixed assets Land, buildings and constructions Machinery and equipments Other fixed assets Assets costs Leasing Advances for fixed assets TOTAL TOTAL LONG TERM ASSETS CURRENT ASSETS Inventories Materials Production in progress Goods for sale Advances for goods TOTAL Debtors Trade receivables, net Other debtors Prepaid expenses TOTAL Cash and cash equivalenets TOTAL CURRENT ASSETS TOTAL ASSETS Notes on pages 11 to 19 are integral part of the financial statements Board: Gatis Štāks Pēteris Kļava Andis Gribusts Chairman of the Board Member of the Board Member of the Board April 19,

7 ANNUAL REPORT OF 6 MONTHS OF THE YEAR 2010 ( NON AUDITED) EQUITY Note Share capital Retained earnings - - Prior year loss ( ) ( ) ( ) ( ) Current year profit (loss) (14 070) (13 208) (20 020) (18 793) Total equity ( ) Provisions Other provisions TOTAL PROVISIONS LIABILITIES Long term liabilities Other loans Loans from credit institutions Deferred tax liabilities TOTAL Short term liabilities Other loans Loans from credit institutions Trade creditors Taxes payable Other creditors Ocured liabilities TOTAL TOTAL LIABILITIES TOTAL EQUITY AND LIABILITIES Notes on pages 11 to 19 are integral part of the financial statements Board: Gatis Štāks Pēteris Kļava Andis Gribusts Chairman of the Board Member of the Board Member of the Board April 19,

8 Equity Statement Ls Share capital Prior period loss Current period profit (loss) Total January 1, ( ) Transferred to prior period losses (62 131) - Current period loss - - (13 208) (13 208) March 31, ( ) (13 208) Transferred to prior period losses - (16 554) (3 346) Current period profit - - (14 070) (14 070) March 31, ( ) (14 070) EUR Share capital Prior period loss Current period profit (loss) Total January 1, ( ) Transferred to prior period losses (88 403) - Current period loss - - (18 792) (18 792) March 31, ( ) (18 792) Transferred to prior period losses - (23 553) (4 761) Current period profit - - (20 020) (20 020) March 31, ( ) (20 020) Notes on pages 10 to 19 are integral part of the financial statements. 8

9 Cash Flow Statement (prepared based on indirect method) Operating cash flow Profit (loss) before taxes (13 470) (12 085) (17 195) Adjustments: Depreciation Interest (income)/expenses (2 280) (399) (3 244) (568) Increas/(decrease) in provisions (766) (1 090) Asset writte offs (Profit)/loss from sale of fixed assets Revaluation of biological assets (profit)/loss from currency fluctuations Operating cash flow before changes in current assets (3 449) (2 429) (4 907) (3 456) Decrease/(increase) of inventories (30 025) (42 722) Decrease/(increase) of debtors (54 745) (55 057) (77 895) (78 339) Increas/(decrease) in creditors Operating cash flow (2 972) (30 586) (4 229) (43 520) Interest paid (2 280) (798) (3 244) (1 135) Corporate income tax paid - (12 589) - Real estate tax paid (330) (275) (470) (391) Net operating cash flow (5 582) (31 659) (7 942) (45 047) Cash flow from investing activities Acquisition of long term assets (2 022) (7 657) (2 877) (10 895) Income from sale of fixed assets Net cash flow from investing activities (6 769) (9 631) Cash flow from financing activities - - Loand received/(paid), net (11 381) (7 590) (16 194) (10 800) Net financing cash flow (11 381) (7 590) (16 194) (10 800) Cash increse/(decrease) (8 616) (46 018) (12 259) (65 478) Cash at the beginning of the year Cash at the end of the year Notes on pages 10 to 19 are integral part of the financial statements. 9

10 Notes 1. Significant accounting policies Annual report preparation principles The annual report is prepared in accordance with the Law on Accounting, Law of Annual Accounts and Latvian accounting standards applicable as of December 31, For preparation of this annual report following Latvian accounting standards (LGS) were in force LGS1 main principles for annual reports, LGS 2 Cash flow statements, LGS 3- Subsequent events, LGS 4 Change of accounting policies, estimates and correction of major mistakes, LGS5 Long term agreements, LGS6 Revenues, LGS7 Fixed assets and LGS 8 Provisions, contingent liabilities and assets, LGS 9 Investment properties. Profit and loss statement was prepared based on turnover method. Cash flow statement is prepared by indirect method. The same accounting policies and valuation methods were applied in current and prior reporting year. Annual report is prepared based on the going concern principle. Taking into account requirements of the stock exchange, the amounts in the financial statements are disclosed also in EUR. All amounts are translated to EUR based on official Bank of Latvia fixed EUR rate. Foreign currency translation The accounting records are prepared in LVL. All transaction in foreign currencies is translated to LVL in according the Bank of Latvia rate as at date of the transaction. Monetary assets and liabilities denominated in foreign currencies are stated at the official currency exchange rate set by the Bank of Latvia at year end. Any gain or loss resulting from a change in the currency rates of exchange is included in the profit and loss statement at net value LVL LVL 1 GBP EUR Fixed assets All fixed assets are initially recorded at purchase price. Land is regularly revaluated and accounted for at market value. Increase of the value resulting from revaluation is accounted as long term revaluation reserve and included in the equity of the Company. The decrease of the value is first deducted from previously recognised revaluation reserve for the same asset and any uncovered loss recognised as expense in profit and loss account. Fixed assets are stated at historical value less accumulated depreciation. The assets are depreciated over their estimated useful lives using the straight-line method. Following depreciation rates are applied for fixed assets: % Buildings and constructions 4% - 5% Machinery and equipment 10% - 20% Other fixed assets 20% - 35% 10

11 1. Significant accounting policies (continued) Biological assets Company s biological assets are forests that are kept with the purpose to gain additional biological asset through means of growing. Biological assets are initially recognised and further accounted for based on fair value assessment, less sales expenses. The changes of the value of the assets that are due to revaluation to fair value, less relevant sales expenses, are accounted as expenses in profit and loss account. When the Company starts development of the forest, the respective assets are reclassified from long term assets to current assets and are accounts as advances for goods within inventories. Inventories Inventories are accounted in lower of cost and net realisable value. For raw materials the cost is calculated based on purchase cost accounting to FIFO method, but for work in progress and goods for sale the cost is calculated based their purchase price or production costs according to weighted average principle. Net realisable value is selling price in the ordinary course of business, less the costs of completion, marketing and distribution.. Net value is disclosed as cast of production, less provisions established. Advances for inventories include also cash paid for cutting rights on those cutting that were not yet processed at the end of the reporting period. Receivables Trade receivables are recorded and disclosed in the balance sheet in accordance with initial amount of the invoices, less provision established for doubtful accounts. Provisions for doubtful accounts are estimated when full recoverability of the amount is not likely. Provisions for doubtful accounts are estimated by individual assessment of each debtor. Corporate income tax Corporate income tax is calculated for the reporting year is calculated in accordance with regulatory requirements of the Republic of Latvia. Deferred taxation arising from temporary differences in the timing of the recognition of items in the tax returns and these financial statements is calculated using the liability method. The deferred taxation liability is determined based on the current tax rates. The principal temporary timing differences arise from differing rates and methods of accounting and tax depreciation on tangible fixed assets, provision for vacation and accumulated tax losses. Provisions Provisions are recognised, when the Company has commitments (legal or supported) due to past events where the likelihood of outflow of economical benefits for Company is estimated and the amount of the liabilities can be reasonably estimated. 11

12 2. Revenues Timber product related revenues Other revenues Total: Revenues according to geographical markets: Latvia Lithuania United Kingdom Total: Cost of goods sold Cost of materials Cost of external services Depreciation Salaries Social contributions Other costs of goods sold Total:

13 4. Administration expenses Personnel costs Other administration expenses Total: The Board does not receive remuneration 5. Financial income Income from assets fluctuations Stock exchange related expenses Other incomes Total: Other operating expenses Stock exchange related expenses Assets off Other expenses Total: Interest proceeds Interest proceeds Other proceeds Total:

14 8. Interest expenses Interest cover Losses from exchange rate movements Total: Corporate income tax for the year Corporate income accordance with the Declaration Deferred corporate income tax income/ (expenses) Total: Fixed assets Ls Land, buildings and constructions Machinery and equipment Other fixed assets Leasing Advances for fixed assets TOTAL Historical cost Acquisitions Writte offs - (33859) (99) - (33 958) Historical cost Accumulated depreciation Depreciation Depreciation of assets written off - (20062) (99) - (20 161) Accumulated depreciation Net book value Net book value

15 EUR Land, buildings and constructions Machinery and equipment Other fixed assets Advances for fixed assets TOTAL Historical cost Acquisitions Writte offs - (48 177) (141) - (48 318) Historical cost Accumulated depreciation Depreciation Depreciation of assets written off - (28 545) (141) - (28 686) Net book value Net book value Cadastral value of assets of the Company: Land Buildings and constructions Total: Fixed assets of the Company are pledged as security for credit line issued by SC SEB bank (see Note 20). 11. Trade receivables, net Gross trade receivables Provisions for doubtful accounts (58 986) (83 929) (6 659) Total: Other debtors VAT receivable Other debtors Total: Share capital Share capital of the Company consists of 495,699 shares with nominal value Ls 1 per share. Number Value (Ls) Total value (Ls) Total value (EUR) 15

16 Close issue shares Public placement Total: Other provisions Provisions for vacations Other provisions Total: Accrued liabilitie Provisions for estimated payments Total: Loans from credit institutions Long term Loan from AS SEB bank Credit Short term Loan from AS SEB bank Credit Total: In accordance with provisions of the agreement, the loan repayment shall be done in monthly principal repayments with final term on March 7, The interest rate for the loan is 3month EURIBOR + 3.8%. Loan balance on is EUR or LVL

17 17. Taxes payable (Liabilities)/ 2012 (Liabilities)/ assets Calculated Tranferred to Paid/(claimed assets Ls other taxes back) Value added tax (VAT) (9 829) (4 409) Social contributions (7 183) (17 982) (10 130) Personnel income tax (760) (8 936) (3 423) Real estate tax (330) Nature resources tax (185) Corporate income tax (767) - (767) Risk duty (11) (34) - 34 (11) Total (5 484) (37 111) (10 960) Liabilities (8 906) (14 331) Prepayments (Liabilities)/ 2012 (Liabilities)/ assets Calculated Tranferred to Paid/(claimed assets EUR other taxes back) Value added tax (VAT) (13 985) (6 273) Social contributions (10 221) (25 586) (14 414) Personnel income tax (1 081) (12 715) (4 870) Real estate tax - (470) Nature resources tax (263) Corporate income tax (1 091) (1 091) Risk duty (16) (48) - 48 (16) Total (7 803) (52 804) (15 594) Liabilities (12 672) (20 391) Prepayments Tax receivables are included in other debtors, see Note

18 18. Off balance sheet liabilities In accordance with provisions for the loan agreement, the long term loan from credit institution expires on March7, In order to secure potential claims, the Company has issued commercial pledge and has pledged its fixed assets, inventories and debtors in favour to the credit institution. 19. Number of employees Average number of employees for the reporting year Financial risk management The most significant financial instruments for the Company are loans from credit institutions, related entities and cash and cash equivalents. The main purpose of those financial instruments is to ensure operating activities of the Company. The Company is also exposed to other financial investments that are directly related to operating activities of the Company, such as, trade receivables and other receivables, trade payables and other payables. 18

AS TALSU MEŽRŪPNIECĪBA (REGISTRATION NUMBER )

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