ВИНПРОМ ТРОЯН АД ГОДИШЕН ОТЧЕТ ЗА 2016 Г. VINPROM TROYAN AD ANNUAL REPORT 2016

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1 ВИНПРОМ ТРОЯН АД ГОДИШЕН ОТЧЕТ ЗА 2016 Г. VINPROM TROYAN AD ANNUAL REPORT 2016

2 ANNUAL REPORT 2016 CONTENT: I. Introduction II. Company profile General information Company bodies Main indicators Subsidiary companies Organization and company management charts III. Economic results Balance as of Profit and loss account as of Cash flow statement Information about capital Notes to the financial statements IV. Auditor's report to shareholders of the company

3 Dear shareholders and business partners, Let me present you the annual report of 2016 on behalf of the Board of Directors of VINPROM-TROYAN AD. In 2016 we increased our share in the Bulgarian market thanks to our customers, who prefer quality and tradition. This year was truly record-breaking in every aspect. Year was very favourable regarding plum and other fruits harvest. In 2016 we bought over 5 million pounds of plums and 0.8 million pounds of other fruits. This is a historic record in VINPROM-TROYAN AD. Purchased amount of fruits gave us the opportunity to expand our stocks of aging distillate and to create some special new barrels that will go on sale in decades. Thanks to the exceptional quality and the incredible taste we managed to win a gold medal at the prestigious exhibition VINARIA in Plovdiv. Our apricot distillate finished second in an international tasting of fruit distillates, where thousands of samples took part. Total revenues in the company reached the amount of thousand BGN. In comparison to 2015, the revenues increased by 17%, mainly due to sales of our spirits in bulk (we achieved more than double growth in this indicator), which was a result of increased interest from companies in the RJG Group. Sales of our own products in Bulgaria grew by 6% and exports were 83% higher than last year. Products from Troyan have been sold in more than 10 countries, mainly in the Czech Republic, the United States and Spain. As the executive director, I cannot hide my joy of the fact that after a period of 10 years, we have achieved a steady growth in sales. For this reason VINPROM-TROYAN AD has calculated a profit of 341 thousand BGN. The record profit allowed the company to write down all its problematic depts. and at the same time evaluate all its employees with annual bonuses. The company's profit also allowed us to realize record investments to the value of 400 thousand BGN. We invested in all areas of the company's business - from the intake of fruit to the distillation column, from the material-technical base to the firm plum gardens. In 2016, we managed to win a subsidy for the renewal of old plum gardens, and in 2017 we plan the planting of 30 hectares of new gardens. At the end of 2016 the total assets stabilized thousand BGN. The increase of assets amounts to 10% compared to last year. Equity capital share is almost 58% of total assets. Subscribed capital has not changed and remains thousand BGN. The equity capital was increased by 10% to thousand BGN. The results for 2016 give us the opportunity to launch a careful company policy of dividend distribution. The tax deduction to the state amounted to thousand BGN, the excise tax was thousand BGN. VINPROM-TROYAN AD increased its investment credit and used it to increase the capacity of fruit reception in the form of a new mobile blending machine, forklift truck and box pallets, which helps us to increase the quantity of fruit taken by 20%. The remainder of the investment loan currently amounts to 263 thousand BGN after the

4 increase and partial repayment. For its current needs, the company uses an overdraft of 1.3 million BGN and a bank guarantee of 0.9 million, provided by SIBANK and OBB. The Board of Directors authorized the annual plan for The planned profit is earnings before tax of 343 thousand BGN with repeatedly increased investments and reconstruction of the company's assets of 780 thousand BGN. This is the most ambitious plan in the company's history that will be funded by both subsidies and investment credits and own funds. Summing up, Directors I would like to thank to all employees, business partners and shareholders for their work, support and faith in the company VINPROM TROYAN AD in Wishing common success and faith in the future Eng. Jaroslav Burkart Executive Director of VINPROM-TROYAN AD

5 GENERAL INFORMATION Business Name: VINPROM TROYAN AD Registered Office: ul. Akad. Angel Balevski 16, 5600 Troyan, Bulgaria ID No.: Legal form: Share Capital: Joint Stock Company BGN Shares: registered shares in documentary form, par value 2 BGN per share Number of employees: 32 COMPANY BODIES Board of Directors Chairman: Member: Member: Member: Executive Director Authorized representative Ing. Pavel Dvořáček Ing. Jaroslav Burkart mgr. Vladislav Katrencik Stanislav Spasov Ing. Jaroslav Burkart Stanislav Spasov

6 Thousands BGN Thousands BGN MAIN INDICATORS OF THE COMPANY units total sales without excise tax and the VAT thous. BGN revenues thous. BGN expenses thous. BGN economic result thous. BGN investments and repairs thous. BGN taxes paid - excise tax thous. BGN taxes paid - VAT thous. BGN sales relation - domestic market : export % 44 / / / / / / / / / / wages and salaries thous. BGN number of employees average salary BGN sickness absence % 8,88 8,8 5,7 1,2 2,6 2,5 2,9 1,4 4,4 6, Sales, revenues, expenses total sales without excise tax and the VAT 4000 revenues expenses Years Economic result economic result Years

7 Thousands BGN Thousands BGN Investments and repairs investments and repairs Years Taxes paid excise tax VAT Years

8 SUBSIDIARY COMPANIES Business Name: Registered Office: ID No.: Legal form: Share Capital: Ownership interest of VINPROM - TROJAN AD: Year of Establishment: Main Business Activity: VINPROM TROYAN GRADINI EOOD Akad. A. Balevski 16 str., 5600 Troyan, Bulgaria Limited Company BGN 100% 2016 agrikultural activity in the region of Troyan ECONOMIC RESULTS (in BGN) Date Assets Revenues Expenses Profit (loss)

9 ORGANIZATION STRUCTURE Annual Meeting Board of Directors Executive Director Financial Department Production and Technical Department Commercial Department

10 Balance as of Amount (in thousands N: ASSETS Current period Prior period а b 1 2 A. Receivables for subscriptions B. Fixed assets B.I. Intangible fixed assets Research and development 2 Concessions, patents, licences, trade marks, program products and other rights and assets Goodwill 4 Advance payments and intangible assets under construction B.II. Tangible fixed assets Land and buildings land buildings Machines, production equipment, apparature Facilities etc Advance payments and tangible assets under construction Other tangible fixed assets B.III. Financial investments 1 1 Shares and ownership interests with companies from the group 1 2 Intercompany loans 3 Shares and ownership with asociated companies 4 Loans to asociated companies 5 Other investments 6 Other loans 7 Own shares, bought for nominal value B.IV. Deferred taxes C. Current assets C.I. Inventory Materials Work-in-progress 3 Products and goods products goods Advance payments for production 5 Other inventory C.II. Receivables Receivables from clients and suppliers including: - older than 1 year 2 Receivables from companies from the group including: - older than 1 year 3 Receivables from asociated companies including: - older than 1 year 4 Other receivables including: - older than 1 year C.III. Investments 1 Shares and ownership interests with companies from the group 2 Own shares, bought for nominal value 3 Other investments C.IV. Finances Finances in cash Finances on non-fixed accounts (deposits) Other finances - - D. Deferred expenses 5 2 TOTAL ASSETS (А+B+C+D)

11 Amount (in thousands N: LIABILITIES Current period Prior period а b 1 2 А. Equity capital A.I. Subscribed capital A.II. Share premium A.III. Reserves from future assessments A.IV. Reserves Legal reserves Reserves for buying own shares 3 Reserves according foundation charter 4 Other reserves A.V. Profit (loss) of previous years including: - retained earnings accumulated losses A.VI. Profit (loss) of current period 341 (669) B. Provisions and similar liabilities 67 1 Provision for pensions and similar liabilities 2 Provision for taxes including: - deferred taxes 3 Other provisions and similar liabilities 67 C. Payables Obligační půjčky, konvertované se uvádí zvláště including: - less than 1 year - more than 1 year 2 Payables to financial companies including: - less than 1 year more than 1 year Received advance payments 195 including: - less than 1 year more than 1 year 4 Payables to suppliers including: - less than 1 year more than 1 year 5 Payables to bills of exchange including: - less than 1 year - more than 1 year 6 Payables to companies from the group including: - less than 1 year more than 1 year 7 Payables to asociated companies including: - less than 1 year - more than 1 year 8 Payables to employees including: - less than 1 year more than 1 year 9 Payables to social security and health insurance 17 9 including: - less than 1 year more than 1 year 10 Other payables including: - less than 1 year more than 1 year D. Financing and deferred revenues including: - financing - deferred revenues TOATAL LIABILITIES (А+B+C+D) Date: 15 th Mar Prepared by: Stanislav Spasov Authorized by: ing. Jaroslav Burkart

12 Profit and Loss Account as of N: A. LOSS Amount (in thousands BGN) Current period Prior period а b Reduction of inventory of production and work-in-progress 37 2 Expenses on raw materials, materials and services including: - raw materials and materials services Personal expenses including: - wages and salaries social and health insurance expenses including: - pension incurance 4 Expenses on depreciation and devaluation а Expenses on depreciation and devaluation of tangible fixed assets and intangible assets including: - expenses on depreciation expenses on devaluation b Expenses on devaluation of current assets 5 Other expenses including: - balance sheet value of sold assets provisions 67 - others Total operating expenses ( ) : Expenses on devaluation of financial assets including investitions, recognized as current assets 3 2 includng: - Negartive differences from changes of currency rates Expenses on interests and other financial expenses a Expenses connected with companies from the group b Negative differences from operations with financial assets c Expenses on interests d Others Total financial expenses (6+7): Total business expenses ( ) Operating profit Extraordinary expenses TOTAL EXPENSES ( ) Accountable profit (total receivables - total expenses) 337 V Expenses on taxes 11 Expenses on profit tax (4) (14) 12 Other taxes, alternatives of profit tax for corporations 13 After-tax profit ( ) 341 TOTAL (Total expenses ) N: B. PROFIT Amount (in thousands BGN) Current period Prior period а b Netto receivables from sales: a Production b Goods c Services d Others 2 Increase of inventory of production and work-in-progress Expenses on economic aquisitions of assets 4 Other receivables including: - receivables from financing Total operating receivables ( ) Receivables from subsidiary, asociated or mixed companies including: - receivables connected with companies from the group 6 Receivables from other investitions and loans, recognized as not current assets including: - receivables from companies from the group 7 Other interests and financial receivables 1 1 a Receivables from companies from the group b Positive differences from operatons with financial assets c Positive differences from changes of currency rates d Receivables from interests 1 1 e Others Total financial receivables (5+6+7) : 1 1 Total business receivables ( ) : Operating loss Extraordinary receivables TOTAL RECEIVABLES ( ) : Accountable loss (total receivables - total expenses) After-tax loss (10 + A11 + A12) 669 TOTAL (Total receivables + 11) : Date: 15 th Mar Prepared by: Stanislav Spasov Authorized by: ing. Jaroslav Burkart

13 Statement of owner`s equity as of Indicators Capital subscribed Share premium From future assessments Legal For buying own shares According foundation charter Others Retained earnings Accumulated losses Profit (loss) of current period In thousands BGN Total equity capital а Opening balance at the beginning of current period (669) Changes of account policy 3. Mistakes 4. Closing balance after changes of account policy and mistakes (669) Changes on the account of owners - increase - decrease 6. Financial result of current period Distribution of profit (669) including dividends 8. Settled losses 9. Future assessments of assets and liabilities - increase - decrease 10. Other changes of equity capital (expenses for 2007 and 2008) 11. Closing balance at the end of current period Reserves Financial result from previous years 12. Changes from transfers of annual reports of foreign companies 13. Equity capital at the end of current period (11+/- 12) Date: 15 th Mar Prepared by: Stanislav Spasov Authorized by: ing. Jaroslav Burkart

14 Statement of Cash Flows as of In thousands BGN Cash flow Current period Prior period receivables expenses netto receivables expenses netto а A. Operating cash flow Cash flow of trade partners Cash flow of current financial assets for trade purposes 3. Cash flow of wages and salaries Cash flow of interests, commissions, dividends, ect Cash flow of positive and negative differences of currency rates Payd and returned profit taxes of corporations Payments for distribution of profit 8. Other operating cash flow B. Investment cash flow Cash flow of fixed assets Cash flow of current financial assets 3. Cash flow of interests, commisions, dividends, ect. 4. Cash flow of business combinations - acquisitions 5. Cash flow of positive and negative differences of currency rates 6. Other investment cash flow C. Financial cash flow Cash flow for emision and following acquisitions of securities Cash flow from excess payments and their returnig to owners 3. Cash flow of provided or received loans Cash flow of interests, commisions, dividends, ect Payment of payables from leasing contracts Cash flow of positive and negative differences of currency rates 7. Other financial cash flow D. Change of cash flow during period (A + B + C) E. Cash flow at the beginning of period 2 13 F. Cash flow at the end of period Date: 15 th Mar Prepared by: Stanislav Spasov Authorized by: ing. Jaroslav Burkart

15 NOTES TO THE FINANCIAL STATEMENTS FOR 2016 Establishment and registration VINPROM TROJAN AD is a company, founded in Bulgaria in 1991 and registered by the District court of Lovech with registration 144/1991. The registered office and administration address of the company is:16 Akad. A. Balevski str., Troyan 5600, Bulgaria The main business activity of the company is: production and trade with fruit distillates and spirits. Operating period: unlimited Ownership and management: The company has a single-stage management system and is managed by the Board of Directors, consisting of 4 members as follows: Chairman: ing. Pavel Dvořáček Member: ing. Jaroslav Burkart Executive director Member: mgr. Vladislav Katrencik Member: Stanislav Spasov Authorized Representative Company structure: The company operation structure is based on single-level management under the direct management of the executive director. The structure defines and determines clearly the rights and responsibilities on each level and within the individual organizational units. Functional and administrative relationships between the departments and final executors are governed by written procedures. Base for Preparation of the Financial Report The financial report of the company is an individual financial report and its preparation is based on the National standards for financial reports for small and mid-sized companies. The financial report preparation is based on accounting estimates in the company. The Company`s management is not aware of any circumstances, which could impugn this principle. Changes in the Accounting policies In 2016 there were no changes in the accounting policies.

16 Accounting policies 1. Basis for preparation of the financial report The Financial Report of VINPROM TROYAN AD was prepared in agreement with the Accounting Act and The National Accounting Standards /NAS/ in Bulgaria. Financial reports are presented in Bulgarian levs (BGN) in whole thousands. The following Financial Report was prepared in accordance with the historical cost principle, modified in certain cases with a new evaluation of some assets and liabilities regarding to their fair value as mentioned in the appropriate places. 2. Data comparison and recounting sheet Some items in the Balance sheet, The Profit and Loss Account and The Statement of Cash Flows, mentioned in the Financial Report for the previous year of 2015, were reclassified in this report in order to provide easier comparing with the data from the current year of Use of approximate accounting evaluations and estimations The Preparation of the financial report according to The National Accounting Standards requires from the management certain approximate accounting evaluations and presumptions, related to the reported assets and liabilities from the Balance Sheet, Profit and Loss Account and conditional assets and liabilities. All of them were made according to the best estimation of the management at the date of preparing of the financial report. The actual results may differ from the approximate accounting evaluations. 4. Currency of the report Each of the components of the following Financial Report is calculated in the currency of the main economic environment, in which the company operates, called functional currency. The functional and reported currency of the company is the Bulgarian lev., fixed to euro rate from by the law of the established Currency Board of Bulgaria at that time. The transactions in foreign currencies are reported in the main lev exchange rate of National Bank of Bulgaria, valid on the day of the transaction. The monetary assets and liabilities denominated in foreign currencies are reported in the main lev exchange rate of the National Bank of Bulgaria as of The currency differences, created by the transactions are reported in the Profit and Loss Account. 5. Financial Risk management. Factors for the financial risk The business activities of the company face many financial risks, including the implications of currency rate changes, interest rates of commercial and bank credits, mortgages for receivables and interests terms.

17 5.1. Foreign-exchange risk The Company is not exposed to a significant currency risk as its transactions are carried out mainly in the currencies of lev and euro. Loans, received and paid in euros, do not expose the Company or the Cash flow to currency risks. The Company does not maintain significant cash supply than those in the lev and euro currencies Interest risk For its current activities the company uses bank and commercial credits. Bank credits are secured by mortgage of real estates and material reserves. Annual interest rate of the bank credit is 4,5%. The management supposes that there aren`t any conditions to change the existing interest rates, which could bring additional financial risks in credits, used up to 31 st Dec Credit risks Financial assets which potentially expose the Company to credit risks are mainly resulted from receivable sales and received loans. The Company is exposed mainly to credit risk in the case that any of its counterparties do not meet their obligations. Policy of the Management is to minimize these risks and to achieve sales of customers with appropriate credit standing and to obtain adequate compensation. 6. Tangible fixed assets The tangible fixed assets were valued according the acquisition cost, which consist of its purchase value and additional expenses for its acquisition and reduced with the amount of its depreciation and eventual loss due to devaluation. The company reports in the value of the certain possession the expenses, which occurred by the changing of a separate component of this possession in the time of its occurrence, if they are likely to lead to a future economic advantage, bigger than standard efficiency. All other expenses for reconstructions of the tangible fixed assets are reported at the time of their occurrence. The devaluation of the balance value of the tangible fixed assets is controlled in occasions, when balance value could be permanently different from the value of their reparation. If there are some indications, that approximately defined value of reparation is lower than the balance value, the balance value is corrected to balance value of the reparation of the possession. Losses due to devaluation are registered in the Profit and Loss Account, except for cases, when for a certain possession has been established a reserve for new valuation. In that occasion, devaluation is reported as reduction of this reserve. In occasion that devaluation is bigger than the reserve, the overage is registered as a loss in the Profit and Loss Account. On the 31 st of December 2016 the devaluation of all the important tangible fixed assets was controlled. For 2016 the Company has defined limit of 700 BGN, under it the acquired possessions are registered as current expenses even if they may have qualities of tangible fixed assets.

18 7. Intangible fixed assets The intangible fixed assets are reported according the acquisition cost reduced with the amount of their depreciation and devaluation. The depreciation is calculated by applying the straight-line method using the life-time period of the current asset. The Company has fixed a limit of 700 levs. 8. Long-term investments Long-term investments are estimated according to the acquisition cost, because they aren t dealt on the exchange and the management doesn t keep at disposal sure information about their real value and supposes that it doesn t differ a lot from their registered value. A method of registration according the cost price is applied. 9. Materials The materials in the Company include products, goods and products in progress. Their cost includes all costs of purchase and processing and other costs directly related to the manufacturing. At the end of each reporting period, all inventories are valued at the lower balance value and net realizable value. The amount of the devaluation is recognized as a loss of value. Net realizable value is the estimated selling price decreased with the cost of necessary for the completion and sale. In case that the previous period was reported as a loss of value period and it turns out that the new net realizable value is higher, the recovery may be recognized as a loss of value, but it can`t exceed the previously recognized loss of value. The Company sets the expense of its materials by applying the weighted average cost formula. When selling their balance value is recognized as an expense during the period of revenue recognition. 10. Financial assets Financial assets are these financial instruments: credits and receivables with origin in the company, financial assets for trading, financial assets before the term of payment and financial assets for sale. Financial assets may belong to different groups according to the company`s intentions. Trade and other receivables are registered by the value of their occurrence, those of them, which are in foreign currency by the final currency rate of the National Bank of Bulgaria as of 31 st of December 2016 and reduced by the value of devaluation of the irrecoverable receivables. Devaluation is calculated on the base of analysis of oldness of the receivables from the due date to 31 st of December The receivables are categorized as not collectable by presumption of the Management when no further reasonable efforts to collect the receivables are possible.

19 11. Financial resources and financial equivalence Financial resources consist of money in cash, money on bank accounts and deposits. Financial resources in leva are evaluated by the nominal value, and those, which are in foreign currency by the final exchange rate of the National Bank of Bulgaria as of 31 st of December Preparing of the Statement of Cash Flows: - Financial receivables from clients and financial payments to suppliers are presented approximately, including VAT (20%) - Interests from received credits are presented as payments in the financial part. 12. Depreciation and devaluation of fixed assets The depreciation of fixed assets is counted consistently by linear method. Depreciation is not counted for lands and possessions in process of building and reconstruction, until it wasn t finished and put into operation. Standards of depreciation are determined by the management of the company on the base of expected operating time of the group of possessions. At the end of every reported period the management of the company controls the remaining operating time of possessions and depreciable values to find signs of devaluation or need of changing the standards of depreciation. For each group of possessions are applied the following operating times: Facilities 25 years Equipment 5 years Machines and devices 5 years Vehicles 5 years Office equipment 5 years During the year the standards of depreciation haven t been changed compared to the previous reporting period. 13. Registered capital The registered capital is presented by its nominal value and corresponds with its actual registration in the court at the date of this financial report. The accumulated profit / loss / from previous years include uncategorized and accumulated losses from previous years. Reserves: - common / legal / - due to subsequent loss of value - others

20 14. Company`s payables to employees from pension obligations The Company has not prepared any program of earning after the retirement of the employees. The Company has short-term payables to the employees for accumulated holidays, which are expected to be used in 12 months after the date of the balance and also for unpaid salaries. 15. Adjustments, Conditional Assets and Conditional Liabilities Adjustments are registered in the balance in cases when, as a result of previous event, the Company has legal or constructive liability, and it is possible, that the Company may have negative cash flow. The value of the necessary and satisfactory reserves is been controlled every year on 31 st of December in order to make necessary corrections. The Company has not recorded in the balance sheet contingent assets and contingent liabilities and presents them off the balance sheet. 16. Financial liabilities Trade payables Trade and any other similar payables in BGN are evaluated by the value of their occurrence and payables in foreign currency by the final rate of the National Bank of Bulgaria as of 31st of December Current are those which are due within 12 months after the reporting period. Received loans The received loans are initially reported at the amount payable. The taxes payable such as "fee for granting a loan" are deferred on a time proportion basis. Interest`s taxes are reported as current financial costs. Leasing contracts In a financial lease the Company reports leased asset at the lower of fair value or at the value of the minimum lease instalments. In the balance sheet are reported the debts at the total amount of the specified in the contract amount of the rental payments. Difference is reported as a finance expense in the period of the contract. Assets, acquired under finance leases are depreciated just like the remaining depreciable assets. In operating leasing contract the Company reports as an expense for external service the payments of the rent of the asset. 17. Profit tax Current tax assets and liabilities are claims or payables towards budget for the current period due to overpaid or underpaid profit tax. They are calculated by application of current tax rate based on the annual taxable profit. Assets and liabilities from deferred taxes are evaluated according tax rates by the tax legislation for the periods, when the realization of assets or liabilities is expected.

21 Liabilities from deferred taxes are presented in full rate. Assets from deferred taxes are declared up to the amount of possible future tax income for realization of the assets. 18. Authorization of receivables and expenses Receivables are set according to the fair value of the amounts, which are or have to be received in pecuniary means. Receivables from sells are declared as follows: - Sell of production, goods, materials, intangible assets and tangible fixed assets at the time of invoicing and transfer of possession from the seller; - Services depending on the stage of completeness and at the time, when the result of business transaction can be surely evaluated; - Interests currently, prorated in time; - Dividends at the time, when the right to receive them is determined; - Payments from licences according to contracts. Recognition of revenue and expenditure shall be subject to the requirement of a causal link between them. Revenues in foreign currencies are recorded at the exchange rate of the National Bank of Bulgaria on the date of occurrence. Announcements 1.Net revenues from sells in thousands BGN Revenues from sells of finished goods Revenues from sells of production Others Grand total Expenses 2.1. Expenses for materials in thousands BGN Main materials Additional materials 8 4 Supplies Fuels Others 4 6 Grand total:

22 2.2. Expenses for external services in thousands BGN Advertising Rents 6 12 Insurance Telecommunication services Independent financial Audit 4 4 Reconstructions Trade discounts Logistics Other expenses Grand total: Other expenses in thousands BGN Business trips Taxes 5 6 Others Grand total: Financial revenues and expenses 3.1. Revenues in thousands BGN Revenues from loans 1 1 Revenues from changes in currency rates Other financial revenues Grand total: Expenses in thousands BGN Interest expenses on bank loans Expenses from changes in currency rates 3 2 Expenses related to other companies from the group 3 Interest expenses on lease contracts Other financial expenses Grand total: 84 84

23 4. Land, buildings, machines and facilities Reported value Balance as of Acquired Transactions Depreciated Balance as of Depreciation Balance as of Imposed for the period Depreciated Balance as of Balance as of Land and Buildings Machines and Equipment Vehicles Economic inventory Others In progress Grand total: On 31 st of December 2016 were audited the important tangible fixed assets for purpose of verifying their balance value and discovering their devaluation. The land and the buildings are pledged by the force of the following mortgages: - first in line is the mortgage in benefit of OBB Bank AD as a reinsurance of the bank in front of the Customs Agency in the amount of 900 thousands BGN. - second in the line is the mortgage in benefit of SIBANK EAD under an overdraft contract for working capital in the amount of thousands BGN and an investment credit in the amount of 100 thousands BGN. Machines, equipment and vehicles in the total amount of thousand BGN were pledged in benefit of SIBANK AD by the force of overdraft contract for working capital and investments credits. The company does not use foreign tangible fixed assets.

24 5. Intangible fixed assets Product of development Software Intellectual Property Rights Others Grand Total Reported value Balance as of Acquired Transactions Depreciated Balance as of Depreciation Balance as of Imposed for the period Depreciation Balance as of Balance value as of The company does not use foreign possessions. 6. Investment property The company does not have any investment property. 7. Long-term investments In 2015 the company does not have subsidiaries and other long-term investments. 8. Long-term receivables The company has no receivables from granted long-term loans. 9. Inventory of materials and goods in thousands BGN as of as of Materials Production Goods Grand total: The Production 200 thousands l. mature spirits were pledged in benefit of SIBANK EAD in return for a granted loan for working capital and investment bank credit. Depreciation of the inventory of materials was not executed.

25 10. Trade and other receivables In thousands BGN as of as of Net receivables from clients Receivables from clients Receivables from advance payments 19 VAT receivables 95 Receivables corporate profit tax 24 Receivables from court procedures Others Grand total: Some of the receivables from contractors which "CIBANK" EAD esteems as acceptable were pledged as a security for overdraft for working capital and investment credit. In 2016 were written off receivables from: EVROPA Market LTD BGN; KMB Bulgaria EAD BGN; Borislav V. Radilov BGN. 11. Financial resources and financial equivalents in thousands BGN as of as of Financial resources in cash 3 1 Financial resources on bank accounts Grand total: Registered capital On 31 st of December 2016 the registered capital of the Company was fully paid in amount of thousands BGN. It is divided into shares, each of nominal value of 2 BGN. Main shareholders of the Company`s securities: 1. R. JELINEK Group SE Holland shares 99,58% 2. Smaller shareholders shares 0,42% 13. Payables from long-term commercial loans in thousands BGN as of as of Payables bank credits Payables lease contracts Grand total: Other long-term liabilities none

26 15. Current liabilities Short-term credits and interest loans in thousands BGN as of as of From Financial institutions SIBANK EAD From connected companies R.JELINEK GROUP SE Grand total: SIBANK EAD has granted the Company overdraft in the amount of thousands BGN. In 2015 the company used the loan from majority shareholder in the amount of 254 thousand BGN. UBB AD has issued a bank guarantee in the amount of 900 thousand BGN in benefit to Customs Agency Trade payables in thousands BGN as of as of Payables to suppliers including related parties Payables to granted advanced payments 195 Grant total: Incomes of the Employees As of 31 th of December 2016 the Company has 32 employees Expenses on the Employees Expenses on the Employees consist of: in thousands BGN Wages Social insurance Grand total:

27 Payables to Employees and insurance institutions: in thousands BGN as of as of Current wages Social and health insurance 17 9 Grand total: Tax payables in thousands BGN as of as of Payables by the Law of individual`s income tax 9 3 Profit tax VAT Excise mark Grand total: In 2016 the Company has formed a profit in the amount of 341 thousands BGN is deducted from a loss in The taxable temporary differences are in the amount of 116 thousands BGN and the liabilities from deferred taxes are in the amount of 12 thousands BGN. The deductible temporary differences are in the amount of 77 thousands BGN, the asset upon the deferred taxes is 8 thousands BGN. 18. Other creditors in thousands BGN as of as of Guarantees Board of directors 6 6 Others 1 Grand total: Donations In 2016 the Company has not made any donations. 20. Taxable temporary differences Вin thousands BGN At the beginning of the period Declared during the period Appeared during the period 8 3 At the end of the period 32 28

28 21. Income of a single share Financial result in thousands BGN Average number of securities Income of a single share Dividends The Annual General Meeting of the shareholders in the previous year of 2015, which has taken place on the 18 th of April 2016, has decided to deduct the loss in the amount of 669 thousands BGN from retained earnings from past periods. The Board of the Directors has decided to propose at the Annual General Meeting of the shareholders to divide the profit for 2016 in amount of 342 thousand BGN for dividends BGN 0,06 per share. The reminder of the profit to be divided as retained earnings from past periods. 23. Evaluation of the financial resources by their real value The financial resources of the company are monetary and currency resources, trade receivables and liabilities, received credits and investments to sell. Financial and currency resources are presented by their nominal value, which corresponds with their real value on the day of the balance. Current receivables and liabilities are receivables and liabilities with remaining maturity period shorter than a year from the date of balance and their nominal value reduced by the devaluation is judged as real value. Liabilities from bank credits are discounted and amortized by the method of effective interest rate, as to determine the real value on the date of balance. Investments of the company aren t dealt on the exchange and their real value cannot be identified. 24. Announcement of Contracts with related parties Partner Contract Amount in thousands BGN 1.RUDOLF JELINEK A.S. purchase 494 Czech Republic sell R. Jelinek Group SE purchase 5 Holland sell 0 3.VINPROM TROYAN GRADINI EOOD purchase 3 Troyan sell 0 During the transactions, realised within the year did not occur any unusual conditions or deviations from the trade prices.

29 Financial wages of company management as follows: in thousands BGN Wages and honorariums Paid insurances Grand total: Other announcements Conditional assets and conditional liabilities There are no legal processes upon the company from any personal or legal entity. The Company has brought lawsuits against: The Company has an issued executive list against Ferdi I. Satkaev, Sveshtari, Razgrad region in the amount of BGN. This receivable is from In 2014 it was adjusted at 100%. The Company has opened a law suit to EVROPA MARKET OOD in 2014 in the amount of BGN, for receivables from On was issued executive list against EVROPA MARKET. During 2016 VINPROM TROYAN received 1850 BGN. In the end of the year 2016 BGN were written off. In 2015 VINPROM-TROYAN AD has opened a law suit to KMB Bulgaria EAD in the amount of BGN. On was issued executive list. In the end of the year 2016 BGN were written off. Since 2012 the company tried to collect the sum of BGN from Borislav Radulov. In the end of the year 2016 BGN were written off Events after the date of the balance sheet After the date of balance, have not occurred any events, which have important influence on possessions and financial status of the company. 26. Date of authorization of the Annual financial report The Annual financial report of the Company for the year of 2016 was officially authorized and announced on the 17 th of March 2017 by the Board of the Directors. 17 th of March 2017 Prepared by: Stanislav Spasov Troyan Authorized by: ing. Jaroslav Burkart

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