Grobiņa
Quarterly report

JSC "Grobina" unaudited financial report of first 9 months, 2016

Dubeni, Grobina parish, Grobina district, LV-3438, 2016-12-09 09:15 CET -- Company’s first nine months of 2016, net turnover is € 2647091 EUR, it has decreased by 46% compared with the 1st nine months of 2015, but in 2016 first nine  months, there were sold 131 249   mink skins at an average price of 20.17 EUR / pcs, but in 2015, first nine months were sold 110572 mink skins at an average price of € 39.41 / pcs. Although in 2016 the JSC "Grobiņa" 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, joint stock company "Grobiņa” in the first nine months of 2016, production was sold below first cost, thereby the company has suffered a loss . In order to obtain the financial stability of the joint stock company "Grobiņa" , by the Liepaja court decision 29th of June, 2016,  has been approved  the joint stock company “Grobina” Legal Protection Proceedings plan of action, which provides to settle with creditors in 2018.

In spite of the JSC "Grobiņa" Legal Protection Proceedings, the JSC "Grobiņa" management also in this growing season reached an agreement with the Finnish auction house Saga Furs of funding, for fur-bearing animals fattening, which allows to the company, to ensure normal economic activity.

JSC "Grobina"

Chairman of the Board

Gundars Jaunsleinis