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An explanation of the difference of the audited and unaudited annual report profit figures
AS "PATA Saldus" announces that sworn auditor audited annual report of the year 2016 net profit differs from the previously published unaudited financial results of the year 2016 for more than 10%. Net profit decreased by EUR 128'280, - (one hundred and twenty-eight thousand two hundred and eighty euros). The main difference occurred by mistake that was discovered after published unaudited financial report of the year 2016.
Processing inventory data of the year 2016, was incorrectly entered in the inventory difference, that led to the amounts of mistake of EUR 118'814, - (one hundred eighteen thousand eight hundred and fourteen).
In addition, after published unaudited report, debtors who had promised to meet its commitments, failed to do so were transferred to doubtful receivables and transferred to costs of EUR 3'714 (three thousand seven hundred and fourteen euros). Other corrections were insignificant.
These activities have been adjusted as follows "Profit and Losses" positions:
Costs of goods sold or services provided;
Other operating expenses;
Interest and similar income;
Changes in deferred tax assets or liabilities.
Chairman of the management board Andris Krastiņš