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AB LINAS AGRO GROUP, COMPANY CODE 148030011, SMLYNS ST. 2C, PANEVYS, LITHUANIA CONSOLIDATED FINANCIAL STATEMENTS FOR THE 6 MONTH PERIOD YEAR 2011/2012 (all amounts are in LTL thousand unless otherwise stated)
Notes ASSETS Non-current assets Intangible assets Property, plant and equipment Investment property Animals and livestock Non-current financial assets Investments into associates Investments into joint ventures Other investments Prepayments for financial assets Non-current receivables Non-current receivables from related parties Total non-current financial assets Deferred income tax asset Total non-current assets Current assets Crops Inventories Prepayments Accounts receivable Trade receivables Receivables from related parties Other accounts receivable Total accounts receivable Other current assets Cash and cash equivalents Total current assets Total assets 16
As of 31 December 2011
As of 30 June 2011
5 6 7
625 136,993 9,087 13,905 457 26,886 305 5,781 1,359 34,788 5,852 201,250
366 123,208 9,012 14,007 347 25,821 365 2,223 10,317 1,359 40,432 8,797 195,822
8 8 9 9 16
5,393 178,188 20,256 120,702 8,310 10,682 139,694 6,189 37,882 387,602 588,852
29,682 128,226 49,674 160,768 3,899 29,257 193,924 5,284 7,624 414,414 610,236 (contd on the next page)
AB LINAS AGRO GROUP, COMPANY CODE 148030011, SMLYNS ST. 2C, PANEVYS, LITHUANIA CONSOLIDATED FINANCIAL STATEMENTS FOR THE 6 MONTH PERIOD YEAR 2011/2012 (all amounts are in LTL thousand unless otherwise stated)
AB LINAS AGRO GROUP, COMPANY CODE 148030011, SMLYNS ST. 2C, PANEVYS, LITHUANIA CONSOLIDATED FINANCIAL STATEMENTS FOR THE 6 MONTH PERIOD YEAR 2011/2012 (all amounts are in LTL thousand unless otherwise stated)
AB LINAS AGRO GROUP, COMPANY CODE 148030011, SMLYNS ST. 2C, PANEVYS, LITHUANIA CONSOLIDATED FINANCIAL STATEMENTS FOR THE 6 MONTH PERIOD YEAR 2011/2012 (all amounts are in LTL thousand unless otherwise stated)
AB LINAS AGRO GROUP, COMPANY CODE 148030011, SMLYNS ST. 2C, PANEVYS, LITHUANIA CONSOLIDATED FINANCIAL STATEMENTS FOR THE 6 MONTH PERIOD YEAR 2011/2012 (all amounts are in LTL thousand unless otherwise stated)
Notes
Share capital
Equity attributable to equity holders of the parent Share Legal Reserve for Foreign Retained Subtotal Nonpremium reserve acquisition currency earnings controlling of own translation interest shares reserve 79,545 79,545 79,545 79,545 4,100 (51) 4,151 4,151 250 4,401 (133) (1,439) (1,439) (1,572) (3,208) 2,451 2,451 (757) 8,079 12,851 12,851 (3,500) (51) 596 17,975 23,930 19,366 19,366 (4,714) (250) (1,600) 36,732 250,531 12,851 (1,439) 11,412 (3,500) 596 259,039 263,358 19,366 2,451 21,817 (4,714) 280,461 12,817 (24) (839) (863) (611) 10,918 (2,987) 19,274 16,591 2,268 1,724 3,992 938 (21) 21,500
Total
Balance as of 1 July 2010 Net profit for the year Other comprehensive income Total comprehensive income Dividends declared by Rosenkrantz A/S Dividends declared by Company Minority interest arising on acquisition of subsidiaries Reserves made Acquisition of minority interest Balance as of 31 December 2010 Balance as of 1 July 2011 Net profit for the year Other comprehensive income Total comprehensive income Acquisition of minority interest Declared dividends Reserves made Reserves made Balance as of 31 December 2011
263,348 12,827 (2,278) 10,549 (611) (3,500) 10,918 (2,391) 278,313 279,949 21,634 4,175 25,809 (3,776) (21) 301,961
1,600 1,600
AB LINAS AGRO GROUP, COMPANY CODE 148030011, SMLYNS ST. 2C, PANEVYS, LITHUANIA CONSOLIDATED FINANCIAL STATEMENTS FOR THE 6 MONTH PERIOD YEAR 2011/2012 (all amounts are in LTL thousand unless otherwise stated)
Cash flows from (to) operating activities Net profit (loss) Adjustments for non-cash items: Depreciation and amortization Subsidies amortization Share of profit of associates and joint ventures (Gain) on disposal of property, plant and equipment Loss form acquisition of subsidiary Loss (gain) from disposal of investments Change in accrued expenses Change in allowance for receivables and prepayments Change in inventories write down to net realizable value Change in fair value of biological assets Change in impairment of investments Change in deferred income tax Current income tax expenses Expenses (income) from change in fair value of financial instruments Change of provision for onerous contracts Change in foreign currency translation reserve Dividend (income) Interest (income) Interest expenses Changes in working capital: Decrease in biological assets (Increase) in inventories Decrease in prepayments (Increase) in trade and other accounts receivable (Increase) in restricted cash Increase in trade and other accounts payable Income tax (paid) Net cash flows from (to) operating activities 24,552 (48,604) 29,417 54,372 (3,453) (14,869) (5,576) 77,651 13,337 (44,302) (9,917) (64,538) (20,621) (799) (1,203) (105,084) (contd on the next page) 3 21,643 5,453 (716) (1,214) (87) (1,066) 4,007 1,956 110 23 1,171 6,321 (267) (36) (748) 5,271 41,812 12,827 5,227 (741) (1,424) (89) 670 253 802 406 (25) (2,272) (22) (2,210) 4,803 3,910 (2,279) (1,094) 4,217 22,959
AB LINAS AGRO GROUP, COMPANY CODE 148030011, SMLYNS ST. 2C, PANEVYS, LITHUANIA CONSOLIDATED FINANCIAL STATEMENTS FOR THE 6 MONTH PERIOD YEAR 2011/2012 (all amounts are in LTL thousand unless otherwise stated)
Notes Cash flows from (to) investing activities (Acquisition) of intangible assets, property, plant and equipment and investment property Proceeds from sale of intangible assets, property, plant and equipment and investment property Acquisition of subsidiaries (less received cash balance in the Group) Disposal of subsidiaries (Acquisition) of non-controlling interests and other investments Disposal of joint venture Loans (granted) Repayment of granted loans Interest received Dividend received Net cash flows (to) investing activities Cash flows from (to) financing activities Proceeds from loans (Repayment) of loans Finance lease (payments) Interest (paid) Dividends (paid) to non-controlling shareholders Dividends (paid) to shareholders of the Company Net cash flows from (to) financing activities Net increase (decrease) in cash and cash equivalents Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year Supplemental information of cash flows: Non-cash investing activity: Property, plant and equipment acquisitions financed by finance lease Property, plant and equipment acquisitions financed by grants and subsidies
2011/2012 6 month
2010/2011 6 month
448,353 (353,403) (542) (4,455) (611) (3,500) 85,842 (11,248) 34,014 22,766
484 383
452 734
AB LINAS AGRO GROUP, COMPANY CODE 148030011, SMLYNS ST. 2C, PANEVYS, LITHUANIA CONSOLIDATED FINANCIAL STATEMENTS FOR THE 6 MONTH PERIOD YEAR 2011/2012 (all amounts are in LTL thousand unless otherwise stated)
Akola ApS (Denmark) Skandinaviska Enskilda Banken AB (Sweden) Darius Zubas Swedbank (Estonia) Clients Other shareholders (private and institutional investors) Total
All the shares of the Company are ordinary shares with the par value of LTL 1 each as of 31 December 2011 (LTL 1 each as of 30 June 2011) and were fully paid as of 31 December and as of 30 June 2011. The Company, its subsidiaries and other related companies did not hold any shares of the Company as of 31 December and as of 30 June 2011. All of the Companys 158,940,398 ordinary shares are included in the Official list of NASDAQ OMX Vilnius stock exchange (ISIN code LT0000128092). The Companys trading ticker in NASDAQ OMX Vilnius stock exchange is LNA1L. As of 31 December 2011 the number of employees of the Group was 803 (775 as of 30 June 2011).
Changes in share capital during the year ended 30 June 2011 No changes in share capital occurred during the year ending 30 June 2011. Changes in share capital during the year ended 31 December 2011 No changes in share capital occurred during the year ending 31 December 2011.
2. ACCOUNTING PRINCIPLES
These financial statements were prepared in accordance with International Financial Reporting Standards (IFRS), as adopted by the European Union (hereinafter the EU), which include IAS 34. In all material respects, the same accounting principles have been followed as in the preparation of financial statements for 2010/2011 financial year.
AB LINAS AGRO GROUP, COMPANY CODE 148030011, SMLYNS ST. 2C, PANEVYS, LITHUANIA CONSOLIDATED FINANCIAL STATEMENTS FOR THE 6 MONTH PERIOD YEAR 2011/2012 (all amounts are in LTL thousand unless otherwise stated)
Place of registration
Effective share of the stock held by the Group 31 December 30 June 2011 2011
Main activities
SIA Linas Agro UAB Gerera UAB Linas Agro Grd Centras UAB Linas Agro Grd Centras KB Linas Agro A/S UAB Lignineko
Investments into indirectly controlled subsidiaries (through UAB Linas Agro Konsultacijos)
K KUPIKIO GRDAI Birai district Medeiki B akiai district Luki B Panevys district Auktadvario B Sidabravo B Uups B UAB Edfermus 2 Lithuania Lithuania Lithuania Lithuania Lithuania Lithuania Lithuania 95.71% 98.39% 98.69% 96.03% 66.22% 100% 100% 92.88% 98.36% 98.37% 65.35% 66.22% 70% Preparation and warehousing of grains for trade Growing and sale of crops Mixed agricultural activities Mixed agricultural activities Mixed agricultural activities Growing and sale of crops Growing and sale of crops
AB LINAS AGRO GROUP, COMPANY CODE 148030011, SMLYNS ST. 2C, PANEVYS, LITHUANIA CONSOLIDATED FINANCIAL STATEMENTS FOR THE 6 MONTH PERIOD YEAR 2011/2012 (all amounts are in LTL thousand unless otherwise stated)
*As at 30 June 2010 the Company had a payment amounting to LTL 12,757 thousand made for the acquired additional 50% shares of PJ-SC UKRAGRO NPK.
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AB LINAS AGRO GROUP, COMPANY CODE 148030011, SMLYNS ST. 2C, PANEVYS, LITHUANIA CONSOLIDATED FINANCIAL STATEMENTS FOR THE 6 MONTH PERIOD YEAR 2011/2012 (all amounts are in LTL thousand unless otherwise stated)
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AB LINAS AGRO GROUP, COMPANY CODE 148030011, SMLYNS ST. 2C, PANEVYS, LITHUANIA CONSOLIDATED FINANCIAL STATEMENTS FOR THE 6 MONTH PERIOD YEAR 2011/2012 (all amounts are in LTL thousand unless otherwise stated)
4. SEGMENT INFORMATION
For management purpose the Group is organized into five operating segments based on their products and services as follows: the grains and oilseeds segment includes trade in wheat, rapeseed, barley and other grains and oilseeds; the feedstuffs segment includes trade in suncake and sunmeal, sugar beat pulp, soymeal, vegetable oil, rapecake and other feedstuffs; the agricultural inputs segment includes sales of fertilizers, seeds, plant protection products and other related products to agricultural produce growers; the farming segment includes growing of grains, rapeseed and others as well as sales of harvest, breeding of livestock and sales of milk and livestock. Milk is sold to local dairy companies, other production is partly used internally, partly sold; the other products and services segment includes sales of biofuel, provision of elevator services and other products and services. Transfer prices between the Group companies are based on normal selling prices in a manner similar to transactions with third parties.
6 month period ended 31 December 2011 Grains and oilseeds Feedstuffs Agricultural inputs Farming Other products and services Not Adjustattributed ments and to any eliminaspecified tions segment (39,483)1) (39,483)1) Total
Revenue From one client UAB MESTILLA Other third parties Intersegment Total revenue Results Operating expenses Segment operating profit (loss) 5,509 3,307 2,259 6,140 8,487 22,073 2,178 (3,550) 1,893 9,385 6,987 (5,668) 27,313 31,687 88,228 273,290 361,518 38 142,242 1,430 143,710 340,014 4,577 344,591 11,842 16,220 28,062 72 12,943 17,255 30,270 88,337 780,331 868,668
Feedstuffs
Agricultural inputs
Farming
Not Adjustattributed ments and to any eliminaspecified tions segment 3,604 (4,566) (34,155)1) (34,155)1) -
Total
Revenue From one client UAB MESTILLA Other third parties Intersegment Total revenue Results Operating expenses Segment operating profit (loss) 4,773 (8,390) 3,010 4,177 5,752 17,230 1,811 1,763 1,784 7,147 20,734 17,361 11,860 299,666 419,526 13 123,515 875 124,403 231,815 4,812 236,627 11,122 13,630 24,752 125 10,019 14,838 24,982 119,998 676,137 796,135
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AB LINAS AGRO GROUP, COMPANY CODE 148030011, SMLYNS ST. 2C, PANEVYS, LITHUANIA CONSOLIDATED FINANCIAL STATEMENTS FOR THE 6 MONTH PERIOD YEAR 2011/2012 (all amounts are in LTL thousand unless otherwise stated)
Revenue from external customers Lithuania Europe (except for Scandinavian countries, CIS and Lithuania) Scandinavian countries Africa Asia CIS
6 month period ended 31 December 31 December 2011 2010 212,781 144,430 88,763 42,520 96,423 283,751 868,668 241,531 162,681 70,947 46,755 77,664 196,557 796,135
The revenue information above is based on the location of the customer. As of 31 December 2011 123,561 22,807 152 185 146,705 As of 30 June 2011 113,730 18,444 207 205 132,586
Non-current assets for this purpose consist of property, plant and equipment, investment property and intangible assets.
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AB LINAS AGRO GROUP, COMPANY CODE 148030011, SMLYNS ST. 2C, PANEVYS, LITHUANIA CONSOLIDATED FINANCIAL STATEMENTS FOR THE 6 MONTH PERIOD YEAR 2011/2012 (all amounts are in LTL thousand unless otherwise stated)
5. INTANGIBLE ASSETS
Software
Total
Cost: Balance as of 30 June 2010 Additions Acquisition of subsidiaries Write-offs Exchange differences Balance as of 30 June 2011 Additions Write-offs Exchange differences Balance as of 31 December 2011 Accumulated amortization: Balance as of 30 June 2011 Charge for the year Write-offs Exchange differences Balance as of 31 December 2011 Net book value as of 31 December 2011 Net book value as of 30 June 2011 Net book value as of 30 June 2010 1,179 47 1,226 124 5 2 131 1,303 52 2 1,357 1,343 170 57 (50) (8) 1,512 312 2 1,826 201 17 (60) (1) 157 157 1,544 187 57 (110) (9) 1,669 312 2 1,983
26 33 38
The Group has no internally generated intangible assets. Amortization expenses of intangible assets are included within operating expenses in the income statement.
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AB LINAS AGRO GROUP, COMPANY CODE 148030011, SMLYNS ST. 2C, PANEVYS, LITHUANIA CONSOLIDATED FINANCIAL STATEMENTS FOR THE 6 MONTH PERIOD YEAR 2011/2012 (all amounts are in LTL thousand unless otherwise stated)
Vehicles
Total
Cost: Balance as of 30 June 2010 Additions Acquisition of subsidiaries Disposals and write-offs Transfers to/from investment property Reclassifications Exchange differences Balance as of 30 June 2011 Additions Acquisition of subsidiaries Disposals and write-offs Transfers to/from investment property Reclassifications Exchange differences Balance as of 31 December 2011 Accumulated depreciation: Balance as of 30 June 2010 Charge for the year Disposals and write-offs Exchange differences Balance as of 30 June 2011 Charge for the year Disposals and write-offs Reclassifications Exchange differences Balance as of 31 December 2011 Impairment losses: Balance as of 30 June 2010 (Reversal) charge for the year Balance as of 30 June 2011 (Reversal) charge for the year Balance as of 31 December 2011 Net book value as of 31 December 2011 Net book value as of 30 June 2011 Net book value as of 30 June 2010
6,381 190 249 (13) 156 (40) 6,923 2,043 194 164 23 9,347
79,102 3,291 13,221 (420) 2,797 (2,006) 95,985 3,505 (6) 14,028 1,912 115,424
46,948 5,748 671 (370) (299) (97) 52,601 6,032 (60) 4,636 394 63,603
5,561 1,252 874 (527) 26 (137) 7,049 852 (100) 131 7,932
9,140 666 1,035 (518) (168) 10,155 321 (8) 208 130 10,806
2,388 15,394 335 (205) (2,524) (141) 15,247 4,804 (18,872) (271) 908
149,520 26,541 16,385 (2,053) 156 (2,589) 187,960 17,557 194 (174) 164 2,319 208,020
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AB LINAS AGRO GROUP, COMPANY CODE 148030011, SMLYNS ST. 2C, PANEVYS, LITHUANIA CONSOLIDATED FINANCIAL STATEMENTS FOR THE 6 MONTH PERIOD YEAR 2011/2012 (all amounts are in LTL thousand unless otherwise stated)
7. INVESTMENT PROPERTY
Investment property of the Group consists of land and buildings leased out under the operating lease which generates lease income. Land Cost: Balance as of 30 June 2010 Additions Transfers from property, plant and equipment Balance as of 30 June 2011 Additions Disposals Transfers to/from property, plant and equipment Balance as of 31 December 2011 Accumulated depreciation: Balance as of 30 June 2010 Charge for the year Balance as of 30 June 2011 Charge for the year Transfers to/from property, plant and equipment Balance as of 31 December 2011 Impairment losses: Balance as of 30 June 2010 Charge for the year Balance as of 30 June 2011 Balance as of 31 December 2011 Net book value as of 31 December 2011 Net book value as of 30 June 2011 Net book value as of 30 June 2010 591 (349) 242 242 7,662 7,539 7,083 1,389 (261) 1,128 1,128 1,425 1,473 1,315 1,980 (610) 1,370 1,370 9,087 9,012 8,398 593 103 696 48 744 593 103 696 48 744 7,674 263 (156) 7,781 351 (64) (164) 7,904 3,297 3,297 3,297 10,971 263 (156) 11,078 351 (64) (164) 11,201 Buildings Total
The Groups management considers that the difference between the carrying value and fair value of investment property is not significant. Fair value has been determined based on valuations performed by independent valuators at near reporting date using the comparable prices method.
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AB LINAS AGRO GROUP, COMPANY CODE 148030011, SMLYNS ST. 2C, PANEVYS, LITHUANIA CONSOLIDATED FINANCIAL STATEMENTS FOR THE 6 MONTH PERIOD YEAR 2011/2012 (all amounts are in LTL thousand unless otherwise stated)
Lithuania Lithuania
Information on associates and joint ventures of the Group as of 31 December 2011 was as follows (full amounts of revenue and profit and full amounts of statement of financial position):
Investment at Profit (loss) for equity the reporting method period Sales revenue Non-current assets Current assets Non-current liabilities Current liabilities
Investments into associates UAB Jungtin Ekspedicija Investments into joint ventures UAB Dotnuvos Projektai (consolidated)
457 457
244
2,893
130
2,050
1,167
26,886 26,886
2,131
87,334
37,176
86,653
4,631
65,108
Information on associates and joint ventures of the Group as of 30 June 2011 was as follows (full amounts of revenue and profit and full amounts of statement of financial position):
Investment at Profit (loss) for equity the reporting method period Sales revenue Non-current assets Current assets Non-current liabilities Current liabilities
Investments into associates UAB Jungtin Ekspedicija Investments into joint ventures UAB Kustodija UAB Dotnuvos Projektai (consolidated) Classified as held for sale
139
4,315
166
1,112
507
(83) 9,823
38,787 176,194
689 35,689
30,220 133,218
102 5,413
27,204 111,851
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AB LINAS AGRO GROUP, COMPANY CODE 148030011, SMLYNS ST. 2C, PANEVYS, LITHUANIA CONSOLIDATED FINANCIAL STATEMENTS FOR THE 6 MONTH PERIOD YEAR 2011/2012 (all amounts are in LTL thousand unless otherwise stated)
9. OTHER INVESTMENTS
Other investments of the Group consist of: Share held As of 31 As of 30 by the December June 2011 Group 2011 Panevys district riki B Other investments 24.97% 173 131 304 173 192 365
The investment into Panevys district riki B is not classified as an associate and therefore not accounted for using the equity method because the Group does not have voting rights in the company and does not have the ability to exercise significant influence.
10. BORROWINGS
As of 31 December 2011 Non-current borrowings Bank borrowings secured by the Group assets Other non-current borrowings Current borrowings Current portion of non-current bank borrowings Current portion of other non-current borrowings (Note 16) Current bank borrowings secured by the Group assets Factoring with recourse liability Other current borrowings 13,128 2,042 134,711 13,748 1,650 165,279 194,689 12,814 2,000 160,109 18,894 1,881 195,698 223,993 28,343 1,067 29,410 As of 30 June 2011 27,228 1,067 28,295
Interest payable is normally settled monthly throughout the financial year. Accrued interest on bonds issued is settled annually.
Cost of inventories recognized as an expense Logistics expenses Wages and salaries and social security Depreciation Utilities expenses (Income) expense from change in fair value of biological assets Other
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AB LINAS AGRO GROUP, COMPANY CODE 148030011, SMLYNS ST. 2C, PANEVYS, LITHUANIA CONSOLIDATED FINANCIAL STATEMENTS FOR THE 6 MONTH PERIOD YEAR 2011/2012 (all amounts are in LTL thousand unless otherwise stated)
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AB LINAS AGRO GROUP, COMPANY CODE 148030011, SMLYNS ST. 2C, PANEVYS, LITHUANIA CONSOLIDATED FINANCIAL STATEMENTS FOR THE 6 MONTH PERIOD YEAR 2011/2012 (all amounts are in LTL thousand unless otherwise stated)
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AB LINAS AGRO GROUP, COMPANY CODE 148030011, SMLYNS ST. 2C, PANEVYS, LITHUANIA CONSOLIDATED FINANCIAL STATEMENTS FOR THE 6 MONTH PERIOD YEAR 2011/2012 (all amounts are in LTL thousand unless otherwise stated)
Purchases
Sales
Payables
Members of the board Joint ventures Associates Akola ApS group companies
* Loans borrowed from related parties are accounted for under current portion of non-current borrowings in the statements of financial position (Note 10). As of 31 December and as of 30 June 2011 annual interest rate of the Groups loans borrowed and non-current loans receivable from related parties are fixed and equal to 7% and 8%, respectively. Current loans receivable from related parties bear 1m EURIBOR + 4.1% margin annual interest rate. Transactions with related parties include sales and purchases of goods and services, sales and purchases of property, plant and equipment as well as financing transactions in the ordinary course of business. There were no guarantees or pledges related to the Groups payables to or receivables from related parties. Receivables and payables from / to related parties will be settled in cash or offset with the payables / receivables from / to respective related parties. Terms and conditions of the financial assets and liabilities: Receivables from related parties are non-interest bearing and are normally settled on 30-day terms. Payables to related parties are non-interest bearing and are normally settled on 30-90-day terms. Interest payable is normally settled at the end of the loan term. The Groups receivables from related parties were not past due as of 31 December and 30 June 2011.
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