Re. AS Staburadze financial statement for year 2006 audited by a registered auditor

The Board of the Stock Company “Staburadze” (Unified Reg. No. 40003012482 legal address: Artilērijas iela 55, Riga, LV - 1009) makes it known that the net profit in the AS Staburadze financial statement for year 2006 audited by a registered auditor and consolidated financial statement for year 2006 differs from the net profit in the non-audited financial statement for year 2006 and consolidating financial statement for year 2006 by over 10%.

Net profit in the AS Staburadze financial statement for year 2006 audited by a registered auditor is by over 10% less than the net profit in the non-audited financial statement for year 2006, as far as the net turnover has been clarified more precisely. 

Also the net profit in the AS Staburadze consolidated financial statement for year 2006 audited by a registered auditor is by over 10% less than the net profit in the non-audited consolidated financial statement for year 2006. It is because of corrections in connection with revaluation of investments in the daughter companies, as the company OU Aston Food (Estonia) purchased by AS Staburadze daughter company AS Laima daughter company SIA „Euro Food” in 2006 applied for initiation of bankruptcy proceedings at the time period between submission of the non-audited statement to the Riga Stock Exchange on 28 February and the financial statement preparation for the registered auditor's conclusion receipt.

The OU Aston Food critical financial standing resulted from termination of a supply contract by its lasting cooperation partner AS Statoil Eesti, which had realised about 90% of the OU Aston Food produce.

After OU Aston Food applied for bankruptcy adjudging, the provisions in full goodwill for purchased subsidiary, as well as allowances for doubtful trade receivables were formed, which resulted in reduction of the AS Staburadze net consolidated profit. 

Further information is available in the AS Staburadze financial statement for year 2006 and consolidated statement for year 2006. 


Board of AS „Laima”