MANAGEMENT REPORT

February 27, 2015

Type of activities

The types of activities performed by the JSC “Brivais Vilnis” are processing and canning of fish and fish products, wholesale of food products and other commercial activities classified nowhere else. On May 14, 2002 the company was registered in the Common commercial register of the Republic of Latvia.

Economic activities

Year 2014 is the 23^rd year of operation since the Company was transformed into a Joint Stock Company. In 2014 the Company produced a total of 22.5 million cans of various types (157) of fish products, including 10.0 million cans of sprat. 22.4 million cans were sold for EUR 12.8 million.

The financial result of the year 2014 is profit of EUR 416 473. This profit is from economic activities of the Company.

Net turnover of 2014 is EUR 12 846 thousand.

Result of 2014 (EUR)                                                                              416 473                  

Gross profit of 2014 (EUR)                                                                  1 576 576

In 2014 the JSC “Brivais vilnis” has obtained a number of new equipment for production of canned fish.

We are a leader in product quality, we don`t use genetically modified raw materials and synthetic food additives in production.

In 2014 the JSC “Brivais vilnis” continued to work on introduction of new type of packaging by experiments and tests in its laboratory.

In 2015 the Company will start export of the new product with the transparent lid to Finland. We will continue to work on development of new export markets. Taking into account deterioration of economic situation in Russia and other CIS countries, development of new export markets has been set as a priority.

Arnolds Babris

Chairman of the Board