Net cash flow/turnover of the joint venture within twelve months of 2016 reached EUR

1 297 712  that is higher by 14 % in comparison with the last period reported.

Despite the growth of net turnover, at the end of the reporting period the management board

has executed also cost saving measures, thus, as the result the company concluded the year
with audited profit of 304 985 EUR.
Diference between audited and not audited  financial statement   profit occur due to changes in

Latvian law on Annual Reports and Consolidated Annual Reports as it is necessary to cancel

revaluation reserve and record i in profit and loss calculation.

The Managements Board of JSC VEF

Attachments : JSC VEF financial statements 2016.12 ( audited ).
                         Independent Auditors Report.
                       Corporate Governance Report for year 2016.
Additional information :
Tamara Kampane,
Chairman of Management Board,
kampane@vef.apollo.lv