Raport bieżący nr 130/2018
100% of shares in OOO Karakash Agro were sold for EUR 0.50 million. In addition, during the next three years the acquirer will pay EUR 2.58 million for the transfer of receivables from OOO Karakash Agro and 15% annual interest on deferred payments, which can reach EUR 0.78 million.
OOO Karakash Agro became part of AUGA group, AB in 2014 when the Company (then called AB Agrowill group) increased its share capital and part of its newly issued shares (14 151 252 shares of total nominal value EUR 4.10 million) were paid with 100% of shares of OOO Karakash Agro controlling company. In the middle of 2014, after the introduction of international sanctions to Crimea the Company was not able to implement its initial business plan of growing organic vegetables and grain in Crimea and exporting them to the EU markets. At the end of 2014, considering the uncertainty of the situation in Crimea peninsula, the Company impaired investment value to OOO Karakash Agro controlling company to EUR 0 and OOO Karakash Agro assets accounted in group financial statements were impaired to EUR 0.29 million.
During the last years OOO Karakash Agro was growing various crops and selling them in local market. On the bases of long term lease agreements, OOO Karakash Agro cultivates approx. 10 thous. ha of arable land in Crimea peninsula. Based on unaudited financial statements of 30 September 2017, value of OOO Karakash Agro assets was EUR 2.79 million and liabilities to third parties (excluding related companies) – EUR 1.16 million. For the 9 months of 2017, unaudited net income of OOO Karakash Agro was EUR 0.72 million.
Without a possibility to integrate OOO Karakash Agro into AUGA group, AB business model of organic food production, it was decided to sell this asset.
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