Interim / Quarterly Report • Aug 29, 2014
Interim / Quarterly Report
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Consolidated Interim Financial Statement and Consolidated Interim Report for Six Months of 2014
29 August 2014 Panevėžys
Hereby we confirm that based on the information available to us, the interim financial statement of the company and the group provided for the six months of the year 2014 made in accordance with the International Financial Reporting Standards is true and shows the assets. liabilities, financial state, profit or loss and cash flows of Panevėžio statybos trestas AB and the Group of Panevėžio statybos trestas AB in a correct manner, and that the review of business development and performance is indicated correctly in the interim report.
D. Perhins
Dalius Gesevičius Managing Director Panevėžio statybos trestas AB
DBeneues
Dalė Bernotaitienė Finance Director Panevėžio statybos trestas AB
P.Puzino g. 1, LT-35173, Panevėžys Tel. +370 45 505 503 Faks. +370 45 505 520 El.paštas [email protected]
AB SEB bankas B/k 70440 A/s LT517044060002635252 AB "Swedbankas" B/k 73000 A/s Lt947300010000074994
The consolidated interim report has been prepared for six months of the year 2014 expired on 30 June 2014.
| Name of issuer | Public limited liability company Panevėžio statybos |
|---|---|
| trestas | |
| Authorized capital | 16 350 000 Litas |
| Address of registered office | P. Puzino Str. 1, LT-35173 Panevėžys, Lithuania |
| Telephone | $(+37045)$ 505 503 |
| Fax | $(+37045) 505520$ |
| [email protected] | |
| Legal-organization form | Public limited liability company |
| Registration date and place | 30 October 1993, Panevėžys City Department |
| Registration No. | AB 9376 |
| Code at the register of enterprises | 147732969 |
| VAT code | LT477329610 |
| Administrator of legal entity register | State Enterprise Centre of Registers |
| Web address | www.pst.lt |
The main area of activity of the Company and its subsidiaries (the Group) is designing and construction of buildings, constructions, installations and communications of various purposes both in and outside Lithuania, real estate development.
As of 30 June 2014, the Group of Panevėžio statybos trestas AB consists of the following companies:
| Subsidiaries | Type of activities | Share controlled (per cent) |
Registered address |
|---|---|---|---|
| Skydmedis UAB | Construction: panel houses | 100 | Pramonės Str. 5, Panevėžys Tel.: +370 45 583341 |
| Metalo meistrai UAB | Construction | 100 | Tinklų Str. 7, Panevėžys, Tel. +370 45 464677 |
| Vekada UAB | Construction: electrical installation |
96 | Marijonų Str. 36, Panevėžys Tel.: +370 45 461311 |
| Panevėžio statybos trestas AB and partner's Vilniaus papėdė TŪB |
Real estate development | 69 | Švitrigailos Str. 8, Vilnius Tel.: +370 5 2609405 |
| Alinita UAB | Construction: conditioning equipment |
100 | Tinkly Str. 7, Panevėžys Tel.+370 45 467630 |
| KINGSBUD Sp.zo.o. | Intermediation services | 100 | A. Patli 16-400, Suwalki, Poland |
| PS TRESTS SIA | Construction | 100 | Vietalvas Str. 5, Riga |
| BALTILSTROIJ OOO | Construction | 100 | Sovetskij Ave. 43, Kaliningrad Tel.: 0074012350435 |
| Teritorija OOO | Real estate development | 87,5 | Lunacharskovo Lane 43- 27, Cherepovets Vologda County |
| PST Nordic AB | Construction | 100 | Krossgatan 25 162 50 Vällingby Stockholm County |
| PST Investicijos UAB | Real estate development | 68 | Verkių Str. 25C, Vilnius Tel.: +370 5 2728213 |
| Subsidiaries of PST investicijos UAB: | |||
| Ateities projektai UAB | Real estate development | 100 | Verkių Str. 25C, Vilnius |
| Šeškinės projektai UAB | Real estate development | 100 | Verkių Str. 25C, Vilnius |
| Sakališkės UAB | Real estate development | 100 | Verkių Str. 25C, Vilnius |
| Kauno erdvė UAB | Real estate development | 100 | Verkių Str. 25C, Vilnius |
| Verkių projektas UAB | Real estate development | 100 | Verkių Str. 25C, Vilnius |
| ISK Baltevromarket ZAO | Real estate development | 100 | Pobeda Square 10, Kaliningrad |
On 2 December 2013 after termination of the agreement with DNB bankas, AB Panevėžio statybos trestas AB signed the agreement for accounting for financial instruments with Financial Brokerage Company Finasta AB.
The ordinary registered shares of Panevėžio statybos trestas AB, 16 350 000 pcs., the par value of each being one Litas, have been included in the official list of the Vilnius Stock Exchange (VSE) since 13 July 2006.
| Share type | Number of shares | Par value | Total par value | Emission |
|---|---|---|---|---|
| (pcs.) | (Litas) | (Litas) | code | |
| Ordinary registered shares (ORS) |
16 350 000 | 16 350 000 | 101446 |
Changes in Panevėžio statybos trestas AB and OMX Baltic Benchmark GI indexes for the first half of 2014
Variation in the price of the Company shares at the Stock Exchange for the first half of 2014 (Litas)
| Last price 30 June 2013 |
Average price for I half of 2014 |
Highest price for I half of 2014 |
Lowest price for I half of 2014 |
Last price 30 June 2014 |
|---|---|---|---|---|
| $3.94$ Litas | 3.68 Litas | 4.25 Litas | 3.11 Litas | 4.25 Litas |
As of 30 June 2014, the authorized capital of the Company is 16 350 000 Litas, it is divided into 16 350 000 ordinary registered shares (hereinafter referred to as ORS), the par value of one share being 1.00 Litas. All shares are intangible and fully paid. The property right for the shares is proved by the record in the stock accounts. The shares of Panevėžio statybos trestas AB are traded at the Vilnius Stock Exchange. On 30 June 2014 the total number of the shareholders was 1954. The shareholders who under the ownership right hold or control more than 5 per cents of the authorized capital of the Company are as follows:
| Full name of a shareholder (company name, type, headquarter address, company code) |
Number of ordinary registered shares held by a shareholder under ownership right (pcs.) |
Share of the authorized capital held $(\%)$ |
Portion of votes granted by the shares held under the ownership right $(\%)$ |
Portion of votes owned by the shareholder along with acting persons $(\% )$ |
|---|---|---|---|---|
| Panevėžio keliai AB S. Kerbedžio Str. 7, Panevėžys, Company code: 147710353 |
8 138 932 | 49.78 | 49.78 | |
| SWEDBANK AS (ESTONIA) clients Liivalaia 8, 15040 Tallinn, Estonia Company code: 10060701 |
1 200 473 | 7.34 | 7.34 | |
| Freely negotiable shares | 7 010 595 | 42.88 | 42.88 |
Neither the Company nor any of its subsidiary companies or any other person who would act in his/her own name but in the favour and using the means of the Company has purchased any shares of the Company.
Referring to the unaudited data, during the first half of 2014 the Group of Panevėžio statybos trestas AB was on the income of 139.07 mln. Litas, that is by 5.8 per cents less than last year when the income of the Group amounted to 147.62 mln. Litas. For the first half of 2014 the net profit of the Group amounted to 5.6 mln. Litas, whereas for the first half of 2013 the Group had the loss in the amount of 2.94 mln. Litas.
Referring to the unaudited data, during the first half of 2014 Panevėžio statybos trestas AB was on the income of 100 mln. Litas, that is by 11 per cents less than last year. However, for the first
half of 2014 the net profit of the Company amounted to 4.8 mln. Litas, whereas for the first half of 2013 the Group had the loss in the amount of 1.1 mln. Litas.
The net profit of the Company was conditioned by successful activities in the major projects: construction of Joint Centre for Life Sciences and Related Buildings at Saulėtekio Ave. 9, Vilnius, construction of Klaipeda City Head Police Headquarters and supplementary buildings (parking areas), construction of the Aviation Fuel Base (engineering infrastructure facilities, transportation lines - access roads, railway) at the Air Force Base of the Lithuanian Armed Forces (NATO project) in Šiauliai, construction of Sludge Treatment Plant in Taurage.
| Group | Company | |||||
|---|---|---|---|---|---|---|
| I half of 2012 |
I half of 2013 |
I half of 2014 |
I half of 2012 |
I half of 2013 |
I half of 2014 |
|
| Income | 111 430 | 147618 | 139 070 | 102 470 | 112 045 | 99 999 |
| Gross profit | 2483 | 10 537 | 16 522 | 6 0 93 | 6018 | 9353 |
| Gross profit margin (per cent) |
2.23 | 7.14 | 9.45 | 5.95 | 5.37 | 9.35 |
| Net profit | $-7032$ | $-2940$ | 5 5 9 3 | $-522$ | $-1119$ | 4798 |
| Nets profit margin (per cent) |
$-6.31$ | $-1.99$ | 4.02 | $-0.51$ | $-1.00$ | 4.8 |
| Profit per share (Litas) | $-0.41$ | $-0.18$ | 0.34 | $-0.03$ | $-0.07$ | 0.29 |
| Profit before taxes, interest, depreciation and amortization EBITDA |
$-2675$ | $-1330$ | 8 5 4 2 | 3 207 | 458 | 6952 |
| EBITDA margin (per cent) | $-2.40$ | $-0.9$ | 6.14 | 3.13 | 0.41 | 6.95 |
| Return on equity (per cent) (ROE) |
$-6.69$ | $-2.58$ | 4.45 | $-0.40$ | $-0.86$ | 3.49 |
| Return on assets or asset profitability $(ROA)$ |
$-3.05$ | $-1.37$ | 2.30 | $-0.25$ | $-0.60$ | 2.46 |
| Return on investments (RO) |
$-6.07$ | $-2.16$ | 3.87 | $-0.40$ | $-0.84$ | 3.43 |
| Current liquidity ratio | 1.73 | 2.17 | 1.97 | 1.95 | 2.27 | 2.61 |
| Current liquidity ratio | 1.19 | 1.61 | 1.41 | 1.64 | 2.23 | 2.54 |
| General liquidity ratio | 0.86 | 1.19 | 1.12 | 1.74 | 2.28 | 2.39 |
| Asset to equity ratio | 0.46 | 0.53 | 0.52 | 0.63 | 0.70 | 0.7 |
| Book value per share | 6.43 | 6.98 | 7.69 | 7.94 | 7.97 | 8.4 |
| Ratio of share price and book value (P/BV) |
0.59 | 0.56 | 0.55 | 0.47 | 0.49 | 0.51 |
The performance results of Panevėžio statybos trestas AB Group and the Company are as follows (thousands Litas):
Income and net profit variation for the Group:
Income and net profit variation for the Company:
The operating income of the Company based on activity types is from building and erection activities. In the first half of 2014 the income from building and construction activities totalled 94%, the income from real estate amounted to 1.2%, made products amounted to 3.7% and other income amounted to 1.1%. In the first half of 2013 the income from building and construction activities totalled 94.9%, the income from real estate amounted to 0.4%, made products amounted to 2.29% and other income amounted to 1.8 %.
| Group | Company | |||||
|---|---|---|---|---|---|---|
| (mln. Litas) | I half of 2012 |
I half of 2013 |
I half of 2014 |
I half of 2012 |
I half of 2013 |
I half of 2014 |
| Construction works | 106.40 | 140.06 | 130.69 | 104.47 | 112.04 | 99.999 |
| Real estate | 0.52 | 0.65 | 1.64 | |||
| Products produced | 2.47 | 4.22 | 5.15 | |||
| Other sale | 2.03 | 2.69 | 1.59 |
| Group | Company | ||||||
|---|---|---|---|---|---|---|---|
| (mln. Litas) | I half of 2012 |
I half of 2013 |
I half of 2014 |
I half of 2012 |
I half of 2013 |
I half of 2014 |
|
| Lithuania | 85.54 | 94.69 | 92.89 | 85.16 | 87.83 | 90.26 | |
| Russian Federation | 20.94 | 47.98 | 31.93 | 14.62 | 24.22 | 5.16 | |
| Latvia | 4.58 | 4.58 | |||||
| Scandinavian | |||||||
| countries | 1.92 | 1.92 | 8.86 | 2.70 | |||
| Other countries | 3.03 | 3.03 | 0.82 |
In the first half of 2014 the main activity of the Company was performed in Lithuania and made 90.3 % of all works carried out by the Company (78.4 % in the first half of 2013). The income of the Group from the works performed inside the country made 66.8 % of the income whereas in in the first half of 2013 it was 64.1 %.
Panevėžio statybos trestas AB has signed the contract with Klaipeda University for designing and construction of a new dormitory. The total value of the contract amounts to approximately 10 mln. Litas. The project is going to be completed in 12 months.
The Company has signed the contract with Devold UAB regarding for the construction of a new textile factory in Panevėžys. The project value is about 39 mln. Litas and it is expected to be implemented in 12 months. The new factory, which will be equipped with modern geothermal heating system, will be located in Panevėžys FEZ in Janonio Street. The total area will be about 16 000 square meters.
Panevėžio statybos trestas AB has signed the contract with Ogvy UAB for reconstruction of the former hospital building complex to dwelling and office premises in Bokšto Street in Vilnius. The large - scope project the value of which amounts to tens of millions is expected to be
implemented in 3 years. Due to its historic and architectural value the building complex located in Vilnius old town is entered in the Lithuanian Register of Cultural Property.
On the 1st of August Panevėžio statybos trestas AB has started reorganisation and establishing branches. The specialised subdivisions will be reorganised to three branches: Betonas, Konstrukcija and Stogas where production capacities will be concentrated. Reorganisation of the Company is aimed at reducing operating costs and creating a more efficient performance model, which would ensure independent participation in the market for the branches of the company. It is expected that this will allow increasing performance efficiency, improving quality of the rendered services and achieving even better results.
During the first half of 2014, the average number of employees in Panevėžio statybos trestas AB Group was 1080 with 814 employees working for the Company.
| Number of | I half of 2013 | I half of 2014 | |||
|---|---|---|---|---|---|
| employees on payroll | Group | Company | Group | Company | |
| Management | 28 | 29 | |||
| Specialists | 298 | 229 | 294 | 221 | |
| Workers | 816 | 642 | 760 |
| Groups of employees |
Payroll number |
Higher university level education |
Higher non- university education |
Community college education |
Secondary education |
Incomplete secondary education |
|---|---|---|---|---|---|---|
| Management | 26 | 23 | ||||
| Specialists | 297 | 232 | 11 | 44 | 9 | |
| Workers | 792 | 44 | 17 | 198 | 439 | 94 |
Employee grouping by education in Panevėžio statybos trestas AB Group:
Average gross wages:
| Average salary/wage | I half of 2013 | I half of 2014 | |||
|---|---|---|---|---|---|
| Litas | Group | Company | Group | Company | |
| Management | 7431 | 8937 | 5833 | 6790 | |
| Specialists | 3443 | 3501 | 3217 | 3315 | |
| Workers | 2106 | 2102 | 2342 | 2362 |
Employment agreements do not include any specific rights and obligations for employees or a part thereof.
The Articles of Association of the Company may be amended only by the General Meeting of the Shareholders by the qualified majority of votes that may not be less than 2/3 of all votes conferred by the shares held by the shareholders attending the meeting. The decision of the General Meeting of the shareholders regarding the amendment of the Articles of Association
13
shall be adopted in accordance with the procedure set forth in Article 27 or 30 of the Law on Companies of the Republic of Lithuania.
Referring to the Articles of Association of Panevėžio statybos trestas AB, the management bodies of the Company are the General Meeting of the Shareholders, the Board and the Managing Director. No Supervisory Board is formed in the company.
The power of the General Meeting of the Shareholders has no difference from the power of the General Meeting of the Shareholders set forth by the Law on Companies.
The Board of the Company consisting of five persons is elected by the General Meeting of the Shareholders for a period not longer than 4 years. At present the Board of the Company consists of four members. The procedure for election and withdrawal of a member of the Board has no difference from the procedure set forth by the Law on Companies.
The activities of the Board are managed by the Chairman of the Board. The Chairman of the Board is elected by the Board from the members of the Board.
The Board elects and removes from the office the manager of the Company – the Managing Director, fixes his salary, sets other terms of the employment contract, approves his job description, gives incentives and imposes penalties.
The manager of the Company is a single-person management body of the Company who organizes the current economic activities based on the authority granted.
REMIGIJUS JUODVIRŠIS – the Chairman of the Board. No membership in the capital of the company. Membership in the activities or capital of the companies below:
| COMPANY NAME | CAPACITY | NUMBER OF SHARES |
CAPITAL, $\frac{0}{0}$ |
VOTES, $\frac{0}{0}$ |
|---|---|---|---|---|
| TERTIUS UAB | 704 638 | 80 | 80 | |
| PANEVĖŽIO KELIAI AB | Chairman of the Board | 531 675 | 28.47 | 28.47 |
| LAUKTUVĖS JUMS UAB | Chairman of the Board | 11 069 | 50.15 | 50.15 |
| POKŠTAS UAB | 111 | 50 | 50 | |
| KLOVAINIŲ SKALDA AB | 203 526 | 3.78 | 3.78 | |
| GELBERA UAB | Member of the Board | 34 | 34 | 34 |
| KELTECHA UAB | Member of the Board | |||
| EMULTEKA UAB | 14 | 14.0 | 14.0 | |
| GUSTONIŲ ŽŪT UAB | Member of the Board | 1 0 8 5 | 50.28 | 50.28 |
| SPECIALIZUOTA | ||||
| KOMPLEKTAVIMO | 21 490 | 9.29 | 9.29 | |
| VALDYBA AB | ||||
| NAUJASIS UŽUPIS UAB | Chairman of the Board |
| Panevėžio statybos trestas AB Interim Financial Statement for Six Months of 2014 | ||
|---|---|---|
| -- | ---------------------------------------------------------------------------------- | -- |
| PST INVESTICIJOS UAB | Member of the Board | 16 407 | ||
|---|---|---|---|---|
| CONVESTUS UAB | Chairman of the Board | 50 000 | 50 | 50 |
| ALPROKA UAB | Chairman of the Board | |||
| KAUNO TILTAI UAB | 492 | 0.31 | 0.31 | |
| PANEVEŽYS UAB | Bankrupt | 157 191 | 49.98 | 49.98 |
Term of office: November 2010 through November 2014
No previous convictions.
GVIDAS DROBUŽAS - the Member of the Board member. No membership in the capital of the company. Membership in the activities or capital of the companies below:
| COMPANY NAME | CAPACITY | NUMBER OF SHARES |
CAPITAL,% | VOTES, % |
|---|---|---|---|---|
| PANEVĖŽIO KELIAI AB | Member of the Board | 473 236 | 25.33 | 25.33 |
| LAUKTUVĖS JUMS UAB | Member of the Board | 11 001 | 49.85 | 49.85 |
| POKŠTAS UAB | Director | 111 | 50.0 | 50.0 |
| KLOVAINIŲ SKALDA AB | 203 129 | 3.77 | 3.77 | |
| GELBERA UAB | Member of the Board | 34 | 34 | 34 |
| EMULTEKA UAB | 12 | 12.0 | 12.0 | |
| GUSTONIŲ ŽŪT UAB | Member of the Board | 1 0 5 7 | 48.98 | 48.98 |
| PANEVĖŽYS UAB | Bankrupt | 157 225 | 49.98 | 49.98 |
| SPECIALIZUOTA | 21 470 | 9.28 | 9.28 | |
| KOMPLEKTAVIMO VALDYBA | ||||
| AB | ||||
| PST INVESTICIJOS UAB | Chairman of the Board, | 12 644 | 2.9 | 2.9 |
| Director | ||||
| CONVESTUS UAB | President, | 50 000 | 50 | 50 |
| Member of the Board | ||||
| ALPROKA UAB | Member of the Board | |||
| KAUNO TILTAI UAB | 492 | 0.31 | 0.31 | |
| IOCO UAB | Director | 100 000 | 100 | 100 |
| TETRIUS UAB | 176 159 | 20 | 20 | |
| PANODEN UAB | Member of the Board |
Term of office: November 2010 through November 2014
No previous convictions
IRMA ABRAMAVIČIENĖ - the Member of the Board. Membership in the capital of the companies below:
| COMPANY NAME | CAPACITY | NUMBER OF SHARES |
CAPITAL,% | VOTES, % |
|---|---|---|---|---|
| CONVESTUS UAB | Internal auditor | |||
| PANEVĖŽIO KELIAI AB | Member of the Board | |||
| PANODEN UAB | Member of the Board | |||
| UKMERGĖS KELIAI UAB | Member of the Board |
Terms of office: November 2010 through November 2014
14
No previous convictions
VILIUS GRAŽYS - the Member of the Board. No membership in the capital of the company.
Membership in the activities or capital of the companies below:
| COMPANY NAME | CAPACITY | NUMBER OF SHARES |
CAPITAL,% | VOTES, % |
|---|---|---|---|---|
| AKVALDA UAB | 500 | 33.33 | 33.33 | |
| EMULTEKA UAB | ||||
| BASS UAB | 40 | 40 | 40 | |
| PANEVĖŽIO STATYBOS TRESTAS AB | Member of the Board | |||
| PANEVĖŽIO KELIAI AB | Member of the Board | 101735 | 5.45 | 5.45 |
Terms of office: November 2010 through November 2014
No previous convictions
ARTŪRAS BUČAS – the Member of the Board. No membership in the capital of the company.
| COMPANY NAME | CAPACITY | NUMBER OF SHARES |
CAPITAL.% | VOTES, % |
|---|---|---|---|---|
| DVARČIONIU KERAMIKA AB | Shareholder | 356 | 0.0036 | 0.0036 |
| PANEVĖŽIO KELIAI AB | Member of the Board |
Terms of office: November 2010 through November 2014
No previous convictions
DALIUS GESEVIČIUS – Head of the Company Administration, Managing Director. Holds 25 015 shares of the Company. University education (1984, Vilnius Civil Engineering Institute), construction engineer. No previous convictions.
DANGUOLĖ ŠIRVINSKIENĖ - Chief Accountant of the Company, Holds no shares of the Company. University education (1983, Lithuanian Agricultural Academy), qualification of accountant-economist. No previous convictions.
Following Article 52 of the Law on Audit of the Republic of Lithuania, the General Meeting of Shareholders of Panevėžio statybos trestas AB elects the audit committee. The audit committee consists of three members one of them being independent. The term of office of the audit committee is one year. The continuous term of office of a committee member cannot exceed 12 years.
The duties of the audit committee are as follows:
1) to monitor the financial reporting process;
2) to monitor the effectiveness of the company's internal control, internal audit where applicable, and risk management systems;
The audit committee at Panevėžio statybos trestas AB consists of the following members:
Lina Ragelienė - Deputy Chief Accountant of Panevėžio statybos trestas AB. Holds no shares of the Company.
Regina Sukarevičienė – Economist of Panevėžio statybos trestas AB. Holds no shares of the Company.
Irena Kriaučiūnienė – Independent Auditor. Auditor of IDG auditoriai UAB. Holds no shares of the Company.
Since the beginning of the year 2014 up to the day of this report presentation the Company announced the following information in public through the system of OMX Client News Service:
| Title of announcement | Category of announcement |
Language | Date |
|---|---|---|---|
| Panevėžio statybos trestas AB Is under Reorganisation |
Notification on material event | $Lt$ , $En$ | 1 Aug. 2014 |
| Panevėžio statybos trestas AB Will Reconstruct Former Hospital in Vilnius Old Town |
Notification on material event | $Lt$ . En | 16 July 2014 |
| Panevėžio statybos trestas AB Will Build a New Factory in FEZ Territory of Panevezys |
Notification on material event | $Lt$ , $En$ | 8 July 2014 |
| Panevėžio statybos trestas AB Will Build a New Dormitory in Klaipeda |
Notification on material event | $Lt$ , $En$ | 1 Juli 2014 |
| Notification on the transactions in issuer's securities concluded by the company manager |
Notifications on transactions concluded by managers of the companies |
$Lt$ , $En$ | 27 June 2014 |
| Notification on the transactions in issuer's securities concluded by the company manager |
Notifications on transactions concluded by managers of the companies |
$Lt$ , $En$ | 25 June 2014 |
| Unaudited Performance Results of Panevėžio statybos trestas AB Company and Group for the First Quarter of 2014 |
Notification on material event | Lt, En | 30 May 2014 |
| Annual Information Approved by Annual General Shareholders Meeting of Panevėžio statybos testas AB |
Annual information | $Lt$ , $En$ | 30 April 2014 |
| Resolutions of Annual General Meeting of Shareholders |
Notification on material event | $Lt$ . En | 30 April 2014 |
| Resolutions of Annual General Meeting of Shareholders |
Notification on material event | $Lt$ . $En$ | 8 April 2014 |
|---|---|---|---|
| Convening of the Annual General Meeting of the Shareholders |
Notification on material event | Lt. $En$ | 28 March 2014 |
| Unaudited Performance Results of Panevežio statybos trestas AB and Group for the Year 2013 |
Interim information | $Lt$ . En | 28 Feb. 2014 |
| Investor's Calendar for 2014 | Other information | $Lt$ . En | 15 Jan. 2014 |
The content of the above listed announcements may be found on the website of the Vilnius Stock Exchange
http://www.baltic.omxgroup.com/market/?currency=0&pg=details&instrument=LT0000101446&list=2 and on the Company website http://www.pst.lt
The Company complies with the procedure of company management set forth by the Law on Companies of the Republic of Lithuania. The Company partially complies with the Governance Code applicable to the companies that are on the list of the Vilnius Stock Exchange. In accordance with the Articles of Association of the Company, the bodies of the Company are the General Meeting of the Shareholders, the Board and the Managing Directors. No Supervisory Board is formed in the Company. The annual report of the Company will include the more detailed explanation of how the Company complies with the recommendations of the Governance Code.
In Litas
| ASSETS | 30 June 2014 | 31 Dec. 2013 |
|---|---|---|
| Non-current assets | 51 102 113 | 66 203 447 |
| Intangible assets | 163 451 | 130 408 |
| Tangible non-current assets | 16 163 426 | 16 044 567 |
| Investment and amounts receivable in one | ||
| year | 34 041 653 | 49 292 806 |
| Deferred tax assets | 733 583 | 735 666 |
| Current assets | 143 803 526 | 119 230 399 |
| Inventories | 3 994 425 | 2 541 914 |
| Advance payments | 4 0 24 2 24 | 3 907 464 |
| Amounts receivable | 63 121 799 | 41 678 743 |
| Other current assets | 47 973 344 | 22 909 853 |
| Cash and cash equivalents | 24 689 734 | 48 192 425 |
| TOTAL ASSETS | 194 905 639 | 185 433 846 |
| EQUITY AND LIABILITIES | 30 June 2014 | 31 Dec. 2013 |
|---|---|---|
| Equity | 137 391 527 | 132 604 938 |
| Share capital | 16 350 000 | 16 350 000 |
| Reserves | 7 231 101 | 7 5 1 7 1 4 0 |
| Retained profit (loss) | 113 810 426 | 108 737 798 |
| Translation reserve | ||
| Minority share | ||
| Amounts payable and liabilities | 57 514 112 | 52 828 908 |
| Amounts payable in one year and long | ||
| term liabilities | 2 455 131 | 2 3 3 9 4 7 |
| Loans and borrowings | 0 | $\Omega$ |
| Warranty provision | 1 467 589 | 1 297 928 |
| Deferred tax liabilities | 987 542 | 1038019 |
| Amounts payable in one year and short term liabilities |
55 058 981 | 50 492 961 |
| Loans and borrowings | ||
| Trade payables | 33 666 880 | 17 953 077 |
| Prepayments received | 11 071 605 | 24 530 030 |
| Current tax payable | 746 199 | 387 685 |
| Other liabilities | 9 574 297 | 7622169 |
| TOTAL EQUITY AND LIABILITIES: | 194 905 639 | 185 433 846 |
| In Litas | ||
|---|---|---|
| ASSETS | 30 June 2014 | 31 Dec. 2013 |
| Non-current assets | 48 948 854 | 47 834 935 |
| Intangible assets | 487939 | 489 792 |
| Tangible non-current assets | 24 335 245 | 23 783 810 |
| Investment property | 20 319 031 | 20 319 031 |
| Other investment and amounts receivable in one year |
184 136 | 193 694 |
| Other intangible assets | 3 622 503 | 3 048 608 |
| Current assets | 193 943 600 | 184 588 792 |
| Inventories | 55 140 010 | 46 398 887 |
| Advance payments | 8 9 21 3 99 | 8746618 |
| Amounts receivable | 83 117 310 | 59 028 118 |
| Other assets | 16 027 682 | 11 725 373 |
| Cash and cash equivalents | 30 737 199 | 58 689 796 |
| TOTAL ASSETS: | 242 892 454 | 232 423 727 |
| EQUITY AND LIABILITIES | 30 June 2014 | 31 Dec. 2013 |
|---|---|---|
| Equity | 125 799 864 | 120 202 384 |
| Share capital | 16 350 000 | 16 350 000 |
| Reserves | 9 350 072 | 9 461 106 |
| Retained profit (loss) | 99 010 627 | 93 407 957 |
| Translation reserve | 1 089 165 | 983 321 |
| Minority share | 4 4 8 7 4 4 5 | 4 3 5 1 6 0 0 |
| Amounts payable and liabilities | 112 605 145 | 107 869 743 |
| Amounts payable in one year and long term liabilities |
14 201 642 | 19 223 413 |
| Loans and borrowings | 9 310 990 | 13 590 812 |
| Provisions | 2 376 162 | 2 191 516 |
| Deferred tax liabilities | 2 183 116 | 2 348 801 |
| Grants and subsidies | 96 278 | 112 802 |
| Other payable amounts | 235 096 | 979 482 |
| Amounts payable in one year and short | ||
| term liabilities | 98 403 503 | 88 646 330 |
| Loans and borrowings | 19 459 760 | 14 755 613 |
| Trade payables | 47 309 738 | 30 323 167 |
| Prepayments received | 17 060 362 | 25 718 989 |
| Current tax payable | 999 742 | 524 412 |
| Other liabilities | 13 573 901 | 17 324 149 |
| TOTAL EQUITY AND LIABILITIES: | 242 892 454 | 232 423 727 |
In Litas
| ITEM | 30 June 2014 |
30 June 2013 |
April through June 2014 |
April through June 2013 |
|---|---|---|---|---|
| INCOME FROM SALE | 99 999 227 | 112 045 320 | 59 799 370 | 66 694 441 |
| COST OF SALE | 90 646 739 | 106 027 603 | 54 799 422 | 61 868 583 |
| GROSS PROFIT (LOSS) | 9 352 488 | 6 017 717 | 4 999 948 | 4825858 |
| OPERATING EXPENSES | 5 416 365 | 7 538 154 | 2 778 944 | 4756794 |
| Sale | 198 035 | 169 540 | 102 979 | 104 382 |
| General and administration | 5 218 330 | 7 368 614 | 2 675 965 | 4 652 412 |
| TYPICAL OPERATING PROFIT (LOSS) | 3 936 123 | $-1520437$ | 2 2 2 1 0 0 4 | 69 064 |
| OTHER ACTIVITIES | 376 204 | 1 179 112 | 435 452 | 1 035 664 |
| Income | 849 888 | 1 904 911 | 613 314 | 1 463 155 |
| Expenses | 473 684 | 725 799 | 177862 | 427 491 |
| FINANCIAL AND INVESTMENT ACTIVITIES |
1 228 931 | $-692741$ | 1 944 826 | $-1340294$ |
| Income | 1 576 781 | 1 246 199 | 1 265 778 | 526 633 |
| Expenses | 347 850 | 1938940 | $-679048$ | 1 866 927 |
| USUAL ACTIVITY PROFIT (LOSS) | 5 541 258 | $-1034066$ | 4 601 282 | $-235566$ |
| WINDFALL PROFIT | ||||
| LOSSES | ||||
| PROFIT (LOSS) BEFORE TAXATION | 5 5 4 1 2 5 8 | $-1034066$ | 4601 282 | $-235566$ |
| PROFIT TAX | 743 424 | 85 261 | 538,277 | $-414840$ |
| NET PROFIT (LOSS) | 4797834 | $-1$ 119 327 | 4 063 005 | 179 274 |
| Litas |
|---|
| ITEM | 30 June 2014 |
30 June 2013 |
April through June 2014 |
April through June 2013 |
|---|---|---|---|---|
| SALE | 139 069 826 | 147 618 251 | 78 270 240 | 83 374 036 |
| COST OF SALE | 122 548 221 | 137 081 503 | 70 449 532 | 76 420 144 |
| GROSS PROFIT (LOSS) | 16 521 605 | 10 536 748 | 7820708 | 6 953 892 |
| OPERATING EXPENSES | 9 608 120 | 11 485 902 | 4 893 761 | 6 182 197 |
| Sale | 765 288 | 515 656 | 339 391 | 285 462 |
| General and administration | 8 842 832 | 10,970,246 | 4 5 5 4 3 7 0 | 5 896 735 |
| TYPICAL OPERATING PROFIT (LOSS) | 6 9 13 4 85 | $-949154$ | 2 9 2 6 9 4 7 | 771 695 |
| OTHER ACTIVITIES | 709 423 | 1 0 7 3 5 8 3 | 418 483 | 990 744 |
| Income | 1,223 635 | 1870997 | 310 500 | 1 454 277 |
| Expenses | 514 212 | 797 414 | $-107983$ | 463 533 |
| FINANCIAL AND INVESTMENT ACTIVITIES |
$-1670666$ | $-3553555$ | 3 196 218 | -4 122 114 |
| Income from other financial activities | 92,507 | 230 994 | 54,748 | $-516,943$ |
| Other financial expenses | 1763 173 | 3 784 549 | $-3141470$ | 3 605 171 |
| USUAL ACTIVITY PROFIT (LOSS) | 5 9 5 2 2 4 2 | $-3429126$ | 6 541 648 | $-2359675$ |
| WINDFALL PROFIT | ||||
| LOSSES | ||||
| PROFIT (LOSS) BEFORE TAXATION | 5 9 5 2 2 4 2 | $-3429126$ | 6 541 648 | -2 359 675 |
| PROFIT TAX | 359 547 | -488 865 | 1 046 936 | $-926342$ |
| NET PROFIT (LOSS) | 5 592 695 | $-2940261$ | 5 494 712 | $-1$ 433 333 |
| ATTRIBUTABLE TO SHAREHOLDERS | 5 506 478 | $-2335732$ | 4 950 083 | $-1062062$ |
| ATTRIBUTABLE TO MINORITY INTEREST |
86 217 | $-604529$ | 544 629 | $-371271$ |
Panevėžio statybos trestas AB Interim Financial Statement for Six Months of 2014
Separate statement of changes in equity
| In Litas | Authorized capital |
revaluation FA |
reserve Legal |
Deferred result |
Total |
|---|---|---|---|---|---|
| Increase (decrease) of authorized capital Unrecognized profit (loss) for 2013 Balance as of 1 January 2013 Net profit (loss) for 2013 Dividend |
16350000 | 5328370 $-135400$ |
635030 | 108 555 020 135400 $-1119327$ 408750 |
-408750 131868420 $-1119327$ |
| Increase (decrease) of authorized capital Unrecognized net profit (loss) for 201- Balance as of 31 December 2013 Balance as of 30 June 2013 Revaluation of fixed assets Net profit (loss) for 2014 |
16350000 16350000 |
5192970 5882110 $-11245$ $-274794$ |
635030 635030 |
108737798 107162343 274794 4797834 |
130340343 132 604 938 $-11245$ 4797834 |
| Balance as of 30 June 2014 | 16350000 | 5596071 | 1635030 | 113810426 | 137 391 527 |
22
| Panevėžio statybos trestas AB Interim Financial Statement for Six Months of 201 | |
|---|---|
Consolidated statement of changes in equity
| n Litas | Authorized capital |
Revaluation reserve |
reserve Legal |
Influence of change in exchange rate |
Accumulated profit |
Losses per company parent share |
Minority part |
Total |
|---|---|---|---|---|---|---|---|---|
| Oecrease in revaluation reserve salance as of 1 January 2013 Jet profit (loss) for 2013 |
16350000 | 055 097 5909 $-160($ |
2050013 | 200 429 | 91510925 160055 $-2335732$ |
116 020 464 2335732 |
4940669 $-604529$ |
120 961 133 $-2940261$ |
| Jurrency rate change Jividend |
869210 | 408750 | -408750 869210 |
$-12034$ 224818 |
1 094 028 $-420784$ |
|||
| Reserves formed | 16376 | $-16376$ | ||||||
| Salance as of 30 June 2013 | 16350000 | 042 5749 |
2066389 | 1 069 639 | 88 910 122 | 114 145 192 | 4548924 | 118 694 116 |
| 3alance as of 31 December 2013 becrease in revaluation reserve |
16350000 | 7394717 | 2066389 | 983321 | 93 407 957 | 120 202 384 | 4351600 | 124553984 |
| cevaluation of fixed assets Jet profit (loss) for 2014 |
$-350789$ $-11245$ |
5857267 $-3.597$ |
$-11245$ 5 506 478 $-3597$ |
86215 | $-11245$ 5 592 693 $-3.597$ |
|||
| nfluence of currency rate change eserves formed Jividends |
251000 | 105846 | $-251000$ | 105846 | 49,628 | 155474 | ||
| salance as of 30 June 2014 | 16350000 | 683 7032 |
2317389 | 1 089 1 67 | 99 010 627 | 125 799 866 | 4487443 | 130 287 309 |
In Litas
| January through June 2014 |
January through June 2013 |
|
|---|---|---|
| Cash flow from operating activities | ||
| Net profit (loss) | 4797834 | -1 119 327 |
| Depreciation and amortization costs | 1 353 747 | 1 343 893 |
| Profit (loss) from transfer of non-current assets | $-29271$ | $-141573$ |
| Income tax expense | 743 424 | 85 261 |
| 6 865 734 | 168 254 | |
| Change in inventories | $-1452511$ | 6799078 |
| Change in amounts receivable | $-21443056$ | -3 639 737 |
| Change in prepayments | $-116760$ | 2 699 525 |
| Change in amounts receivable after one year | 9 2 9 9 | $-390461$ |
| Change in other assets | $-1022340$ | 4 012 292 |
| Change in trade payables | 15 713 803 | $-8150519$ |
| Change in prepayments received | $-13458425$ | 4 4 8 6 4 1 8 |
| Change in provisions and other liabilities | 908 256 | $-7185303$ |
| -13 996 000 | $-1200453$ | |
| Income tax paid | $-451112$ | $-249542$ |
| Net cash from operating activities | $-14447112$ | $-1449995$ |
| Cash flow from investing activities | ||
| Acquisition of long term assets (excl. investment) | $-1618708$ | $-526667$ |
| Transfer of long term assets (excl. investment) | 142 330 | 168 416 |
| Acquisition of investment | $-22210$ | |
| Loans issued | $-18472544$ | $-1138019$ |
| Loans recovered | 10 029 587 | 2 505 831 |
| Dividends and interest received | 949 837 | 589 506 |
| Net cash used in investing activities | -8 991 708 | 1599 067 |
| Cash flow from financial activities | ||
| Dividends, share of profit paid | $-6702$ | $-398145$ |
| Proceeds from loans and borrowings | 10 861 | 0 |
| Repayments from loans and borrowings | $-10861$ | $\boldsymbol{0}$ |
| Payment of finance lease liabilities | -478 918 | |
| Interest paid | $-57169$ | $-148373$ |
| Net cash from (used in) financing activities | $-63871$ | $-1025436$ |
| Increase (decrease) in net cash flow Cash and its equivalent at the beginning of the |
-23 502 691 | $-876364$ |
| period | 48 192 425 | 17 892 250 |
| Cash and its equivalent at the end of the period | 24 689 734 | 17 015 886 |
In Litas
| 30 June 2014 |
30 June 2013 |
|
|---|---|---|
| Cash flow from operating activities | ||
| Net profit (loss) | 5 592 695 | $-2940261$ |
| Elimination of other non-monetary items | ||
| Depreciation and amortization costs | 1802138 | 1759080 |
| Other non-monetary items | $-1$ 144 128 | $-1061915$ |
| 6 250 705 | $-2243096$ | |
| Change in inventories | $-8741123$ | 14 628 158 |
| Change in amounts receivable | -24 089 192 | $-7651101$ |
| Change in prepayments | $-174781$ | 7 077 637 |
| Change in other assets | -4 272 799 | 6 700 137 |
| Change in trade payables | 16 986 571 | $-9266673$ |
| Change in prepayments received | $-8658627$ | $-2517864$ |
| Change in provisions and other liabilities | -3 757 643 | -9 407 291 |
| $-26456889$ | -2 680 093 | |
| Elimination of results from financial and investing | ||
| activities | 811 182 | 1 066 667 |
| Net cash from operating activities | $-25645707$ | $-1613426$ |
| Cash flow from investing activities | ||
| Acquisition of non-current assets (except | ||
| investments) | $-2013510$ | $-1055511$ |
| Acquisition of long-term investments | $-22210$ | $-1853371$ |
| Transfer of non-current assets (except investments) | 802 072 | 320 436 |
| Loans issued | $\mathbf{0}$ | $\theta$ |
| Loans recovered | 2 2 5 8 | 8 2 5 8 |
| Dividends and interest received | 83 329 | 153 604 |
| Net cash used in investing activities | $-1$ 148 061 | $-2426584$ |
| Cash flow from financial activities | ||
| Dividends and share of profit paid | $-10299$ | $-410,179$ |
| Proceeds from loans and borrowings | 1 802 472 | 3,101,992 |
| Repayments from loans and borrowings | $-1757571$ | $\mathbf 0$ |
| Payment of finance lease liabilities | $-406115$ | $-308,938$ |
| Interest paid | -787 316 | -339 538 |
| Net cash from (used in) financing activities | $-1$ 158 829 | 2 043 337 |
| Increase (decrease) in net cash flow | -27 952 597 | $-1996673$ |
| Cash and cash equivalent in the beginning of the period |
58 689 796 | 23 574 500 |
| Cash and cash equivalent at the end of the | ||
| period | 30 737 199 | 21 577 827 |
Panevėžio statybos trestas AB (hereinafter "the Company") was established in 1957 and for a long time known as the North Lithuania Construction Trust (Siaures Lietuvos statybos trestas). In 1991 the Company was registered as a State Capital Company. On 30 October 1993 the State Capital Company was reorganized to a Public Limited Liability Company. Company code 147732969. VAT code LT477329610. Registration certificate No. 013732, issued on 27 September 2004 by the State Register Centre Panevėžys Branch.
The Company comprises the following branches: Gerbusta, Pastatu apdaila, Genranga and Klaipstata, These subsidiaries keep separate records, but their assets, liabilities and financial results are included when preparing financial accountability of the Company. The Company has its representative office in Cherepovets, a branch in Kaliningrad and permanent establishments in the United Kingdom of Great Britain and Northern Ireland, and the Kingdom of Sweden. The financial year of the Company is considered the calendar year. The period of commercial-economic activities of the Company is unlimited.
The main activity of the Company and its subsidiaries (hereinafter "the Group") is designing and construction of various buildings, structures, facilities, communications and other similar objects in Lithuania and abroad, real estate development.
The figures in the interim financial statement are presented in the national currency of Lithuania, Litas, which is also the Company's functional currency.
The same accounting principles were applicable to both $-$ the interim financial statement and to the annual financial statement.
The following currency rates were used when preparing the interim financial statement:
| Currency 30 June 2014 | 31 Dec. 2013 | |
|---|---|---|
| 1 EUR | 3.4528 | 3.4528 |
| 100 RUB | 7.5320 | 7.6727 |
| 10 PLN | 8.3152 | 8.3218 |
Subsidiary companies are the companies controlled by the parent company. Such control is defined as a capability to a company to have determinant effect on other company, manage and influence financial and economic activities to get benefit from that company. For the purposes of control assessment the total available number of shareholders' votes at the General Meeting of Shareholders is considered. The financial statements of subsidiary companies are included into the Consolidated Financial Statement from the day of control gain and are excluded from the day of control loss. During consolidation of financial statement the income and expenses, amounts receivable and payable and unrealized results of the Group are eliminated.
During the first half of the year 2014, the investments of the Group in acquisition of non-current assets amounted to 2 013 510 Litas: Panevėžio statybos trestas AB acquired non-current assets for 1 527 708 Litas. During the first half of year 2014 the costs related to depreciation and amortization of assets of the Group amounted to 1 802 138 Litas, including 1 353 747 Litas accounted for in the Financial Statement of Panevėžio statybos trestas AB.
As of 30 June 2014, the Group had loans amounting to 28 770 750 Litas, including 27 702 185 Litas as long-term and short-term credits of PST investicijos UAB Group.
As of 30 June 2014, the guarantees of the liabilities of Panevėžio statybos trestas AB Group by credit institutions amounted to 58 290 539 Litas, including 52 008 880 Litas for performance guarantees issued for Baltlitstroj OOO.
There were no significant transactions made with any associated parties.
$\overline{\mathcal{L}}$
The Annual General Meeting of the Shareholders of Panevėžio statybos trestas AB that took place on 30 April 2014 took the decision to pay no dividends.
$\hat{\mathbf{v}}$
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