Interim / Quarterly Report • Aug 31, 2011
Interim / Quarterly Report
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Consolidated Interim Financial Statement and Consolidated Interim Report for Six Months of 2011
31 August 2011 Panevėžys
$\bar{v}$
Securities Commission of the Republic of Lithuania Konstitucijos Ave. 23, LT-08105 Vilnius
Vilniaus vertybinių popierių birža AB (Vilnius Stock Exchange) Konstitucijos Ave. 7, 15 Floor, LT-08105 Vilnius
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 2011 made in accordance with the International Financial Reporting Standards is true and shows the assets. liabilities, financial state, profit or loss of Panevėžio statybos trestas AB and the Company 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. Florenty
Dalius Gesevičius Managing Director Panevėžio statybos trestas AB
Sperce
Dalė Bernotaitienė Finance Director Panevėžio statybos trestas AB
AB "Panevėžio statybos trestas" Imonės kodas 147732969 .
PVM mokėtojo kodas LT477329610 VĮ Registrų centro Panevėžio filialas Registravimo pažymėjimo Nr. 013732 http://www.pst.lt
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 annual report has been prepared for six months of the year 2011 that expired on 30 June 2011.
| 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. In addition to the mentioned activities, the Company rents premises and machinery.
As of 30 June 2011 the Company Group of Panevėžio statybos trestas AB consists of the following companies:
| Subsidiaries | Type of activities | Share controlled (per cent) |
Registered address |
|---|---|---|---|
| Skydmedis UAB | Production of wood constructions |
100 | Pramonės Str. 5, Panevėžys Tel.: +370 45 583341 |
| Metalo meistrai UAB | Production of metal constructions |
100 | Tinklų Str. 7, Panevėžys, Tel. 8 45 464677 |
| Vekada UAB | Electrical installation works | 96 | Marijonų Str. 36, Panevėžys Tel.: +370 45 461311 |
| Vilniaus papėdė TŪB | Construction works | 69 | Švitrigailos Str. 8, Vilnius Tel.: +370 5 2609405 |
| Alinita UAB | Ventilation and condition systems in buildings |
100 | Dubysos Str. 31, Klaipėda Tel.: +370 46 340363 |
| KINGSBUD Sp.zo.o. | Wholesale in construction materials |
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 |
| PST Investicijos UAB | Real estate development | 68 | Konstitucijos Ave. 7, Vilnius Tel.:+370 5 2728213 |
| Subsidiaries of PST investicijos UAB: | |||
| Ateities projektai UAB | Real estate development and sales |
100 | Lvovo Str. 25, Vilnius |
| Šeškinės projektai UAB | Real estate development and sales |
100 | Lvovo Str. 25, Vilnius |
| Sakališkės UAB | Real estate development and sales |
100 | Lvovo Str. 25, Vilnius |
| Kauno erdvė UAB | Real estate development and sales |
100 | Lvovo Str. 25, Vilnius |
| Verkių projektas UAB | Real estate development and sales |
100 | Lvovo Str. 25, Vilnius |
| ISK Baltevromarket ZAO | Construction investment company |
100 | Chernyakhovsk Str. 6, Kaliningrad |
On 7 February 2006 the contract No.3792 was signed with the public limited liability company NORD/LB bankas located at Basanavičiaus Str. 26 in Vilnius. This company was authorized to perform accounting of securities issued and transferred to it, and management of personal security accounts.
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 |
Variation in the price of the company shares at the Stock Exchange for the first half of 2011 $(EUR)$
| Last price | Highest price | Lowest price | Last price |
|---|---|---|---|
| 31 Dec. 2010 | for the first half | for the first half | 30 June 2011 |
| 6.73 Lt | 7.66 Lt | 5.59 Lt | 6.25 Lt |
As of 30 June 2011, the authorized capital of the Company was 16,350,000 Litas, it was 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 2011 the total number of the shareholders who under the ownership right held or controlled more than 5 percents of the authorized capital of the Company was 2552:
| Name, surname 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 | |
| Skandinaviska Enskilda Banken clients Sergels Torg 2, Stockholm, Sweden 502032908101 |
971,462 | 5.94 | 5.99 | |
| Bank of New York as custodian or trustee for ING B One Wall Street, New York, NY 10286, USA GSP181305 |
1,040,000 | 6.36 | 6.36 | |
| Freely negotiable shares | 6 199 606 | 37,92 | 37,92 |
6
The Company has not purchased its own shares, any of its subsidiaries has not purchased any shares of the Company and no other person who would act in his/her own name but in the favor and using the means of the Company, has purchased any shares of the Company.
Referring to the unaudited data, during the first half of 2011 the Company Group of Panevezio statybos trestas AB was on the income of 99.3 mln. Litas, that is by 17.5 percents more than the same period last year when the income of the Company Group amounted 84.5 mln. Litas. The first half of the year 2011 was loss-making for the group. The before tax loss amounted 1,78 mln. Litas for the six months of the year.
Referring to the unaudited data, during the first half of 2011 Panevėžio statybos trestas AB was on the income of 70.4 mln. Litas, that is by 3.3 percents less than the first half last year. The Company was on the before tax loss of 0.532 mln. Litas.
The first half of the year 2011 was not successful. Due to rise of construction prices in 2009 and 2010, in the first half of 2011 the company had additional costs related to completion of projects financed from the EU funds because current construction prices differ from the ones that had been used in the tender when contracts were awarded. Furthermore, the following additional expenses incurred by the Company had effect on the negative result:
when participating in tenders both in private and public sectors due to tender postponements, claims, suspension of awarded contracts in case of absence of financing;
due to request of excess security measures (bonds) by purchasing organizations (customers), payment terms unfavorable to the company.
Maintenance of the real estate development company contributed to increase of the loss incurred by the group though it had no income during the first half of 2011.
The performance results of Panevėžio statybos trestas AB Group and the Company are as follows (in thousands Lt):
| Group | Company | |||||
|---|---|---|---|---|---|---|
| I half of 2009 |
I half of 2010 |
I half of 2011 |
I half of 2009 |
I half of 2010 |
I half of 2011 |
|
| Income | 107.621 | 84.518 | 99.278 | 94.797 | 72.803 | 70.386 |
| Gross profit | 15.280 | 13.861 | 6.009 | 14.413 | 10.645 | 3.296 |
| Gross profit margin (per cent) |
14.2 | 16,4 | 6,05 | 15,2 | 14,62 | 4,68 |
| Net profit | $-2.388$ | 18.711 | $-2,233$ | 2.142 | 7.792 | $-734$ |
| Nets profit margin (per cent) |
$-2,2$ | 22,14 | $-2,25$ | 2,3 | 10,7 | $-1,04$ |
| Profit per share (Litas) | $-0,05$ | 0,94 | $-0,11$ | 0,13 | 0,48 | $-0,04$ |
| Profit before taxes, interest, depreciation and amortization EBITDA |
5403 | 24430 | 1595 | 7613 | 11834 | 2258 |
|---|---|---|---|---|---|---|
| EBITDA margin (per cent) | 5,02 | 28,91 | 1,61 | 8.03 | 16,25 | 3, 21 |
| Return on equity (percents) (ROE) |
$-2,15$ | 16,26 | $-2,00$ | 1,75 | 5,93 | $-0,56$ |
| Return on assets or asset profitability $(ROA)$ |
$-0,98$ | 9,52 | $-1,01$ | 1,1 | 4,21 | $-0,35$ |
| Return on investments (ROI) | $-1,77$ | 13,26 | $-1,82$ | 1.63 | 5,68 | $-0.55$ |
| Current liquidity ratio | 1,88 | 2,99 | 1,88 | 2,14 | 2,5 | 1,85 |
| Current liquidity ratio | 1,32 | 2,28 | 1,43 | 2,07 | 2,41 | 1,75 |
| General liquidity ratio | 0,85 | 1,46 | 1,07 | 1,8 | 2,45 | 1,69 |
| Asset to equity ratio | 0,45 | 0.59 | 0.51 | 0.63 | 0,71 | 0,63 |
| Book value per share | 6,99 | 7,2 | 6,82 | 7,47 | 8,04 | 7,99 |
| Ratio of share price and book value $(P/BV)$ |
0,32 | 0,54 | 0,92 | 0,3 | 0.47 | 0,78 |
$\overline{7}$
No segment reporting is provided in the financial statements as the Company and Group have one reportable operating segment that would account for 90% or more of the Company and Group income and assets.
| Group | Company | ||||||
|---|---|---|---|---|---|---|---|
| (thousands Lt) | half of 2009 |
half of 2010 |
I half of 2011 |
half of 2009 |
I half of 2010 |
half of 2011 |
|
| Lithuania | 104,55 | 79,30 | 60,69 | 91,86 | 68,77 | 58,60 | |
| Russian Federation | 2,93 | 4,04 | 32,98 | 2,93 | 4.04 | 8,89 | |
| United Kingdom | 0.00 | 0.00 | 2,59 | 0,00 | 0,00 | 2,59 | |
| Scandinavian countries | 0,14 | 1,02 | 1,34 | ||||
| Other countries | 0,00 | 0, 16 | 1,68 |
On 31 March 2011 Panevėžio statybos trestas AB signed the contract with Akmenės cementas AB for the construction of a new production line. The estimated value of this Project is approximately 150 mln. Litas.
During the first half of 2011, the average number of employees in Panevėžio statybos trestas AB Group was 1202, whereas in the Company $-970$ employees.
| Number of | I half of 2010 | I half of 2011 | |||
|---|---|---|---|---|---|
| employees on payroll | Group | Company | Group | Company | |
| Management | 30 | 32 | |||
| Specialists | 263 | 210 | 283 | 223 | |
| Workers | 749 | 639 | 778 |
Employee grouping by education in Panevėžio statybos trestas AB Group:
| Groups of employees |
Payroll number |
Higher university level education |
Higher non- university education |
Community college education |
Secondary education |
Incomplete secondary education |
|---|---|---|---|---|---|---|
| Management | 32 | 28 | 0 | |||
| Specialists | 295 | 212 | 10 | 56 | 16 | |
| Workers | 875 | 19 | 18 | 145 | 542 | 151 |
| I half of 2010 | I half of 2011 | |||
|---|---|---|---|---|
| Average salary/wage | Group | Company | Group | Company |
| Management | 6481 | 9527 | 5208 | 6323 |
| Specialists | 3266 | 3511 | 2809 | 2943 |
| Workers | 619 | 1666 | 1832 | 1869 |
Average gross wages:
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 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,% | VOTES, $^{0}/_{0}$ |
|---|---|---|---|---|
| TERTIUS UAB | 704,638 | 80 | 80 | |
| PANEVĖŽIO KELIAI AB | Member of the Board | 531,675 | 28.47 | 28.47 |
| LAUKTUVĖS JUMS UAB | Member of the Board | 11,069 | 50.15 | 50.15 |
| POKŠTAS UAB | 261 | 50 | 50 | |
| KLOVAINIU 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 | 18,027 | 49.04 | 49.04 |
| SPECIALIZUOTA KOMPLEKTAVIMO | ||||
| VALDYBA AB | 21,490 | 9.29 | 9.29 | |
| IGNALINOS STATYBA UAB | Member of the Board | 91,351 | 37.93 | 37.93 |
| NAUJASIS UŽUPIS UAB | Chairman of the Board | |||
| PANEVĖŽYS UAB | Member of the Board | 157,191 | 49.98 | 49.98 |
| PANEVĖŽIO STATYBOS | Chairman of the Board | $\Omega$ | $\Omega$ | $\Omega$ |
| TRESTAS AB | ||||
| PANODEN UAB | Member of the Board | |||
| PST INVESTICIJOS UAB | Member of the Board | 16,407 | 4.4 | 4.4 |
| KIRTIMŲ AUTOTRANSPORTAS AB | Member of the Board | |||
| CONVESTUS UAB | Vice-President, | 50,000 | 50 | 50 |
| Chairman of the Board | ||||
| ALPROKA UAB | Chairman of the Board | |||
| KAUNO TILTAI UAB | 492 | 0.31 | 0.31 |
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, $\frac{0}{n}$ |
VOTES, % |
|---|---|---|---|---|
| PANEVĖŽIO KELIAI AB | Chairman of the Board | 529,861 | 28.33 | 28.33 |
| LAUKTUVĖS JUMS UAB | Member of the Board | 11,001 | 49.85 | 49.85 |
| POKŠTAS UAB | Director | 261 | 50.0 | 50.0 |
| KLOVAINIU 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 | 18,028 | 49.04 | 49.04 |
| IGNALINOS STATYBA UAB | ||||
| PANEVĖŽIO STATYBOS TRESTAS AB |
Member of the Board | |||
| PANEVĖŽYS UAB | Member of the Board | 157,225 | 49.98 | 49.98 |
| SPECIALIZUOTA KOMPLEKTAVIMO VALDYBA AB |
21,470 | 9.28 | 9.28 | |
| PST INVESTICLIOS UAB | Chairman of the Board, Director |
12,644 | 2.9 | 2.9 |
| NAUJASIS UŽUPIS UAB | Member of the Board | |||
| CONVESTUS UAB | President, Member of the Board |
50,000 | 50 | 50 |
| ALPROKA UAB | Member of the Board | |||
| KAUNO TILTAI UAB | 492 | 0.31 | 0.31 | |
| MEINORA UAB | Director | 100 | 100 | 100 |
| SERANA U AB | Director | 100 | 100 | 100 |
Term of office: November 2010 through November 2014
No previous convictions
IRMA ABRAMAVIČIENĖ - the Member of the Board. Membership in the capital of the company below:
| COMPANY NAME | CAPACITY | NUMBER OF SHARES |
CAPITAL,% | VOTES, % |
|---|---|---|---|---|
| CONVESTUS UAB | Internal auditor | $\overline{\phantom{a}}$ | - |
Terms of office: November 2010 through November 2014
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 | |
| PANEVEZIO STATYBOS TRESTAS AB | Member of the Board | |||
| PANEVĖŽIO KELIAI AB | Member of the Board | 101.735 | 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, % |
|---|---|---|---|---|
| DVARČIONIŲ 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 15 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 following members make the audit committee at Panevėžio statybos trestas AB - Roma Morozovienė (Panevėžio statybos trestas AB), Regina Sukarevičienė (Panevėžio statybos trestas AB) and Irena Kriaučiūnienė – an independent auditor.
Since the beginning of the year 2010 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 to Expand Activities in Kaliningrad Area |
Notification on material event | Lt, En | 9 Aug. 2011 |
| Performance Results for the First Quarter of 2011 |
Interim information | Lt, En | 27 May 2011 |
| The Ordinary General Meeting Approved 2010 Annual Information |
Annual information | $Lt$ , En | 22 April 2011 |
| Resolutions of the Annual General Meeting of the Shareholders |
Notification on material event | Lt, En | 22 April 2011 |
| Resolutions of the Annual General Meeting of the Shareholders |
Notification on material event | Lt, En | 07 April 2011 |
| Resolutions of the Annual General Meeting of the Shareholders |
Notification on material event | Lt. En | 01 April 2011 |
| Panevėžio statybos trestas AB signed the contract with Akmenès cementas AB |
Notification on material event | Lt, En | 31 March 2011 |
| Convening of the Annual General Meeting of the Shareholders |
Notification on material event | Lt, En | 22 March 2011 |
| Performance Results for 2010 | Interim information | Lt, En | 23 Feb. 2011 |
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 | Company | |
|---|---|---|
| ASSETS | 30 June 2011 | 31 Dec. 2010 |
| Non-current assets | 71,780,162 | 75,247,542 |
| Intangible assets | 13,926 | 25,287 |
| Tangible non-current assets | 22,062,199 | 23,967,094 |
| Investment and amounts receivable in one year |
49,181,680 | 50,653,326 |
| Deferred tax assets | 522,357 | 601.835 |
| Current assets | 136,210,788 | 111,336,306 |
| Inventories | 7,626,959 | 2,232,619 |
| Advance payments | 8,550,391 | 856,186 |
| Amounts receivable | 55,916,305 | 36,184,693 |
| Other current assets | 15,741,094 | 31,215,288 |
| Cash and cash equivalents | 48,376,039 | 40,847,520 |
| TOTAL ASSETS | 207,990.950 | 186,583,848 |
| In Litas | Company | |
|---|---|---|
| EQUITY AND LIABILITIES | 30 June 2011 | 31 Dec. 2010 |
| Equity | 130,709,695 | 132,588,076 |
| Share capital | 16,350,000 | 16,350,000 |
| Reserves | 10,404,040 | 10,754,627 |
| Retained profit (loss) | 103,955,655 | 105.483,449 |
| Translation reserve | ||
| Minority share | ||
| Amounts payable and liabilities | 77,281,255 | 53,995,772 |
| Amounts payable in one year and long term liabilities |
3,849,763 | 4,436,922 |
| Loans and borrowings | 1,806,623 | 2,095,887 |
| Warranty provision | 486,387 | 731,694 |
| Deferred tax liabilities | 1,556,753 | 1,609,341 |
| Amounts payable in one year and short | ||
| term liabilities | 73,431,492 | 49,558,850 |
| Loans and borrowings | 1,291,374 | 2,185,392 |
| Trade payables | 29,774,900 | 18,826,212 |
| Prepayments received | 31,067,898 | 14,107,720 |
| Current tax payable | 33,128 | |
| Other liabilities | 11,264,192 | 14,439,526 |
| TOTAL EQUITY AND LIABILITIES: | 207,990,950 | 186,583,848 |
| In Litas | Group | |
|---|---|---|
| ASSETS | 30 June 2011 | 31 Dec. 2010 |
| Non-current assets | 37,272,464 | 39,177,628 |
| Intangible assets | 131,750 | 144,049 |
| Tangible non-current assets | 24,942,125 | 26,981,910 |
| Other investment and amounts receivable in one year |
10,336,817 | 10,109,516 |
| Other intangible assets | 1,861,772 | 1,942,153 |
| Current assets | 183,353,455 | 159,597,741 |
| Inventories | 43,429,218 | 38,006,600 |
| Advance payments | 10,135,566 | 3,524,674 |
| Amounts receivable | 66,364,263 | 37,760,979 |
| Other assets | 8,840,622 | 31,145,798 |
| Cash and cash equivalents | 54, 583, 786 | 49,159,690 |
| TOTAL ASSETS: | 220,625,919 | 198,775,369 |
| In Litas | Group | |
|---|---|---|
| EQUITY AND LIABILITIES | 30 06 2011 | 31 Dec. 2010 |
| Equity | 111,541,077 | 114,038,887 |
| Share capital | 16,350,000 | 16,350,000 |
| Reserves | 11,426,759 | 11,804,420 |
| Retained profit (loss) | 82,910,638 | 85,449,807 |
| Translation reserve | 853,680 | 434,660 |
| Minority share | 4,359,764 | 4,820,707 |
| Amounts payable and liabilities | 104,725,078 | 79,915,775 |
| Amounts payable in one year and long term liabilities |
6,798,046 | 20,546,478 |
| Loans and borrowings | 3,192,548 | 16,645,051 |
| Provisions | 1,453,912 | 1,710,734 |
| Deferred tax liabilities | 1,679,434 | 1,732,022 |
| Grants and subsidies | 49,088 | 52,913 |
| Other payable amounts | 423,064 | 405,758 |
| Amounts payable in one year and short term liabilities |
97,927,032 | 59,369,297 |
| Loans and borrowings | 14,920,897 | 2,396,801 |
| Trade payables | 35,798,592 | 22,310,164 |
| Prepayments received | 31,900,666 | 16,995,547 |
| Current tax payable | 58,289 | 135,017 |
| Other liabilities | 15,248,588 | 17,531,768 |
| TOTAL EQUITY AND LIABILITIES: | 220,625,919 | 198,775,369 |
| In Litas | Company | |||
|---|---|---|---|---|
| ITEM | Jan. through June 2011 |
Jan. through June 2010 |
April through June 2011 |
April through June 2010 |
| SALE | 70,386,095 | 72,803,369 | 42,463,340 | 52,570,759 |
| COST OF SALE | 67,090,226 | 62,158,308 | 42,624,575 | 43,949,228 |
| GROSS PROFIT (LOSS) | 3,295,869 | 10,645,061 | $-161,235$ | 8,621,531 |
| OPERATING EXPENSES | 4,190,061 | 3,599,819 | 1,304,737 | 1,092,023 |
| Sale | 159,519 | 134,832 | 79,309 | 77,449 |
| Recovery of doubtful debts | $-1,717,080$ | $-3,561,827$ | $-1,534,551$ | $-3,039,633$ |
| General and administration | 5,747,622 | 7,026,814 | 2,759,979 | 4,054,207 |
| TYPICAL OPERATING PROFIT (LOSS) | $-894,192$ | 7,045,242 | $-1,465,972$ | 7,529,508 |
| OTHER ACTIVITIES | $-32,579$ | $-25,399$ | 46,354 | 17,735 |
| Income | 505,922 | 330,808 | 248,931 | 177,783 |
| Expenses | 538,501 | 356,207 | 202,577 | 160,048 |
| FINANCIAL AND INVESTMENT ACTIVITIES |
394,439 | 1,615,273 | 80,989 | 484,537 |
| Income | 656,095 | 1,879,476 | 261,820 | 591,665 |
| Expenses | 261,656 | 264,203 | 180,831 | 107,128 |
| USUAL ACTIVITY PROFIT (LOSS) | $-532,332$ | 8,635,116 | $-1,338,629$ | 8,031,780 |
| WINDFALL PROFIT | ||||
| LOSSES | ||||
| PROFIT (LOSS) BEFORE TAXATION | $-532,332$ | 8,635,116 | $-1,338,629$ | 8,031,780 |
| PROFIT TAX | 201,549 | 843,293 | 43,062 | 712,712 |
| NET PROFIT (LOSS) | $-733,881$ | 7,791,823 | $-1,381,691$ | 7,319,068 |
| In Litas | Group | |||
|---|---|---|---|---|
| ITEM | Jan. through June 2011 |
Jan. through June 2010 |
April through June 2011 |
April through June 2010 |
| SALE | 99,278,035 | 84,517,797 | 58.534.251 | 58,368,146 |
| COST OF SALE | 93,269,119 | 70,656,301 | 57.883.438 | 47,884,650 |
| GROSS PROFIT (LOSS) | 6,008,916 | 13,861,496 | 650.813 | 10,483,496 |
| OPERATING EXPENSES | 7,330,315 | 6,706,186 | 2.927.893 | 2,704,445 |
| Sale | 323,461 | 227,003 | 170.698 | 151,950 |
| Recovery of doubtful debts | $-1,717,080$ | $-3,561,827$ | $-1.534.551$ | $-3,039,633$ |
| General and administration | 8,723,934 | 10,041,010 | 4.291.746 | 5,592,128 |
| TYPICAL OPERATING PROFIT (LOSS) | $-1,321,399$ | 7,155,310 | $-2.277.080$ | 7,779,051 |
| OTHER ACTIVITIES | $-243,700$ | $-278,434$ | $-121.307$ | $-107,905$ |
| Income | 362,824 | 191,819 | 112.981 | 92,522 |
| Expenses | 606,524 | 470,253 | 234.288 | 200,427 |
| FINANCIAL AND INVESTMENT ACTIVITIES |
$-217,106$ | 12,966,426 | $-433.951$ | 11,358,159 |
| Income from other financial activities | 269,113 | 4,133,847 | $-118.900$ | 1,471,507 |
| Profit due to loss of company control | $\boldsymbol{0}$ | 10,005,556 | $\Omega$ | 10,005,556 |
| Other financial expenses | 486,219 | 1,172,977 | 315.051 | 118,904 |
| USUAL ACTIVITY PROFIT (LOSS) | $-1,782,205$ | 19,843,302 | $-2.832.338$ | 19,029,305 |
| WINDFALL PROFIT | ||||
| LOSSES | ||||
| PROFIT (LOSS) BEFORE TAXATION | $-1,782,205$ | 19,843,302 | $-2.832.338$ | 19,029,305 |
| PROFIT TAX | 451,068 | 1,132,836 | 177.635 | 1,272,885 |
| NET PROFIT (LOSS) | $-2,233,273$ | 18,710,466 | $-3.009.973$ | 17,756,420 |
| ATTRIBUTABLE TO SHAREHOLDERS | $-1,772,329$ | 15,389,429 | $-2.769.625$ | $-967,900$ |
| ATTRIBUTABLE TO MINORITY INTEREST |
$-460,944$ | 3,321,037 | $-240.348$ | 18,724,320 |
| Company | ||
|---|---|---|
| Jan. through June 2011 |
Jan. through June 2010 |
|
| Cash flow from operating activities | ||
| Net profit (loss) | $-733,881$ | 7,791,823 |
| Depreciation and amortization costs | 2,589,614 | 2,976,048 |
| Profit (loss) from transfer of non-current assets | $-127,429$ | $-116,192$ |
| Income tax expense | 201,549 | 843,293 |
| 1,929,853 | 11,494,972 | |
| Change in inventories | $-5,394,340$ | 204,398 |
| Change in amounts receivable | $-19,731,610$ | $-7,816,739$ |
| Change in prepayments | $-7,694,205$ | 2,797,611 |
| Change in amounts receivable after one year | $-98.719$ | $-92,475$ |
| Change in other assets | 23,875,549 | $-8,289,335$ |
| Change in trade payables | 10,948,688 | 9,455,480 |
| Change in prepayments received | 16,960,178 | $-11,027,041$ |
| Change in provisions and other liabilities | $-3,812,985$ | $-2,543,638$ |
| 16,982,409 | $-5,816,767$ | |
| Income tax paid | $-1,270,197$ | $-998,152$ |
| Net cash from operating activities | 15,712,212 | $-6,814,919$ |
| Cash flow from investing activities | ||
| Acquisition of long term assets (excl, investment) | $-690,833$ | $-403,093$ |
| Transfer of long term assets (excl, investment) | 144,904 | 189,280 |
| Acquisition of investments | ||
| Loans issued | $-10,688,504$ | $-5,318,070$ |
| Loans recovered | 4,908,445 | |
| Dividends and interest received | 655,771 | 738,280 |
| Net cash used in investing activities | $-5,670,217$ | $-4,793,603$ |
| Cash flow from financial activities | ||
| Dividends, share of profit paid | $-1,129,922$ | $-2,249,465$ |
| Proceeds from loans and borrowings | ||
| Repayments from loans and borrowings | ||
| Payment of finance lease liabilities | $-1,183,282$ | $-1,519,467$ |
| Interest paid | $-200,272$ | $-223,162$ |
| Net cash from (used in) financing activities | $-2,513,476$ | $-3,992,094$ |
| Increase (decrease) in net cash flow | 7,528,519 | $-15,600,616$ |
| Cash and its equivalent at the beginning of the | ||
| period | 40,847,520 | 53,934,684 |
| Cash and its equivalent at the end of the period | 48.376.039 | 38.334.068 |
| Group | ||
|---|---|---|
| Jan. through June 2011 |
Jan. through June 2010 |
|
| Cash flow from operating activities | ||
| Net profit (loss) | $-2,233,273$ | 18,710,466 |
| Elimination of other non-monetary items | ||
| Depreciation and amortization costs | 2,994,431 | 3.448,773 |
| Other non-monetary items | $-100,225$ | $-32,172$ |
| 660,933 | 22,127,067 | |
| Change in inventories | $-5,422,618$ | $-3,299,408$ |
| Change in amounts receivable | $-28,603,284$ | $-10,778,950$ |
| Change in prepayments | $-6,610,892$ | 3,694,762 |
| Change in other assets | 23,441,335 | $-8,813,691$ |
| Change in trade payables | 13,488,428 | 8,858,617 |
| Change in prepayments received | 14,905,119 | $-10,887,384$ |
| Change in provisions and other liabilities | $-2,617,827$ | $-750,737$ |
| 9,241,194 | 150,276 | |
| Elimination of results from financial and investing | ||
| activities | 536,529 | $-10,056,701$ |
| Net cash from operating activities | 9,777,723 | $-9,906,425$ |
| Cash flow from investing activities Acquisition of non-current assets (except |
||
| investments) | $-827,594$ | $-435,608$ |
| Transfer of non-current assets (except investments) | 10,413 | 43,994 |
| Loans issued | $-2,575,380$ | |
| Loans recovered | 1,211,920 | |
| Dividends and interest received | 268,196 | 696,858 |
| Net cash used in investing activities | $-1,912,445$ | 305,244 |
| Cash flow from financial activities | ||
| Dividends and share of profit paid | $-1,129,922$ | $-2,249,465$ |
| Proceeds from loans and borrowings Repayments from loans and borrowings |
363,495 | |
| Payment of finance lease liabilities | $-1,291,902$ | $-1,687,269$ |
| Interest paid | $-382,853$ | $-1,136,572$ |
| Net cash from (used in) financing activities | $-2,441,182$ | $-5,073,306$ |
| Increase (decrease) in net cash flow | 5,424,096 | $-14,674,487$ |
| Cash and cash equivalent in the beginning of the | ||
| period | 49,159,690 | 56,139,567 |
| Cash and cash equivalent at the end of the | ||
| period | 54,583,786 | 41,465,080 |
| Authorized capital |
revaluation FA |
reserve Legal |
Deferred result |
Total | |
|---|---|---|---|---|---|
| Inrecognized profit (loss) for 2010 Salance as of 31 December 2009 beferred tax related liability cevaluation of fixed assets Net profit (loss) for 2010 Dividend |
16,350,000 | $-350,586$ 9.715,594 |
1,635,030 | 97,031,157 350,586 $-1,144,500$ 7,791,823 |
$-1,144,500$ 7,791,823 124,731,781 |
| beferred profit tax related to reappraisal of FA ncrease (decrease) of authorized capital ncrease (decrease) of authorized capital Inrecognized net profit (loss) for 2011 salance as of 31 December 2010 elated postponed tax liability. 3alance as of 30 June 2010 levaluation of fixed assets let profit (loss) for 2011 teserves formed cserves used Jividend |
16,350,000 16,350,000 |
9,365,008 9,119,597 $-350.587$ |
1,635,030 1,635,030 |
104,029,066 105,483,449 350,587 $-1,144,500$ $-733,881$ |
131,379,104 132,588,076 $-1,144,500$ $-733,881$ |
| $\lambda$ alance as of 30 June 2011 | 16.350.000 | 8.769.010 | 1.635.030 | 103.955.655 | 130.709.695 |
| Ì | |
|---|---|
| į | |
| מוט⊔ גו |
|
| I | |
| $1$ staten | |
| n Financia | |
| こうしゅ つくさん | |
| $\alpha$ eramina | |
Group
| Authorized capital |
Revaluation reserve |
reserve Legal |
Influence of change in exchange rate |
Accumulated profit |
Losses per company parent share |
Minority part |
Total | |
|---|---|---|---|---|---|---|---|---|
| Decrease in revaluation reserve Balance as of 1 January 2010 |
16,350,000 | $-388,782$ 10,445,141 |
2,019,981 | 810,470 | 388,785 71,488,724 |
101,114,316 | $-670,604$ | 100,443,712 |
| Net profit (loss) for 2010 Currency rate change Oeferred tax liability Dividend |
$-270,641$ | 15,389,429 $-1,144,500$ |
15,389,429 $-1,144,500$ $-270,641$ |
$-61,106$ 3,305,187 |
18,694,616 $-1,144,500$ $-331,747$ |
|||
| Reserves formed | 231 | $-231$ | ||||||
| Balance as of 31 December 2010 Decrease in revaluation reserve Balance as of 30 June 2010 |
16,350,000 16,350,000 |
9,784,208 10,056,359 $-388.785$ |
2,020,212 2,020,212 |
539,829 434,660 |
86,122,207 85,449,807 388,784 |
115,088,607 114,038,887 |
2,573,477 4,820,707 |
117,662,084 118,859,594 |
| Net profit (loss) for 2011 Deferred tax liability Jividend |
$-1,772,329$ $-1,144,500$ |
$-1,772,329$ $-1,144,500$ |
$-460.944$ | $-1,144,500$ $-2,233,273$ |
||||
| nfluence of currency rate change Company transfer Reserves formed |
11,124 | 422,046 | $-11,124$ | 422,046 | 422,046 | |||
| Balance as of 30 June 2011 | 16,350,000 | 9,395,423 | 2,031,336 | 853,680 | 82,910,638 | 111,541,077 | 4,359,764 | 115,900,841 |
Panevėžio statybos trestas AB (hereinafter "the Company") was established in 1957 and for a long tome was 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, Pastaty 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 offices in Cherepovets, a subsidiary in Kaliningrad and a permanent establishment in the United Kingdom of Great Britain and Northern Ireland. Financial year of the Company is calendar year. The period of commercialeconomic 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. In addition to the listed activities the Company rents out premises and equipment, resells utility and communication services.
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 2011 | 31 Dec. 2010 |
|---|---|---|
| 1 FUR | 3.4528 | 3.4528 |
| 10 RTUB | 0.8546 | 0.8554 |
| $1$ LV | 4.8703 | 4.8643 |
| 1PLN | 0.8624 | 0.8716 |
| 1 GBP | 3.8429 | 4.0494 |
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 Company Group are eliminated.
During the first half of 2011 the investments of the Group in acquisition of non-current assets amounted to 827,594 Litas: Panevėžio statybos trestas AB acquired non-current assets for 690,833 Litas. During the year 2011 the costs related to depreciation and amortization of assets of the Group amounted to 2,994,431 Litas. including 2,589,614 Litas accounted for in the Financial Statement of Panevėžio statybos trestas AB.
As of 30 June 2011 the loans of the Company Group of PST investicijos UAB amounted to 14,623,654 Litas including short-term bank credits totaling 13,526,734 Litas. For using credits SEB AB is paid the interest rate 1 month VILIBOR $+$ 1.1%, for other loans the interest rate is 3 months VILIBOR and the interest margin is 1.9%.
As of 30 June 2011 the guarantees of the liabilities of Panevėžio statybos trestas AB issued by credit institutions amounted to 26,813,412 Litas, 25,504,712 Litas of which cover performance bonds.
On 29 April 2011 an Agreement of Financial Liability Limit was signed with DnB Nord bankas. On the basis of this agreement the Performance Bond for the amount of 14,708,193 Litas has been issued to Akmenės cementas AB.
As per resolution adopted by the Board of Panevėžio statybos trestas AB on 20 July 2009, the time limit for Panevėžio keliai AB to repay the loan in the amount of 10 mln. Litas was extended until 11 January 2013.
As per resolution adopted by the Board of Panevėžio statybos trestas AB on 30 March 2010, PST investicijos UAB had been given a loan amounting 8,235,491 mln. Litas for financing of the projects under development by the subsidiary companies of PST investicijos UAB. The time limit for the loan repayment is 31 March 2012.
On 22 July 2011 the Board of of Panevėžio statybos trestas AB decided to give the loan to PST investiciios UAB in the amount of 3,000,000 Litas for financing of the project under development of Verkiu projektas UAB. The time limit for the loan repayment is 1 September 2014.
The Annual General Meeting of the Shareholders of Panevėžio statybos trestas AB that took place on 22 April 2011 made the decision to pay dividends in the amount of 1,144,500 Litas (0.07 Litas per share) and the share of profit in the amount of 2,000,000 Litas. By 30 June 2011 dividends amounting 1,109,899 Litas were paid. As of 31 August 2011, no payment of the share of profit was made.
During the first half of 2011the group incurred the loss amounting 2.2 mln. Litas, whereas during the first half of 2010 made profit in the amount of 18.7 mln. Litas. Due to rise of construction prices in 2009 and 2010, this year the parent company earned a relatively low gross profit margin of 4.68 % as it was in the process of earlier contract award finalization and had additional construction costs. On the other hand profit amounting 10 mln. Litas in 2010 is attributable to loss of control in the companies of PST investicijos UAB - Gelužės projektai UAB ir Smiltynų kalvos UAB.
Due to payment terms agreed with the customers that were unfavourable to the company, there was increase in trade receivables and at the same time trade payables.
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