Interim / Quarterly Report • Aug 31, 2010
Interim / Quarterly Report
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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 2010 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. sisent
Dalius Gesevičius Managing Director Panevėžio statybos trestas AB
Denver
Dalė Bernotaitienė Finance Director Panevėžio statybos trestas AB
AB "Panevėžio statybos trestas" Imonės kodas 147732969 PVM mokėtojo kodas LT477329610 VJ 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
Consolidated Interim Financial Statement and Consolidated Interim Report for Six Months of 2010
30 August 2010 Panevėžys
The consolidated annual report has been prepared for six months of the year 2010 that expired on 30 June 2010.
| Public limited liability company Panevėžio statybos |
|---|
| trestas |
| 16,350,000 Litas |
| P. Puzino Str. 1, LT-35173 Panevėžys, Lithuania |
| $(+37045)$ 505 503 |
| $(+37045)$ 505 520 |
| [email protected] |
| Public limited liability company |
| 30 October 1993, Panevėžys City Department |
| AB 9376 |
| 147732969 |
| LT477329610 |
| State Enterprise Centre of Registers |
| www.pst.lt |
The main area of activity of the Company and 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, resells utilities and communication services.
As of 30 June 2010 the Company Group of Panevėžio statybos trestas AB consists of the following companies:
| Subsidiaries | Type of activities | Share controlled (per cent) |
Domicile address |
|---|---|---|---|
| Skydmedis UAB | Production of wood constructions |
100 | Pramonės Str. 5, Panevėžys Tel.: +370 45 583341 |
| Metalo meistrai UAB | Production of metal constructions |
100 | Tinklu Str. 7, Panevėžys |
| Vekada UAB | Electrical installation activities |
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 | Air conditioning equipment | 100 | Dubysos Str. 31, Klaipėda Tel.: +370 46 340363 |
| PS Trests SIA | Construction | 100 | Vietalvas Str. 5, Riga |
| OOO Baltlitstroij | Construction | 100 | Sovetskij Ave. 43, Kaliningrad Tel.: 0074012350435 |
| PST Investicijos UAB | Real estate development | 67 | Lvovo Str.25, Vilnius Tel.: +370 5 2102130 |
| Subsidiaries of PST investicijos UAB: | |||
| Ateities 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 |
| OOO ISK Baltevromarket | Construction investment company |
100 | Cherniachovsk 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 (pcs.) |
Par value (Litas) |
Total par value (Litas) |
Emission 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 2010
| Last price | Highest price | Lowest price | Last price |
|---|---|---|---|
| 31 Dec. 2009 | for the first half | for the first half | 30 June 2010 |
| 3.79 | 4.8 | 3.67 | 3.77 |
As of 30 June 2010, 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 2010 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 1995:
| 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 502032-9091 |
1 294 157 | 7.92 | 7.92 | |
| Bank of New York as custodian or trustee for ING B One Wall Street, New York. NY 10286, USA GSP181305 |
1 102 000 | 6.74 | 6.74 |
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 six months of this year the PST Group was on the income of 84.5 mln. Litas, that is by 21 percents less than for the same period last year and made net profit in the amount of 18.7 mln. Litas. The company was on the income of 72.8 mln. Litas and made net profit amounting 7.8 mln. Litas.
| Group | Company | |||
|---|---|---|---|---|
| I half of 2010 | I half of 2009 | I half of 2010 | I half of 2009 | |
| Income | 84518 | 107621 | 72803 | 94797 |
| Net profit | 18711 | $-2388$ | 7792 | 2142 |
| Net profit margin (percents) | 22.14 | $-2.2$ | 10.7 | 2.3 |
| Profit per share (Litas) | 0.94 | $-0.05$ | 0.48 | 0.13 |
| Profit before taxes, interest, depreciation and amortization EBITDA |
24430 | 5403 | 11834 | 7613 |
| Return on equity (percents) (ROE) | 16.26 | $-2.15$ | 5.93 | 1.75 |
| Return on assets or asset profitability (ROA) |
9.52 | $-0.98$ | 4.21 | 1.10 |
| Return on investments (ROI) | 13.26 | $-1.77$ | 5.68 | 1.63 |
| Current liquidity ratio | 2.99 | 1.88 | 2.50 | 2.14 |
| Current liquidity ratio | 2.28 | 1.32 | 2.41 | 2.07 |
| General liquidity ratio | 1.46 | 0.85 | 2.45 | 1.68 |
| Book value per share | 7.20 | 6.99 | 8.04 | 7.47 |
| Share price / earnings ratio (P/E) | 4.0 | $-42.7$ | 7.9 | 17.2 |
| The performance results of Panevėžio statybos trestas AB Group and the Company are as | ||||
|---|---|---|---|---|
| follows (in thousands Lt): |
Income and net profit variation for the Company:
Income and net profit variation for the Group:
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 revenue and assets.
Geographical distribution of income:
| Group | Company | |||||
|---|---|---|---|---|---|---|
| (thousands Lt) | I half of 2010 |
I half of 2009 |
I half of 2008 |
I half of 2010 |
I half of 2009 |
I half of 2008 |
| Lithuania | 79,30 | 104,55 | 243,47 | 68,77 | 91,86 | 238,13 |
| Russian Federation | 4.04 | 2,93 | 14,01 | 4.04 | 2,93 | 14,01 |
| Germany, Ireland, Denmark | 0,16 | 0,00 | 0,22 | |||
| Scandinavian countries | 1.02 | 0,14 | 0,21 |
During the first half of 2010, the average number of employees in Panevėžio statybos trestas AB Group was 1042, whereas in the Company - 861 employees.
| Average number of | I half of 2010 | I half of 2009 | |||
|---|---|---|---|---|---|
| employees | Group | Company | Group | Company | |
| Specialists | 293 | 222 | 308 | 238 | |
| Workers | 749 | 639 | 920 | 800 |
| Groups of employees | Payroll number |
Higher university level education |
Higher non- university education |
Community college education |
Secondary education |
Incomplete secondary education |
|---|---|---|---|---|---|---|
| Management | 30 | 25 | 0 | $\overline{4}$ | ||
| Specialists | 276 | 202 | 8 | 50 | 15 | |
| Workers | 824 | 18 | 4 | 163 | 508 | 131 |
Employee grouping by education in Panevėžio statybos trestas AB Group:
| I half of 2010 | I half of 2009 | ||||
|---|---|---|---|---|---|
| Average salary/wage | Group | Company | Group | Company | |
| Management | 6481 | 9527 | 9065 | 18125 | |
| Specialists | 3266 | 3511 | 4755 | 5215 | |
| Workers | 1619 | 1666 | 1387 | 1374 |
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 | POSITION | NUMBER OF SHARES |
CAPITAL,% | VOTES, % |
|---|---|---|---|---|
| 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 | |
| KLOVAINIŲ SKALDA AB | Member of the Board | 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 | 21,490 | 9,29 | 9,29 | |
| VALDYBA AB | ||||
| IGNALINOS STATYBA UAB | Member of the Board | 91,351 | 37.93 | 37.93 |
| TAMSUMA UAB | Chairman of the Board | 1,467 | 33.34 | 33.34 |
| 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 | $\Omega$ | $\theta$ | 0 |
| TRESTAS AB | ||||
| PANODEN UAB | Member of the Board | |||
| PST INVESTICIJOS UAB | Member of the Board | 16,407 | 4.4 | 4.4 |
| KIRTIMŲ AUTOTRANSPORTAS | Member of the Board | |||
| AB | ||||
| CONSTRUCTUS UAB | Member of the Board | 1,669 | 4.5 | 4.5 |
| CONVESTUS UAB | Vice-president, | 50,000 | 50 | 50 |
| Chairman of the Board | ||||
| UPES SLENIS UAB | 810 | 18 | 18 | |
| 1969 bonds | ||||
| ALPROKA UAB | Chairman of the Board |
Term of office: October 2006 through October 2010
No previous convictions.
GVIDAS DROBUŽAS - 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 | POSITION | NUMBER OF SHARES |
CAPITAL $\frac{0}{0}$ |
VOTES $\frac{0}{0}$ |
|---|---|---|---|---|
| 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 |
| KLOVAINIŲ SKALDA AB | Member of the Board | 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 | Member of the Board | 91,351 | 37.93 | 37.93 |
| TAMSUMA UAB | Member of the Board | 1,467 | 33.34 | 33.34 |
| PANEVĖŽIO STATYBOS | Member of the Board | |||
| TRESTAS AB | ||||
| PANEVĖŽYS UAB | Member of the Board | 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 | ||||
| CONSTRUCTUS UAB | Chairman of the Board | 1,669 | 4.5 | 4.5 |
| NAUJASIS UŽUPIS UAB | Member of the Board | |||
| VILNIAUS VAIZDAS UAB | Chairman of the Board | 50 | 50 | 50 |
| CONVESTUS UAB | President, | 50,000 | 50 | 50 |
| Member of the Board | ||||
| Shares of UPES SLENIS UAB | 810 | 18 | 18 | |
| 1969 bonds of | ||||
| Upes slenis UAB | ||||
| ALPROKA UAB | Member of the Board |
Term of office: October 2006 through October 2010
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 $\frac{9}{6}$ |
VOTES $\%$ |
|---|---|---|---|---|
| CONVESTUS UAB | Internal auditor | - |
Term of office: April 2008 through October 2010
No previous convictions
VILIUS GRAŽYS – the Member of the Board. Participates in the activities of the following companies:
| COMPANY NAME | POSITION | NUMBER OF SHARES |
CAPITAL $\frac{0}{0}$ |
VOTES $\frac{6}{6}$ |
|---|---|---|---|---|
| AKVALDA UAB | 500 | 33.33 | 33.33 | |
| EMULTEKA UAB | ||||
| BASS UAB | 40 | 40 | 40 | |
| PANEVEZIO STATYBOS | Member of the | |||
| TRESTAS AB | Board | |||
| PANEVEZIO KELIAI AB | Member of the | 101735 | 5.45 | 5.45 |
| Board |
Term of office: October 2006 through October 2010
No previous convictions.
ARTŪRAS BUČAS – the Member of the Board. No membership in the capital of the company.
| COMPANY NAME | POSITION | NUMBER OF SHARES |
CAPITAL $\frac{0}{0}$ |
VOTES $\frac{0}{0}$ |
|---|---|---|---|---|
| DVARČIONIU KERAMIKA AB | Share holder | 356 | ||
| AB "PANEVĖŽIO KELIAI" | Member of the Board |
Terms of office: October 2006 through October 2010
No previous convictions.
DALIUS GESEVIČIUS - Head of the Company Administration, Managing Director. Holds 15 shares of the company. University education (1984, VISI), construction engineer. No previous convictions.
DANGUOLĖ ŠIRVINSKIENĖ – Chief Accountant of the Company. Holds no shares of the company. University education (1983, LŽUA), qualification of accountant-economist. No previous convictions.
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 |
|---|---|---|---|
| Financial statement for the first quarter of 2010 of Panevėžio statybos trestas AB |
Interim information | Lt, En | 17 May 2010 |
| Performance Results for the first quarter of 2010 |
Notification on material event | Lt, En | 17 May 2010 |
| Resolutions of the Reconvened General Meeting of the Shareholders |
Notification on material event | Lt, En | 5 May 2010 |
| Non-competitive formal offer | Notification on material event | Lt, En | 5 May 2010 |
| Reconvening of the Annual General Meeting of the Shareholders |
Notification on material event | Lt, En | 20 April 2010 |
| The General Meeting of PST AB did not take place |
Notification on material event | $Lt$ , En | 19 April 2010 |
| Audited company and consolidated financial statement for 2009 |
Annual information | Lt, En | 14 April 2010 |
| Convening of the Annual General Meeting of the Shareholders |
Notification on material event | Lt, En | 29 March 2010 |
| Preliminary Results of PST Group for the Year 2009 |
Interim information | Lt, En | 26 Feb. 2010 |
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
$\bar{\bar{\bar{\bar{\bar{\bar{\bar{\bar{\bar{\bar{\bar{\bar{\bar{\bar{\bar{\bar{\bar{\bar{\bar{\$
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 2010 | 31 Dec. 2009 |
| Non-current assets | 65275623 | 73650975 |
| Intangible assets | 42054 | 80009 |
| Tangible non-current assets | 26229495 | 28832083 |
| Investment and amounts receivable in one year |
38792532 | 44393475 |
| Deferred tax assets | 211542 | 345408 |
| Current assets | 119726751 | 110829276 |
| Inventories | 4213648 | 4418046 |
| Advance payments | 1400785 | 4198396 |
| Amounts receivable | 55440245 | 47623506 |
| Other current assets | 20338005 | 654644 |
| Cash and cash equivalents | 38334068 | 53934684 |
| TOTAL ASSETS | 185002374 | 184480251 |
| In Litas | Company | |
|---|---|---|
| EQUITY AND LIABILITIES | 30 June 2010 | 31 Dec. 2009 |
| Equity | 131379104 | 124731781 |
| Share capital | 16350000 | 16350000 |
| Reserves | 11000038 | 11350624 |
| Retained profit (loss) | 104029066 | 97031157 |
| Translation reserve | ||
| Minority share | ||
| Amounts payable and liabilities | 53623270 | 59748470 |
| Amounts payable in one year and long | ||
| term liabilities | 5706312 | 7328058 |
| Loans and borrowings | 3140946 | 4323901 |
| Warranty provision | 903437 | 1289640 |
| Deferred tax liabilities | 1661929 | 1714517 |
| Amounts payable in one year and short | ||
| term liabilities | 47916958 | 52420412 |
| Loans and borrowings | 2423601 | 2760113 |
| Trade payables | 27422500 | 17967020 |
| Prepayments received | 6771611 | 17798652 |
| Current tax payable | 104739 | 126597 |
| Other liabilities | 11194507 | 13768030 |
| TOTAL EQUITY AND LIABILITIES: | 185002374 | 184480251 |
| In Litas | Group | |
|---|---|---|
| ASSETS | 30 06 2010 | 31 Dec. 2009 |
| Non-current assets | 30958360 | 40244322 |
| Intangible assets | 176437 | 234725 |
| Tangible non-current assets | 29560008 | 32412105 |
| Other investment and amounts | ||
| receivable in one year | 110919 | 6247855 |
| Other intangible assets | 1110996 | 1349637 |
| Current assets | 165647806 | 172830335 |
| Inventories | 39305137 | 53811431 |
| Advance payments | 2494312 | 6189074 |
| Amounts receivable | 65246277 | 54467327 |
| Other assets | 17137000 | 2222936 |
| Cash and cash equivalents | 41465080 | 56139567 |
| TOTAL ASSETS: | 196606166 | 213074657 |
| In Litas | Group | |
|---|---|---|
| EQUITY AND LIABILITIES | 30 06 2010 | 31 Dec. 2009 |
| Equity | 115088607 | 101114316 |
| Share capital | 16350000 | 16350000 |
| Reserves | 12076571 | 12465122 |
| Retained profit (loss) | 86122207 | 71488724 |
| Translation reserve | 539829 | 810470 |
| Minority share | 2573477 | $-670604$ |
| Amounts payable and liabilities | 78944082 | 112630945 |
| Amounts payable in one year and long term liabilities |
23471066 | 11575314 |
| Loans and borrowings | 19280727 | 6988316 |
| Provisions | 1935875 | 2248495 |
| Deferred tax liabilities | 1796597 | 1849184 |
| Grants and subsidies | 56738 | 60563 |
| Other payable amounts | 401129 | 428756 |
| Amounts payable in one year and short | ||
| term liabilities | 55473016 | 101055631 |
| Loans and borrowings | 2669112 | 40697653 |
| Trade payables | 30971243 | 22254571 |
| Prepayments received | 7314283 | 18201667 |
| Current tax payable | 120098 | 127923 |
| Other liabilities | 14398280 | 19773817 |
| TOTAL EQUITY AND LIABILITIES: | 196606166 | 213074657 |
| In Litas | Company | |||
|---|---|---|---|---|
| ITEM | Jan. through June 2010 |
Jan. through June 2009 |
April through June 2010 |
April through June 2009 |
| SALE | 72803369 | 94796756 | 52570759 | 50338664 |
| COST OF SALE | 62158308 | 80384195 | 43949228 | 42505838 |
| GROSS PROFIT (LOSS) | 10645061 | 14412561 | 8621531 | 7832826 |
| OPERATING EXPENSES | 3599819 | 11328419 | 1092023 | 7093705 |
| Sale | 134832 | 212175 | 77449 | 94281 |
| Recovery of doubtful debts | -3561827 | $-67460$ | -3039633 | $-26590$ |
| General and administration | 7026814 | 11183704 | 4054207 | 7026014 |
| TYPICAL OPERATING PROFIT (LOSS) | 7045242 | 3084142 | 7529508 | 739121 |
| OTHER ACTIVITIES | $-25399$ | -95982 | 17735 | $-85552$ |
| Income | 330808 | 181184 | 177783 | 77904 |
| Expenses | 356207 | 277166 | 160048 | 163456 |
| FINANCIAL AND INVESTMENT ACTIVITIES |
1615273 | 940832 | 484537 | 1118782 |
| Income | 1879476 | 1335664 | 591665 | 963655 |
| Expenses | 264203 | 394832 | 107128 | $-155127$ |
| USUAL ACTIVITY PROFIT (LOSS) | 8635116 | 3928992 | 8031780 | 1772351 |
| WINDFALL PROFIT | $\mathbf 0$ | $\mathbf{0}$ | $\mathbf{0}$ | $\mathbf{0}$ |
| LOSSES | $\Omega$ | $\mathbf{0}$ | $\Omega$ | 0 |
| PROFIT (LOSS) BEFORE TAXATION | 8635116 | 3928992 | 8031780 | 1772351 |
| PROFIT TAX | 843293 | 1787474 | 712712 | 1245662 |
| NET PROFIT (LOSS) | 7791823 | 2141518 | 7319068 | 526689 |
$\mathcal{L}^3$
| In Litas | Group | |||
|---|---|---|---|---|
| ITEM | Jan. through June 2010 |
Jan. through June 2009 |
April through June 2010 |
April through June 2009 |
| SALE | 84517797 | 107621299 | 58368146 | 57150481 |
| COST OF SALE | 70656301 | 92341647 | 47884650 | 49689447 |
| GROSS PROFIT (LOSS) | 13861496 | 15279652 | 10483496 | 7461034 |
| OPERATING EXPENSES | 6706186 | 14262597 | 2704445 | 8709632 |
| Sale | 227003 | 256748 | 151950 | 128514 |
| Recovery of doubtful debts | -3561827 | $-67460$ | -3039633 | $-26590$ |
| General and administration | 10041010 | 14073309 | 5592128 | 8607708 |
| TYPICAL OPERATING PROFIT (LOSS) | 7155310 | 1017055 | 7779051 | $-1248598$ |
| OTHER ACTIVITIES | $-278434$ | $-155500$ | $-107905$ | $-68811$ |
| Income | 191819 | 187094 | 92522 | 113507 |
| Expenses | 470253 | 342594 | 200427 | 182318 |
| FINANCIAL AND INVESTMENT ACTIVITIES |
12966426 | $-1661067$ | 11358159 | 989481 |
| Income from other financial activities | 4133847 | 1404761 | 1471507 | 987440 |
| Profit due to loss of company control | 10005556 | 10005556 | ||
| Other financial expenses | 1172977 | 3065828 | 118904 | $-2041$ |
| USUAL ACTIVITY PROFIT (LOSS) | 19843302 | -799512 | 19029305 | $-327928$ |
| WINDFALL PROFIT | ||||
| LOSSES | ||||
| PROFIT (LOSS) BEFORE TAXATION | 19843302 | -799512 | 19029305 | $-327928$ |
| PROFIT TAX | 1132836 | 1588222 | 742114 | 1272885 |
| NET PROFIT (LOSS) | 18710466 | -2387734 | 18287191 | $-1600813$ |
| ATTRIBUTABLE TO SHAREHOLDERS | 15389429 | $-862187$ | 14783326 | -967900 |
| ATTRIBUTABLE TO MINORITY INTEREST |
3321037 | $-1525547$ | 3503865 | $-632913$ |
| Company | ||
|---|---|---|
| Jan. through June 2010 |
Jan. through June 2009 |
|
| Cash flow from operating activities | ||
| Net profit (loss) | 7.791.823 | 2.141.518 |
| Depreciation and amortization costs | 2.976.048 | 3.313.434 |
| Profit (loss) from transfer of non-current assets | $-116.192$ | 3.363 |
| Income tax expense | 843.293 | 1.340.755 |
| 11.494.972 | 6.799.070 | |
| Change in inventories | 204.398 | 4.141.453 |
| Change in amounts receivable | $-7.816.739$ | 35.532.154 |
| Change in prepayments | 2.797.611 | $-174.497$ |
| Change in amounts receivable after one year | $-92.475$ | $-22.407$ |
| Change in other assets | $-8.289.335$ | $-304.948$ |
| Change in trade payables | 9.455.480 | -28.994.321 |
| Change in prepayments received | $-11.027.041$ | $-843.060$ |
| Change in provisions and other liabilities | $-2.543.638$ | $-8.023.690$ |
| $-5.816.767$ | 8.109.754 | |
| Income tax paid | -998.152 | $-275.771$ |
| Net cash from operating activities | $-6.814.919$ | 7.833.983 |
| Cash flow from investing activities Acquisition of long term assets (excl. investment) Transfer of long term assets (excl. investment) |
$-403.093$ | $-371.303$ |
| 189.280 | 44.100 | |
| Acquisition of investments Loans issued Loans recovered |
$-5.318.070$ | $-2.389.957$ 137.544 |
| Dividends and interest received | 738.280 | 868.726 |
| Net cash used in investing activities | $-4.793.603$ | $-1.710.890$ |
| Cash flow from financial activities Dividends, tantiemes paid Proceeds from loans and borrowings Repayments from loans and borrowings |
$-2.249.465$ | $-2.254.147$ |
| Payment of finance lease liabilities | $-1.519.467$ | $-1.963.379$ |
| Interest paid | $-223.162$ | $-370.559$ |
| Net cash from (used in) financing activities | $-3.992.094$ | -4.588.085 |
| $-15.600.616$ | 1.535.008 | |
| Increase (decrease) in net cash flow Cash and its equivalent at the beginning of the |
||
| period | 53.934.684 | 54.770.637 |
| Cash and its equivalent at the end of the period |
38.334.068 | 56.305.645 |
| Group | ||
|---|---|---|
| Jan. through June 2010 |
Jan. through June 2009 |
|
| Cash flow from operating activities | ||
| Net profit (loss) | 18.710.466 | $-2.387.734$ |
| Elimination of other non-monetary items | ||
| Depreciation and amortization costs | 3.448.773 | 3.849.953 |
| Other non-monetary items | $-32.172$ | 278.983 |
| 22.127.067 | 1.741.202 | |
| Change in inventories | $-3.299.408$ | 3.708.894 |
| Change in amounts receivable | $-10.778.950$ | 33.120.472 |
| Change in prepayments | 3.694.762 | 320.453 |
| Change in other assets | $-8.813.691$ | 2.735.520 |
| Change in trade payables | 8.858.617 | $-27.283.700$ |
| Change in prepayments received | -10.887.384 | $-1.178.739$ |
| Change in provisions and other liabilities | $-750.737$ | $-7.127.595$ |
| 150.276 | 6.036.507 | |
| Elimination of results from financial and investing | ||
| activities | $-10.056.701$ | 2.438.653 |
| Net cash from operating activities | $-9.906.425$ | 8.475.160 |
| Cash flow from investing activities | ||
| Acquisition of non-current assets (except | ||
| investments) | -435.608 | $-454.521$ |
| Transfer of non-current assets (except investments) | 43.994 | 113.405 |
| Loans issued | $-2.396.817$ | |
| Loans recovered | 187.546 | |
| Dividends and interest received | 696.858 | 922.136 |
| Net cash used in investing activities | 305.244 | $-1.628.251$ |
| Cash flow from financial activities | ||
| Cash paid by minority interest | ||
| Dividends and tantjemes paid | $-2.249.465$ | $-2.254.147$ |
| Proceeds from loans and borrowings | 2.969.081 | |
| Repayments from loans and borrowings | 11.966 | |
| Payment of finance lease liabilities | $-1.687.269$ | $-2.193.834$ |
| Interest paid | $-1.136.572$ | $-2.352.595$ |
| Net cash from (used in) financing activities | $-5.073.306$ | $-3.819.529$ |
| Increase (decrease) in net cash flow | $-14.674.487$ | 3.027.380 |
| Cash and cash equivalent in the beginning of the period |
56.139.567 | 57.143.406 |
| Cash and cash equivalent at the end of the | ||
| period | 41.465.080 | 60.170.786 |
| j |
|---|
| l |
| ì |
| Î |
21
| In Litas | Authorized capital |
premium Share |
revaluation FA |
Financial reserve |
reserve Legal |
reserves Other |
Deferred result |
Total |
|---|---|---|---|---|---|---|---|---|
| Balance as of 31 December 2008 | 16.350.000 | 9.705.028 | 1.635.030 | 93.372.055 | 121.062.113 | |||
| Deferred tax related liability Revaluation of fixed assets |
$-350.586$ | 350.586 | ||||||
| Unrecognized profit (loss) for 2009 Net profit (loss) for 2009 |
2.141.518 | 2.141.518 | ||||||
| Increase (decrease) of authorized capital Dividend |
$-1.144.499$ | $\bullet$ $-1.144.499$ |
||||||
| Balance as of 30 June 2009 | 16.350.000 | 9.354.442 | 1.635.030 | 94.719.660 | 122.059.132 | |||
| Balance as of 31 December 2009 | 16,350.000 | 9.715.594 | 1.635.030 | 97.031.157 | 124.731.781 | |||
| Revaluation of fixed assets | ||||||||
| Related postponed tax liability | ||||||||
| Deferred profit tax related to reappraisal ofFA |
||||||||
| Unrecognized net profit (loss) for 2009 | $-350.586$ | 350.586 | ||||||
| Net profit (loss) for 2009 | 7.791.823 | 7.791.823 | ||||||
| Dividend | $-1.144.500$ | $-1.144.500$ | ||||||
| Reserves formed | ||||||||
| Reserves used | ||||||||
| Increase (decrease) of authorized capital | ||||||||
| Balance as of 30 June 2010 | 16.350.000 | $\bullet$ | 9.365.008 | 0 | 1.635.030 | $\bullet$ | 104.029.066 131.379.104 | |
| Group | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| In Litas | Authorized capital |
Share bonus |
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 2009 Net profit (loss) for 2009 Legal reserves formed Currency rate change Dividend |
16.350.000 | 10.452.776 $-388.784$ |
115.132 2.003.361 |
962.905 681.774 |
$-1.144.500$ $-115.132$ 388.784 $-862.187$ 82.844.071 |
962.905 112.331.982 $-1.144.500$ $-862.187$ |
4.545.502 $-1.758$ $-1.524.056$ |
962.905 $\circ$ $-1.144.500$ $\circ$ $-1.758$ 116.877.484 $-2.386.243$ |
|
| Balance as of 30 June 2009 Balance as of 31 December |
16.350.000 | $\bullet$ | 10.063.992 | 2.118.493 | 1.644.679 | 81.111.036 | 111.288.200 | 3.019.688 | 114.307.888 |
| 2009 | 16,350.000 | ۰ | 10.445.141 | 2.019.981 | 810.470 | 71.488.724 | 101.114.316 | $-670.604$ | 100.443.712 |
| Decrease in revaluation reserve | -388.782 | 388.785 | Σ | 3 | |||||
| Deferred tax liability | 0 | ||||||||
| Net profit (loss) for 2010 | 15.389.429 | 15.389.429 | 3.305.187 | 18.694.616 | |||||
| Dividend | $-1.144.500$ | $-1.144.500$ | $-1.144.500$ | ||||||
| Influence of currency rate change | $-270.641$ | $-270.641$ | $-61.106$ | $-331.747$ | |||||
| Company transfer Reserves formed |
231 | $-231$ | $\circ$ $\circ$ |
||||||
| Balance as of 30 June 2010 | 16.350.000 | 0 | 10.056.359 | 2.020.212 | 539.829 | 86.122.207 | 115.088.607 | 2.573.477 | 117.662.084 |
Panevėžio statybos trestas AB (hereinafter "the Company") was established in 1957 and for a long tome was known as Šiaurės 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 Nr. 013732, issued on 27 September 2004 by the Panevėžys Branch of State Enterprise Centre of Registers.
On January through June 2010 the Company had the following branches: Gerbusta, Pastaty apdaila, Genranga and Klaipstata. These branches have accounting independent of the parent company but their assets, liabilities and financial results are included in the financial statement of the Company. The Company has its representative office in Cherepovets, and a branch office in Kaliningrad. The financial year of the Company is the calendar year. The anticipated period of commercial-economic activities is unlimited.
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 2010 | 31 Dec. 2009 | 30 June 2009 |
|---|---|---|---|
| 1 EUR | 3.4528 | 3.4528 | 3.4528 |
| 10 RUB | 0.90483 | 0.79465 | 0.78771 |
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. As in June 2010 the Group lost control of Gelužės projektai UAB and Smiltvnu kalvos UAB, the financial statements of these companies for the first quarter of the year 2010 have not been consolidated.
During consolidation of financial statement the income and expenses, amounts receivable and payable and unrealized results of the Company Group are eliminated.
In January through June 2010 the investments of the Group in acquisition of non-current assets amounted to 435,608 Litas: Panevėžio statybos trestas AB acquired non-current assets for 403,091 Litas. The costs related to depreciation and amortization of assets of the Group amounted to 3,448,773 Litas, including 2, 976,048 Litas accounted for in the Financial Statement of Panevėžio statybos trestas AB.
On 22 April 2010 as per decision of the Annual General Meeting of Shareholders of PST investicijos UAB the authorized capital of the company was increased by 12,136,600 Litas (by additional issue of 121.366 pieces of ordinary registered shares) and registered at the Register of Legal Persons on 12 August 2010.
On 28 April 2010 the Share Purchase Agreement was signed between Panevėžio statybos trestas AB and PST investicijos UAB based on which Panevėžio statybos trestas AB acquired 88,597 pieces of ordinary registered shares for the amount of 8,859,700 Litas by paying, settling amounts receivable from PST investicijos UAB paid to DnB NORD bankas AB based on the Surety Agreement.
As of 30 June 2010 the long-term loans of the Company Group of PST investicijos UAB amounted to 15,722,821 Litas including 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 2010 the guarantees of the liabilities of Panevežio statybos trestas AB by credit institutions amounted to 21,080,548 Litas, including 17,335,146 Litas for the Environmental Project Management Agency of the Ministry of Environment of the Republic of Lithuania.
As per resolution adopted by the Board of Panevėžio statybos trestas AB dated 20 July 2009, Panevėžio keliai AB had been given a loan amounting 6.2 mln. Litas that was accounted for in currents assets in the Financial Statement dated 30 June 2010.
The Annual General Meeting of the Shareholders of Panevėžio statybos trestas AB that took place on 5 May 2010 made the decision to pay dividends in the amount of 1,144,500 Litas (0.07 Litas per share) and bonuses in the amount of 1,144,500 Litas.
Bonuses were paid during the first half of the year. Dividends are paid by DnB NORD bank in accordance with the contract. As of 30 June 2010 97 percents of dividends have been paid.
During the first half of 2010 the Group made the net profit amounting to 18.7 mln. Litas, whereas it suffered the loss of 2.3 mln. Litas in the first quarter of 2009. The profit in the amount of 10 mln. Litas was made due to control loss of the companies of PST investicijos UAB: Gelužės projektai UAB and Smiltynų kalvos UAB. (In June 2010 Gelužės projektai UAB was sold and bankruptcy proceedings were initiated to Smiltynų kalvos UAB based on the resolution of Vilnius Regional Court). After control of Gelužės projektai UAB and Smiltynų kalvos UAB had been lost, the loans payable to credit institutions decreased by 24.1 mln. Litas and contracts in progress decreased by 14.6 mln. Litas in the Financial Statements of the Group.
The result of 3.6 mln. Litas was improved by decrease in operating expenses after receivable doubtful debts evaluated in 2009 had been recovered.
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