Interim / Quarterly Report • Aug 25, 2009
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 2009 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.
Dalius Gesevičius Managing Director Panevėžio statybos trestas AB
ABercey
Dalė Bernotaitienė Finance Director Panevėžio statybos trestas AB
\$ BM TRADA Ñ UKAS 150 9001:2000
Akcinė bendrovė "Panevėžio statybos trestas"
[monės kodas: 147732969 VM mokėtojo kodas: LT477329610 Valstybės įmonės Registrų centro Panevėžio filialas. Registravimo pažymėjimo Nr. 013732
P. Puzino g. 1 LT-35173 Panevėžys www.pst.lt
Tel. (370~45) 505 503 Faks. (370 ~ 45) 505 520 B/k 70440 El. paštas [email protected]
AB SEB bankas A/s LT517044060002635252 AB bankas "Hansabankas" B/k 73000 A/s LT947300010000074994
Consolidated Interim Financial Statement and Consolidated Interim Report for Six Months of 2009
25 August 2009 Panevėžys
The consolidated annual report has been prepared for six months of the year 2009 that expired on 30 June 2009.
| 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 | $(+37045)$ 505 520 |
| [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 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 the premises and machinery, resells utilities and communication services.
As of 30 June 2009 the Company Group of Panevėžio statybos trestas AB consists of the following companies:
| Share | |||
|---|---|---|---|
| Subsidiaries | Type of activities | controlled | Domicile address |
| (per cent) | |||
| Skydmedis UAB | Production of wood | 100 | Pramonės Str. 5, |
| constructions | Panevėžys Tel.: +370 45 583341 |
||
| Metalo meistrai UAB | Production of metal | 100 | |
| constructions | Tinklų Str. 7, Panevėžys |
||
| Vekada UAB | Electrical installation | 96 | Marijonų Str. 36, |
| activities | 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 | Konstitucijos Ave. 7, |
| Vilnius | |||
| Tel.: +370 5 2728213 | |||
| Subsidiaries of PST investicijos UAB | |||
| Ateities projektai UAB | Real estate development and | 100 | Konstitucijos Ave. 7, |
| sales | Vilnius | ||
| Sakališkės UAB | Real estate development and | 100 | Konstitucijos Ave. 7, |
| sales | 100 | Vilnius | |
| Kauno erdvė UAB | Real estate development and sales |
Konstitucijos Ave. 7, Vilnius |
|
| Gėlužės projektai UAB | Real estate development and | 100 | Konstitucijos Ave. 7, |
| sales | Vilnius | ||
| Verkių projektas UAB | Real estate development and | 100 | Konstitucijos Ave. 7, |
| sales | Vilnius | ||
| OOO ISK Baltevromarket | Construction investment | 100 | Sovetskij Lane 43, |
| company | Kaliningrad | ||
| Smiltynių kalvos UAB | Real estate development and | 100 | Konstitucijos Ave. 7, |
| sales | Vilnius |
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 2009
| Last | Highest price | Lowest price | Last |
|---|---|---|---|
| price | for the first | for the first | price |
| 31 Dec. 2008 | half | half | 30 June 2009 |
| 1.5 | 2.29 | 1.16 | 2.25 |
As of 30 June 2009, 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 2009 the total number of the shareholders was 1813 who under the property right held or controlled more than 5 percents of the authorized capital of the Company:
| 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 $(\% )$ |
Part of votes granted by the shares held under the ownership right $(\%)$ |
Part 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 | |
| Bank of New York as custodian or trustee for ING B One Wall Street, New York, NY 10286, USA GSP181305 |
1 410 740 | 8.63 | 8.63 | |
| Skandinaviska Enskilda Banken clients Sergels Torg 2, Stockholm, Sweden 502032-9091 |
1 249 559 | 7.64 | 7, 4 |
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 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 2009 the Company Group earned the income in the amount of 107.6 mln. Litas which is by 2.4 times less than for the same period last year and incurred loss in the amount of 2.4 mln. Litas. The Company was on the income of 95 mln. Litas and the net profit amounted to 2.1 mln. Litas.
Income and net profit variation for the Company:
Income and net profit variation for the Group:
Income for the first half of 2009 by business segments:
| Group | Company | |||||
|---|---|---|---|---|---|---|
| I half of | I half of | I half of | I half of | I half of | I half of | |
| (thousands Lt) | 2009 | 2008 | 2007 | 2009 | 2008 | 2007 |
| Construction works | 106.09 | 254.49 | 261.31 | 94.30 | 251.36 | 258.87 |
| Real estate | 0.27 | 0.86 | 14.01 | |||
| Other sale | 1.26 | 2.58 | 5.75 |
Geographical distribution of income:
| I half of | Group | |||||
|---|---|---|---|---|---|---|
| (thousands Lt) | 2009 | I half of 2008 |
I half of 2007 |
I half of 2009 |
I half of 2008 |
I half of 2007 |
| Lithuania | 104.55 | 243.47 | 270.15 | 91.86 | 238.13 | 252.66 |
| Russian Federation | 2.93 | 14.01 | 9.12 | 2.93 | 14.01 | 9.12 |
| Germany, Ireland | 0.00 | 0.22 | 0.00 | |||
| Scandinavian countries | 0.14 | 0.21 | 1.80 |
During the first half of 2009, the average number of employees in Panevėžio statybos trestas AB Group was 1228, whereas in the Company - 1038 employees.
| Number of | I half of 2009 | I half of 2008 | |||
|---|---|---|---|---|---|
| employees | Group | Company | Group | Company | |
| Specialists | 308 | 238 | 380 | 257 | |
| Workers | 920 | 800 | 1070 | 909 |
| Groups of employees |
Payroll number |
Higher university level education |
Higher non- university education |
Community college education |
Secondary education |
Incomplete secondary education |
|---|---|---|---|---|---|---|
| Management | 32 | 27 | 0 | |||
| Specialists | 266 | 194 | 10 | 52 | ||
| Workers | 864 | 14 | 6 | 139 | 552 | 153 |
Employee grouping by education in Panevėžio statybos trestas AB Group:
| I half of 2009 | I half of 2008 | ||||
|---|---|---|---|---|---|
| Average pay | Group | Company | Group | Company | |
| Management | 9065 | 18125 | 9712 | 20123 | |
| Specialists | 4755 | 5215 | 5067 | 5423 | |
| Workers | 1387 | 1374 | 2980 | 2893 |
Employment agreements do not include any specific rights and obligations for employees or a part thereof.
| Group | Company | |||
|---|---|---|---|---|
| I half of 2009 | I half of 2008 I half of 2009 | I half of 2008 | ||
| Income | 10621 | 257919 | 94797 | 252147 |
| Net profit | $-2.4$ | 10.7 | 2.1 | 12.6 |
| Net profit margin (percents) | $-2.2$ | 4.15 | 2.3 | 5.01 |
| Profit per share (Litas) | $-0.05$ | 0.70 | 0.13 | 0.77 |
| Return on equity (percents) (ROE) | $-2.15$ | 12.83 | 1.75 | 16.07 |
| Return on assets or asset profitability (ROA) |
$-0.98$ | 3.35 | 1.10 | 5.11 |
| Return on investments (ROI) | $-1.77$ | 6.89 | 1.63 | 14.03 |
| Current liquidity ratio | 1.88 | 1.74 | 2.14 | 1.25 |
| Current liquidity ratio | 1.32 | 1.64 | 2.07 | 1.18 |
| General liquidity ratio | 0.85 | 0.37 | 1.68 | 0.46 |
| Book value per share | 6.99 | 5.85 | 7.47 | 4.79 |
| Share price / earnings ratio $(P/E)$ | $-42.7$ | 13.3 | 17.2 | 11.2 |
The performance results of Panevėžio statybos trestas AB Group and the Company are as follows (in thousands Lt):
The Articles of Association of the Company can be amended by the General Meeting of the Shareholders by the qualified majority of votes that cannot 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 competence of the General Meeting of the Shareholders has no difference from the competence 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, % |
|---|---|---|---|---|
| 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 VALDYBA AB |
21,490 | 9,29 | 9,29 | |
| 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 TRESTAS AB |
Chairman of the Board | $\Omega$ | $\Omega$ | $\Omega$ |
| PANODEN UAB | Member of the Board | |||
| PST INVESTICIJOS UAB | Member of the Board | 16,407 | 4.4 | 4.4 |
| PAKNOVUS UAB | Member of the Board | 35 | 35 | $\overline{35}$ |
| KIRTIMŲ AUTOTRANSPORTAS AB |
Member of the Board | |||
| CONSTRUCTUS UAB | Member of the Board | 1,669 | 4.5 | 4.5 |
| VILNIAUS VAIZDAS UAB | Member of the Board | 50 | 50 | 50 |
| CONVESTUS UAB | Vice-president, Chairman of the Board |
50,000 | 50 | 50 |
| UPĖS SLĖNIS UAB | 810 1969 bonds |
18 | 18 | |
| ALPROKA UAB | Chairman of the Board |
Terms of office: October 2006 through October 2010
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 $\frac{0}{0}$ |
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 |
| KELTECHA UAB | 340 | 17.0 | 17.0 | |
| 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 | 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 TRESTAS AB |
Member of the Board | $\overline{a}$ | $\overline{\phantom{a}}$ | |
| PANEVĖŽYS UAB | Member of the Board | 157,225 | 49.98 | 49.98 |
| SPECIALIZUOTA KOMPLEKTAVIMO VALDYBA AB |
21,470 | 9.28 | 9.28 | |
| PST INVESTICIJOS UAB | Chairman of the Board, Director |
12,644 | 2.9 | 2.9 |
| PAKNOVUS UAB | Member of the Board | |||
| 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, Member of the Board |
50,000 | 50 | 50 |
| Shares of UPES SLENIS UAB | 810 1969 bonds of Upės slėnis UAB |
18 | 18 | |
| ALPROKA UAB | Member of the Board | |||
| RYTU SKIRSTOMIEJI TINKLAI AR. |
5,000 |
Terms 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 $\frac{1}{\sqrt{2}}$ |
VOTES $\frac{0}{0}$ |
|---|---|---|---|---|
| CONVESTUS UAB | Internal auditor | $\sim$ | $\overline{\phantom{a}}$ | $\blacksquare$ |
Terms 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:
| NAME OF COMPANY | POSITION | NUMBER OF SHARES |
CAPITAL $\frac{6}{9}$ |
VOTES $\frac{0}{0}$ |
|---|---|---|---|---|
| AKVALDA UAB | 500 | 33.33 | 33.33 | |
| EMULTEKA UAB | ||||
| BASS UAB | 40 | 40 | ||
| PANEVEZIO STATYBOS TRESTAS AB |
Member of the Board |
|||
| PANEVĖŽIO KELIAI AB | Member of the Board |
101735 | 5.45 | 5.45 |
Terms 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 | CAPACITY | NUMBER OF SHARES |
CAPITAL $\frac{0}{0}$ |
VOTES $\frac{0}{0}$ |
|---|---|---|---|---|
| DVARČIONIŲ 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 2009 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 |
|---|---|---|---|
| Extraordinary General Meeting of Shareholders |
Notification on material event |
Lt, En | 7 Aug. 2009 |
| Panevėžio statybos trestas AB will install water supply and waste water network in Šiauliai |
Notification on material event |
Lt, En | 29 May 2009 |
| Financial statement of Panevėžio statybos trestas AB for the first quarter of 2009 |
Interim information | Lt, En | 28 May 2009 |
| Performance Results for the First Quarter of 2009 |
Notification on material event |
Lt, En | 28 May 2009 |
| Resolutions of the reconvened general meeting of the shareholders |
Notification on material event |
Lt, En | 15 May 2009 |
| Reconvening of annual general meeting of shareholders |
Notification on material event |
Lt, En | 27 April 2009 |
| The general meeting did not take place at AB PST |
Notification on material event |
Lt, En | 24 April 2009 |
| Audited company and consolidated financial statement for 2008 |
Annual information | $Lt$ , En | 24 April 2009 |
| Draft resolution of the annual general meeting of the shareholders |
Notification on material event |
Lt, En | 14 April 2009 |
| The shareholder of Panevėžio statybos trestas AB, Panevėžio keliai AB, and other legal persons are supposed to present a formal offer |
Notification on material event |
Lt, En | 7 April 2009 |
| Panevėžio statybos trestas AB Will Build Waste Water Treatment Plant in Taurage |
Notification on material event |
Lt, En | 26 March 2009 |
| Annual general meeting of shareholders | Notification on material event |
Lt, En | 26 March 2009 |
| Unaudited Financial Statements of Panevėžio statybos trestas AB for the year 2008 |
Notification on material event |
Lt, En | 9 March 2009 |
| Income of PST Group Increased by 13.4 Percents in 2008 |
Notification on material event |
Lt, En | 27 Feb. 2009 |
The content of the above listed announcements can 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 | Group | Company | ||
|---|---|---|---|---|
| ASSETS | 30 June 2009 | 2008 | 30 June 2009 | 2008 |
| Non-current assets | 38667814 | 42500612 | 59731631 | 61757462 |
| Intangible assets | 404785 | 486123 | 210475 | 287261 |
| Tangible non-current assets | 35778843 | 39265580 | 31872011 | 34786471 |
| Investment and amounts receivable in one year |
103573 | 78166 | 26278044 | 24795793 |
| Deferred tax assets | 2380613 | 2670743 | 1371101 | 1887937 |
| Current assets | 206009526 | 243080438 | 135084630 | 171959074 |
| Inventories | 61600808 | 65309702 | 4243666 | 8385119 |
| Advance payments | 5658632 | 5979085 | 3586876 | 3412379 |
| Accounts receivable in one year | 75326828 | 108447300 | 69127034 | 103871477 |
| Other current assets | 3252472 | 6200945 | 1821409 | 1519462 |
| Cash and cash equivalents | 60170786 | 57143406 | 56305645 | 54770637 |
| TOTAL ASSETS: | 244677340 | 285581050 | 194816261 | 233716536 |
| In Litas | Group | Company | ||
|---|---|---|---|---|
| EQUITY AND LIABILITIES | 30 June 2009 | 2008 | 30 June 2009 | 2008 |
| Equity | 111288200 | 112331982 | 122059132 | 121062113 |
| Share capital | 16350000 | 16350000 | 16350000 | 16350000 |
| Reserves | 12182485 | 12456137 | 10989472 | 11340058 |
| Retained profit (loss) | 81111036 | 82844071 | 94719660 | 93372055 |
| Translation reserve | 1644679 | 681774 | ||
| Minority share | 3019688 | 4545502 | ||
| Amounts payable and liabilities | 130369452 | 168703566 | 72757129 | 112654423 |
| Amounts payable in one year and | ||||
| long term liabilities | 20632091 | 21997805 | 9645415 | 11379016 |
| Loans and borrowings | 15010847 | 16135788 | 5681817 | 7148115 |
| Warranty provision | 1678800 | 1861300 | 1607458 | 1804644 |
| Deferred tax liability | 2649364 | 2719481 | 2356140 | 2426257 |
| Other liabilities | 1293080 | 1281236 | ||
| Amounts payable in one year and | ||||
| short term liabilities | 109737361 | 146705761 | 63111714 | 101275407 |
| Loans and borrowings | 45070462 | 45554215 | 3025513 | 3522594 |
| Trade payables | 32647593 | 59886914 | 31494848 | 60489169 |
| Prepayments received | 7298744 | 8477483 | 6682196 | 7525256 |
| Current tax payable | 6654968 | 5554439 | 6486281 | 5372137 |
| Other liabilities | 18065594 | 27232710 | 15422876 | 24366251 |
| TOTAL EQUITY AND | ||||
| LIABILITIES: | 244677340 | 285581050 | 194816261 | 233716536 |
| In Litas | Group | |||
|---|---|---|---|---|
| ITEM | Jan. through June 2009 |
Jan. through June 2008 |
April through June 2009 |
April through June 2008 |
| SALE | 107621299 | 257918745 | 57150481 | 164701453 |
| COST OF SALE | 92341647 | 224627882 | 49689447 | 142719194 |
| GROSS PROFIT (LOSS) | 15279652 | 33290863 | 7461034 | 21982259 |
| OPERATING EXPENSES | 14262597 | 18595304 | 8709632 | 11213429 |
| Sale | 256748 | 369089 | 128514 | 196727 |
| General and administration | 14005849 | 18226215 | 8581118 | 11016702 |
| TYPICAL OPERATING PROFIT (LOSS) | 1017055 | 14695559 | -1248598 | 10768830 |
| OTHER ACTIVITIES | $-155500$ | $-60593$ | $-68811$ | $-9244$ |
| Income | 187094 | 101538 | 113507 | 54718 |
| Expenses | 342594 | 162131 | 182318 | 63962 |
| FINANCIAL AND INVESTMENT ACTIVITIES |
$-1661067$ | $-1130224$ | 989481 | $-691820$ |
| Income | 1404761 | 1071839 | 987440 | 338051 |
| Expenses | 3065828 | 2202063 | $-2041$ | 1029871 |
| USUAL ACTIVITY PROFIT (LOSS) | -799512 | 13504742 | $-327928$ | 10067766 |
| WINDFALL PROFIT | ||||
| LOSSES | ||||
| PROFIT (LOSS) BEFORE TAXATION | -799512 | 13504742 | $-327928$ | 10067766 |
| PROFIT TAX | 1588222 | 2800313 | 1272885 | 2395836 |
| NET PROFIT (LOSS) | $-2387734$ | 10704429 | $-1600813$ | 7671930 |
| ATTRIBUTABLE TO SHAREHOLDERS | $-862187$ | 11514338 | -967900 | 8116592 |
| ATTRIBUTABLE TO MINORITY INTEREST |
$-1525547$ | -809909 | $-632913$ | $-444662$ |
| In Litas | Company | |||
|---|---|---|---|---|
| ITEM | Jan. through June 2009 |
Jan. through June 2008 |
April through June 2009 |
April through June 2008 |
| SALE | 94796756 | 252146804 | 50338664 | 161943033 |
| COST OF SALE | 80384195 | 221956945 | 42505838 | 141920863 |
| GROSS PROFIT (LOSS) | 14412561 | 30189859 | 7832826 | 20022170 |
| OPERATING EXPENSES | 11328419 | 14629406 | 7093705 | 9076556 |
| Sale | 212175 | 341773 | 94281 | 184118 |
| General and administration | 11116244 | 14287633 | 6999424 | 8892438 |
| TYPICAL OPERATING PROFIT (LOSS) | 3084142 | 15560453 | 739121 | 10945614 |
| OTHER ACTIVITIES | -95982 | 154937 | $-85552$ | 57432 |
| Income | 181184 | 255153 | 77904 | 105211 |
| Expenses | 277166 | 100216 | 163456 | 47779 |
| FINANCIAL AND INVESTMENT ACTIVITIES |
940832 | $-37413$ | 1118782 | 30289 |
| Income | 1335664 | 424076 | 963655 | 187964 |
| Expenses | 394832 | 461489 | $-155127$ | 157675 |
| USUAL ACTIVITY PROFIT (LOSS) | 3928992 | 15677977 | 1772351 | 11033335 |
| WINDFALL PROFIT | ||||
| LOSSES | ||||
| PROFIT (LOSS) BEFORE TAXATION | 3928992 | 15677977 | 1772351 | 11033335 |
| PROFIT TAX | 1787474 | 3036731 | 1245662 | 2354351 |
| NET PROFIT (LOSS) | 2141518 | 12641246 | 526689 | 8678984 |
| Company | ||
|---|---|---|
| Jan. through June 2009 |
Jan. through June 2008 |
|
| Cash flow from operating activities | ||
| Net profit (loss) | 2,141,518 | 12,641,246 |
| Depreciation and amortization costs | 3,313,434 | 2,663,088 |
| Profit (loss) from transfer of non-current assets | 3,363 | $-56,233$ |
| Income tax expense | 1,340,755 | 3,036,731 |
| 6,799,070 | 1,.284,832 | |
| Change in inventories | 4,141,453 | $-443,228$ |
| Change in amounts receivable | 35,532,154 | $-47,325,266$ |
| Change in prepayments | $-174,497$ | $-1,397,454$ |
| Change in amounts receivable after one year | $-22,407$ | 55,405 |
| Change in other assets | $-304,948$ | 465,758 |
| Change in trade payables | $-28.994,321$ | 30,417,295 |
| Change in prepayments received | $-843,060$ | $-8,108,805$ |
| Change in provisions and other liabilities | $-8,023,690$ | $-2,091,433$ |
| 8,109,754 | $-10,142,896$ | |
| Profit tax paid | $-275,771$ | $-1,739,928$ |
| Net cash from operating activities | 7,833,983 | $-11,882,824$ |
| Cash flow from investing activities | ||
| Acquisition of long term assets (excl. investment) | $-371,303$ | $-1,207,248$ |
| Transfer of long term assets (excl. investment) Acquisition of investments |
44,100 | 56,239 0 |
| Loans issued | $-2,389,957$ | $-6,000$ |
| Loans recovered | 137,544 | |
| Dividends and interest received | 868,726 | 417,066 |
| Net cash used in investing activities | $-1,710,890$ | -739,943 |
| Cash flow from financial activities | ||
| Cash paid by minority interest | ||
| Dividends, bonuses paid | $-2,254,147$ | $-4,069,079$ |
| Proceeds from loans and borrowings | ||
| Repayments from loans and borrowings | $-506,732$ | |
| Payment of finance lease liabilities | $-1,963,379$ | $-1,974,571$ |
| Interest paid | $-370,559$ | $-296,251$ |
| Net cash used in financing activities | $-4,588,085$ | $-6,846,633$ |
| Increase (decrease) in net cash flow | 1,535,008 | $-19,469,400$ |
| Cash and its equivalent at the beginning of the period | 54,770,637 | 39,040,718 |
| Cash and its equivalents at the end of the period | 56,305,645 | 19,571,318 |
| Group | ||
|---|---|---|
| Jan. through June 2009 |
Jan. through June 2008 |
|
| Cash flow from operating activities | ||
| Net profit (loss) | $-2,387,734$ | 10,704,429 |
| Elimination of other non-monetary items | ||
| Depreciation and amortization costs | 3,849,953 | 3,151,332 |
| Other non-monetary items | 278,983 | $-506,473$ |
| 1,741,202 | 13,349,288 | |
| Change in inventories | 3,708,894 | $-749,259$ |
| Change in amounts receivable | 33,120,472 | $-46,061,521$ |
| Change in prepayments | 320,453 | $-3,143,039$ |
| Change in other assets | 2,735,520 | $-2,103,266$ |
| Change in trade payables | $-27,283,700$ | 30,447,891 |
| Change in prepayments received | $-1,178,739$ | $-7,425,997$ |
| Change in provisions and other liabilities | $-7,127,595$ | 544,796 |
| 6,036,507 | $-15,141,107$ | |
| Elimination of results from financial and investing | ||
| activities | 2,438,653 | 766,128 |
| Net cash from operating activities | 8,475,160 | $-14,374,979$ |
| Cash flow from investing activities | ||
| Acquisition of non-current assets (except investments) | $-454,521$ | $-1,541,764$ |
| Transfer of non-current assets (except investments) | 113,405 | 105,740 |
| Investment assignment | 9,999 | |
| Loans issued | $-2,396,817$ | $-297,092$ |
| Loans recovered | 187,546 | |
| Dividends and interest received | 922,136 | 543,677 |
| Net cash used in investing activities | $-1,628,251$ | $-1,179,440$ |
| Cash flow from financial activities | ||
| Cash paid by minority interest | 5,249,400 | |
| Dividends and bonuses paid | $-2,254,147$ | $-4,069,078$ |
| Proceeds from loans and borrowings | 2,969,081 | 4,617,004 |
| Repayments from loans and borrowings | 11,966 | $-1,015,689$ |
| Payment of finance lease liabilities | $-2,193,834$ | $-2,369,773$ |
| Interest paid | $-2,352,595$ | $-1,969,723$ |
| Net cash from (used in) financing activities | $-3,819,529$ | 442,141 |
| Increase (decrease) in net cash flow | 3,027,380 | $-15, 112, 278$ |
| Cash and its equivalent at the end of the period | 57,143,406 | 44,609,512 |
| Cash and its equivalent at the end of the period | 60,170,786 | 29,497,234 |
| Group | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| In Litas | Authorised capital |
Share bonus |
Revaluation reserve |
reserve Legal |
Influence of change in exchange rate |
Accumulated profit |
Losses per company parent share |
Minority part |
Total |
| Balance as of 1 January 2008 | 16,350,000 | 3,636,299 | 1,642,718 | 122,291 | 53,820,670 | 75,571,978 | 7,869,553 | 83,441,531 | |
| Decrease in value of revaluated assets |
$-106,090$ | 106,090 | $-1,222$ | $-1,222$ | |||||
| Decrease in reappraisal reserve | $\circ$ | ||||||||
| Paid up capital | 5,249,400 | 5,249,400 | |||||||
| Net profit (loss) for 2008 | 11,514,338 | 11,514,338 | $-808,686$ | 10,705,652 | |||||
| Dividend | $-3,760,500$ | $-3,760.500$ | $-3,760,500$ | ||||||
| Legal reserves formed | 23,317 | $-23,317$ | $\circ$ | ||||||
| Currency rate change | 78,089 | 78,089 | 78,089 $\circ$ |
||||||
| Balance as of 30 June 2008 | 16,350,000 | 0 | 3,530,209 | 1,666,035 | 200,380 | 61,657,281 | 83,403,905 | 12,309,045 | 95,712,950 |
| Balance as of 31 December 2008 | 16,350,000 | 0 | 10,452,776 | 2,003,361 | 681,774 | 82,844,071 | 112,331.982 | 4,545,502 | 116,877,484 |
| Decrease in reappraisal reserve | $-388,784$ | 388,784 | $-1,758$ | $-1,758$ | |||||
| Fixed assets revaluation | $\circ$ | ||||||||
| Postponed tax related liability | $\circ$ | ||||||||
| Net profit (loss) for 2009 Paid up capital |
$-862,187$ | $-862,187$ | $-1,524,056$ | ||||||
| Dividend | $-1,144,500$ | $-1,144,500$ | $-2,386,243$ $-1,144,500$ |
||||||
| Influence of currency rate change | 962,905 | 962,905 | 962,905 | ||||||
| Reserves formed | 115,132 | $-115,132$ | $\circ$ $\circ$ |
||||||
| Company transfer | |||||||||
| Balance as of 30 June 2009 | 16,350,000 | 0 | 10,063,992 | 2,118,493 | 1,644,679 | 81,111,036 | 111,288,200 | 3,019,688 | 114,307,888 |
PSTE
Panevėžio statybos trestas AB Interim Financial Statement for Six Months 2009
STATEMENT OF CHANGES IN EQUITY
| $\ddot{\phantom{a}}$ | |
|---|---|
| ----- | |
Company
| In Litas | Authorised capital |
premium Share |
revaluation FA |
Financial reserve |
reserve Legal |
reserves Other |
Deferred result |
Total |
|---|---|---|---|---|---|---|---|---|
| Increase (decrease) of authorised capital Other unrecognized profit (loss) 2008 Balance as for December 31, 2007 Postponed tax related liability Revaluation of fixed assets Net profit (loss) 2008 Dividend |
16,350,000 | $-79,530$ 3,296,761 |
1,635,030 | 48,195,936 79,530 12,641,246 $-3,760,500$ |
$\bullet$ 12,641,246 $-3,760,500$ 69,477,727 |
|||
| Increase (decrease) of authorized capital Balance as for December 31, 2008 Net profit (loss) 2009 unrecognized Balance as for June 30, 2008 Related postponed tax liability Postponed profit tax related to Revaluation of fixed assets Net profit (loss) 2009 revaluation of FA Reserves formed Reserves used Jividend |
16,350,000 16,350,000 |
$-350,586$ 9,705,028 3,217,231 |
1,635,030 1,635,030 |
350,586 93,372,055 57,156,212 2,141,518 $-1,144,499$ |
78,358,473 2,141,518 $-1,144,499$ 121,062,113 |
|||
| Balance as of June 30 2009 | 16,350,000 | $\bullet$ | 9,354,442 | $\blacksquare$ | 1,635,030 | $\mathbf{C}$ | 94,719,660 122,059,132 |
22
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 State Register Centre Panevėžys Branch.
During the first half of the year 2009, the Company had the following subdivisions: Gerbusta, Pastatu apdaila and Genranga. These subdivisions 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 subdivision 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 the interim financial statement as to the annual financial statement.
The following currency rates were used when preparing the interim financial statement:
| Currency | June 2009 | Dec. 2008 | June 2008 |
|---|---|---|---|
| 1 EUR | 3.4528 | 3.4528 | 3.4528 |
| 10 RUB | 0.78771 | 0.83337 | 0.93536 |
The consolidated financial statement incorporates the financial statements of the Company and entities controlled by the Company (its subsidiaries). Control is achieved where the Company has the power to govern the financial and operating policies of the entity so as to obtain benefits from its activity.
The financial results of the subsidiary companies, acquired or sold during the year, are included in the consolidated profit (loss) statement covering the period from the subsidiary company
acquisition date till the subsidiary company selling date. The financial statements of the subsidiary companies are revised so that they comply with the accounting policies applicable by the group in case they were different.
For consolidation purposes, all significant balance, dealings and unrealized profit (loss) of the onerations between the companies the companies of the Group were eliminated from the financial statement.
In the first half of 2009 the investments of the Group in acquisition of non-current assets amounted to 444,094 Litas: Panevėžio statybos trestas AB acquired non-current assets for 371,302 Litas.
As of 30 June 2009 the short term and long-term bank credits of the Company Group of PST investiciios UAB amounted to 51,968,778 Litas including bank credits totaling 49,896,000 Litas. For using credits the interest rate 6 months VILIBOR $+ 1.05 - 1.55$ %, for other loans the interest rate is 3 months VILIBOR and the interest margin is 1.9%.
As of 30 June 2009 liabilities of the Company granted by credit institutions amounted to 32,042,142 Litas, including 27,499,841 Litas for the Environmental Project Management Agency of the Ministry of Environment of the Republic of Lithuania.
On the basis of Surety Contract on 21 July 2009 Panevėžio statybos trestas AB paid 4,164, 124 USD and 980,000 EUR to DnB NORD AB for fulfillment of liabilities of PST investicijos UAB in accordance with Credit Contract.
The Board of Panevėžio statybos trestas AB adopted the resolution to give a target loan to PST investiciios UAB to cover administration costs, interest payable to banks, and land and real estate of PST investicijos UAB, to finance technical design of real estate project under development by OOO ISK Baltevromarket on April through December 2009. The amount of the given loan is up to 5.84 mln. Litas. During the reporting period PST investicijos UAB was given the loan in the amount of 1.6 mln. Litas.
The Board of Panevėžio statybos trestas AB adopted the resolution to give a target loan of up to 10 mln. Litas to Panevėžio keliai AB for the period expiring on 2 January 2009. 6.2 mln. Litas were paid in July 2009.
The annual General Meeting of the Shareholders of Panevėžio statybos trestas AB that took place on 15 May 2009 took 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.
There are no essential changes in the Financial Statement for the first half of 2009.
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