Panevezio Statybos Trestas

Annual / Quarterly Financial Statement • Feb 27, 2015

PANEVĖŽIO STATYBOS TRESTAS AB

CONSOLIDATED INTERIM FINANCIAL STATEMENT for twelve months of 2014

27 February 2014 Panevėžys

PANEVĖŽIO STATYBOS TRESTAS AB

Consolidated and Company Financial Statements for Twelve Month Period Ending 31 December 2014

Unaudited

Company register given code 147732969 Address of registered office P. Puzino Str. 1, LT-35173 Panevėžys, Lithuania

STATEMENT OF EXECUTIVE OFFICERS OF THE COMPANY

Hereby we confirm that on the basis of the information available to us, the Consolidated Interim Financial Statements for Twelve Months of 2014 made in accordance with the International Financial Reporting Standards is true and shows the assets, liabilities, financial state, and profit or loss and cash flow of Panevėžio statybos trestas AB and the companies of Panevėžio statybos trestas Group in a correct manner.

D. Pestunty

Dalius Gesevičius, Managing Director Panevėžio statybos trestas AB

Dereces

Dalė Bernotaitienė, Finance Director Panevėžio statybos trestas AB

Main data about the issuer

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
E-mail	pst@pst.lt
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

Board

Remigijus Juodviršis, Chairman Artūras Bučas $\mathcal{A}$ Virmantas Puidokas Irma Abromavičienė Vilius Gražys

Management

Dalius Gesevičius, Managing Director

Separate statement of financial position

In Litas
ASSETS	31 Dec. 2014	31 Dec. 2013
Non-current assets	44,374,967	66,203,447
Intangible assets	117,371	130,408
Tangible assets	16,127,593	16,044,567
Investment and amounts receivable in one
year	27,356,223	49,292,806
Deferred tax assets	773,780	735,666
Current assets	168,658,746	119,230,399
Inventories	5,791,801	2,541,914
Advance payments	779,134	3,907,464
Amounts receivable	61,513,813	41,678,743
Other current assets	36, 342, 475	22,909,853
Cash and cash equivalents	64,231,523	48,192,425
TOTAL ASSETS	213,033,713	185,433,846

EQUITY AND LIABILITIES	31 Dec. 2014	31 Dec. 2013
Equity	136,322,500	132,604,938
Share capital	16,350,000	16,350,000
Reserves	6,954,628	7,517,140
Retained profit (loss)	113,017,872	108,737,798
Translation reserve
Minority share
Amounts payable and liabilities	76,711,213	52,828,908
Amounts payable in one year and long term liabilities	2,565,294	2,335,947
Loans and borrowings	$\Omega$	0
Warranty provision	1,626,541	1,297,928
Deferred tax liabilities	938,753	1,038,019
Amounts payable in one year and short
term liabilities	74,145,919	50,492,961
Loans and borrowings	0	$\Omega$
Trade payables	45,824,115	17,953,077
Prepayments received	13,215,284	24,530,030
Current tax payable	1,592,282	387,685
Other liabilities	13,514,238	7,622,169
TOTAL EQUITY AND LIABILITIES:	213,033,713	185,433,846

Consolidated statement of financial position

In Litas

ASSETS	31 Dec, 2014	31 Dec, 2013
Non-current assets	52,877,722	47,834,935
Intangible assets	409,460	489,792
Tangible non-current assets	24,413,533	23,783,810
Investment assets	21,067,957	20,319,031
Other investment and amounts receivable
in one year	526,965	193,694
Other intangible assets	6,459,807	3,048,608
Current assets	219,615,140	184,588,792
Inventories	55,484,543	46,398,887
Advance payments	8,288,330	8,746,618
Amounts receivable	79,269,305	59,028,118
Other assets	4,240,781	11,725,373
Cash and cash equivalents	72,332,181	58,689,796
TOTAL ASSETS:	272,492,862	232,423,727

EQUITY AND LIABILITIES	31 Dec, 2014	31 Dec, 2013
Equity	121,724,065	120,202,384
Share capital	16,350,000	16,350,000
Reserves	8,868,284	9,461,106
Retained profit (loss)	88,107,722	93,407,957
Translation reserve	8,398,059	983,321
Minority share	3,391,672	4,351,600
Amounts payable and liabilities	147,377,125	107,869,743
Amounts payable in one year and long term liabilities	13,952,845	19,223,413
Loans and borrowings	8,393,551	13,590,812
Provisions	2,563,974	2,191,516
Deferred tax liabilities	2,679,212	2,348,801
Grants and subsidies	79,509	112,802
Other payable amounts	236,599	979,482
Amounts payable in one year and short term liabilities	133,424,280	88,646,330
Loans and borrowings	21,414,083	14,755,613
Trade payables	55,402,710	30,323,167
Prepayments received	33,990,551	25,718,989
Current tax payable	2,003,405	524,412
Other liabilities	20,613,531	17,324,149
TOTAL EQUITY AND LIABILITIES:	272,492,862	232,423,727

Separate statement of comprehensive income

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ITEM	31 Dec. 2014	31 Dec. 2013	Sept.-Dec. 2014	Sept.-Dec. 2013
SALES	253,002,286	202,935,329	78,178,838	41,809,748
COST OF SALES	232,196,849	190,273,319	73,056,294	39,160,923
GROSS PROFIT (LOSS)	20,805,437	12,662,010	5,122,544	2,648,825
OPERATING EXPENSES	8,257,343	12,596,762	$-2,336,494$	2,373,885
Selling	556,280	326,142	163,257	74,167
Doubtful debts assessment change	$-7,878,855$	$-289,967$	$-7,738,529$	$-63,274$
General and administrative	15,579,918	12,560,587	5,238,778	2,362,992
PROFIT (LOSS) FROM TYPICAL OPERATIONS	12,548,094	65,248	7,459,038	274,940
OTHER OPERATIONS	1,142,588	1,429,984	449,159	92,415
Income	2,023,027	2,552,596	695,985	307,680
Expenses	880,439	1,122,612	246,826	215,265
FINANCIAL AND INVESTING ACTIVITIES	$-8,412,179$	$-976,658$	$-9,038,797$	95,093
Income	2,428,827	1,770,466	447,882	394,429
Valuation of financial assets	6,651,979	$\mathbf{0}$	6,651,979	$\mathbf{0}$
Expenses	4,189,027	2,747,124	2,834,700	299,336
PROFIT FROM ORDINARY ACTIVITIES (LOSS)	5,278,503	518,574	$-1,130,600$	462,448
EXTRAORDINARY GAIN
EXTRAORDINARY LOSSES
PROFIT (LOSS) BEFORE TAXATION	5,278,503	518,574	$-1,130,600$	462,448
INCOME TAX	1,549,696	156,453	305,721	381,315
NET PROFIT (LOSS)	3,728,807	362,121	$-1,436,321$	81,133

Consolidated statement of comprehensive income

ITEM	31 Dec. 2014	$31$ Dec, 2013	Sept.-Dec., 2014	Sept.-Dec, 2013
SALES	364,112,362	294,697,707	114,539,986	72,570,155
COST OF SALES	330,026,029	266,846,829	107,958,438	62,899,019
GROSS PROFIT (LOSS)	34,086,333	27,850,878	6,581,548	9,671,136
OPERATING EXPENSES	21,073,740	21,952,130	3,904,905	6,419,037
Selling	1,909,580	1,276,515	507,930	445,969
General and administrative	19,164,160	20,675,615	3,396,975	5,973,068
PROFIT (LOSS) FROM TYPICAL OPERATIONS	13,012,593	5,898,748	2,676,643	3,252,099
OTHER OPERATIONS	1,454,191	4,194,371	676,377	2,899,581
Income	2,712,280	6,307,638	1,026,153	4,022,846
Expenses FINANCIAL AND INVESTMENT	1,258,089	2,113,267	349,776	1,123,265
ACTIVITIES	$-27,096,448$	$-8,942,292$	$-20,282,662$	$-3,142,543$
Income from other financial activities	225,474	359,643	93,328	212,762
Other expenses of financial activities	27,321,922	9,301,935	20,375,990	3,355,305
PROFIT FROM ORDINARY ACTIVITIES (LOSS)	$-12,629,664$	1,150,827	$-16,929,642$	3,009,137
EXTRAORDINARY GAIN
EXTRAORDINARY LOSSES
PROFIT (LOSS) BEFORE TAXATION	$-12,629,664$	1,150,827	$-16,929,642$	3,009,137
INCOME TAX	$-2,912,721$	117,063	$-3,617,058$	1,166,099
NET PROFIT (LOSS)	$-9,716,943$	1,033,764	$-13,312,584$	1,843,038
ATTRIBUTABLE TO SHAREHOLDERS	$-5,708,117$	2,063,079	$-10,001,421$	2,252,050
ATTRIBUTABLE TO MINORITY INTEREST	-4,008,826	$-1,029,315$	$-3,311,163$	$-409,012$

Separate statement of changes in equity

In Litas

	Authorized	tangible asset Non-current	Legal	Retained	Total
	capital	revaluation reserve	reserve	profit
Balance as of 31 December 2012	16,350,000	5,328,370	1,635,030	108,555,020 362,121	131,868,420 362,121
Total other comprehensive income Net profit (loss) for 2013 Dividend		553,740		229,407 408,750	408,750 783,147
Total other comprehensive income Balance as of 31 December 2013 Net profit (loss) for 2014 Dividend	16,350,000	5,882,110 $-551,267$ $-11,245$	1,635,030	108,737,798 4,280,074	132,604,938 3,728,807 $-11,245$
Balance as of 31 December 2014	16,350,000	5,319,598	1,635,030	113,017,872	136,322,500

In Litas
	Authorized capital	Revaluation reserve	reserve Legal	Influence of change in exchange rate	Retained profit	Losses per Company parent share	Minority part	Total
Balance as of 31 December 2012	16,350,000	L60 5,909,0	2,050,013	200,429	91,510,925	116,020,464	4,940,669	120,961,133
Change in revaluated reserve and Net profit (loss) for 2013 deferred tax		1,744,699			2,063,079	1,744,699 2,063,079	$-1,029,315$	1,744,699 1,033,764
Other comprehensive income Reserves formed Dividend		$-259,079$	16,376	782,892	408,750 259,079 $-16,376$	408,750 782,892	440,246	1,223,138 408,750 0
Balance as of 31 December 2013
Change in revaluated reserve and	16,350,000	7,394,717	2,066,389	983,321	93,407,957	120,202,384	4,351,600	124,553,984
Net profit (loss) for 2014 deferred tax		$-662,479$			662,479 $-5,708,117$	$-5,708,117$	4,008,826	-9,716,943
Other comprehensive income Dividend		$-284,593$		7,414,738	-3,597	7,130,145 $-3,597$	3,001,074	10,131,219 $-3,597$
Reserves formed		103,250	251,000		$-251,000$	103,250	47,824	151.074
Balance as of 31 December 2014	16,350,000	6,550,895	2,317,389	8,398,059	88,107,722	121,724,065	3,391,672	125,115,737

Consolidated statement of changes in equity

Separate statement of cash flows

In Litas

	Jan. through Sept.	Jan. through Sept.
	2014	2013
Cash flow from main operations
Net profit (loss)	3,728,807	362,121
Depreciation and amortization costs	2,765,477	2,516,254
Results from transfer of long term assets	$-78,439$	$-98,746$
Income tax expense	1,549,696	156,453
Other non-monetary items	6,639,892	$-718,742$
	14,605,433	2,217,340
Change in inventories	$-3,249,887$	6,442,802
Changes in trade receivables and amounts
receivable	$-17,573,753$	34,684,247
Change in prepayments	3,128,330	6,558,629
Change in amounts receivable after one year	40,443	$-74,588$
Change in other assets	1,948,053	$-6,843,855$
Change in trade payables	27,871,038	$-24,594,321$
Change in prepayments received	$-11,314,746$	21,905,085
Change in provisions and other liabilities	6,585,922	$-13,200,970$
	22,040,833	27,094,369
Income tax paid	$-860,454$	$-249,542$
Net cash flow from main operations	21,180,379	26,844,827
Cash flow from investing activities
Acquisition of long term assets (excl. investments)	$-2,939,017$	$-2,501,738$
Transfer of long term assets (excl. investments)	194,077	660,243
Acquisition of investments	$-22,210$	$-805$
Loans issued	$-37,721,700$	$-4,724,110$
Loans recovered	34,277,930	9,756,483
Dividends and interest received	1,238,900	1,485,493
Net cash used in investing activities	$-4,972,020$	4,675,566
Cash flow from financial activities
Dividends paid	$-15,815$	$-403,555$
Proceeds from borrowings	11,975	0
Repayments of borrowings	$-11,975$	$\boldsymbol{0}$
Payment of finance lease liabilities	0	$-539,517$
Interest paid	$-153,446$	$-277,146$
Net cash from (used in) financing activities	$-169,261$	$-1,220,218$
Increase (decrease) in net cash flow Cash and its equivalent at the beginning of the	16,039,098	30,300,175
period	48, 192, 425	17,892,250
Cash and its equivalent at the end of the period	64,231,523	48, 192, 425

Consolidated statement of cash flows

	Jan. through Sept. 2014	Jan. through Sept. 2013
Cash flow from main operations
Net profit (loss)	$-9,716,943$	1,033,764
Elimination of other non-monetary items
Depreciation and amortization costs	3,748,975	3,380,772
Income tax expense	$-2,912,721$	117,063
Other non-monetary items	$-1,317,145$	$-5,383,633$
	$-10,197,834$	$-852,034$
Change in inventories	$-9,085,656$	12,513,521
Change in amounts receivable	$-20,241,187$	26,082,301
Change in prepayments	458,288	6,529,946
Change in other assets	3,549,229	1,997,749
Change in trade payables	25,079,543	$-19,829,054$
Change in prepayments received	8,271,562	14,836,465
Change in provisions and other liabilities	8,656,826	$-6,453,674$
	6,490,771	34,825,220
Income tax paid	$-1,133,829$	$-410,169$
Elimination of results from financial and investing activities	8,995,507	1,139,209
Net cash flow from main operations	14,352,449	35,554,260
Cash flow from investing activities Acquisition of tangible and intangible non-current assets
Transfer of non-current assets	$-4,357,229$	$-4,133,870$
Loans issued	1,010,329	381,204
Loans recovered	$-402,424$ 4,004,516	$\bf{0}$
Dividends and interest received	223,293	24,671
		179,628
Net cash used in investing activities	478,485	$-3,548,367$
Cash flow from financial activities
Dividends paid	$-19,412$	$-403,555$
Proceeds from loans and borrowings	1,819,953	4,860,840
Repayments of borrowings	$-884,566$	0
Payment of finance lease liabilities	-459,972	$-612,228$
Interest paid	$-1,644,552$	$-735,654$
Net cash from (used in) financing activities	$-1,188,549$	3,109,403
Increase (decrease) in net cash flow	13,642,385	35,115,296
Cash and cash equivalent in the beginning of the
period	58,689,796	23,574,500
Cash and cash equivalent at the end of the
period	72,332,181	58,689,796

EXPLANATORY NOTE

General Information

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, Konstrukcija. Betonas, Stogas and Klaipstata. The Company has its representative offices in Cherepovets, a branch in Kaliningrad and permanent establishments in Latvia and the Kingdom of Sweden. Financial year of the Company is calendar year. The period of commercial-economic activities of the Company is unlimited.

The main operations 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.

Subsidiaries	Type of operations	Share controlled (per cent)	Registered address
Skydmedis UAB	Construction: panel houses	100	Pramonės Str. 5, Panevėžys Tel.: +370 45 583341
Metalo meistrai UAB	Construction	100	Tinkly Str. 7, Panevėžys, Tel.: +370 45 464677
Vekada UAB	Construction: electrical installation	96
Panevėžio statybos trestas AB and partners' Vilniaus papėdė TŪB	Real estate development 69		Švitrigailos Str. 8, Vilnius Tel.: +370 5 2609405
Alinita UAB	Construction: conditioning equipment	100
KINGSBUD Sp.z.o.o.	Intermediation services 100		A. Patli 16-400, Suwalki, Poland
PS TRESTS SIA	Construction	100	Vietalvas Str. 5, Riga
BALTILSTROIJ OOO	Construction	100	Sovetskij Ave. 43, Kaliningrad Tel.: 0074012350435

As of 31 December 2014, the Group includes the parent company and 11 subsidiaries:

Teritorija OOO	Real estate development	87.5	Lunacharskovo Lane 43- 27, Cherepovets, Vologda County
PST Nordic AB	Construction	100	Krossgatan 25, 162 50 Vällingby, Stockholm County
PST Investicijos UAB	Real estate development	68	Verkių Str. 25C, Vilnius Tel.: +370 5 2728213
Subsidiaries of PST investicijos UAB:
Ateities projektai UAB	Real estate development	100	Verkių Str. 25C, Vilnius
Šeškinės projektai UAB	Real estate development	100	Verkių Str. 25C, Vilnius
Sakališkės UAB	Real estate development	100	Verkių Str. 25C, Vilnius
Kauno erdvė UAB	Real estate development	100	Verkių Str. 25C, Vilnius
Verkiy projektas UAB	Real estate development	100	Verkių Str. 25C, Vilnius
ISK Baltevromarket ZAO	Real estate development	100	Pobeda Square 10, Kaliningrad

Authorized capital of the Company and its structure

As of 31 December 2014, 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 31 December 2014 the total number of the shareholders who under the ownership right held or controlled more than 5 per cents of the authorized capital of the Company was 1944:

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
SWEDBANK AS (Estonia) CLIENTS Liivalaia 8, Tallin, Estonia 10060701	1,007,253	6,16	6,16
Freely negotiable shares	7,203,815	44,06	44,06

Changes in Panevėžio statybos trestas AB and OMX Baltic Benchmark GI indexes for January through December 2014

Variation in price of the Company shares at the Stock Exchange for January through December 2014 (in Litas)

Last price 31 Dec. 2013	Average share price for 2014	Highest price for $2014$	Lowest price for $2014$	Last price 31 Dec. 2014
1.130 Eur	1.045 Eur	1.280 Eur	0.810 Eur	0.858 Eur

Basis of interim financial statement preparation

The figures in the interim financial statement are presented in Litas.

The same accounting principles were applicable to both - the interim financial statement and the annual financial statement.

The following currency rates were used when preparing the interim financial statement:

Currency	31 Dec. 2014	31 Dec. 2013
1 EUR	3.4528	3.4528
100 RUB	0.0503	0.0767
1 SEK	0.3625	0.3849
10 PLN	0.8054	0.8322

Principles of consolidation

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.

Investment in non-current assets

During the year 2014 the investments of the Group in acquisition of non-current assets amounted to 4.685.935 Litas. Panevėžio statybos trestas AB acquired non-current assets for 2,848,017 Litas. In 2014 the costs related to depreciation and amortization of assets of the Group amounted to 3,748,975 Litas, including 2,753,389 Litas accounted for in the Financial Statement of Panevėžio statybos trestas AB.

Loans

As of 31 December 2014, the Group had loans amounting to 29,807,634 Litas, including 28,549,798 Litas as long-term and short-term credits of PST investicijos UAB Group.

Guarantees, sureties

As of 31 December 2014, the guarantees of the liabilities of Panevežio statybos trestas AB Group issued by credit institutions amounted to 44,676,299 Litas, including 34,698,529 Litas for performance guarantees issued for Baltlitstroj OOO.

Transactions with associated parties

There were no significant transactions made with any associated parties.

Dividends

The Annual General Meeting of the Shareholders of Panevėžio statybos trestas AB that took place on 30 April 2014 took the decision to pay no dividends.

Significant changes in the interim financial statement during the reporting period

Referring to the unaudited preliminary data, in the year 2014 Panevėžio statybos trestas AB (PST) Group was on the income of 364.1 mln. Litas, i.e. by 23.6 per cents more than in 2013 and had the loss in the amount of 9.717 mln. Litas. Drop in the exchange rate of the Russian Rouble had a significant negative effect on the results and for this reason the loss incurred by the Group in financial operations amounted to 25.4 mln. Litas. From the typical operations the Group had the profit in the amount of 13 mln. Litas, i.e. 2.2 times more compared to 5.9 mln. Litas in 2013.

Based on the unaudited preliminary data, the PST Company had the net profit in the amount of 3.729 mln. Litas, i.e. 10 times more compared to 0.5 mln. Litas in 2013, and was on the income of 253 mln. Litas, i.e. by 24.7 per cents more than in 2013. The Company had the profit in the amount of 12.5 mln. Litas from the typical (construction) operations, whereas in 2013 the profit from the construction operations amounted to only 0.065 mln. Litas. Valuation of financial assets (Russian company Baltevromarket ZAO ISK) – 6.6 mln. Litas and drop in the exchange rate of the Russian Rouble – 4 mln. Litas had a negative effect on the results of the Company. Furthermore, in the year 2014 the previously evaluated doubtful debt has been retrieved, thus significantly reducing the operating expenses and having a positive effect on the results of the year.

	Group			Company
	2012	2013	2014	2012	2013	2014
Income	300142	294698	364112	262847	202935	253002
Gross profit	22763	27851	34086	15417	12662	20805
Gross profit margin (per cent)	7.58%	9.45%	9.36%	5.87%	6.24%	8.22%
Net profit	5052	1022	$-9717$	1448	362	3729
Nets profit margin (per cent)	1.68%	0.35%	$-2.67%$	0.55%	0.18%	1.47%
Profit per share (Litas)	0.28	0.06	$-0.59$	0.09	0.02	0.23
Profit before taxes, interest, depreciation and amortization EBITDA	12206	6361	$-7236$	6596	3312	8197
EBITDA margin (per cent)	4.07%	2.16%	$-1.99%$	2.51%	1.63%	3.24%
Return on equity (per cent) (ROE)	4.35	0.86	$-7.98$	1.10	0.27	2.74
Return on assets or asset profitability (ROA)	2.14	0.44	$-3.57$	0.72	0.20	1.75
Return on investments (ROI)	3.75	0.72	$-6.99$	1.08	0.27	2.68
Current liquidity ratio	1.94	2.08	1.65	2.08	2.36	2.27
Acid test (Quick) ratio	1.36	1.56	1.23	1.94	2.31	2.20
General liquidity ratio	1.01	1.11	0.83	1.92	2.51	1.78
Asset to equity ratio	0.49	0.52	0.45	0.66	0.72	0.64
Book value per share	7.1	7.35	7.44	8.07	8.11	8.34
Ratio of share price and book value (P/BV)	0.45	0.53	0.40	0.40	0.48	0.36

The operating result of Panevėžio statybos trestas AB and the Group (in thousands Litas):