Panevezio Statybos Trestas

Quarterly Report • Nov 30, 2011

PANEVĖŽIO STATYBOS TRESTAS AB

Consolidated Interim Financial Statement for Nine Months of 2011

30 November 2011 Panevėžys

$\mathbf{1}$

PANEVĖŽIO STATYBOS TRESTAS AB

Consolidated and Company Financial Statements for Three Months Ending 30 September 2011

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 Statement for Nine Months of 2011 made in accordance with the International Financial Reporting Standards is true and shows the assets, liabilities, financial state, and profit or loss of Panevėžio statybos trestas AB and companies of Panevėžio statybos trestas Company Group in a correct manner.

Dalius Gesevičius, Managing Director Panevėžio statybos trestas AB

gBences

Dalė Bernotaitienė, Finance Director Panevėžio statybos trestas AB

Main data about the issuer

Name of issuer

Authorized capital Address of registered office Telephone Fax E-mail Legal-organization form Registration date and place Registration No. Code at the register of enterprises VAT code Administrator of legal entity register Web address

Public limited liability company Panevėžio statybos trestas 16,350,000 Litas P. Puzino Str. 1, LT-35173 Panevėžys, Lithuania $(+37045)505503$ $(+37045)505520$ $pst@pst.lt$ Public limited liability company 30 October 1993, Panevėžys City Department AB 9376 147732969 LT477329610 State Enterprise Centre of Registers www.pst.lt

Board

Remigijus Juodviršis, Chairman Artūras Bučas Gvidas Drobužas Irma Abromavičienė Vilius Gražys

Management

Dalius Gesevičius, Managing Director

ASSETS	30 Sept. 2011	31 Dec. 2010
Non-current assets	73,308,056	75,247,542
Intangible assets	24,066	25,287
Tangible non-current assets	21,439,593	23,967,094
Investment and amounts receivable in one
year	51,198,779	50,653,326
Deferred tax assets	645,618	601,835
Current assets	151,482,725	111,336,306
Inventories	6,891,887	2,232,619
Advance payments	10,720,356	856,186
Amounts receivable	79,871,090	36,184,693
Other current assets	24,820,085	31,215,288
Cash and cash equivalents	29,179,307	40,847,520
TOTAL ASSETS	224,790,781	186,583,848

EQUITY AND LIABILITIES	30 Sept. 2011	31 Dec. 2010
Equity	132, 135, 103	132,588,076
Share capital	16,350,000	16,350,000
Reserves	10,228,746	10,754,627
Retained profit (loss)	105,556,357	105,483,449
Translation reserve
Minority share
Amounts payable and liabilities	92,655,678	53,995,772
Amounts payable in one year and long
term liabilities	4,447,685	4,436,922
Loans and borrowings		2,095,887
Warranty provision	1,724,585	731,694
Deferred tax liabilities	1,192,641	1,609,341
Amounts payable in one year and short
term liabilities	88,207,993	49,558,850
Loans and borrowings	864,712	2,185,392
Trade payables	45,220,753	18,826,212
Prepayments received	23,875,314	14,107,720
Current tax payable	1,261,328
Other liabilities	16,985,886	14,439,526
TOTAL EQUITY AND LIABILITIES:	224,790,781	186,583,848

Consolidated statement of financial position

ASSETS	30 Sept. 2011	31 Dec. 2010
Non-current assets	43,192,577	39,177,628
Intangible assets	159,215	144,049
Tangible non-current assets	26,177,126	26,981,910
Other investment and amounts receivable
in one year	14,591,693	10,109,516
Other intangible assets	2,264,543	1,942,153
Current assets	198,616.926	159,597,741
Inventories	45,087,515	38,006,600
Advance payments	14,222,814	3,524,674
Amounts receivable	92,621,264	37,760,979
Other assets	14,301,306	31,145,798
Cash and cash equivalents	32,384,027	49,159,690
TOTAL ASSETS:	241,809,503	198,775,369

EQUITY AND LIABILITIES	30 Sept. 2011	31 Dec. 2010
Equity	114,964,729	114,038,887
Share capital	16,350,000	16,350,000
Reserves	11,232,366	11,804,420
Retained profit (loss)	85,496,416	85,449,807
Translation reserve	1,885,947	434,660
Minority share	4,189,659	4,820,707
Amounts payable and liabilities	122,655,115	79,915,775
Amounts payable in one year and long term liabilities	7,836,014	20,546,478
Loans and borrowings	3,546,475	16,645,051
Provisions	2,153,512	1,710,734
Deferred tax liabilities	1,653,140	1,732,022
Grants and subsidies	47,175	52,913
Other payable amounts	435,712	405,758
Amounts payable in one year and short
term liabilities	114,819,101	59,369,297
Loans and borrowings	14,441,129	2,396,801
Trade payables	52,136,743	22,310,164
Prepayments received	24,677,963	16,995,547
Current tax payable	1,867,056	135,017
Other liabilities	21,696,210	17,531,768
TOTAL EQUITY AND LIABILITIES:	241,809,503	198,775,369

车 ITEM	Jan. through Sept. 2011	Jan. through Sept. 2010	July through Sept. 2011	July through Sept. 2010
SALE	153,056,971	125,913,671	82,670,876	53,110,302
COST OF SALE	142,273.556	107,455,936	75,183,330	45,297,628
GROSS PROFIT (LOSS)	10,783,415	18,457,735	7,487,546	7,812,674
OPERATING EXPENSES	8,046,868	6,419,017	3,856,807	2,819,198
Sale	248,355	206,846	88,836	72,014
Recovery of doubtful debts	$-1,668,331$	$-3,677,297$	48,749	$-115,470$
General and administration	9,466,844	9,889,468	3,719,222	2,862,654
TYPICAL OPERATING PROFIT (LOSS)	2,736,547	12,038,718	3,630,739	4,993,476
OTHER ACTIVITIES	$-80,035$	$-99,784$	$-47,456$	$-74,385$
Income	662,762	413,893	156,840	83,085
Expenses FINANCIAL AND INVESTMENT	742,797	513,677	204,296	157,470
ACTIVITIES	$-509,482$	856,438	$-903,921$	$-758,835$
Income	1,206,296	991,796	550,201	$-887,680$
Expenses	1,715,778	135,358	1,454,122	$-128,845$
USUAL ACTIVITY PROFIT (LOSS)	2,147,030	12,795,372	2,679,362	4,160,256
WINDFALL PROFIT
LOSSES
PROFIT (LOSS) BEFORE TAXATION	2,147,030	12,795,372	2,679,362	4,160,256
PROFIT TAX	1,455,502	1,166,446	1,253,953	323,153
NET PROFIT (LOSS)	691,528	11,628,926	1,425,409	3,837,103

Consolidated statement of comprehensive income

$\tilde{\varphi}$

ITEM	Jan. through Sept. 2011	Jan. through Sept. 2010	July through Sept. 2011	July through Sept. 2010
SALE	199,750.915	147,254,807	100,472,880	62,737,010
COST OF SALE	183,074.960	122,736,343	89,805,841	52,080,042
GROSS PROFIT (LOSS)	16,675.955	24,518,464	10,667,039	10,656,968
OPERATING EXPENSES	11,330.386	11,450,884	4,000,071	4,744,698
Sale	558.460	363,334	234,999	136,331
Recovery of doubtful debts	$-1,668.331$	$-3,677,297$	48,749	$-115,470$
Recovery of assessed company value	$-1,311.809$	$\mathbf{0}$	$-1,311,809$	$\bf{0}$
General and administration	13,752.066	14,764,847	5,028,132	4,723,837
TYPICAL OPERATING PROFIT (LOSS)	5,345.569	13,067,580	6,666,968	5,912,270
OTHER ACTIVITIES	$-184.578$	$-370,704$	59,122	$-92,270$
Income	688.368	304,973	325,544	113,154
Expenses FINANCIAL AND INVESTMENT ACTIVITIES	872.946 $-3,161.742$	675,677 10,522,947	266,422 $-2,944,636$	205,424 $-2,443,479$
Income from other financial activities	608.467	1,661,381	339,354	$-2,472,466$
Profit due to loss of company control	$\bf{0}$	11,599,912	$\bf{0}$	$\bf{0}$
Other expenses of financial activities	3,770.209	1,143,990	3,283,990	$-28,987$
Costs of company control loss	$\mathbf{0}$	1,594,356	$\bf{0}$	$\mathbf{0}$
USUAL ACTIVITY PROFIT (LOSS)	1,999.249	23,219,823	3,781,454	3,376,521
WINDFALL PROFIT	$\bf{0}$	$\bf{0}$	$\bf{0}$	$\mathbf{0}$
LOSSES	$\bf{0}$	$\bf{0}$	$\mathbf{0}$	$\bf{0}$
PROFIT (LOSS) BEFORE TAXATION	1,999.249	23,219,823	3,781,454	3,376,521
PROFIT TAX	2,011.242	1,387,448	1,560,174	254,612
NET PROFIT (LOSS)	$-11.993$	21,832,375	2,221,280	3,121,909
ATTRIBUTABLE TO SHAREHOLDERS	619.056	19,182,776	2,391,385	3,793,347
ATTRIBUTABLE TO MINORITY INTEREST	$-631.049$	2,649,599	$-170, 105$	$-671,438$

Separate statement of cash flows

In Litas
	Jan. through Sept. 2011	Jan. through Sept. 2010
Cash flow from operating activities
Net profit (loss)	691,528	11,628,926
Depreciation and amortization costs	3,748,101	4,363,633
Profit (loss) from transfer of non-current assets	$-111,101$	$-103,731$
Income tax expense	1,455,502	1,166,446
	5,784,030	17,055,274
Change in inventories	$-4,659,268$	884,959
Change in amounts receivable	-43,686,395	$-21,580,950$
Change in prepayments	$-9,864,170$	3,643,836
Change in amounts receivable after one year	$-4,391,932$	$-213,691$
Change in other assets	14,696,139	$-11,240,609$
Change in trade payables	26,394,541	15,939,829
Change in prepayments received	9,767,594	$-12,201,879$
Change in provisions and other liabilities	5,578,633	$-2,771,289$
	$-380,828$	$-10,484,520$
Income tax paid	$-1,700,799$	$-1,601,688$
Net cash from operating activities	$-2,081,627$	$-12,086,208$
Cash flow from investing activities
Acquisition of long term assets (excl. investment)	$-1,282,861$	$-560,021$
Transfer of long term assets (excl. investment)	174,583	213,280
	0	$-4,377$
Acquisition of investments Loans issued	$-17,897,562$	$-7,365,925$
Loans recovered	11,634,677	352,192
Dividends and interest received	932,760	930,880
Net cash used in investing activities	$-6,438,403$	$-6,433,971$
Cash flow from financial activities
Dividends, share of profit paid	$-1,148,011$	$-2,268,094$
Proceeds from loans and borrowings
Repayments from loans and borrowings
Payment of finance lease liabilities	$-1,691,982$	$-2,193,258$
Interest paid	$-308,190$	$-327,393$
Net cash from (used in) financing activities	$-3,148,183$	$-4,788,745$
Increase (decrease) in net cash flow Cash and its equivalent at the beginning of the	$-11,668,213$	-23,308,924
period	40,847,520	53,934,684
Cash and its equivalent at the end of the period	29,179,307	30,625,760

$\overline{1}$

Consolidated statement of cash flows

J.

	Jan.	Jan.
	through	through
	Sept. 2011	Sept. 2010
Cash flow from operating activities
Net profit (loss)	$-11,993$	21,832,375
Elimination of other non-monetary items
Depreciation and amortization costs	4,343,968	5,062,546
Loss of company control		$-10,225,774$
Other non-monetary items	$-510,730$	37,905
	3,821,245	16,707,052
Change in inventories	$-8,410,998$	$-976,028$
Change in amounts receivable	$-54,860,285$	$-22,195,182$
Change in prepayments	$-10,698,140$	3,205,544
Change in other assets	12,373,376	$-11,607,555$
Change in trade payables	29,826,579	14,112,864
Change in prepayments received	7,682,416	$-12,297,698$
Change in provisions and other liabilities	6,366,986	$-1,936,705$
	$-13,898,821$	$-14,987,708$
Elimination of results from financial and investing
activities	1,550,444	$-15,886$
Net cash from operating activities	$-12,348,377$	$-15,003,594$
Cash flow from investing activities
Acquisition of non-current assets (except
investments)
	$-2,182,196$	$-689,860$
Transfer of non-current assets (except investments)	42,047	68,202
Loans issued	$-2,595,061$
Loans recovered	2,533,478
Dividends and interest received	577,378	843,340
Net cash used in investing activities	$-1,624,354$	221,682
Cash flow from financial activities
Dividends and share of profit paid	$-1,148,011$	$-2,268,094$
Proceeds from loans and borrowings	799,460	468,594
Repayments from loans and borrowings
Payment of finance lease liabilities	$-1,853,708$	$-2,436,313$
Interest paid	$-600,673$	$-1,329,105$
Net cash from (used in) financing activities	$-2,802,932$	$-5,564,918$
Increase (decrease) in net cash flow	$-16,775,663$	$-20,346,830$
Cash and cash equivalent in the beginning of the
period	49,159,690	56,139,567
Cash and cash equivalent at the end of the
period	32,384,027	35,792,737

Panevėžio statybos trestas AB Interim Financial Statement for Nine Months of 2011

Separate statement of changes in equity

In Litas

	Authorized capital	revaluation FA	reserve Legal	Deferred result	Total
Balance as of 31 December 2009 Revaluation of fixed assets	16,350,000	9,715,594	1,635,030	97,031,157	124,731,781
Increase (decrease) of authorized capital Unrecognized profit (loss) for 2010 Deferred tax related liability Net profit (loss) for 2010 Dividend		$-525,880$		525,880 11,628,926 $-1,144,501$	11,628,926 $-1,144,501$
Balance as of 30 September 2010 Balance as of 31 December 2010 Related postponed tax liability Revaluation of fixed assets	16,350,000 16,350,000	9,189,714 9,119,597	1,635,030 1,635,030	108,041,462 105,483,449	135,216,206 132,588,076
Deferred profit tax related to reappraisal of FA Unrecognized net profit (loss) for 2011 Net profit (loss) for 2011 Dividend		$-525,881$		691,528 525,881 $-1,144,501$	691,528 $-1,144,501$
Increase (decrease) of authorized capital Reserves formed Reserves used
Balance as of 30 September 2011	16,350,000	8,593,716	1,635,030	105,556,357	132,135,103

$10$

Panevėžio statybos trestas AB Interim Financial Statement for Nine Months of 2011

$\Box$

Consolidated statement of changes in equity

In Litas

	Authorized capital	Revaluation reserve	reserve Legal	Influence of change in exchange rate	Accumulated profit	Losses per company parent share	Minority part	Total
Decrease in revaluation reserve Balance as of 1 January 2010 Increase of authorised capital Statutory reserves formed Net profit (loss) for 2010 Currency rate change Dividend	16,350,000	$-583,176$ 10,445,141	115,132 2,019,981	810,470 -440.545	71,488,724 583,176 $-1,144,500$ $-115,132$ 19, 181, 841	101,114,316 $-1,144,500$ -440,545 19, 181, 841	$-670,604$ 2,649,598 $-61,106$ 3,276,900	21,831,439 100,443,712 $-1,144,500$ 3,276,900 $-501,651$
Balance as of 31 December 2010 Influence of currency rate change Decrease in revaluation reserve Balance as of 30 September Net profit (loss) for 2011 Deferred tax liability Reserves formed Dividend 2010	16,350,000 16,350,000	,965 9,784,208 .178 9,861. $-583,$	2,135,113 11,124 2,020,212	369,925 434,660 1,451,287	89,994,109 583,178 619,056 $-1,144,500$ 85,449,807 $-11,124$	619,056 1,451,286 $-1,144,500$ 118,711,112 114,038,887	5,194,788 4,820,707 $-631,048$	1,451,286 123,905,900 $-1,144,500$ 118,859,594 $-11,992$
Balance as of 30 September 2011	16,350,000	9,201,030	2,031,336	1,885,947	85,496,416	114,964,729	4,189,659	119,154,388

PSTE

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 (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 No. 013732, issued on 27 September 2004 by the State Register Centre Panevėžys Branch.

In January through September 2010 the following subsidiaries were functioning in the company: Gerbusta, Pastatų apdaila, Genranga and Klaipstata. These subsidiaries keep separate records, but their assets, liabilities and financial results are included when preparing financial accountability of the Company. The Company has its representative offices in Cherepovec, a subsidiary in Kaliningrad and a permanent establishment in the United Kingdom of Great Britain and Northern Ireland. Financial year of the Company is calendar year. The period of commercial-economic activities of the Company is unlimited.

The main activity of the Company and its subsidiaries (hereinafter "the Group") is designing and construction of various buildings, structures, facilities, communications and other similar objects in Lithuania and abroad, real estate development. In addition to the listed activities the Company rents out premises and equipment, resells utility and communication services.

Subsidiaries	Type of activities	Share controlled (per cent)	Registered address
Skydmedis UAB	Production of wood constructions	100	Pramonės Str. 5, Panevėžys Tel.: +370 45 583341
Metalo meistrai UAB	Production of metal constructions	100	Tinkly Str. 7, Panevėžys, Tel. 8 45 464677
Vekada UAB	Electrical installation works	96	Marijonų Str. 36, Panevėžys Tel.: +370 45 461311
Vilniaus papėdė TŪB	Construction works	69	Švitrigailos Str. 8, Vilnius Tel.: +370 5 2609405
Alinita UAB	Ventilation and conditioning systems in buildings	100	Dubysos Str. 31, Klaipėda Tel.: +370 46 340363
KINGSBUD Sp.zo.o.	Wholesale in construction materials	100	A.Patli 16-400 Suwalki, Poland
PS TRESTS SIA	$\epsilon$ Construction	100	Vietalvas Str. 5, Riga

As of 30 September 2011 the Group includes the parent company and 9 subsidiaries:

BALTILSTROIJ OOO	Construction	100	Sovetskij Ave. 43, Kaliningrad Tel.: 0074012350435
PST Investicijos UAB	Real estate development	68	Konstitucijos Ave. 7, Vilnius Tel.: + 370 5 2728213
Subsidiaries of PST investicijos UAB:
Ateities projektai UAB	Real estate development and sales	100	Lvovo Str. 25, Vilnius
Šeškinės projektai UAB	Real estate development and sales	100	Lvovo Str. 25, Vilnius
Sakališkės UAB	Real estate development and sales	100	Lvovo Str. 25, Vilnius
Kauno erdvė UAB	Real estate development and sales	100	Lvovo Str. 25, Vilnius
Verkių projektas UAB	Real estate development and sales	100	Lvovo Str. 25, Vilnius
ISK Baltevromarket ZAO	Construction investment company	100	Chernyakhovsk Str. 6, Kaliningrad

Authorized capital of the company and its structure

As of 30 September 2011, the authorized capital of the Company was 16,350,000 Litas, it was divided into 16,350,000 ordinary registered shares (hereinafter referred to as ORS), the par value of one share being 1.00 Litas. All shares are intangible and fully paid. The property right for the shares is proved by the record in the stock accounts. The shares of Panevėžio statybos trestas AB are traded at the Vilnius Stock Exchange. On 30 June 2011 the total number of the shareholders who under the ownership right held or controlled more than 5 percents of the authorized capital of the Company was 2519:

Name, surname of a shareholder (company name, type, headquarter address, company code)	Number of ordinary registered shares held by a shareholder under ownership right (pcs.)	Share of the authorized capital held $(\%)$	Portion of votes granted by the shares held under the ownership right $(\%)$	Portion of votes owned by the shareholder along with acting persons $(\% )$
Panevėžio keliai AB S. Kerbedžio Str. 7, Panevėžys, Company code: 147710353	8,138,932	49.78	49.78
Skandinaviska Enskilda Banken clients Sergels Torg 2, Stockholm, Sweden 502032908101	971,462	5.94	5.94

Bank of New York as custodian or trustee for ING B One Wall Street, New York, NY 10286, USA GSP181305	936,052	5.73	5.73
Freely negotiable shares	6,303,554	38.55	38.55

Variation in price of the company shares at the Stock Exchange for January through September 2011 (in Litas)

Last price 31 Dec. 2010	Average share price tor Jan. through Sept.	Highest price for Jan. through Sept.	Lowest price for Jan. through Sept.	Last price 30 Sept. 2011
6.73 Litas	$6.02$ Litas	7.44 Litas	$3.92$ Litas	4.07 Litas

Basis of interim financial statement preparation

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 Sept. 2011	31 Dec. 2010
1 EUR	3.4528	3.4528
10 RUB	0.7948	0.8554
1 LV	4.8672	4.8643
1 PLN	0.7779	0.8716
1 GBP	3.9643	4.0494

14

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 nine months of 2011 the investments of the Group in acquisition of non-current assets amounted to 2,182,196 Litas: Panevėžio statybos trestas AB acquired non-current assets for 1,282,861 Litas. During the year 2011 the costs related to depreciation and amortization of assets of the Group amounted to 4,343,968 Litas, including 3,748,101 Litas accounted for in the Financial Statement of Panevėžio statybos trestas AB.

Loans

As of 30 September 2011 the loans of the Company Group of PST investicijos UAB amounted to 15,059,619 Litas including short-term bank credits totaling 13,526,734 Litas. For using credits SEB AB is paid the interest rate 1 month VILIBOR + 1.1%, for other loans the interest rate is 3 months VILIBOR and the interest margin is 1.9%.

Guarantees, sureties

As of 30 September 2011 the guarantees for the liabilities of Panevėžio statybos trestas AB issued by credit institutions amounted to 25,168,279 Litas, 20,098,939 Litas of which cover contract performance bonds. 4,419,048 Litas are put in pledge to banks based on the agreements for bond issue. On 29 April 2011 an Agreement of Financial Liability Limit was signed with DnB Nord bankas. On the

basis of this agreement the Performance Bond for the amount of 14,708,193 Litas has been issued to Akmenės cementas AB.

Transactions with associated parties

The repayment period of the loan amounting 10 mln. Litas given by Panevėžio statybos trestas to AB Panevėžio keliai AB will expire on 11 January 2013.

As per resolution adopted by the Board of Panevėžio statybos trestas AB on 30 March 2010, PST investiciios UAB had been given the loan amounting 8,235,491 mln. Litas for financing of the projects under development by the subsidiary companies of PST investicijos UAB. The time limit for the loan repayment is 31 March 2012.

On 22 July 2011 the Board of of Panevėžio statybos trestas AB decided to give the loan to PST investicijos UAB in the amount of 3,000,000 Litas for financing of the project under development of Verkiy projektas UAB. The time limit for the loan repayment is 1 September 2014.

As of 30 September 2011, the loan given to PST investicijos UAB totals 8,938,950 Litas.

Dividends

The Annual General Meeting of the Shareholders of Panevėžio statybos trestas AB that took place on 22 April 2011 made the decision to pay dividends in the amount of 1,144,500 Litas (0.07 Litas per share) and the share of profit in the amount of 2,000,000 Litas. By 30 September 2011 dividends amounting 1,123,529 Litas were paid. As of 30 November 2011, no payment of the share of profit was made.

Significant changes in the interim financial statement during the reporting period

Referring to the unaudited data, during nine months of 2011 the Group of Panevėžio statybos trestas AB (PST) suffered the loss amounting 12 thousand Litas, whereas during the same period last year it made net profit amounting 21.8 Litas. The performance result of the company of Panevežio statybos trestas AB for nine months is net profit amounting 0.691 mln. Litas whereas during the same period of 2010 net income amounted 11.6 mln. Litas.

Performance of Panevėžio statybos trestas AB was profitable during the third quarter of 2011 and made net profit amounting 1.4 mln. Litas thus covering the loss of the first quarter.

Due to unfavourable payment conditions with customers and increased contractual scope of work there was significant increase in trades receivable.

The real estate development company, PST investicijos UAB, has started the real estate development project of Ulonal Business Centre at Verkių Str. 25C in Vilnius. In that connection, corrections in assessment of projects in progress were made resulting in improvement in results of the Group by 1.3 mln. Litas.

	Group			Company
	Jan.-Sept. 2009	Jan.-Sept. 2010	Jan.-Sept. 2011	Jan.-Sept. 2009	Jan.-Sept. 2010	Jan.-Sept. 2011
Income	145,208	147,255	199,751	131,588	125,914	153,057
Gross profit	21,663	24,518	16,676	20,303	18,458	10,783
Gross profit margin (per cent)	14,92	16,65	8,35	15,43	14,66	7,05
Net profit	$-1,958$	$-21,832$	$-12$	4,442	11,629	692
Nets profit margin (per cent)	$-1,35$	14,83	$-0,01$	3,38	9,24	0,45
Profit per share (Litas)	0,01	1,17	0,04	0,27	0,71	0,042
Profit before taxes, interest, depreciation and amortization EBITDA	10,131	29,611	6,944	12,913	17,486	6,203
EBITDA margin (per cent)	6,98	20, 11	3,48	9,81	13,89	4,05
Return on equity (percents) (ROE)	$-1,74$	18,39	$-0,01$	3,57	8,60	0,52
Return on assets or asset profitability (ROA)	$-0,85$	10,76	$\bf{0}$	2,31	6,04	0,31
Return on investments (ROI)	$-1,43$	15,07	$-0,01$	3,32	8,29	0,51
Current liquidity ratio	2,01	2,99	1,73	2,20	2,44	1,72
Acid test (Quick) ratio	1,35	2,35	1,34	2,15	2,37	1,64
General liquidity ratio	0,98	1,50	0,94	1,84	2,36	1,43
Asset to equity ratio	0,49	0,58	0,48	0,65	0,70	0,59
Book value per share	6,89	7,26	7,03	7,61	8,27	8,08
Ratio of share price and book value (P/BV)	0,69	0,70	0,58	0,62	0,61	0,5

The performance results of Panevėžio statybos trestas AB Group and the Company (in thousands Litas):