Panevezio Statybos Trestas AB - Interim information

Performance Results for the First Half of 2011

Referring to the unaudited data, during six months of 2011 the Group of
Panevėžio statybos trestas AB (PST) was on the income of 99.3 mln. Litas (28.7
mln. EUR), that is by 17.5 per cents more than last year. The first half of the
year 2011 was loss-making for the group. The before tax loss amounted 1.8 mln.
Litas (0.5 mln. EUR) for the six months of the year. The company was on the
income of 70.4 mln. Litas (20.4 EUR) and incurred before tax loss in the amount
of 0.532 mln. Litas (0.154 mln. EUR) for the first half of the year. 

“The first half of the year 2011 was not successful,” says the Finance Director
Dalia Bernotaitienė. “Due to rise of construction prices in 2009 and 2010, in
the first half of 2011 the company had additional costs related to completion
of projects financed from the EU funds because current construction prices
differ from the ones that had been used in the tender when contracts were
awarded. Furthermore, the following additional expenses incurred by the Company
had effect on the negative result: 

- when participating in tenders both in private and public sectors due to
tender postponements, claims, suspension of awarded contracts in case of
absence of financing; 

 - due to request of excess security measures (bonds) by purchasing
organizations (customers), payment terms unfavorable to the company. 

Maintenance of the real estate development company contributed to increase of
the loss incurred by the group though it had no income during the first half of
2011. However, the management of PST believes that the second half of the year
will be better than the first one and the group will succeed in finishing the
year without any loss.” 

Panevėžio statybos trestas AB is one of the largest construction companies in
Lithuania. The company is certified in accordance with the requirements of
international quality, environmental, occupational health and safety management
systems. In the year 2007 PST won the National Quality Award for the company
policy and strategy, and also management, control of processes and resources,
satisfaction of customers', consumers' and employees' needs, etc. 

PST won the medals of “Product of the Year” for the construction of Sports
Arena in Šiauliai in 2007, Combined Cycle Power Plant in Panevėžys in 2008,
Sports Arena in Panevėžys in 2009 and Tauragė Waste Water Treatment Plant in
2010. 





For more information contact:

Dalė Bernotaitienė

Finance Director

Panevėžio statybos trestas AB

Phone: (+370 45) 505 507

Attachments:

2011m_I_pusm_ataskaita_Eng.pdf