Utenos Trikotazas AB - Notification on material event

Draft decisions of the Annual General Meeting of Shareholders and explanation concerning the corrections made in financial statements for 2013

 Draft agenda and draft decisions for the Annual General Meeting of AB Utenos
trikotazas (hereinafter ‘the Company')  shareholders to be held on 30 April 
2014 proposed by the Board of the Company: 

      1. Presentation of the Company annual report for the year 2013.

Company annual report for the year 2013, prepared by the Company, assessed by
the auditors and approved by the Board of Directors is presented (Appendix
No.1). 

       2. Report of the Company's auditor.

Taken for the information (Appendix No.1).

       3. Approval of the Company and consolidated Group annual financial
statements for the year 2013. 

         Draft decision:

         To approve the annual financial statements of the Company and
consolidated of the Group for the year 2013 (Appendix No.1). 

       4. Allocation of the profit (loss) of the Company of 2013.

         Draft decision:

         To allocate the Company's profit of the year 2013 according to the
draft of profit allocation presented for the Annual General Meeting of
Shareholders (Appendix No.2). 

        5. Election of the Company's auditor.

          Draft decision presented for the voting:

          To extend the agreement for the audit services for the year 2013 with
the audit company UAB “Ernst & Young Baltic“ (company code 110878442). To
approve the annual remuneration for the audit services not bigger than LTL
54.600 excl. VAT.

The documents possessed by the Company related to the agenda of the Meeting,
including draft resolutions, are available at the headquarters of AB ,,Utenos
trikotažas“ J.Basanavičiaus g.122, Utena, Lithuania, or at the Company's
internet website www.ut.lt. 

The Group's consolidated financial statements for the year 2013 have been
corrected. The corrections made are related to improper accounting of
allowances, which resulted from the change of buildings accounting method: the
acquisition costs method was changed to the fair value method. Because of
mentioned above corrections: 

  -- General and administrative expenses in the Group's consolidated Profit loss
     statement for the year 2013  has increased by LTL 945 thousand, as result
     the Groups' loss increased to LTL 1 145 thousand;
  --  In the Groups consolidated Balance sheet the Revaluation reserve increased
     by LTL 609 thousand, Accumulated retained (losses) decreased by LTL 848
     thousand, Non-controlling interest increased by LTL 100 thousand. As the
     result, Total equity decreased by LTL 142 thousand, but Deferred income tax
     liabilities increased by LTL 142 thousand;

For more information please contact Mr. Gintautas Bareika, Managing Director of
AB Utenos trikotažas, tel. No. 370 389 51445. 

Managing Director    AB “Utenos trikotažas”     Gintautas Bareika



 ENCL.:

Appendix No.1  Draft of Independent auditor's report by UAB Pricewaterhouse
Coopers. Draft of AB,,Utenos trikotažas“, AB Financial Statements, Consolidated
Annual and Independent Auditor's Report for the Year Ended 31 December 2013. 
Appendix No.2  Draft of Statement of the Company's Profit Allocation for the
Year 2013.

Attachments:

Appendix No.2.pdf

Appendix No1.pdf