Panevezio Statybos Trestas - Notification on material event

Decision taken by Director of Supervision Service of the Bank of Lithuania

On 3 February 2016 Panevezio statybos trestas AB received the decision taken on
1 February 2016 by the Director of the Supervision Service of the Bank of
Lithuania regarding imposition of sanctions on Panevezio statybos trestas AB. 

It has been established that in the annual financial statements of Panevezio
statybos trestas AB for 2014 the amount of deferred tax asset is unreasonably
increased, risk of the loans issued to subsidiary companies is measured
inadequately and information provided in the explanatory note on the
assumptions for recognition of the amount of deferred tax asset and on the risk
of the loans granted is disclosed insufficiently. 

The company was instructed to publish a notification that by the decision taken
by the Director of the Supervision Service of the Bank of Lithuania Panevezio
statybos trestas AB was warned: 

  -- about the infringement of Article 21 (5) of the Law on Securities of the
     Republic of Lithuania;
  -- that the financial statements of Panevezio statybos trestas AB for 2014 do
     not comply with the provisions of Article 12 Income Taxes and Article 39
     Financial Instruments: Recognition and Measurement of the International
     Accounting Standards (IAS).

Hereby the company informs that the amount of deferred tax asset in the
consolidated annual financial statements and reduction of financial assets in
separate financial statements of Panevezio statybos trestas AB for 2014 will be
corrected retrospectively. 

The annual consolidated and separate financial statements for the year 2015
will be published not later than by 30 April 2016. 



Contact person:
Dalius Gesevičius

Managing Director
Tel. (+370 45) 505 503