Panevezio Statybos Trestas
Notification on material event
Preliminary Performance Results of Panevezio statybos trestas AB and Panevezio statybos trestas AB Group for Twelve Months of 2018
Over the twelve months of 2018, the turnover of Panevezio statybos trestas AB was 94.797 mln. Euros. In 2018, the company incurred the net loss in the amount of 2.769 mln. Euros. Though the revenue of Panevezio statybos trestas AB in 2018 increased by 1.68 times, the increasing prices of raw materials and other costs as well as prolonged completion terms for certain projects had conditioned the low gross profit margin and incurred loss. Furthermore, big impact on the negative result of Panevezio statybos trestas AB was made by the fact that the company had considered the additional decrease in value in respect of the accumulated debt of the subsidiary company Baltlitstroj OOO, which had operated in Kaliningrad Oblast, Russian Federation.
Over the same period, the total consolidated revenue of Panevezio statybos trestas AB Group was 104.861 mln. Euros, that is by 1.42 times higher compared to the year 2017 when the revenue of the Group had been 73.816 mln. Euros. The loss of the Group for 2018 amounted to 4.307 mln. Euros. The loss of the Group was conditioned by the result of Panevezio statybos trestas AB and the accounted change in the exchange rate related to the loan in Euros of the company (Baltevromarket ZAO ISK), which is operating is the Russian Federation.
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