2014 IIQ_Consolidated and Company's condensed interim financial information (unaudited)

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  • 2014 LIETUVOS ENERGIJA UABCONSOLIDATED AND COMPANYS

    CONDENSED INTERIM FINANCIAL INFORMATION(unaudited)

    for a six-month period

    ended 30 June 2014

  • 35

    5

    7

    10

    9

    12

    REVIEW REPORT

    CONDENSED INTERIM FINANCIAL INFORMATION

    Condensed interim statement of financial position

    Condensed interim statement of profit and loss and other comprehensive income

    Condensed interim statement of changes in equity

    Condensed interim statement of cash flows

    Notes to the condensed interim financial information

    TABLE OF CONTENTS

    Translation note:

    This condenced interim financial information is a translation from the original, which was prepared in Lithuanian. All possible care has been taken to ensure that the translation is an accurate representation of the original. However, in all matters of interpretation of information, views or opinions, the original language version of this document takes precedence over this translation.

  • AUDITORS REPORT

  • AUDITORS REPORT

  • 5CONSOLIDATED AND COMPANYS CONDENSED INTERIM FINANCIAL INFORMATION (unaudited)for a six-month period ended 30 June 2014

    NotesGroup Company

    30 Jun 2014 31 Dec 2013 30 Jun 2014 31 Dec 2013

    ASSETS

    Non-current assets

    Intangible assets 4 333 981 336 017 - -

    Property, plant, and equipment 5 7 671 512 7 318 650 25 33

    Prepayments for non-current assets 188 132 - -

    Investment property 126 809 121 626 - -

    Subsidiaries and other investments 6 - - 3 535 726 2 763 355

    Investments in associates 26 818 28 800 - -

    Amounts receivable after one year 7 844 809 712 888 825 131 690 000

    Long-term investments 8 16 585 57 302 16 585 57 302

    Other non-current assets 21 065 17 850 - -

    Deferred income tax assets 7 144 1 160 124 71

    Total non-current assets 9 048 911 8 594 425 4 377 591 3 510 761

    Current assets

    Inventories 9 73 662 34 614 - -

    Prepayments 10 276 113 16 292 89 8

    Trade receivables 334 666 304 437 2 2

    Other receivables 99 017 85 641 20 348 38 537

    Other current assets 8 227 - -

    Prepaid income tax 9 087 10 190 - -

    Short-term investments 8 189 122 385 189 122 385

    Cash and cash equivalents 11 303 654 558 396 3 268 309 974

    1 096 396 1 132 182 23 896 470 906

    Non-current assets held for sale 492 618 266 266

    Total current assets 1 096 888 1 132 800 24 162 471 172

    TOTAL ASSETS 10 145 799 9 727 225 4 401 753 3 981 933

    Condensed interim statement of financial position (unaudited)as of 30 June 2014All amounts in LTL thousands unless otherwise stated

    (continued on the next page)

  • 6CONSOLIDATED AND COMPANYS CONDENSED INTERIM FINANCIAL INFORMATION (unaudited)for a six-month period ended 30 June 2014

    EQUITY AND LIABILITIES

    Equity

    Share capital 12 4 179 849 4 067 164 4 179 849 4 067 164

    Reserves 13 868 190 1 456 119 189 -

    Retained earnings (deficit) 1 238 396 30 194 153 622 (87 060)

    Equity attributable to owners of the parent 6 286 435 5 553 477 4 333 660 3 980 104

    Non-controlling interest 292 380 699 228 - -

    Total equity 6 578 815 6 252 705 4 333 660 3 980 104

    Liabilities

    Non-current liabilities

    Non-current borrowings 14 859 244 805 826 - -

    Finance lease liabilities 111 36 - -

    Grants and subsidies 1 084 034 1 091 511 - -

    Deferred income tax liability 405 473 409 339 - -

    Provisions 15 12 726 4 588 - -

    Deferred income 185 267 189 523 - -

    Other non-current amounts payable and liabilities 55 397 77 559 - -

    Total non-current liabilities 2 602 252 2 578 382 - -

    Current liabilities

    Current portion of long-term debts 14 362 344 302 656 - -

    Current borrowings 14 36 785 71 562 4 900 -

    Current portion of finance lease liabilities 360 8 - -

    Trade payables 210 494 268 561 402 409

    Advance amounts received 109 916 69 470 - -

    Current income tax liabilities 26 759 7 765 25 -

    Provisions 15 27 741 12 437 - -

    Other current amounts payable and liabilities 190 333 163 679 62 766 1 420

    Total current liabilities 964 732 896 138 68 093 1 829

    Total liabilities 3 566 984 3 474 520 68 093 1 829

    TOTAL EQUITY AND LIABILITIES 10 145 799 9 727 225 4 401 753 3 981 933

    The accompanying notes form an integral part of this condensed interim financial information.

    NotesGroup Company

    30 Jun 2014 31 Dec 2013 30 Jun 2014 31 Dec 2013

  • 7CONSOLIDATED AND COMPANYS CONDENSED INTERIM FINANCIAL INFORMATION (unaudited)for a six-month period ended 30 June 2014

    Group NotesGroup Company

    2014 IH 2014 IIQ 2013 IH 2013 IIQ 2014 IH 2014 IIQ 2013 IH 2013 IIQ

    RevenueSales revenue 1 328 040 635 407 1 383 578 651 800 - - - -

    Other operating income 62 514 33 731 50 808 26 589 4 2 4 2

    Total revenue 1 390 554 669 138 1 434 386 678 389 4 2 4 2

    Operating expensesPurchase of electricity and related services (725 268) (318 271) (762 748) (321 784) - - - -

    Purchase of gas and fuel oil (84 199) (67 611) (96 393) (53 526) - - - -

    Depreciation and amortisation (219 332) (110 847) (248 024) (122 750) (9) (5) (8) (4)

    Wages and salaries and related expenses (114 528) (56 089) (114 543) (56 209) (4 762) (2 661) (3 348) (1 518)

    Repair and maintenance expenses (39 931) (23 258) (29 703) (14 058) - - - -

    Other expenses 16 (61 301) (29 090) (95 012) (45 723) (2 149) (1 264) (1 252) (606)

    Total operating expenses (1 244 559) (605 166) (1 346 423) (614 050) (6 920) (3 930) (4 608) (2 128)Operating profit / (loss) 145 995 63 972 87 963 64 339 (6 916) (3 928) (4 604) (2 126)

    Negative goodwill on acquisition of Lietuvos Dujos AB 19 154 203 154 203 - - - - - -

    Share of result of investment under equity method 19 149 194 149 194 - - - - - -

    Re-measurement of investment under equity method 19 (97 988) (97 988) - - - - - -

    Finance income 17 14 265 9 301 10 411 5 447 247 757 244 618 116 734 113 069

    Finance costs 18 (15 572) (10 044) (13 735) (8 207) (221) (213) - -

    Share of results of other associates (301) - 348 - - - -

    Profit / (loss) before income tax 349 797 268 639 84 987 61 579 240 620 240 477 112 130 110 943Current year income tax expense (24 534) (9 776) (21 108) (10 591) (25) (25) - -

    Deferred income tax income / (expense) 4 229 1 287 13 078 7 903 87 84 (439) (439)

    Net profit / (loss) for the period 329 492 260 150 76 957 58 891 240 682 240 536 111 691 110 504

    Condensed interim statement of profit and loss and other comprehensive income (unaudited)for a six-month period ended 30 June 2014All amounts in LTL thousands unless otherwise stated

    (continued on the next page)

  • 8CONSOLIDATED AND COMPANYS CONDENSED INTERIM FINANCIAL INFORMATION (unaudited)for a six-month period ended 30 June 2014

    Attributable to:

    Owners of the parent 318 480 257 214 70 711 55 468 240 682 240 536 111 691 110 504

    Non-controlling interest 11 012 2 936 6 246 3 423 - - - -

    Other comprehensive income / (loss)Items that will not be reclassified to profit or loss

    Gain (loss) on revaluation of non-current assets - - (65) - - -

    Total items that will not be reclassified to profit or loss - - (65) - - - - -Items that will be reclassified to profit or loss

    Change in fair value of available-for-sale financial assets 189 189 - - 189 189 - -

    Total items that will be reclassified to profit or loss 189 189 - - 189 189 - -Total other comprehensive income / (loss) 189 189 (65) - 189 189 - -Total comprehensive income (loss) for the period 329 681 260 339 76 892 58 891 240 871 240 725 111 691 110 504

    Attributable to:

    Owners of the parent 318 669 257 403 70 649 55 468 240 871 240 725 111 691 110 504

    Non-controlling interest 11 012 2 936 6 243 3 423 - - - -

    The accompanying notes form an integral part of this condensed interim financial information.

  • 9CONSOLIDATED AND COMPANYS CONDENSED INTERIM FINANCIAL INFORMATION (unaudited)for a six-month period ended 30 June 2014

    Group Company30 Jun 2014

    30 Jun 2013

    30 Jun 2014

    30 Jun 2013

    Cash flows from operating activitiesNet profit (loss) for the period 329 492 76 957 240 682 111 691

    Adjustments for non-monetary items:Depreciation and amortisation 4,5 239 596 268 452 8 8Revaluation of property, plant and equipment 5 - 77 - -Impairment of assets (reversal of impairment) (6 127) (20) - -Share of the results of associates and joint ventures 301 (348) - -Income tax expense 20 305 8 030 (62) 439(Depreciation) of grants (20 264) (20 427) - -Increase (decrease) in provisions 23 442 (7 660) - -(Gain) / loss on disposal / write-off of property, plant and equipment 4 710 6 218 - -Result on business acquisition 19 (205 568) - - -Elimination of results of financing and investing activities:Interest income 17 (6 905) (7 708) (6 768) (7 479)Interest expense 18 14 724 15 534 211 -Other finance (income) / costs (6 504) (4 502) (240 989) (109 255)

    Changes in working capital:(Increase) decrease in trade receivables and other amounts receivable 19 965 67 962 (8 408) 181(Increase) decrease in inventories, prepayments andother current assets (11 401) 26 673 (81) 72Increase (decrease) in amounts payable, deferred income and advan-ce amounts receive (99 619) (94 881) 880 566Income tax (paid) (22 641) (17 511) - -

    Net cash generate from / (used in) operating activities 273 506 316 846 (14 527) (3 777)Cash flows from investing activities

    (Acquisition) of PP&E and intangible assets (176 990) (148 417) - (5 776)Disposal of PP&E and intangible assets 1 104 4 511 - -Loans (granted), loan repayments received (99 935) 202 (103 131) -Change in time deposits - 53 733 - 50 713Acquisition of subsidiaries (associates) - - (10) (5)Grants received 6 942 4 433 - -Bonds acquired - (153 002) - (153 002)Bonds disposed 162 908 52 064 162 908 52 064Interest received 2 321 2 314 1 997 1 271Dividends received 6 643 - 240 551 109 255Acquisition of LESTO AB shares from minority shareholders 6 - - (117 887) -Acquisition of Lietuvos Dujos AB shares 19 (354 763) - (481 357) -

    Net cash flows from / (used in) investing activities (451 770) (184 162) (296 929) 54 520Cash flows from financing activities

    Proceeds from borrowings 730 720 129 948 50 491 -Repayments of borrowings (617 615) (138 494) (45 591) -Finance lease payments (435) (177) - -Interest paid (16 064) (15 536) (150) -Dividends paid (21 246) (18 148) - -Acquisition of LESTO AB shares from minority shareholders 6 (117 887)Other cash flows from financing activities - (10) - -

    Net cash flows from / (used in) financing activities (42 527) (42 417) 4 750 -Increase (decrease) in cash and cash equivalents(including overdraft) (220 791) 90 267 (306 706) 50 743

    Cash and cash equivalents (including overdraft) at the beginningof the period 487 688 (3 215) 309 974 57 765

    Cash and cash equivalents (including overdraft) at the endof the period 266 897 87 052 3 268 108 508

    Condensed interim statement of cash flows (unaudited)for a six-month period ended 30 June 2014All amounts in LTL thousands unless otherwise stated

    The accompanying notes form an integral part of this condensed interim financial information.

  • 10CONSOLIDATED AND COMPANYS CONDENSED INTERIM FINANCIAL INFORMATION (unaudited)for a six-month period ended 30 June 2014

    Group No-tes

    Equity attributable to owners of the Group Non-con-trolling interest

    TotalShare capital

    Legalreserve

    Revaluation reserve

    Other reserves

    Retainedearnings Subtotal

    Balance at 1 January 2013 (restated) 4 067 164 75 467 802 934 689 922 (207 569) 5 427 918 711 864 6 139 782Revaluation of property, plant and equipment, net of deferred income tax effects - - (62) - - (62) (3) (65)Total other comprehensive income (loss) for the period - - (62) - - (62) (3) (65)Net profit (loss) for the period (restated) - - - - 70 711 70 711 6 246 76 957Total comprehensive income (loss) for the period - - (62) - 70 711 70 649 6 243 76 892Transfer of revaluation reserve to retained earnings(transfer of depreciation, net of deferred income tax) - - (37 186) - 37 186 - - -Transfer to reserves and movement in reserves - 1 595 - (38 453) 36 858 - - -Dividends - - - - - - (18 818) (18 818)Changes in non-controlling interest on the groups restructuring - 12 164 - (2 162) (1 986) (6 036) (8 022)Balance at 30 June 2013 4 067 164 77 074 765 850 651 469 (64 976) 5 496 581 693 253 6 189 834

    Balance at 1 January 2013 4 067 164 77 074 727 576 651 469 30 194 5 553 477 699 228 6 252 705Change in fair value of available-for-sale financial assets,net of deferred income tax effects - - - 189 - 189 - 189Total other comprehensive income (loss) for the period - - - 189 - 189 - 189Net profit (loss) for the period - - - - 318 480 318 480 11 012 329 492Total comprehensive income (loss) for the period - - - 189 318 480 318 669 11 012 329 681Transfer of revaluation reserve to retained earnings(transfer of depreciation, net of deferred income tax) - - (40 642) - 40 642 - - -Transfer to reserves and movement in reserves 13 - 1 250 - (651 555) 650 305 - - -Dividends - - - - - - (26 131) (26 131)Increase in share capital 12 112 685 - - - - 112 685 - 112 685Acquisition of shares from minority shareholders 6 - 5 792 97 044 (7) 198 775 301 604 (419 491) (117 887)Acquisition of subsidiary 19 - - - - - - 27 762 27 762Balance at 30 June 2014 4 179 849 84 116 783 978 96 1 238 396 6 286 435 292 380 6 578 815

    Condensed interim statement of changes in equity (unaudited)for a six-month period ended 30 June 2014All amounts in LTL thousands unless otherwise stated

    The accompanying notes form an integral part of this condensed interim financial information.

  • 11CONSOLIDATED AND COMPANYS CONDENSED INTERIM FINANCIAL INFORMATION (unaudited)for a six-month period ended 30 June 2014

    Company Notes Share capital Legal reserve Other reserves Retained earnings Total

    Balance at 1 January 2013 4 067 164 - - (200 328) 3 866 836Net profit (loss) for the period - 111 691 111 691Balance at 30 June 2013 4 067 164 - - (88 637) 3 978 527

    Balance at 1 January 2014 4 067 164 - - (87 060) 3 980 104Increase in share capital 12 112 685 - - - 112 685Change in fair value of available-for-sale financial assets, net of deferred income tax effects - - 189 - 189Net profit (loss) for the period - - - 240 682 240 682Balance at 30 June 2014 4 179 849 - 189 153 622 4 333 660

    The accompanying notes form an integral part of this condensed interim financial information.

  • 12CONSOLIDATED AND COMPANYS CONDENSED INTERIM FINANCIAL INFORMATION (unaudited)for a six-month period ended 30 June 2014

    This financial information contains unaudited condensed interim financial information of Lietuvos Energija UAB (hereinafter referred to as the Company) and its subsid-iaries (hereinafter collectively referred to as the Group) for a six-month period ended 30 June 2014 (hereinafter referred to as the financial information or the interim financial information).

    Lietuvos Energija UAB is a private limited liability compa-ny registered in the Republic of Lithuania. The address of the Companys registered office is vej g. 14, LT-09310, Vilnius, Lithuania. The Company is a limited liability profit-seeking entity registered on 28 August 2008 with the Register of Legal Entities managed by the public in-stitution the Centre of Reg...

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