Download - 2014 III Q Consolidated and Company's condensed interim financial information (unaudited)

LIETUVOS ENERGIJA UABCONSOLIDATED AND COMPANY’S CONDENSED INTERIM FINANCIAL INFORMATION(unaudited)for a nine month periodended 30 September 2014

2014

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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.

3CONSOLIDATED AND COMPANY’S CONDENSED INTERIM FINANCIAL INFORMATION (unaudited)for a nine-month period ended 30 September 2014

NotesGroup Company

30 Sep 2014 31 Dec 2013 30 Sep 2014 31 Dec 2013

ASSETS

Non-current assets

Intangible assets 4 334,349 336,017 - -

Property, plant, and equipment 5 7,700,131 7,318,650 22 33

Prepayments for non-current assets 7,836 132 - -

Investment property 126,874 121,626 - -

Subsidiaries and other investments 6 - - 3,539,795 2 763 355

Investments in associates 26,117 28,800 - -

Amounts receivable after one year 7 833,310 712,888 825,131 690 000

Long-term investments 8 16,657 57,302 16,657 57 302

Other non-current assets 21,101 17,850 - -

Deferred income tax assets 48,673 1,160 163 71

Total non-current assets 9,115,048 8,594,425 4,381,768 3,510,761

Current assets

Inventories 9 69,665 34,614 - -

Prepayments 10 160,966 16,292 56 8

Trade receivables 365,259 304,437 2 2

Other receivables 70,169 85,641 199,541 38,537

Other current assets 562 227 - -

Prepaid income tax 8,278 10,190 - -

Short-term investments 8 258 122,385 258 122,385

Cash and cash equivalents 11 556,911 558,396 4,375 309,974

1,232,068 1,132,182 204,232 470,906

Non-current assets held for sale 493 618 266 266

Total current assets 1,232,561 1,132,800 204,498 471,172

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

(continued on the next page)


TOTAL ASSETS 10,347,609 9,727,225 4,586,266 3,981,933

EQUITY AND LIABILITIES

Equity

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

Reserves 13 848,084 1,456,119 250 -

Retained earnings (deficit) 1,065,475 30,194 402,988 (87,060)

Equity attributable to owners of the parent 6,093,408 5,553,477 4,583,087 3,980,104

Non-controlling interest 280,344 699,228 - -

Total equity 6,373,752 6,252,705 4,583,087 3,980,104

Liabilities

Non-current liabilities

Non-current borrowings 14 865,868 805,826 - -

Finance lease liabilities 167 36 - -

Grants and subsidies 1,079,080 1,091,511 - -

Deferred income tax liability 405,338 409,339 - -

Provisions 15 179,485 4,588 - -

Deferred income 184,969 189,523 - -

Other non-current amounts payable and liabilities 71,434 77,559 - -

Total non-current liabilities 2,786,341 2,578,382 - -

Current liabilities

Current portion of long-term debts 14 370,406 302,656 - -

Current borrowings 14 26,367 71,562 - -

Current portion of finance lease liabilities 78 8 - -

Trade payables 195,470 268,561 458 409

Advance amounts received 126,138 69,470 - -

Current income tax liabilities 26,906 7,765 67 -

Provisions 15 147,027 12,437 - -

Other current amounts payable and liabilities 295,124 163,679 2,654 1,420

Total current liabilities 1,187,516 896,138 3,179 1,829

Total liabilities 3,973,857 3,474,520 3,179 1,829

TOTAL EQUITY AND LIABILITIES 10,347,609 9,727,225 4,586,266 3,981,933

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

NotesGroup Company

30 Sep 2014 31 Dec 2013 30 Sep 2014 31 Dec 2013

Dalius MisiūnasChief Executive Officer

Darius KašauskasDirector of Finance and Treasury

Edita SteponavičienėHead of Accounting Department

CONSOLIDATED AND COMPANY’S CONDENSED INTERIM FINANCIAL INFORMATION (unaudited)for a nine-month period ended 30 September 2014

5

Notes

Group Company

1 January –30 September

2014

1 July –30 September

2014


2013


2013


2014


2014


2013


2013Revenue

Sales revenue 2,093,670 765,630 2,053,426 669,848 - - - -

Other operating income 108,027 45,513 85,603 34,795 6 2 6 2

Total revenue 2,201,697 811,143 2,139,029 704,643 6 2 6 2

Operating expensesPurchase of electricity and related services (916,773) (191,505) (961,312) (198,564) - - - -

Purchase of gas and fuel oil (651,586) (567,387) (320,631) (224,238) - - - -

Depreciation and amortisation (336,836) (117,504) (359,494) (111,470) (11) (2) (13) (5)

Wages and salaries and related expenses (185,323) (70,795) (167,294) (52,751) (7,263) (2,501) (5,150) (1,802)

Repair and maintenance expenses (73,765) (33,834) (50,524) (20,821) - - - -

Other expenses 16 (121,559) (60,258) (131,150) (36,138) (3,429) (1,280) (1,973) (721)

Total operating expenses (2,285,842) (1,041,283) (1,990,405) (643,982) (10,703) (3,783) (7,136) (2,528)Operating profit / (loss) (84,145) (230,140) 148,624 60,661 (10,697) (3,781) (7,130) (2,526)

Negative goodwill on acquisition ofLietuvos Dujos AB 19 154,203 - - - - - - -

Share of result of investment underequity method 19 149,194 - - - - - - -

Re-measurement of investmentunder equity method 19 (97,987) - - - - - - -

Finance income 17 19,366 5,101 14,759 4,348 501,089 253,332 120,507 3,773

Finance costs 18 (20,381) (4,809) (21,050) (7,315) (413) (192) (3) (3)

Share of results of other associates (992) (691) 348 - - - - -

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

(continued on the next page)


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Profit / (loss) before income tax 119,258 (230,539) 142,681 57,694 489,979 249,359 113,374 1,244

Current year income tax expense (35,011) (10,477) (29,805) (8,697) (67) (42) - -

Deferred income tax income / (expense) 45,916 41,687 14,578 1,500 136 49 (630) (191)

Net profit / (loss) for the period 130,163 (199,329) 127,454 50,497 490,048 249,366 112,744 1,053Attributable to:

Owners of the parent 125,392 (193,088) 117,202 46,491 490,048 249,366 112,744 1,053

Non-controlling interest 4,771 (6,241) 10,252 4,006 - - - -

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 250 61 - - 250 61 - -

Total items that will be reclassified to profit or loss 250 61 - - 250 61 - -Total other comprehensive income / (loss) 250 61 (65) - 250 61 - -Total comprehensive income (loss) for the period 130,413 (199,268) 127,389 50,497 490,298 249,427 112,744 1,053

Attributable to:

Owners of the parent 125,642 (193,027) 117,381 46,732 490,298 249,427 112,744 1,053

Non-controlling interest 4,771 (6,241) 10,008 3,765 - - - -






Group Company

30 Sep 2014 30 Sep 2013 30 Sep 2014 30 Sep 2013Cash flows from operating activitiesNet profit (loss) for the period 130,163 127,454 490,048 112,744Adjustments for non-monetary items:Depreciation and amortisation 4,5 367,350 389,686 11 13Revaluation of property, plant and equipment 5 - 77 - -Impairment of assets (reversal of impairment) (10,645) (20) - -Share of the results of associates and joint ventures 992 (348) - -Income tax expense (10,905) 15,227 (69) 630(Depreciation) of grants (30,514) (30,611) - -Increase (decrease) in provisions 309,487 (1,345) - -(Gain) / loss on disposal / write-off of property, plant and equipment 8,405 9,214 - -Result on business acquisition 19 (205,568) - - -Elimination of results of financing and investing activities:Interest income 17 (11,806) (11,573) (11,320) (11,2520Interest expense 18 19,284 22,831 401 -Other finance (income) / costs (6,463) (4,967) (489,757) (109,252)Changes in working capital:(Increase) decrease in trade receivables and other amounts receivable 18,220 23,982 (27) 2,076(Increase) decrease in inventories, prepayments and othercurrent assets 107,189 24,330 (48) 107Increase (decrease) in amounts payable, deferred income andadvance amounts received (35,293) 100,064 1,327 (490)Income tax (paid) (31,649) (48,303) - -Net cash generate from / (used in) operating activities 618,247 615,698 (9,434) (5,424)Cash flows from investing activities(Acquisition) of PP&E and intangible assets (289,108) (344,042) - (5,676)Disposal of PP&E and intangible assets 3,298 4,889 - -Loans (granted), loan repayments received (100,851) 25,286 (100,131) 25,000Change in time deposits 722 64,090 - 61,070Acquisition of subsidiaries (associates) - - (64,511) (5)Grants received 9,695 5,618 - -Bonds acquired - (160,941) - (160,941)Bonds disposed 162,461 90,316 162,461 90,316Interest received 14,112 14,067 13,618 13,295Dividends received 6,643 - 292,043 109,255Acquisition of LESTO AB shares from minority shareholders 6 - - (117,887) -Acquisition of Lietuvos Dujos AB shares 19 (354,763) - (481,357) -Other investing (income) / costs 254 7 - -Net cash flows from / (used in) investing activities (547,537) (300,710) (295,764) 132,314Cash flows from financing activitiesProceeds from borrowings 727,492 164,327 - -Repayments of borrowings (598,723) (155,092) - -Finance lease payments 201 (267) - -Interest paid (19,160) (20,101) (401) -Dividends paid (24,540) (18,525) - -Acquisition of LESTO AB shares from minority shareholders 6 (117,887) - - -Other cash flows from financing activities 4,836 (39) - -Net cash flows from / (used in) financing activities (27,781) (29,697) (401) -Increase (decrease) in cash and cash equivalents(including overdraft) 42,929 285,291 (305,599) 126,890Cash and cash equivalents (including overdraft) at the beginningof the period 487,688 (3,215) 309,974 57,765Cash and cash equivalents (including overdraft)at the end of the period 530,617 282,076 4,375 184,655

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






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Group NotesEquity attributable to owners of the Group Non-

controlling 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) - - - - 117,202 117,202 10,252 127,454Total comprehensive income (loss) for the period - - (62) - 117,202 117,140 10,249 127,389Transfer of revaluation reserve to retained earnings(transfer of depreciation, net of deferred income tax) - - (55,445) - 55,445 - - -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 group‘s restructuring - 12 164 - (2,162) (1,986) (6,036) (8,022)Balance at 30 September 2013 4,067,164 77,074 747,591 651,469 (266) 5,543,072 697,259 6,240,331

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 - - - 250 - 250 - 250Total other comprehensive income (loss) for the period - - - 250 - 250 - 250Net profit (loss) for the period - - - - 125,392 125,392 4,771 130,163Total comprehensive income (loss) for the period - - - 250 125,392 125,642 4,771 130,413Transfer of revaluation reserve to retained earnings(transfer of depreciation, net of deferred income tax) - - (60,808) - 60,808 - - -Transfer to reserves and movement in reserves 13 - 1,250 - (651,556) 650,306 - - -Dividends - - - - - - (36,690) (36,690)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 27,762Contribution of a non-controlling interest in the share capital of subsidiaries - - - - - - 4,764 4,764Balance at 30 September 2014 4,179,849 84,116 763,812 156 1,065,475 6,093,408 280,344 6,373,752


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





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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 - - 112,744 112,744Balance at 30 September 2013 4,067,164 - - (87,584) 3,979,580

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 - - 250 - 250Net profit (loss) for the period - - - 490,048 490,048Balance at 30 September 2014 4,179,849 - 250 402,988 4,583,087






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 nine-month period ended 30 September 2014 (here-inafter referred to as “the financial information” or “the in-terim financial information”).

Lietuvos Energija UAB is a private limited liability compa-ny registered in the Republic of Lithuania. The address of the Company’s registered office is Žvejų 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 Registers. The Company’s code 301844044, VAT payer’s code LT10004278519. The Com-pany has been established for an unlimited period.

Lietuvos Energija UAB is a parent company, which is re-sponsible for the management and coordination of activ-ities of the Group companies engaged in electric power

and heat production and supply, electric power import and export, distribution and trade, as well as in service and development of electric energy industry.

The Company analyses the activities of the Group com-panies, represents the whole group, implements its shareholders‘ rights and obligations, defines operation guidelines and rules, and coordinates the activities in the fields of finance, law, strategy and development, human resources, risk management, audit, technology, commu-nication and other.

Lietuvos Energija UAB seeks to ensure effective operation of the Group companies, implementation of goals related to the Group’s activities set forth in the National Energet-ic Independence Strategy and other legal acts, ensuring that it builds a sustainable value in a socially responsible manner.

The Company is wholly owned by the Government of the Republic of Lithuania.

1 General information

Company’s shareholder30 September 2014 31 December 2013

Share capital Ownershipinterest, % Share capital Ownership

interest, %

Republic of Lithuania representedby the Lithuanian Ministry of Finance 4,179,849 100.00 4,067,164 100.00

Notes to condensed interim financial information (unaudited)for a nine month period ended 30 September 2014All amounts in LTL thousands unless otherwise stated


The Group consists of Lietuvos Energija UAB and subsidiaries directly or indirectly controlled by the Company:

Company name Registered office address

Effectiveownership interest

at 30 September 2014, %

Share capital (‘000 LTL)at 30 September 2014 Profile of activities

Lietuvos Energijos Gamyba AB

Elektrinės g. 21,Elektrėnai 96.1 635,084

Electricity generation, supply, import, exportand trade

LESTO AB Žvejų g. 14,Vilnius 94.4 603,945 Electricity supply and

distribution to end users

Lietuvos Dujos AB Aguonų g. 24,Vilnius 96.6 290,686 Supply and distribution of

natural gas to end users

NT Valdos UAB Geologų g. 16,Vilnius 94.7 295,408

Operation of real estate, other related activitiesand provision of services

Duomenų Logistikos Centras UAB

A. Juozapavičiaus g. 13, Vilnius 79.6 13,907

Maintenance of information technologies and telecommunications

ELEKTROS TINKLO PASLAUGOS UAB

Motorų g. 2,Vilnius 94.4 18,904

Construction, repair and maintenance of grid and related equipment, connection of customers to the grid

Kauno Energetikos Remontas UAB

Chemijos g. 17,Kaunas 96.1 14,245

Repairs of energy equipment, productionof metal structures

LITGAS UAB Gedimino pr. 33-2, Vilnius 66.7 45,000

Supply of liquid natural gas via terminal and trade in natural gas

Gotlitas UAB R.Kalantos g. 119, Kaunas 96.1 1,100 Accommodation services,

trade

Energijos Tiekimas UAB

Jeruzalės g. 21,Vilnius 96.1 750 Supply of electric

power and natural gas

Public Institution Republican Centre of Training forEnergy Specialists

Jeruzalės g. 21,Vilnius 79.6 294

Professional development and continuing training of energy specialists

Geton Energy OÜ Narva mnt 5,10117 Tallinn 96.1 121 Supply of electric power

Geton Energy SIA Bezdelingu 12,LV-1048, Riga 96.1 99 Supply of electric power

Technologijų irInovacijų CentrasUAB

A. Juozapavičiaus g. 13, Vilnius 97.9 20,000

Provision of IT, telecommunicationand other services

VAE SPB UAB Žvejų g. 14,Vilnius 100 10

Business consultations and other management activities

Verslo aptarnavimo centras UAB

P. Lukšio g. 5 b,Vilnius 50 100

Provision of public procurement, accounting and HR services

Lietuvos dujų tiekimas UAB (share capital amounts to LTL 3 mln;on 30 September 2014 was paidLTL 750 thousand)

Aguonų g. 24,Vilnius 100 3 000 Supply of gas

As of 30 September 2014, the Group had 5,632 employe-es (31 December 2013: 4,378) and the Company had 73 employees (31 December 2013: 53).

The management of Lietuvos Energija UAB approved this financial information on 28 November 2014.


2 Summary of significant accounting policies

This condensed interim financial information for a ni-ne-month period ended 30 September 2014 has been prepared in accordance with International Accounting Standard (IAS) 34 Interim Financial Reporting.

For a better understanding of data contained in the con-densed interim financial information, this financial infor-mation should be read in conjunction with the consolida-ted and the Company’s financial statements for the year ended 31 December 2013, which were prepared in accor-dance with International Financial Reporting Standards as adopted by the EU.

The accounting policies applied in the preparation of this condensed interim financial information are consistent with those of the annual financial statements for the year ended 31 December 2013.

Income tax

Taxes on income in the interim periods are accrued using the tax rate that would be applicable to expected total annual profit or loss.

Accounting policies applied to significant transactions within the Group in relation to the Group‘s restructuring are set out below (as described in Notes 6 and 19).

Business combinations

Subsidiaries are all entities (including structured entities) over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, vari-able returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases.

IFRS 3 Business Combinations is not applied to business combinations involving entities under common control, therefore, for the purpose of this financial information business combinations involving entities under common control were accounted for using the ‘pooling of interest’ method.

Acquisition method is applied to account for acquisition of subsidiaries that are not part of the Company‘s group. The consideration transferred for the acquisition of a subsidi-ary is the fair values of the assets transferred in a bargain purchase, the equity interests issued, and the liabilities as-sumed at the bargain purchase date. Acquisition-related costs are expensed as incurred. Identifiable net assets, li-abilities and contingent liabilities acquired in the acquiree, which meet IFRS 3 Business Combinations criteria, are reco-gnised at their fair values at the acquisition date.

The excess of the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition-date fair value of any previous equity interest in the acquiree over the fair value of the identifiable net assets acquired is recorded as goodwill. If the total of con-sideration transferred, non-controlling interest recogni-sed and previously held interest measured is less than the fair value of the net assets of the subsidiary acquired in the case of a bargain purchase, the difference is recogni-sed directly in the income statement.

Minority interest in the acquiree is initially recognised at the minority interest‘s proportionate share of the reco-gnised amounts of net assets, liabilities and contingent liabilities.

Changes in ownership interests in subsidiaries witho-ut change of control

Transactions with non-controlling interests that do not result in loss of control are accounted for as equity tran-sactions – that is, as transactions with the owners in their capacity as owners. The difference between the fair value of any consideration paid and the relevant share acquired of the carrying value of net assets of the subsidiary is re-corded in equity. Gains or losses on disposals to non-con-trolling interests are also recorded in equity.

New standards, amendments and interpretations

The newly issued standards, amendments and interpre-tations that are effective from 1 January 2014 have been presented in the Company‘s and the Group‘s audited fi-nancial statements for the year ended 31 December 2013. The newly issued standards, amendments and interpreta-tions that are effective from 1 January 2014 and relevant for the Company‘s and the Group‘s condensed interim fi-nancial information for a six-month period ended 30 Sep-tember 2014 are set out below.

IFRS 10 Consolidated financial statements (issued in May 2011). IFRS 10 changes the definition of control so that the same criteria are applied to all entities to deter-mine control. This definition is supported by extensive application guidance. This standard had no impact on the measurement of transactions and balances in the Group’s consolidated financial information.

IFRS 11 Joint arrangements (issued in May 2011). Changes in the definitions have reduced the number of types of joint arrangements to two: joint operations and joint ventures. The existing policy choice of pro-portionate consolidation for jointly controlled entities has been eliminated. Equity accounting is mandatory for participants in joint ventures. This standard had no impact on the measurement of transactions and ba-


lances; the Group applied this standard to the transac-tions conducted during 2014.

IFRS 12 Disclosure of interest in other entities (is-sued in May 2011). This standard applies to entities that have an interest in a subsidiary, a joint arrange-ment, an associate or an unconsolidated structured entity. IFRS 12 sets out the required disclosures for entities reporting under the two new standards: IFRS 10 Consolidated financial statements and IFRS 11 Joint arrangements. This standard had no impact on the measurement of transactions and balances; the Com-pany and the Group considered the requirements of this standard when making disclosures in this financial information.

IAS 27 Separate financial statements (revised in May 2011). Its objective is to prescribe the accounting and disclosure requirements for investments in subsi-

diaries, joint ventures and associates when an entity prepares separate financial statements. The guidance on control and consolidated financial statements was replaced by IFRS 10 Consolidated financial statements. This standard had no impact on the measurement of transactions and balances; the Company and the Gro-up considered the requirements of this standard when making disclosures in this financial information.

IAS 28 Investments in associates and joint ventu-res (revised in May 2011). The amendment of IAS 28 supplemented IAS 28 with the requirement to account for joint ventures using the equity method, because this method is applicable to both, joint ventures and associates. Save for this, other guidelines remained unchanged. The Group/Company is currently asses-sing the impact of this standard on its financial state-ments. The Group applied this standard to the transac-tions conducted during 2014.

3 Critical accounting estimates and judgements usedin the preparation of the financial statements

Accounting estimates and judgments are continuously reviewed and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The preparation of financial information according to International Financial Reporting Standards as adopted by the EU requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, income and expenses, and disclosures of con-tingencies. Changes in the underlying assumptions, esti-mates and judgements may have a material effect on this financial information. The accounting estimates applied in preparing the condensed interim financial information are consistent with those used in preparing the annual fi-nancial statements for the year ended 31 December 2013.

Revaluation and impairment of assets

The Group accounts for property, plant and equipment (except for the assets of power plants, gas distribution pipelines and gas technological equipment) at revalu-ed amount in accordance with International Accounting Standard 16 Property, plant and equipment. The fair value of most items of property, plant and equipment due to its specific nature was measured using a depreciated repla-cement cost approach as at 31 December 2008.

If the value of assets is measured based on a depreciated replacement cost method, International Valuation Stan-dards require that an economic depreciation test is per-formed. Accounting standards require a periodical review of property, plant and equipment for impairment. When

the carrying amount of property, plant and equipment in the statement of financial position is higher than its va-lue in use or fair value, less selling expenses, the carrying amount should be reduced. In other words, the carrying amount of property, plant and equipment recorded in the statement of financial position should be written down to the higher of the present value of future benefits expec-ted by the Group from the use of the assets and the pro-ceeds expected on disposal of the assets.

The previous version of the Lithuanian Law on Electricity effective as at 31 December 2008 stipulated that the price caps for electricity transmission services were determi-ned based on the value of assets used in licensed activi-ties of the service provider, with the value of such assets established with reference to data reported in the service provider’s financial statements (Regulated Assets Base).

According to the amendment to the above-mentioned Law effective from 1 June 2009, the price caps for electri-city transmission services are to be determined based on the value of assets used in licensed activities of the servi-ce provider, with the value of such assets being estimated and approved by the National Control Commission for Pri-ces and Energy (NCCPE) in accordance with the principles for determination of the value of assets used in licensed activities of the service provider that had been drafted by the Commission and approved by the Government.

According to the Government’s Resolution No. 1142 of 9 September 2009 On the methodology for determi-nation of the value of assets used in licensed activities of the electricity service provider, the determination of


the price caps for electricity transmission services is to include the value of assets used in licensed activities of the service provider, which is equal to the book value (carrying amount) of property, plant and equipment as at 31 December 2002 increased by the amount of capital expenditures implemented and agreed with NCCPE and reduced by the depreciation amount calculated pursu-ant to the procedure stipulated in the Lithuanian Law on Corporate Income Tax.

For the above-mentioned reasons, the values of property, plant and equipment reported in this financial informa-tion may significantly differ from those that would have been determined if the valuation of assets had been per-formed by independent valuers as required by Internati-onal Valuation and Accounting Standards. It is probable that such valuation would have a negative impact on the Group’s result of operation and on the shareholders’ equi-ty reported in the financial information as of 30 Septem-ber 2014.

The Group companies expect to perform valuation of as-sets as of 31 December 2014.

Revaluation of assets

As at 31 December 2013, independent valuation of as-sets was performed at the Group in respect of Lietuvos Energijos Gamyba AB (assets carried at revalued amount), ELEKTROS TINKLO PASLAUGOS UAB and NT Valdos UAB (buildings and structures). The valuation was carried out by independent valuation companies.

As at 31 December 2012, independent valuation of assets was performed at the Group in respect of NT Valdos UAB. The valuation was carried out by independent valuation company and the Group’s internal valuation experts.

As at 31 December 2011, valuation of property, plant and equipment in respect of Kauno Energetikos Remontas UAB was performed using the comparable price and in-come methods.

In 2010, independent property valuers carried out revalu-ation of non-current assets transferred as in-kind contri-bution to the formation of the share capital of Technologi-jų ir Inovacijų Centras UAB, Duomenų Logistikos Centras UAB and NT Valdos UAB. In 2013, Duomenų Logistikos Centras UAB and NT Valdos UAB performed valuation of selected items of assets and determined that there was no significant difference between the carrying amount and the fair value of property, plant and equipment.

Considering the date of the last revaluation of these as-sets and the periods of their acquisition, in the opinion of the management, the fair value of the Group’s property, plant and equipment stated at revalued amounts as at 30 September 2014 did not differ significantly from their car-rying amount.

Impairment of assets

The Group makes an assessment, at least annually, whe-ther there are any indications that the carrying amount of property, plant and equipment has been impaired.

As of 30 June 2014 and 31 December 2013, the impair-ment test was performed for the property, plant and equipment of the Reserve Power Plant and Combined Cycle Block (classified in the category of assets of power plants), and it was determined that the recoverable amo-unt of the assets of power plants exceeded their carrying amount of LTL 2,066m (31 December 2013: LTL 2,090m), and consequently, no impairment was recognised there-on.

The impairment test for property, plant and equipment was carried out as of 30 June 2014 with reference to the assumptions and methods described in the finan-cial statements for the year ended 31 December 2013. As of 30 September 2014 the impairment test wasn’t performed.

Valuation of investments in subsidiaries

Although the shares of the Company’s subsidiaries LESTO AB and Lietuvos Energijos Gamyba AB are traded on Vil-nius Stock Exchange, the Group‘s management believes this market is not active enough so that the quoted stock prices could be treated as equivalent to the fair value of investments in subsidiaries at the reporting date. Due to significant uncertainties, as described in Note 3 ‘Revalu-ation and impairment of assets’, related to the impact on future cash flows of the Group companies of amendments to legal acts regulating the establishment of upper limits of prices for electricity transmission, distribution and pu-blic supply services, the Company did not carry out impai-rment tests for its investment in subsidiary LESTO AB as of 30 June 2014 and 31 December 2013.

As of 31 December 2013, the Company‘s management performed the impairment test and determined no impairment in respect of the investment in subsidiary Lietuvos Energijos Gamyba AB. The Company‘s manage-ment believed there were no indications of impairment of the investment in Lietuvos Energijos Gamyba AB as of 30 June 2014.

As of 30 June 2014, the Company carried out valuation / impairment test in respect of its investment in subsidiary Lietuvos Dujos AB using the discounted cash flow method. Discounted cash flows were estimated in line with the effective legal acts and methods regulating distribution activities, as well as based on the most probable scenario of supply business development and the existing uncer-tainties in gas industry sector. Discounted cash flows were calculated using a pre-tax discount rate of 7.09%, which is consistent with the rate of return used by NCCPE in re-gulation of prices. Based on the analysis, the Company‘s


management determined that there was no impairment of the investment in Lietuvos Dujos AB as of 30 June 2014.

The Company carried out impairment test in respect of its investment in subsidiary Duomenų Logistikos Centras UAB using the discounted cash flow method. Discounted cash flows were estimated in view of start of operations of a new data centre from the second half of 2014 and con-sidering insignificant growth of other income. Direct and operating expenses are expected to remain at the same level expressed as percentage (i.e. a fixed percentage of revenue). Discounted cash flows were calculated using a pre-tax discount rate of 12.35%. Based on the analysis, the Company‘s management determined that there was no impairment of the investment in Duomenų Logistikos Centras UAB as of 30 June 2014. As of 30 September 2014 the impairment test wasn’t performed.

Cost of LITGRID AB disposal

For the purpose of implementing the provisions of the Law on Electricity, on 4 July 2012 the Lithuanian Govern-ment adopted Resolution No 826 On the establishment of a private limited liability company and investment of state-owned capital, based on which the Ministry of Ener-gy was assigned to establish a private limited liability company and adopt all the decisions necessary for the transfer of shares of LITGRID AB owned by Lietuvos Ener-gija UAB to the newly established private limited liability company EPSO-G UAB in return for a consideration based on the market value of shares determined by indepen-dent valuers.

For the purpose of implementing the above-mentioned Resolution of the Lithuanian Government, the manage-ment initiated an independent valuation of the Compa-ny‘s shares held in LITGRID AB – an electricity transmission system operator controlled by the Company. The inde-pendent valuers determined the market value for 97.5% shares held in Litgrid AB using the income approach.

In view of the results of independent valuation, the as-sumptions used in valuation and uncertainties in relati-on to future changes in the methodology for the esta-blishment of prices for services under regulated activities, the implementation of which is stipulated in the new pro-visions of the Lithuanian Law on Electricity adopted on 17 January 2012, the agreement on purchase and sale of shares of Litgrid AB provides for an extra charge on the final price, the realisation of which depends on possible changes in regulatory environment in future. The extra charge on the final price may be a positive or negative amount, and it largely depends on assumptions pertai-ning to regulatory environment in future periods. At the end of 2013, no decision had been made by the National Control Commission for Prices and Energy (NCCPE) as to the application of Long-run Average Incremental Costs (LRAIC) methodology. Accordingly, the Company was not able to determine reasonable assumptions necessary to estimate the extra charge on the final price, and the extra

charge on the final price estimated by the Company as at 31 December 2013 was equal to zero. At the end of 2014, the NCCPE plans to make a decision on the commence-ment of application of the LRAIC methodology. As a result of implementation of new changes in the price regulation methodology, the Company will be able to estimate the effects of possible changes in extra charge on the final price on its financial performance in 2014. As of 30 Sep-tember 2014, the Company was not able to determine reasonable assumptions necessary to estimate the extra charge on the final price and estimated it as equal to zero.

Impairment of goodwill and intangible assets not su-bject to amortisation

The consolidated financial information includes goodwill and licences with indefinite useful life that arose on acqui-sition of VST AB in 2008. Due to significant uncertainties, as described in Note 3 ‘Revaluation and impairment of assets’, related to the impact on future cash flows of the Group companies of amendments to legal acts regulating the prices for electricity distribution and supply services, the Group did not carry out impairment tests for goodwill and licences with indefinite useful life as at 30 September 2014 and 31 December 2013. The Group’s management believes the value of these assets could not be measured reliably as at 30 September 2014 and 31 December 2013

Useful lives of property, plant and equipment

The estimation of the useful lives of items of property, plant and equipment is a matter of judgment based on the experience with similar assets. The economic benefits embodied in the assets are consumed principally throu-gh their use. However, other factors, such as technical or commercial obsolescence, often result in the diminution of the economic benefits embodied in the assets. Mana-gement assesses the remaining useful lives in accordance with the current technical conditions of the assets and es-timated period during which the assets are expected to earn benefits for the Group. The following key factors are considered: (a) expected usage of the assets; (b) expec-ted physical wear and tear, which depends on operational factors and maintenance programme; and (c) technical or commercial obsolescence arising from changes in market conditions.

Accrued revenue

Revenue received from private customers is recognised based on the payments received, therefore, at the end of each reporting period the amount of revenue earned but not yet paid by private customers is estimated and accru-ed by the management of the Group. Accrued revenue is estimated as 1/3 of total payments for electricity received in the last month of the reporting period. The accrued re-venue is based on past experience and average term of payment by customers for electricity. The management has estimated that the majority of private customers declare and make payment for the electricity consumed


on approx. the 20th day of the month, while electricity is supplied for a full month (30 or 31 days). Consequently, the volume of electricity consumed over the remaining 10 days is estimated proportionally based on the volume of electricity provided to the electricity supply network during the whole month (the actually known variable) and the total volume of electricity declared by private customers during December, and the resulting difference multiplied by the average rate per 1 kWh.

Accounting for customer connection fees

Before 1 July 2009, the Group used to defer income recei-ved from new customer connections to the grid and re-cognise it as deferred income over the period of 31 years, which is the average useful life of electricity equipment constructed by the Group upon connection of new cus-tomers. The management of the Group believes that the period of provision of services to customers is indefinite, therefore, the average useful life of electricity equipment constructed by the Group upon connection of new cus-tomers was used as the best estimate of the period over which connection fees paid customers were recognised as income.

With effect from 1 July 2009 and based on IFRIC 18 inter-pretation, the newly connected customers to the grid do not obtain any additional future benefits as compared to all the remaining customers, consequently, the provision of connection service is treated as completed and income from connection is recognised upon the connection of a new customer.

Impairment of amounts receivable

Impairment losses for amounts receivables are determi-ned based on the management’s estimates on recovera-bility and timing relating to the amounts that will not be collectable according to the original terms of receivables. This determination requires significant judgement. Jud-gement is exercised based on significant financial difficul-ties of the debtor, probability that the debtor will enter bankruptcy or financial reorganisation, and default or delinquency in payments. Current estimates of the mana-gement could change significantly as a result of change in situation in the market and the economy as a whole. Recoverability rate also highly depends on success rate and actions employed relating to recovery of significantly overdue amounts receivable.

Amounts receivable are assessed to determine their va-lue and impairment individually or collectively in a gro-up of similar receivables. In case of individually assessed receivables for impairment, the Group takes into account the available or accessible data from external sources of information on market trends and forecasts, the possible credit enhancements (collateral) provided for receivables and events providing evidence of impairment of receiva-bles such as, for example, fulfilment of contractual terms, the borrower‘s actual performance, etc. In case of collecti-

vely assessed receivables for impairment, the Group takes into account the historical statistics, and reviews annually whether the provisioning rates used for collectively asses-sed receivables are in line with the historical data of im-pairment of receivables, and that the provisioning rates used for collectively assessed receivables are approved for the upcoming year.

Tax audits

The tax authorities may at any time inspect the books and records within 5 years subsequent to the reported tax year, and may assess additional tax amounts and pe-nalties. The Group’s management is not aware of any cir-cumstances that might result in a potential material liabi-lity in this respect.

Amortisation rates of licences

Indefinite useful lives were established for the licences of distribution system operator and public supply services that were acquired on a business combination in 2008, because the validity term of these licences can be exten-ded at no significant efforts or costs.

Provision for utilisation of emission allowances

The Group estimates provision for utilisation of emission allowances based on actual emissions over the reporting period multiplied by the market price for one unit of emis-sion allowances. Actual emissions are approved by a rele-vant regulating state over the period of 4 months after the year end. Based on its past experience, the Group’s management does not expect any significant differences between the estimated provisions as at 30 June 2014 and the emissions that will be approved for 2015.

Accrual of PSO service fees

The variable part of PSO service fees is estimated with reference to variable costs incurred during the reporting period. The producers ensuring the security of electric po-wer supply and reserves of energy system, submit their PSO service fee estimates to the National Commission for Control of Prices and Energy, which include breakdown of variable electric power production costs – natural gas, heavy fuel oil, emission allowance costs and costs for re-agent desulphurisation. The variable part of PSO service fees for the upcoming calendar year is estimated with re-ference to the expected variable costs to be incurred in the production of the approved quota of electricity to be compensated.

Fair value of financial assets and financial liabilities

The Group‘s and the Company‘s underlying financial as-sets and liabilities not measured at fair value include trade and other amounts receivable, trade and other amounts payable, non-current and current borrowings.


The fair value is defined as the price that would be re-ceived to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value of financial assets and financial liabilities is not lower than the amount payable on demand, which is discounted starting from the first day on which its payment may be demanded.

The carrying amount of cash and cash equivalents, cur-rent trade and other amounts receivable, current tra-de and other amounts payable and current borrowings approximates their fair value.

The fair value of non-current borrowings is determined with reference to the market price of loans of the same or similar nature or interest rates payable at that time on si-milar maturity debts. The fair value of non-current borro-wings with variable interest approximates their carrying amount in cases when margins payable on such loans are consistent with loan margins currently available in the market.


4 Non-current intangible assets

GroupPatents

andlicences

Computer software

Emissionallowances

Otherintangible

assetsGoodwill Total

Net book amount at 1 January 2013 118,873 6,587 55,413 2,677 178,103 361,653Additions 16 2,720 1,222 1,105 - 5,063

Reclassified from / to PP&E 652 - - 71 - 723

Write-off / emission allowances utilised - - (13,895) (6) - (13,901)

Disposals - - (4,041) - - (4,041)

Revaluation of emission allowances - - (9,411) - - (9,411)

Amortisation charge (571) (3,272) - (44) - (3,887)

Net book amount at 30 September 2013 118,970 6,035 29,288 3,803 178,103 336,199

Net book amount at 1 January 2014 118,781 6,205 28,704 4,224 178,103 336,017Acquisition of Lietuvos Dujos AB 1,079 1,084 - 1 - 2,164

Additions 2,552 163 - 912 - 3,627

Reclassified from / to PP&E - 2,169 - (916) - 1,253

Write-off / emission allowances utilised - - (10,042) - - (10,042)

Disposals - - - (14) - (14)

Revaluation of emission allowances - - 3,639 - - 3,639

Emission allowances grant received - - 1,358 - - 1,358

Amortisation charge (894) (2,685) - (74) - (3,653)

Net book amount at 30 September 2014 121,518 6,936 23,659 4,133 178,103 334,349


5 Property, plant and equipment

Group Land Buil-dings

Structu-res and machi-

nery

Gas distri-bution pipeli-

nes and equip-ment

Gas techno-logical equip-ment and

facili-ties

Assets of power

plants

Motor vehi-cles

Other PP&E

Cons-truction in pro-gress

Total

Net book amount at 1 January 2013 6,190 383,536 4,228,702 - - 2,664,957 50,268 102,222 73,361 7,509,236Additions - 19 2,389 - - 687 3,918 3,349 207,246 217,608

Revaluation - (77) - - - - - - - (77)

Disposals - (36) (98) - - (165) (303) (246) - (848)

Write-offs - (165) (9,175) - - (17) (1) (32) (3) (9,393)

Impairment - - (25) - - - - - - (25)

Reversal of impairment - - 20 - - - - - 25 45

Reclassifications from / to - 2,382 198,874 - - 1,703 - 6,679 (209,638) -

Reclassified to assets, intangible assets - 230 - - - - - 1 (724) (493)

Reclassified to investment property - (4,968) (40) - - - - - - (5,008)

Reclassified from / to inventories - - (5) - - 3,878 - (9) - 3,864

Depreciation charge - (14,671) (260,479) - - (86,870) (5,313) (18,466) - (385,799)

Net book amountat 30 September 2013

6,190 366,250 4,160,163 - - 2,584,173 48,569 93,498 70,267 7,329,110

Net book amount at 1 January 2014 6,943 361,555 4,164,382 - - 2,567,102 54,059 90,780 73,829 7,318,650Acquisition of Lietuvos Dujos AB 1 36,308 4,239 362,983 14,970 - 8,846 18,429 3,663 449,439

Additions - 621 2,570 102 - 646 3,254 6,326 300,381 313,900

Disposals - (115) (427) - (90) (477) (581) (566) - (2,256)

Write-offs - (220) (9,069) (9) (10) (2) - (40) (9) (9,359)

Reclassifications from / to - 3,600 219,809 9,815 1,438 4,084 - 12,230 (250,976) -

Reclassified to assets, intangible assets - (68) (42) - - - - - (1,253) (1,363)

Reclassified to investment property - (5,473) (387) - - - - - - (5,860)

Reclassified from / to inventories - - - - - 677 - - - 677

Depreciation charge - (15,987) (233,709) (2,585) (367) (86,092) (6,274) (18,683) - (363,697)

Net book amountat 30 September 2014 6,944 380,221 4,147,366 370,306 15,941 2,485,938 59,304 108,476 125,635 7,700,131

Company Other PP&E Construction in progress Total

Net book amount at 1 January 2013 48 - 48Additions - 34 34

Depreciation charge (13) -

Net book amount at 30 September 2013 35 34 69

Net book amount at 1 January 2014 33 - 33Depreciation charge (11) - (11)

Net book amount at 30 September 2014 22 - 22

As of 30 September 2014 and 2013, the Group acco-unted for its property, plant and equipment (except for gas distribution pipelines and equipment, assets of

hydro power plant, pumped storage power plant, com-bined cycle block and reserve power plant) at revalued amount.


6 Subsidiaries and other investments

During the first half of 2014, the Company acquired 96.64% shares of Lietuvos Dujos AB. These shares were acquired in three stages:

• On 21 February 2014, the Ministry of Finance made an in-kind contribution of state-owned 51,454,638 (17.7%) shares of Lietuvos Dujos AB amounting to LTL 112,685,657 (Note 12) in order to increase the Company‘s share capital.

• On 21 May 2014, the Company and the German con-cern E.ON Ruhrgas International signed an agreement, based on which the Company acquired 113,118,140 (38.9%) shares of Lietuvos Dujos AB. The acquisition cost of shares amounted to LTL 219,008,617.

• On 19 June 2014, in line with Article 31 of the Lithu-anian Law on Securities the Company announced a mandatory non-competitive takeover bid to buy up the remaining shares of Lietuvos Dujos AB, and from the Russian company Gazprom and minority sharehol-ders the Company acquired 116,357,288 (40.03%) of shares. The acquisition cost of shares amounted to LTL 262,348,264.

On 21 May 2014, the Company and the German concern E.ON Ruhrgas International signed an agreement, under which the Company acquired 71,040,473 (11.76%) shares of LESTO AB. The acquisition cost of shares amounted to LTL 117,886,772.

2014

Carrying amount of non-controlling interest acquired 419,491

Consideration paid to non-controlling interest (117,887)

Profit attributable to owners of the parent, recognised in equity 301,604

On 31 March 2014, the Company signed agreements for purchase/sale of shares with LESTO AB and Lietuvos Energijos Gamyba AB, under which the Company acqui-red 78.98%, i.e. 46,525,904 shares of Duomenų Logistikos Centras UAB. The acquisition cost of shares amounted to LTL 60,431,742. Following this transaction, the Company owns 79.64% shares of Duomenų Logistikos Centras UAB.

On 17 July 2014, the share capital of Duomenų Logistikos Centras UAB was reduced to make payments to sharehol-ders. Before reduction of share capital, the Company held 46,910,850 shares, and following annulment of 35,836,194 shares the Company held the remaining 11,074,656 shares. On 31 July 2014, Duomenų Logistikos Centras UAB paid LTL 30 million to the Company. The Company paid the remaining amount 5 836 194 Lt. in August.

On 10 July 2014, the share capital of Technologijų ir Ino-vacijų Centras UAB was increased by LTL 19,990,000. The Company acquired 11,105,556 shares, which were paid in May 2014 as additional cash contribution. Nominal value per share is equal to LTL 1. Payment for the shares was conducted as follows: amount of LTL 8,105,556 was paid as cash contribution, whereas amount of LTL 3,000,000 was offset against the loan repayable by Technologijų ir Inovacijų Centras UAB. On 11 July 2014, the Company‘s amounts receivable decreased, whereas investments in subsidiaries increased by LTL 11 million, respectively. Following this transaction, the Company owns 97,89% shares of Technologijų ir Inovacijų Centras UAB.

On 21 July 2014, the Company and other Group com-panies signed a memorandum in the establishment of Verslo Aptarnavimo Centras UAB. The purpose of the newly established company is to provide the Company‘s shareholders – the contracting authorities – with the ser-vices necessary to ensure operations of the Company‘s shareholders – the contracting authorities (to satisfy the needs and fulfil the functions of shareholders – the con-tracting authorities). The newly established company was registered with the Register of Legal Entities on 30 July 2014, and its authorised share capital amounts to LTL 100,000. The Company acquired 50% of its shares.

During the General Shareholders‘ Meeting of LITGAS UAB held on 27 June 2014, a decision was made to increase the share capital of LITGAS UAB by additional contributions of shareholders from LTL 3 million up to LTL 45 million, by issuing new ordinary registered shares with the nomi-nal value of LTL 1 each and total value of LTL 42 million. On 8 July 2014, the Company and LITGAS UAB signed the Agreement for Purchase of Shares, under which the Company is to acquire newly issued shares of LITGAS UAB with the total value of LTL 28 million. Following the transaction, the Company‘s shareholding in LITGAS UAB will amount to LTL 30 million.

On 21 July 2014, the Board of Lietuvos Dujos AB appro-ved the separation of the Company‘s distribution and supply activities, whereby Lietuvos Dujos AB is to sell part of its business, i.e. natural gas supply business to-gether with the accompanying assets, rights and obli-gations. On 28 August 2014, the Company signed the memorandum in the establishment of Lietuvos dujų tiekimas UAB, as the new company, which is in charge in gas supply. The Company is the promoter and sharehol-der of Lietuvos dujų tiekimas UAB. Lietuvos dujų tieki-mas UAB was registered on 2 September 2014. Lietuvos dujų tiekimas UAB authorised share capital amounts to LTL 3 000 000. The Company has payed share capital amounts to LTL 750 000 until 30 September 2014.


Group company Acquisition cost

Contribution to cover loss

Carryingamount

Ownership interest, %

Subsidiaries:Lietuvos Energijos Gamyba AB 1,017,997 - 1,017,997 96.13LESTO AB 1,860,624 - 1,860,624 94.39Lietuvos Dujos AB 594,043 - 594,043 96.64Duomenų Logistikos Centras UAB 25,096 - 25,096 79.64LITGAS UAB 30,000 - 30,000 66.67Technologijų ir Inovacijų Centras UAB 11,110 - 11,110 97.89VAE SPB UAB 10 15 25 100.00Verslo aptarnavimo centras UAB 50 - 50 50Lietuvos dujų tiekimas UAB(share capital amounts to LTL 3 mln;on 30 September 2014 was paid LTL 750 thousand) 750 - 750 100

3,539,680 15 3,539,695 Investments:

NT Valdos UAB 100 - 100 0.03 100 - 100

3,539,780 15 3,539,795

Group company Acquisition cost

Contribution to cover loss

Carryingamount

Ownership interest, %

Subsidiaries:Lietuvos Energijos Gamyba AB 1,017,998 - 1,017,998 96.13LESTO AB 1,742,737 - 1,742,737 82.63LITGAS UAB 2,000 - 2,000 66.67Technologijų ir Inovacijų Centras UAB 5 - 5 50.00VAE SPB UAB 10 5 15 100.00

2,762,750 5 2,762,755 Investments:

Duomenų Logistikos Centras UAB 500 - 500 0.65NT Valdos UAB 100 - 100 0.03

600 - 6002,763,350 5 2,763,355

The Company‘s ownership interests in the Group companies as of 31 December 2013 were as follows:

The Company‘s ownership interests in the Group companies as of 30 September 2014 were as follows:

Group Company

30 Sep 2014 31 Dec 2013 30 Sep 2014 31 Dec 2013

Amount receivable on disposal of LITGRID AB 725,000 690,000 725,000 690,000

Loan granted 100,131 - 100,131 -

Other 8,179 22,888 - -

Carrying amount 833,310 712,888 825,131 690,000

7 Amounts receivable after one year

In the management‘s opinion, the carrying amount of amount receivable from EPSO-G on disposal of LITGRID AB and of the loan granted and other amounts approxi-mated their fair value as of 30 September 2014. In May 2014, a loan was granted and amendments were made to the agreement for purchase / sale of LITGRID AB shares: considering the changes in repayment dates, the interest rates were reviewed and set anew.

On 17 June 2014, a loan subordination agreement was si-gned between the bank, the Company and EPSO-G UAB, un-der which the Company subordinates a loan of LTL 179,546 thousand granted to EPSO-G UAB, in respect of the credit agreement signed between the bank and EPSO-G UAB.


8 Investments and other financial assets

Long-term investments and other financial assets comprise as follows:

Short-term investments comprise as follows:

Group Company

30 Sep 2014 31 Dec 2013 30 Sep 2014 31 Dec 2013

Available-for-sale financial assets 16,657 - 16,657 -

Held-to-maturity financial assets:

Lithuanian Government bonds - 57,302 - 57,302

Carrying amount 16,657 57,302 16,657 57,302

Group Company

30 Sep 2014 31 Dec 2013 30 Sep 2014 31 Dec 2013

Held-to-maturity financial assets:

Lithuanian Government bonds - 40,131 - 40,131

Loans and amounts receivable:

Bank bonds - 81,433 - 81,433

Interest receivable 258 821 258 821

Carrying amount 258 122,385 258 122,385

As of 30 September 2014, the Group‘s and the Company‘s available-for-sale financial assets comprised Lithuanian Government securities denominated in LTL with redemp-tion dates maturing in 2016. The weighted average annu-al interest rate on securities was 1.67% as of 30 Septem-ber 2014.

In 2014, the Group and the Company sold prior to maturity some of its securities that were classified as held-to-matu-rity financial assets as of 31 December 2013, and classified the remaining securities as available-for-sale financial as-sets measured at fair value. The Company will not classify its securities as held-to-maturity for the period of 2 years, i.e. until 31 May 2016.

As of 30 September 2014, the Lithuanian Government bonds were accounted for at fair value, which is attribu-table to Level 1 in the fair value hierarchy. The fair value of debt securities was estimated with reference to the hi-ghest bid price (including accrued coupons) for relevant debt securities available from one of the three Lithuanian banks as at 30 September 2014. The nominal value of in-vestments was multiplied by the best bid price (including accrued coupons) available as of 30 September 2014.

Fair value of investments

As of 31 December 2013, the fair value of Lithuanian Go-vernment bonds was equal to LTL 98,284 thousand and it is attributable to Level 1 in the fair value hierarchy. The fair value of debt securities was estimated with reference to the highest average bid price (including accrued co-upons) for relevant debt securities available from three Lithuanian banks as at 31 December 2013. The nominal value of investments was multiplied by the best bid price (including accrued coupons) available as of 31 December 2013.

As of 31 December 2013, the fair value of bank bonds was equal to LTL 81,587 thousand and it was estimated with reference to interest rate payable on redemption of bonds prior to maturity and the period for which the bank bonds were held by the Company.

As of 30 September 2014, the investments were accoun-ted for at fair value.


Group

30 Sep 2014 31 Dec 2013

Raw materials, consumables and spare parts 24,524 20,881

Goods for resale (including natural gas) 34,722 -

Electricity meters 2,950 3,257

Heavy fuel oil 16,044 20,740

Other 5,376 4,222

Total 83,616 49,100Less: write-down to net realisable value (13,951) (14,486)

Carrying amount 69,665 34,614

9 Inventories

Movement on the account of write-down of inventories to net realisable value during the period ended 30 September 2014 and 2013 was as follows:

Group

Carrying amount at 1 January 2013 17,341Additional impairment 1,898

Reversal of impairment (4,753)

Carrying amount at 31 December 2013 14,486

Carrying amount at 1 January 2014 14,486Additional impairment 990

Reversal of impairment (1,525)

Carrying amount at 31 September 2014 13,951

10 Prepayments

As of 30 September 2014, prepayments amounted to LTL 160,966 thousand (31 December 2013: LTL 16,292 thousand), whereof prepayments of LTL 138,098 thou-sand were related to retrospective reduction of natural gas import price for Lietuvos Dujos AB by OAO Gazprom

for the period from 1 January 2013 to 31 March 2014. This amount of prepayments will be realised by the end of 2014 by offsetting it against amounts payable of OAO Gazprom, accordingly, it was classified as current assets.

11 Cash and cash equivalents

Cash and cash equivalents and bank overdraft include the following for the purpose of the cash flow statement:

Group Company

30 Sep 2014 31 Dec 2013 30 Sep 2014 31 Dec 2013

Cash and cash equivalents 556,911 558,396 4,375 309,974

Bank overdraft (26,294) (70,708) - -

Carrying amount 530,617 487,688 4,375 309,974


12

13

Share capital

Reserves

Based on Order No. 1K-060 of 21 February 2014 On in-crease of share capital of Lietuvos Energija UAB and amendment to the Finance Minister‘s Order No. 1K-251 of 16 July 2013 On amendments to the Articles of Association of Visagino Atominė Elektrinė UAB and formation of the Supervisory Board, the Ministry of Finance (“the Ministry“) made a decision to increa-se the Company‘s share capital by LTL 112.7 million. On 21 February 2014, the Ministry and the Company si-gned the Agreement for Subscription of Shares, under which the Company assumed a commitment to provide 112,685,657 ordinary registered shares, whereas the Mi-nistry assumed a commitment to subscribe for the shares and cover their full issue price by an in-kind contribution representing state-owned shares of Lietuvos Dujos AB.

The movement in other reserves pertains to the transfers made by the subsidiary Lietuvos Energijos Gamyba AB from the reserve related to assets and from the reserve intended for investments. Transfers to retained earnings

On 6 March 2014, the share capital of Lietuvos Energija UAB was increased from 4 billion 067 million to 4 billion 180 million. The nominal value and issue price of newly is-sued shares was equal to LTL 1. The value of the Ministry‘s 17.7% shareholding in Lietuvos Dujos AB was determined with reference to the provisions of the Law on Compa-nies, and was equal to the weighted average 6 months‘ market price of LTL 112,685,657.

As of 30 September 2014, the Company‘s share capi-tal totalled LTL 4,179,849,289 (31 December 2013: LTL 4,067,163,632). As of 31 December 2013 and 30 Sep-tember 2014, the share capital was divided into ordinary registered shares with the nominal value of LTL 1 each. All the shares have been fully paid up.

were made on the basis of the decision of the General Shareholders‘ Meeting in 2014. The amount of transfers attributable to the Company‘s shareholders was equal to LTL 651,555 thousand.

Group Company

30 Sep 2014 31 Dec 2013 30 Sep 2014 31 Dec 2013

Non-currentBank borrowings 865,868 805,826 - -

Current Current portion of long-term loans 370,406 302,656 - -

Other borrowings - - - -

Bank overdraft 26,294 70,708 - -

Interest payable 73 854 - -

Total borrowings 1,262,641 1,180,044 - -

14 Borrowings

Non-current borrowings analysed by maturity:

Group Company

30 Sep 2014 31 Dec 2013 30 Sep 2014 31 Dec 2013

Between 1 and 2 years 125,292 113,352 - -

Between 2 and 5 years 486,116 590,329 - -

Over 5 years 254,460 102,145 - -

Total 865,868 805,826 - -


Group Company

30 Sep 2014 31 Dec 2013 30 Sep 2014 31 Dec 2013

Non-current 179,485 4,588 - -

Current 147,027 12,437 - -

Carrying amount 326,512 17,025 - -

15 Provisions

GroupCommitments

relating toemission limits

Provisions foremployee benefits

Provisions for onerous contracts

Otherprovisions Total

At 1 January 2013 13,895 3,227 - 305 17,427Increase over the period 8,379 6,399 - - 14,778

Utilised during the period - (2,112) - (116) (2,228)

Decrease due to changes in assumptions (13,895) - - - (13,895)

At 30 September 2013 8,379 7,514 - 189 16,082

At 1 January 2014 9,745 6,894 - 386 17,025Increase over the period 7,162 193 282,350 179 289,884

Utilised during the period (10,042) (2,279) - (265) (12,586)

Decrease due to changes in assumptions 297 - - - 297

Acquisition of Lietuvos Dujos AB - 7,964 23,928 - 31,892

At 30 September 2014 7,162 12,772 306,278 300 326,512

The loan agreements contain certain financial and non-financial covenants that the individual Group com-panies are obliged to comply with. In the opinion of ma-nagement, as at 31 December 2013 and 30 September 2014 the Group complied with these covenants.

As at 30 September 2014 and 31 December 2013, the fair value of borrowings approximated their carrying

amount, except for Lietuvos Energijos Gamyba AB bor-rowings with the carrying amount of LTL 563,911 tho-usand and LTL 555,390 thousand, respectively. The fair values of these borrowings as at 30 September 2014 and 31 December 2013 were approx. LTL 531,927 thousand and LTL 609,920 thousand, respectively. The fair values were estimated using a discount rate of 2.55% (31 De-cember 2013: 2.9%).

On 7 May 2014, Lietuvos Dujos AB entered into arrange-ment with natural gas supplier OAO Gazprom for a signi-ficant reduction of the import price for natural gas for the period from 1 January 2013 to 31 December 2015. Based on this arrangement, gas import price calculation formula was adjusted for the Company on a retrospective basis for the period from 1 January 2013 to 31 March 2014.

Lietuvos Dujos AB and NCCPE agreed that the tariffs of natural gas for household consumers for the period from the 2nd half of 2014 through to 2016 will be reduced by the effects of reduced gas import price, and the Group accounted for LTL 23.9 million provision for onerous con-tracts for the share of reduced price effects for 2015. The Group accounted for LTL 277,7 million provision for one-rous contracts for the share of reduced price effects for business clients.


Group Company

30 Sep 2014 30 Sep 2013 30 Sep 2014 30 Sep 2013

Utility services 4,872 4,717 219 105

Telecommunications and IT services 9,114 9,158 607 388

Business trips 1,024 1,003 132 159

Consultation services 3,089 3,812 775 89

HR development 1,020 1,131 115 70

Expenses of small-value inventory items 1,839 1,574 - -

PR and marketing 1,457 1,656 172 52

Lease 7,401 6,158 421 353

Transport 11,760 9,963 338 433

Customer service 6,336 6,280 - -

Taxes 14,707 14,852 71 82

Subcontractor works and materials 32,264 24,566 - -

Impairment of amounts receivable 4,608 5,048 - -

Write-off of PP&E 9,334 9,364 - -

Revaluation of emission allowances and provision expenses (105) 23,640 - -

Inventory write-down (535) 194 - -

Other expenses 13,374 8,034 579 242

121,559 131,150 3,429 1,973

16 Other expenses

Group Company

30 Sep 2014 30 Sep 2013 30 Sep 2014 30 Sep 2013

Interest income 11,806 11,573 11,320 11,252

Dividends received 6,644 - 489,331 109,255

Foreign exchange positive effect 9 4 - -

Other finance income 907 3,182 438 -

19,366 14,759 501,089 120,507

17 Finance income

Group Company

30 Sep 2014 30 Sep 2013 30 Sep 2014 30 Sep 2013

Interest expenses 19,284 22,831 401 -

Foreign exchange negative effect 16 18 1 -

Other finance costs 1,081 (1,799) 11 3

20,381 21,050 413 3

18 Finance costs


19 Business combinations

Lietuvos Energija UAB initiated expansion to gas indus-try sector, which was continued by the Group company LITGAS (engaged in supply of liquefied natural gas (LNG) and trade in natural gas). This expansion was intensively pursued in the second quarter, and was supported in Fe-bruary 2014 with a designated supplier who is expected to ensure uninterrupted operations of LNG terminal in Lithuania. As the Ministries of Finance and Energy have implemented the Lithuanian Government Resolution No. 120 of 12 February 2014 On the investment of state-ow-ned assets and increase of share capital of the companies, with effect from 21 February 2014 Lietuvos Energija UAB became a holder of 17.7% shares of Lietuvos Dujos AB.

Core line of business of Lietuvos Dujos AB is purchase (import) and sale of natural gas, provision of distribution services, and rational development of natural gas distri-bution infrastructure.

With a shareholding of 56.6% in Lietuvos Dujos AB the Company announced a mandatory non-competitive ta-keover bid to buy up the remaining shares, which was accomplished on 16 June 2014. The Company acquired 107,734,925 (one hundred and seven million, seven hun-dred and thirty-four thousand, nine hundred and twen-ty-five) shares of Lietuvos Dujos AB from OAO Gazprom and 8,622,363 (eight million, six hundred and twenty-two thousand, three hundred and sixty-three) shares of Lietu-vos Dujos AB from minority shareholders.

Following a mandatory takeover bid, the Company holds 96.6% shares of Lietuvos Dujos AB, and minority sharehol-ders hold 3.4% shares.

In June 2014, the Company acquired control over Lietu-vos Dujos AB. The acquisition was carried out in three sta-ges that are described in Note 6.

The shareholding of 17.7% acquired by the Company in February 2014, entitled the Company to participate at the Board of Lietuvos Dujos AB. Accordingly, this investment was recognised as investment in associate using the equi-ty method. Additional shareholding of 38.9%, which was acquired in May 2014, did not vest with any additional control rights. This investment met the definition of joint ventur, because significant decisions related to the ac-tivities of Lietuvos Dujos AB could be made under joint agreement with another shareholder. The investment was further accounted for using the equity method, as set out below:

Acquisition cost of investment (17,7%) 112,686Fair value of net assets acquired 100,152

Identified goodwill 12,534

Share of results of investments under equity method for March-May 2014 46,249

Acquisition cost of investment (38,9%) 219,009Fair value of net assets acquired 321,795

Identified goodwill posted to share of results of investments under equity method 102,786Share of results of investments under equity method for June 2014 159

Share of results of investments under equity method 149,194Value of investment under equity method before acquisition of control 480,889

Fair value of investment before acquisition of control 382,901

Consideration paid on mandatory takeover bid 262,348

Total cost of acquisition of control 645,249

The following assets and liabilities of Lietuvos Dujos AB were identified on acquisition with the following fair va-lues at the date of acquisition:

Fair value

Property, plant and equipment 449,439

Intangible assets 2,164

Other non-current assets 6,180

Current assets 350,819

Cash 126,594

Grants -

Deferred revenue -

Other non-current liabilities (7,964)

Current liabilities (100,018)

Net assets acquired 827,214

Non-controlling interest (27,762)

Goodwill on acquisition (154,203)

Total cost of acquisition of control 645,249

The Group recognised LTL 97,988 thousand loss on re-me-asurement of investment in Lietuvos Dujos AB before acquisition of control at fair value through profit or loss.


20 Income tax expenses

Income tax expenses comprise current income tax and deferred income tax.

Income tax at a rate of 15% is applied to profit for 2014 (the same as in 2013) in accordance with the Lithuanian regulatory legislation on taxation.

21 Dividends

In 2013 and for the period January-September 2014 the Company did not pay any dividends.

During the General Shareholders‘ Meeting of LESTO AB held on 30 June 2013, the decision was made to pay out dividends of LTL 102,670 thousand from profit for appro-priation. The Company received dividends of LTL 84,834 thousand.

During the General Shareholders‘ Meeting of Lietuvos Energijos Gamyba AB held on 30 April 2013, the decision was made to pay out dividends of LTL 25,403 thousand from profit for appropriation. The Company received divi-dends of LTL 24,421 thousand.

During the General Shareholders‘ Meeting of LESTO AB held on 4 April 2014, the decision was made to pay out dividends of LTL 114,749 thousand from profit for appro-priation. The Company received dividends of LTL 94,815 thousand.

During the General Shareholders‘ Meeting of Lietuvos Energijos Gamyba AB held on 4 April 2014, the decision was made to pay out dividends of LTL 150,000 thousand from profit for appropriation. The Company received divi-dends of LTL 144,197 thousand.

During the General Shareholders‘ Meeting of Duomenų Logistikos Centras UAB held on 30 April 2014, the decisi-

on was made to pay out dividends of LTL 1,933 thousand from profit for appropriation. The Company received divi-dends of LTL 1,539 thousand.

During the Extraordinary General Shareholder‘s Mee-ting of Lietuvos Dujos AB held on 22 July 2014, profit for appropriation for the year 2013 was approved and a deci-sion was made to pay dividends of LTL 53,280 thousand. The Company received dividends of LTL 51 492 thousand.

During the Extraordinary General Shareholders‘ Meeting of LESTO AB held on 30 September 2014, the decision was made to pay out dividends of LTL 66 434 thousand for the period shorter than financial year. For the Company was alocated dividends of LTL 62 707 thousand.

During the Extraordinary General Shareholders‘ Meeting of Lietuvos Energijos Gamyba AB held on 30 September 2014, the decision was made to pay out dividends of LTL 69 859 thousand for the period shorter than financial year. For the Company was alocated dividends of LTL 67 157 thousand.

During the Extraordinary General Shareholders‘ Meeting of Lietuvos Dujos AB held on 30 September 2014, the de-cision was made to pay out dividends of LTL 69 765 tho-usand for the period shorter than financial year. For the Company was alocated dividends of LTL 67 423 thousand.

The Company determined the fair value using the disco-unted cash flow method in respect of supply and distri-bution activities; valuation assumptions are described in Note 3 Valuation of investments in subsidiaries.

The fair value of property, plant and equipment was de-termined with reference to value in use based on disco-unted cash flow method.

Deferred revenue and grants were written off on acquisi-tion. The fair value of current assets and current liabilities approximated their carrying amount.

Non-controlling interest was estimated on a proportiona-te (pro rata) basis.

Acquisition-related costs were insignificant and they were included in other expenses in the statement of profit and loss and other comprehensive income.

The consolidated statement of profit and loss and other comprehensive income includes revenue of Lietuvos Du-jos AB dating from 20 June 2014 in amount of LTL 25,043 thousand, and profit (loss) in amount of LTL 0.

Had Lietuvos Dujos AB been controlled from 1 Janua-ry 2014, the Group’s consolidated revenue would have amounted to LTL 2,065,792 thousand, and profit would have amounted to LTL 413,096 thousand.


22 Transactions with related parties

As at 31 December 2013 and 30 September 2014, the pa-rent company was the Republic of Lithuania represented by the Lithuanian Ministry of Finance. For the purpose of disclosure of related parties, the Republic of Lithuania does not include central and local government authori-ties. The disclosures comprise transactions and their ba-

lances with the parent company, subsidiaries, associates and management.

The following transactions were conducted with related parties:

Sales of goods and services

Purchase of goods and services

Group Company

30 Sep 2014 30 Sep 2013 30 Sep 2014 30 Sep 2013

LESTO AB - - 6 6

Technologijų ir Inovacijų Centras UAB - - 11 -

EPSO-G UAB 9,932 8,334 9,932 8,334

Group’s associates and joint ventures 7,115 318 - -

17,047 8,652 9,949 8,340

Group Company

30 Sep 2014 30 Sep 2013 30 Sep 2014 30 Sep 2013

LESTO AB - - 118 27

Lietuvos Energijos Gamyba AB - - 254 -

NT Valdos UAB - - 863 721

Technologijų ir Inovacijų Centras UAB - - 613 410

Group’s associates and joint ventures 42,700 4,280 - -

42,700 4,280 1,848 1,158

Amounts receivable from related parties

Amounts payable to related parties

Group Company

30 Sep 2014 31 Dec 2013 30 Sep 2014 31 Dec 2013

AB LESTO - - 62,709 2

„Lietuvos energijos gamyba“, AB - - 67,157 -

AB „Lietuvos dujos“ - - 67,423 -

Technologijų ir Inovacijų Centras UAB - - - -

EPSO-G UAB 825,862 727,469 825,862 727,469

Group’s associates and joint ventures 1,019 77 - -

826,881 727,546 1,023,151 727,471

Group Company

30 Sep 2014 31 Dec 2013 30 Sep 2014 31 Dec 2013

LESTO AB - - 19 -

Lietuvos Energijos Gamyba AB - - 40 -

NT Valdos UAB - - 106 194

Technologijų ir Inovacijų Centras UAB - - 116 124

- - 281 318


Management in the table above includes heads of administration, their deputies and chief accountants.

* Lietuvos Dujos AB data from 1 July 2014.

Group Company

30 Sep 2014 30 Sep 2013 30 Sep 2014 30 Sep 2013

Salaries and other benefits to management: 8,245* 6,896 1,573 707

Whereof: termination benefits and paymentsto board members 992 401 240 -

Number of management staff 74 55 10 7

23 Events after the end of the reporting period

Increase of share capital of Verslo aptarnavimo cen-tras UAB

During the General Shareholders‘ Meeting of Verslo ap-tarnavimo centras UAB held on 28 October 2014, the de-cision was made to increase the share capital by issuing new ordinary registered 11,074,656 shares with the nomi-nal value of LTL 1 each. By issuing new shares Verslo aptar-navimo centras UAB share capital will be LTL 1500 000. The Company paid LTL 700 000 for its shares.

Increase of share capital of VAE SPB UAB

On 17 September 2014, regarding the decision of the Com-pany as the single Shareholder of VAE SPB UAB share capital increased LTL 1 000 000 by issuing new ordinary 1 000 000 shares with the nominal value of LTL 1 each. VAE SPB UAB share capital increase from LTL 10 000 up to LTL 1 010 000. On 31 October 2014 the Company paid LTL 1 000 000 for is-suing new shares.

The payment of dividends

On 14 November 2014 the Lithuanian Ministry of Finance by its Order approved the Company interim 2014 Half-Ye-ar Financial Statements and made the decision to pay di-vidends 60 percent from the Company 2014 m. first half of the year profit (LTL 84 953 thousand) for the shares hold by the State.

Increase of share capital of Lietuvos dujų tiekimas UAB

On 30 September 2014 The Company paid LTL 750 000 for the new issued shares with value LTL 3 000 000.

On 1 October 2014 The Company additionally paid LTL 800 000 for the issued shares.

Lietuvos energija UAB support fund

On 29 August 2014 during the Company Board meeting

held on 2 October 2014, with the approval of Lithuanian Ministry of Finance the decision was made to establish and on 7 October 2014 to register Lietuvos energija UAB support fund. The Company is the founder of the fund. The fund share capital is LTL 10 000. On 14 October 2014 the Company paid LTL 10 000.

Issued guarantees

On 3 October 2014, the Company signed the agreement on sureties or guarantee limit with UAB LITGAS according to which the Company provides to UAB LITGAS the refun-dable security of EUR 100 million, which may be increased to EUR 25 million.

On 17 September 2014, the Company’s subsidiary UAB LITGAS concluded the credit agreement with Swedbank, AB for carrying out the designated supplier’s activities and for the financing of acquisition of the test cargo of LNG. The maximum amount of the credit, which may be granted under this agreement, is EUR 83.3 million.

On 14 October 2014, the Company issued the guarantee. The beneficiary of the guarantee is Statoil ASA. The gua-rantee is aimed at securing payment for the test cargo of LNG acquired by UAB LITGAS. The maximum amount of this guarantee may not exceed USD 29,275,860; the gua-rantee expires on 15 December 2014.

On 17 November 2014, the Company signed the surety agreement with Swedbank, AB. The purpose of the surety agreement is to provide the surety for the part of obligati-ons of UAB LITGAS arising from the credit agreement con-cluded with Swedbank, AB. The maximum amount of this surety may not exceed EUR 41.6 million.

Natural gas pricing procedures for subsequent periods

By its Resolution No 1121 of 20 October 2014 the Govern-ment of the Republic of Lithuania established that once the principal terms and conditions of the contract for the supply of natural gas change, the gas supply companies


which had been given discount shall within two months draft the natural gas pricing procedure for the coming periods according to which the change in the price of na-tural gas shall be included in the natural gas price for the

period of two years. The aforementioned procedure shall be also coordinated with the National Control Commis-sion for Prices and Energy within two months. The draft procedure is currently being coordinated with the NCCPE.

Lietuvos Energija UAB Žvejų str. 14, Vilnius

www.le.lt

Download - 2014 III Q Consolidated and Company's condensed interim financial information (unaudited)

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