Draft decisions of the Annual General Meeting of Shareholders and explanation concerning the corrections made in financial statements for 2013
Draft agenda and draft decisions for the Annual General Meeting of AB Utenos trikotazas (hereinafter ‘the Company') shareholders to be held on 30 April 2014 proposed by the Board of the Company:
1. Presentation of the Company annual report for the year 2013.
Company annual report for the year 2013, prepared by the Company, assessed by the auditors and approved by the Board of Directors is presented (Appendix No.1).
2. Report of the Company's auditor.
Taken for the information (Appendix No.1).
3. Approval of the Company and consolidated Group annual financial statements for the year 2013.
Draft decision:
To approve the annual financial statements of the Company and consolidated of the Group for the year 2013 (Appendix No.1).
4. Allocation of the profit (loss) of the Company of 2013.
Draft decision:
To allocate the Company's profit of the year 2013 according to the draft of profit allocation presented for the Annual General Meeting of Shareholders (Appendix No.2).
5. Election of the Company's auditor.
Draft decision presented for the voting:
To extend the agreement for the audit services for the year 2013 with the audit company UAB “Ernst & Young Baltic“ (company code 110878442). To approve the annual remuneration for the audit services not bigger than LTL 54.600 excl. VAT.
The documents possessed by the Company related to the agenda of the Meeting, including draft resolutions, are available at the headquarters of AB ,,Utenos trikotažas“ J.Basanavičiaus g.122, Utena, Lithuania, or at the Company’s internet website www.ut.lt.
The Group’s consolidated financial statements for the year 2013 have been corrected. The corrections made are related to improper accounting of allowances, which resulted from the change of buildings accounting method: the acquisition costs method was changed to the fair value method. Because of mentioned above corrections:
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General and administrative expenses in the Group’s consolidated Profit loss statement for the year 2013 has increased by LTL 945 thousand, as result the Groups’ loss increased to LTL 1 145 thousand;
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In the Groups consolidated Balance sheet the Revaluation reserve increased by LTL 609 thousand, Accumulated retained (losses) decreased by LTL 848 thousand, Non-controlling interest increased by LTL 100 thousand. As the result, Total equity decreased by LTL 142 thousand, but Deferred income tax liabilities increased by LTL 142 thousand;
For more information please contact Mr. Gintautas Bareika, Managing Director of AB Utenos trikotažas, tel. No. 370 389 51445.
Managing Director AB “Utenos trikotažas” Gintautas Bareika
ENCL.:
Appendix No.1 Draft of Independent auditor’s report by UAB Pricewaterhouse Coopers. Draft of AB,,Utenos trikotažas“, AB Financial Statements, Consolidated Annual and Independent Auditor’s Report for the Year Ended 31 December 2013.
Appendix No.2 Draft of Statement of the Company’s Profit Allocation for the Year 2013.
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