In the separate financial statements of Panevezio statybos trestas AB approved on 5 April 2019, which were issued for the year ended on 31 December 2018, the management estimate of the fair value of the real estate project under development by Baltevromarket ZAO ISK in Kaliningrad was 9,7000 thousand Euros (based on the external valuator’s appraisal). As after the balance sheet date, the management of the Company received the commercial offer on the sale of a part of the land plots in Kaliningrad and additional information on the intentions of the potential buyer in respect of acquisition of the remaining land plots related to the project under development in Kaliningrad, this estimate has been revised to 6,500 thousand Euros. This lead to increase in the net loss of the Company, which amounts to 4,852 thousand Euros for the year 2018.
Due to the corrections made, based on the decision taken by the management and the Board, the management of the Company publishes the revised financial statements of Panevezio statybos trestas AB for the year 2018, prepared in accordance with the International Financial Reporting Standards adopted for application in the European Union, which are issued together with the independent auditor’s opinion and Annual Report. These financial statements replace the financial statements for the year ended 31 December 2018 that have been previously approved on 5 April 2019.
The management took a decision not to issue any new consolidated financial statements of the Group because the revision of this estimate would not have an impact on the amounts presented in the consolidated financial statements as of 31 December 2018.
Due to the revised financial statement, the Board of Panevezio statybos trestas AB following the decision taken at the meeting of the Board on 26 April 2019, submits the revised draft resolutions for the General Meeting of Shareholders convened at 10:00 on 29 April 2019.
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