Regarding the adopted Decision of the Supervisory Authority

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News Desk 2018
Regarding the adopted Decision of the Supervisory Authority Director of the Bank of Lithuania

On 17 December 2013  LESTO AB (hereinafter - the Company) received the Decision of the Director of the Supervisory Authority of the Bank of Lithuania dated December 17, 2013 regarding the Infringement case No. 241-236 of LESTO AB. 

The Company is obliged to notify that under the decision of Director of Supervisory Authority of the Bank of Lithuania, Company is warned on infringement of Securities Law Article 21, paragraph 5, also, the financial statements of Company in 2012 did not comply with the provisions of the Article 31 of the 16 IAS ‘Property, plant and equipment’ and Article 9 of the 36 IAS ‘Impairment of the assets’. The Company has not reassessed the fair value and the recoverable amount of Company’s assets at the date of the financial statements as required by IAS. This non-compliance with IAS requirements was the reason for qualified opinion by the independent auditor's report for the 2012 financial statements, which states that the change of laws for regulated activity could have a significant negative influence on the Company and the Group's fair and recoverable values of assets. Currently, the Company is unable to reliably assess the influence of this non-compliance in 2012 in financial statements.

In 2014, Company will perform an independent valuation of its assets, which will meet the above requirements of IAS. The results of valuation of assets will be published in Company's and the Group's annual stand-alone and consolidated financial statements. On 23 October, 2013, Company has started a public procurement process buying an independent property valuation services.

.This notice is deemed non-confidential

         Representative for Public Relations Ernestas Naprys, Tel. No (8~5) 251 4516.

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