Regarding the director’s decision of Bank of the

Panevezys, Lithuania, 2017-02-03 09:35 CET (GLOBE NEWSWIRE) -- On February 2, 2017 AB “Linas” received the decision No. 241-14 “Regarding the influence application to AB “Linas” from the director of Bank of the Republic of Lithuania, Supervision office.

Acc.to this decision AB “Linas” was warned regarding the breach of Lithuanian Republic securities law 22. In the decision it is indicated that AB “Linas” financial reports of year 2015 do not correspond 24 TAS (International Accounting standards) “Disclosure of connected parties”, 39TAS “Financial measurements. Appreciation and evaluation” and 8 TFAS (International Financial Accounting Standards) “Activity segments of requirements”.

Because AB “Linas” hasn’t evaluated 1.8 mln EUR of loans of future money flows, discounted with application of primary actual this financial property interest norm, current value, in the financial reports of December 31, 2015, it is impossible to settle the exact influence to Company’s and Group’s financial statue and financial results. But if the receivable sums current value would be less than balance value of this sum, AB “Linas” property and unappropriated result would decrease.

Also in the explanatory letter dated December 31, 2015 it wasn’t indicated the information about connected parties relationship, acc.to which the incomes are attributed to different parties, incomes from the contracts with outside clients, that make 10 or more percent incomes, fact about common incomes which are received from each such client (in the value in percentage and rate). That is why the users of financial reports could not get enough information which is needed to understand the data of financial reports.

Retrospective and perspective financial reports will be corrected, evaluated and announced publicly together with the audited financial reports of year 2016.

         AB “Linas” director          Daiva Minkevicienė          +370 45 506100