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Spausdinti Teo.ltAbout TEOFor the MediaPress Releases2002Board has Approved Audited Financial Statements for 2001 and Decided to Convoke the General Meeting

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  • 2002-03-22

    Board has Approved Audited Financial Statements for 2001 and Decided to Convoke the General Meeting

    Press Release (2002 03 22)
    Board has Approved Audited Financial Statements for 2001 and Decided to Convoke the General Meeting
    Today the Board of AB Lietuvos Telekomas has decided to convoke the Annual General Meeting of AB Lietuvos Telekomas‘ Shareholders on 26 April 2002. The Company‘s Board has approved audited financial statements of Lietuvos Telekomas‘ Group for the year 2001.
    According to International Accounting Standards (IAS), the consolidated result of Lietuvos Telekomas for the year 2001 was a net profit of 181,715 thousand Litas and the consolidated revenues were 1,058,466 thousand Litas. According to Lithuanian Accounting Principles (LAP), which differ from International Accounting Standards in a number of material aspects, the Company‘s result for the year 2001 was a net loss of 63,235 thousand Litas.
    The explanation of major differences between Lietuvos Telekomas‘ Profit (Loss) Statements prepared in accordance with International Accounting Standards (IAS) and Lithuanian Accounting Principles (LAP) is presented below (in thousand Litas):
    Net result for 2001 in accordance with IAS
    181,714
    1. Deferred profit tax
    -145,722
    2. Differences in depreciation / amortisation rates between IAS and LAP
    -250,781
    3. Differences relating to accounting for Investment in Subsidiaries
    149,643
    4. Other differences
    1,911
    Net result for 2001 in accordance with LAP
    -63,235
    The deferred profit tax liability in the Company‘s financial statements prepared according to LAP was recorded only as at 31 December 2001, therefore, there is a difference of 145,722 thousand Litas between the net results according to IAS and to LAP. Also, for a significant part of tangible fixed assets and intangible assets Lietuvos Telekomas applies shorter useful lives in the financial statements prepared according to IAS as compared to the useful lives applied to the Company‘s assets according to Lithuanian taxation rules. In financial statements as at 31 December 2001 prepared according to LAP the adjustment was made to unify depreciation and amortisation rates with the rates applied under IAS. This had a negative effect of 250,781 thousand Litas on the Company‘s net result for 2001 accounted according to LAP. The balance sheet of the Company as at 31 December 2001 prepared in accordance with LAP includes Investments in Subsidiaries, which are stated at cost, whereas the balance sheet as at the same date prepared in accordance with IAS shows these investments based on the equity method. As at 31 December 2001, Lietuvos Telekomas adopted the IAS approach with respect to its investments in subsidiaries, i.e. the equity method.
    For the Annual General Meeting of Shareholders, the Board of AB Lietuvos Telekomas also proposed to elect UAB PriceWaterhouseCoopers as the Company‘s auditor.
    The Board adopted a decision to submit the profit allocation statements of the year 2001 to the General Meeting for its approval. The Board proposes to pay dividends of 0.11 Litas per share. According to the Lithuanian Company Law, dividends will be paid to the shareholders who on the day of the Annual General Meeting of Shareholders, i.e. 26 April 2002 (the dividend record day), will be on the Shareholders‘ List of the Company.
    Diana Ročienė,
    Press Officer,
    +370 2 36 72 99
     
     

     

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