Alytus, Lithuania, 2011-03-01 07:58 CET (GLOBE NEWSWIRE) -- Company group ALITA, AB consolidated non-audited activity results for year 2010 according to the International Accounting Standards amounted to LTL 80,3 million (EUR 23,3 million) net loss.
The consolidated sales incomes for year 2010 amounted to LTL 88,1 million (EUR 25,5 million).
As it was publicly announced by announcing the spin-off terms on 29 September 2009 and in the 9 December 2010 notification, on 23 October 2009 the three party agreement was signed between “Swedbank”, AB, the Company and AB “ALT investicijos”, where under the Company and AB “ALT investicijos”, as joint and several debtors, obliged to perform the obligation of each other to “Swedbank”, AB, arising from the 29 June 2006 credit line agreement No 06-046799-KL (with later supplements and amendments).
The loss of Group of Companies ALITA, AB was conditioned by the fact that due to the institution of the bankruptcy proceedings against AB “ALT investicijos”, in accordance with the above mentioned three party agreement, the Company, as a co-debtor of AB “ALT investicijos”, has incurred a duty to actually assume the obligations of AB “ALT investicijos” to “Swedbank”, AB, which constituted LTL 70.842 thousand (EUR 20,517 thousand) on the 31 December 2010.
We would like to inform additionally that as regards the conditions of the mentioned credit, currently intensive negotiations are under way with “Swedbank”, AB, which, as the main creditor of the Company, demonstrates a big interest to retain and ensure further implementation of the activities of the Company. Information about these negotiations was announced publicly in the notifications dated 9 and 22 December 2010.
Note: when comparing Group‘s results of the financial years 2009 and 2010, which start on the 1st of January and end on the 31st of December, it should be noticed that the Group of Companies ALITA after the spin-off started its activities on the 7th of October, hence, the comparison information given in the audited consolidated financial reports for the year 2009 is for the period of 3 months – from the 7th of October to the 31st of December. Therefore, due to the incomparability of the period of Group’s activities, the consolidated activities result must not be compared.
Enclosed:
- interim consolidated unaudited financial statements for 12 months of2010;
- confirmation of persons responsible for the financial statement;
This information is also available at http:// www.alita.lt
Loreta Naguleviciene, Finance and administration director, +370 315 57200.
