Vilnius, Lithuania, 2013-11-29 19:08 CET (GLOBE NEWSWIRE) -- Unaudited results of Invalda AB group for the period of 9 months of 2013: - consolidated net profit attributable to shareholders of Invalda LT, AB totaled to LTL 99.5 million (EUR 28.8 million). In the same period of 2012 it was LTL 24. million (EUR 7 million); - total consolidated net profit amounted to LTL 100.5 million (EUR 29.1 million). In the same period of 2012 it was LTL 29,4 million (EUR 8.5 million). The net profit of Invalda LT, AB for 9 months of 2013 amounted to LTL 87 million (EUR 25.5 million). In the same period of 2012 the profit of the company amounted to LTL 24.2 million (EUR 7 million).
A review of the results of Invalda LT, AB group for 9 months of 2013: Invalda LT, one of the largest investment companies in Lithuania, earned LTL 99.5 million (EUR 28.8 million) unaudited consolidated net profit attributable to shareholders of the Company during the first nine months of 2013. The result was mostly determined by the accounting profit of LTL 89 million (EUR 25.8 million) which was formed in the process of the reorganisation of the Company. “Since the split-off we have been working on the development of the business model of Invalda LT, AB, and the strategies analysis of the individual Group’s businesses, “ – Darius Sulnis, the president of Invalda LT, AB, said.
The furniture manufacturing sector The furniture manufacturing sector, where Invalda LT, AB controls 45.4 percent stake in the largest Lithuanian furniture manufacturing company Vilniaus Baldai, AB, earned LTL 4.7 million (EUR 1.4 million) for Invalda LT, AB. As it was announced previously, the consolidated sales of Vilniaus Baldai, AB were LTL 121.7 million (EUR 35.2 million) and were 32 percent less than in the corresponding period of 2012 when they amounted to LTL 179.1 million (EUR 51.9 million). Vilniaus Baldai, AB earned LTL 11.4 million (EUR 3.3 million) of net profit during nine months of 2013, the net profit of the corresponding period last year was LTL 19.5 million (EUR 5.6 million). EBITDA decreased by 40 percent from LTL 26.9 million (EUR 7.8 million) to LTL 16.3 million (EUR 4.7 million). We consider the company’s results as moderate. Due to the changes in the range of production in 2013, Vilniaus Baldai has been modifying its capacity and production process. It requires a variety of internal changes and investments and should substantially increase the potential scale and competiveness of the company. 2014 should show how Vilniaus Baldai, AB reveals its potential“, – Mr. Sulnis, said. The shareholders of Vilniaus Baldai on 16 September 2013 decided to allocate LTL 34.976 million or LTL 9 per share (EUR 10.13 million or EUR 2.6 per share) for the interim dividends. On August 2013 Invalda LT increased the stake in Vilnius Baldai, AB from 39.4 to 45.4 percent. EUR 3.5 million (LTL 12.1 million) were paid for 6 percent of shares acquired during mandatory official tender offer.
The real estate sector During nine months of 2013 a loss of LTL 0.3 million (EUR 0.09 million) was recorded in the real estate sector. “Operational activity in the real estate sector, excluding the one-off events, generates positive results. An independent valuation of assets, which will be carried out in the fourth quarter of 2013, can affect the outcome of the annual results of this sector” – Mr. Sulnis, said. After the split-off the companies of Invalda LT Group, the largest whereof is Invalda Nekilnojamojo Turto Fondas, AB, manage 48.5 thousand square meters of commercial premises in Vilnius and Kaunas. Companies of Invalda LT group hold about 2.8 thousand hectares of agricultural land.
The agricultural sector The agricultural sector, where Invalda LT, AB owns 20.1 percent stake in Litagra, UAB, has earned LTL 4.5 million (EUR 1.3 million) for Invalda LT, AB. Litagra Group revenue in nine months of 2013 increased by 2 percent to LTL 308.7 million (EUR 89.4 million), EBITDA decreased by 20 percent to LTL 25.6 million (EUR 7.4 million), net profit - by 13 percent to LTL 15.6 million (EUR 4.5 million). „Litagra, UAB increased its market share in many arreas, however, the decrease in grain prices in the global market as well as a lower yield compared to 2012 had a negative effect on the results“,- Mr. Sulnis, said.
IT sector The information technology sector, where the Company owns 80 percent of BAIP Group shares, recorded a loss attributable to Invalda LT of LTL 0.5 million (EUR 0.1 million) within nine months of 2013. The turnover of BAIP Group increased about 30 percent up to LTL 31.1 million (EUR 9 million), EBITDA - by 4 times to LTL 2.5 million (EUR 0.7 million). „BAIP Group demonstrated better results in the third quarter of 2013 than in the corresponding period in 2012. The company is rapidly expanding both in Lithuanian and international markets. We expect that the end of the year will be successful, and that 2013 will be the best year in the history of the BAIP Group“ – Mr. Sulnis, said.
Facilities management sector Facilities management sector, where Invalda LT owns Inservis, UAB, Priemiestis, UAB, Jurita, UAB and Naujosios Vilnios Turgaviete, UAB has earned LTL 1.1 million (EUR 0.3 million). „The good result was influenced by the one-time sale of the construction company. We are satisfied with the result of the last few months of the sector, which was stemmed by cost reduction and targeting the profitability and quality of services, rather than increase of the market share“, – Mr. Sulnis, said. Facilities management sector companies’ increased turnover by 13.5 percent to LTL 10.9 million (EUR 3.2 million).
The person authorized to provide additional information: Darius Sulnis President Tel. +370 5279 0601 E-mail: darius@invaldalt.com
