During the first half of this year investment company’s Invalda group earned 9 million LTL net profit attributable to the shareholders of the company. The same period of 2009 a loss of 65.3 million LTL was suffered.
“We find the results positive – the majority of companies were improving the activity results. We continue to increase the efficiency of our companies and shareholder’s ownership, and we also look for the other development opportunities,” – Darius Sulnis, the president of Invalda, said.
The pharmacy sector, where Invalda owns 26.5% of Sanitas, during the first half of this year earned 4.6 million LTL profit to Invalda. The consolidated revenue of Sanitas group rose up to 177.3 million LTL (15.6 %), net profit increased seven times – up to 17.3 million LTL.
After the end of the half a year, Sanitas sold HBM Pharma factory, which was engaged in toll manufacturing, for 45.5 million LTL. Sanitas group will further develop its product portfolio and continue its roll-out of new branded generic pharmaceuticals.
Investments in the road and bridge construction sector include ownership of stakes in Kauno Tiltai AB (43.36 %) and Tiltra Group AB (44.78 %). After the first half of this year, this sector’s loss attributable to Invalda was 4 million LTL.
“The first six months were not so strong than the last year due to a bad weather. Possessed orders let us expect a successful year,” – said D. Sulnis.
In the end of 2009, the Polish road construction companies’ group Poldim was acquired. The result of this group was included to the road and bridge construction sector’s activity results from the period of 2010 January – June. It was announced, that after a half of a year company’s Tiltra Group stake in Poldim, which is managed via the subsidiary Silentio Investments (77 % owned), has increased by 28.9% up to 100%.
Currently, Poldim commenced the implementation of the largest project of the group in Poland. During two years, it will build a new section of A1 motorway by the city of Lodz, worth 446 mln. LTL (542.2 mln. PLN). The largest projects of Kauno Tiltai group, implemented in Lithuania, include stage IA of the construction of Vilnius western detour, amounting to 125.5 mln. LTL, and the reconstruction of Jakai roundabout in Klaipėda, amounting to 98.9 mln. LTL. The largest project carried out by companies belonging to Kauno Tiltai group in Poland is the reconstruction of southern detour for Bialystok city, amounting to 158.8 mln. PLN (130.6 mln. LTL).
The furniture manufacturing sector, where Invalda manages 72 % of Vilniaus Baldai shares, during the first half of this year earned 9 million LTL profit to Invalda. The sales of Vilniaus Baldai rose to 86.7 million LTL (36 %), net profit increased 9.3 times – up to 12.6 million LTL.
“The first half-year results of Vilniaus Baldai AB are very good. The main goal and the condition for a successful competition in the world market is to continue increasing company’s competitiveness. This is particularly important to Vilniaus Baldai, which exports all its production,” – said D. Sulnis.
From the July 1, 2010 Aidas Mackevicius, with an extensive leadership experience in a large companies, started to lead Vilniaus Baldai AB. In the CEO position he replaced Nerijus Pacevicius, who led the company since 2006.
During the first half of this year, the information technologies (IT) sector’s, where Invalda manages 80 % of Positor shares, loss attributable to Invalda was 1.2 million LTL. Most of this loss was the depreciation of intangible assets formed after the purchase transaction and calculated in statements of Invalda.
IT infrastructure market is also characterized by the seasonality. Therefore a better results are expected in the second half of the year.
The real estate sector during the first half of this year earned 3.6 million LTL profit to Invalda, which was largely due to one-off events. The same period of 2009 a loss of 63.7 million LTL was suffered in this sector.
“After withdrawing from unfeasible projects and reducing costs, the activity of real estate sector was stabilized and the cash flows were already positive,” – said D. Sulnis. He noticed that the annual result of the sector will depend on the market trends, which will be clearer in the autumn, whereas investment real estate appraisal will be performed in December.
The facilities management company Invalda Service, a part of Invalda group, at the privatization auction held in May, via a related company acquired a company Priemiestis, which manages dwelling-houses in Vilnius district Naujoji Vilnia. Priemiestis was acquired from Vilnius Municipality for 2.251 million LTL.
According to Mr. Sulnis, this is not a big transaction, but it significantly expands the activity of Invalda Service. Other similar opportunities are also looked for.