At the end of the first quarter of 2015 the equity of one of the leading asset management groups in the Baltic region amounted to EUR 45.4 million, or EUR 3.83 per share. The profit of the first quarter amounted to EUR 1.2 million.
The asset management business
At the end of the first quarter of 2015, assets under management of asset management companies, owned by Invalda INVL – INVL Asset Management, MP Pension Funds Baltic in Lithuania and Finasta Asset Management in Latvia – amounted to EUR 304.8 million, or 10.7 percent more than at the end of 2014.
“Asset growth was influenced by the rise of the stock market and growing number of clients of pension funds. During the first quarter of 2015 we started merger process of companies acting in the field of the asset management – after the merger of MP Pension Funds Baltic, UAB and INVL Asset Management, UAB we will have the largest team of investment professionals in Lithuania, in the joint company will work more than 50 specialists. By focusing on customer interests we will seek to offer the widest range of saving and investment solutions.”- said Darius Sulnis, the President of Invalda INVL.
According to the President, the joint company will operate under the name of INVL Asset Management. In order to express that the asset management business is companies’ strategic business, Invalda LT has changed the corporate name of the company to Invalda INVL.
The revenues of asset management business during the first quarter of 2015 amounted to EUR 0.8 million.
At the beginning of January 2015 Invalda INVL, AB finished an acquisition of Latvian Finasta Asset Management.
Other Asset
Investments in associated and related companies
At the end of March 2015, EUR 1.652 million was invested into INVL Baltic Real Estate shares. Investments in INVL Technology, UAB amounted to EUR 807 thousand.
“Currently INVL Technology is preparing for a new issue of shares – Invalda INVL is planning to participate in the emission. We are sure, that the expertise in acquisitions and successful exits of Invalda INVL business and the competence of INVL Technology managers will let to create another success story”- said D. Sulnis.
Agriculture
Litagra operates in a Baltic agriculture sector Its shares (36.9 percent) were valued EUR 15 million at the end of the first quarter of 2015 – as well as at the beginning of the year. Currently Litagra group optimizing its structure and merging trading and grain storage businesses operating companies – it is expected to increase the efficiency of the companies.
Banking
On 11 May 2015 Invalda INVL signed the agreements regarding the sale of bank Finasta and brokerage company Finasta shares to Siauliu bankas. To close the deal Siauliu bankas will issue new shares, which will be acquired by Invalda INVL.
Final transaction price will depend on a change in Finasta group companies’ equity and market price of held to maturity financial instruments. It is agreed that Šiaulių bankas will issue new shares at the price of EUR 0.29 per share.
“By concentrating on asset management business, we exchange Finasta bank control to a minority stake in growing Šiaulių bankas. We believe that further development of Siauliu bankas will increase the value of shares”, – said D. Sulnis.
Conditions necessary to close the transaction are: Siauliu bankas shareholders’ decision regarding the new share issue and the Bank of Lithuania and Competion council permits.
At the end of the first quarter of 2015 the shares of bank Finasta and brokerage company Finasta at Invalda INVL financial statement were valued EUR 4.759 million.
Facility management
Invalda INVL manages 100 percent of Facility management group Inservis (together with companies Priemiestis, Jurita, Naujosios Vilnios Turgaviete and Advima). At the end of the first quarter of 2015 these companies were valued at EUR 3.1 million or 6 percent less than at the end of 2014. On March 2015 dividends amounting to EUR 0.2 million were allocated from Inservis to Invalda INVL.
Other investments
At the end of the first quarter of 2015 Invalda INVL had EUR 1.2 million invested in listed companies’ shares, as well as EUR 1.3 million of other investments, also granted EUR 7.4 million of loans.
Total liabilities of the company amounted to EUR 0.8 million at the end of March 2015.
Invalda INVL shares are listed on NASDAQ Vilnius Stock Exchange