Invalda, one of the largest investment companies in Lithuania, earned unaudited consolidated net profit of 23.3 million litas attributable to the parent company within 2012. This is 9 times less than in the same period of 2011 when the profit was 209.0 million litas.
„Higher 2011 year’s profit was caused by the exits of Sanitas and Tiltra Group, and the profits of 2012 were accumulated by our managed businesses.“-, said Dalius Kaziunas, the president of Invalda AB.
In 2012 Invalda allocated 59.6 million litas for the share buy-back program. Currently another share buy – back program has been started; the total amount of 42.9 million litas has been allocated for it. D. Kaziunas explained, that the split – off terms of Invalda has been announced recently; according to those terms, a part of Invalda will be split – off and on the basis of this part a new public joint – stock company Invalda Privatus Kapitalas will be formed. In the split – off, 45.45 percent of the total assets of the Company (a balance sheet value of the Company’s assets at the end of 2012 totalled to 372.1 million litas) as well as 45.45 percent of the Company’s equity capital and liabilities will be allocated to the newly established entity.
Furniture manufacturing sector
The furniture manufacturing sector, where Invalda controls 72 percent stake in the largest Lithuanian furniture manufacturing company Vilniaus Baldai, earned 19.4 million litas of unaudited net profit for Invalda, i.e. 0.1 million litas more than in January-December of 2011 (19.3 million litas).
In 2012, sales of Vilniaus Baldai reached 230.1 million litas or 3.5 per cent less than the sales in 2011 (238.4 million litas). Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) totalled to 34.8 million litas (in 2011 it was36.1 million litas). Having eliminated the influence of one-off costs in 2012, EBITDA totalled to 37.8 million litas and exceeded EBITDA for 2011 by 2.4 percent (36.9 million litas). In 2012, the company earned a net profit of 26.8 million litas.
„The company continues to enhance productivity in 2012, and we are satisfied with its chievements. Due to ongoing changes in the range of assortment, there is a probability that Vilnius Baldai will not reach past sales this year, but we expect the company to continue profitable operations.“- said D. Kaziunas.
Vilnius Baldai announced that the amount of about 27 million litas will be allocated for the investments during the period of 2012-2013.
Real estate sector
The loss in the real estate sector for 2012 amounted to 11.1 million litas (in 2011 it was 17.8 million litas). The loss was caused by revaluation of investment property, which reduced the value of assets by 8.7 million litas, to 226.8 million litas.
„As we announced earlier, the value of agricultural land assets rose with the whole agricultural land market, but devaluation of lower liquidity commercial assets brought negative changes to the sector”-, said D. Kaziunas.
In 2012 Invalda group company started a development of the complex of 20 residential apartments and 4 commercial premises Danes Uzutekis in the old town of Klaipeda as well as the construction of the new 40 residential apartment house Kopu Vetrunges in Kursiu Nerija.
Facility management sector
In the facility management sector, where Invalda owns Inreal Pastatu Prieziura and other companies, sales grew by 24.3 percent up to 13.3 million litas, loss totaled to 0.3 million litas.
Agriculture sector
The agricultural sector, where Invalda owns 36.8 percent shares in Litagra, earned a profit of 7.2 million litas to Invalda. A turnover of Litagra (by the Business Accounting Standards) during the 2012 increased by 34.9 percent, to 429.2 million litas, and net profit amounted to 20.3 million litas.
„A record grain harvest in Lithuania as well as increased business volumes and operating efficiency of Litagra resulted in good results of this company“- said D. Kaziunas.
Information technology infrastructure sector
In the information technology infrastructure sector (Invalda owns 80 percent of BAIP group in this sector), Invalda incurred a loss of 1.1 million litas. Consolidated turnover was 40.2 million litas or 16.5 percent less than 2011 (34.5 million litas).
„The end of the year was not as good as we expected and the year was not finished profitably. However, the ongoing successful integration of acquired Norway Registers Development group as well as an expansion of the company’s activities in foreign countries enables us to expect the profit in 2013.“- said D. Kaziunas.
Other important twelve months and post-balance sheet events
On February 13, 2013 the Board of Invalda published the drawn – up the Company‘s split – off terms and initiated a share buy – back program for acquisition of up to 10 percent of the treasury shares.
According to the publicly announced split – off terms, a part of Invalda will be split – off and on the basis of this part a new public joint – stock company Invalda Privatus Kapitalas will be formed. In the split – off, 45.45 percent of the total assets of the Company (a balance sheet value of the Company’s assets at the end of 2012 totaled to 372.1 million litas) as well as 45.45 percent of the Company’s equity capital and liabilities will be allocated to the newly established entity.
Enclosed:
– Consolidated and company’s unaudited financial statements for the period of 12 months ending on December 31, 2012;
– Unaudited consolidated interim report for the period of 12 months ending on December 31, 2012;
– Confirmation of persons responsible for the financial statements;
– Presentation of Invalda AB group results for the period of 12 months ending on December 31, 2012.
The person authorized to provide additional information:
Dalius Kaziunas
President
Tel. (8 5) 273 3278
Email: [email protected]