28 April 2014 Invalda LT signed the agreement with Invalda Privatus Kapitalas regarding sale of 45.4% of stake in Vilniaus Baldai AB.
Invalda LT will receive LTL 80.198 million (EUR 23.23 million) for 45.4 % stake in Vilniaus Baldai. The deal will be completed after the shareholders of Vilniaus Baldai have appointed dividends; therefore the price for shares will be lowered by the paid-out amount. The positive effect of the deal should be reflected in the results of Invalda LT for the second quarter of 2014. Preliminary standalone equity capital of Invalda LT will increase by LTL 60.5 million (EUR 17.5 million), consolidated – LTL 6.1 million (EUR 1.8 million).
Based on last 12 months results, the value of Vilniaus Baldai in the deal is estimated to be at 10.6 P/E, 7.4 EV/EBITDA and 3.1 P/BV. Sales of the company amounted to LTL 166.116 million (EUR 48.11 million) in 2013, earnings before interest, taxes, depreciation and amortisation (EBITDA) – LTL 21.1 million (EUR 6.1 million), net profit – LTL 14.3 million (EUR 4.1 million).
A part of money from the sale will be invested into Litagra UAB. Transactions regarding sale of Vilniaus Baldai and increase of stake in Litgara should be completed when the Competition Council permits are received and all other conditions, laid down in the agreements, are fulfilled.
Invalda invested into Vilniaus Baldai capital 20 years ago. Long-time results show that Vilniaus Baldai is one of the most efficient manufacturing companies in the region, working profitably and generating significant cash flow to shareholders. Upon the right price, Invalda LT may exit also from the managed and well-functioning busines.
The person authorized to provide additional information:
Darius Sulnis
President
Phone +370 5 279 0601
Email: [email protected]