Invalda sells owned block of Hidroprojektas shares

Investment company Invalda sells owned block of Hidroprojektas shares (97.99%). Agreement regarding sale of Hidroprojektas, which main activity is investigation and designing of various water management objects, with the buyer company SWECO BKG LSPI was signed on Thursday.

In February Invalda announced about the search of investors for Hidroprojektas. Hidroprojektas was acquired from minor shareholders in 2001. Seeking to improve efficiency of activity, the company was reorganized, the management and the motivation system of employees were amended.

According to the president of Invalda Darius Sulnis, Hidroprojektas is successfully operating company with broad perspectives in the future. The decision to sell this company was made because of the size of the company, which compared with group scale is not significant. Furthermore, the company does not operate in one of strategic sectors of Invalda group. 

“We expect that the buyer soon will get authorisation of the Competition Council for fulfilment of the agreement and will successfully take over the management of Hidroprojektas as part of SWECO group for which designing and consulting is strategic business” – D. Sulnis said.

Invalda during the process of selling was represented by Finasta imoniu finansai.

SWECO BKG LSPI belongs to Swedish company SWECO Central Eastern Europe AB which is a part of SWECO AB group (4900 employees). This group unites 11 Swedish, Norwegian and Finnish companies, operating in industry, energetic, construction and development of infrastructure and other sectors. The group also owns engineering companies in Estonia, Czech Republic and Russia.

“Strategy of Invalda is not only to acquire, actively manage but moreover to sell businesses or companies if suitable proposition exists. Case of Hidroprojektas is a classical model of Invalda’s activity, when a company is acquired, reorganized in order to improve efficiency and sold as the investor paying proper price is found” – D. Sulnis said.

Part of unaudited consolidated net profit of 9 months of 2007 attributable to Invalda is equal to 40.3 mLTL; at the end of the same period last year it has reached 27.4 mLTL. Consolidated net profit of nine months of the whole Invalda group is equal to 47.3 mLTL, compared to 37.7 mLTL last year. Invalda itself during three quarters of 2007 earned 83.8 mLTL net profit. During the same period last year net profit of Invalda was 30.1 mLTL.

According to revised forecasts of Invalda, part of consolidated net profit attributable to company shareholders this year should reach 72.4 mLTL. Consolidated net profit of the whole Invalda group should reach 83.5 mLTL under International Financial Reporting Standards.

1 EUR = 3,4528 LTL