{"id":13142,"date":"2011-05-31T00:00:00","date_gmt":"2011-05-30T21:00:00","guid":{"rendered":"https:\/\/www.invaldainvl.com\/press-releases\/a-profit-of-invalda-group-for-the-first-quarter-6-4-million-ltl\/"},"modified":"2011-05-31T00:00:00","modified_gmt":"2011-05-30T21:00:00","slug":"a-profit-of-invalda-group-for-the-first-quarter-6-4-million-ltl","status":"publish","type":"post","link":"https:\/\/www.invaldainvl.com\/en\/press-releases\/a-profit-of-invalda-group-for-the-first-quarter-6-4-million-ltl\/","title":{"rendered":"A profit of Invalda group for the first quarter – 6.4 million LTL"},"content":{"rendered":"\n

In the first quarter of this year a group of investment company Invalda<\/em> earned 6.4 million Litas of net earnings attributable to shareholders of the parent company. At the same period in 2010 a loss of 1.5 million Litas was incurred.<\/p>\n

“The quarterly results and performance of our managed businesses has been good. In the first quarter we have also worked on large Tiltra Group<\/em> and Sanitas<\/em> transactions, which results will have a substantial impact on a further Invalda\u2019s development “, – said Darius Sulnis, a president of Invalda<\/em>.<\/p>\n

Pharmaceuticals industry
<\/em>Pharmaceutical sector, in which Invalda owns 26.5 percent of Sanitas<\/em> shares, in the first quarter of 2011 earned to Invalda 4.2 million Litas profit (last year 4 million Litas profit was reached).
On 23 May 2011, Invalda<\/em> and other Sanitas<\/em> shareholders, together owning 87.2 percent of Sanitas <\/em>share capital, has signed a binding share purchase and sale agreement, according to which this stake is sold to Valeant Pharmaceuticals International<\/em>, Inc. (hereinafter – “Valeant”).
According to the agreement, Invalda<\/em> will sell 26.5 percent of Sanitas AB<\/em> shares in exchange of EUR 82.5-84 million (LTL 285-290.1 million), or 10-10.18 EUR (34.53-35.15 LTL) per share payable by Valeant<\/em>. Taking into account stock price adjustment mechanism foreseen in the agreement signed on 24f October 2008 (regarding 20.3% of Sanitas AB<\/em> share capital sale) total proceeds of Invalda<\/em> for Sanitas<\/em> shares will amount to 310 to 318.3 million LTL (from 89.8 to 92.2 million EUR) (based on the official LTL\/USD exchange rate as of 24 May 2011).
“We invested in Sanitas<\/em> in 2003, when it was a small Lithuanian company. With help of Invalda<\/em> and other financial investors\u2019 consortium, Sanitas<\/em> has become one of the leading players in Central and Eastern Europe and CIS countries, while revenues increased about 10 times. Transaction proposed by Valeant<\/em> allows us to realize the value created and to explore new opportunities. While Sanitas<\/em> will be able to grow faster managed by new owners”, – said D.Sulnis.
The preliminary net gain in the consolidated financial statements of AB Invalda<\/em> group and standalone financial statements of AB Invalda<\/em> is approximately EUR 52.1-54.5 million (LTL 179.9-188.2 million) and EUR 58.1-60.5 million (LTL 200.5-208.8 million) respectively.<\/p>\n

Road and bridge construction industry
<\/em>Road and bridge construction sector\u2019s companies did not affect the results of Invalda<\/em> in the first quarter, because the assets where held for sale.
On 19 April 2011, Invalda and other Tiltra Group AB<\/em> and AB Kauno Tilta<\/em>i (hereinafter – Tiltra Group<\/em>) shareholders completed a merger transaction of Tiltra Group<\/em> and Polish listed railway infrastructure market leader Trakcja Polska<\/em>. For 314.1 million PLN Trakcja Polska<\/em> bought from Invalda<\/em> 44.78 percent stake in Tiltra Group AB<\/em> and 43.36 percent stake in Kauno Tilta<\/em>. At the same time Invalda<\/em> acquired a 12.5 per cent Trakcja Polska<\/em> shares for 132.3 million PLN, Trakcja Polska<\/em> corporate bonds with par value 119.8 million, while the remaining 62 million PLN has received in cash. Price received by Invalda<\/em> for Tiltra Group AB<\/em> and AB Kauno Tiltai<\/em> shares may be reduced by a maximum of 60.6 million PLN depending on Tiltra Group<\/em> performance.
“At the end of 2005 we invested in Kauno Tiltai<\/em>, one of the largest road construction companies in Lithuania, which due to acquisitions and organic expansion into the Polish market has grown in five years to more than 1.2 billion LTL revenues receiving company”, – said D.Sulnis.
Preliminary positive impact on the consolidated Invalda group results amounts to 152 million LTL (44 million EUR), and to standalone – about 199 million LTL (57.6 million EUR). When all the transaction-related costs will be known, these figures will be updated and reflected in the statements of Invalda for the second quarter.
Trakcja Polska<\/em> shares a listed on the Warsaw Stock Exchange. Invalda\u2019s<\/em> 12.5 percent stake in Trakcja Polska<\/em> will be accounted as financial assets, and its influence upon Invalda\u2019s<\/em> results will depend on share price movements of Trakcja Polska<\/em>.<\/p>\n

Furniture manufacturing sector
<\/em>Furniture manufacturing sector, in which Invalda<\/em> owns 72 percent stake in AB Vilniaus Baldai<\/em>, contributed 4.9 million LTL profit to Invalda<\/em>. Vilniaus Baldai<\/em> increased quarterly sales by 31 percent up to 56.6 million LTL. Earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to 9.2 million LTL (6 percent less) and a net profit – 6.9 million (1.5 percent less).
“Due to increasing production, sales and operational efficiency, Vilniaus Baldai<\/em> where able in principle to offset raw material price increases. We are pleased with the result, “- said D.Sulnis.<\/p>\n

Information technology infrastructure sector
<\/em>The information technology sector, in which Invalda<\/em> owns 80 percent of BAIP Group<\/em> shares, in the first quarter of 2011 incurred 242 thousand LTL loss attributable to Invalda<\/em> (first quarter loss in the previous year amounted to 945 thousand LTL).
“There are signs of recovery in the market, so during the beginning of the year which is usually slow, BAIP<\/em> group demonstrated much better result than last year. Given the fact that most of the profits are earned by this sector at the end of the year, we expect profitable 2011 “, – said D.Sulnis.
Revenue of BAIP group<\/em> in the first quarter  increased 3-fold to 8.4 million LTL.<\/p>\n

Real estate sector
<\/em>Real estate sector quarterly profit amounted to 263 thousand. LTL. Although the rental income decreased year-on year, it stabilized when comparing with the fourth quarter.
“Time, when the real estate sector primary goal was to survive is over, and new priority is to generate returns to shareholders”, – said D. Sulnis.
Responding to changes in the market, group started construction of a small residential building in Vilnius district Valakampiai, increased investment in agricultural land, established the company conducting the cadastral measurements Inreal GEO<\/em>, and is considering the possibility of reviving frozen investment projects.<\/p>\n

Facility management sector
<\/em>From the first quarter of 2011, the facility management sector is shown as separate one in Invalda\u2019s financial statements. Companies Invalda Service<\/em> and Priemiests<\/em> achieved 2.3 million LTL revenue and 0.07 million LTL profit.
“Although our facility management companies are small, but we intend to allocate resources for their development. We are actively looking for acquisitions and we are ready to consider any proposals “, – said D.Sulnis.<\/p>\n

Acquisitions
<\/em>In the first quarter of 2011 Invalda group<\/em> acquired from the State Property Fund 51 percent stake in Lauko Gelininkystes Bandymu Stotis<\/em> for 911 thousand LTL. The company is actively expanding its core business and is using the trademark Plant Center.<\/p>\n

About Invalda AB<\/em>
Invalda AB<\/em> is one of the major Lithuanian investment companies whose primary objective is to steadily increase the investor equity value. For the purpose of attainment of this objective Invalda<\/em> actively manages its investments, exercising control or significant influence over target businesses.
The largest part of Invalda Group<\/em> activities are performed in Poland and Lithuania.
Invalda\u2019s<\/em> shares have been listed since December 19, 1995 (then the National Stock Exchange of Vilnius, Lithuania). From the January 1, 2008 the company\u2019s shares have been on the Main List of NASDAQ OMX Vilnius stock exchange.<\/p>\n","protected":false},"excerpt":{"rendered":"

In the first quarter of this year a group of investment company Invalda earned 6.4 million Litas of net earnings attributable to shareholders of the parent company. 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