Invalda Invl Ab · OMXVSE:IVL1L
Invalda Invl Ab — Invalda LT — FY2013 Earnings Presentation
35 slides from Invalda Invl Ab's earnings presentation, Apr 7, 2014
Slide 1: Invalda LT, AB consolidated results for 2013
Invalda LT, AB consolidated results for 2013 Vilnius, 7 April 2014
Slide 2: About the company
/ About the company / ~ fees
Slide 3: What is Invalda LT, AB?
What is Invalda LT, AB? • Invalda LT, AB is one of the major investment companies in Lithuania whose primary objective is to steadily increase the investor equity value. For the purpose of attainment of this objective Invalda LT, AB actively manages its investments, exercising control or significant
Slide 4: The main sectors of Invalda LT, AB
The main sectors of Invalda LT, AB Remark: more information on Group’s companies and their contacts is presented Consolidated Annual Report for the year 2013 (Appendix I. „Information about group companies, their contact details”, pages 47-53). 4
Slide 5: Shareholders structure
Shareholders structure Votes of shareholders of Invalda LT, AB as of 31 December 2013 5
Slide 6: Management
Management Alvydas Banys – Chairman of the Board After graduating from Vilnius Gediminas Technical University Alvydas Banys worked as a Jr. Scientific Co-worker at the Economics' Institute of Lithuania‘s Science Academy. In 1996 - 2006 he held the position of Vice President. He served as the Member
Slide 7: Invalda LT, AB shares
Invalda LT, AB shares Shares issued, units 24,833,551 Shares with voting rights 22,797,297 from 30 December 2013, units Nominal value per share, LTL 1 Total nominal value, LTL 24,833,551 ISIN code LT0000102279 Name IVL1L Exchange NASDAQ OMX Vilnius List Baltic Main List (since 1 January 2008) Listin
Slide 8: Trading in Invalda LT, AB shares (1)
Trading in Invalda LT, AB shares (1) 2009 2010 2011 2012 2013 Share price, EUR - open 0.484 0.533 2.000 1.930 1.970 - high 1.075 2.546 2.650 2.940 3.450 - low 0.319 0.521 1.733 1.871 1.960 - medium 0.565 1.130 2.050 2.308 2.539 - last 0.533 1.989 1.943 1.970 3.450 Turnover, units 7,273,279 6,509,830
Slide 9: Trading in Invalda LT, AB shares (2)
Trading in Invalda LT, AB shares (2) • OMX index is an all-share index which includes all the shares listed on the Main and Secondary lists on the NASDAQ OMX Vilnius with exception of the shares of the companies where a single shareholder controls at least 90% of the outstanding shares. The OMX Balt
Slide 10: Invalda LT, AB capitalization
Invalda LT, AB capitalization * The authorised capital was reduced due to the split-off of the company. Remark: more information on securities of the company is presented in Consolidated Annual Report for the year 2013 (section II. „Information about securities”, pages 9-17). 10
Slide 11: Acquisitions of own shares
Key events as of 2013 Acquisitions of own shares Since the beginning of the year 2013 the company implemented share acquisition process for four times: The total amount paid to the shareholders was LTL 72.597 million (EUR 21.025 million): 1. 8 March 2013 the company acquired 10 % of own shares at th
Slide 12: The split-off
Key events as of 2013 The split-off • On 9 April 2013 the General shareholders Meeting of Invalda, AB approved split–off terms. In accordance with the split-off terms, a part of Invalda assets has been split–off and on its basis a new public–joint stock company Invalda Privatus Kapitalas, AB has bee
Slide 13: Change of management
Key events as of 2013 Change of management • On 22 May 2013 the Board of Invalda, AB removed Dalius Kaziunas and appointed Darius Sulnis as the President of Invalda, AB. Mr. Sulnis has already been the president of Invalda, AB in 2006-2011 • On 28 May 2013 the Board of Invalda LT, AB was elected. Al
Slide 14: Financial results of the company and its group
Financial results of the company and its group
Slide 15: Activity Results of Invalda LT, AB
Activity Results of Invalda LT, AB Parent company Consolidated million litas 2011 2012 2013 2011 2012 2013 Assets 399.0 372.2 174.6 646.4 589.9 365.9 Equity 360.7 360.6 160.0 415.3 416.2 219.2 Liabilities 38.3 11.6 14.6 231.1 173.7 146.8 Profit (loss) 274.9 20.9 81.0 216.5 32.1 108.5 Profit (loss) a
Slide 16: Equity and liabilities
Equity and liabilities million litas 2011 2012 2013 Equity 360.7 360.6 160.0* Liabilities to financial institutions - - 7.8 from this long term - - - Liabilities to group companies 0.4 9.1 4.9 Bonds 34.1 - - Other liabilities 3.8 2.5 1.9 Total liabilities 38.3 11.6 14.6 Total Equity and Liabilities
Slide 17: Results
Results Impact to the profit (loss) statement due to group sectors and financial investments million litas 2011 2012 2013 Furniture manufacturing sector 19.3 19.5 4.7 Real estate sector (20) (13.5) 3.7 Agricultural land sector 2.2 2.4 9.1 Agriculture sector - 8.7 4.2 Information technology sector (0
Slide 18: Group results
Group results Remark: more information about Invalda LT group results is presented in Consolidated Annual Report for the year 2013 (section IV. „Information about the Issuer’s and its Group Companies’ activity“, pages 27-42).
Slide 19: Furniture manufacturing sector (1)
Furniture manufacturing sector (1) 45.4 % Investment date Activity Place of the residence Manager Vilniaus Baldai, AB 1994–1995 Furniture Lithuania Dalius Aleksandravicius (since 6 January manufacturing 2014) Aidas Mackevicius (until 6 January 2014) • More information about company’s activities and
Slide 20: Furniture manufacturing sector (2)
Furniture manufacturing sector (2) million litas 2012 2013 Change Change, % Sales 230.1 166.1 (64) (27.8) EBITDA 34.9 21.1 (13.8) (39.5) Net profit 27.0 14.3 (12.7) (47) Capitalization 190.5 187.9 (2.6) (1.4) Employees 464 488 24 5.2 • More information about company’s activities and results are prov
Slide 21: Real estate sector (1)
Real estate sector (1) INTF Investicija, Rovelija, UAB Sago, UAB* UAB* Investment date Activity Place of the residence Manager Invaldos Nekilnojamojo Turto Fondas, 1997 Investments into Lithuania Gediminas Bronislovas AB commercial rental real Rimkevicius estate INTF Investicija, UAB 2007 Investment
Slide 22: Real estate sector (2)
Real estate sector (2) Results of real estate companies owned by Invalda LT, AB after the split-off million litas 2012 2013 Change Change, % 2012 2013 Value of commercial real 144.2 144.5 202.1 144.5 (57.6) (28.5) estate Shareholders’ equity (incl. 45.7 46.0 113.2 46.0 (67.2) (59.4) loans from Inval
Slide 23: Agricultural land sector (1)
Agricultural land sector (1) Avizele, UAB Laukaitis, UAB Vasarojus, UAB Berzyte, UAB Lauknesys, UAB Zalve, UAB Dirvolika, UAB Linaziede, UAB Zemgale, UAB Duonis, UAB Pusaitis, UAB Zemynele, UAB Ekotra, UAB Puskaitis, UAB Ziemkentys, UAB Kvietukas, UAB Seja, UAB Investment date Activity Place of the
Slide 24: Agricultural land sector (2)
Agricultural land sector (2) 2012 2013 Change Change, % Arable land, hectare 4995.3 2923.6 (2071.7) (41.5) Average fertility quality points 46,7 46,4 (0.3) (0.6) Value of agricultural land, LTL million 41.8 36.1 (5.7) (13.6) Shareholders’ equity (incl. loans from Invalda 41.4 33.4 (8.0) (19.3) LT, A
Slide 25: Agriculture sector (1)
Agriculture sector (1) 20.1% Litagros Prekybos Centras, UAB Litagros Grudu Centras, UAB Litagros Zemes Ukio Centras, UAB Litagros Grudai, UAB, Litagros Prekyba, UAB, Aristavos Ukis, UAB, Sesupes Ukis, UAB, Bausu SIA Litagra (Latvia), Litagra OU (Estonia) Joniskio Grudai, UAB, Kedainiu Grudai, ukis,
Slide 26: Agriculture sector (2)
Agriculture sector (2) million litas 2012 2013 Change Change, % Sales 429.5 452.5 23.0 5.4 EBITDA 40.1 28.1 (12.0) (29.9) Net result, according to the 20.3 13.0 (7.3) (36.0) data provided by the company *Results as of 2012 and 2013 are prepared in accordance with International Financial Reporting St
Slide 27: Information technology sector (1)
Information technology sector (1) 80% 70% 76.5% Investment date Activity Place of the residence Manager BAIP Grupe, UAB 2007 December Investments into information technology (IT) companies Lithuania Kazimieras Tonkunas BAIP, UAB IT infrastructure solutions. IT security consultations. IT Lithuania Gy
Slide 28: Information technology sector (2)
Information technology sector (2) million litas 2012 2013 Change Change, % Sales 40.8 50.7 9.9 24.3 EBITDA 2.7 4.4 1.7 63.0 Net profit before investment amortization1 (0.1) 1.4 1.5 - and cost of management options Net profit (1.1) 0.7 1.8 - Employees 131 148 17 13.0 1. Amortization of contract asset
Slide 29: Facility management sector (1)
Facility management sector (1) Naujosios Vilnios Turgaviete, UAB Investment date Activity Place of the residence Manager Inservis, UAB 1994 Facility management, engineering Lithuania Rimvydas Ramanauskas systems oversight and incidents management, multi-apartment house management Jurita, UAB 2011 Fa
Slide 30: Facility management sector (2)
Facility management sector (2) million litas 2012 2013 Change Change, % Sales 13.1 15.5 2.4 18.3 EBITDA 0.4 1.1 0.7 175.0 Net profit (0.3) 0.5 0.8 - Employees 231 239 8 3.5 • More information about services and activity is provided on the web pages www.inservis.lt; www.jurita.lt; www.priemiestis.lt
Slide 31: Company plans
/ Company plans / ~ fees
Slide 32: Reorganization (1)
Reorganization (1) • On 12 December 2013 the Board of Invalda LT, AB decided to analyse possibilities regarding the new management business model. The reasons is that now the shareholders aren‘t able to select the sector, the risk level as well as the term of the investments. Moreover, company's cap
Slide 33: Reorganization (2)
Reorganization (2) • All the shares of 3 newly established companies are planned to be quoted on the NASDAQ OMX Vilnius Exchange. Shareholders of Invalda LT, AB – about 3900 • INVL Baltic Farmland, INVL Baltic Real Estate and INVL Technology will apply for The agricultural land a closed-end investme
Slide 34: Split – Off of shares
Split – Off of shares • All the shareholders of Invalda LT, AB, which at present is more than 3900, will participate in proportion in the capital of the separated companies. – 52.05 % of owned shares will stay in Invalda LT, 14.45 % will be given in INVL Baltic Farmland, 30.9 % - in INVL Baltic Real
Slide 35: Disclaimer
Disclaimer • The presentation was prepared by Invalda LT, AB. • Consolidated and company’s financial statements of Invalda LT, AB for the year 2013 were used in the presentation. • Data provided here is for information purposes only. • The information provided here is not a recommendation or solicit