Slide 1: Preliminary results of Invalda AB group in 2009
Preliminary results of Invalda AB group in 2009 Vilnius, 26- 26-02- 02-2010
Slide 2: Content
Content • The Company • About Invalda AB Slide 4 • Shareholders Slide 5 • Board of Directors Slide 6 • Shares Slide 7 • The Group • Group structure Slide 11 • Management principals Slide 12 • Financial results Slides 14-29 2
Slide 3: The Company
THE COMPANY
Slide 4: About Invalda AB
About Invalda AB • Invalda AB is a company which actively manages its investments and: – the largest part of assets allocates in Poland and Lithuania; – determined the following priority segments: pharmacy, roads and bridges construction, furniture manufacturing, real estate and IT; – constantly see
Slide 5: Structure of shareholders
Structure of shareholders 31.12.2009 03.02.2010 Vytautas Bucas 22.52% 18.56% Darius Sulnis 9.57% 7.88% Dalius Kaziunas with the spouse 0.50% 0.41% Lucrum Investicija UAB 12.60% 10.38% Algirdas Bucas 8.04% 6.63% Dailius Juozapas Miseikis 9.62% 25.52% Alvydas Banys with related persons 10.06% 8.29% Ot
Slide 6: Board of Directors
Board of Directors Vytautas Bucas – Chairman of the Board Since 1996 Vytautas Bucas is a member of Lithuanian Chamber of Auditors and since 2002 - member of Association of Chartered Certified Accountants (ACCA), UK. After graduating from Vilnius University, Vytautas spent 8 years at accounting compa
Slide 7: Shares
Shares ISIN codes LT0000102279 Name IVL1L Exchange NASDAQ OMX Vilnius List Baltic Main list Listing in the Secondary list date 19-12-1995 Listing in the Main list date 01-01-2008 Nominal value of share 1 LTL Share issue 12-31-2009 42 568 849 units Share issue 03-02-2010 * 51 659 758 units * 50 mLTL
Slide 8: Trading in shares (1)
Trading in shares (1) Turnover Invalda OMXV DJ Stoxx EU Enlarged TMI 120 700000 100 600000 80 500000 60 Turnover (LTL) Change (%) 400000 40 300000 20 200000 0 100000 -20 -40 0 01.01.2009 21.01.2009 10.02.2009 02.03.2009 20.03.2009 09.04.2009 04.05.2009 25.05.2009 12.06.2009 03.07.2009 23.07.2009 12.
Slide 9: Trading in shares (2)
Trading in shares (2) 2008 2009 Share price, LTL: - open 17.15 1.67 - high 17.34 3.71 - low 1.03 1.10 - last 1.67 1.84 Turnover, units 4 973 647 7 273 279 Turnover, mLTL 47.08 14.19 Capitalisation, LTL 71.09 78.33 Traded volume, units 9 162 8 443 9
Slide 10: The Group
THE GRO GROUP
Slide 11: Sectors of Invalda AB group
Sectors of Invalda AB group Pharmacy Road and IT bridge construc- tion INVALDA group Furniture Real Estate manufac- turing 11
Slide 12: Management principles
Management principles Invalda AB actively manages its investments by following these principles: • Competitiveness - every single business of the Group should be competitive and should have the best self-driven managers. The managers should be able to develop a clear vision of the business they head
Slide 13: Financial results
Financial results
Slide 14: Significant events and tasks accomplished last year
Significant events and tasks accomplished last year • Finalisation of sale of block of shares of Sanitas for103.58 mLTL. • Sale of Finasta group for 45.75 mLTL. • Tiltra Group acquired Poldim group in Poland. • Businesses were reorganized to operate efficiently and profitably. • Liabilities of AB In
Slide 15: Main activity results of Invalda AB
Main activity results of Invalda AB Consolidated Parent company mLTL 2008 2009 2008 2009 Assets 882.4 606.1 533.2 308.4 Equity 177.7 89.0 168.1 47.9 Liabilities 704.8 517.1 365.1 260.5 Profit (loss) for the period before (17.4) 27.7 78.9 (13.1) provisions and revaluation of investment property Provi
Slide 16: Company assets
Company assets mLTL 31-12-2008 31-12-2009 Description of assets as of 31-12-2009 26.5 per cent stake in Sanitas AB and Investments in Sanitas 185.9 119.6 loans to the company Investments in road 43.3 per cent stake in Kauno Tiltai AB construction 25 25 and 44.8 per cent stake in Tiltra Group Commerc
Slide 17: Equity and liabilities
Equity and liabilities Change,**, AB Invalda, mLTL 2008 2009 Modeled* mLTL Equity 168.1 47.9 97.9 -70.2 Liabilities to financial institutions 183.3 147.4 147.4 -35.9 From this long term 0 0 119.2 119.2 Liabilities to group companies 70.8 19.8 20.3 -50.5 Bonds 75.6 83.1 35.1 -40.5 Other liabilities 3
Slide 18: Preliminary results by sector
Preliminary results by sector Groups sectors’ contribution to Invalda AB results mLTL 2008 2009 Pharmaceuticals* 0 5 Road construction* 18,7 13,07 Real estate (97,9) (119,6) Furniture manufacturing 7,6 15,5 IT (1,1) (1,6) Financial sector (sold) (-25) 6,1 * Part of net profit (loss) attributable to
Slide 19: Pharmaceuticals sector (Sanitas AB) (1)
Pharmaceuticals sector (Sanitas (Sanitas AB) (1) mLTL 2008 2009 Change, mLTL Change, % Sales 382,5 323,2 59.3 15.5% EBITDA 90.5 74.3 -16.2 -17.9% Net profit (loss) -1,9 18,8 20.7 Net debt 346,9 277,2 -69.7 19
Slide 20: Pharmaceuticals sector (Sanitas AB) (2)
Pharmaceuticals sector (Sanitas AB ) (2) 2009: Pharmacy sector • 51 new products where registered of Invalda in 11 markets. 26.53% • After poor performance in the first Sanitas AB quarter, Sanitas showed an improvement in results later in the Hoechst-Biotika (Slovakia) year. • Decreased administrati
Slide 21: Road and bridge construction sector (1)
Road and bridge construction sector (1) Sector results* mLTL 2008 2009 Change, mLTL Change, % Sales 638,3 470 -168,3 -26,4% Net profit 46,6 20,2** -29,4 -56,7% * Results of Kauno Tiltai and Tiltra Group are provided. Poldim, which was acquired in December 2009 will be consolidated from 2010 ** Resul
Slide 22: Road and bridge construction sector (2)
Road and bridge construction sector (2) 2009: Road and bridge construction • Executing expansion in Poland, Tiltra Group AB sector of Invalda acquired control of road and bridge construction 44.78% group Poldim in December 2009. Tiltra Group AB • After this deal, total annual revenues of the group 7
Slide 23: Road and bridge construction sector (3)
Road and bridge construction sector (3) 1200 1000 800 mln. LTL 600 400 200 0 2004 2005 2006 2007 2008 2009 F Years Sales in Lithuania Sales in Poland Sales of 2009: combined forecasted sales of Tiltra Group, Kauno Tiltai and Poldim Core regions of Tiltra Group activity Supplementary regions of Tiltr
Slide 24: Furniture manufacturing (Vilniaus Baldai) (1)
Furniture manufacturing (Vilniaus Baldai) aldai) (1) 2008 mLTL 2009 mLTL Change, mLTL Change, % Turnover 137.5 149 11.5 8.3% EBITDA 8.1 27 18.9 233.3% Net profit (loss) 7.6* 15.4 7.8 102.6% Net Debt 15.2 (4.5) (197) * Considering the share of loss from Giriu Bizonas of 6 mLTL (which was accounted us
Slide 25: Furniture manufacturing (Vilniaus Baldai) (2)
Furniture manufacturing (Vilniaus Baldai) aldai) (2) 2009 Furniture manufacturing • Vilniaus Baldai is generating stable cash flows. sector of Invalda • Operating effectiveness was further increasing. 72.01% Annual turnover per employee (calculated as Vilniaus Baldai AB annual turnover devided by av
Slide 26: Real estate (1)
Real estate (1) mLt 2008 2009 Value of real estate 332 256 Shareholders’ Equity (incl. loans from Invalda AB) 204.9 121.8 Loans from credit institutions* 159.6 145.2 Rent income 21.97 20.5 Operating profit before valuation loss and allowance for real estate (7.0) (12.6) Allowance (29.0) (43.0) Valua
Slide 27: Real estate (2)
Real estate (2) Real Estate sector of Invalda • The goal in 2009 was to reorganize real estate sector companies in such a way that Operators the sector could operate without the need of excess financing from shareholders. The Invalda Nekilnojamojo Turto Valdymas UAB goal was achieved. • Decision was
Slide 28: IT (1)
IT (1) mLTL 2008 2009 Turnover 33 26.7 Gross profit (loss) 8.8 8.3 EBITDA 1.4 1.5 Net profit (loss) 0.3 0 Loans from credit 0 3.5 institutions Figures are taken from consolidated financial statements of Positor group 28
Slide 29: IT (2)
IT (2) • Business volumes of BAIP increase y/y: gross profit was 4% higher than in 2008. EBITDA reached 1.8 mLt (+40% y/y). BAIP is the largest company of Positor IT sector of Invalda group’s professional service sector. BAIP provides professional services that require specific know-how 80% Positor
Slide 30: Summing-up
Summing- Summing-up • 2009 was tough but important: – main businesses were reorganized according to market trends, they are operating successfully and are generating positive cash flows; – liabilities were decreased significantly. • Goals for 2010 are: – to ensure that all main businesses of Invalda
Slide 31: Comments
Comments • Throughout this presentation The Company refers to Invalda AB; The Group refers to Invalda AB and companies related to it. • The presentation was prepared by Invalda AB. The following information was used in the preparation: – Preliminary consolidated and Company’s financial statements of
Slide 32: Thank you!
Thank you!