Invalda Invl Ab · OMXVSE:IVL1L
Invalda Invl Ab — Invalda LT — H1 2013 Earnings Presentation
28 slides from Invalda Invl Ab's earnings presentation, Aug 30, 2013
Slide 1: Invalda LT, AB Presentation for 6 months of 2013
Invalda LT, AB Presentation for 6 months of 2013 Vilnius, August 30, 2013
Slide 2: What is Invalda LT, AB?
What is Invalda LT, AB? • Invalda LT, AB 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 LT, AB actively manages its investments, exercising control or significant i
Slide 3: Invalda LT, AB group management diagram
Invalda LT, AB group management diagram INVALDA LT AB FURNITURE REAL ESTATE AGRICULTURE IT FACILITY MANAGEMENT OTHER COMPANIES MANUFACTURING 45,4% 20,10% 80% Vilniaus baldai UAB Inreal Pastatu Prieziura Kelio Zenklai UAB Invaldos nekilnojamojo turto Litagra UAB BAIP Group UAB UAB fondas AB 11,06% UA
Slide 4: Investment philosophy
Investment philosophy • Invalda LT, AB is driven by shareholders value creation objectives. Invalda LT, AB seeks to acquire competitive businesses that, with an influx of additional capital or management resources, may successfully further develop organically, consolidate fragmented markets or provi
Slide 5: The main sectors of Invalda LT AB
The main sectors of Invalda LT AB 5
Slide 6: Shareholder structure
Shareholder structure Darius Sulnis Other shareholders 8.94% 13.00% Lucrum Investicija, UAB 22.56% LJB Investments, UAB 30.46% Irena Ona Miseikiene 25.04% Votes of shareholders of Invalda LT, AB as of June 30, 2013 6
Slide 7: 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 Economic‘s Institute of Lithuania‘s Science Academy. In 1996 - 2006 he held the position of Vice President of Invalda LT, AB, served
Slide 8: Invalda LT, AB shares
Invalda LT, AB shares Total number of securities 24,833,551 units Nominali vertė 1 LTL ISIN code LT0000102279 Name IVL1L Exchange NASDAQ OMX Vilnius List BALTIC Main List 8
Slide 9: Trading in shares
Trading in shares 50,00 450000 40,00 400000 30,00 350000 20,00 300000 10,00 250000 0,00 200000 -10,00 150000 -20,00 H -30,00 100000 -40,00 50000 -50,00 0 01.01.2011 15.02.2011 01.04.2011 16.05.2011 30.06.2011 14.08.2011 28.09.2011 12.11.2011 27.12.2011 10.02.2012 26.03.2012 10.05.2012 24.06.2012 08.
Slide 10: Activity results and Key events
Activity results and Key events 10
Slide 11: Key events – Share buy-backs
Key events – Share buy-backs • On March 8, 2013 Invalda LT, AB acquired 10 percent of its treasury shares at the total price of LTL 42.928 million (EUR 12.433 million). Share acquisition price – LTL 8.87 (EUR 2.4) per share. • On May 27, 2013 Invalda AB acquired 2.1 percent of the treasury shares fo
Slide 12: Key events – Split-off
Key events – Split-off • On April 9, 2013 the General shareholders Meeting of Invalda, AB approved split–off terms of the public joint–stock company. 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
Slide 13: Key events – Change of Management
Key events – Change of Management • On May 22, 2013 the Board of Invalda, AB removed Dalius Kaziunas and appointed Darius Sulnis as the President of Invalda, AB. Darius Sulnis has already been the president of Invalda in 2006-2011 • On May 28, 2013 the Board of Invalda LT, AB was elected. Mr. Alvyda
Slide 14: Key events - Investments
Key events - Investments • On August 1, 2013 Invalda LT, AB increased its stake in the furniture manufacturer Vilniaus baldai, AB from 39.4 percent to 45.4 percent. Invalda LT AB paid EUR 3.495 million (LTL 12.069 million) for 6 percent of shares. 14
Slide 15: Activity Results of Invalda LT, AB
Activity Results of Invalda LT, AB Consolidated Parent company 6 months 6 months 6 months 6 months million litas of 2013 of 2012 of 2013 of 2012 Assets 383.9 581.1 195.1 378.8 Equity 228 408.6 169.2 375.8 Liabilities 155.9 172.5 25.9 3 Profit (loss) for the period 97.5 24.9 68.8 36.2 Attributable to
Slide 16: Equity and liabilities
Equity and liabilities Invalda LT, AB, million litas 6 months 6 months of 2013 of 2012 Equity 169.2 375.8 Liabilities to financial institutions 17 0 From this long term - - Liabilities to Group companies 7 0.4 Other liabilities 1.9 2.6 Total liabilities 25.9 3.0 Total Equity and Liabilities 195.1 37
Slide 17: Invalda LT, AB assets according to standalone financial statements
Invalda LT, AB assets according to standalone financial statements (book value) Book value Asset June 30, 2013, Description million litas Investment into 39.4 per cent stake of Vilniaus baldai, AB, Furniture manufacturing 7.6 which at NASDAQ OMX Vilnius price on 30 June, 2013 is worth LTL 82.5 milli
Slide 18: Results
Results Impact to the profit (loss) statement due to group sectors and financial investments 6 months of 6 months of million litas 2013 2012 Furniture manufacturing 2.6 7.8 Real estate -0.7 -0.3 Agricultural 3.9 5.8 Information technology infrastructure sector -0.5 -1.1 Facilities management 0.9 -0.
Slide 19: Furniture manufacturing
Furniture manufacturing million litas 6 months of 2013 6 months of 2013 Change Change, % Sales 68.3 115.4 -47.1 -40.8 EBITDA 7.9 15.4 -7.5 -48.7 Net profit 5.2 10.9 -5.7 -52.3 Capitalization 209.3 159.7 49.6 31.1 Furniture manufacturing sector of Invalda LT, AB 18 160000 17 140000 45.4% 16 120000 15
Slide 20: Furniture manufacturing
Furniture manufacturing Key events • In the first half of 2013 the main goal of the Company was the successful change in a production range and related technical and technological reorganisations. • It is expected that the sales will be rising steadily and the results will improve in the second half
Slide 21: Real estate sector (consolidated data)
Real estate sector (consolidated data) 6 months of 6 months of million litas 2013 2012 Change Change, % Value of commercial real estate 144.2 144.3 -0.1 -0.1 23.4 Agricultural land* Shareholders’ equity (incl. loans from Invalda 47.0 45.4 1.6 3.5 LT, AB)** Loans from credit institutions** 97.7 101.9
Slide 22: Real estate sector
Real estate sector Key events • In the real estate sector Invalda LT, AB owns commercial rental real estate, agricultural land and development sites. After the completion of split-off of Invalda AB, the Company owns 48.5 thousand square meters of own premises in Vilnius and 27.3 thousand square mete
Slide 23: Agriculture sector
Agriculture sector million litas 6 months of 2013 6 months of 2012 Change Change, % Sales 185.9 174.5 11.4 6.5 EBITDA 14.8 14.1 0.7 5.0 Net profit 9.0 6.4 2.6 40.6 Aagriculture sector of Invalda LT, AB Group 20.1 % Litagros Zemes Ukio Litagros Prekybos Litagros Grudu Centras Centras UAB Centras UAB
Slide 24: Agriculture sector
Agriculture sector Key events • In the agriculture sector Invalda LT, AB owns 20 percent of Litagra, UAB (one of the largest groups of agriculture companies in the Baltic states) shares through Cedus Invest company. The shareholding decreased after the split-off of Invalda, AB. • Litagra Group has s
Slide 25: Information technology sector
Information technology sector 6 months of 6 months of Million litas Change Change, % 2013 2012 Sales 19.1 15.2 3.9 25.7 EBITDA 1.4 0.6 0.8 133.3 Net profit before investment amortization and cost of 0 -0.6 0.6 management options Net profit -0.6 -1.3 0.7 Information technology sector of Invalda LT, A
Slide 26: Facility management sector
Facility management sector million litas 6 months of 2013 6 months of 2012 Change Change, % Sales 6.8 6.0 0.8 13.3 EBITDA 0.1 0.1 0 0 Net profit 0.9* -0.2 1.1 * - One-off sales transaction of the construction company had a positive impact on activity results of 2013 Facility management sector of Inv
Slide 27: Disclaimer
Disclaimer • The presentation was prepared by Invalda LT, AB. The following information was used for the preparation: - Preliminary consolidated and Company’s financial statements of Invalda LT, AB for 6 months of 2013; • Data provided here is for information purposes only. • The information provide
Slide 28: Thank you!
Thank you! / 28