Slide 1: The results of AB Invalda group for 2011
The results of AB Invalda group for 2011 Vilnius, April 30, 2012
Slide 2: What is AB Invalda?
What is AB Invalda? AB Invalda is one of the largest Lithuanian investment companies whose primary objective is to steadily increase the investor equity value AB Invalda actively manages its investments, exercising control or significant influence over target businesses. More about businesses manage
Slide 3: Management principles
Management principles AB Invalda follows these principles: Competitiveness and independence Each business of the Group must be competitive and self-sustainable, have professional management teams capable of forming business strategy and implementing ambitious objectives. Risk segregation AB Invalda
Slide 4: Investment philosophy
Investment philosophy AB Invalda is a company driven by shareholder value creation AB Invalda seeks to acquire competitive businesses that, with additional capital or management resources, may successfully be developed organically, consolidate fragmented markets or otherwise increase value. AB Inval
Slide 5: AB Invalda group activity sectors
AB Invalda group activity sectors 5
Slide 6: Shareholder structure
Shareholder structure Other shareholders 22.74% Vytautas Bucas Algirdas Bucas 18.56% 6.63% Alvydas Banys and related persons 8.29% Darius Sulnis 7.88% Lucrum Investicija UAB 10.38% Irena Ona Miseikiene 25.52% Votes owned as of 31-12-2011 6
Slide 7: Shareholder structure
Shareholder structure Other shareholders 19,18% Algirdas Bucas 5,95% Vytautas Bucas 16,65% RB Finansai UAB 7,90% Alvydas Banys and Darius Sulnis related persons 7,08% 8,29% Dalius and Dovile Kaziunai Lucrum Investicija UAB 0,37% 9,32% Irena Ona Miseikiene DIM Investment UAB 22,91% 2,35% Votes for th
Slide 8: Management
Management Vytautas Bucas - Chairman of the Board Vytautas Bucas is a member of ACCA (Association of Chartered Certified Accountants, UK) since 2002. After graduation from his studies at Vilnius University for a period he worked at the audit company Arthur Andersen where he started as an auditor’s a
Slide 9: The shares of AB Invalda
The shares of AB Invalda Total number of 51 659 758 (shares) securities Nominal (par) value 1 litas On March 30, 2012 the conversion face ISIN LT0000102279 value of 32.44 million litas convertible bonds resulted the increase of share Name IVL1L capital of Invalda AB by 5.898.182 litas Exchange NASDA
Slide 10: Trading in shares
Trading in shares Turnover (EUR) IVL1L change (%) OMXV change (%) OMX Baltic Financials GI change (%) DJStoxxEUTMI change (%) 50,00 450000 400000 30,00 350000 10,00 300000 Turnover (EUR) Change (%) 250000 -10,00 200000 -30,00 150000 100000 -50,00 50000 -70,00 0 31.12.2010 13.01.2011 26.01.2011 08.02
Slide 11: Financial results
Financial results
Slide 12: Key events of 2011 (1)
Key events of 2011 (1) Investments, divestments and other events (1) AB Tiltra Group and Trakcja Polska, S.A. merger transaction was completed with value of 679.5 million litas (PLN 777.5 million); AB Invalda and other shareholders sold AB Sanitas to a Canadian company Valeant Pharmaceuticals Intern
Slide 13: Key events of 2011 (2)
Key events of 2011 (2) Investments, divestments and other events (2) AB Invalda group company acquired 100 percent stake in UAB Lauko Gelininkystes Bandymu Stotis. AB Invalda held 20 million litas (€5.79 million) certificate of deposit in AB bank Snoras. Due to the bank bankruptcy, a provision equal
Slide 14: Key events of 2011 (3)
Key events of 2011 (3) (3) A merger of Trakcja Polska, S.A. and AB Tiltra Group completed in April AB Invalda sold a 44.8 percent stake in AB Tiltra Group and a 43.4 percent stake in AB Kauno Tiltai for 274.5 million litas (PLN 314.1 million)*. AB Invalda in turn obtained: a) a 12.5 percent stake in
Slide 15: Key events of 2011 (4)
Key events of 2011 (4) (4) The sale of AB Sanitas shares to Valeant Pharmaceuticals International, Inc. was completed on August 19, 2011 AB Invalda sold 26.5 percent stake in AB Sanitas, for which Valeant Pharmaceuticals International, Inc. paid 286.7 million litas (€83 million) or 34.74 litas (€10.
Slide 16: Key events of 2011 (5)
Key events of 2011 (5) The agreement regarding investments in UAB Litagra was signed AB Invalda acquired 36.9 percent stake in UAB Litagra shares for the price of 38.6 million litas (€11.2 million). 37.1 million litas (€10.7 million) were invested into the new share issue of UAB Litagra in December
Slide 17: Key events of 2011 (6)
Key events of 2011 (6) Investments into a certificate of deposit in AB bank Snoras AB Invalda acquired a 20 million litas (€5.8 million) certificate of deposit in AB bank Snoras. AB bank Snoras was declared bankrupt in December 2011. After considering the possibilities of investment recovery, AB Inv
Slide 18: Key events of 2011 (7)
Key events of 2011 (7) (7) UAB BAIP group acquired a Norwegian company UAB BAIP group acquired a 100 percent stake in Norwegian company Norway Registers Development, AS for the price of 4.14 million litas (€1.2 million). Norway Registers Development, AS owns 70.73 percent shares of UAB NRD in Lithua
Slide 19: Key events of 2011 (8)
Key events of 2011 (8) Other events AB Invalda paid down all financial liabilities to credit institutions. A facility management company UAB Jurita that manages residential buildings in Vilnius’ Justiniskes residential area was acquired for the price of 2.5 million litas (€0.7 million) from Vilnius
Slide 20: Significant events since the end of the last financial year
Significant events since the end of the last financial year The notification from the bondholders to covert 32.44 million litas (€ 9.4 million) par value bonds into Invalda AB shares was received on March 28, 2012. After the conversion, Invalda AB share capital was increased by 5.898.182 litas (€ 1.
Slide 21: Activity results of AB Invalda
Activity results of AB Invalda Consolidated Parent company million litas 2011 2010 2011 2010 Assets 646.4 597.3 399.0 307.0 Equity 415.3 200.1 360.7 85.9 detailed on slide 22 Liabilities 231.1 397.2 38.3 221.1 Profit (loss) for the 216.5 52.5 274.9 (10.5) period Attributable to equity holders of 209
Slide 22: Equity and liabilities
Equity and liabilities AB Invalda, million litas 2011 2010 Equity 360.7 85.9 Liabilities to financial institutions 0.0 138.7 of which are long term 0.0 94.3 Liabilities to group companies 0.4 46.6 Bonds 34.1 32.4 Other liabilities 3.8 3.0 Total liabilities 38.3 221.1 Total equity and liabilities 399
Slide 23: AB Invalda assets (book value)
AB Invalda assets (book value) Book value Asset December 31, 2011, Description million litas 72.14 percent stake of AB Vilniaus Baldai, the share Furniture manufacturing 13.9 value on December 31, 2011 in NASDAQ OMX Vilnius is 99.7 million litas (€28.9 million) Investments into the real estate and l
Slide 24: Results
Results Impact to the profit (loss) statement of AB Invalda due to group sectors and financial investments million litas 2011 2010 Furniture manufacturing 19.3 20.1 (17.8) 0.6 Real estate Change in share price of Trakcja-Tiltra, (76.6) - S.A. Information technology infrastructure (0.7) (0.5) sector
Slide 25: Furniture manufacturing (1)
Furniture manufacturing (1) million litas 2011 2010 Change Change, % Sales 238.4 197.2 41.2 21 EBITDA 36.1 38.2 (2.1) (0.05) Net profit 26.8 27.9 (1.1) (0.04) Capitalization 138.2 127.5 10.7 8 Number of 507 453 54 12 employees Shares of AB Vilniaus Baldai are listed on NASDAQ OMX Vilnius stock excha
Slide 26: Furniture manufacturing (2)
Furniture manufacturing (2) Trends An increase of sales offset the decline in margins on the rising prices of raw materials. The amount of 15.5 million litas (€4.5 million) was allocated for dividends in 2011, which is 4 litas (€1.20) per share. Strong sales growth is not expected in 2012, but the t
Slide 27: Real estate sector (1)
Real estate sector (1) million litas 2011 2010 Change Change, % Value of real estate 255.4 247.8 7.6 3 Commercial real estate 155.6 175.8 (20.2) (11) Real estate for development 57.1 50.7 6.4 13 Residential real estate 7.9 5.5 2.4 44 Agricultural land 34.8 15.8 19.0 120 Shareholders’ equity (incl. l
Slide 28: Real estate sector (2)
Real estate sector (2) Trends Real estate sector companies of AB Invalda operate under INREAL brand. Revaluation of investment property led to the 15.6 million litas (€4.5 million) loss of the sector. Increased investments into agricultural land portfolio from 15.8 million litas (€4.6 million) to 34
Slide 29: Facility management sector (1)
Facility management sector (1) Sector’s results From the first quarter of 2011 facility management sector is recognized as a separate sector in the financial statements of AB Invalda. UAB Priemiestis and UAB Jurita results were not consolidated fully in 2010. million litas 2011 2010 Change Change,%
Slide 30: Facility management sector (2)
Facility management sector (2) Main events AB Invalda group acquired 100 percent stake in facility management company UAB Jurita that manages residential buildings in the Vilnius’s Justiniskes residential area for the price of 2.5 million litas (€0.7 million) from Vilnius City Municipality in August
Slide 31: Information technology sector (1)
Information technology sector (1) Consolidated results of UAB BAIP Group¹ million litas 2011 2010 Change Change, % Sales 34.5 27.7 6.8 25 EBITDA 3.2 2.3 0.9 39 Net profit before investment 1.1 0.8 0.3 38 amortization2 and cost of management options Net profit (0.7) (0.6) 0.1 - Number of employees 12
Slide 32: Information technology sector (2)
Information technology sector (2) UAB BAIP Group acquisitions Shares of specialized register programming company Norway Registers Development AS together with taking over the control of UAB NRD in Lithuania were acquired for the price of 4.14 million litas (€1.2 million) plus performance related pay
Slide 33: Rail and road infrastructure
Rail and road infrastructure Trakcja – Tiltra, S.A. shares are listed on Warsaw Stock Exchange 4,5 4500 4 4000 3,5 3500 3 3000 2,5 2500 2 2000 1,5 1500 1 1000 0,5 500 0 0 30.12.2010 30.01.2011 28.02.2011 30.03.2011 30.04.2011 30.05.2011 30.06.2011 30.07.2011 30.08.2011 30.09.2011 30.10.2011 30.11.20
Slide 34: Disclaimer
Disclaimer The presentation was prepared by AB Invalda. The following information was used for the preparation: Consolidated and Company’s financial statements of AB Invalda for 2011. Data provided here is for information purposes only. The information provided here is not a recommendation or solici
Slide 35: Thank you!
Thank you!