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Invalda INVL Interim / Quarterly Report 2011
2247_rns_2011-08-31_a78b26bd-4547-4621-a5ec-ffe86906a823.pdf
Interim / Quarterly Report
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Invalda
Invalda AB Consolidated Interim Report for 6 months of 2011
Prepared in accordance with The Rules for the Preparing and the Submission of the Periodic and Additional Information, approved by the Resolution No. 1K-3 of 23.02.2007 of the Lithuanian Securities Commission
Approved by the Board decision No 2011-12 passed on 31-08-2011
Unaudited Consolidated Interim Report for 6 Months of 2011
Invaid
CONTENTS
I. GENERAL INFORMATION 3
- Reporting period for which the report is prepared 3
- General information about the Issuer and other companies comprising the Issuer's group 3
2.1. Information about the Issuer 3
2.2. Information about other companies comprising the Issuer's group 3
- Agreements with intermediaries of public trading in securities 5
- The order of changing Issuer's Articles of Association 5
II. INFORMATION ABOUT SECURITIES 5
- Structure of the authorised capital 5
- Shareholders 5
- Information about the Issuer's own shares 6
- Data on trading in securities of the Issuer and its group companies in the regulated markets 7
8.1. Trading in securities of the Issuer 7
8.2. Trading in securities of the Issuer's group companies 8
III. ISSUER'S MANAGING BODIES 10
- Issuer's managing bodies 11
- Information on the amounts calculated by the Issuer, other assets transferred and guarantees granted to the Board members and CFO 12
IV. INFORMATION ABOUT THE ISSUER'S AND ITS GROUP COMPANIES' ACTIVITY 13
- Overview of Issuer's and its group activity 13
- The principal risks and uncertainties 19
- Significant events since the end of the reporting period 19
- Activity plans and forecasts 19
- Information on the related parties' transactions 19
ANNEX 1. INFORMATION ABOUT GROUP COMPANIES, THEIR CONTACT DETAILS 20
Unaudited Consolidated Interim Report for 6 Months of 2011
Invalda
I. GENERAL INFORMATION
1. Reporting period for which the report is prepared
The report is prepared for 6 months of 2011 (January – June).
2. General information about the Issuer and other companies comprising the Issuer's group
2.1. Information about the Issuer
| Name of the Issuer | Public company Invalda, hereinafter Invalda AB |
|---|---|
| Enterprise code | 121304349 |
| Address | Seimyniskiu str. 1A, LT-09312 Vilnius, Lithuania |
| Telephone | +370 5 279 0601 |
| Fax | +370 5 279 0530 |
| [email protected] | |
| Website | www.invalda.lt |
| Legal form | public limited liability company |
| Date and place of registration | 20.03.1992, Register of Enterprises of Vilnius |
| Register, in which data about the company are accumulated and stored | the Register of Legal Entities |
Invalda 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 actively manages its investments, exercising control or significant influence over target businesses.
Invalda started the activity in 1991. Its equities have been traded on the NASDAQ OMX Vilnius Exchange since 1995. Currently, major part of Invalda Group assets is concentrated in Poland and Lithuania
2.2. Information about other companies comprising the Issuer's group
The key entities operate in road and rail infrastructure, furniture manufacturing, real estate, facility management, and information technology (IT) infrastructure sectors. Till 19 August 2011 Invalda owned companies of pharmaceutical sector.
Companies of the group and their contacts are presented in the Appendix 1 of this report.
Fig. 2.2.1. Sectors of Invalda AB group
Unaudited Consolidated Interim Report for 6 Months of 2011
Invalda
Fig. 2.2.2. Simplified structure of Invalda AB group as of the announcement day of this report
Unaudited Consolidated Interim Report for 6 Months of 2011
Invalda
3. Agreements with intermediaries of public trading in securities
Invalda AB has signed agreements with these intermediaries:
- FBC Finasta AB (Maironio str. 11, Vilnius, Lithuania, tel. +370 5 278 6833) – the agreement on the investment services, the agreement on the management of securities accounting, the agreement on the payment of dividends;
- Bank Finasta AB (Maironio str. 11, Vilnius, tel. +370 5203 22 33) – the agreement on management of securities account;
- Siauliu Bankas AB (Tilzes str. 149, Siauliai, Lithuania, tel. +370 41 595 607) – the agreement on the management of securities account and intermediation;
- Bankas Snoras AB (A. Vivulskio str. 7, Vilnius, Lithuania, tel. +370 5 232 7224) – the agreement on the customer services (for a professional investor);
- DnB NORD Bankas AB (J. Basanaviciaus str. 26, Vilnius, Lithuania, tel. +370 5 239 3503) – the agreement on the financial instruments account management, implementation of orders and offering recommendations;
- SEB Bankas AB (Gedimino ave. 12, Vilnius, Lithuania, tel. +370 5 268 2370) – the agreement on securities accounting;
- MP Investment Bank hf. acting via MP Investment Bank hf. Baltic branch (A.Tumeno str. 4, Vilnius, tel +370 5219 55 00) – the agreement on investment services;
- Medicinos Bankas UAB (Pamenkalnio str. 40, Vilnius, Lithuania, tel. +370 5 264 4845) - the agreement on management of securities account.
- Dom Maklerski BZ WBK S.A. (Pl. Wolnosci 15, 60-967 Poznan, Poland, tel. +48 61 856 48 80) – Agreement on provision of brokerage services.
4. The order of changing Issuer's Articles of Association
The Articles of Association of Invalda AB may be changed by the resolution of the General Shareholders Meeting, passed by more than 2/3 of votes (except in cases provided for by the Law on Companies of the Republic of Lithuania).
During the reporting period the company's Articles of Association were changed once. February 3, 2010 new Articles of Association of Invalda AB were registered. The share capital of Invalda AB was increased from 42 568 849 LTL till 51 659 758 LTL.
Actual wording is dated February 3, 2010. The Articles of Association are announced on the company's website.
II. INFORMATION ABOUT SECURITIES
5. Structure of the authorised capital
Table 5.1. Structure of Invalda AB authorised capital
| Type of shares | Number of shares, units | Nominal value, LTL | Total nominal value, LTL | Portion of the authorised capital, % |
|---|---|---|---|---|
| Ordinary registered shares | 51,659,758* | 1 | 51,659,758 | 100.00 |
- The company has issued convertible bonds of 32.44 m LTL in nominal value; after converting, the authorized capital could increase by 5.898.182 shares of 1 LTL in nominal value.
All shares are fully paid and no restrictions apply on their transfer.
6. Shareholders
There are no shareholders entitled to a special rights of control.
Invalda AB has no knowledge of any restriction on voting rights or mutual agreements between the shareholders that might result in the restriction of transfer of the shares and (or) voting rights. There are no agreements to which the Issuer is a party and which would come into effect, be amended or terminated in case of change in the Issuer's control.
On 30 June 2011 the total number of shareholders was over 6 500.
Unaudited Consolidated Interim Report for 6 Months of 2011
Invalda
Table 6.1. Shareholders who held title to more than 5% of Invalda AB authorised capital and / or votes
| Name of the shareholder or company | Number of shares held by the right of ownership, units | Share of the authorised capital held, % | Share of the votes, % | ||
|---|---|---|---|---|---|
| Share of votes given by the shares held by the right of ownership | Indirectly held votes | Total (together with the persons acting in concert) | |||
| Mr. Vytautas Bucas | 9,585,803 | 18.56 | 18.56 | - | 26.85 |
| Mr. Darius Sulnis | 1,218,530 | 2.36 | 2.36 | 5.52 | |
| Mr. Darius Kaziunas | 213,294 | 0.41 | 0.41 | - | |
| Ms. Dovile Kaziuniene | 380 | 0.001 | 0.001 | - | |
| Ms. Irena Ona Miseikiene | 14,095,856 | 27,29 | 25,52 | - | 25,52 |
| Lucrum Investicija UAB, code 300806471, Seimyniskiu str. 3, Vilnius, Lithuania | 0 | 0.00 | 0.00 | 10.38 | 10.38 |
| Ms. Daiva Baniene | 1,836,234 | 3.55 | 3.55 | - | 8.29 |
| Mr. Alvydas Banys | 3,779,624 | 7.32 | 3.93 | - | |
| LJB investments UAB code 300822575, P.Smugleviciaus str. 20, Vilnius, Lithuania | 418,144 | 0,81 | 0,81 | - | |
| Mr. Algirdas Bucas | 5,520,916 | 10.69 | 6.63 | - | 6.63 |
Fig. 6.1. Structure of shareholders (held voices)
7. Information about the Issuer's own shares
Invalda AB, subsidiary companies and persons acting under their direction but on their own behalf do not own Invalda AB shares.
Unaudited Consolidated Interim Report for 6 Months of 2011
Invalda
8. Data on trading in securities of the Issuer and its group companies' in the regulated markets
8.1. Trading in securities of the Issuer
Table 8.1.1. Main characteristics of Invalda AB shares admitted to trading
| ISIN code | LT0000102279 |
|---|---|
| Name | IVL1L |
| Exchange | NASDAQ OMX Vilnius |
| List | Baltic Main List (from 01.01.2008) |
| Listing date | 19.12.1995 |
| Share issue, units | 51,659,758 |
| Nominal value, LTL | 1 |
| Total nominal value, LTL | 51,659,758 |
The Company does not use services of a liquidity providers.
Table 8.1.2. Trading in Invalda AB shares
| 6 months of 2009 | 6 months of 2010 | 6 months of 2011 | |
|---|---|---|---|
| Share price, EUR: | |||
| - open | 0.484 | 0.533 | 2.000 |
| - high | 0.608 | 0.956 | 2.400 |
| - low | 0.319 | 0.521 | 1.750 |
| - last | 0.379 | 0.857 | 2.400 |
| Turnover, units | 2,733,203 | 2,995,901 | 1,895,688 |
| Turnover, EUR | 1,236,973 | 2,481,337 | 3,891,813 |
| Traded volume, units | 2,488 | 4,527 | 3,757 |
| Capitalisation, mEUR | 16.13 | 44.27 | 123.98 |
Fig. 8.1.1. Turnover of Invalda AB shares, changes of the share price and indexes*
* OMXV index is an all-share index consisting of all the shares listed on the Main and Secondary lists of the NASDAQ OMX Vilnius with exception of the shares of the companies where a single shareholder controls at least 90% of the outstanding shares.
OMX Baltic Financials GI index includes all the shares of financial companies listed on the Main and Secondary lists of the Baltic exchanges. This index is based on the Global Industry Classification Standard (GICS) and is calculated as Gross index (GI) Dow Jones Stoxx EU Enlarged TMI index covers approximately 95% of the free float market capitalisation of the New Europe countries, including Bulgaria, Cyprus, Czech Republic, Estonia, Hungary, Latvia, Lithuania, Malta, Poland, Romania, Slovakia and Slovenia.
Unaudited Consolidated Interim Report for 6 Months of 2011
Invalda
8.2. Trading in securities of the Issuer's group companies
Shares of Invalda AB group companies Sanitas AB and Vilniaus Baldai AB are admitted to NASDAQ OMX Vilnius Main List. Trakcja – Tiltra shares are admitted to Warsaw Stock Exchange.
8.2.1. Trading in shares of Sanitas AB
Table 8.2.1.1. Main characteristics of Sanitas AB shares admitted to trading
| ISIN code | LT0000106171 |
|---|---|
| Name | SAN1L |
| Exchange | NASDAQ OMX Vilnius |
| List | Baltic Main List |
| Listing date | 13.09.1994 |
| Share issue, units | 31,105,920 |
| Nominal value, LTL | 1 |
| Total nominal value, LTL | 31,105,920 |
Table 8.2.1.2. Trading in Sanitas AB shares
| 6 months of 2009 | 6 months of 2010 | 6 months of 2011 | |
|---|---|---|---|
| Share price, EUR: | |||
| - open | 2.517 | 2.760 | 5.500 |
| - high | 2.746 | 4.098 | 9.920 |
| - low | 1.767 | 2.731 | 4.810 |
| - last | 1.964 | 3.901 | 9.555 |
| Turnover, units | 739,809 | 479,009 | 1,992,451 |
| Turnover, EUR | 1,508,884 | 1,798,753 | 17,495,180 |
| Traded volume, units | 839 | 1,718 | 2,530 |
| Capitalisation, mEUR | 61.09 | 121.34 | 292.22 |
Fig. 8.2.1.1. Turnover of Sanitas AB shares, changes of the share price
Unaudited Consolidated Interim Report for 6 Months of 2011
Invalda
8.2.2. Trading in shares of Vilniaus Baldai AB
Table 8.2.2.1. Main characteristics of Vilniaus Baldai AB shares admitted to trading
| ISIN code | LT0000104267 |
|---|---|
| Name | VBL1L |
| Exchange | NASDAQ OMX Vilnius |
| List | Baltic Main List |
| Listing date | 05.06.2000 |
| Share issue, units | 3,886,267 |
| Nominal value, LTL | 4 |
| Total nominal value, LTL | 15,545,068 |
Table 8.2.2.2. Trading in Vilniaus Baldai AB shares
| 6 months of 2009 | 6 months of 2010 | 6 months of 2011 | |
|---|---|---|---|
| Share price, EUR: | |||
| - open | 3.475 | 2.604 | 9.401 |
| - high | 3.186 | 5.445 | 11.997 |
| - low | 2.259 | 2.462 | 8.999 |
| - last | 2.268 | 5.445 | 11.800 |
| Turnover, units | 11,829 | 118,604 | 68,208 |
| Turnover, EUR | 31,895 | 502,109 | 673,000 |
| Traded volume, units | 39 | 350 | 724 |
| Capitalisation, mEUR | 8.81 | 21.16 | 45.86 |
In 2011 Vilniaus Baldai allocated for dividends 15.5 million LTL or 4 LTL per one share
Fig. 8.2.2.1. Turnover of Vilniaus Baldai AB shares, changes of the share price
Unaudited Consolidated Interim Report for 6 Months of 2011
Invalda
8.2.3. Trading in shares of Trakcja-Tiltra S.A.
Table 8.2.3.1. Main characteristics of Trakcja-Tiltra S.A. shares admitted to trading
| ISIN code | PLTRKPL00014 |
|---|---|
| Name | TRK |
| Exchange | Warsaw Stock Exchange (Gielda Papierów Wartościowych w Warszawie) |
| Listing date | 1 April, 2008 |
| Share issue, units | 232 105 480 |
| Nominal value, PLN | 0,10 |
| Total nominal value, PLN | 23 210 548 |
Table 8.2.3.2. Trading in Trakcja-Tiltra S.A. shares
| 6 months of 2009 | 6 months of 2010 | 6 months of 2011 | |
|---|---|---|---|
| Share price, PLN: | |||
| - open | 4.05 | 4.12 | 4.14 |
| - high | 4.43 | 4.70 | 4.14 |
| - low | 3.40 | 3.84 | 2.49 |
| - last | 3.48 | 4.18 | 2.90 |
| Turnover, units | 22 970 037 | 17 534 990 | 14 588 500 |
| Turnover, thous.PLN | 89 886.07 | 74 733.83 | 47 685.18 |
| Capitalisation, mPLN | 557.16 | 669.24 | 673.1 |
Fig. 8.2.3.1. Turnover of Trakcja-Tiltra S.A. shares, changes of the share price
Unaudited Consolidated Interim Report for 6 Months of 2011
Invalda
III. ISSUER'S MANAGING BODIES
9. Issuer's managing bodies
The governing bodies of Invalda AB are the General Meeting of Shareholders, a collegial managing body – the Board and as a single person managing body – the President. The Supervisory Board is not formed.
Information about Issuer's Board members, the president and CFO
Chairman of the Board
Vytautas Bucas (1968)
Educational background, qualification
1993, Vilnius University, Faculty of Economics
1994–2002 a member of the Association of Chartered Certified Accountants, UK
Since 1996 a member of the Lithuanian Chamber of Audit
Job experience
Since 2006 advisor, a member of the Board, Invalda AB; since May 2007 chairman of the Board
2006–2007 a director of Invaldos Nekilnojamojo Turto Fondas AB
2000–2006 a member of the Board, executive vice president, CFO, Head of IT department, SEB Bankas AB
1992–2000 senior auditor, senior manager, manager of Arthur Andersen
Owned amount of Invalda AB shares and votes
9,585,803 units of shares and votes
Participation in other companies
Vilniaus Baldai AB, chairman of the Board
Invaldos Nekilnojamojo Turto Fondas AB, chairman of the Board
Invalda Service UAB, member of the Board
BAIP Group UAB, member of the Board
Invalda Lux S.a.r.l., member of the Board
Member of the Board, president
Darius Sulnis (1971)
Educational background, qualification
1993, Vilnius University, Faculty of Economics
Financial Broker licence (general) No A109
Job experience
Since 2006 the president, member of the Board, Invalda AB
2002–2006 a director of Invalda Nekilnojamojo Turto Valdymas UAB
1994–2002 a director of FBC Finasta AB
Owned amount of Invalda AB shares and votes
1,218,530 units of shares, 4,071,762 units of votes (2,853,232 votes are left to Darius Sulnis after the shares were transferred)
Participation in other companies
Sanitas AB, member of the Board
Vilniaus Baldai AB, member of the Board
Invaldos Nekilnojamojo Turto Fondas AB, member of the Board
Umega AB, member of the Board
SIA DOMMO GRUPA (Latvia), chairman of the Supervisory Board
SIA Burusala (Latvia), chairman of the Supervisory Board
Golfas UAB (31% shares)
Lucrum Investicija UAB (100% shares, all voting rights are transferred)
Unaudited Consolidated Interim Report for 6 Months of 2011
Invalda
member of the Board
Dalius Kaziunas (1976)
Educational background, qualification
2000, Vilnius University, Faculty of Economics
Financial Broker licence (trader) No P022
Job experience
Since February 2008 advisor; Invalda AB, member of the Board (from July)
Since January 2008 CEO of Bank Finasta AB
1996-2008 CEO (from 2002), financial broker, assistant of financial broker of FBC Finasta AB
Owned amount of Invalda AB shares and votes
213,294 units of shares and votes
Participation in other companies
Ineturas UAB, member of the Board
Invalda Service UAB, member of the Board
Kelio Zenklai UAB, member of the Board
BAIP Group UAB, member of the Board
Vilniaus Baldai AB, member of the Board
Invetex AB, member of the Board
Tiltra Group AB, member of the Board
Vernitas AB, member of the Supervisory Board
Invalda Lux S.a.r.l., member of the Board
Jurita UAB, member of the Board
Lauko Gelininkystes Bandymu Stotis UAB, chairman of the Board
CFO Raimondas Rajeckas (1977)
Educational background
2001, Vilnius University, Faculty of Economics
Job experience
2001-2006 CFO of Valmeda AB
2000-2001 CFO of Galincius AB
2000-2001 CFO of Invaldos Marketingas UAB (recent name Invalda
Nekilnojamojo Turto Valdymas UAB)
2000-2002 accountant of Gildeta AB
1998-2000 accountant of Invalda AB
Owned amount of Invalda AB shares and votes
1,200 shares and votes
Participation in other companies
Aktyvo UAB, CEO
Investiciju Tinklas UAB, CEO
Fortina UAB, CEO
Aktyvus Valdymas UAB, CEO
Finansu Rizikos Valdymas UAB, CEO
Iniciatyvos Fondas Vsl, CEO
Invaldos Nekilnojamojo Turto Fondas AB, member of the Board
Invetex AB, CFO, chairman of the Board
Consult Invalda UAB, CEO
Rizikos Kapitalas UAB, CEO
MBGK UAB, CEO
MGK invest UAB, CEO
RPNG UAB, CEO
Regenus UAB, CEO
VIA Solutions UAB, CEO
10. Information on the amounts calculated by the Issuer, other assets transferred and guarantees granted to the Board members and CFO
During six months of 2011 the calculated remuneration for the Board members of Invalda AB (as employees of the company) amounted to 347.7 thousand LTL, that is on the average 19.6 thousand LTL per month for each member.
Unaudited Consolidated Interim Report for 6 Months of 2011
Invalda
The calculated remuneration to the president of the company (he is the Board member as well) and CFO totalled 167.3 thousand LTL, on the average 14.3 thousand LTL per month for each.
During the reporting period the Issuer transferred no assets, granted no guarantees, paid no bonuses or dividends, and made no special payouts for the Company's managers and CFO.
IV. INFORMATION ABOUT THE ISSUER'S AND ITS GROUP COMPANIES' ACTIVITY
11. Overview of the Issuer's and its group activity
11.1. Significant Issuer's and its group events during the reporting period and since the end of it
The Issuer
- Share purchase – sale transactions. During the first half of this year Invalda completed Tiltra Group merger with Trakcja Polska, signed AB Sanitas share sale and purchase agreement, purchased Lauko Gelininkystes Bandymu Stotis UAB shares. More about these transactions is provided in the review of the Group activities.
- The independent Audit committee member was elected. The General Shareholders Meeting of Invalda, held on 29 April 2011, elected Mr. Vaidas Savukynas as independent Audit Committee member of Invalda AB until the term of office of the Audit Committee.
The Group
Pharmacy sector
In the pharmaceutical sector Invalda had an investment in the company Sanitas, which is engaged in generic medicines (injectabless, tablets, capsules and ointments) production and sale. In Poland Sanitas Group controls the pharmaceutical company Jelfa and medical ointments producer Homeofarm, in Slovakia - Sanitas Pharma company.
Invalda and other Sanitas shareholders, all together controlling 87,2% shares, on 23 May 2011, have signed a definitive share sale and purchase agreement for the sale of their entire shareholding in Sanitas to Valeant Pharmaceuticals International, Inc. Sanitas enterprise value (including net debt) amounts to 365 million EUR (1.26 billion LTL) in this transaction.
On 19 August 2011, the biggest transaction of the recent years was finished, and Invalda received 83 million EUR (286.7 million LTL) for the owned 26.5 percent block of shares. Taking into account share price adjustment mechanism set out in the agreement signed in 2008, total proceedings of Invalda from Sanitas shares amounted to 91.4 mln. EUR (315.6 mln. LTL)
The net gain in the standalone financial statements of Invalda is 59.2 mln. EUR (204.5 mln. LTL) and consolidated financial statements – 54.4 mln. EUR (188 mln. LTL).
In terms of the profit – it is one of the most successful transactions for Invalda. Also it reflects one of typical strategies of Invalda - to create regional leaders through organic growth and acquisitions. Invalda, in this case, acted as an active investment manager and contributed to corporate strategy and building of executives team.
Other financial investors also earned from this transaction, as well as minority shareholders and international team of Sanitas group management; a stock option program was created in order to motivate this team.
From the first Invalda's investment in Sanitas in 2003, a small local company grew more than 10 times due to the efforts of shareholders, Sanitas group's management and all employees. The majority of revenues are received outside of Lithuania, i.e. in Poland, Russia and other Central and Eastern European markets.
Furniture manufacturing sector
In the furniture manufacturing sector Invalda controls Vilniaus Baldai AB. This company produces flat-pack furniture and sells almost all its production to the Swedish concern IKEA. Vilniaus Baldai manufactures furniture from particle board for the mass production. Due to used BOF (board on frame) technology the furniture is lightweight.
Unaudited Consolidated Interim Report for 6 Months of 2011
Invalda
During the first half of the 2011 Vilniaus Baldai has achieved the best ratios of sales and net profit in company's history. The company has produced about 30 percent more production than during the same period in 2010. The company is continuously improving manufacturing processes and due to this it could profit from the increased demand of Ikea concern. The main challenge remains a trend of increasing prices in the market of raw materials. In order to reduce costs, new technologies are used and the existing ones are optimized. The company is also looking for alternative raw materials and its suppliers. Vilniaus Baldai can not increase productions prices due to high competition in the market. Increasing sales should compensate reduced EBITDA and profit margins. This allows to increase profits in absolute terms.
During the shareholders meeting of Vilniaus Baldai, which was held on 28 April 2011, the shareholders allocated for dividends 15.545 million LTL, or 4 LTL per share.
11.1.1. Table. Furniture manufacturing sectors results
| mln. LTL | 6 months of 2009 | 6 months of 2010 | 6 months of 2011 | |
|---|---|---|---|---|
| Sales | 63.7 | 86.7 | 114.8 | |
| EBITDA | 5.4 | 17.8 | 18.2 | |
| Net result | 1.4 | 12.6 | 13.4 |
Vilniaus Baldai shares are listed on the Official List of NASDAQ OMX Vilnius Stock Exchange. More information about the company and its financial reports can be found on the public company's website www.vilniausbaldai.lt.
Real estate sector
The real estate sector of Invalda Group can be divided into two groups according to companies activity:
- companies investing into residential and commercial real estate and agricultural land;
- service companies involved in real estate management and administration, intermediary services.
Rental income has declined comparing the first half of 2011 with the same period in 2010. This was caused by revision of prices of the contracts signed earlier and the end of some rental agreements. Nevertheless, in 2011 income stabilization is noticed and there are positive trends in the commercial real estate market.
A residential house in Valakampiai was started to construct. Also possibilities to launch new higher class residential projects are analyzed.
During the first half of this year, the real estate was sold for 1.7 million LTL and purchased for 4.2 million LTL. The most actively investments were made into agricultural land. Also the project in Neringa was acquired for 2.6 million. LTL.
The main events of the first half of 2011 are establishment of Inreal GEO and construction of residential house Elniakampio Namai. Briefly about these events:
- In 2011 Invalda Nekilnojamojo Turto Valdymas has started developing a new residential apartment house called Elniakampio Namai in Valakampiai. Legal registration of this small three-storey (with a lift) 17 apartment house of original architecture should be finished by the end of this year. After three months from beginning of the sales, 7 apartments out of 17 are already presold.
- In 2011 March, in order to expand the range of services, a company Inreal GEO was established. The company provides the preparation of land cadastral and topographical plans, the land plots' formation and rearrangement services, prepares projects of rural development planning. Inreal GEO provides services in the whole territory of Lithuania. The company has six employees. Invalda owns 100 percent Inreal GEO shares.
11.1.2. Table. Results of the real estate sector
| million LTL | 6 months of 2009 | 6 months of 2010 | 6 months of 2011 |
|---|---|---|---|
| Result of the real estate sector | -64.6 | 3.3 | -1.4 |
Real estate sector recorded 1.4 million LTL loss, in 2010 the sector earned 3.3 million LTL profit, which was largely due to one-off events.
Real estate revaluation is performed every December, so the annual results of the real estate sector will depend on market trends, which will be clearer in the autumn. The value of assets is influenced by two main factors - the general market changes, and results of improvements (preparation of detailed plans and other) performed during a year.
Unaudited Consolidated Interim Report for 6 Months of 2011
Invalda
Rail and road infrastructure sector's transaction
On 19 April 2011, Invalda and other shareholders of Tiltra Group AB and AB Kauno Tiltai (further – “Tiltra Group”) executed an agreement with the Polish listed railway infrastructure construction market leader Trakcja Polska S.A. and it's largest shareholder Comsa Emte (Spain) group and agreed to restore the effectiveness of the agreement regarding merger of activities of Trakcja Polska and Tiltra Group, which was signed on 18 November 2010. Concurrently, the parties agreed to amend the terms and conditions of the transaction provided for in the agreement and completed the deal on the same day.
Total value of Tiltra Group in the transaction—777,536 thousand PLN (679,528 thousand LTL). Both Invalda's partners and companies' executives has earned from the transaction.
Amounts provided below are attributable only to Invalda.
Trakcja Polska acquired from Invalda 44.78% stake in Tiltra Group AB and 43.36% stake in AB Kauno Tiltai for total amount of 314,120 thousand PLN (274,525 thousand LTL) and subsequently, Invalda acquired:
(i) 29,017,087 newly issued Trakcja Polska shares for a 132,318 thousand PLN (115,639 thousand LTL) (4.56 PLN (3.99 LTL) per share), amounting to 12.5% in share capital of Trakcja Polska.
(ii) 59,892 bonds of Trakcja Polska with par value 1000 PLN (873.95 LTL) each, annual interest rate – 7% (paid out on 30 June and 31 December of each year), maturity date – 12 December 2013, for 59,892 thousand PLN (52,343 thousand LTL).
(iii) 59,891 bonds of Trakcja Polska with par value 1000 PLN (873.95 LTL) each, annual interest rate – 7% (paid out on 30 June and 31 December of each year), maturity date – 12 December 2014, for 59,891 thousand PLN (52,342 thousand LTL).
Remaining 62,019 thousand PLN (54,202 thousand LTL) was paid to AB Invalda in cash.
Taking into account market price of acquired financial instruments at the closing date, LTL/PLN exchange rate, expenses related to the transaction and formed provisions for possible liabilities, positive result in the consolidated financial statements Invalda Group and standalone financial statements of AB Invalda is 103.6 million LTL and 150.8 million LTL respectively.
Proceedings paid to Invalda for shares of Tiltra Group AB and Kauno Tiltai might be reduced depending on the financial results of Tiltra Group. The following objectives are set:
(i) for the financial year ending 31 March 2011 - the aggregate net profit have to be 63 million PLN (about 55 million LTL), and the aggregate profit before interest, taxes, depreciation and amortization (EBITDA) - 109 million PLN (about 95 million LTL)
(ii) for the financial year ending 31 March 2012 - the aggregate net profit have to be 67.5 million PLN (about 59 million LTL), and the aggregate profit before interest, taxes, depreciation and amortization (EBITDA) - 119 million PLN (about 104 million LTL).
If net profit indicators are not reached by 1 million PLN (about 0.87 million LTL) and more, the price will be reduced by 4 PLN for every 1 PLN difference. If the EBITDA target is not reached by 1 million PLN (about 0.87 million LTL) and more, the price will be reduced by 3 PLN for each 1 PLN difference. The price will be reduced by the higher amount of the above mentioned adjustments. The price cannot be reduced by more than 150 million PLN (about 131 million LTL) for the whole transaction. Invalda has a risk to reduce price by 60.6 million PLN (about 53 million LTL) out of the whole this amount.
Since Invalda doesn't have a key impact on management of sold companies, the management of Invalda decided to form a reserve equal to the discounted largest price reduction risk - 46.7 million LTL.
Invalda is obliged not to sell acquired Trakcja Polska shares for at least 12 months. The company also provided other guaranties for fulfillment of the liabilities.
Changes after the transaction
Invalda sold a part of the purchased Trakcja Polska bonds after the transaction (received 49.6 million LTL).
15 June 2011 Trakcja Polska changed its name to Trakcja - Tiltra.
Trakcja - Tiltra shares are accounted as financial assets in the Invalda's financial statements and the change of the value causes the profit or loss:
| million LTL | 6 months of 2011 | |
|---|---|---|
| Profit (loss) from the change of value of Trakcja – Tiltra bonds | 1.0 | |
| Profit (loss) from the change of value of Trakcja – Tiltra shares | (19.5) |
Trakcja - Tiltra is listed on Warsaw Stock Exchange. More information about the company's activities can be found http://www.trakcjatiltra.com/
Unaudited Consolidated Interim Report for 6 Months of 2011
Invalda
IT sector
In the IT sector Invalda owns BAIP Group. IT company Baltic Amadeus Infratrukturos Paslaugos, specialises in creation, reconstruction, exploitation and maintenance of the critical IT infrastructure. Since 8 February 2011 the company is called BAIP. The change of name has been provided in the company's purchase conditions, when group of companies Positor, which specializes in IT investments, bought it from the company Baltic Amadeus in 2007. In order to keep the integrity of the communication, Positor also changed the name and now is presented by BAIP Group name.
The main events in 2011:
BAIP together with Baltic Bull UAB and BGM UAB partners in the Vilnius University has designed and installed high-performance computing systems that will allow scientists to perform a new quality of multidimensional computing processes. Installed computing hardware, software and storage systems are worth more than 12 million LTL. Such a scale of supercomputer infrastructure was applied in Lithuania for the first time.
BAIP won the Lithuanian Prosecutor General's Office license subscription and Microsoft based information system maintenance services tender and signed a contract worth about 800 thousand LTL. It is a mutual project of BAIP and Microsoft where required licenses for proper functioning of IT systems of the Prosecution General's Office will be delivered together with problem solution and proactive support services.
BAIP provides critical IT infrastructure services and IT security services for the Ministry of the Interior, the Ministry of Finance, the Ministry of Health, the Ministry of Economy and the Ministry of Agriculture, the Police Department, the Government and the Office of the President, State Consumer Protection Department, Vilnius University and other institutions, large private sector companies, such as the telecommunications company Omnitel, a biotechnology company Fermentas, MAXIMA GRUPE, Bank SNORAS, Lifosa, Western Union and others.
Considering IT consolidation trends felt in the Lithuanian market, BAIP fortified its expertise in the field of private cloud computing and signed a partnership agreement with Abiquo and Veeam Software - worldwide leaders in software development for cloud computing and virtual infrastructure management.
On April, the first European Grid Infrastructure users forum took place in Lithuania. It gathered about 400 computing experts from around the world. The Forum was organized by Vilnius University and BAIP. Vilnius University and BAIP signed a cooperation agreement with Innovative Pharmacology Industry Association (IFPA) during the event. It will contribute to the country's pharmaceutical and medical innovation development.
11.1.3. Table. Results of the IT sector
| million LTL | 6 months of 2009 | 6 months of 2010 | 6 months of 2011 | |
|---|---|---|---|---|
| Sales | 14.2 | 6.5 | 14.5 | |
| EBITDA | 0.8 | -0.1 | 0.8 | |
| Net result | -0.4 | -1.5 | -0.2 |
The largest part of profit in IT sector is gained in the end of the year, therefore the recovery of IT market and better results of the first half of the year allow to expect the better results in 2011.
Facility management sector
Since the beginning of 2011 facility management sector is established as a separate segment in the financial statements of Invalda. This sector is comprised of companies Invalda Service, Priemiestis and Jurita (the acquisition of the later was completed in August 2011). Facility management sector develops both organically and through acquisitions.
In June 2011 Invalda Service signed the contract for the maintenance and management of residential - commercial buildings' complex Evita and won the tender for the administration of real estate, managed by DnB NORD bank subsidiary Intractus and the provision of facility management services.
The purchase of the company Jurita, that manages apartment houses in the capital's Justiniskes catchment area, was completed in August. The value of the contract - 2.519 mln. Litas. In Justiniskes Jurita supervises 76 blocks of flats, which total area is about 151.7 thousand square meters.
The total area of the buildings, managed by companies of Invalda's facility management sector (Invalda Service, Priemiestis and Jurita) is more than 1 million square meters.
In July a company Naujosios Vilnius Turgaviete was separated from Priemiestis. The new company took over from Priemiestis the management and operation of the market place in a district of Naujoji Vilnia. This reorganisation was carried out to separate a non-core business.
11.1.4. Table. Results of the facility management sector
| million LTL | 6 months of 2009 | 6 months of 2010 | 6 months of 2011 | |
|---|---|---|---|---|
| Sales | 2.4 | 2.9 | 4.4 | |
| EBITDA | 0.1 | 0.3 | 0.5 | |
| Net result | 0.0 | 0.3 | 0.2 |
Unaudited Consolidated Interim Report for 6 Months of 2011
Invalda
Other companies
Umega AB
At the end of July Invalda asked permission of the Competition Council of the Republic of Lithuania to acquire up to 100% of a metal processing company Umega. Currently Invalda owns 21.1% of Umega's capital. As it was announced earlier, there are possible transactions when Invalda's stake will slightly exceed 25% limit indicated in the Competition Law. Invalda plans to participate in the capital increase of Umega.
During the first half of 2011 sales of Umega reached 32 mln. LTL – 80% more than during the same period in 2010.
Vernitas AB
At the end of July Invalda asked permission of the Competition Council of the Republic of Lithuania to acquire up 100% of yarn manufacturing company Vernitas. At the end of 2010 Invalda owned 11.7% of Vernitas shares. This stake was increased till more than 20% after the shares from the minor shareholders were purchased.
The permission is asked, in order to have a possibility under acceptable conditions to increase owned stake up to the controlling. This would allow to initiate changes that focus on the restoration of the company's profitability and shareholders' equity increase.
Kelio zenklai UAB
During the first half of 2011 furniture manufacturing and metal processing company Kelio Zenklai increased sales by 23% (compared with the same period in 2010) up to 3.8 mln. LTL.
Lauko Gelininkystes Bandymu Stotis UAB
In the beginning of this year Invalda purchased 51% of Lauko Gelininkystes Bandymu Stotis (brand name Augalu Centras) shares from the State Property Fund for 911 thousand LTL. At the end of July this stake was increased till 100%. About 500 thousand LTL were paid to the minority shareholders for the remaining 49% of shares.
Revenues of Augalu Centras brand name using company reached 1 mln. LTL during the first half of 2011 and exceeded sales of the same period last year twice.
11.2. Results of the Issuer and its group
Table 11.2.1. Financial results of Invalda AB and its group, thousand LTL
| 2010 | 2011 | |||||
|---|---|---|---|---|---|---|
| January - March | April - June | January - June | January - March | April - June | January - June | |
| GROUP | ||||||
| Profit (loss) from continuing operations before taxes | 5,783 | 7,063 | 12,846 | 4,266 | -14,048 | -9,782 |
| Discontinued operations | -2,321 | 2,908 | 587 | 4169 | 145,334 | 149,503 |
| Net profit (loss) | 2,559 | 9,578 | 12,137 | 8,188 | 137,981 | 146,169 |
| Net profit (loss) attributable to the parent company | -1,471 | 8,083 | 6,612 | 6,381 | 136,029 | 142,410 |
| COMPANY | ||||||
| Profit (loss) before taxes | -1,680 | -922 | -2,602 | -1,380 | 186,563 | 185,183 |
| Net profit (loss) | -1,507 | -810 | -2,317 | -1,045 | 194,142 | 193,097 |
Unaudited Consolidated Interim Report for 6 Months of 2011
Invalda
Table 11.2.2. Part of consolidated net result attributable to the shareholders of Invalda AB (by sectors and major financial investments impact), thousand LTL
| Sector and major financial investments | 2010 | 2011 | ||||
|---|---|---|---|---|---|---|
| January - March | April - June | January - June | January - March | April - June | January - June | |
| Furniture manufacturing | 5,020 | 4,024 | 9,044 | 4,948 | 4689 | 9,637 |
| Real estate | -1,354 | 2,387 | 1,033 | 263 | -1648 | -1,385 |
| Trakcja - Tiltra shares' value change | - | - | - | - | -19,481 | -19,481 |
| Trakcja - Tiltra bonds' value change | - | - | - | - | 1.023 | 1,023 |
| Information technologies | -945 | -270 | -1,215 | -242 | 44 | -198 |
| Facility management | 139 | 122 | 261 | 71 | 134 | 205 |
| Road construction (sold segment) | -6,366 | 2,361 | -4,005 | - | 103,649 | 103,649 |
| Pharmacy (sold segment) | 4,045 | 547 | 4,592 | 4,169 | -2,551 | 1,618 |
| Change in value of derivative related to Sanitas shares sale price correction according to the agreement | - | - | - | - | 44,236 | 44,236 |
| Other | -2,010 | -1,088 | -3,098 | -2,828 | 5,934 | 3,106 |
| Total | -1,471 | 8,083 | 6,612 | 6,381 | 136,029 | 142,410 |
Table 11.2.3. Main items of balance sheet, LTL thousand
| Group | Company | |||||
|---|---|---|---|---|---|---|
| 31.12.2010 | 30.06.2011 | change | 31.12.2010 | 30.06.2011 | change | |
| Non - current assets | 426,760 | 311,332 | -115,428 | 205,908 | 104,426 | -101,482 |
| Current assets | 98,428 | 242,439 | 144,011 | 76,102 | 224,752 | 148,650 |
| Non-current assets held for sale | 72,075 | 171,864 | 99,789 | 25,004 | 155,306 | 130,302 |
| Equity | 200,051 | 341,888 | 141,837 | 85,865 | 278,962 | 193,097 |
| Equity attributable to the equity holders of the parent company | 175,132 | 317,396 | 142,264 | 86,865 | 278,962 | 193,097 |
| Minority interest | 24,919 | 24,492 | -427 | 0 | 0 | 0 |
| Non - current liabilities | 176,462 | 264,347 | 87,885 | 126,790 | 111,010 | -15,780 |
| Current liabilities | 220,750 | 119,400 | -101,350 | 94,359 | 94,512 | 153 |
After completion of Sanitas shares sale transaction Invalda AB has used proceeds from this transaction to repay practically all financial obligations to banks and group companies, amounting to 110.5 million LTL (32 mln. EUR).
Table 11.2.4. Ratios
| Group | Company | |||
|---|---|---|---|---|
| 2010 | 2011 | 2010 | 2011 | |
| Return on average equity (ROAE), % | 33.45 | 78.83 | -15.84 | 99.17 |
| Debt ratio | 0.67 | 0.53 | 0.72 | 0.42 |
| Debt - equity ratio | 1.99 | 1.12 | 2.58 | 0.74 |
| Liquidity ratio | 0.77 | 3.47 | 1.07 | 4.02 |
| Earnings per share (EPS), LTL | 0.84 | 3.45 | -0.21 | 3.58 |
| Price - earnings ratio (P/E) | 8.22 | 2.40 | Negative | 2.31 |
Unaudited Consolidated Interim Report for 6 Months of 2011
Invalda
Methodology of calculations:
Return on average equity (ROAE) * / ** = net profit / (equity12 months ago + equity at the end of a time period) / 2
Debt ratio = total liabilities / total assets
Debt - equity ratio = total liabilities / equity
Liquidity ratio = current assets / current liabilities
Earnings per share (EPS) ** = net profit / average share amount
Price - earnings ratio (P/E) = share price at the end of a time period / EPS
Remarks:
Calculating ratios, for 2010 the actual data (company's and consolidated net result, as well as consolidated net result attributable to the equity holders of the parent company) were used, for the year 2011 - company's and consolidated net result, as well as consolidated net result attributable to the equity holders of the parent company for the last 12 months (data for the second half of 2010 and the first half of 2011).
- Calculating group ratios, the items of equity attributable to holders of the parent company and consolidated net profit attributable to holders of the parent company, are used
** Calculating group ratios, the item of net consolidated profit attributable to holders of the parent company, is used
12. The principal risks and uncertainties
During the first half of this year there were no material changes from the information about the principal risks and uncertainties disclosed in the latest annual report.
13. Significant investments made during the reporting period
During the reporting period Invalda has finished merger transaction of Tiltra Group and Trakcja Polska and invested in a rail and road infrastructure company Trakcja-Polska (now is Trakcja-Tiltra) purchasing its shares and bonds. More about this investment is described in the section 11.1. of this report.
14. Activity plans and forecasts
The Board did not approve the company's forecasts for the year 2011.
Invalda AB will continue to seek the long term goal to increase shareholders' equity. For the purpose of attainment of this objective Invalda actively manages its investments, exercising control or significant influence over target businesses.
In 2011 Invalda sold a large part of its businesses (in pharmaceuticals and road and bridge construction sectors) are is actively looking for opportunities to invest in new projects.
15. Information on the related parties' transactions
Information on the related parties' transactions is disclosed in consolidated and Company's financial statements explanatory notes.
President
Darius Sulnis
Unaudited Consolidated Interim Report for 6 Months of 2011
Invalda
ANNEX 1. INFORMATION ABOUT GROUP COMPANIES, THEIR CONTACT DETAILS
| Company | Registration information | Type of activity | Contact details |
|---|---|---|---|
| PHARMACY SECTOR (till 19 August 2011) | |||
| Sanitas AB | Code 134136296 | ||
| Address Veiverių str. 134, Kaunas, Lithuania | |||
| Legal form – public limited liability company | |||
| Registration date 30.06.1994 | manufacturing and sale of pharmaceutical preparations | Telephone +370 37 226 725 | |
| Fax +370 37 223 696 | |||
| E-mail [email protected] | |||
| www.sanitas.lt | |||
| Jelfa SA | Code 66687 | ||
| Address 21 Wincentego Pola Str., 58-500 Jelenia Góra, Poland | |||
| Legal form – limited liability company | |||
| Registration date 02.12.1991 | manufacturing and sale of pharmaceutical preparations | Telephone +48 75 64 33 240 | |
| Fax +48 75 75 24 455 | |||
| E-mail [email protected] | |||
| www.jelfa.pl | |||
| Laboratorium Farmaceutyczne Homeofarm sp. z. o. o. | Code 00001442971 | ||
| Address Janka Wisniewskiego Str. 13, Gdansk, Poland | |||
| Legal form – limited liability company | |||
| Registration date 12.12.1992 | manufacturing and sale of pharmaceutical preparations | Telephone +48 585 533 303 | |
| Fax +48 585 538 947 | |||
| E-mail [email protected] | |||
| www.homeofarm.pl | |||
| Sanitas Pharma a.s. | Code 45563811 | ||
| Address Bajkalska str. 5, Bratislava, Slovakia | |||
| Legal form – limited liability company | |||
| Registration date 15.05.2010 | pharmaceuticals sale | Telephone +421 917846711 | |
| E-mail [email protected] | |||
| FURNITURE MANUFACTURING SECTOR | |||
| Vilniaus Baldai AB | Code 121922783 | ||
| Address Savanorių ave. 178, Vilnius, Lithuania | |||
| Legal form – public limited liability company | |||
| Registration date 09.02.1993 | furniture design and manufacturing | Telephone +370 5 252 5700 | |
| Fax +370 5 231 1130 | |||
| E-mail [email protected] | |||
| www.vilniausbaldai.lt | |||
| Ari-Lux UAB | Code 120989619 | ||
| Address Savanorių ave. 178, Vilnius, Lithuania | |||
| Legal form – private limited liability company | |||
| Registration date 28.10.1991 | fitting packing | Tel. / fax +370 5 252 5744 | |
| REAL ESTATE SECTOR | |||
| Invalda Nekilnojamojo Turto Valdymas UAB | Code 222894170 | ||
| Address Palangos str. 4, Vilnius Lithuania | |||
| Legal form – private limited liability company | |||
| Registration date 22.12.1994 | real estate management and administration, development of investment projects | Telephone +370 5 273 0944 | |
| Fax +370 5 273 3065 | |||
| E-mail [email protected] | |||
| www.invaldaNT.lt | |||
| Inreal UAB | Code 300576166 | ||
| Address Palangos str. 4, Vilnius Lithuania | |||
| Legal form – private limited liability company | |||
| Registration date 14.06.2006 | intermediation purchasing or selling real estate, real estate rent and valuation | Telephone +370 5 273 0000 | |
| Fax +370 5 273 0858 | |||
| E-mail [email protected] | |||
| www.inreal.lt | |||
| Invaldos Nekilnojamojo Turto Fondas AB | Code 152105644 | ||
| Registration address A. Juozapavicaus str. 6 / Slucko str. 2, Vilnius, Lithuania | |||
| Located at Palangos str. 4, Vilnius Lithuania | |||
| Legal form – public limited liability company | |||
| Registration date 28.01.1997 | investments into real estate | Telephone +370 5 279 0614 | |
| Fax +370 5 273 3065 | |||
| E-mail [email protected] |
Unaudited Consolidated Interim Report for 6 Months of 2011
Invalda
| Company | Registration information | Type of activity | Contact details |
|---|---|---|---|
| REAL ESTATE SECTOR | |||
| INTF Investicija UAB | Code 300643227 | ||
| Registration address | |||
| A. Juozapavicaus str. 6 / Slucko str. 2, Vilnius, Lithuania | |||
| Located at Palangos str. 4, Vilnius Lithuania | |||
| Legal form – private limited liability company | |||
| Registration date 02.02.2007 | investments into real estate | Telephone +370 5 275 5093 | |
| Fax +370 5 273 3065 | |||
| DOMMO Nerija UAB | Code 300516742 | ||
| Registration address Smiltynes str. 25, Klaipeda, Lithuania | |||
| Located at S. Simkaus str. 8, Klaipeda, Lithuania | |||
| Legal form – private limited liability company | |||
| Registration date 21.12.2005 | investments into real estate | Telephone +370 46 276 691 | |
| Fax +370 46 314 316 | |||
| Ineturas UAB | Code 126075527 | ||
| Registration address | |||
| A. Juozapavicaus str. 6 / Slucko str. 2, Vilnius, Lithuania | |||
| Located at Palangos str. 4, Vilnius Lithuania | |||
| Legal form – private limited liability company | |||
| Registration date 20.10.2002 | investments into real estate | Telephone +370 5 273 0944 | |
| Fax +370 5 273 3065 | |||
| Naujoji Svara UAB | Code 125235345 | ||
| Registration address Seimyniskiu str. 3, Vilnius, Lithuania | |||
| Located at Palangos str. 4, Vilnius Lithuania | |||
| Legal form – private limited liability company | |||
| Registration date 12.04.2000 | investments into real estate | Telephone +370 5 273 0944 | |
| Fax +370 5 273 3065 | |||
| Traku Kelias UAB | Code 124928371 | ||
| Registration address | |||
| A. Juozapavicaus str. 6 / Slucko str. 2, Vilnius, Lithuania | |||
| Located at Palangos str. 4, Vilnius Lithuania | |||
| Legal form – private limited liability company | |||
| Registration date 31.05.1999 | investments into real estate | Telephone +370 5 273 0944 | |
| Fax +370 5 273 3065 | |||
| Rieses Investicija UAB | Code 300606428 | ||
| Registration address | |||
| A. Juozapavicaus str. 6 / Slucko str. 2, Vilnius, Lithuania | |||
| Located at Palangos str. 4, Vilnius Lithuania | |||
| Legal form – private limited liability company | |||
| Registration date 11.10.2006 | investments into real estate | Telephone +370 5 273 0944 | |
| Fax +370 5 273 3065 | |||
| IBC Logistika UAB | Code 300016395 | ||
| Registration address | |||
| A. Juozapavicaus str. 6 / Slucko str. 2, Vilnius, Lithuania | |||
| Located at Palangos str. 4, Vilnius Lithuania | |||
| Legal form – private limited liability company | |||
| Registration date 07.04.2004 | investments into real estate | Telephone +370 5 273 0944 | |
| Fax +370 5 273 3065 |
21
Unaudited Consolidated Interim Report for 6 Months of 2011
Invalda
| Company | Registration information | Type of activity | Contact details |
|---|---|---|---|
| REAL ESTATE SECTOR | |||
| Ekotra UAB | Code 300040019 | ||
| Registration address | |||
| A. Juozapavicaus str. 6 / Slucko str. 2, Vilnius, Lithuania | |||
| Located at K.Donelaicio str. 33-323, Kaunas Lithuania | |||
| Legal form – private limited liability company | |||
| Registration date 21.07.2004 | purchase, sale and rent of land | Telephone +370 37 202 120 | |
| Fax +370 37 321 132 | |||
| Simtamargis UAB | Code 300593984 | ||
| Registration address | |||
| A. Juozapavicaus str. 6 / Slucko str. 2, Vilnius, Lithuania | |||
| Located at K.Donelaicio str. 33-323, Kaunas Lithuania | |||
| Legal form – private limited liability company | |||
| Registration date 29.08.2006 | purchase, sale and rent of land | Telephone +370 37 202 120 | |
| Fax +370 37 321 132 | |||
| Zemvesta UAB | Code 300955547 | ||
| Registration address | |||
| A. Juozapavicaus str. 6 / Slucko str. 2, Vilnius, Lithuania | |||
| Located at K.Donelaicio str. 33-323, Kaunas Lithuania | |||
| Legal form – private limited liability company | |||
| Registration date 26.07.2007 | purchase, sale and rent of land | Telephone +370 37 202120 | |
| Fax +370 37 321 132 | |||
| Inreal GEO UAB | Code 302604810 | ||
| Registration address Palangos str. 4, Vilnius, Lithuania | |||
| Located at K.Donelaicio str. 33-323, Kaunas Lithuania | |||
| Legal form – private limited liability company | |||
| Registration date 31.03.2011 | land plots' geodetic measurement | Telephone +370 37 202120 | |
| Fax +370 37 321 132 | |||
| Agrobite UAB | Code 302546727 | ||
| Registration address | |||
| A.Juozapavicaus str. 7, Vilnius, Lithuania | |||
| Located at K.Donelaicio str. 33-323, Kaunas Lithuania | |||
| Legal form – private limited liability company | |||
| Registration date 20.09.2010 | purchase, sale and rent of land | Telephone +370 37202 120 | |
| Fax +370 37 321 132 | |||
| Laikinosios Sostines Projektai UAB | Code 300543732 | ||
| Registration address | |||
| A. Juozapavicaus str. 6 / Slucko str. 2, Vilnius, Lithuania | |||
| Located at Palangos str. 4, Vilnius Lithuania | |||
| Legal form – private limited liability company | |||
| Registration date 01.03.2006 | investments into real estate | Telephone +370 5 2730944 | |
| Fax +370 5 273 3065 | |||
| Dizaino Institutas UAB | Code 122288385 | ||
| Registration address | |||
| A.Juozapavicaus str. 11, Vilnius, Lithuania | |||
| Located at Palangos str. 4, Vilnius Lithuania | |||
| Legal form – private limited liability company | |||
| Registration date 29.12.1993 | investments into real estate | Telephone +370 5 273 0944 | |
| Fax +370 5 273 3065 |
Unaudited Consolidated Interim Report for 6 Months of 2011
Invalda
| Company | Registration information | Type of activity | Contact details |
|---|---|---|---|
| REAL ESTATE SECTOR | |||
| Designing Firm Saistas UAB | Code 133689632 | ||
| Registration address | |||
| A. Juozapavicaus str. 6 / Slucko str. 2, Vilnius, Lithuania | |||
| Located at K.Donelaicio str. 33-323, Kaunas, Lithuania | |||
| Legal form – private limited liability company | |||
| Registration date 26.05.1993 | investments into real estate | Telephone +370 37 202 120 | |
| Fax +370 5 321 132 | |||
| Rovelija UAB | Code 302575846 | ||
| Address Seimyniskiu str. 1, Vilnius, Lithuania | |||
| Legal form – private limited liability company | |||
| Registration date 20.12.2010 | investments into real estate | Telephone +370 5 273 0944 | |
| Fax +370 5 273 3065 | |||
| Sago UAB | Code 301206878 | ||
| Registration address Seimyniskiu str. 3, Vilnius, Lithuania | |||
| Located at Palangos str. 4, Vilnius Lithuania | |||
| Legal form – private limited liability company | |||
| Registration date 31.10.2007 | investments into real estate | Telephone +370 5 273 0944 | |
| Fax +370 5 273 3065 | |||
| Aikstentis UAB | Code 126412617 | ||
| Registration address Seimyniskiu str. 1A, Vilnius, Lithuania | |||
| Located at Palangos str. 4, Vilnius Lithuania | |||
| Legal form – private limited liability company | |||
| Registration date 23.12.2003 | carries no activity | Telephone +370 5 279 0614 | |
| Fax +370 5 273 3065 | |||
| Wembley – Neringa UAB | Code 110013029 | ||
| Registration address | |||
| A. Juozapavicaus str. 6 / Slucko str. 2, Vilnius, Lithuania | |||
| Located at Palangos str. 4, Vilnius Lithuania | |||
| Legal form – private limited liability company | |||
| Registration date 28.05.1991 | carries no activity | Telephone +370 5 273 0944 | |
| Fax +370 5 273 3065 | |||
| Elniakampio Namai UAB | Code 300667160 | ||
| Address Palangos str. 4, Vilnius, Lithuania | |||
| Legal form – private limited liability company | |||
| Registration date 04.04.2007 | real estate operations | Telephone +370 5 273 0944 | |
| Fax +370 5 273 3065 | |||
| RAIL AND ROAD CONSTRUCTION SECTOR | |||
| Trakcja – Tiltra S.A. | Code 0000084266 | ||
| Address Zlota str. 59, 00-120 Warsaw, Poland | |||
| Legal form – public limited liability company | |||
| Registration date 29.01.2002 | rail infrastructure construction, road and bridge construction | Telephone +48 22 628 6263 | |
| Fax +48 22 483 3013 | |||
| E-mail [email protected] | |||
| www.trakcjatiltra.com | |||
| INFORMATION TECHNOLOGY (IT) SECTOR | |||
| BAIP Group UAB | Code 300893533 | ||
| Address A.Juozapavicaus str. 6 / Slucko str. 2, Vilnius, Lithuania | |||
| Legal form – private limited liability company | |||
| Registration date 27.06.2007 | investments into IT companies | Telephone +370 698 23368 | |
| Fax +370 5 219 5900 | |||
| E-mail [email protected] | |||
| www.baipgroup.lt |
23
Unaudited Consolidated Interim Report for 6 Months of 2011
Invalda
| Company | Registration information | Type of activity | Contact details |
|---|---|---|---|
| INFORMATION TECHNOLOGY (IT) SECTOR | |||
| Informatikos Pasaulis UAB | Code 126396718 | ||
| Address A.Juozapaviciaus str. 6 / Slucko str. 2, Vilnius, Lithuania | |||
| Legal form – private limited liability company | |||
| Registration date 11.12.2003 | IT infrastructure solutions | Telephone +370 5 277 9700 | |
| Fax +370 5 277 9725 | |||
| E-mail [email protected] | |||
| www.infopasaulis.lt | |||
| Vitma UAB | Code 121998756 | ||
| Address A.Juozapaviciaus str. 6 / Slucko str. 2, Vilnius, Lithuania | |||
| Legal form – private limited liability company | |||
| Registration date 25.06.1993 | investment into IT companies | Telephone +370 5 272 9421 | |
| Acena UAB | Code 300935644 | ||
| Address A.Juozapaviciaus str. 6 / Slucko str. 2, Vilnius, Lithuania | |||
| Legal form – private limited liability company | |||
| Registration date 27.07.2007 | IT infrastructure development and support | Telephone +370 5 275 9647 | |
| Fax +370 5 273 5106 | |||
| E-mail [email protected] | |||
| www.acena.lt | |||
| BAIP UAB | Code 301318539 | ||
| Address A.Juozapaviciaus str. 6 / Slucko str. 2, Vilnius, Lithuania | |||
| Legal form – private limited liability company | |||
| Registration date 03.12.2007 | IT infrastructure solutions, IT security consultations, technological solutions, IT infrastructure support services | Telephone +370 5 219 0000 | |
| Fax +370 5 219 5900 | |||
| E-mail [email protected] | |||
| www.baip.lt | |||
| FACILITY MANAGEMENT | |||
| Invalda Service UAB | Code 126180446 | ||
| Address Seimyniskiu str. 3, Vilnius, Lithuania | |||
| Legal form – private limited liability company | |||
| Registration date 25.03.2003 | facility management | Telephone +370 5 273 6565 | |
| Fax +370 5 273 6667 | |||
| E-mail [email protected] | |||
| www.inservice.lt | |||
| Priemiestis UAB | Code 221487620 | ||
| Address Skydo str. 30, Vilnius, Lithuania | |||
| Legal form – private limited liability company | |||
| Registration date 09.07.1992 | facility management | Telephone +370 5273 0951 | |
| Jurita UAB | Code 220152850 | ||
| Address Justiniskiu 62, Vilnius, Lithuania | |||
| Legal form – private limited liability company | |||
| Registration date 28.12.1990 | facility management | Telephone +370 5248 2088 | |
| CManagement UAB | Code 186139653 | ||
| Registration address A.Juozapaviciaus str. 6/2, Vilnius Lithuania | |||
| Located at Seimyniskiu str. 3, Vilnius, Lithuania | |||
| Legal form – private limited liability company | |||
| Registration date 17.02.1994 | construction | Telephone +370 5 272 5565 | |
| Fax +370 5 273 6667 |
24
Unaudited Consolidated Interim Report for 6 Months of 2011
Invalda
| Company | Registration information | Type of activity | Contact details |
|---|---|---|---|
| OTHER COMPANIES | |||
| Umega AB | Code 126334727 | ||
| Address Metalo str. 5, Utena, Lithuania | |||
| Legal form – public limited liability company | |||
| Registration date 25.09.2003 | production of electric devices, metal items | Telephone +370 389 53 542 | |
| Fax +370 389 69 646 | |||
| E-mail [email protected] | |||
| www.umega.lt | |||
| Kelio Zenklai UAB | Code 185274242 | ||
| Address Gelezinkelio str. 28, Pilviskiai, Vilkaviskis district | |||
| Legal form – private limited liability company | |||
| Registration date 06.09.1994 | metal and wood processing, wholesale of different materials | Telephone +370 342 67 756 | |
| Fax +370 342 67 644 | |||
| E-mail [email protected] | |||
| www.keliozenklai.lt | |||
| Iniciatyvos Fondas VsJ | Code 300657209 | ||
| Registration address Seimyniskiu str. 3, Vilnius, Lithuania | |||
| Located at Seinyniskiu str. 1A, Vilnius, Lithuania | |||
| Legal form – public institution | |||
| Registration date 08.03.2007 | organising of social initiative programmes | Telephone +370 5 263 6129 | |
| Fax +370 5 279 0530 | |||
| E-mail [email protected] | |||
| www.iniciatyvosfondas.lt | |||
| Invetex AB | Code 133190113 | ||
| Address Seimyniskiu str. 1A, Vilnius, Lithuania | |||
| Legal form – public limited liability company | |||
| Registration date 31.01.1992 | investment activity | Telephone +370 5 263 6129 | |
| Fax +370 5 279 0530 | |||
| MBGK UAB | Code 300083611 | ||
| Address Seimyniskiu str. 1A, Vilnius, Lithuania | |||
| Legal form – public limited liability company | |||
| Registration date 27.01.2005 | carries no activity | Telephone +370 5 263 6129 | |
| Fax +370 5 279 0530 | |||
| Finansu Rizikos Valdymas UAB | Code 300045450 | ||
| Address Seimyniskiu str. 1A, Vilnius, Lithuania | |||
| Legal form – private limited liability company | |||
| Registration date 04.08.2004 | investment activity | Telephone +370 5 263 6129 | |
| Fax +370 5 279 0530 | |||
| Lauko Gelininkystes Bandymu Stotis UAB | Code 221496060 | ||
| Address A.Kojelaviciaus str. 1, Vilnius, Lithuania | |||
| Legal form – private limited liability company | |||
| Registration date 23.07.1992 | cultivation and trade of ornamental plants and flowers | Telephone +370 5 267 1718 | |
| Fax +370 5 267 7949 | |||
| E-mail [email protected] | |||
| www.augalucentras.lt | |||
| Vernitas AB | Code 151223650 | ||
| Address Stoties str. 16, Marijampole, Lithuania | |||
| Legal form – public limited liability company | |||
| Registration date 06.01.1994 | yarn manufacturing | Telephone +370 343 68150 | |
| Fax 370 343 68140 | |||
| E-mail [email protected] | |||
| www.vernitas.lt | |||
| Investiciju Tinklas UAB | Code 301206885 | ||
| Registration address Seimyniskiu str. 3, Vilnius Lithuania | |||
| Residence address Seimyniskiu str. 1A, Vilnius, Lithuania | |||
| Legal form – private limited liability company | |||
| Registration date 31.10.2007 | investment activity | Telephone +370 5 263 6129 | |
| Fax +370 5 279 0530 |
25
Unaudited Consolidated Interim Report for 6 Months of 2011
Invalda
| Company | Registration information | Type of activity | Contact details |
|---|---|---|---|
| OTHER COMPANIES | |||
| VOLO UAB | Code 301673796 | ||
| Registration address Seimyniskiu str. 3, Vilnius Lithuania | |||
| Located at Seimyniskiu str. 1A, Vilnius, Lithuania | |||
| Legal form – private limited liability company | |||
| Registration date 07.04.2008 | investments into facility management companies | Telephone +370 5 263 6129 | |
| Fax +370 5 279 0530 | |||
| Aktyvo UAB | Code 301206846 | ||
| Registration address Seimyniskiu str. 3, Vilnius Lithuania | |||
| Located at Seimyniskiu str. 1A, Vilnius, Lithuania | |||
| Legal form – private limited liability company | |||
| Registration date 31.10.2007 | management of bad debts | Telephone +370 5 263 6129 | |
| Fax +370 5 279 0530 | |||
| Aktyvus Valdymas UAB | Code 301673764 | ||
| Registration address Seimyniskiu str. 3, Vilnius Lithuania | |||
| Located at Seimyniskiu str. 1A, Vilnius, Lithuania | |||
| Legal form – private limited liability company | |||
| Registration date 07.04.2008 | investments into real estate companies | Telephone +370 5 263 6129 | |
| Fax +370 5 279 0530 | |||
| FORTINA UAB | Code 301673789 | ||
| Registration address Seimyniskiu str. 3, Vilnius Lithuania | |||
| Located at Seimyniskiu str. 1A, Vilnius, Lithuania | |||
| Legal form – private limited liability company | |||
| Registration date 07.04.2008 | investment activity | Telephone +370 5 263 6129 | |
| Fax +370 5 279 0530 | |||
| ENTE UAB | Code 301206860 | ||
| Registration address Seimyniskiu str. 3, Vilnius Lithuania | |||
| Located at Seimyniskiu str. 1A, Vilnius, Lithuania | |||
| Legal form – private limited liability company | |||
| Registration date 31.10.2007 | investments into real estate companies | Telephone +370 5 263 6129 | |
| Fax +370 5 279 0530 | |||
| MGK Invest UAB | Code 302531757 | ||
| Address Seimyniskiu str. 1, Vilnius, Lithuania | |||
| Legal form – private limited liability company | |||
| Registration date 27.07.2010 | carries no activity | Telephone +370 5 263 6129 | |
| Fax +370 5 279 0530 | |||
| RPNG UAB | Code 302575892 | ||
| Address Seimyniskiu str. 1, Vilnius, Lithuania | |||
| Legal form – private limited liability company | |||
| Registration date 20.12.2010 | carries no activity | Telephone +370 5 263 6129 | |
| Fax +370 5 279 0530 | |||
| Consult Invalda UAB | Code 302575814 | ||
| Address Seimyniskiu str. 1, Vilnius, Lithuania | |||
| Legal form – private limited liability company | |||
| Registration date 20.12.2010 | carries no activity | Telephone +370 5 263 6129 | |
| Fax +370 5 279 0530 |
26
Unaudited Consolidated Interim Report for 6 Months of 2011
Invalda
| Company | Registration information | Type of activity | Contact details |
|---|---|---|---|
| Regenus UAB | Code 302575821 | ||
| Address Seimyniskiu str. 1, Vilnius, Lithuania | |||
| Legal form – private limited liability company | |||
| Registration date 20.12.2010 | carries no activity | Telephone +370 5 263 6129 | |
| Fax +370 5 279 0530 | |||
| Rizikos Kapitalas UAB | Code 302576631 | ||
| Address Seimyniskiu str. 1, Vilnius, Lithuania | |||
| Legal form – private limited liability company | |||
| Registration date 20.12.2010 | carries no activity | Telephone +370 5 263 6129 | |
| Fax +370 5 279 0530 | |||
| VIA Solutions UAB | Code 302617188 | ||
| Address Palangos str. 4, Vilnius, Lithuania | carries no activity | Telephone +370 5 263 6129 | |
| Fax +370 5 279 0530 | |||
| Invalda LUX S.a.r.l. | Code B158274 | ||
| Address 560A, rue de Neudorf, L-22200 Luxembourg | |||
| Legal form –limited liability company | |||
| Registration date 25.01.2011 | carries no activity | Telephone +352 26 43661 | |
| Fax +352 26 4366300 |