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Invalda INVL Investor Presentation 2014
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Investor Presentation
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Invalda LT, AB consolidated results for 2013
Vilnius, 7 April 2014
About the company
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What is Invalda LT, AB?
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Invalda LT, AB is one of the major investment companies in Lithuania whose primary objective is to steadily increase the investor equity value. For the purpose of attainment of this objective Invalda LT, AB actively manages its investments, exercising control or significant influence over target businesses.
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Invalda LT, AB started the activity in 1991 as the company Invalda, AB. From 1991 until 1997 it operated as an investment public company established during the state property privatization, which was implemented in accordance to the State Property Primary Privatization law of the Republic of Lithuania. From 1997 until 2003 the company operated as a licensed holding investment company (the license was issued by the Securities Commission of Lithuania). Company's equities have been traded on the NASDAQ OMX Vilnius Exchange since 1995.
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On 21 March 2014 Invalda LT, AB announced about drawn - up split-off terms of the public joint - stock company Invalda LT. According to the terms, three companies INVL Baltic Farmland, INVL Baltic Real Estate and INVL Technology, presently comprising 47,95% of Invalda LT assets calculated in book values, will be split-off from Invalda LT. Invalda LT is split-off in order to redesign its business model according to classical asset management principles. The shareholders of Invalda LT will have to vote on approval of the split - off terms (for more information please check slides 32-34).
Remark: more information on management principles of Invalda LT, AB and companies comprising the Issuer's group is presented in Consolidated Annual Report for the year 2013 (section I. „General information“, pages 5-9).
The main sectors of Invalda LT, AB
Remark: more information on Group's companies and their contacts is presented Consolidated Annual Report for the year 2013 (Appendix I. "Information about group companies, their contact details", pages 47-53).
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Shareholders structure
Votes of shareholders of Invalda LT, AB as of 31 December 2013
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Management
Alvydas Banys – Chairman of the Board
After graduating from Vilnius Gediminas Technical University Alvydas Banys worked as a Jr. Scientific Co-worker at the Economics' Institute of Lithuania's Science Academy. In 1996 - 2006 he held the position of Vice President. He served as the Member of the Board of the Company in 1996 - 2000 and as the Chairman of the Board in 2001-2007. Despite retiring from active Company's activity, Mr. Banys remained the financial investor and kept a significant stake in the company. He was elected as the Chairman of the Board of Invalda LT, AB at the end of May 2013. At present, Mr. Banys is the Member of the Board of Cedus Invest, UAB and BAIP Group, UAB, as well as Chairman of the Board of Invalda LT Investments, UAB.
Indrė Mišeikytė – Member of the Board
Indre Mišeikytė has graduated from Vilnius Gediminas Technical University where she completed Architecture studies. She worked for Vilniaus Baldai, AB in 1994 - 1996, real estate and investment companies Gildeta, UAB and Kremi, UAB. She was elected as the Member of the Board of the Company in April 2012. Indre Mišeikytė is a Member of the Board of Invalda Privatus Kapitalas, AB.
Darius Šulnis – Member of the Board, the President
Darius Sulnis has acquired his Master's degree in Accounting and Audit at Vilnius University. He has acquired Global Executive MBA degree at the Duke university (USA) in 2013. Mr. Sulnis has worked as the Manager for the Financial Brokerage company Finasta for 8 years, has also managed real estate company Inreal Valdymas, UAB for 4 years. He has been a Member of Boards and Supervisory Boards of a number of Polish, Latvian and Lithuanian companies. Currently Mr. Sulnis is the Member of the Board and the President of Invalda LT AB. He participates in the activity of the Board of Vilniaus Baldai, AB, Invalidos Nekilnojamojo Turto Fondas, AB, Litagra, UAB, Inservis, UAB, Kelio Zenklai, UAB and BAIP Group, UAB as well as Cedus Invest, UAB and Invalda LT Investments, UAB.
Remark: more information on owned shares in Invalda LT by the Members of the Board as well as their shares in other companies and participation in other companies is presented in Consolidated Annual Report for the year 2013 (section III. "Issuer's managing bodies", pages 22-23).
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Invalida LT, AB shares
| Shares issued, units | 24,833,551 |
|---|---|
| Shares with voting rights from 30 December 2013, units | 22,797,297 |
| Nominal value per share, LTL | 1 |
| Total nominal value, LTL | 24,833,551 |
| ISIN code | LT0000102279 |
| Name | IVL1L |
| Exchange | NASDAQ OMX Vilnius |
| List | Baltic Main List (since 1 January 2008) |
| Listing date | 19 December 1995 |
Remark: more information on securities of Invalida LT, AB is presented in Consolidated Annual Report for the year 2013 (section II. „Information about securities“, pages 9-17).
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Trading in Invalda LT, AB shares (1)
| 2009 | 2010 | 2011 | 2012 | 2013 | |
|---|---|---|---|---|---|
| Share price, EUR | |||||
| - open | 0.484 | 0.533 | 2.000 | 1.930 | 1.970 |
| - high | 1.075 | 2.546 | 2.650 | 2.940 | 3.450 |
| - low | 0.319 | 0.521 | 1.733 | 1.871 | 1.960 |
| - medium | 0.565 | 1.130 | 2.050 | 2.308 | 2.539 |
| - last | 0.533 | 1.989 | 1.943 | 1.970 | 3.450 |
| Turnover, units | 7,273,279 | 6,509,830 | 4,985,446 | 2,514,347 | 2,210,184 |
| Turnover, EUR | 4,108,353 | 8,245,131 | 10,143,287 | 5,857,710 | 5,192,330 |
| Traded volume, units | 8,443 | 12,768 | 10,377 | 5,754 | 3,870 |
Remark: more information on securities of Invalda LT, AB is presented in Consolidated Annual Report for the year 2013 (section II. „Information about securities“, pages 9-17).
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Trading in Invalda LT, AB shares (2)
- OMX index is an all-share index which includes all the shares listed on the Main and Secondary lists on the NASDAQ OMX Vilnius with exception of the shares of the companies where a single shareholder controls at least 90% of the outstanding shares. The OMX Baltic Financial GI index is based on the Industry Classification Benchmark (ICB) developed by FTSE Group (FTSE). 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.
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Invalida LT, AB capitalization
Capitalization, million EUR
- The authorised capital was reduced due to the split-off of the company.
Remark: more information on securities of the company is presented in Consolidated Annual Report for the year 2013 (section II. „Information about securities“, pages 9-17).
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Key events as of 2013
Acquisitions of own shares
Since the beginning of the year 2013 the company implemented share acquisition process for four times: The total amount paid to the shareholders was LTL 72.597 million (EUR 21.025 million):
- 8 March 2013 the company acquired 10 % of own shares at the total price of LTL 42.928 million (EUR 12.433 million).
- 27 May 2013 the company acquired 2.1 % of own shares at the total price of LTL 8.878 million (EUR 2.571 million).
- All the above mentioned redeemed shares were annulled on the basis of the split-off terms due to reduction of the authorised capital of the company.
- 30 August 2013 the General Shareholders Meeting of Invalda LT, AB made a decision to allocate a reserve of LTL 92.5 million (EUR 26.8 million) to acquire of own shares.
- 10 October 2013 the company acquired 7.42 % of own shares at the total price of LTL 18.45 million (EUR 5.343 million).
- 30 December 2013 the company acquired 0.78 % of own shares at the total price of LTL 2.341 million (EUR 0.678 million).
31 December 2013 the amount of own shares owned by the company equalled to 2,036,254 or 8.2 % of the authorised capital of the company.
Remark: more information about the Issuer's own shares is presented in Consolidated Annual Report for the year 2013 (section II. „Information about securities“, page 10).
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Key events as of 2013
The split-off
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On 9 April 2013 the General shareholders Meeting of Invalda, AB approved split-off terms. In accordance with the split-off terms, a part of Invalda assets has been split-off and on its basis a new public-joint stock company Invalda Privatus Kapitalas, AB has been formed. 45.45 percent of the total assets of Invalda, AB as well as 45.45 percent of the Company’s equity capital and liabilities have been allocated to the newly established entity.
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On 31 May 2013 the amended Articles of Association of the public joint-stock company Invalda were registered with the Register of Legal Entities. The amended Articles of Association stated a new name of the company – public joint-stock company Invalda LT, AB as well as an authorized capital of LTL 24.833.551.
Remark: more information on activity of Invalda LT, AB is presented in Consolidated Annual Report for the year 2013 (section IV. „Information about the Issuer’s and its Group Companies’ activity“, pages 27-42).
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Key events as of 2013
Change of management
- On 22 May 2013 the Board of Invalda, AB removed Dalius Kaziunas and appointed Darius Sulnis as the President of Invalda, AB. Mr. Sulnis has already been the president of Invalda, AB in 2006-2011
- On 28 May 2013 the Board of Invalda LT, AB was elected. Alvydas Banys was appointed as the Chairman of the Board, Darius Sulnis and Indre Miseikyte were elected as the Members of the Board.
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Financial results of the company and its group
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Activity Results of Invalda LT, AB
| million litas | Parent company | Consolidated | ||||
|---|---|---|---|---|---|---|
| 2011 | 2012 | 2013 | 2011 | 2012 | 2013 | |
| Assets | 399.0 | 372.2 | 174.6 | 646.4 | 589.9 | 365.9 |
| Equity | 360.7 | 360.6 | 160.0 | 415.3 | 416.2 | 219.2 |
| Liabilities | 38.3 | 11.6 | 14.6 | 231.1 | 173.7 | 146.8 |
| Profit (loss) | 274.9 | 20.9 | 81.0 | 216.5 | 32.1 | 108.5 |
| Profit (loss) attributable to equity holders of the parent company | - | - | - | 209.0 | 24.8 | 107.3 |
*Assets and equity reduced due to the completion of the split-off of the Company on 31 May 2013 (for more information please check slide 12).
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Equity and liabilities
| million litas | 2011 | 2012 | 2013 |
|---|---|---|---|
| Equity | 360.7 | 360.6 | 160.0* |
| Liabilities to financial institutions | - | - | 7.8 |
| from this long term | - | - | - |
| Liabilities to group companies | 0.4 | 9.1 | 4.9 |
| Bonds | 34.1 | - | - |
| Other liabilities | 3.8 | 2.5 | 1.9 |
| Total liabilities | 38.3 | 11.6 | 14.6 |
| Total Equity and Liabilities | 399.0 | 372.2 | 174.6 |
*Total equity reduced due to the completion of the split-off of the Company on 31 May 2013 (for more information please check slide 12).
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Results
Impact to the profit (loss) statement due to group sectors and financial investments
| million litas | 2011 | 2012 | 2013 |
|---|---|---|---|
| Furniture manufacturing sector | 19.3 | 19.5 | 4.7 |
| Real estate sector | (20) | (13.5) | 3.7 |
| Agricultural land sector | 2.2 | 2.4 | 9.1 |
| Agriculture sector | - | 8.7 | 4.2 |
| Information technology sector | (0.7) | (0.9) | 0.5 |
| Facilities management sector | 1.03 | (0.3) | 0.5 |
| Road and bridge construction (sold segment) | 110.5 | - | - |
| Pharmaceuticals (sold segment) | 187.5 | - | - |
| Other companies | (90.8) | 8.9 | (0.8) |
| Result of the split-off | - | - | 85.4 |
| Total | 209.0 | 24.8 | 107.3 |
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Group results
Remark: more information about Invalda LT group results is presented in Consolidated Annual Report for the year 2013 (section IV. „Information about the Issuer’s and its Group Companies’ activity“, pages 27-42).
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VILNIAUS BALDAI
ANNO 1883
Furniture manufacturing sector (1)
| Vilniaus Baldai, AB | Investment date | Activity | Place of the residence | Manager | |
|---|---|---|---|---|---|
| 1994–1995 | Furniture manufacturing | Lithuania | Dalius Aleksandravicius (since 6 January 2014) | ||
| Aidas Mackevicius (until 6 January 2014) |
- More information about company’s activities and results are provided on www.vilniausbaldai.lt
- Shares of Vilniaus Baldai, AB are listed on NASDAQ OMX Vilnius stock exchange.
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VILNIAUS BALDAI
ANNO 1863
Furniture manufacturing sector (2)
| million litas | 2012 | 2013 | Change | Change, % |
|---|---|---|---|---|
| Sales | 230.1 | 166.1 | (64) | (27.8) |
| EBITDA | 34.9 | 21.1 | (13.8) | (39.5) |
| Net profit | 27.0 | 14.3 | (12.7) | (47) |
| Capitalization | 190.5 | 187.9 | (2.6) | (1.4) |
| Employees | 464 | 488 | 24 | 5.2 |
| --- | --- | --- | --- | --- |
- More information about company's activities and results are provided on www.vilniausbaldai.lt
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INVALDOS NEKLINOJAMOJO TURTO FONDAS
Real estate sector (1)
| Investment date | Activity | Place of the residence | Manager | ||
|---|---|---|---|---|---|
| intf | Invaldos Nekilnojamojo Turto Fondas, AB | 1997 | Investments into commercial rental real estate | Lithuania | Gediminas Bronislovas Rimkevicius |
| INTF Investicija, UAB | 2007 | Investments into commercial rental real estate | Lithuania | Gediminas Bronislovas Rimkevicius | |
| Rovelija, UAB | 2010 | Investments into commercial rental real estate | Lithuania | Gediminas Bronislovas Rimkevicius | |
| Sago, UAB | 2007 | Investments into commercial rental real estate | Lithuania | Gediminas Bronislovas Rimkevicius |
*The management of real estate companies Sago and INTF Investicija, initiates bankruptcy procedure because these companies didn't reach an agreement with the bank financing their activities from 2007.
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Real estate sector (2)
| million litas | 2012 | 2013 | Change | Change, % |
|---|---|---|---|---|
| Value of commercial real estate | 202.1 | 144.5 | (57.6) | (28.5) |
| Shareholders’ equity (incl. loans from Invalda LT, AB) | 113.2 | 46.0 | (67.2) | (59.4) |
| Loans from credit institutions | 101.0 | 95.6 | (5.4) | (5.3) |
| Rental income | 16.5 | 15.2 | (1.3) | (7.9) |
| from this owned by clients | 5.3 | 5.5 | 0.2 | 3.8 |
| Result of the real estate sector | (13.5) | 3.7 | 17.2 | - |
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INVALIDOR REKELINGUARDU TURTO POKOKA
| Results of real estate companies owned by Invalda LT, AB after the split-off | |
|---|---|
| 2012 | 2013 |
| 144.2 | 144.5 |
| 45.7 | 46.0 |
| 99.8 | 95.6 |
| 14.8 | 14.4 |
| 5.3 | 5.5 |
| (0.2) | (0.7) |
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Agricultural land sector (1)
EKOTRA
WWW.EKOTRA.LT
| Investment date | Activity | Place of the residence | Manager | |||
|---|---|---|---|---|---|---|
| EKOTRA | Avizele, UAB | Pusaitis, UAB | 2004 | Investments into agricultural land. Rent of the agricultural land. | Lithuania | Sigita Bizuliene |
| Berzyte, UAB | Puskaitis, UAB | |||||
| Dirvolika, UAB | Seja, UAB | |||||
| Duonis, UAB | Vasarojus, UAB | |||||
| Ekotra, UAB | Zalve, UAB | |||||
| Kvietukas, UAB | Zemgale, UAB | |||||
| Laukaitis, UAB | Zemynele, UAB | |||||
| Lauknesys, UAB | Ziemkentys, UAB | |||||
| Linaziede, UAB |
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Agricultural land sector (2)
EKOTRA
WWW.EKOTRA.LT
| 2012 | 2013 | Change | Change, % | |
|---|---|---|---|---|
| Arable land, hectare | 4995.3 | 2923.6 | (2071.7) | (41.5) |
| Average fertility quality points | 46,7 | 46,4 | (0.3) | (0.6) |
| Value of agricultural land, LTL million | 41.8 | 36.1 | (5.7) | (13.6) |
| Shareholders’ equity (incl. loans from Invalda LT, AB), LTL million | 41.4 | 33.4 | (8.0) | (19.3) |
| Loans from credit institutions, LTL million | - | - | - | - |
| Rental income, LTL million | 1.5 | 1.3 | (0.2) | (13.3) |
| Result of the agricultural land sector, LTL million | 2.4 | 9.1 | 6.7 | 279.2 |
| Result of the agricultural land sector (incl. interests of loans granted by Invalda LT, AB), LTL million | 4.2 | 10.1 | 5.9 | 140.5 |
Compared with 2012, the owned amount of agricultural land decreased due to the split-off of Invalda, AB. Invalda Privatus Kapitalas, AB became the owner of 9 companies holding 2071.7 hectares of land.
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Agriculture sector (1)
LITAGRA
| Investment date | Activity | Place of the residence | Manager | |
|---|---|---|---|---|
| LITAGRA | 2011 | Investments into agriculture companies | Lithuania | Gintaras Kateiva |
| Litagros Prekybos Centras, UAB | Wholesale and retail trade in plant protection products, fertilizers, seeds, compound feed and crop | Lithuania | ||
| Latvia | ||||
| Estonia | Adomas Grigaitis | |||
| Litagros Grudu Centras, UAB | Elevator services and production of flour and feed | Lithuania | Vytautas Asaka | |
| Litagros Zemes Ukio Centras, UAB | Crop and livestock production | Lithuania | Vaidas Navickas |
- More information on the services and activity of the sector is provided on www.litagra.lt; www.litagragroup.lt
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LITAGRA
Agriculture sector (2)
| million litas | 2012 | 2013 | Change | Change, % |
|---|---|---|---|---|
| Sales | 429.5 | 452.5 | 23.0 | 5.4 |
| EBITDA | 40.1 | 28.1 | (12.0) | (29.9) |
| Net result, according to the data provided by the company | 20.3 | 13.0 | (7.3) | (36.0) |
*Results as of 2012 and 2013 are prepared in accordance with International Financial Reporting Standards (IFRS).
- More information on the services and activity of the sector is provided on www.litagra.lt; www.litagragroup.lt
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Information technology sector (1)
| Investment date | Activity | Place of the residence | Manager | ||
|---|---|---|---|---|---|
| baip GRUPÉ | BAIP Grupe, UAB | 2007 December | Investments into information technology (IT) companies | Lithuania | Kazimieras Tonkunas |
| baip | BAIP, UAB | IT infrastructure solutions. IT security consultations. IT infrastructure support services | Lithuania | Gytis Umantas | |
| NRD S | NRD CS, UAB | Cyber security services | Lithuania | Vilius Benetis | |
| acena CRB 2014-2015 | Acena, UAB | IT infrastructure support services | Lithuania | Marius Lescinskas | |
| IP D | Informatikos Pasaulis, UAB | IT infrastructure solutions | Lithuania | Marius Lescinskas | |
| NRD S | Norway Registers Development AS | Creation of new register reforms in various countries. Providing consultancy on the information system design | Norway | Rimantas Zylius (since 2014) | |
| NRD S | NRD, UAB | Creation of new register reforms in various countries. Providing consultancy and implementation of the information system design, other services | Lithuania | Arnoldas Sidlauskas | |
| NRD S | Norway Registers Development East Africa Limited | Creation of new register reforms in various countries. Providing consultancy on the information system design | Tanzania | Sebastian Marondo |
- More information on the services and activity of the sector is provided on - www.baipgruppe.lt; www.baip.lt; www.nrd.no; www.nrd.lt; www.nrd.co.tz; www.nrdcs.lt
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Information technology sector (2)
baip GRUPÉ
| million litas | 2012 | 2013 | Change | Change, % |
|---|---|---|---|---|
| Sales | 40.8 | 50.7 | 9.9 | 24.3 |
| EBITDA | 2.7 | 4.4 | 1.7 | 63.0 |
| Net profit before investment amortization^{1} and cost of management options | (0.1) | 1.4 | 1.5 | - |
| Net profit | (1.1) | 0.7 | 1.8 | - |
| Employees | 131 | 148 | 17 | 13.0 |
| --- | --- | --- | --- | --- |
- Amortization of contract assets formed during BAIP, UAB acquisition.
- More information on the services and activity of the sector is provided on – www.baipgrupe.lt; www.baip.lt; www.nrd.no; www.nrd.lt; www.nrd.co.tz; www.nrdcs.lt
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Facility management sector (1)
| Investment date | Activity | Place of the residence | Manager | ||
|---|---|---|---|---|---|
| inservis | |||||
| Facility Priežična | Inservis, UAB | 1994 | Facility management, engineering systems oversight and incidents management, multi-apartment house management | Lithuania | Rimvydas Ramanauskas |
| jurita | |||||
| Facility Priežična | Jurita, UAB | 2011 | Facility management, engineering systems oversight and incidents management, multi-apartment house management | Lithuania | Rimvydas Ramanauskas |
| Priemiestis | |||||
| Facility Priežična | Priemiestis, UAB | 2010 | Facility management, engineering systems oversight and incidents management, multi-apartment house management | Lithuania | Rimvydas Ramanauskas |
| Naujosios Vilnius Turgaviete, UAB | 2010 | Market-places management | Lithuania | Raimundas Noreika |
- More information about services and activity is provided on the web pages www.inservis.lt; www.jurita.lt; www.priemiestis.lt
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Facility management sector (2)
inservis
PASTATU PRIEZIDRA
| million litas | 2012 | 2013 | Change | Change, % |
|---|---|---|---|---|
| Sales | 13.1 | 15.5 | 2.4 | 18.3 |
| EBITDA | 0.4 | 1.1 | 0.7 | 175.0 |
| Net profit | (0.3) | 0.5 | 0.8 | - |
| Employees | 231 | 239 | 8 | 3.5 |
| --- | --- | --- | --- | --- |
- More information about services and activity is provided on the web pages www.inservis.lt; www.jurita.lt; www.priemiestis.lt
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Company plans
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Reorganization (1)
- On 12 December 2013 the Board of Invalda LT, AB decided to analyse possibilities regarding the new management business model. The reasons is that now the shareholders aren't able to select the sector, the risk level as well as the term of the investments. Moreover, company's capitalization is usually lower than the total value of the separate assets.
- Three companies which will manage homogeneous assets should be separated from Invalda LT, AB. They will apply for closed-end investment company licenses.
- On 5 February 2014 Extraordinary General Shareholders Meeting of the company approved the preparation of the terms of the split-off of Invalda LT, AB.
- On 27 February 2014 Invalda LT announced about established the company Invalda LT Investments that will apply for asset management company license issued by the Bank of Lithuania. Invalda LT owns 100 % of shares in Invalda LT Investments.
- On 21 March 2014 Invalda LT informed about drawn - up Split-Off Terms of the public joint - stock company Invalda LT. According to the terms, three companies INVL Baltic Farmland, INVL Baltic Real Estate and INVL Technology, presently comprising 47,95% of Invalda LT assets calculated in book values, will be split-off from Invalda LT.
- The shareholders of Invalda LT will have to vote on approval of the split - off terms.
Remark: more information of future plans of Invalda LT, AB is presented in Consolidated Annual Report for the year 2013 (section IV. „Information about the Issuer's and its Group Companies' activity", pages 27-42).
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Reorganization (2)
- All the shares of 3 newly established companies are planned to be quoted on the NASDAQ OMX Vilnius Exchange.
- INVL Baltic Farmland, INVL Baltic Real Estate and INVL Technology will apply for a closed-end investment companies license to the Bank of Lithuania and will become similar to closed-end funds.
- It is assumed to apply for the strictest regulatory regime which is imposed on retail investors.
- It is planned that Invalda LT Investments will manage new companies when it will be issued the license.
Remark: more information on future plans of Invalda LT, AB is presented Consolidated Annual Report for the year 2013 (section IV. „Information about the Issuer’s and its Group Companies’ activity”, pages 27-42).
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Split – Off of shares
- All the shareholders of Invalda LT, AB, which at present is more than 3900, will participate in proportion in the capital of the separated companies.
- 52.05 % of owned shares will stay in Invalda LT, 14.45 % will be given in INVL Baltic Farmland, 30.9 % - in INVL Baltic Real Estate and 2.6 % in INVL Technology.
- The split – off is carried out according to book values, not market values, therefore the market will have to set shares prices of the new companies.
- Asset valuations in the real estate and agricultural land companies are fulfilled and INVL Technology could be estimated according to the cash flow method.
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Disclaimer
- The presentation was prepared by Invalda LT, AB.
- Consolidated and company's financial statements of Invalda LT, AB for the year 2013 were used in the presentation.
- Data provided here is for information purposes only.
- The information provided here is not a recommendation or solicitation to buy or sell any securities of Invalda LT, AB or companies related to Invalda LT, AB.
- Invalda LT, AB does not take responsibility for the actions any third parties made based only on information provided here.
- Group composition charts are simplified. Invalda LT, AB owns 100% in the companies if not stated otherwise.
- Since 22 November 2010, shares of the listed companies are traded only in Euros (€) on NASDAQ OMX Vilnius stock exchange, therefore all information related to the securities trading is provided in Euros (€).
- Implementation of new asset management business model will depend on the decisions of the General Shareholders Meeting, laws and regulations, market conditions, the decisions of the Bank of Lithuania. The presentation is not and can not be treated as (i) obligation of the company to implement the reorganisation or any part of it mentioned in the presentation; (ii) obligation of the company to leave unchanged structure of the reorganisation; (iii) offer of the company to purchase or sell its shares.
- The conditions of the split-off must be approved by the decision of the General Shareholders Meeting. There are no guarantees that such a decision will be passed and the reorganisation will be implemented.
- Management company and closed-end investment companies need licensed issued by the Bank of Lithuania. There are no guarantees these licenses will be issued.
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