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Invalda INVL Investor Presentation 2014
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Investor Presentation
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Invalda LT, AB consolidated interim results for 12 months of 2013
Vilnius, 24 February 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 asset management 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 31 May 2013 the split-off procedure of Invalda, AB was completed and the company continues its activity under the new name of Invalda LT, AB.
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Currently, major part of Invalda LT Group assets is concentrated in Lithuania, and the key entities operate in the furniture manufacturing, real estate, agricultural land, agriculture, information technology (IT) infrastructure, facility management sectors.
Remark: more information on management principles of Invalda LT, AB and companies comprising the Issuer's group is presented in Consolidated Interim Report for 12 months of 2013 (section I. „General information“, pages 4-7).
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The main sectors of Invalda LT, AB
Remark: more information on Group's companies and their contacts is presented in Consolidated Interim Report for 12 months of 2013 (Appendix I. "Information about group companies, their contact details", pages 40-46).
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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.
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 is a Member of the Board of Vilniaus Baldai, AB, Invaldos Nekilnojamojo Turto Fondas, AB, Litagra, UAB, Inservis, UAB, Kelio Zenklai, UAB and BAIP Group, 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 Interim Report for 12 months of 2013 (section III. „Issuer's managing bodies“, pages 18-19).
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Invalida LT, AB shares
| ISIN code | LT0000102279 |
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| Name | IVL1L |
| Exchange | NASDAQ OMX Vilnius |
| List | Baltic Main List (since 1 January 2008) |
| Listing date | 19 December 1995 |
| Shares issued, units | 24,833,551 |
| Shares with voting rights | |
| from 30 December 2013, units | 22,797,297 |
| Nominal value, LTL | 1 |
| Total nominal value, LTL | 24,833,551 |
Remark: more information on securities of Invalida LT, AB is presented in Consolidated Interim Report for 12 months of 2013 (section II. „Information about securities“, pages 7-14).
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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 Interim Report for 12 months of 2013 (section II. „Information about securities“, pages 7-14).
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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 Interim Report for 12 months of 2013 (section II. „Information about securities“, pages 7-14).
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Key events
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 Interim Report for 12 months of 2013 (section II. „Information about securities“, page 8).
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Key events
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 Interim Report for 12 months of 2013 (section IV. „Information about the Issuer’s and its Group Companies’ activity“, pages 22-35).
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/ Key events
/ 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 | 174.9 | 646.4 | 589.9 | 367.9 |
| Equity | 360.7 | 360.6 | 160.3 | 415.3 | 416.2 | 221.2 |
| Liabilities | 38.3 | 11.6 | 14.6 | 231.1 | 173.7 | 146.7 |
| Profit (loss) | 274.9 | 20.9 | 79.0 | 216.5 | 32.1 | 110.4 |
| Profit (loss) attributable to equity holders of the parent company | - | - | - | 209.0 | 24.8 | 109.2 |
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Equity and liabilities
| million litas | 2011 | 2012 | 2013 |
|---|---|---|---|
| Equity | 360.7 | 360.6 | 160.3* |
| 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 | 174.9 |
*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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Invalida LT, AB assets according to standalone financial statements (book value)
| Asset | Book value, LTL million | Description |
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| Furniture manufacturing sector | 19.7 | Investment into 45.4 percent stake of Vilniaus Baldai, AB, which at NASDAQ OMX Vilnius was worth LTL 85.3 million on 31 December 2013 |
| Real estate sector | 68.5 | Investment into real estate companies and loans to them |
| Agricultural land sector | 22.1 | Investment into agricultural land and loans to them |
| Agriculture sector | 22.0 | Investment into 20.1 percent stake in Litagra, UAB |
| Information technology sector | 12.8 | 80 percent BAIP group, UAB shares and loans to the sector companies |
| Facility management sector | 4.8 | Investments into facility management sector companies and loans to them |
| Other investments | 12.1 | Investment into other financial asset |
| Deferred income tax assets | 8.0 | |
| Cash, deposits, short-term loans | 4.9 | |
| Total assets | 174.9 |
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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 | 6.0 |
| Real estate sector | (20) | (13.5) | 2.9 |
| Agricultural land sector | 2.2 | 2.4 | 9.1 |
| Agriculture sector | - | 8.7 | 4.4 |
| Information technology sector | (0.7) | (0.9) | 0.5 |
| Facilities management sector | 1.03 | (0.3) | 1.4 |
| Road and bridge construction (sold segment) | 110.5 | - | - |
| Pharmaceuticals (sold segment) | 187.5 | - | - |
| Other companies | (90.8) | 8.9 | 0.1 |
| Result of the split-off | - | - | 84.8 |
| Total | 209.0 | 24.8 | 109.2 |
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Group results
Remark: more information about Invalda LT group results is presented in Consolidated Interim Report for 12 months of 2013 (section IV. „Information about the Issuer’s and its Group Companies’ activity“, pages 25-29).
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VILNIAUS BALDAI
ANNO 1883
Furniture manufacturing sector (1)
| Vilniaus Baldai, AB | Investment date | Activity | Place of the residence | Manager | |
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| 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 1883
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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ihtf INHALLIONS NEKLINOJAMOJO TURTO FONDAS
Real estate sector (1)
| Investment date | Activity | Place of the residence | Manager | ||
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| 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 |
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ihtf
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) | 2.9 | 16.4 | - |
| Result of the real estate sector (incl. interests of loans granted by Invalda LT, AB) | (9.3) | 4.7 | 14 | - |
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Agricultural land sector (1)
EKOTRA
WWW.EKOTRA.LT
| Investment date | Activity | Place of the residence | Manager | |||
|---|---|---|---|---|---|---|
| EKOTRA | Avizele, UAB Berzyte, UAB Dirvolika, UAB Duonis, UAB Ekotra, UAB Kvietukas, UAB Laukaitis, UAB Lauknesys, UAB Linaziede, UAB | Pusaitis, UAB Puskaitis, UAB Seja, UAB Vasarojus, UAB Zalve, UAB Zemgale, UAB Zemynele, UAB Ziemkentys, UAB | 2004 | Investments into agricultural land. Rent of the agricultural land. | Lithuania | Sigita Bizuliene |
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Agricultural land sector (2)
EKOTRA
| 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 |
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 | 429.2 | 452.6 | 23.4 | 5.4 |
| EBITDA | 38.9 | 26.6 | (12.3) | (31.6) |
| Net result, according to the data provided by the company, prepared by business accounting standards. | 20.4 | 11.2 | (9.2) | (45.1) |
- 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 | ||
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| 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.A. S.A. S.A. | NRD CS, UAB | Cyber security services | Lithuania | Vilius Benetis | |
| acena S.A. S.A. S.A. | Acena, UAB | IT infrastructure support services | Lithuania | Marius Lescinskas | |
| IP S.A. S.A. S.A. | Informatikos Pasaulis, UAB | IT infrastructure solutions | Lithuania | Marius Lescinskas | |
| NRD S.A. S.A. S.A. | 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.A. S.A. | 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.A. S.A. | 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 | 50.3 | 9.5 | 23.3 |
| 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 | - |
| Result of the information technology sector (incl. interests of loans granted by Invalda LT, AB) | (0,2) | 1,8 | 2,0 | - |
| Employees | 131 | 152 | 21 | 16.0 |
- 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 Priežička | Inservis, UAB | 1994 | Facility management, engineering systems oversight and incidents management, multi-apartment house management | Lithuania | Rimvydas Ramanauskas |
| jurita | |||||
| Facility Priežička | Jurita, UAB | 2011 | Facility management, engineering systems oversight and incidents management, multi-apartment house management | Lithuania | Rimvydas Ramanauskas |
| Priemiestis | |||||
| Facility Priežička | 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) | 1.4 | 1.7 | - |
| Employees | 231 | 249 | 18 | 7.8 |
| --- | --- | --- | --- | --- |
- 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.
- Invalda LT, AB is planning to establish the management company and seeks to become one of the leading private equity, real estate, investment and pension funds management companies in the region.
- Three companies which will manage homogeneous assets should be separated from Invalda LT, AB. They will apply for closed-end investment company licenses. It is assumed that they will apply for the strictest regulatory regime which is imposed on retail investors.
- 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.
Remark: more information of future plans of Invalda LT, AB is presented in Consolidated Interim Report for 12 months of 2013 (section IV. „Information about the Issuer's and its Group Companies' activity“, pages 22-35).
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Reorganization (2)
- 3 public limited liability companies will be separated from Invalda LT, AB. These companies will engage in the licensed asset management.
- First investment companies could operate in the real estate sector, agricultural land sector, IT sector.
- The management company will be established by Invalda LT, AB. Later the management company will establish private equity, real estate, investment and pension funds.
- Invalda LT, AB will concentrate on asset management business and will seek to receive the main income from the management activity.
Remark: more information on future plans of Invalda LT, AB is presented in Consolidated Interim Report for 12 months of 2013 (section IV. „Information about the Issuer’s and its Group Companies’ activity“, pages 22-35).
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Disclaimer
- The presentation was prepared by Invalda LT, AB.
- Preliminary consolidated and company's financial statements of Invalda LT, AB for 12 months of 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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