Vilnius, Lithuania, 2013-08-31 00:04 CEST (GLOBE NEWSWIRE) -- Unaudited results of Invalda AB group for the period for 6 months of 2013:
- consolidated net profit attributable to shareholders of Invalda LT, AB totalled to LTL 96.5 million (€ 27.9 million), (in the same period of 2012 it was LTL 22.1 million (€ 6.4 million));
- consolidated net profit totalled to LTL 97.5 million (€ 28.2 million), (in the same period of 2012 it was 25 LTL million (€ 7.2 million)).
The net profit of Invalda LT, AB for the first half of 2013 amounted to LTL 68.8 million (€ 19.9 million) (in the same period of 2012 the profit amounted to LTL 36.2 million (€ 10.5 million)).
A review of the results of Invalda LT, AB group for the first half of 2013:
Invalda LT, one of the largest investment companies in Lithuania, in the first half of 2013 earned unaudited consolidated net profit of LTL 97.5 million (EUR 28.2 million) attributable to the parent company. Mostly the result was determined by the accounting profit of LTL 89.4 million (EUR 25.9 million) in which was formed in the process of the reorganisation.
As it is foreseen by the International Financial Reporting Standards, the assets transferred in the process of a split-off are sold at their fair market value. The accounting profit was mostly influenced by the difference between the acquisition price and market value of shares in Vilnius Baldai.
The key event of the first half of 2013 was the completion of reorganization process of Invalda. Next priority would be work on evolving the business model of Invalda LT, AB and to strengthen the businesses of the Group.
The furniture manufacturing sector, where Invalda LT, AB controls 45.4 per cent stake in the largest Lithuanian furniture manufacturing company Vilniaus Baldai AB, earned LTL 3.8 million (EUR 1.1 million) for Invalda LT, AB.
As it was announced previously, the consolidated sales of Vilniaus Baldai AB were LTL 68.3 million (EUR 19.8 million) and were 41 per cent less than in the corresponding period of 2012 when they reached LTL 115.4 million (EUR 33.4 million). Vilniaus Baldai earned LTL 5.2 million (EUR 1.5 million) of net profit in the first half of 2013, the net profit of the corresponding period last year was LTL 10.9 million (EUR 3.2 million). EBITDA decreased by 48 per cent from LTL 15.4 million (EUR 4.5 million) to LTL 7.9 million (EUR 2.3 million).
On August 1, 2013 Invalda LT increased the stake in y Vilnius Baldai from 39.4 to 45.4 per cent. LTL 12.1 million (EUR 3.5 million respectively) were paid for 6 per cent shares acquired during mandatory official tender offer.
In the Real estate sector a loss of LTL 0.7 million (EUR 0.2 million) was recorded in the first half of 2013. After the Split-off the companies of Invalda LT Group, the largest whereof is Invalda Nekilnojamojo Turto Fondas, manage 48.5 thousand square meters of commercial premises in Vilnius and Kaunas, and about 2.8 thousand hectares of agricultural land.
The agricultural sector, where Invalda LT owns 20.1 per cent stake in Litagra, has earned 4.0 million litas (EUR 1.2 million) for Invalda LT. Litagra Group revenue rose in the first half by 6.5 per cent to LTL 185.9 million (EUR 53.8 million), EBITDA – 5 per cent to LTL 14.8 million (EUR 4.3 million) and net profit by 40.6 per cent to LTL 9 million (EUR 2.6 million).
In the information technology sector, where Invalda LT owns 80 per cent of BAIP Group shares recorded a loss of LTL 0.6 million (EUR 0.2 million) within six months. The turnover of BAIP Group increased by 25.6 per cent to LTL 19.1 million (EUR 5.5 million), EBITDA – by 2.3 times to LTL 1.4 million (EUR 0.4 million).
Facilities management sector, where Invalda LT owns Inreal Pastatu Prieziūra, Priemiestis, Jurita and Naujosios Vilnios Turgaviete has earned LTL 0.9 million (EUR 0.3 million). Facilities management sector companies increased turnover by 13.3 per cent to LTL 6.8 million (EUR 2.0 million).
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