Vilnius, Lithuania, 2014-04-07 15:14 CEST (GLOBE NEWSWIRE) -- Audited results of Invalda LT, AB group for the period for 2013:
- consolidated net profit attributable to shareholders of Invalda LT, AB totalled to LTL 107.3 million (EUR 31.1 million). In the same period of 2012 it was LTL 24.8 million (EUR 7.2 million);
- total consolidated net profit amounted to LTL 108.5 million (EUR 31.4 million). In the same period of 2012 it was LTL 32.1 million (EUR 9.3 million).
The net profit of Invalda LT, AB for 2013 amounted to LTL 81 million (EUR 23.5 million). In the same period of 2012 the profit of the company amounted to LTL 20.9 million (EUR 6.1 million).
A review of the results of Invalda LT, AB group for 2013:
Invalda LT, one of the major investment companies in Lithuania, in 2013 earned LTL 107.3 million of audited consolidated net profit attributable to the shareholders of the company. The result was mostly determined by the accounting profit of LTL 85.4 million (EUR 24.78 million) which was formed in the process of the reorganisation of the company.
Consolidated net profit decreased by LTL 1.9 million (EUR 0.55 million) after the audit. According to Raimondas Rajeckas, CFO of Invalda LT, this was caused by 2 factors. First of all, determination of fair value of assets transferred during the split-off was finished. Secondly, valuation of assets of Vilniaus Baldai, AB was finished for acquisition accounting purposes, because the previous subsidiary became an associate.
Shareholders will vote on approval of financial statements of Invalda LT during the Shareholders’ Meeting of 28. April. The Management Board of Invalda LT proposes not to pay dividends due to the ongoing split-off process
Shareholders of Invalda LT approved the preparation of the split-off terms. According to the terms, agricultural land, real estate and information technologies (IT) companies will be separated from Invalda LT. These companies will apply for closed-end investment company licenses. All the shares of the newly established companies are planned to be quoted on the NASDAQ OMX Vilnius Exchange. All shareholders of Invalda LT (presently there are about 3900 shareholders of the company) will proportionally own shares in the separated companies.
In 2013 the furniture manufacturing sector earned LTL 4.7 million (EUR 1.4 million) for Invalda LT, the real estate sector – LTL 3.7 million (EUR 1.1 million), the agricultural land sector – LTL 9.1 million (EUR 2.6 million), the agriculture sector – LTL 4.2 million (EUR 1.2 million), the information technologies sector – LTL 0.5 million (EUR 0.14 million), the facility management sector – LTL 0.5 million (EUR 0.14 million).
The person authorized to provide additional information:
Darius Sulnis
President
Phone +370 5 279 0601
Email: darius@invaldalt.com
