Vilnius, Lithuania, 2015-02-23 18:36 CET (GLOBE NEWSWIRE) --
Unaudited results of Invalda LT, AB group for the 12 months of 2014:
- consolidated net profit attributable to shareholders of Invalda LT, AB totalled to EUR 3.106 million (LTL 10.725 million), in the same period of 2013 it was EUR 31.069 million (LTL 107.275 million);
- consolidated net profit totalled to EUR 3.088 million (LTL 10.663 million), in the same period of 2013 it was EUR 31.433 million (LTL 108.532 million).
The net profit of Invalda LT, AB for the 12 months of 2014 amounted to EUR 19.319 million (LTL 66.703 million), in the same perio (at the same period of 2013 it was EUR 23.456 million (LTL 80.990 million).
Additional information:
Invalda LT, one of the largest companies in Lithuania investing in other businesses and managing assets, continued changes in its structure and significantly strengthened the main asset management business during last year.
„We acquired MP Pension Funds Baltic, a specialised pension funds management company, and Lithuanian Finasta Asset Management in 2014. Latvian Finasta Asset Management has been acquired in the beginning of 2015. After these acquisitions we have 160 thousand clients and assets under management of EUR 275 million“, – Darius Šulnis, the president of Invalda LT, said.
According to him, Invalda LT seeks to become one of the leading asset management groups in the region, tailoring custom solutions for the investment needs of its clients. Investments into main asset management business at the end of 2014 amounted to EUR 5.8 million (LTL 20.0 million).
In order to simplify structure of investments, three companies were spun-off from Invalda LT. The companies’ shares are listed on NASDAQ Vilnius Stock Exchange – INVL Baltic Real Estate, a company investing into real estate, INVL Baltic Farmland, a company investing into agricultural land and INVL Technology, a company investing into information technology businesses.
Also, Invalda LT sold shares in furniture manufacturing company Vilniaus Baldai and increased it‘s stake in Litagra, a company operating in agriculture sector. „We believe that Vilniaus Baldai is a successfully operating company, however we see a lot of unrealized potential and possible growth in Litagra“, - said D. Šulnis The stake in agricultural company Litagra was valued at EUR 14.6 million (LTL 50.3 million) at the end of 2014. Compared to the end of the third quarter, value of investment in Litagra was decreased by EUR 0.5 million (LTL 1.6 million) due to lower profitability in 2014.
Investments into shares in INVL Baltic Real Estate and loans granted to its group amounted to EUR 6.8 million (LTL 23.6 million) at the end of 2014.
Shares in INVL Technology and loans granted to its group amounted to EUR 2.8 million (LTL 9.6 million). INVL Technology has announced plans to raise at least EUR 10 million in additional capital in order to invest into other IT companies. „We are going to participate in this story and we believe that the performance results as well as history of value creation will allow to do it successfully“, – Darius Šulnis said.
Shares in facilities management group Inservis companies were valued at EUR 3.1 million (LTL 10.8 million) at the end of 2014. During 2014 value of shares increased by EUR 2 million (LTL 7,0 million), but in the fourth quarter the value decreased by EUR 0.95 million (LTL 3.3 million) due to lower peer multiples. „We are satisfied with Inservis group results, which are best in company’s history – revenues grew by 30 per cent to EUR 5.8 million (LTL 20.2 million) and net profit amounted to EUR 0.5 million (LTL 1.7 million)“, - said D. Šulnis.
Investments into shares of bank Finasta and financial brokerage company Finasta amounted to EUR 4.3 million (LTL 14.8 million) at the end of 2014.
The total value of other investments was EUR 3.1 million (LTL 10.6 million).
The net asset value of Invalda LT was EUR 43.4 million (LTL 149.7 million), or EUR 3.65 (LTL 12.62) per share in the end of 2014. During 2014 Invalda LT earned EUR 3.1 million (LTL 10.7 million) unaudited net profit, but in the fourth quarter due to the decrease in value of some investments and write-off of deferred tax asset loss of almost EUR 3.05 million (LTL 10.5 million) was reported. From this amount EUR 1.6 million (LTL 5.7 million) loss was due to decrease in value of deferred tax asset.
Invalda LT shares are listed on NASDAQ Vilnius Stock Exchange.
The person authorized to provide additional information:
Darius Sulnis
President
Phone +370 5279 0601
E-mail:Darius@InvaldaLT.com
