2012-05-24 15:47:39 CEST

2012-05-24 15:48:45 CEST


REGULATED INFORMATION

English Lithuanian
Invalda AB - Interim information

Unaudited results of Invalda AB group for the period of 3 months ending March 31, 2012 


Vilnius, Lithuania, 2012-05-24 15:47 CEST (GLOBE NEWSWIRE) -- Unaudited results
of Invalda AB group for the period of 3 months ending March 31, 2012: 

- consolidated net profit attributable to shareholders of Invalda AB totaled to
16.6 million litas (€4.8 million), (in the same period of 2011 it was 6.7
million litas (€1.9 million)); 
 - consolidated net profit totaled to 18.2 million litas (€5.3 million), (in
the same period of 2011 it was 8.5 million litas (€2.5million)). 

Net profit of Invalda AB for the period of 3 months ending March 31, 2012
amounted to 11.0 million litas (€3.2 million) (in the same period of 2011 the
loss amounted to 1.0 million litas (€0.3million)). 


A review of the results of Invalda AB group for the first quarter of 2012:

Invalda AB, one of the largest investment companies in Lithuania, earned
unaudited consolidated net profit of 16.6 million litas (€4.8 million)
attributable to the parent company in the first quarter. It is 2.5 times more
than in the first quarter of 2011 when the profit was 6.7 million litas (€1.9
million). Invalda AB group which is actively looking for new investment
opportunities did not accomplish any significant acquisitions in the beginning
of this year. 2 million litas (€0.6 million) was earned after the completion of
sale of stake in Umega AB in the first quarter. 

The furniture manufacturing sector, where Invalda AB controls 72 percent stake
in the largest Lithuanian furniture manufacturing company Vilniaus Baldai AB
earned 4.4 million litas (€1.3 million) for Invalda AB, i.e. 10.2 percent less
than in January-March of 2011 (4.9 million litas (€1,4 million)). The
consolidated sale of Vilniaus Baldai AB grew by 3.5 percent to 58.5 million
litas (€16.9 million), EBITDA decreased by 8 percent till 8.5 million litas
(€2.5 million) and net profit decreased by 11 percent till 6.1 million litas
(€1.8 million). The shareholders of Vilniaus Baldai AB decided to allocate 39
million litas (€11.3 million) for dividends, 28 million litas (€8.1 million) of
this amount will be paid to Invalda AB. 

The profit of the real estate sector for the first quarter of 2012 amounted to
0.2 million litas (€0.06 million) (in January - March of 2011 it amounted to
0.3 million litas (€0.09 million)). In the first quarter of this year, compared
with the same period of 2011, total rental income grew by 7 percent till 4.5
million litas (€1.3 million), from which rental income from assets belonging to
their clients- grew by 4 percent till 1.3 million litas (€0.4 million). The
total sector's income growth was caused by the fact that apartments for the
total amount of 4.3 million litas (€1.2 million) were sold in project
Elniakampio Namai. Overall residential property sales amounted to 5.6 million
litas (€1.6 million). During the first quarter of 2012 further investments to
agricultural land were made: the amount of 0.5 million litas (€0.15 million)
was invested. 

Facility management sector, where Invalda AB owns Inreal Pastatu Prieziura UAB
and other companies, sales grew by 33.5 percent up to 3.0 million litas (€0.9
million), loss totalled to 0.1 million litas (€0.03 million). 

In the agricultural sector, where Invalda AB owns 36.8 percent shares of
Litagra UAB, a loss of 1.5 million litas (€0.4 million) was incurred by Invalda
AB. The debt portfolio of the Litagra UAB was restructured in 2012. As a
result, SEB AB bank together with DNB AB bank granted to Litagra UAB two
syndicated loans totaling to 98.4 million litas (€28.5 million). The loans are
used to refinance previous debts as well as for the needs of the working
capital. 

Invalda AB owns 12.5 percent of Trakcja - Tiltra S.A. shares which are listed
in Warsaw Stock Exchange. Due to the increase of the share price of this
company Invalda AB earned profit of 12.2 million litas (€3.5 million). Unlike
other sectors, investment of Invalda AB in Trakcja - Tiltra S.A. is a financial
one; therefore financial statement of Invalda AB reflects changes of the share
price but not the result of activity of Trakcja - Tiltra S.A. 

In the information technology infrastructure sector where Invalda AB owns 80
percent of BAIP Group UAB, Invalda AB incurred a loss of 0.5 million litas
(€0.14 million). 

Invalda AB received the notification from the bondholders indicating that the
bondholders decided to exercise their right to convert bonds to shares of
Invalda AB. The conversion of 32.44 million litas (€9.4 million) resulted in
the increase of the share capital of Invalda AB by 5.898 million litas (€1.708
million) up to 57.558 million litas (€16.67 million). The conversion price of
new shares was 5.5 litas (€1.59) per share. After the conversion the
bondholders had the obligation to pay back 4.788 million litas (€1.387 million)
interest paid according to the conditions of the bond issue. The accrued
interest as of March 30, 2012 in the amount of 2.386 million litas (€0.691
million) was not payable to the bondholders. 

Invalda AB is completely debt free after the completion of the bond conversion.
The company will continue to adhere to the prudent borrowing policy. 

Invalda AB shareholders approved the results for the year 2011 and formed a
reserve of 269.1 million litas (€77.9 million) for the share buy-back. Taking
into consideration the passed resolutions the Board of Invalda AB decided to
acquire up to 10 per cent of shares of the Company, paying for each of them
10.358 litas (€3). The share buy-back program lasted until May 15, as a result
Invalda AB acquired 10 percent of own shares for 59.6 million litas (€17.3
million). The amount of proposed for sale shares was higher than the amount to
be acquired, therefore each selling shareholder sold 14.47 percent of shares.
As own shares of the Company do not have voting rights, the shares of Invalda
AB with voting rights total to 51 802 146. 

Enclosed:
 - Consolidated and company's unaudited financial statements for the period of
3 months ending March 31, 2012; 
 - Unaudited consolidated interim report for the period of 3 months ending
March 31, 2012; 
 - Confirmation of persons responsible for the financial statements;
 - Presentation of Invalda AB group results for the period of 3 months ending
March 31, 2012. 


         The person authorized to provide additional information:
         Dalius Kaziunas
         President
         Tel. (8 5) 273 3278
         Email: dalius@invalda.lt