Invalda AB - Notification on material event

Invalda LT signed an agreement regarding sale of Vilniaus Baldai shares

Vilnius, Lithuania, 2014-04-28 15:02 CEST (GLOBE NEWSWIRE) -- 28 April 2014
Invalda LT signed the agreement with Invalda Privatus Kapitalas regarding sale
of 45.4% of stake in Vilniaus Baldai AB. 

Invalda LT will receive LTL 80.198 million (EUR 23.23 million) for 45.4 % stake
in Vilniaus Baldai. The deal will be completed after the shareholders of
Vilniaus Baldai have appointed dividends; therefore the price for shares will
be lowered by the paid-out amount. The positive effect of the deal should be
reflected in the results of Invalda LT for the second quarter of 2014.
Preliminary standalone equity capital of Invalda LT will increase by LTL 60.5
million (EUR 17.5 million), consolidated - LTL 6.1 million (EUR 1.8 million). 

Based on last 12 months results, the value of Vilniaus Baldai in the deal is
estimated to be at 10.6 P/E, 7.4 EV/EBITDA and 3.1 P/BV. Sales of the company
amounted to LTL 166.116 million (EUR 48.11 million) in 2013, earnings before
interest, taxes, depreciation and amortisation (EBITDA) - LTL 21.1 million (EUR
6.1 million), net profit - LTL 14.3 million (EUR 4.1 million). 

A part of money from the sale will be invested into Litagra UAB. Transactions
regarding sale of Vilniaus Baldai and increase of stake in Litgara should be
completed when the Competition Council permits are received and all other
conditions, laid down in the agreements, are fulfilled. 

Invalda invested into Vilniaus Baldai capital 20 years ago. Long-time results
show that Vilniaus Baldai is one of the most efficient manufacturing companies
in the region, working profitably and generating significant cash flow to
shareholders. Upon the right price, Invalda LT may exit also from the managed
and well-functioning business. 


         The person authorized to provide additional information:
         Darius Sulnis
         President
         Phone +370 5 279 0601
         Email: darius@invaldalt.com