OREANDA-NEWS. February 29, 2012. AB Invalda, one of the largest Lithuanian investment companies, earned 210.6 million litas (€61.0 million) consolidated net profit attributable to shareholders of the parent company in 2011 – 5 times more than in 2010 when profit was 42.5 million litas (€12.3 million).

“Profit growth was a result of a long term value creation in pharmaceutical and road construction sectors which was realized with the exits of AB Sanitas and AB Tiltra Group this year”, - said Dalius Kaziunas, the president of AB Invalda.
According to D.Kaziunas, AB Invalda, group is looking for the new investment opportunities at the moment. The most important new investment in the 4th quarter of 2011 was made in an agricultural company UAB Litagra.

Furniture sector

Furniture sector, where AB Invalda owns 72 percent of one of the largest furniture manufacturing companies in Lithuania AB Vilniaus Baldai has earned for AB Invalda 19.3 million litas (€5.6 million) profit in 2011 or 4 percent less than in 2010 (20.1 million litas (€5.8 million)). AB Vilniaus Baldai sales in 2011 were 238.4 million litas (€69.0 million) or 21 percent higher than in 2010 (197.2 million litas (€57.1 million)). EBITDA was 36.2 million litas (€10.5 million) (EBITDA in 2010 was 38.2 million litas (€11.1 million)). Net profit of AB Vilniaus Baldai was 26.8 million litas (€7.7 million) during 2011 (27.8 million litas (€8.0 million) during 2010).

“Despite the smaller net profit, we are satisfied with the results of AB Vilniaus Baldai and its increasing productivity. The trends are more favorable in the market of raw materials than last year. Due to this reason we are also expecting good results in this year.”, - said D. Kaziunas.

Real estate sector

The companies of real estate sector of AB Invalda incurred a 17.7 million litas (€5.1 million) loss during 2011. The majority of this loss was due to the revaluation of investment property. Real estate sector earned 0.6 million litas (€0.2 million) profit in 2010. A total of new acquisitions, worth 19.1 million litas (€5.5 million) were made in 2011. The largest part of this sum was invested into agricultural land, while the disposals in real estate sector amounted to 2.5 million litas (€0.7 million) during 2011. 5.4 million litas (€1.6 million) worth of preliminary contracts for the sale of apartments, which were built by the company UAB Elniakampio namai in Vilnius’s Valakampiai residential area, were signed. These sales transactions will be finished in 2012. Total rental income was 16.7 million litas (€4.8 million) during 2011 or 9.2 percent smaller than in 2010. Rental income has decreased due to the termination of the lease contract with the key tenant in Palangos street office building in Vilnius.

“The goal for the real estate sector is to speed up the asset turnover and to complete the previously started projects. We are also further increasing our agricultural land portfolio which we had for the stood at 34.8 million litas (€10.1 million) at the end of 2011 “, - said D. Kaziunas.

Real estate value, owned by AB Invalda stood at 255.9 million litas (€74.1 million) at the beginning of 2012.