LITHUANIAN COMPANIES NATIONAL STOCK EXCHANGE of LITHUANIA Guide to Listed Companies 2002 2002
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LITHUANIAN COMPANIES NATIONAL STOCK EXCHANGE OF LITHUANIA Guide to Listed Companies 2002 2002 179 LITHUANIAN COMPANIES NACIONALINË VERTYBINIØ P0PIERIØ BIRÞA Guide to Listed Companies 2002 2002 178 Rödl & Partner International experience - way to leaders! R & P is a professional international consulting firm, rendering consulting services to medium-size and large companies. Today we are represented at international level in all major industrialized countries and have succeeded in building up strong market positions foremost in Central and Eastern Europe, Western Europe, Asia and China. We offer our services worldwide in 30 countries at 67 locations with 2,200 employees. We specialize in assisting companies with foreign investments or which are planning to have such investments. Rödl & Partner UAB Totoriø g. 21/6-10 LT-2001 Vilnius, Lithuania In Lithuania, Rödl & Partner engages in auditing Tel.: +370 5 2123590 tax consulting Fax: +370 5 2791514 legal consulting E-mail: [email protected] http://www.roedl.de business consulting Our staff is qualified and experienced with good knowledge of the business environment not only in the Baltic states, but in other countries as well. WE AIM AT SURPASSING THE EXPECTATIONS OF OUR CLIENTS! WE SPEAK CLIENT'S LANGUAGE! LITHUANIAN COMPANIES NACIONALINË VERTYBINIØ P0PIERIØ BIRÞA Guide to Listed Companies 2002 published by the National Stock Exchange of Lithuania Tel. (+370-5) 272 14 07, 272 13 71, fax (+370-5) 272 48 94 http://www.nse.lt Guide to Listed Companies 2002 2002 Editors-in-chief Juozas Brigmanas Arminta Saladþienë Editors Agnë Maslauskaitë Lina Semënaitë Diana Sokolova Design director Gediminas Minderis Assisting in the editorial work Jûratë Lauciûtë ISSN 1648-2980 4 LITHUANIAN COMPANIES NATIONAL STOCK EXCHANGE OF LITHUANIA Dear Reader, We are pleased to introduce the sixth, updated and expanded, edition of the National Stock Exchange of Lithuania GUIDE TO LISTED COMPANIES. Our main goal was to provide investors, brokers, financial analysts, business consultants, academic public and others with a handy, concise, though comprehensive factbook of the listed companies in English. The GUIDE TO LISTED COMPANIES 2002 includes profiles of 43 issuers whose shares are listed on the Official and Current Lists of the NSEL. The Guide to Listed Companies companies are grouped into their respective industries, and each sector is introduced by a brief overview. The macroeconomic review with key 2002 indicators as well as the description of the Lithuanian securities market were furnished to provide some background information to the reader. The publication provides concise information on the companies corporate history, business and developments, as well as plans for 2002. The reader will also find basic data on elected bodies and management, ownership, capital structure, etc. of the listed companies. This general information was mainly drawn from the annual reports and corporate action announcements filed by the companies with the NSEL. Moreover, the publication contains audited financial statements, financial and market value ratios of the issuers for years 1999-2001 as well as their share trading dynamics over last three years and a half. We would like to extend our special thanks to the financial brokerage firm Finasta AB whose invaluable support made this edition of the GUIDE TO LISTED COMPANIES possible. Our sincere acknowledgements go to Vilniaus Bankas AB for contributing professional macroeconomic and sector research for several successive years. We are also very grateful to Dr. Margarita Starkevièiûtë for writing an introductory macroeconomic review. We hope that this publication will become a helpful resource for all who are interested in investment and business opportunities in Lithuania. National Stock Exchange of Lithuania 5 LITHUANIANCONTENTS COMPANIES NACIONALINË VERTYBINIØ P0PIERIØ BIRÞA MACROECONOMIC REVIEW 9 GDP STRUCTURE 12 FOREIGN TRADE 14 INVESTMENT 16 FOREIGN INVESTMENT IN LITHUANIA 17 CORPORATE FINANCE 18 GOVERNMENT SECURITIES MARKET 19 TRADING AT THE NSEL 20 NSEL TRADING STATISTICS 21 NSEL INDICES 22 NSEL STATISTICS 24 MANUFACTURING INDUSTRY 25 FOOD AND BEVERAGES 26 Panevëþio Pienas 27 Pieno Þvaigþdës 30 Rokiðkio Sûris 33 Þemaitijos Pienas 36 Alita 39 Anykðèiø Vynas 42 Stumbras 45 Vilniaus Degtinë 48 LIGHT INDUSTRY 51 Alytaus Tekstilë 52 Linas 55 Ðiauliø Stumbras 58 Trinyèiai 61 Guide to Listed Companies Utenos Trikotaþas 64 OIL AND PETROLEUM PRODUCTS 67 2002 2002 Maþeikiø Nafta 68 WOOD, FURNITURE AND PAPER 71 Grigiðkës 72 Klaipëdos Baldai 75 Naujieji Verkiai 78 Vilniaus Baldø Kombinatas 81 CHEMICALS AND CHEMICAL PRODUCTS 84 Sanitas 86 BUILDING MATERIALS AND CONSTRUCTION 89 Dvarèioniø Keramika 90 Panevëþio Statybos Trestas 93 ELECTRICAL AND OPTICAL EQUIPMENT 96 Ekranas 97 Vilniaus Vingis 100 Snaigë 103 ELECTRICITY AND GAS SUPPLY 106 Lietuvos Dujos 108 Lietuvos Elektrinë 111 Lietuvos Energija 113 Maþeikiø Elektrinë 116 Rytø Skirstomieji Tinklai 118 Vakarø Skirstomieji Tinklai 120 TRANSPORT 122 Klaipëdos Jûrø Kroviniø Kompanija (KLASCO) 123 Klaipëdos Nafta 126 Klaipëdos Transporto Laivynas 129 Lietuvos Jûrø Laivyninkystë 132 Lisco Baltic Service 135 TELECOMMUNICATIONS 138 Lietuvos Telekomas 139 RETAIL TRADE 142 Apranga 143 BANKING SECTOR 146 Bankas Snoras 147 Lietuvos Þemës Ûkio Bankas 151 Ðiauliø Bankas 156 Ûkio Bankas 161 HOLDINGS Invalda 164 Naftos terminalas 167 LIST OF MEMBERS 171 NOTES 173 ACRONYMS 174 6 LITHUANIAN COMPANIES NATIONAL STOCK EXCHANGE OF LITHUANIA Guide to Listed Companies 2002 2002 7 LITHUANIAN COMPANIES NACIONALINË VERTYBINIØ P0PIERIØ BIRÞA JB&P is a commercial and corporate law Didþioji g. 23-25 LT-2001 Vilnius firm acting as a counsel to domestic and Lithuania foreign private and public legal entities. Tel.: +370 5 268 55 33 Any matter referred to JB&P is 268 55 35 268 55 36 approached in the light of the entire 268 55 37 Lithuanian legislative context and 268 55 38 Fax: +370 5 268 55 34 weighed against specific business E-mail: [email protected] environment of the client. www.jbp.lt Guide to Listed Companies 2002 2002 JB&P is specialising in the following major areas: Securities, Banking and Finance Law - advise on acquisition finance, property finance, asset finance, project finance and other structured finance transactions as well as in treasury and capital markets. Real Estate Law – advice and drafting of contracts relating to real estate, including purchase, sale, lease, development and exploitations of real estate. Company Law and Competition Law – setting up, restructuring, liquidation of companies, advice regarding day-to-day activities, representation before competition authorities. Mergers & Acquisitions, Joint Ventures – planning of corporate M&A structures, due diligence engagements, advice and drafting of transaction documents. Privatisation issues and strategies – advice on and negotiations for most favourable privatisation schemes, legal support and representation during privatisation process. Energy and Environmental Law – investment and restructuring projects as well as related advice in energy and environmental sectors. Telecommunications and IT Law – advice on telecommunication and IT issues and representing before the public authorities. Transportation Law; Maritime & Shipping Law - overall servicing to carriage companies, ranging from advice on specific corporate issues to litigation abroad; advice on most favourable shipping regimes, sales and booking agency agreements, issues relating to the recovery of losses for lost cargo. Debt Collection / Debt Administration – representing and securing the interests of clients in debt administration and non-judicial debt recovery, as well as before the court or commercial arbitration. Additional information and response to specific questions may be obtained by e-mail [email protected]. 8 LITHUANIANMACROECONOMIC COMPANIES REVIEW NATIONAL STOCK EXCHANGE OF LITHUANIA 2001 results came well above all expectations - Lithuania has managed to return to The growth in exports of mineral products, transport vehicles and foodstuffs made the fast economic expansion track and recorded strong real GDP growth of 5.9%, nearly 2/3 of Lithuanias total export expansion. Lithuanian industry remained export driven by robust industrial sales and exports. A lot of foreign analysts, including orientated as 61.3% of total manufacturing output was sold on foreign markets. those from the international institutions predicted the deceleration of the growth in Meanwhile, over half of the total imports increase could be attributed to imports of the second half of the year as the lagged effects of the slowdown in the EU had to machinery and mechanical appliances, electrical equipment and transport vehicles. reduce export volume growth. However, structural factors a shift of production Import expenditure continued to outstrip export revenue in 2001, as restructuring from the expensive Scandinavian environment to low-cost Lithuania and a strong and privatisation in the industrial sector led to an increase in imports of capital rebound of Russian import demand owing to high oil prices and expansion in trade goods by 31.2%. relations with the Western countries offset negative impact of global economy Nevertheless, thanks to the fiscal adjustment and the overall positive balance slowdown and were behind a recovery in private investment. in services the current account deficit shrank and made 4.8% of GDP compared In 2001, gross domestic investment went up by 19.5%, while tight fiscal policy to 6.0% of GDP a year ago. The government