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Hansabank Markets. Professional choices for professional people. LITHUANIAN COMPANIES NACIONALINË VERTYBINIØ P0PIERIØ BIRÞA
Guide to Listed Companies 2001
published by the National Stock Exchange of Lithuania Tel. (+370 2) 72 14 07, 72 15 42, fax (+370 2) 72 48 94
http://www.nse.lt Guide to Listed Companies Editors 2000 Simona Baèkienë Juozas Brigmanas Tomas Kliuèius Jûratë Lauciûtë Agnë Maslauskaitë Arminta Saladþienë Lina Semënaitë Diana Sokolova
Design director Gediminas Minderis
Assisting in the editorial work Gediminas Balnis Daiva Grigusevièiûtë
ISSN 1648-2980
2 LITHUANIAN COMPANIES NATIONAL STOCK EXCHANGE OF LITHUANIA
Dear Reader,
We are delighted to introduce the fifth edition of the annual publication GUIDE TO LISTED COMPANIES issued by the National Stock Exchange of Lithuania. This edition of the factbook provides a comprehensive profile of the companies listed on the NSEL. It is intended for investors, financial intermediaries, market analysts, business consultants, academic public - for all who are interested in investment and business opportunities in Lithuania. Guide to Listed Companies The GUIDE TO LISTED COMPANIES covers information on 45 issuers listed on the Official and Current Lists of the NSEL. The companies are grouped 2000 into their respective industries, and each sector is introduced with a brief overview. Macroeconomic review with key indicators and their forecast, data on investments in the Lithuanian securities market, and the NSEL trading statistics are included to furnish some background information.
The publication provides concise information on the companies corporate history, business and developments, as well as prospects for 2001. The reader will also find key information about management, auditors, shareholders, subsidiaries, and capital structure of the listed companies. This general information was mainly drawn from the annual reports filed by the companies with the NSEL. Moreover, the publication contains audited financial reports, financial and market value ratios for years 1998-2000, as well as their stock performance over last three years and a half.
We would like to extend our special thanks to the Central Securities Depository of Lithuania for their valuable input in publishing the GUIDE TO LISTED COMPANIES. Our sincere acknowledgements also go to Vilniaus Bankas AB for contributing professional sector research.
We thank you for your attention to the publication and wish you successful investments in Lithuania!
National Stock Exchange of Lithuania
3 LITHUANIANCONTENTS COMPANIES NACIONALINË VERTYBINIØ P0PIERIØ BIRÞA
MACROECONOMIC REVIEW 7 NSEL TRADING STATISTICS 10 NSEL INDICES. CAPITALISATION 13 NSEL TRADING STATISTICS. STRUCTURE 14 CENTRAL SECURITIES DEPOSITORY OF LITHUANIA 15 TOP-100 LITHUANIAN COMPANIES 18 MANUFACTURING INDUSTRY 22 FOOD AND BEVERAGES 23 DAIRY PRODUCTS 23 Panevëþio Pienas 24 Pieno Þvaigþdës 27 Rokiðkio Sûris 30 Þemaitijos Pienas 33 BEER 36 Kalnapilis 37 Ragutis 40 BEVERAGES 43 Alita 44 Anykðèiø Vynas 47 Sema 50 Stumbras 53 LIGHT INDUSTRY 56 Alytaus Tekstilë 58 Kauno Audiniai 61 Linas 64 Ðiauliø Stumbras 67 Guide to Listed Companies Trinyèiai 70 Utenos Trikotaþas 73 2000 OIL AND PETROLEUM PRODUCTS 76 Maþeikiø Nafta 77 WOOD, FURNITURE AND PAPER 80 Grafobal Vilnius 81 Grigiðkës 84 Klaipëdos Baldai 87 Vilniaus Baldø Kombinatas 90 CHEMICALS AND CHEMICAL PRODUCTS 93 Lifosa 94 Sanitas 97 BUILDING MATERIALS AND CONSTRUCTION 100 Dvarèioniø Keramika 101 Panevëþio Statybos Trestas 104 ELECTRICAL AND OPTICAL EQUIPMENT 107 Ekranas 108 Vilniaus Vingis 111 Snaigë 114 ELECTRICITY AND GAS SUPPLY 117 Kauno Energija 118 Lietuvos Dujos 121 Lietuvos Energija 124 TRANSPORT 127 Klaipëdos Jûrø Kroviniø Kompanija (KLASCO) 128 Klaipëdos Nafta 131 Klaipëdos Transporto Laivynas 134 Lietuvos Jûrø Laivyninkystë (LISCO) 137 TELECOMMUNICATIONS 141 Lietuvos Telekomas 142 RETAIL TRADE 145 Apranga 146 BANKING SECTOR 151 Bankas Snoras 152 Lietuvos Taupomasis Bankas 156 Lietuvos Þemës Ûkio Bankas 160 Ðiauliø Bankas 165 Ûkio Bankas 170 INSURANCE 173 Lietuvos Draudimas 174 Invalda 177 Naftos terminalas 180 LIST OF MEMBERS 183 NOTES 185
4 LITHUANIAN COMPANIES NATIONAL STOCK EXCHANGE OF LITHUANIA Guide to Listed Companies 2000
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Audit, Tax, Accounting Services and Corporate Finance
Tel.: +370 2 616610, fax: +370 2 227128, E-mail: [email protected]
5 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 2 68 55 33 Any matter referred to JB&P is 68 55 35 68 55 36 approached in the light of the entire 68 55 37 Lithuanian legislative context and 68 55 38 Fax: +370 2 68 55 34 weighed against specific business E-mail: [email protected] environment of the client. www.jbp.lt Guide to Listed Companies
2000 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] LITHUANIANMACROECONOMIC COMPANIES REVIEW NATIONAL STOCK EXCHANGE OF LITHUANIA
KEY STATISTICS 1996 1997 1998 1999 2000 2001* 2002*
GDP at current prices (LTL m) 31569 38340 42990 42655 44930 46860 50168 As compared to corresponding period of previous year at constant prices of 1993 (%) 4.7 7.3 5.1 -3.9 3.3 3.7 4.7 Inflation(average) (%) 13.1 8.4 2.4 0.3 1.4 0.6 2.1 Population (beginning of period) (thou) 3710 3706 3701 3699 3693 GDP per capita at current prices (LTL) 8510 10347 11611 11529 12157 Unemployment (annual) rate (%) 7.1 5.9 6.4 8.4 11.5
STRUCTURE OF GDP BY PRODUCTION APPROACH (at current prices) (%) Agriculture, fishing, hunting and forestry 12.3 11.7 10.3 8.3 7.5 7.6 7.5 Manufacturing, mining and quarrying 22.3 21.0 19.3 18.3 22.1 22.6 22.9 Electricity, gas and water supply 3.5 4.2 4.6 4.5 4.2 4.5 4.3 Construction 7.1 7.7 8.6 7.9 6.2 5.7 5.7 Wholesale and retail trade 16.8 16.5 16.3 15.4 15.4 15.5 15.4 Restaurants and hotels 1.7 1.8 1.4 1.5 1.4 1.4 1.4 Transport, storage and communications 9.5 9.6 9.6 11.4 12.2 12.2 12.6 Financial intermediation 2.8 2.4 2.3 2.3 2.4 2.6 2.6 Real estate, renting and business activities 7.6 7.2 7.7 8.8 8.3 8.3 8.2
Public administration and defence; compulsory social security 6.2 5.9 7.0 6.8 6.8 6.3 6.2 Guide to Listed Companies Education 5.0 5.5 6.2 7.1 6.8 6.9 6.7 Health and social work 2.8 3.6 3.7 4.1 3.7 3.4 3.4 Other community, social and personal service activities 2.5 3.0 3.0 3.3 3.2 3.0 3.1 2000 * inconclusive data
The negative effects of the Russian crisis, which caused contraction of economy by 3.9% Since Lithuanias demand for debt creating flows was modest external debt remained low in 1999, were surmounted and the growth of economy resumed in 2000. Driven by a rapid at 22% of GDP and debt services repayments easy manageable. In addition external debt rise in exports GDP expanded by 3.3%. In 2000 exports of goods and services went up by has healthy structure with prevailing medium and long term maturity. healthy 20,5%. The strong growth of goods exports at 28,7% was led by surge in exports Given that anchor currency of the litas is dollar an average inflation rate in Lithuania was of refined petroleum products. The main export commodities were also textile and products, the lowest among EU aspirant countries and made 1.0% in 2000. machinery and chemicals. On 28 June 2001, the Bank of Lithuania announced that as of 2 February 2000 the euro Worthy of note that despite the depreciation of euro, exports of goods to EU rose by (EUR) shall be the anchor currency. The official exchange rate of the litas against the euro 21.2%. The biggest expansion was registered in exports of goods to the UK (by 72.6%) will be established on the basis of the exchange rate of the euro and the US dollar as and the Netherlands (by 95.0%). Positive development in exports to EU indicates that announced by the European Central Bank on 1 February 2002. The rate of the litas against industry achieved a significant progress with restructuring and creating the competitive the euro will be calculated by multiplying the US dollar and the euro exchange rate by four on EU markets products. Exports to EU made 47.9% of total exports. (i.e. the exchange rate of the litas against the US dollar prior to the peg to the euro). In addition recovery in the CIS countries allowed increasing exports to the East markets. The decision regarding the peg of the litas to the euro was passed with regard to the fact Exports of goods to the CIS rose by 13.3% (to Russia by 28.6%), though this exports that Lithuanian economy is becoming more closely related to the economies of the EU and made only 16.3% of total exports and their share was diminishing. EU candidate states. Overall exports of services declined by 3.0% in 2000 compared to 1999, triggered down by falling receipts from travel services. Meanwhile, transport services on the contrary The international credit rating agency Standard&Poors has in 2001 affirmed the following surged by 23.1% supported by Klaipeda seaport and the leading on the route East-West credit ratings on the Republic of Lithuania: haulage companies. BBB+ local currency long-term issuer credit; Recovery in exports had a positive impact on domestic market, as retail sales increased BBB- foreign currency long-term issuer credit; by 12.1%, however, given the austerity programme and limited government spending A-2 local currency short-term issuer credit; domestic demand remained weak. General government balance was cut down from 7.8% A-3 foreign currency short-term issuer credit rating. of GDP in 1999 to 2.8% of GDP in 2000. Household consumption was also suppressed due to a drop in real wages and salaries by 2.6% and rising unemployment, which stood at Having evaluated the recent changes in the country, Standard&Poors emphasised the 12.6%. stability in Lithuania. According to the Ministry of Finance, a cautious fiscal policy, which assisted in reducing fiscal deficit and the states current account deficit, was welcomed in Combination of high growth rates in exports and tight fiscal policy narrowed the current particular. In its conclusions, the rating agency highlights low inflation, a speeding growth account deficit from 11.2% of GDP in 1999 to 6.0% of GDP in 2000 and 56.2% of the of GDP, and a quick preparation for the EU accession. current account gap was financed by FDI. By the end of the year FDI per capita amounted to USD 632. The biggest share of FDI was directed into financial intermediation (54.3%), Moreover, Standard&Poors stated that over the coming years Lithuania has a potential to manufacture of foodstuffs, beverages and tobacco (8.8%), wholesale trade (7.5%). increase its credit ratings provided it pursues the reforms in hand. EU investors represented 64.3% of the total FDI, while investors from Denmark and Sweden took a lead respectively 18.3% and 17.3% of overall amount invested.
7 MACROECONOMICLITHUANIAN REVIEW COMPANIES NACIONALINË VERTYBINIØ P0PIERIØ BIRÞA
KEY STATISTICS 1996 1997 1998 1999 2000
FOREIGN TRADE Goods (LTL m) Trade balance -3584.8 -4590.0 -6073.4 -5618.3 -4415.1 Merchandise exports (f.o.b.prices) 13652.4 16769.7 15846.3 12586.7 16201.5 As compared to previous period (%) 126.1 122.8 94.5 79.4 128.7 Merchandise imports (f.o.b.prices) 17237.2 21359.6 21919.7 18205.0 20616.6 As compared to previous period (%) 126.6 123.9 102.6 83.1 113.2
Services (LTL m) Balance 483.4 537.9 962.8 1221.6 1520.3 Credit 3190.1 4127.4 4436.2 4366.2 4235.0 As compared to previous period (%) 164.4 129.4 107.5 98.4 97.0 Debit 2706.7 3589.5 3473.3 3144.6 2714.7 As compared to previous period (%) 135.8 132.6 96.8 90.5 86.3
Balance of goods (f.o.b.prices) and services (LTL m) -3101.4 -4052.1 -5110.6 -4396.6 -2894.7 Exports of goods (f.o.b.prices) and services (LTL m) 16842.5 20897.0 20282.5 16953.0 20436.6 As compared to previous period (%) 131.9 124.1 97.1 83.6 120.5 Imports of goods (f.o.b.prices) and services (LTL m) 19943.9 24949.1 25393.0 21349.6 23331.3 As compared to previous period (%) 127.8 125.1 101.8 84.1 109.3 Foreign trade balance compared with GDP (%) -9.8 -10.6 -11.9 -10.3 -6.4
Current account balance (LTL m) -2890.3 -3925.4 -5192.5 -4776.3 -2699.6 Current account balance compared with GDP (%) -9.2 -10.2 -12.1 -11.2 -6.0 Gross saving (LTL m) 4841.0 6250.6 5301.4 4886.1 6592.1
Guide to Listed Companies Gross saving compared with GDP (%) 15.3 16.3 12.3 11.5 14.7
Gross domestic investment (LTL m) 7731.3 10176.3 10493.9 9662.5 9291.7 2000 As compared to previous period (%) 129.7 131.6 103.1 93.5 96.2 Lithuania's investment abroad (USD m) -197.3 -238.6 -38.3 -193.1 -105.2 As compared to previous period (%) 415.1 121.0 16.1 503.7 54.5 Foreign investment in Lithuania (USD m) 875.2 1256.0 1452.2 1242.4 781.4 As compared to previous period (%) 135.7 143.5 115.6 85.2 62.9 Foreign investment in Lithuania per capita (USD m) 235.9 338.9 392.4 334.5 211.2 Reserves assets (USD m) 834.3 1062.7 1460.0 1242.1 1358.6 Reserves assets compared with GDP (%) 10.6 11.1 13.6 11.7 12.1 Foreign debt (USD m) 1206.6 1401.8 1684.5 2428.8 2475.6 Foreign debt compared with GDP (%) 15.3 14.6 15.8 22.8 22.0 Foreign debt per capita (USD) 325.3 378.3 455.2 656.7 669.1 Foreign debt compared with exports of goods and services (%) 28.7 26.8 33.2 57.3 48.5
AVERAGE ANNUAL INTEREST RATES ON RESIDENT DEPOSITS (%) 1996 1997 1998 1999 2000 2001 1Q
Total time deposits in litas 13.81 7.44 5.96 4.89 3.37 3.45 up to 1 month 13.95 5.64 4.59 3.53 2.51 2.53 1-3 months 13.51 8.11 6.54 7.38 5.73 5.02 3-6 months 14.97 8.25 6.72 7.74 6.70 6.43 6-12 months 15.54 9.25 7.41 8.38 7.37 7.35 1-2 years 10.34 8.28 7.84 8.08 8.51 8.31 over 2 years - 8.77 7.44 8.05 7.35 8.24 Demand deposits in litas 5.48 2.30 2.00 1.85 1.01 1.35 Savings deposits - - - 6.54 7.09 7.11
Total time deposits in foreign currencies 9.27 5.42 4.23 4.36 4.69 3.19 up to 1 month 8.74 4.75 3.40 3.75 4.35 2.32 1-3 months 8.78 5.20 4.05 4.19 4.58 4.40 3-6 months 9.76 5.93 4.62 4.82 5.14 4.89 6-12 months 13.25 6.99 5.19 5.24 5.36 5.17 1-2 years 7.33 6.92 5.29 5.54 6.19 5.94 over 2 years - 6.30 5.06 6.55 5.77 5.08 Demand deposits in foreign currencies 2.18 1.24 1.34 1.27 0.81 0.84 Savings deposits - - - 4.16 4.28 4.32
8 LITHUANIANMACROECONOMIC COMPANIES REVIEW NATIONAL STOCK EXCHANGE OF LITHUANIA
EXPORTS STRUCTURE, 2000 IMPORTS STRUCTURE, 2000
Sweden 4.4% France Others Others 3.0% 23.9% France 27.5% 4.4% Finland 3.6% Ukraine 4.4% Netherlands 3.6% Netherlands 4.8% Sweden 3.6% Russia Denmark 26.7% 4.9% Latvia Latvia 15.0% 3.9% Poland 5.5% Denmark 4.2% Russia 7.1% UK 4.3% UK Germany 7.8% 14.3% Poland Germany 6.3% 17.0%
Experts have forecasted that the GDP of Lithuania will grow by 34%. It is very much as fast as it did last year, despite slowing economy development of EU as well as other possible that optimistic prognosis may come true. During the first quarter of 2001, countries. According to the data of the Statistics Department, as compared to the previous the GDP of Lithuania grew by 4.4% to LTL 10.7 billion. A similar growth is expected and in year, in January May 2001, export of Lithuania augmented by 23%, to LTL 7.4 billion, the second quarter of 2001. The current account deficit became stable and in the first while import advanced by 16.9%, to LTL 9.8 billion. Export to the EU countries improved
quarter it accounted for 5.4% of GDP (5.7% in the corresponding period last year). by 31.1% and made up 48.8% of the total export volumes of Lithuania, while that to the Guide to Listed Companies In the first quarter, the inflation reached 0.5%, and in June, the annual inflation rate stood CIS countries grew by 37.1% and accounted for 16.7% of the overall export. Import from at 1.5%. The internal market is also recovering as consumer expenditures in the GDP the EU countries went up by 11.9%, and that from the CIS countries reached 23.9%. structure climbed up by 5.5% to LTL 6.7 billion. Mineral products constituted the largest share in the overall structure of export and import 2000 A prudent fiscal policy laid stable financial grounds for the economy growth. Experts note 26.4% of export and 24.3% of import, electric appliances and TV video and audio that the states economy is rising, the industrial sector is developing, and new markets are equipment took 16%, chemical industry got 9.6%, and transport means and additional discovered, which is first of all proved by changes in the foreign trading. Export is growing transport means took 9.2%.
A.Smetonos g. 6-6 LT-2600 Vilnius, Lithuania Phone: (+370 2) 791 000, 791 732 Fax: (+370 2) 227 955 E-mail: [email protected] Web site: www.mwe.lt
Our areas of experience include: administrative law; privatisation; airport and Boston aviation law; banking and lender representation; competition and cartel law; corporate and securities matters; creditors' rights and bankruptcy; environmental Chicago law; insurance law; intellectual property and technology; international trade and London transactions; joint ventures; employment; litigation; mergers and acquisitions; patents, copyrights and trademarks; real estate; taxation and tax controversies. Los Angeles Since 1991 our attorneys have been serving as legal counsel to U.S. and European Miami based multinational companies either investing in or otherwise active in the markets of Eastern and Central Europe. We represent companies involved in manufacturing, Moscow telecommunications, oil and gas, construction and trading, real estate, project New York financing, taxation and finance, business litigation, architecture and engineering, broadcasting, commercial and investment banking, insurance, as well as numerous Orange County banks and other financial institutions. Silicon Valley Our attorneys focus on advising clients on all aspects of commercial law, but Vilnius especially in connection with establishing international joint ventures, mergers, acquisitions and privatisation in the Baltics and CIS. Washington, D.C.
9 NSELLITHUANIAN TRADING STATISTICS COMPANIES NACIONALINË VERTYBINIØ P0PIERIØ BIRÞA
1996 1997 1998 1999 2000 1H 2001
Total NSEL capitalisation (LTL m) 6100 10202 13424 13882 13741 13552 Share capitalisation (LTL m) 5012 8691 11834 12706 12207 11812 Capitalisation of listed shares (LTL m) 3604 6824 4297 4555 6349 4797 Capitalisation of unlisted shares (LTL m) 1408 1867 7537 8151 5863 7015 Capitalisation of debt securities (LTL m) 1088 1511 1590 1176 1534 1740 Total capitalisation as % of GDP 19.4 26.6 31.2 32.6 30.6 30.2
Trading sessions 255 255 255 254 252 127 Share trading sessions 117 255 255 254 252 127 Number of transactions 12059 71118 84409 62087 53763 21438* Share supply-demand ratio 3.3 8.2 12.3 11.8 5.1 7.3
Total turnover (units, m) 60.5 220.4 233.2 195.9 182.5 241.3 Average turnover per session (units, m) 0.20 0.98 0.91 0.77 0.72 1.90 Share turnover (units, m) 57.4 215.3 227.0 184.9 172.8 155.9 Debt securities turnover (units, m) 3.1 5.1 6.2 10.9 9.6 85.3
Total turnover value (LTL m) 509.6 1463.4 1487.7 2302.3 1758.7 871.8 Average turnover value per session (LTL m) 2 5.7 5.8 9.1 6.9 6.9 Average transaction value (LTL thou) 42.3 20.6 17.6 37.1 32.7 40.7
Guide to Listed Companies Turnover CM (LTL m) 154.2 653.5 287.2 154.6 129.7 97.9 Number of CM transactions 10250 62116 71208 46698 44431 17856* Average CM transaction value (LTL thou) 15.1 10.5 4.0 3.3 2.9 5.5 2000 Average CM turnover per session (LTL m) 0.6 2.6 1.1 0.6 0.5 0.8 CM turnover as % of total (%) 30.3 44.7 19.3 6.7 7.4 11.2
Turnover BT (LTL m) 355.4 809.9 1200.5 2147.7 1629.0 773.9 Number of BT transactions 1809 9002 13201 15389 9332 3582 Average BT transaction value (LTL thou) 196.5 90.0 90.9 139.6 174.6 216.1 Average BT turnover per session (LTL m) 1.4 3.2 4.7 8.5 6.5 6.1 BT turnover as % of total (%) 69.7 55.3 80.7 93.3 92.6 88.8
Share turnover value (LTL m) 188.9 959.1 891.1 1236.1 808.8 255.3 Share turnover on CM (LTL m) 40.2 262.9 217.3 142.2 128.0 65.2 Share turnover by BT (LTL m) 148.7 696.1 673.8 1093.9 680.8 190.1 Number of share transactions 10137 70567 83412 60348 52575 20546 Average share transaction value (LTL thou) 18.6 13.6 10.7 20.5 15.4 12.4 Average share turnover per session (LTL m) 1.6 3.8 3.5 4.9 3.2 2.2 Share turnover as % of total turnover (%) 37.1 65.5 59.9 53.7 46.0 29.3 Share turnover on CM as % of total equity turnover 21.3 27.4 24.4 11.5 15.8 25.5
Debt securities turnover value (LTL m) 320.7 504.3 596.6 1066.1 949.8 616.5 Debt securities turnover on CM (LTL m) 114 390.5 70.0 12.4 1.7 32.7 Debt securities turnover by BT (LTL m) 206.7 113.8 526.6 1053.7 948.1 583.8 Number of debt securities transactions 1922 551 997 1739 1188 892 Average debt securities transaction value (LTL thou) 166.8 915.3 598.4 613.1 799.6 691.1 Average debt securities turnover per session (LTL m) 1.3 1.9 2.3 4.2 3.7 4.9 Debt securities turnover as % of total turnover (%) 62.9 34.5 40.1 46.3 53.9 70.7
Indices LITIN - 903.48 535.28 523.49 457.80 346.13 LITIN-A ** 1660.68 1930.85 1133.63 1109.17 1105.94 - LITIN-G 1327.47 1862.89 1088.75 1088.85 1046.89 909.69 LITIN-10 - - 1000.00 1147.30 1137.01 1027.41 LITIN-VVP 1235.36 1368.43 1513.23 1704.02 1891.47 1982.82
* from 1 January 2001, transactions on the central market are counted according to a new methodology ** the NSEL ceased calculating LITIN-A index from 1 February 2001
10 LITHUANIANNSEL COMPANIES TRADING STATISTICS NATIONAL STOCK EXCHANGE OF LITHUANIA
CAPITALISATION (LTL m) TOTAL TURNOVER (LTL m)
16000 2500
14000 Debt Securities 2000 12000 Shares
10000 1500 8000
6000 1000
4000 500 2000
0 0 1993 1994 1995 1996 1997 1998 1999 2000 1993 1994 1995 1996 1997 1998 1999 2000
Despite the fact that the major indicators of the state economy together with financial Over 2000, volumes of trading in shares declined by one third and constituted LTL 809 results of most companies were improving, in 2000 the activity on the securities market million, which contributed 46% to the total turnover of the Exchange (54% in 1999). was comparatively low and demonstrated cautiousness of investors before and after the Compared to 1999, trading in shares on the central market dropped by 10%, and that by elections to the Seimas, Lithuanian Parliament, rather than recovery of activity. This is block transactions declined by 38%. The most active trading was performed in the most proved by the fall of investments into shares of the local companies from LTL 1,078 million liquid shares that are included into the index LITIN-10. Turnover of these shares reached in 1999 to LTL 878 million in 2000. LTL 530 million and made up 66% of the total share turnover and 84% of share turnover on the central market. During the year 2000, the total capitalisation of the NSEL almost did not change and Guide to Listed Companies constituted LTL 13.7 billion. The greatest changes occurred in the tier of Unlisted securities. In 2001, trading at the Exchange was more active. The total turnover of the second quarter Capitalisation of this tier lowered by 28% to LTL 5.9 billion and at the end of 2000 accounted reached LTL 415m, and the turnover for the first six months of 2001 stood at LTL 872m, 2000 for just 43% of the total capitalisation of the NSEL (59% in 1999). Capitalisation of the which made up 49.5% of the total trading volumes of the previous year. Share turnover listed shares advanced by 40%, to LTL 6.3 billion. of the first half-year amounted to LTL 255m and constituted 32% of the total share turnover In 2000, the total turnover of the NSEL accounted for LTL 1758.7 million and was larger in 2000. However, compared to the first half-year of 2000, share turnover climbed up than in 1998, yet, it was by 23.6% lower than in the momentous 1999. The trading by by 22%, central market turnover augmented by 65%, and the total trading value improved block transactions fell by 24%, yet, made up 93% of the total trading volumes on the by 26%. Exchange as in 1999. Executed tender offers constituted the greatest share of the turnover by block transactions. Since 1997, securities turnover on the central market has been gradually sliding down, and in 2000 it accounted for LTL 130 million marking the cut of 16% as compared with 1999.
11 NSELLITHUANIAN TRADING STATISTICS COMPANIES NACIONALINË VERTYBINIØ P0PIERIØ BIRÞA
RESIDENT INVESTMENT FLOWS INTO LITHUANIAN EQUITY MARKET (LTL m) NON-RESIDENT INVESTMENT FLOWS INTO LITHUANIAN EQUITY MARKET (LTL m)
800 600 541 700 Inflows Inflows Outflows Net inflows 624 760 479 Outflows 600 500 444 453 500 Net inflows 337 384 400 400 321 332 277 328 300 200 300 100 123 122 0 200 62 -100 -51 -135 -47 -200 100 1998 1999 2000 1998 1999 2000
Over the course of 2000, investments into the Lithuanian securities market totalled LTL 878.0 million, while withdrawals amounted to LTL 863.0 million, which means that investments into the Lithuanian corporate securities surpassed withdrawals by LTL 15.0 million (in 1999, the net investment was minus LTL 13.7 million; in 1998, it was as high as LTL 72.2 million). Most investments came from Sweden (LTL 325.8 million) and Denmark (LTL 4.1 million). Most funds were withdrawn by investors from the United States (LTL 93.4 million), Great Britain (LTL 89.2 million), and Lithuania (LTL 47.1 million). Guide to Listed Companies The biggest Swedish investment was an investment of Skandinaviska Enskilda Banken AB
2000 into Vilniaus Bankas AB. This investment affected investment flows from other countries as the Swedish company, which paid LTL 350 million for Vilniaus Bankas AB shares, bought a 27% holding of Vilniaus Bankas from American investors, 20% from Lithuanian, 14% from Estonian, and 8% from British investors. Investments into Lithuanian Government securities amounted to LTL 2 037.7 million, while withdrawals reached LTL 1 197.9 million. A major part of additional investments came from Lithuanian (LTL 807.7 million) and British investors (LTL 22.0 million). Latvian and American investors accounted for the biggest share of the negative net investments (minus LTL 2.5 million and minus LTL 1.0 million respectively). Lithuanian Securities Commission, Annual Report 2000
12 LITHUANIANNSEL INDICES. COMPANIES CAPITALISATION NATIONAL STOCK EXCHANGE OF LITHUANIA
COMPOSITION OF LITIN INDEX (29 06 2001) LITIN INDEX (Official List)
Price Number Capitalisation Weight 1400 Code Name of security (LTL) of shares (LTL thou) % in index in index 1200 10423 Ekranas 6.20 30 294 400 187 825 10.65 1000 10545 Kalnapilis 4.20 25 424 031 106 781 6.05 12391 Lietuvos Telekomas 1.55 814 912 759 1 263 115 71.62 800 10037 Rokiðkio Sûris 18.95 4 623 499 87 615 4.92 10927 Snaigë 33.00 1 538 027 50 755 2.88 600 10932 Utenos Trikotaþas 2.90 23 260 491 67 455 3.82 400
200
0 1997 1998 1999 2000 2001 Guide to Listed Companies LITIN-G INDEX TOP-10 (29 06 2001) LITIN-G INDEX (All listed shares)
Price Number Capitalisation Weight 2000 3000 Code Name of security (LTL) of shares (LTL thou) % in index in index 2500 12391 Lietuvos Telekomas 1.55 814 912 759 1 263 115 27.68 11768 Lietuvos Energija 3.00 185 569 142 556 707 12.20 2000 11555 Maþeikiø Nafta 0.73 693 443 200 506 214 11.09 11622 Lietuvos Dujos 1.40 340 877 835 477 229 10.46 1500 10423 Ekranas 6.20 30 294 400 187 825 4.12 10062 Lietuvos Taupomasis Bankas 9.55 16 733 232 159 802 3.50 1000 12194 Lietuvos Draudimas 210.00 557 912 117 162 2.57 10545 Kalnapilis 4.20 25 424 031 106 781 2.34 10037 Rokiðkio Sûris 18.95 4 623 499 87 615 1.92 500 10017 Lietuvos Þemës Ûkio Bankas 80.00 1 082 517 86 601 1.90 Total TOP-10: 3 549 051 77.77 0 Total LITIN-G: 4 563 814 100.00 1996 1997 1998 1999 2000 2001
COMPOSITION OF LITIN-10 INDEX (29 05 2001) LITIN-10 INDEX (Most actively traded shares)
Price Number Weight % 1400 Code Name of security (LTL) of shares in index in index 1300
10423 Ekranas 6.20 168.446 10.17 1200 11768 Lietuvos Energija 3.00 219.127 6.40 11627 Lietuvos Jûrø Laivininkystë 2.34 521.292 11.87 1100 10066 Linas 0.42 1994.752 8.15 1000 12391 Lietuvos Telekomas 1.55 339.069 5.12 11555 Maþeikiø Nafta 0.73 2358.226 16.76 900 10037 Rokiðkio Sûris 18.95 51.452 9.49 800 10927 Snaigë 33.00 45.854 14.73 10367 Vilniaus Vingis 4.70 264.421 12.10 700 10235 Ûkio Bankas 2.98 180.083 5.22 600 1999 2000 2001
13 NSELLITHUANIAN TRADING STATISTICS. COMPANIES STRUCTURE NACIONALINË VERTYBINIØ P0PIERIØ BIRÞA
BREAKDOWN OF LISTED COMPANIES' CAPITALISATION BY TYPE OF ACTIVITY, 2000 BREAKDOWN OF LISTED COMPANIES' TURNOVER BY TYPE OF ACTIVITY, 2000
Construction Electricity and Construction Electricity and 0.1% gas supply 0.04% gas supply 20.0% 1.7% Building materials Building materials 0.9% 9.9% Transport and Transport and communication Food industry communication Food industry 11.6% 6.6% 33.6% 6.7% Trade Wood Wood 0.1% processing processing 0.4% 0.2%
Electronics Electronics 4.7% 3.9%
Light industry Light 2.2% industry Trade 1.0% Chemistry 0.5% 11.9% Chemistry Financial 2.4% Other intermediation Financial 0.3% 18.7% Other intermediation Guide to Listed Companies 0.0% 62.6% 2000
BREAKDOWN OF LISTED COMPANIES' CAPITALISATION, 2000 BREAKDOWN OF EQUITY TURNOVER BY THE NSEL MEMBERS, 2000
Lietuvos Taupomasis Other Other VILNIAUS BANKAS Bankas 22.6% 12.6% FBD 2.2% 53.0% FBF BALTIJOS Lifosa VERTYBINIAI 2.5% POPIERIAI 1.6% Klapëdos Nafta FBF 2.7% ICI CAPITAL Lietuvos 1.7% Ekranas Te l e ko m a s 3.2% 26.9% FBF VB VILFIMA Lietuvos 3.1% Dujos 7.8% HANSA- BANKAS Maþeikiø Nafta FBD 8.7% 7.0%
Lietuvos Energija Vilniaus Bankas FBF FBF 11.1% 12.2% FINASTA SUPREMA 7.5% 13.5%
14 CENTRALLITHUANIAN SECURITIES DEPOSITORY COMPANIES OF LITHUANIA NATIONAL STOCK EXCHANGE OF LITHUANIA
INVESTMENT IN SHARES Investment in shares has displayed a strong tendency to grow for the last 5 years. The largest leaps were detected in 1997 and 1999. A slight deviation from this tendency was noticed only in 1998. Investments in shares made by residents expanded continuously and prevailed over those of non-residents. Only in 2000 did the investments of non-residents exceed those made by residents in terms of both relative and absolute quantity. Private companies predominated among the investors residents. Their share, however, was constantly decreasing. A sharp boost was observed in investment in shares carried out by Investment companies, while investment in shares made by public companies has been augmented slightly but steadily. Banks and financial intermediaries preferred investment in Government securities as considered being more liquid and attractive. Such investments were not large, moreover their percentage has maintained a tendency to decrease. Investors from two countries the USA and Sweden have predominated among investors non-residents for the last five years. Initially the investors from the USA and Great Britain and/or securities custodians accounted for the largest investments, while starting from 1999, when SEB came to Lithuania, Scandinavians have been playing the main role among non-residents. The highest leaps in investments of non-residents were noticed in 1997 and 2000. A considerable contribution (about LTL 350 m) to the growth of the percentage ascribed to Swedish investors was made by the buy-out of the shares of Vilniaus Bankas AB executed by the Swedish bank SEB by means of an official tender offer. Guide to Listed Companies 2000
Verslo teisës grupë Business Law Group FORESTA V.Smilgevièienë, R.Jakutis & J.R.Smilgevièius Law Firm
Legal advise on regulatory and corporate issues, including matters related to the issuing, placing and trading of securities Advise on legal matters related to the investment into Lithuanian public and private companies, drafting of the investment and other investment-related agreements, including share purchase, share subscription, shareholders agreements, etc. Assisting in obtaining anti-monopoly and other market regulatory clearances Other investment related legal support (legal due diligence, post-investment legal support, etc.) Litigation services
V.Kudirkos g. 22 LT-2001 Vilnius Lithuania Tel.: + 370 2 224564 Fax: + 370 2 223749 E-mail: [email protected] Website: www.foresta.lt
15 CENTRALLITHUANIAN SECURITIES DEPOSITORY COMPANIES OF LITHUANIA NACIONALINË VERTYBINIØ P0PIERIØ BIRÞA
MARKET VALUE OF RESIDENTS' INVESTMENTS INTO SHARES (LTL m)
Investors 1996 1997 1998 1999 2000
(LTL m) (%) (LTL m) (%) (LTL m) (%) (LTL m) (%) (LTL m) (%)
Private companies 378.7 69.5 541.2 56.8 509.9 53.4 512.8 30.6 584.9 39.4 Individuals 85.6 15.7 254.1 26.7 278.3 29.1 394.7 23.6 360.8 24.3 Investment companies 25.2 4.6 8.7 0.9 13.6 1.4 331.9 19.8 292.5 19.7 State companies 6.7 1.2 18.6 2.0 54.3 5.7 141.9 8.5 152.1 10.3 Credit companies (banks) 2.5 0.5 80.0 8.4 79.1 8.3 208.0 12.4 52.6 3.5 Other (including financial brokerage firms and other intermediaries) 46.3 8.5 49.5 5.2 19.8 2.1 86.5 5.2 40.9 2.8 Total 545.0 100.0 952.1 100.0 955.0 100.0 1675.8 100.0 1483.8 100.0
MARKET VALUE OF NON-RESIDENTS' INVESTMENTS INTO SHARES (LTL m)
States 1996 1997 1998 1999 2000
(LTL m) (%) (LTL m) (%) (LTL m) (%) (LTL m) (%) (LTL m) (%)
Sweden 19.1 6.8 45.9 5.0 43.8 4.8 378.4 35.1 824.2 45.7 USA 98.9 35.1 353.5 38.3 230.2 25.5 132.4 12.3 397.0 22.0 Denmark 7.9 2.8 32.0 3.5 164.7 18.2 81.5 7.6 138.6 7.7
Guide to Listed Companies Great Britain 66.2 23.5 125.3 13.6 95.1 10.5 118.5 11.0 124.8 6.9 Finland 0.1 0.0 32.6 3.5 58.5 6.5 85.2 7.9 72.0 4.0
2000 Estonia 33.2 11.8 149.6 16.2 78.4 8.7 49.5 4.6 59.1 3.3 Latvia 6.3 2.2 32.7 3.5 50.9 5.6 42.9 4.0 29.7 1.6 Other states 50.2 17.8 152.4 16.5 181.9 20.1 190.6 17.7 159.3 8.8 Total 281.9 100.0 924.0 100.0 903.5 100.0 1079.0 100.0 1804.7 100.0
MARKET VALUE OF INVESTMENTS IN SHARES IN ACCOUNTS OF INTERMEDIARIES PARTICIPANTS OF CSDL
1424 1463 1379 1276 1171 3500 1500
3000
2500 1000 2000
1500 500 1000 Other participants Financial brokerage firms and specialised brokerage divisions of banks 500 Indirect participants Direct participants - issuers 0 0 1996 1997 1998 1999 2000 1996 1997 1998 1999 2000
Note No.1. These data cover only investment in shares held by the intermediaries of public trading in their own or their clients accounts. Therefore any transfer of the holdings from one intermediary to the other may also cause changes. Note No.2. The distribution of investments of non-residents by countries is not accurate enough as an investor of one country can use the services of a securities custodian of another country. However, the figures provided here include only the data concerning securities custodians. Note No.3. When analysing the value of investment, it is necessary to take into account the fact that the share price index has declined by more than twice during the past 5 years.
16 CENTRALLITHUANIAN SECURITIES DEPOSITORY COMPANIES OF LITHUANIA NATIONAL STOCK EXCHANGE OF LITHUANIA
NUMBER OF ACCOUNTS AND NOMINAL VALUE CAPITALISATION BY THE TYPES OF ISSUES
Type of securities 1996 1997 1998 1999 2000
Number Capitalisation Number Capitalisation Number Capitalisation Number Capitalisation Number Capitalisation of issues (LTL m) of issues (LTL m) of issues (LTL m) of issues (LTL m) of issues (LTL m)
Shares of public companies and banks 1602 12092 1623 13457 1590 15089 1566 15643 1472 15222 Bonds of public companies and banks 0 0 6 411 8 389 13 421 8 154 Shares of investment companies 132 433 115 441 108 384 101 382 95 379 Government securities 24 1298 38 2200 46 2581 47 2178 55 2475 Shares of private companies 0 0 170 76 149 57 129 56 114 52 Total 1758 13823 1952 16585 1901 18500 1856 18681 1744 18282
TOTAL SALES OF TOP 100 PUBLIC COMPANIES (LTL bln) GROWTH (SLOWDOWN) RATES IN SALES OF TOP 100 PUBLIC COMPANIES (%)
14 25
12 20
10 15
8 10
6 5 Guide to Listed Companies 4 0
2 -5 2000
0 -10 1994 1995 1996 1997 1998 1999 2000 1995 1996 1997 1998 1999 2000
Ukmergës g.41B, 2004 Vilnius, Tel.: (+370 2) 723 466 Fax: (+370 2) 721 676 Central Securities E-mail: [email protected] Depository of Lithuania (LCVPD) http://www.csdl.lt
Currently, Central Securities Depository of Lithuania is a special purpose public company. It renders services to all securities market players, who execute operations with securities, and performs the following functions: Opens and operates securities accounts of account managers (issuers and brokers) and personal (investors) accounts Executes securities transfer operations related with the NSEL and the OTC transactions and stock events Organises and handles clearing settlements to the extent they are related with the management of securities accounts; ensures simultaneous cash and securities transfers (DVP principle) between accounts of the securities account managers Controls the correspondence of the total number of issued securities with the number of securities that are actually in circulation; ensures the integrity and security of the system of securities accounting Carries out the functions of accumulation, processing and dissemination of information concerning the Company, other securities market participants and securities accounting 17 TOP-100LITHUANIAN LITHUANIAN COMPANIESCOMPANIES (Ranked by sales) NACIONALINË VERTYBINIØ P0PIERIØ BIRÞA
ñ/ò Company Sales( LTL m) 2000 1999 2000 1999 1998 1997 1996 1995 1994
1 1 MAÞEIKIØ NAFTA 4 225.4 2 300.2 2 800.2 2 512.3 998.1 930.0 811.5 2 2 LIETUVOS ENERGIJA 1 437.0 1 543.0 1 914.0 1 558.0 1 568.0 1 282.0 1 482.1 3 3 LIETUVOS TELEKOMAS 1 038.6 980.3 891.9 662.8 533.1 430.0 223.4 4 4 LIETUVOS GELEÞINKELIAI 597.0 562.7 618.6 636.9 586.5 504.9 508.1 5 5 LIETUVOS DUJOS 570.1 555.8 589.2 675.0 729.2 712.6 633.9 6 ñ 7 ACHEMA 465.7 340.6 430.4 446.9 567.7 521.1 283.3 7 ñ 8 EKRANAS 438.9 279.4 291.5 309.9 329.7 290.5 165.6 8 ò 6 LIFOSA 428.3 494.2 400.0 309.4 266.4 212.8 111.2 9 ñ 17 PIENO ÞVAIGÞDËS 261.2 147.1 183.8 163.7 - - - 10 ñ 12 ROKIÐKIO SÛRIS 255.4 191.5 205.8 159.1 137.1 85.6 63.2 11 ò 10 KRAFT FOODS 234.7 214.9 251.7 246.1 211.9 160.3 98.8 12 ò 9 LIETUVOS JÛRØ LAIVININKYSTË 228.2 227.9 256.0 298.3 310.5 295.4 303.7 13 ò 11 LIETUVOS AVIALINIJOS 218.0 196.7 208.3 202.3 183.8 170.3 155.8 14 ò 13 KAUNO ENERGIJA 178.6 190.4 201.0 306.5 - - - 15 ò 14 ALYTAUS TEKSTILË 168.2 170.6 201.3 191.6 124.9 123.1 99.3 16 ñ 19 ÞEMAITIJOS PIENAS 155.7 138.7 213.5 140.8 116.4 72.3 35.9 17 ò 15 LIETUVOS KURAS 138.7 164.1 257.5 313.4 319.7 279.1 337.1 18 ò 16 SNAIGË 136.7 149.9 174.0 171.3 145.3 195.2 171.3 19 ñ 27 KLAIPËDOS JÛRØ KROVINIØ KOMPANIJA 135.9 98.3 164.2 179.4 182.9 171.8 150.8 Guide to Listed Companies 20 ñ 22 UTENOS TRIKOTAÞAS 122.4 109.0 101.0 80.3 77.5 61.5 46.7
2000 21 ñ 39 VILNIAUS VINGIS 120.4 81.2 62.1 62.9 47.1 36.8 28.8 22 ñ 48 ÐVYTURYS 116.5 73.7 61.7 48.4 29.2 25.5 21.2 23 ñ 46 STUMBRAS 112.1 74.3 85.5 139.0 156.9 152.3 90.7 24 ò 20 DIRBTINIS PLUOÐTAS 110.7 121.1 189.1 238.7 204.8 135.9 69.3 25 ñ 30 TIREKSA 110.2 95.8 100.4 101.4 91.5 76.4 64.6 26 ñ 36 BALTIK VAIRAS 109.4 85.5 70.4 74.2 74.3 54.9 34.7 27 ñ 37 BALTIJOS LAIVØ STATYKLA 108.8 83.6 66.7 65.6 84.8 43.9 42.3 28 ò 25 KLAIPËDOS NAFTA 105.3 105.0 55.2 76.5 0.0 0.0 0.0 29 ò 24 KAUNO TILTAI 102.3 106.2 98.5 47.7 28.1 16.1 9.9 30 ñ 64 UTENOS PIENAS 101.8 57.6 78.3 70.5 64.0 45.4 29.7 31 ò 23 VAKARØ LAIVØ REMONTAS 96.8 107.6 122.1 87.2 82.8 49.0 41.0 32 ñ 63 ALNA 90.7 58.0 48.4 52.5 33.5 28.8 21.4 33 ñ 52 KRETINGOS GRÛDAI 89.2 72.1 90.5 123.9 77.9 57.7 15.8 34 ò 21 AKMENËS CEMENTAS 89.1 112.6 133.9 114.9 109.7 92.3 104.2 35 ò 33 KLAIPËDOS MEDIENA 87.5 91.0 93.7 88.0 67.1 55.7 48.9 36 ò 28 KALNAPILIS 86.1 96.8 106.2 89.8 57.8 29.0 16.6 37 ò 32 KLAIPËDOS ENERGIJA 84.8 92.4 132.3 139.7 - - - 38 ñ 58 KAUNO GRÛDAI 84.7 65.3 80.8 101.7 84.0 67.7 54.6 39 ñ 49 PANEVËÞIO STIKLAS 82.5 73.3 95.7 86.9 98.6 60.6 12.4 40 ò 31 ALKESTA 79.4 94.6 54.7 33.9 21.3 11.7 7.8 41 ò 35 PANEVËÞIO ÐILUMOS TINKLAI 78.0 85.8 98.7 100.4 - - - 42 ò 34 PANEVËÞIO KELIAI 75.3 87.8 81.2 44.2 23.8 9.6 7.2 43 ñ 44 LINAS 74.8 76.1 69.0 61.7 52.6 47.1 43.9 44 ñ 61 VIEVIO PAUKÐTYNAS 73.0 61.7 58.3 70.4 60.7 44.9 36.1 45 ñ 51 PANEVËÞIO PIENAS 72.0 72.1 100.8 86.0 76.6 56.3 41.3 46 ò 40 ALITA 72.0 79.1 86.2 95.7 96.6 102.3 74.0 47 ñ 54 KLAIPËDOS TRANSPORTO LAIVYNAS 71.0 67.9 86.7 97.5 92.6 89.6 84.2 48 ò 43 DROBË 67.0 76.2 89.4 94.4 88.8 79.3 57.3 49 ñ 50 PANEVËÞIO STATYBOS TRESTAS 66.5 72.7 99.1 55.4 53.9 42.0 31.6 50 ñ 57 VILNIAUS PAUKÐTYNAS 66.4 65.7 72.1 70.2 58.3 56.5 36.8
Information presented by the Central Securities Depository of Lithuania
18 TOP-100LITHUANIAN LITHUANIAN COMPANIESCOMPANIES (Ranked by sales) NATIONAL STOCK EXCHANGE OF LITHUANIA
Sector Company Net profit (LTL m) 2000 1999 1998 1997 1996 1995 1994
Oil - petroleum products MAÞEIKIØ NAFTA -179.06 -158.87 -93.17 67.68 -17.79 -32.86 15.04 Electric utilities LIETUVOS ENERGIJA 104.30 -117.00 183.00 66.00 358.00 -215.00 -302.35 Telecom LIETUVOS TELEKOMAS 240.41 104.37 232.71 132.00 78.26 84.70 44.84 Transport LIETUVOS GELEÞINKELIAI 2.16 -52.61 0.64 11.76 10.97 0.05 26.52 Natural gas utilities LIETUVOS DUJOS -0.11 -11.77 -20.91 16.84 -17.33 43.53 7.21 Chemicals ACHEMA 12.38 4.45 4.52 7.00 69.53 48.26 7.94 Electrical engineering EKRANAS 49.30 2.77 0.71 13.74 49.74 2.38 -8.26 Chemicals LIFOSA -93.86 29.27 43.47 6.11 3.40 6.42 8.34 Dairy PIENO ÞVAIGÞDËS 12.14 5.09 6.88 11.32 - - - Dairy ROKIÐKIO SÛRIS 13.43 27.05 27.29 21.25 12.22 9.32 10.92 Confectionery and bread KRAFT FOODS 21.32 11.76 3.65 25.36 23.65 16.44 11.62 Shipping LIETUVOS JÛRØ LAIVININKYSTË 3.22 8.41 1.83 44.29 45.08 67.67 100.90 Transport LIETUVOS AVIALINIJOS -27.12 -24.61 -3.66 2.32 6.20 -2.28 -0.32 Heating KAUNO ENERGIJA -32.47 -41.84 1.38 -41.56 - - - Textiles ALYTAUS TEKSTILË -8.38 -23.76 -17.14 -19.40 -23.03 -13.43 -4.11 Dairy ÞEMAITIJOS PIENAS 6.39 3.24 14.54 13.26 7.69 6.35 3.13 Oil - petroleum products LIETUVOS KURAS -32.47 -37.81 -35.66 -21.89 -10.41 -13.47 -10.72 Electrical engineering SNAIGË 0.18 3.33 10.23 5.32 0.62 -3.42 10.87
Stevedoring KLAIPËDOS JÛRØ KROVINIØ KOMPANIJA 4.45 -20.95 16.63 20.59 24.36 53.59 81.79 Guide to Listed Companies Textiles UTENOS TRIKOTAÞAS 14.41 13.10 11.84 5.13 3.71 3.31 4.36
Electrical engineering VILNIAUS VINGIS 7.12 5.12 3.18 -0.61 0.81 -3.39 -2.66 2000 Brewery ÐVYTURYS 33.23 24.51 24.51 15.08 8.63 7.93 7.41 Drinks STUMBRAS 18.70 8.87 7.10 15.84 32.39 42.68 24.20 Chemicals DIRBTINIS PLUOÐTAS -47.71 -25.55 0.70 6.36 4.09 3.53 0.17 Confectionery and bread TIREKSA -3.51 4.33 9.10 6.26 6.21 4.92 5.22 Vehicles BALTIK VAIRAS 1.56 3.13 -3.17 2.17 -8.63 1.58 1.61 Shipbuilding BALTIJOS LAIVØ STATYKLA 2.49 6.95 6.37 9.79 5.12 0.30 1.18 Oil - petroleum products KLAIPËDOS NAFTA 17.82 39.70 10.84 43.29 0.00 2.84 -0.07 Construction KAUNO TILTAI 4.75 2.94 5.21 4.50 2.93 0.70 0.80 Dairy UTENOS PIENAS -6.92 -3.01 -1.34 2.97 0.15 4.97 -0.48 Shipbuilding VAKARØ LAIVØ REMONTAS -15.22 -17.87 6.18 1.41 3.87 1.58 6.17 Computer technologies ALNA 0.64 1.36 1.40 1.75 1.25 1.87 2.01 Confectionery and bread KRETINGOS GRÛDAI -2.98 1.03 2.22 -1.29 1.09 2.21 0.88 Construction AKMENËS CEMENTAS -11.85 5.35 12.49 2.47 3.40 2.56 8.84 Wood, wood products KLAIPËDOS MEDIENA 0.22 -4.94 5.23 2.45 6.14 1.05 -17.83 Brewery KALNAPILIS 3.80 10.23 25.29 29.72 10.43 4.23 2.77 Heating KLAIPËDOS ENERGIJA -0.45 8.95 5.20 -4.81 - - - Confectionery and bread KAUNO GRÛDAI 0.33 2.24 0.16 3.64 4.58 3.17 3.60 Glass PANEVËÞIO STIKLAS -22.54 -19.75 -9.84 -6.69 8.47 -9.97 -22.21 Construction ALKESTA 3.34 4.51 6.27 4.67 2.03 1.71 1.30 Heating PANEVËÞIO ÐILUMOS TINKLAI -9.01 3.30 -1.25 -13.81 - - - Construction PANEVËÞIO KELIAI 6.11 6.27 10.11 5.95 2.22 1.40 0.79 Textiles LINAS 2.16 5.80 3.90 3.91 6.99 -0.26 -5.40 Meat products VIEVIO PAUKÐTYNAS 9.28 5.09 -2.22 6.47 10.06 4.91 8.46 Dairy PANEVËÞIO PIENAS -4.87 -1.12 7.80 8.43 8.04 7.77 4.67 Drinks ALITA 5.20 6.37 8.81 16.43 22.10 27.08 10.04 Shipbuilding KLAIPËDOS TRANSPORTO LAIVYNAS 10.90 10.75 19.92 27.67 23.77 25.86 16.53 Textiles DROBË -6.64 0.66 2.81 5.24 4.39 1.68 -1.26 Construction PANEVËÞIO STATYBOS TRESTAS 0.02 2.39 3.16 1.59 2.78 3.99 2.96 Meat products VILNIAUS PAUKÐTYNAS 3.08 3.26 3.10 2.02 1.01 3.21 3.48
19 TOP-100LITHUANIAN LITHUANIAN COMPANIESCOMPANIES (Ranked by sales) NACIONALINË VERTYBINIØ P0PIERIØ BIRÞA
ñ/ò Company Sales( LTL m) 2000 1999 2000 1999 1998 1997 1996 1995 1994
51 ò 29 KAUSTA 66.1 96.2 68.7 117.0 67.7 47.7 39.6 52 ñ 78 ÐIAULIØ STUMBRAS 63.7 42.4 42.8 44.9 26.6 16.4 13.0 53 ñ 94 VILNIAUS BALDØ KOMBINATAS 63.0 31.8 15.5 12.7 15.3 16.0 21.5 54 ñ 59 LIETUVOS SPAUDA 62.5 64.0 63.4 58.5 75.6 65.8 52.6 55 ñ 74 KLAIPËDOS BALDAI 62.4 46.3 41.9 32.5 29.4 21.7 23.0 56 ñ 60 LYTAGRA 62.2 62.3 86.4 93.3 97.9 99.9 77.2 57 ò 45 ANYKÐÈIØ VYNAS 61.3 75.6 78.2 75.3 60.4 47.0 22.2 58 ñ 91 GEONAFTA 60.5 32.6 22.4 22.4 23.1 11.3 - 59 ñ 67 GRIGIÐKËS 59.2 55.0 68.9 75.0 77.5 73.5 72.8 60 ò 56 VENTUS-NAFTA 56.4 66.6 55.6 - - - - 61 ñ 80 VILNIAUS MËSOS KOMBINATAS 54.3 40.8 38.6 42.4 44.2 53.3 54.9 62 ñ 69 HIDROSTATYBA 54.3 52.5 100.3 45.2 25.8 19.7 14.1 63 ñ 72 MEDIENOS PLAUÐAS 53.6 49.1 41.9 43.3 41.8 5.9 35.5 64 ñ 77 MALSENA 53.1 43.2 56.3 73.6 81.6 60.6 29.6 65 65 KLAIPËDOS PIENAS 52.2 57.1 53.5 48.2 33.5 31.2 29.9 66 ò 41 ALYTAUS ÐILUMOS TINKLAI 52.0 78.8 90.3 74.8 - - - 67 ñ 70 ÐIAULIØ PLENTAS 50.4 52.2 46.3 27.2 23.5 12.7 10.7 68 ò 18 BIRÞØ AKCINË PIENO BENDROVË 50.2 145.8 128.4 128.7 99.4 83.8 50.6 69 ò 68 MONTUOTOJAS 50.2 53.7 51.8 48.5 36.2 26.4 24.1 Guide to Listed Companies 70 ò 66 ÐIAULIØ ENERGIJA 49.5 55.7 82.0 69.7 - - -
2000 71 ñ 92 KLAIPËDOS KARTONAS 46.6 32.6 25.1 24.3 25.9 17.7 - 72 ñ 81 DVARÈIONIØ KERAMIKA 45.8 40.6 31.0 30.2 13.8 9.3 6.5 73 ñ 112 AUDIMAS 45.7 26.1 15.1 9.3 9.0 8.1 10.7 74 ñ 79 KAIÐIADORIØ PAUKÐTYNAS 45.0 40.9 40.6 50.6 53.2 41.1 26.1 75 ò 71 APRANGA 44.6 50.1 47.7 37.0 28.2 26.5 31.1 76 ñ 88 NEMUNAS 43.3 34.0 19.2 20.5 25.4 25.5 - 77 ò 75 VILNIAUS PERGALË 42.7 43.7 55.0 67.1 60.3 49.1 37.9 78 ò 73 PLASTA 42.1 46.3 45.3 41.0 32.7 29.4 21.0 79 ñ 87 VERNITAS 40.2 34.7 54.2 92.7 86.2 75.9 51.7 80 ñ 90 VILNIAUS TAURAS 39.1 32.7 22.7 17.5 15.2 16.2 19.8 81 ñ 100 ÐILUTËS BALDAI 39.0 29.4 34.0 23.7 23.0 23.7 228.9 82 ò 86 LIETUVOS TARA 38.8 35.7 39.1 32.0 30.7 27.2 10.5 83 ò 38 MARIJAMPOLËS PIENO KONSERVAI 37.7 81.3 162.5 193.8 166.2 143.1 122.6 84 ñ 125 GIRIØ BIZONAS 37.6 19.2 32.5 37.1 19.3 0.4 - 85 ñ 115 LIETKELIS 36.9 24.7 20.3 27.1 37.6 38.6 - 86 ò 62 VITI 36.6 59.4 30.2 35.0 - - - 87 ò 82 KLAIPËDOS DUONA 35.5 38.6 37.0 41.4 44.6 33.0 25.4 88 ò 84 LËVUO 33.8 37.5 39.1 33.8 31.6 32.9 25.1 89 ò 53 MËSA 32.9 71.0 94.7 114.1 133.4 143.4 138.4 90 ñ 101 VILNIAUS DEGTINË 31.3 29.4 24.6 30.5 40.4 47.8 25.7 91 ò 89 RAGUTIS 31.0 32.8 34.1 29.9 21.4 16.4 15.3 92 ñ 98 KAUNO KETAUS LIEJYKLA 30.2 30.1 37.2 30.0 20.7 27.5 18.6 93 ò 76 KREKENAVOS AGROFIRMA 29.0 43.2 62.2 51.4 37.8 26.6 3.1 94 ñ 106 ÐATRIJA 28.9 28.1 33.8 33.1 28.0 22.3 - 95 95 AUDËJAS 28.3 31.8 36.7 37.1 37.0 35.2 29.5 96 ñ 117 VIENYBË 28.0 22.8 17.9 20.2 17.8 18.9 14.4 97 ñ 111 KËDAINIØ GRÛDAI 27.7 26.4 32.8 56.7 52.2 37.1 38.3 98 ñ 107 LIETUVOS RADIJO IR TELEVIZIJOS CENTRAS 27.1 27.9 27.8 23.1 19.3 15.3 10.9 99 ñ 104 KURO APARATÛRA 26.8 28.4 58.6 78.9 89.8 78.6 72.8 100 ñ 120 KAUNO AUDINIAI 26.8 21.1 36.2 28.3 29.0 20.8 16.8
Total: * 13 878.6 11 360.2 12 560.3 12 051.7 9 767.6 9 728.6 8 378.5
* Results of the companies that have available data fom 1994 are iincluded
20 TOP-100LITHUANIAN LITHUANIAN COMPANIESCOMPANIES (Ranked by sales) NATIONAL STOCK EXCHANGE OF LITHUANIA
Sector Company Net profit (LTL m) 2000 1999 1998 1997 1996 1995 1994
Construction KAUSTA 0.25 -1.58 -2.83 2.06 0.15 2.58 2.19 Leather, leather products ÐIAULIØ STUMBRAS 1.99 0.58 0.12 0.51 0.18 -3.19 -0.25 Furniture VILNIAUS BALDØ KOMBINATAS 6.00 -5.44 -2.54 -0.71 -3.33 -0.49 -0.28 Trade LIETUVOS SPAUDA 0.07 0.17 0.53 -0.03 1.12 1.60 2.44 Furniture KLAIPËDOS BALDAI 5.38 4.07 3.36 0.90 1.93 0.84 1.56 Trade LYTAGRA 1.25 7.83 9.19 12.58 15.00 23.26 8.78 Drinks ANYKÐÈIØ VYNAS -1.17 7.77 10.61 12.97 13.38 7.16 -5.13 Oil - petroleum products GEONAFTA 51.49 3.48 2.16 12.36 10.15 2.23 - Paper and printing GRIGIÐKËS -4.31 -0.77 2.74 1.39 2.12 4.54 2.89 Oil - petroleum products VENTUS-NAFTA -17.69 -2.95 0.10 - - - - Meat products VILNIAUS MËSOS KOMBINATAS -2.25 -0.54 0.05 0.07 0.04 1.06 4.46 Construction HIDROSTATYBA 0.03 -2.45 2.76 1.66 -0.22 0.91 2.81 Paper and printing MEDIENOS PLAUÐAS -2.44 -5.21 -2.06 3.07 1.66 5.95 4.17 Confectionery and bread MALSENA 0.83 -2.83 -6.11 -0.63 4.65 4.30 2.46 Dairy KLAIPËDOS PIENAS 0.09 1.55 -2.16 0.76 1.82 1.23 1.74 Heating ALYTAUS ÐILUMOS TINKLAI 3.73 1.05 -9.48 -24.74 - - - Construction ÐIAULIØ PLENTAS 3.87 4.72 2.79 3.94 1.58 -0.10 1.00 Dairy BIRÞØ AKCINË PIENO BENDROVË -34.69 -8.24 1.93 2.45 2.20 3.85 3.44
Construction MONTUOTOJAS 0.69 3.09 2.98 3.34 2.88 2.69 3.32 Guide to Listed Companies Heating ÐIAULIØ ENERGIJA -4.38 1.30 0.40 -21.60 - - -
Paper and printing KLAIPËDOS KARTONAS 0.92 -0.30 0.75 0.55 2.19 -5.06 - 2000 Construction DVARÈIONIØ KERAMIKA -7.65 0.19 -5.59 4.61 1.57 0.97 -0.69 Clothing AUDIMAS 5.02 1.51 0.90 0.70 0.19 -0.25 -0.15 Meat products KAIÐIADORIØ PAUKÐTYNAS 1.97 1.94 0.11 0.15 2.08 0.12 1.85 Trade APRANGA 1.95 5.69 4.00 3.10 1.43 0.29 1.70 Metals, metal materials NEMUNAS 0.36 0.04 -2.70 -1.99 -0.88 1.44 - Confectionery and bread VILNIAUS PERGALË 0.75 1.53 2.85 5.75 3.36 2.22 3.01 Plastics PLASTA -2.84 4.32 4.42 0.45 -4.06 -3.76 0.11 Chemicals VERNITAS 0.27 -4.12 -0.18 7.08 5.50 5.73 5.88 Brewery VILNIAUS TAURAS -2.41 2.02 3.02 2.98 0.48 1.69 2.49 Furniture ÐILUTËS BALDAI -0.58 -1.06 0.73 -1.21 1.30 -0.77 0.47 Packaging LIETUVOS TARA -3.06 -0.95 -2.50 0.01 1.83 0.46 -1.28 Dairy MARIJAMPOLËS PIENO KONSERVAI -21.20 -21.84 -8.27 6.93 6.07 4.08 -40.93 Wood, wood products GIRIØ BIZONAS 0.33 -5.80 1.89 2.10 -3.18 -0.08 - Electrical engineering LIETKABELIS 0.58 3.61 -1.99 -2.03 6.27 -1.01 - Construction VITI 1.73 4.09 2.26 3.48 - - - Confectionery and bread KLAIPËDOS DUONA 1.95 2.81 2.22 1.85 1.45 2.13 1.76 Trade LËVUO -0.62 4.77 3.32 1.99 0.76 0.70 0.52 Meat products MËSA -7.81 2.55 4.46 8.18 9.42 12.75 14.60 Drinks VILNIAUS DEGTINË 2.98 1.67 1.42 4.60 9.87 10.43 4.87 Brewery RAGUTIS -3.17 -0.04 4.63 1.74 3.53 3.05 2.17 Metals, metal materials KAUNO KETAUS LIEJYKLA -4.89 -2.97 -4.29 -2.92 -7.83 -3.90 -0.14 Meat products KREKENAVOS AGROFIRMA -5.96 0.03 0.17 3.31 0.15 1.19 0.24 Clothing ÐATRIJA 0.89 -2.87 -1.73 3.14 3.04 3.69 - Textiles AUDËJAS 2.19 1.98 0.54 2.78 2.16 2.52 3.63 Metals, metal materials VIENYBË 0.20 0.07 0.04 0.42 0.74 0.18 0.21 Confectionery and bread KËDAINIØ GRÛDAI 0.18 1.53 1.09 2.13 2.15 2.68 2.03 Television LIETUVOS RADIJO IR TELEVIZIJOS CENTRAS 2.56 1.40 1.46 1.91 1.38 14.68 2.06 Electrical engineering KURO APARATÛRA -17.50 -13.74 -13.49 -8.02 15.98 9.03 8.85 Textiles KAUNO AUDINIAI -1.85 -5.05 -5.28 -2.33 1.02 0.15 -0.44
Total: * 5.61 -47.04 383.92 663.38 546.87 333.88 118.95
21 MANUFACTURINGLITHUANIAN INDUSTRY COMPANIES NACIONALINË VERTYBINIØ P0PIERIØ BIRÞA
Before the Russian crisis, during 1996-1998 the mining and manufacturing industry The development of industrys sub-sectors over lately years was very different and this demonstrated the sustainable growth. However, the value added by this industry was predetermined significant changes in the structure of the mining and manufacturing industry. growing at a slower pace than the Lithuanian GDP. The industry went down in 1999, As compared to 1997, in 2000 the shares of food (and beverages), light and some other but its results improved in 2000. industries declined and resulted in a slight decrease in the share of the manufacturing Production sales at constant prices during 2000 grew by 10.7% and at current prices industry, whereas the shares of remaining economic activities went up. by 19.1% (mainly due to the increased oil prices). Excluding refined oil products, The results for the first months of 2001 suggest that the tendency of general production the yearly rise (at current prices) was 10.2 %. growth is likely to continue throughout 2001. However, the development of separate The value added by the mining and manufacturing industry as a share of GDP was branches will be different. The general profitability indicators of enterprises that were very permanently declining over lately years, but notably grew from 18.8% (in 1999) to 22.1% low in 2000 are expected to improve in 2001. Some acceleration of growth can come in 2000. The main reason of this strong growth was obvious industrys reliance on exports, from capital investment (in the mining and manufacturing industry) that increased in the which ensured the promising future. The share of production sold abroad increased second half of 2000. Optimistic expectations of businessmen are reflected in the latest from 52.1% to 59.6% in 2000. Due to increased productivity, the number of workers in survey conducted by Statistics Department of Lithuania. this sector was reduced by 3 thousand. By: Vilniaus Bankas AB, Member of the SEB Group, "Lithuanian Macroeconomic Review" No 5
PRODUCTION SALES VOLUME OF THE MINING AND MANUFACTURING INDUSTRY (LTL m) Guide to Listed Companies 25 000
2000 Total sales Sales abroad
20 000
15 000
10 000
5 000
0 1997 1998 1999 2000
PRODUCTION SALES STRUCTURE OF THE MINING AND MANUFACTURING INDUSTRY (%)
Total sales Sales abroad 1997 1998 1999 2000 1997 1998 1999 2000
Mining and manufacturing industry 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Mining industry 1.3 1.3 1.5 1.8 1.5 1.4 1.6 2.3 Oil extraction industry 0.6 0.5 0.6 1.2 1.1 0.9 1.2 1.9 Manufacturing industry 98.7 98.7 98.5 98.2 98.5 98.6 98.4 97.7 Food and beverages industry 29.1 27.7 26.8 23.4 15.3 13.1 9.8 9.7 Light industry 16.0 16.4 18.1 15.6 24.1 25.8 30.2 23.2 Refined oil industry 18.0 16.2 12.2 18.8 21.3 19.2 13.3 20.7 Wood, paper and furniture industry 8.7 9.3 9.8 10.2 9.3 9.4 11.2 11.2 Chemicals and chemical products industry 6.5 6.4 6.3 6.6 9.2 9.4 9.3 8.9 Electrical equipment and optical instruments industry 5.7 5.6 6.5 6.4 8.0 8.2 9.1 8.5 Rubber and plastic products industry 1.2 1.7 3.0 2.9 0.7 0.8 1.8 2.2 Motor vehicles industry 1.9 2.2 2.0 2.0 3.1 3.7 3.2 3.2 Publishing 2.3 2.5 3.6 3.5 0.2 0.2 0.4 0.5 Other 9.2 10.6 10.2 8.9 7.4 8.8 10.2 9.7
22 LITHUANIANFOOD COMPANIES AND BEVERAGES NATIONAL STOCK EXCHANGE OF LITHUANIA
The food and beverages industry remains the largest sub-sector of the mining and The latest trends in the food industry point to quite encouraging prospects. The volumes manufacturing industry, though its share has been decreasing over lately years. Right of Lithuanian goods sold in the European Union (EU) are increasing. The Russian economy after the Russian crisis, in 1999 the production sales of the industry contracted, but last has gathered full speed and opens additional opportunities. In 2000 and the beginning year slightly recovered, i.e. grew by about 2% at both constant and current prices. This is of 2001, Russian food products were rising in price domestically. As a result, Lithuanian related to increasing sales abroad. The share of exports went up from 19.0% to 24.6% of food products were becoming more competitive in Russia. The exchange rate of the total sales. Nevertheless, the pre-crisis levels have not been attained yet. The production litas and the rouble has been relatively stable for a quite long time and thus is not an sales at current prices in 2000 demonstrated a decrease of 5% over 1997. The share of issue for trade. exports was 27.3% in 1997. By: Vilniaus Bankas AB, Member of the SEB Group, "Lithuanian Macroeconomic Review" No 5
DAIRY PRODUCTS
NATIONAL STOCK EXCHANGE OF LITHUANIA Guide to Listed Companies 2000
Last year the output of milk and milk products was lower than in 1999 with the exception At present the issue of possible sectors concentration is broadly discussed. Pieno of cheese production that grew by 17.4%. The buying up of milk went down. On the Þvaigþdës AB received a permit of the Competition Council of the Republic of Lithuania to other hand, the largest processing companies increased their production sales: Rokiðkio acquire up to 49 per cent of Panevëþio Pienas AB shares. In May 2001, Pieno Þvaigþdës Sûris AB by 33% to LTL 255 million, Pieno Þvaigþdës AB by 44% to LTL 261 million, asked for a permit to purchase 100 per cent of shares of the said dairy and was granted and Þemaitijos Pienas AB by 30% to LTL 181 million. These companies earned net the permit. profits of LTL 14 million, LTL 12.2 million and LTL 5 million respectively. Rokiðkio The future of Marijampolës Pieno Konservai AB is ambiguous. Even though the enterprise Sûris AB was a leader by exports, i.e. 70% of its output were sold abroad. In 2000 was announced bankrupt, it continues to produce. The largest milk processors may Vilkyðkiø Pieninë AB was operating successfully, too. The company increased its sales become interested in this company. Not much time ago Birþø Akcinë Pieno Bendrovë AB turnover and profits. Unfortunately, Panevëþio Pienas AB suffered losses. was flourishing, but at the moment its situation is embarrassing. The factory is shut. The State Tax Inspectorate applied to the law to launch a bankruptcy case against the enterprise. It is envisaged to resume its production by delegating Panevëþio Pienas AB operational rights. By: Vilniaus Bankas AB, Member of the SEB Group, "Lithuanian Macroeconomic Review" No 5
Sales and services (LTL) Net profit (LTL) 2000 1999 Change (%) 2000 1999 Change (%)
PIENO ÞVAIGÞDËS AB 261,240,235 147,093,940 77.6 12,136,746 5,007,646 142.4 ROKIÐKIO SÛRIS AB 255,438,733 191,545,000 33.4 13,434,168 20,675,000 -35.0 ÞEMAITIJOS PIENAS AB 155,729,573 138,682,501 12.3 6,388,417 3,688,657 73.2 UTENOS PIENAS AB 101,800,065 57,551,366 76.9 -6,919,633 -3,010,156 PANEVËÞIO PIENAS AB 71,984,174 72,107,309 -0.2 -4,874,760 -1,123,133 KLAIPËDOS PIENAS AB 52,185,921 57,056,903 -8.5 88,345 1,554,757 -94.3 BIRÞØ AKCINË PIENO BENDROVË AB 50,201,199 145,811,210 -65.6 -34,686,810 -8,244,558 MARIJAMPOLËS PIENO KONSERVAI AB 37,685,107 81,336,825 -53.7 -21,204,632 -21,836,730
23 PANEVËÞIOLITHUANIAN PIENAS COMPANIES NACIONALINË VERTYBINIØ P0PIERIØ BIRÞA
DAIRY PRODUCTS Address: Tinklø g. 9, LT-5319 Panevëþys Management Board (participation in the company): Phone: (370-5) 502064 Vidas Jelinskas (0%), Albertas Balèiûnas (0.25%), Alvydas Misiûnas (0%), Fax: (370-5) 502073 Egidijus Bobinas (0%), Dalius Trumpa (0%), Audrius Zalatoris (433 shares) E-mail: [email protected] Managing Director (participation in the company): www.pienine.lt Albertas Balèiûnas, Director General (0.25%) Registration date: 22 06 1995 Contact Person: Dangira Mikoliûnaitë, Secretary, tel. (370-5) 502064 Registration code: 4702212 Established: 1942 Privatised: 1996 Number of employees: 759 STRUCTURE OF OWNERSHIP (23 05 2001) Authorised capital: LTL 28.2m Total number of shareholders amounts to 2228 Capitalisation (30 06 2001): LTL 17.3m Pieno Þvaigþdës AB 21.75% Vilniaus Bankas AB 19.26% Auditor: Paèiolio Auditoriai UAB Rokiðkio Sûris AB 11.05% Trading List: Current VB Rizikos Kapitalo Valdymas UAB (risk capital management) 9.90%
CORPORATE HISTORY PLANS, PROSPECTS FOR 2001 The dairy was established in 1942 as a state-owned company. By 1996 it was fully According to the companys budget for 2001, approved by the Board, the estimated transformed into a public limited company with no residual holdings retained by the state. profit amounts to LTL 4m. However, it is not much for a company anticipating annual In March 1997, the general shareholders meeting decided to raise the share capital out of sales of LTL 85m since it results in a profit margin of just 4.7%. the companys reserves by LTL 10m. In December, 103,960 ordinary registered shares In 2001, the Board establishes the following priorities in its work: approve and implement (ORS) acquired by farmers were converted into shares of agricultural producers. the programme for reduction of total costs, introduce the function of financial management
Guide to Listed Companies In March 1998, the authorised capital of the company was increased by LTL 8m out of as well as financial policy; automate the book keeping and implement integrated system of the companys funds by additionally issuing 4,033,074 ORS at LTL 2 par. At present, financial management; approve and execute programmes for manufacture of highly-
2000 the authorised capital of the company equals LTL 28m. It is split into 9,104,840 ORS at profitable products; and perform a general control of budget administration. LTL 2 par and 5,010,920 shares of agricultural producers at LTL 2 par. On 20 April 2001, Pieno Þvaigþdës AB received a permit of the Competition Council of the Republic of Lithuania shares of agricultural producers were converted into ordinary registered shares at LTL 2 to acquire up to 49 per cent of PANEVËÞIO PIENAS shares. In May 2001, Pieno Þvaigþdës par. AB asked for a permit to purchase 100 per cent of shares of the said dairy and was BUSINESS ACTIVITY. DEVELOPMENTS IN 2000 granted the permit. The company produces mainly whole milk products, ice cream, aged cheese, butter, and casein for sale on local as well as foreign markets. The principal raw material used in the production is bought in Lithuania. Various labels, package, peanuts, ice-cream filling are the main imported materials. They are brought in from Finland, Poland, Denmark, Latvia, Greece, and Sweden. Over 2000, PANEVËÞIO PIENAS produced 1,643 tons of butter, 537 tons of aged cheese, 30,975 tons of whole milk products, 998 tons of ice-cream, and 618 tons of peptide and skimmed cheese. The company exported milk products to Russia and other CIS countries, Germany, the Netherlands, France, Great Britain, Estonia, Latvia, and Austria. Peptide and casein were exported to the Western European countries. In 2000, PANEVËÞIO PIENAS sales volumes were similar to those in 1999 and constituted LTL 72m. The company suffered a loss of LTL 4.8m (LTL 1m loss in 1999).
24 LITHUANIAN COMPANIESPANEVËÞIO PIENAS NATIONAL STOCK EXCHANGE OF LITHUANIA
ISIN-code: LT0000113110 Code: 11311 NSEL: PANP Reuters: PANP.VL Bridges: lt;PANP LTL Panevëþio Pienas (2) Daily Volume
6.0 30 000 34296 37854
4.8 24 000
3.6 18 000
2.4 12 000
1.2 6 000
0 0 1998 1999 2000 2001
FINANCIAL RATIOS 1998 1999 2000 TRADING STATISTICS 1998 1999 2000 1Q 2001
LIQUIDITY RATIOS PRICE (LTL) Current ratio 3.40 2.34 2.67 First 3.00 2.50 2.03 1.74 Quick ratio 1.22 1.28 0.91 Max 4.30(14 01) 3.50(28 05) 2.93(01 02) 2.35(23 05) Net working capital (LTL thou) 14 151 10 925 8 765 Min 2.00(08 10) 2.03(30 12) 1.71(22 12) 1.57(03 04) Net working capital to total assets 0.32 0.24 0.24 Last 2.50 2.03 1.74 1.90
Change (%) -16.67 -18.80 -14.29 9.20 Guide to Listed Companies PROFITABILITY RATIOS Profit margin 7.74% -1.56% -6.77% Number of transactions (CM) 489 77 84 268 Return on assets 17.81% -2.50% -13.08% Turnover CM (units) 333 739 74 223 67 344 278 864 2000 Return on equity 20.58% -3.05% -15.28% Turnover CM (LTL) 935 056 217 048 153 297 547 014 Turnover BT (units) 3 573 235 8 331 178 6 594 409 56 232 FINANCIAL LEVERAGE RATIOS Turnover BT (LTL) 13 063 522 32 272 735 32 426 225 85 798 Total debt ratio 0.13 0.18 0.14 CM turnover as % in total 8.54 0.88 1.01 83.22 Debt / equity ratio 0.16 0.22 0.17 Total turnover (units) 3 906 974 8 405 401 6 661 753 335 096 ASSETS UTILISATION RATIOS Total turnover (LTL) 13 998 578 32 489 783 32 579 522 632 812 Inventory turnover 6.45 5.68 6.85 Turnover ratio (%) 42.91 92.32 73.17 3.68 Receivables turnover 18.76 8.73 9.96 As % in the total share turnover 1.57 2.63 4.05 0.27 Net working capital turnover 7.13 6.60 8.21 Long term assets turnover 4.25 2.79 3.09 Total assets turnover 2.30 1.60 1.93 MARKET VALUE RATIOS 1998 1999 2000 2Q 2001
Capitalisation (LTL thou) 22 762 18 483 15 842 17 299 Share book value (LTL) 2.68 2.61 2.26 2.31 Price / book value ratio (P/BV) 0.93 0.78 0.77 0.82 Earnings per share (LTL) 0.55 -0.08 -0.35 -0.21 Price / earnings ratio (P/E) 4.52 - - - Dividend per share (LTL) 0.14 - - Dividend yield 0.06 - - Dividend payout ratio 0.25 - -
STRUCTURE OF SHARE CAPITAL
Share capital: LTL 28,231,520 Ordinary shares: 9 104 840 registered shares at LTL 2 par (security code 11311) accounting for 64.5% of the auth. capital (admitted to trading at the NSEL on 08.12.97) Shares of agricultural producers: 5 010 920 shares at LTL 2 par (security code 11312) accounting for 35.5% of the auth. capital (not admitted to trading at the NSEL)
25 PANEVËÞIOLITHUANIAN PIENAS COMPANIES NACIONALINË VERTYBINIØ P0PIERIØ BIRÞA
LAS Company Company Company LAS Company Company Company BALANCE SHEET (LTL) 1998 1999 2000 PROFIT (LOSS) ACCOUNT (LTL) 1998 1999 2000 Assets Items LONG TERM ASSETS 23749905 25852117 23261130 SALES AND SERVICES 100824909 72107309 71984174 Formation costs 0 0 0 Turnover from sales of goods 100588864 72010429 71970283 Intangible assets 11040 24078 41670 Turnover from services rendered 236045 96880 13891 Tangible assets 23707401 25823039 23219460 COST OF GOODS SOLD Land 0 0 0 AND SERVICES RENDERED 84265060 61227186 61313019 Buildings 7811834 8259153 8556784 Raw materials, consumables Plant and machinery 1277232 1130086 991420 and goods for resale 84265060 61227186 61313019 Vehicles and other transport means 1921223 1572986 1341395 Services, works and research 0 0 0 Other fixtures, fittings, tools GROSS PROFIT (LOSS) 16559849 10880123 10671155 and equipment 12515187 14815602 12069038 OPERATING EXPENSES 9453085 10504795 12212076 Leasing and similar rights 0 0 222720 Selling expenses 3597162 3193261 6329735 Other tangible assets 47780 31812 38103 General and administrative expenses 5855791 7311534 5882341 Constructions in progress PROFIT FROM OPERATIONS (LOSS) 7106764 375328 -1540921 and prepayments 134145 13400 0 OTHER OPERATIONS 0 6472 4254 Financial long term assets 0 0 0 Other operating revenue 0 62913 156114 Amounts receivable after one year 31464 5000 0 Other operating expenses 0 56441 151860 Trade debtors 0 0 0 FINANCIAL AND INVESTING ACTIVITIES 1353155 -1687355 -3337912 Other amounts receivable 31464 5000 0 Revenue from financial SHORT TERM ASSETS 20030760 19083771 13987191 and investing activities 1601165 194761 114048 Stocks and contracts in progress 12876493 8672791 9228765 Expenses of financial Stocks 12876493 8672791 9228765 and investing activities 248010 1882116 3451960 Contracts in progress 0 0 0 PROFIT FROM ORDINARY Amounts receivable within one year 6491962 10020820 4437631 ACTIVITIES (LOSS) 8459919 -1305555 -4874579 Trade debtors 5255501 4484742 4108183 EXTRAORDINARY GAIN 26914 344873 134346 Other amounts receivable 1236461 5536078 329448 EXTRAORDINARY LOSSES 130976 133082 134527 Investments and term deposits 0 0 0 CURRENT YEAR PROFIT BEFORE TAXES 8355857 -1093764 -4874760 Cash at bank and hand 662305 390160 320795 INCOME TAXES 554746 29369 0
Guide to Listed Companies TRANSFER ACCOUNTS 15322 9238 16308 NET PROFIT OF THE CURRENT YEAR Total assets 43795987 44945126 37264629 FOR APPOPRIATION (LOSS) 7801111 -1123133 -4874760
2000 Owners' equity and liabilities CAPITAL AND RESERVES 37900628 36777495 31902735 Capital 28231520 28231520 28231520 Subscribed capital 28231520 28231520 28231520 Uncalled capital (-) 0 0 0 Share premium account 0 0 0 Revaluation reserve 0 0 0 Reserves 9106879 9106879 9106879 Legal reserve 2823152 2823152 2823152 Reserves not available for distribution 6283727 6283727 6283727 Reserves available for distribution 0 0 0 Profit (loss) brought forward 562229 -560904 -5435664 FINANCING (GRANTS AND SUBSIDIES) 0 0 0 PROVISIONS FOR LIABILITIES AND CHARGES, POSTPONED AND DEFERRED TAXES 0 0 0 Provisions 0 0 0 Postponed taxes 0 0 0 AMOUNTS PAYABLE AND LIABILITIES 5895359 8167631 5361894 Amounts payable after one year and long term liabilities 0 0 123761 Financial debts 0 0 123761 Trade creditors 0 0 0 Suppliers 0 0 0 Bills of exchange payable 0 0 0 Prepayments received on contracts in progress 0 0 0 Other amounts payable and long term liabilities 0 0 0 Amounts payable within one year and short term liabilities 5895359 8167631 5238133 Short term portion of long term debts 0 0 59009 Financial debts 0 0 0 Credit institutions 0 0 0 Other loans 0 0 0 Trade creditors 2661122 2398456 3751186 Suppliers 2661122 2398456 3751186 Bills of exchange payable 0 0 0 Prepayments received on contracts in progress 382878 372049 338706 Taxes, remuneration and social security payable 1179507 1356923 1064981 Taxes 499349 559545 272893 Remuneration 466988 472672 500990 Social security payable 213170 324706 291098 Other amounts payable and short term liabilities 1671852 4040203 24251 ACCRUED CHARGES AND DEFERRED INCOME 0 0 0 Total owner's equity and liabilities 43795987 44945126 37264629
26 LITHUANIAN COMPANIESPIENO ÞVAIGÞDËS NATIONAL STOCK EXCHANGE OF LITHUANIA
DAIRY PRODUCTS Address: Laisvës pr. 125, LT-2022 Vilnius Management Board (participation in the company): Phone: (370-2) 481528 Voldemaras Klovas (4.82%), Julius Kvaraciejus (6.94%), Virginijus Jankauskas (2.53%), Fax: (370-2) 481434 Aleksandras Smaginas (4.50%), Valentinas Paura (0.27%), Kristina Mileiko (0.74%), E-mail: [email protected] Regina Kvaraciejienë (0.14%), Janina Kareèkienë (0.01%) www.pienas.lt Managing Director (participation in the company): Julius Kvaraciejus (6.94%) Registration date: 23 12 1998 Contact Person: Kristina Mileiko, Director of Agrolitas Imeks Lesma UAB, Registration code: 2466553 tel.: (370-2) 481438, 481525 Established: 1998 STRUCTURE OF OWNERSHIP (23 05 2001) Number of employees: 2405 Total number of shareholders amounts to 5876 Authorised capital: LTL 54m Smilgelë ÞÛKB 15.18% Capitalisation (30 06 2001): LTL 71.3m Chase Manhattan Bank as Custodian 12.56% Agrolitas Imeks Lesma UAB 10.00% Auditor: J.Kabaðinskas ir Partneriai TÛB Julius Kvaraciejus 6.94% Trading List: Current Voldemaras Klovas 4.82%
CORPORATE HISTORY In 1999, at the event Lithuanian Product of the Year organised by the Confederation of PIENO ÞVAIGÞDËS was founded in 1998 by merging MAÞEIKIØ PIENINË and PASVALIO Lithuanian Industrialists the sour milk drink Ûpas and the aged cheese Svalia were SÛRIAI. MAÞEIKIØ PIENINË was registered with the municipality of Maþeikiai region in awarded medals. 1990, the amended Articles of Association were re-registered in 1997. The authorised At the end of 1999 Pasvalio Sûrinë was granted a license to export its products to capital of the company constituted LTL 14.8m. PASVALIO SÛRIAI was registered with the the EU. municipality of Pasvalys region in 1994. The amended Articles of Association were re- DEVELOPMENTS IN 2000 registered in May 1998. The authorised capital of the company amounted to LTL 15.87m. Guide to Listed Companies In 2000, KAUNO PIENAS was affiliated with PIENO ÞVAIGÞDËS by way of reorganisation. After the merger, share capital of the newly established company PIENO ÞVAIGÞDËS made An issue of 3,251,346 shares at LTL 1 par was issued and transferred to shareholders of up LTL 41.77m. It was divided into 31,431,502 ordinary registered shares at LTL 1 par KAUNO PIENAS with a view to replacing previously held shares of KAUNO PIENAS. After 2000 and 10,342,603 shares of agricultural producers (at LTL 1 par). Former shareholders of this reorganisation, share capital of PIENO ÞVAIGÞDËS augmented to LTL 45.03m. MAÞEIKIØ PIENINË received 62%, and those of PASVALIO SÛRIAI got 38% of PIENO In 2000, PIENO ÞVAIGÞDËS produced 4,137 tons of butter, 364 tons of skimmed cheese, ÞVAIGÞDËS shares. The company was registered with the municipality of Vilnius in 6,938 tons of aged cheese, 65thou tons of whole milk products, 4,366 tons of skimmed December 1998. milk powder, and 1,214 tons of whole milk powder. BUSINESS ACTIVITY In 2000, PIENO ÞVAIGÞDËS began production of new products such as dry buttermilk, The main activity of the company is milk processing and production of aged cheese, pasteurised buttermilk, BIOS curd, BIOS sour cream, yoghurt, chocolate glaced cottage butter, milk powder, and other dairy products. cheese, and puree of rice, buckwheat, and oats. In 2000, aged cheese, chocolate glaced Agricultural companies and farmers are the main milk suppliers. In 2000, the company cottage cheese, skimmed milk powder, curd, and sour cream were the most profitable bought up 252thou tons of milk, which marks an increase of 23% over 1999. The company products. purchases milk from 60 agricultural enterprises, 425 milk buying centres (206 stationary, In 2000, the income from the main activity of the company amounted to LTL 261m 202 mobile, and 17 mixed). Small farmers supply 80.4% of raw milk. The majority of (LTL 147m in 1999), PIENO ÞVAIGÞDËS gained LTL 12m of net profit, which is by LTL 7m other ingredients (salt, sugar, jam, oil, spicery, and ferments) used in the production process more than in 1999. come from Lithuanian suppliers as well as from Latvia and Denmark. PLANS, PROSPECTS FOR 2001 The companys production is sold in Lithuania (70%) and abroad (30%). As compared In 2001, PIENO ÞVAIGÞDËS increased its authorised capital by LTL 9 million. SwedenAgri with 1999, sales on the domestic market advanced by 30%, and those on the foreign became the largest shareholder of PIENO ÞVAIGÞDËS. markets augmented by 104%. Dairy products are exported to the CIS and neighbouring Baltic states, milk powder - to Japan, the Netherlands, USA, Germany, France, Great Britain, PIENO ÞVAIGÞDËS received a permit of the Competition Council of the Republic of Poland, Latvia, and CIS. PIENO ÞVAIGÞDËS exports 91% of whole milk powder, 77% of Lithuania to acquire up to 49 per cent of Panevëþio Pienas AB shares. In May 2001, produced aged cheese, 88% of skimmed milk powder. The realisation of production is PIENO ÞVAIGÞDËS asked for a permit to purchase 100 per cent of shares of the said carried out on the basis of short term contracts. dairy and was granted the permit. In 1999, the companys activity was orientated towards production of whole milk products. On 28 May 2001, subscription for 9,005,000 share issue (distributed to Swedfund Since butter production was unprofitable for the company, whole milk powder was International AB and to SwedenAgri Invest) ended and the increased authorised capital launched into production. In addition, in 1999, PIENO ÞVAIGÞDËS launched production of of PIENO ÞVAIGÞDËS was registered. The authorised capital of PIENO ÞVAIGÞDËS equals new sorts of butter, milk, sour cream, kefir, and sour milk drink Ûpas with fruit and berries. LTL 54,030,451 and is divided into 54,030,451 ordinary shares at LTL 1 par. At the Tauragë shop, aged cheese Atletas (fat: 45 per cent), Svalia (fat: 30 per cent), and Tauragës (fat: 30 per cent) were introduced. Pasvalio Sûrinë started producing dry whey powder, aged cheese Dvaro (fat: 50 per cent), sour cream Svalia (fat: 15 per cent).
27 PIENOLITHUANIAN ÞVAIGÞDËS COMPANIES NACIONALINË VERTYBINIØ P0PIERIØ BIRÞA
ISIN-code: LT0000111676 Code: 11167 NSEL: PZVG Reuters: PZVG.VL Bridges: lt;PZVG LTL Pieno Þvaigþdës (1) Daily Volume
5 15 000 154111 280238
4 12 000
3 9 000
2 6 000
1 3 000
0 0 1997 1998 1999 2000 2001
FINANCIAL RATIOS 1999 2000 TRADING STATISTICS 1998 1999 2000 1Q 2001
LIQUIDITY RATIOS PRICE (LTL) Current ratio 1.21 1.70 First 3.07 1.25 0.55 1.04 Quick ratio 0.61 0.91 Max 3.30(07 05) 2.88(11 01) 1.04(29 12) 1.85(19 03) Net working capital (LTL thou) 10 954 27 201 Min 0.78(07 10) 0.48(15 03) 0.55(14 03) 1.02(03 01) Net working capital to total assets 0.10 0.20 Last 1.25 0.55 1.04 1.32
Guide to Listed Companies Change (%) -59.28 -56.00 89.09 26.92 PROFITABILITY RATIOS Profit margin 3.40% 4.65% Number of transactions (CM) 794 337 172 804 2000 Return on assets 4.41% 8.89% Turnover CM (units) 901 647 373 509 136 014 1 863 441 Return on equity 9.16% 13.91% Turnover CM (LTL) 2 090 302 203 764 99 562 2 866 787 Turnover BT (units) 2 384 571 2 249 416 3 128 116 4 735 774 FINANCIAL LEVERAGE RATIOS Turnover BT (LTL) 3 707 914 1 322 533 2 399 115 7 770 202 Total debt ratio 0.52 0.36 CM turnover as % in total 27.44 14.24 4.17 28.24 Debt / equity ratio 1.07 0.57 Total turnover (units) 3 286 218 2 622 925 3 264 130 6 599 215 ASSETS UTILISATION RATIOS Total turnover (LTL) 5 798 216 1 526 297 2 498 677 10 636 989 Inventory turnover 6.88 Turnover ratio (%) 31.59 8.34 9.80 12.21 Receivables turnover 5.79 9.26 As % in the total share turnover 0.65 0.12 0.31 4.50 Net working capital turnover 13.43 9.60 Long term assets turnover 2.95 3.70 Total assets turnover 1.30 1.91 MARKET VALUE RATIOS 1999 2000 2Q 2001
Capitalisation (LTL thou) 17 287 34 656 71 320 Share book value (LTL) 1.31 1.94 1.64 Price / book value ratio (P/BV) 0.42 0.54 0.80 Earnings per share (LTL) 0.12 0.29 0.32 Price / earnings ratio (P/E) 4.59 3.63 4.17 Dividend per share (LTL) - 0.02 Dividend yield - 0.02 Dividend payout ratio - 0.07
STRUCTURE OF SHARE CAPITAL
Share capital: LTL 54,030,451 Ordinary shares: 54 030 451 registered shares at LTL 1 par (security code 11167) accounting for 100% of the auth. capital (admitted to trading at the NSEL)
28 LITHUANIAN COMPANIESPIENO ÞVAIGÞDËS NATIONAL STOCK EXCHANGE OF LITHUANIA
LAS Company Company Company LAS Company Company Company BALANCE SHEET (LTL) 1998 1999 2000 PROFIT (LOSS) ACCOUNT (LTL) 1998 1999 2000 Assets Items LONG TERM ASSETS 45569700 49783992 70656968 SALES AND SERVICES 183784662 147093940 261240235 Formation costs 0 0 83556 Turnover from sales of goods 0 144301388 259282473 Intangible assets 23312 26981 98032 Turnover from services rendered 0 2792552 1957762 Tangible assets 40388371 45540731 65198153 COST OF GOODS SOLD Land 0 0 0 AND SERVICES RENDERED 174443108 130676246 213700180 Buildings 0 12877798 19750491 Raw materials, consumables Plant and machinery 0 16123563 25585317 and goods for resale 0 129240480 212669205 Vehicles and other transport means 0 4752913 7908867 Services, works and research 0 1435766 1030975 Other fixtures, fittings, tools GROSS PROFIT (LOSS) 9341554 16417694 47540055 and equipment 0 879730 1922769 OPERATING EXPENSES 6723745 13898812 32638986 Leasing and similar rights 0 7200078 759667 Selling expenses 0 9406550 19317605 Other tangible assets 0 52525 365608 General and administrative expenses 0 4492262 13321381 Constructions in progress PROFIT FROM OPERATIONS (LOSS) 2617809 2518882 14901069 and prepayments 0 3654124 8905434 OTHER OPERATIONS -1233564 -853427 128624 Financial long term assets 575095 4040372 588655 Other operating revenue 130796 293076 1149908 Amounts receivable after one year 4582922 175908 4688572 Other operating expenses 1364360 1146503 1021284 Trade debtors 0 0 0 FINANCIAL AND INVESTING ACTIVITIES 5144878 3343927 -2814391 Other amounts receivable 0 175908 4688572 Revenue from financial SHORT TERM ASSETS 43449250 63407225 65536775 and investing activities 11407652 6910077 1140819 Stocks and contracts in progress 19972708 31304818 30800859 Expenses of financial Stocks 0 31304818 30796379 and investing activities 6262774 3566150 3955210 Contracts in progress 0 0 4480 PROFIT FROM ORDINARY Amounts receivable within one year 20134908 30660736 25768855 ACTIVITIES (LOSS) 6529123 5009382 12215302 Trade debtors 0 13854171 24213184 EXTRAORDINARY GAIN 480161 106499 205633 Other amounts receivable 0 16806565 1555671 EXTRAORDINARY LOSSES 187292 108235 284189 Investments and term deposits 28000 734141 7110968 CURRENT YEAR PROFIT BEFORE TAXES 6821992 5007646 12136746 Cash at bank and hand 3313634 707530 1856093 INCOME TAXES 198634 0 0 TRANSFER ACCOUNTS 243610 263888 350958 NET PROFIT OF THE CURRENT YEAR Guide to Listed Companies Total assets 89262560 113455105 136544701 FOR APPOPRIATION (LOSS) 6623358 5007646 12136746
Owners' equity and liabilities 2000 CAPITAL AND RESERVES 54034054 54679248 87245962 Capital 41774105 41774105 45025451 Subscribed capital 41774105 41774105 45025451 Uncalled capital (-) 0 0 0 Share premium account 0 0 16256730 Revaluation reserve 0 0 0 Reserves 2151380 12905143 19657785 Legal reserve 0 2732930 3866091 Reserves not available for distribution 0 9439360 10291360 Reserves available for distribution 0 732853 5500334 Profit (loss) brought forward 10108569 0 6305996 FINANCING (GRANTS AND SUBSIDIES) 0 0 93429 PROVISIONS FOR LIABILITIES AND CHARGES, POSTPONED AND DEFERRED TAXES 0 0 0 Provisions 0 0 0 Postponed taxes 0 0 0 AMOUNTS PAYABLE AND LIABILITIES 35228506 58660394 49091673 Amounts payable after one year and long term liabilities 8563850 6058484 10518748 Financial debts 0 6058484 10518748 Trade creditors 0 0 0 Suppliers 0 0 0 Bills of exchange payable 0 0 0 Prepayments received on contracts in progress 0 0 0 Other amounts payable and long term liabilities 0 0 0 Amounts payable within one year and short term liabilities 26664656 52601910 38572925 Short term portion of long term debts 4107404 3873112 1953640 Financial debts 10000000 21520000 18000000 Credit institutions 10000000 21520000 18000000 Other loans 0 0 0 Trade creditors 10443695 24195060 14123389 Suppliers 0 24195060 14123389 Bills of exchange payable 0 0 0 Prepayments received on contracts in progress 0 540000 0 Taxes, remuneration and social security payable 2091067 2467962 3198699 Taxes 0 975016 957169 Remuneration 0 978600 1391205 Social security payable 0 514346 850325 Other amounts payable and short term liabilities 22490 5776 1297197 ACCRUED CHARGES AND DEFERRED INCOME 0 115463 113637 Total owner's equity and liabilities 89262560 113455105 136544701
29 ROKIÐKIOLITHUANIAN SÛRIS COMPANIES NACIONALINË VERTYBINIØ P0PIERIØ BIRÞA
DAIRY PRODUCTS Address: Pramonës g. 3, LT-4820 Rokiðkis Management Board (participation in the company): Phone: (370-78) 55200 Sevki Acuner, Chairman (0%), Fax: (370-78) 55300 Vytautas Legas (0.004%), Antanas Trumpa (21.3%), Toby Moore (0%), E-mail: [email protected] William Crewdson (0%), Paul Pegden Smith (0%), Aldona Tursienë (0.3%), www.rsuris.lt Dalius Trumpa (2.4%), Stasë Jasinevièienë (0.01%) Registration date: 28 02 1992 Managing Director (participation in the company): Antanas Trumpa (21.3%) Registration code: 7305751 Contact Person: Antanas Trumpa, Director, tel. (370-78) 55200 Established: 1966 Privatised: 1992 Number of employees: 1801 Authorised capital: LTL 47.46m STRUCTURE OF OWNERSHIP (20 04 2001) Capitalisation (30 06 2001): LTL 87.6m Total number of shareholders amounts to 12 179 European Bank for Reconstruction and Development 24.9% Auditor: PricewaterhouseCoopers Antanas Trumpa 21.3% Trading List: Official Bank of Bermuda 14.5%
CORPORATE HISTORY All main raw material fresh milk is purchased in Lithuania. ROKIÐKIO SÛRIS buys The companys predecessor, a specialised state enterprise ROKIÐKIO SÛRIS, established up approximately 26.5% of all supplied milk in Lithuania. Over 2000, together with the in February 1966, was the largest cheese manufacturing company in the Baltics. In 1991, subsidiaries the company bought up 291thou tons of milk. The company buys milk ROKIÐKIO SÛRIS was partially privatised through an initial public offering and was registered from 507 milk centres, 46 agricultural companies, and 8 private milk buying centres. as a public company. In 1993, the remainder of the states stake was sold and converted Milk purchase contracts are signed with almost 33 thou milk producers. In order to increase into shares with LTL 5 par. In the following year the companys assets were indexed, and the volumes of the highest quality milk, the company maintains close relations with milk the authorised capital reached LTL 11.23m. During 1993-1999, the share capital was suppliers by granting credits for purchase of new technology, enlargement and grading up Guide to Listed Companies raised 7 times out of supplementary contributions, twice out of the companys reserves, of the cattle herds. and 3 times due to reorganisation. In November 1997, the company issued 150thou shares DEVELOPMENTS IN 2000 2000 represented by GDRs. In October 2000, Utenos Pienas was incorporated by way of reorganisation and became Thanks to constant investments ROKIÐKIO SÛRIS has grown into a modern dairy that has the fourth affiliate of ROKIÐKIO SÛRIS. Subsequently, authorised capital of ROKIÐKIO SÛRIS the up-to-date equipment and produces aged cheese of high quality. In order to ensure a was not raised. regular milk supply and strengthen the companys positions on the local market, in 1994- During November December 2000, ROKIÐKIO SÛRIS increased its interest in Ðvenèioniø 1998 ROKIÐKIO SÛRIS acquired 3 milk processing companies Zarasai, Ukmergë, and Pieninë UAB up to 90.6%. In December of the same year, the company acquired a 49.9% Ðalèininkai dairies. block of shares of Eiðiðkiø Pieninë AB. In March 2001, ROKIÐKIO SÛRIS purchased a In 1999, ROKIÐKIO SÛRIS issued 1.4m ordinary registered shares at LTL 10 par. 49.9% block of shares of Varënos Pieninë AB. These shares were sold to the European Bank for Reconstruction and Development In 2000, ROKIÐKIO SÛRIS groups sales amounted to LTL 309m, net profit reached and Bank of Bermuda. The received investment amounting to LTL 40m was used to LTL 14.45m. expand cheese production, promote food lactose production, and build a waste water Aged cheese accounts for the largest production volumes of ROKIÐKIO SÛRIS. It treatment plant. constituted 19,531 tons in 2000, demonstrating a 12% increase over 1999. In 2000, BUSINESS ACTIVITY the company also produced 20,516 tons of whole milk products, 5,599 tons of butter, ROKIÐKIO SÛRIS is the leading Lithuanian dairy specialised in production of aged cheese 4,847 tons of milk sugar, and 3,121 tons of WPC. and one of the largest food processing companies in Lithuania. Besides aged cheese, In 2000, ROKIÐKIO SÛRIS increased its sales volumes on the Western markets. Realisation ROKIÐKIO SÛRIS produces curd cheese, butter, whey protein concentrate (WPC), milk of cheese on the Western market augmented from 52% to 57% in the overall sales turnover, sugar, cheese spreads, and whole milk products - milk, kefir, curds. This company is the whereas sales on the Eastern market declined from 22% to 16%. only producer of milk sugar and WPC. In 2000, ROKIÐKIO SÛRIS introduced over ten new brands of cheese. One of them, As a cheese-maker, ROKIÐKIO SÛRIS is a modern company that meets European quality aged cheese Montecampo, was awarded a medal at the annual exhibition AgroBalt 2001. standards. In January 1998, ROKIÐKIO SÛRIS was granted a European Union certificate In April 2001, the Hazard analysis in critical control points (HACCP) system was audited (EU veterinary code) permitting export to the EU countries. This certificate is issued to the and certified by an international organisation BVQI. ROKIÐKIO SÛRIS is the first and the companies dairy products of which satisfy the EU veterinary control and quality only dairy in Lithuania possessing a certificate of such a system. In 2000, the company requirements. used approximately LTL 20m for improvement of sanitary and hygiene conditions, quality In 1999, the company launched into production a new brand of milk sugar, i.e. nutritious of raw materials, and enhancement of technical facilities. lactose, which is widely used in infant food production industry, confectionery, etc. PLANS, PROSPECTS FOR 2001 The niro lactose production line mounted by the Danish company GEA enables to process The company will seek to hold up to 49.9% of raw milk market in Lithuania, enlarge the all the whey resulting from the cheese production process. The arrangement of the new share in the cheese market to 49.9%, increase cheese sales volumes by 10% in the course shop cost about LTL 20m. The major markets for food lactose are foreseen in Japan, India, of the year, annually improve profitability by at least 10%, penetrate deeper into the markets Korea, and other East countries. of Russia and the Baltic countries, and merge with other companies. In 2001, ROKIÐKIO ROKIÐKIO SÛRIS realises its products on the local market (27%) as well as in Western SÛRIS plans to implement and certify ISO 9001 and ISO 14001. countries (57%), CIS and the Baltic (16%) countries. The company exports its products to The company has concluded four-year contracts regarding sales of cheese. The price 15 countries, including the USA, the Netherlands, Russia, Cyprus, Poland, and Hungary. allowing to generate more income than in the previous year was established for 2001. In 1994, the company signed an agreement with the world-wide known company VONK DAIRY regarding the sale of Goja cheese and up to the present co-operation of the two With the support of the Government, it is expected to reduce the import duty imposed companies has been successful. Export of ROKIÐKIO SÛRIS aged cheese constitutes on the cheese exported to the USA. It is also planned to address the EU Commission 55% of the total exported aged cheese in Lithuania and 24% of the total amount of cheese regarding the possibility to allot a share of import duties, imposed on dairy products sold in Lithuania. exported to the EU countries, to Lithuania. This would also contribute to the increase of ROKIÐKIO SÛRIS revenues.
30 LITHUANIAN COMPANIESROKIÐKIO SÛRIS NATIONAL STOCK EXCHANGE OF LITHUANIA
ISIN-code: LT0000100372 Code: 10037 NSEL: ROKS Reuters: ROKS.VL Bridges: lt;ROKS LTL Rokiðkio Sûris (10) Daily Volume
75 25 000 42540
60 20 000
45 15 000
30 10 000
15 5 000
0 0 1996 1997 1998 1999 2000 2001
Group TRADING STATISTICS 1998 1999 2000 1Q 2001 FINANCIAL RATIOS 1998 1999 2000 PRICE (LTL) LIQUIDITY RATIOS First 46.00 19.23 22.40 20.80 Current ratio 5.31 5.22 4.62 Max 52.05(27 04) 27.63(13 09) 25.11(17 01) 21.00(04 01) Quick ratio 2.82 2.45 2.21 Min 12.62(21 09) 15.60(02 02) 20.00(28 08) 16.40(28 05) Net working capital (LTL thou) 65 628 86 547 72 916 Last 19.23 22.40 20.80 18.95
Net working capital to total assets 0.48 0.42 0.36 Change (%) -58.20 16.48 -7.14 -8.89 Guide to Listed Companies
PROFITABILITY RATIOS Number of transactions (CM) 5492 2159 1626 932 Profit margin 8.77% 3.24% 4.68% Turnover CM (units) 691 182 390 678 276 794 144 383 2000 Return on assets 16.95%* 4.24% 7.03% Turnover CM (LTL) 15 913 226 7 971 360 6 043 336 2 807 906 Return on equity 20.6%* 5.27% 8.49% Turnover BT (units) 1 035 932 443 708 219 474 117 900 Turnover BT (LTL) 34 089 061 14 221 043 3 926 494 2 246 262 FINANCIAL LEVERAGE RATIOS CM turnover as % in total 40.02 46.82 55.78 55.05 Total debt ratio 0.18 0.21 0.14 Total turnover (units) 1 727 114 834 386 496 268 262 283 Debt / equity ratio 0.22 0.26 0.16 Total turnover (LTL) 50 002 287 22 192 403 9 969 829 5 054 168 ASSETS UTILISATION RATIOS Turnover ratio (%) 52.99 18.05 10.73 5.67 Inventory turnover 5.72* 4.06 4.98 As % in the total share turnover 5.61 1.80 1.24 2.14 Receivables turnover 6.90* 6.66 10.29 Net working capital turnover 4.02* 2.95 3.87 Long term assets turnover 4.74 2.26 2.77 MARKET VALUE RATIOS 1998 1999 2000 2Q 2001 Total assets turnover 1.93 1.09 1.51 Capitalisation (LTL thou) 61 864 103 566 96 169 87 615 * value from previous year is not included Share book value (LTL) 33.98 36.65 10.00 37.71 Price / book value ratio (P/BV) 0.57 0.61 2.08 0.50 Earnings per share (LTL) 6.60 5.27 3.05 2.88 Price / earnings ratio (P/E) 2.92 4.25 6.83 6.59 Dividend per share (LTL) 1.41 0.50 0.44 Dividend yield 0.07 0.02 0.02 Dividend payout ratio 0.21 0.09 0.14
STRUCTURE OF SHARE CAPITAL
Share capital: LTL 47,462,700 Ordinary shares: 4 623 499 registered shares at LTL 10 par (security code 10037) SUBSIDIARIES Date of Authorised Participating accounting for 97.4% of the auth. capital (admitted to trading at establishment capital (LTL) interest the NSEL on 24.07.95, listed on the Official List on 07.04.97) Ðvenèioniø Pieninë AB (dairy) 1999 3.6m 90.6% Shares of agricultural producers: Eiðiðkiø Pieninë AB (dairy) 1999 0.22m 49.9% 122 771 shares at LTL 10 par (sec. code11667) accounting for Varënos Pieninë AB (dairy) 1999 3.0m 49.9% 2.6% of the auth. capital (not admitted to trading at the NSEL)
31 ROKIÐKIOLITHUANIAN SÛRIS COMPANIES NACIONALINË VERTYBINIØ P0PIERIØ BIRÞA
IAS Consol Consol Consol BALANCE SHEET (LTL) 1998 1999 2000
Assets NON-CURRENT ASSETS 55691000 99361000 111573000 Tangible assets 49407000 86331000 92927000 Investments 5000 5789000 5936000 Non-current receivables 6279000 7241000 15933000 Goodwill -3223000 CURRENT ASSETS 80846000 107077000 93065000 Inventories 37947000 56825000 48638000 Receivables and prepayments 38241000 29178000 30815000 Cash and cash equivalents 4658000 21074000 13612000 Total assets 136537000 206438000 204638000
Equity and liabilities CAPITAL AND RESERVES 111890000 163989000 176463000 Share capital 33462000 47462000 47462000 Share premium 14873000 41473000 41473000 Own shares -11006000 -2498000 -2096000 Revaluation and other reserves 29197000 3593000 3593000 Retained earnings 45364000 37083000 34819000 Other reserves 36876000 51212000 MINORITY INTEREST 3894000 524000
NON-CURRENT LIABILITIES 9429000 18025000 7502000 Non-current loans 9429000 18025000 7502000 Guide to Listed Companies CURRENT LIABILITIES 15218000 20530000 20149000 Current loans 4584000 6195000 2488000 2000 Trade and other payables 10634000 14335000 17661000 Total equity and liabilities 136537000 206438000 204638000
INCOME STATEMENT (LTL) SALES 263840000 224573000 308732000 Cost of sales -217197000 -192470000 -262761000 GROSS PROFIT (LOSS) 46643000 32103000 45971000 Administrative expenses -20908000 Operating expenses -23479000 -28341000 Goodwill written down -3183000 -862000 Amortisation of deferred income 134000 Loss due to transfer of Utenos Pienas AB -1670000 OPERATING PROFIT (LOSS) 24199000 5441000 16768000 Financial income/costs, net -2098000 455000 -309000 PROFIT (LOSS) BEFORE TAX 22101000 5896000 16459000 Profit tax 226000 PROFIT (LOSS) FROM ORDINARY ACTIVITIES 22327000 5896000 16459000 Minority interest 818000 1371000 -2006000 NET PROFIT (LOSS) 23145000 7267000 14453000
Earnings per share (LTL) 6.97 1.70 3.17
32 LITHUANIAN COMPANIESÞEMAITIJOS PIENAS NATIONAL STOCK EXCHANGE OF LITHUANIA
DAIRY PRODUCTS Address: Sedos g. 35, LT-5610 Telðiai Supervisory Board (participation in the company): Phone: (370-94) 22201 Asta Kiguolienë, Chairwoman (1.87%), Fax: (370-94) 74897 Graþina Norkevièienë (0.15%), Zita Vaitkuvienë (0.12%), Algirdas Stulpinas (0.14%), E-mail: [email protected] Algirdas Mika (0.05%), Vincas Rupðlaukis (0.05%), Veronika Masiliauskienë (0.01%) Management Board (participation in the company): Registration date: 23 06 1993 Algirdas Paþemeckas, Chairman (26.38%), Registration code: 8024075 Romusas Jarulaitis (2.53%), Irena Baltruðaitienë (0.25%), Dalia Gecienë (1.15%), Established: 1924 Gediminas Vaitkevièius (0.47%), Borisas Seminogovas (0.10%) Privatised: 1993 Managing Director (participation in the company): Algirdas Paþemeckas (26.38%) Number of employees: 886 Contact Person: Borisas Seminogovas, Member of the Management Board, Authorised capital: LTL 37m tel. (370-94) 22201 Capitalisation (30 06 2001): LTL 26.2m STRUCTURE OF OWNERSHIP (23 03 2001) Auditor: Arthur Andersen Total number of shareholders amounts to 4389 Trading List: Current Algirdas Paþemeckas 26.38% Williams de Broe 6.31% FBF VB Vilfima UAB 6.00%
CORPORATE HISTORY Thanks to milk purification technology Bactocatch, ÞEMAITIJOS PIENAS is able to produce The company began its activity in 1924. For a number of decades, the company was nitrate-free aged cheese. This system is also applied in production of yoghurt which won known as a Telðiai cheese maker. On 23 June 1993, the company was registered as a a gold medal at the exhibition AgroBalt2000. Since consumers become increasingly public company ÞEMAITIJOS PIENAS. Since then, the company became one of the largest interested in healthy products, now the companys products contain more vitamins and minerals. Moreover, a wide range of bio products, including bio kefir, bio yoghurt, and bio producers of milk products in Lithuania. Guide to Listed Companies sour cream, were introduced into the market. Also yoghurt Vita containing vitamin C and In 1994, 144,522 state-held shares were sold to farmers at a discount. In March 1995, calcium was launched. a general shareholders meeting decided to raise the companys authorised capital by 2000 LTL 3.46m out of supplementary contributions. In September 1995, ÞEMAITIJOS PIENAS ÞEMAITIJOS PIENAS sells its products in Lithuania (61.2%), Western countries (34.6%), registered its share capital of LTL 7.77m. The capital was divided into 632,159 ordinary the CIS and Baltic countries (4.2%). Distribution chain of the companys products covers registered shares (ORS) (81.4%) and 144,522 shares of agricultural producers (18.6%). the whole territory of Lithuania. The largest cities of Lithuania Vilnius, Kaunas, Klaipëda In March 1996, the general meeting resolved to increase authorised capital out of the - have distribution centres which supply the corresponding region with the companys companys reserves by LTL 6m and issue 504,408 ORS and 115,316 shares of agricultural products. ÞEMAITIJOS PIENAS also has a distributor in Riga, Latvia. producers. The shares were successfully placed and the stock capital increased to The branch company Þemaitijos Pieno Þaliava UAB supplies ÞEMAITIJOS PIENAS with LTL 13.96m. the principle raw material milk. The milk is supplied to 55 stationary and 150 mobile With the acquisition of Ûta UAB in February 1997, the authorised capital of ÞEMAITIJOS milk buying centres. PIENAS reached LTL 14.75m. The general shareholders meeting that followed in March DEVELOPMENTS IN 2000 decided to increase the share capital by LTL 8.32m out of reserves and supplementary In 2000, the companys sales improved by 12.3%, however, since no export subsidies contributions to LTL 23.52 million. were provided, net profit of ÞEMAITIJOS PIENAS accounted for LTL 6.4m and the total In 1997, the company acquired substantial holdings in two Lithuanian dairies: Klaipëdos consolidated profit reached LTL 7.5m. This year, consolidated sales made up LTL 207.8m. Pienas (85%) and Ðilutës Rambynas (59%). In 1997, the authorised capital of the company In 2000, the company produced 3,848 tons of butter, 4,279 tons of aged cheese, 769 was increased to LTL 27,371,790 out of supplementary contributions by issuing an tons of spread cheese, 25,369 tons of whole milk products, including 14,845 tons of milk. additional issue of ORS. Production volumes of cream amounted to 149 tons, kefir, curdled milk, and sour buttermilk On 5 February 1998, the company was granted an EU certificate which permits to deliver 49,900 tons, drinking yoghurt 242 tons, yoghurt 2,035 tons, sour cream 2,517 dairy products to the EU countries. tons, curds 591 tons, skimmed milk powder 1,902 tons, whey powder 1,774 tons. The company also produced 4,439 tons of mineral water and soft drinks. In 2000, the The general shareholders meeting of ÞEMAITIJOS PIENAS held in April 1999 decided to company surprised Lithuanian consumers with the aged cheese complying with the increase the authorised capital of the company by LTL 7.6m out of reserves available for international manufacture standards and comparable with the Swiss Ementhal. In 2000, distribution. The reserve was formed while distributing the profit of 1997 by additionally LTL 1.6m was allotted for advertising of ÞEMAITIJOS PIENAS products. issuing 762,821 ORS at LTL 10 par. In May 1999, the authorised capital of LTL 37m was registered with the Ministry of Economy. In 2000, implementation of the system for accounting and management of finance and production CONCORDE XAL started. This is a dynamic strategic tool enabling development In 2000, ÞEMAITIJOS PIENAS increased its interest in the companys subsidiaries Ðilutës of the company thanks to a more effective management of the company. At the international Rambynas ABF (up to 72.8%) and Þemaitijos Prekyba UAB (up to 80.62%). conference of Dairy Federation, which was held on 16-20 September 2000 in Germany, all BUSINESS ACTIVITY brands of aged cheese produced by ÞEMAITIJOS PIENAS received positive evaluation ÞEMAITIJOS PIENAS, currently occupying the third position among Lithuanian dairies in when granting certificates to them. terms of sales volumes, specialises in production of various dairy products: aged and PLANS, PROSPECTS FOR 2001 cottage cheese, spread cheese, butter, milk, sour milk products, cream, sour cream, The principal element of the companys strategy in 2001 is enhancement of management curds, and dry milk products. The company produces a whole spectrum of products and marketing with the focus on the Lithuanian market. ÞEMAITIJOS PIENAS intends it reaches 70 product titles and is regularly reviewed with regard to the changing demand to take an active part in the consolidation process of the Lithuanian dairy industry. of consumers. On 23 March 2001, the general shareholders meeting decided to raise the authorised Aged cheeses produced in ÞEMAITIJOS PIENAS have won gold medals for several years capital by LTL 4m, to LTL 41m. Issue price of the new shares will be at least LTL 20. in a row: in 1996 cheese Verpstë, 1997 cheese Olimpinis, 1998 cheese Palanga, On 19 May, it was decided to buy-up up to 10% of own shares, at the price not exceeding and in 1999 cheese Dþiugas. LTL 20 per share.
33 ÞEMAITIJOSLITHUANIAN PIENAS COMPANIES NACIONALINË VERTYBINIØ P0PIERIØ BIRÞA
ISIN-code: LT0000121865 Code: 12186 NSEL: ZEMP Reuters: ZEMP.VL Bridges: lt;ZEMP LTL Þemaitijos Pienas (10) Daily Volume
50 10 000 11534
40 8 000
30 6 000
20 4 000
10 2 000
0 0 1998 1999 2000 2001
Group TRADING STATISTICS 1998 1999 2000 1Q 2001 FINANCIAL RATIOS 1998 1999 2000 PRICE (LTL) LIQUIDITY RATIOS First 28.00 19.56 9.90 4.60 Current ratio 1.65 0.98 1.54 Max 32.00(01 05) 19.84(07 04) 9.93(19 01)14.00(27 03) Quick ratio 0.48 0.36 0.53 Min 19.56(31 12) 6.59(15 11) 4.30(02 05) 4.60(29 01) Net working capital (LTL thou) 15 385 -1 370 21 613 Last 19.56 9.90 4.60 7.95
Guide to Listed Companies Net working capital to total assets 0.13 -0.01 0.15 Change (%) -30.14 -49.39 -53.54 72.83
PROFITABILITY RATIOS Number of transactions (CM) 777 254 38 433 2000 Profit margin 4.68% 1.91% 3.63% Turnover CM (units) 54 849 15 653 9 628 132 975 Return on assets 7.48%* 2.32% 5.18% Turnover CM (LTL) 1 306 849 202 442 54 874 1 226 096 Return on equity 15.27%* 5.13% 11.54% Turnover BT (units) 267 165 106 968 44 785 183 508 Turnover BT (LTL) 5 921 737 2 481 839 181 551 1 208 913 FINANCIAL LEVERAGE RATIOS CM turnover as % in total 17.03 12.77 17.69 42.02 Total debt ratio 0.51 0.58 0.52 Total turnover (units) 322 014 122 621 54 413 316 483 Debt / equity ratio 1.04 1.37 1.10 Total turnover (LTL) 7 228 587 2 684 281 236 424 2 435 010 ASSETS UTILISATION RATIOS Turnover ratio (%) 13.79 3.72 1.65 9.60 Inventory turnover 6.01* 4.15 4.23 As % in the total share turnover 0.81 0.22 0.03 1.03 Receivables turnover 26.20* 11.86 11.23 Net working capital turnover 12.42* 23.04 20.53 Long term assets turnover 2.37 1.87 2.52 MARKET VALUE RATIOS 1998 1999 2000 2Q 2001 Total assets turnover 1.60 1.11 1.43 Capitalisation (LTL thou) 45 676 32 650 15 171 26 219 * value from previous year is not included Share book value (LTL) 20.66 16.99 19.07 19.38 Price / book value ratio (P/BV) 0.95 0.58 0.24 0.41 Earnings per share (LTL) 4.95 1.26 1.73 1.86 Price / earnings ratio (P/E) 3.95 7.89 2.66 4.28 Dividend per share (LTL) - - - Dividend yield - - - Dividend payout ratio - - -
STRUCTURE OF SHARE CAPITAL SUBSIDIARIES Date of Authorised Participating Share capital: LTL 37,000,000 establishment capital (LTL) interest Share Structure: 3 297 983 registered shares at LTL 10 par (security code 12186) Klaipëdos Pienas AB 30.12.92 21.9m 84.80% accounting for 89.13% of the auth. capital (admitted to trading at Ðilutës Rambynas ABF 09.12.92 8.6m 72.80% the NSEL on 13.10.97) Telðiø Autoservisas AB 16.03.92 0.69m 67.00% Shares of agriculture producers: 402 017 shares at LTL 10 par Þemaitijos Prekyba UAB 29.01.96 1.25m 80.62% (security code 12187) accounting for 10.87% of the auth. capital Þemaitijos Pieno Þaliava UAB 1999 10thou 100.00% (not admitted to trading at the NSEL)
34 LITHUANIAN COMPANIESÞEMAITIJOS PIENAS NATIONAL STOCK EXCHANGE OF LITHUANIA
IAS Consol IAS Consol Consol BALANCE SHEET (LTL) 1998 BALANCE SHEET (LTL) 1999 2000
Assets Assets NON-CURRENT ASSETS 80569000 NON-CURRENT ASSETS 86361000 82509000 Non-current assets at residual value 79113000 Intangible assets 5754000 6144000 Investments 210000 Tangible assets 79795000 75641000 Other assets 1246000 Financial assets 210000 172000 Non-current receivables 602000 552000
Deferred tax assets 963000 1616000 CURRENT ASSETS 38950000 CURRENT ASSETS 58863000 61340000 Inventories 27753000 Inventories 37450000 40246000 Receivables, net 5416000 Receivables 19537000 16046000 Prepayments and other current assets 1879000 Prepayments and other current assets 398000 1024000 Cash and cash equivalents 3902000 Cash and cash equivalents 1478000 4024000 Total assets 119519000 Total assets 146187000 145465000
Equity and liabilities Equity and liabilities CAPITAL AND RESERVES 58547000 CAPITAL AND RESERVES 61631000 69177000 Share capital 29372000 Share capital 37000000 37000000 Share premium 2760000 Share premium 2760000 2760000 Legal reserves 1960000 Legal reserves 2690000 2874000 Retained earnings 24455000 Retained earnings 19181000 26543000 MINORITY INTEREST 6172000 MINORITY INTEREST 6795000 6774000 NON-CURRENT LIABILITIES 31235000 NON-CURRENT LOANS 17528000 29787000
Non-current debts 31235000 Guide to Listed Companies CURRENT LIABILITIES 23565000 CURRENT LIABILITIES 60233000 39727000 Current year portion of long term debts 14805000 Current year portion of long term loans 31618000 12709000 Prepayments 1627000 459000 2000 Trade payables 14985000 13292000 Other payables and other current liabilities 6677000 Other current liabilities 7337000 7151000 Payable taxes and remuneration 2083000 Taxes payable 289000 3488000 Remuneration and social insurance payable 4377000 2628000 Total equity and liabilities 119519000 Total equity and liabilities 146187000 145465000
INCOME STATEMENT (LTL) 1998 INCOME STATEMENT (LTL) 1999 2000 SALES 191122000 SALES 161469000 207795000 Cost of sales -166696000 Cost of sales -135166000 -164463000 GROSS PROFIT (LOSS) 24426000 GROSS PROFIT (LOSS) 26303000 43332000 General and administrative expenses -21788000 Operating expenses -27220000 -36619000 Interest income 87000 Interest costs -1721000 Other net income 7639000 Other income, net 5100000 2879000 OPERATING PROFIT (LOSS) 4183000 9592000 Financial income/costs, net -2062000 -1853000 PROFIT (LOSS) BEFORE TAX 8643000 PROFIT (LOSS) BEFORE TAX 2121000 7739000 Profit tax -2276000 Profit tax 1514000 8000 PROFIT (LOSS) BEFORE MINORITY INTEREST 3635000 7747000 Minority interest 2575000 Minority interest -551000 -201000 NET PROFIT (LOSS) 8942000 NET PROFIT (LOSS) 3084000 7546000
Earnings per share (LTL) 2.56 Earnings per share (LTL) 0.90 2.04
35 BEERLITHUANIAN COMPANIES NACIONALINË VERTYBINIØ P0PIERIØ BIRÞA
Production of beer kept augmenting in 2000. According to data of Aludariø Asociacija (Association of Brewers), the production sales of Lithuanian breweries reached 20.2 decalitres (dal), i.e. an increase of 13.1% over 1999. The policy of excise taxes will greatly affect the activities of the industry in the future, because the government intends to raise taxes on strong beer. In 2000, Ðvyturys AB of Klaipëda clearly headed the list of breweries. Its sales increased by 43.1 % as compared to 1999 and reached 5.66 million dal. Utenos Alus UAB sold 4.47 million dal and Kalnapilis AB 4.01 million dal (in 1999 the respective figures were 4.22 million dal and 4.06 million dal). The beer brand of Kalnapilis AB called by its name won second place in the contest organised by Beverage Testing Institute in the USA. The product was assigned 88 out of 100 points in the Lager Pale category, i.e. only 1 point less that the first place winner from Holland. The turnover of Vilniaus Tauras AB, leader in the strong beer market, grew by 25.8%. The production sales of Ragutis AB went up by a similar amount. Unfortunately, the sales volume of Gubernija AB of Ðiauliai dropped by 11.2%. Last year the market shares were divided as follows: Ðvyturys AB 28.1%, Utenos Alus UAB 22.1%, Kalnapilis AB 19.9%, Vilniaus Tauras AB 11.7%, Ragutis AB 8.1% and Gubernija AB 5.2%. The exports of beer totalled 75 thousand dal (of which 62 thousand dal were sold abroad by Gubernija AB), i.e. turned up as compared to 1999, but considerably plummeted as compared to 1997 (when the export figure was 573 thousand dal). In 2000, the audited net profits of Ðvyturys AB accounted for LTL 33.2 million. Kalnapilis AB earned LTL 3.3 million net profits, whereas Utenos Alus UAB negligible profits. Vilniaus Tauras AB anticipated LTL 1.7 million gross profits. Ragutis AB encumbered losses.
Guide to Listed Companies By: Vilniaus Bankas AB, Member of the SEB Group, "Lithuanian Macroeconomic Review" No 5 2000
MARKET SHARE OF LARGEST BREWERIES IN 2000
Utenos Alus Kalnapilis 22.1% 19.9%
Vilniaus Tauras 11.7%
Ragutis 8.1% Ðvyturys 28.1% Gubernija 5.2% Birþø Alus 1.8% Other 3.1%
Sales and Services (LTL) Net profit (LTL) 2000 1999 Change (%) 2000 1999 Change (%)
ÐVYTURYS AB 116,470,886 73,714,249 58.0 33,228,070 24,512,300 35.6 KALNAPILIS AB 86,133,155 96,789,184 -11.0 3,795,007 10,230,677 -62.9 VILNIAUS TAURAS AB 39,072,425 32,667,879 19.6 -2,408,136 2,024,811 RAGUTIS AB 31,041,805 28,265,000 9.8 -3,167,459 -2,601,000
36 LITHUANIAN COMPANIESKALNAPILIS NATIONAL STOCK EXCHANGE OF LITHUANIA
BREWERY Address: Taikos al. 1, LT-5319 Panevëþys Management Board (participation in the company): Phone: (370-5) 505223 Andres Erm, Chairman (0.0322%), Fax: (370-5) 464667 Lionginas Romualdas Mackevièius (0.14%), Olav Mofjell (0.007%), E-mail: [email protected] Saulius Endriuðka (0.007%), Stasys Krasauskas (0%) www.kalnapilis.lt Managing Director (participation in the company): Remigijus Ðydeikis (0.0135%) Registration date: 28 12 1992 Contact Person: Remigijus Ðydeikis, Director General, tel. (370-5) 505223 Registration code: 4767199 Established: 1902 Privatised: 1992 Number of employees: 181 Authorised capital: LTL 25.42m Capitalisation (30 06 2001): LTL 106.8m STRUCTURE OF OWNERSHIP (31 12 2000) Auditor: KPMG Lietuva Total number of shareholders amounts to 1927 Trading List: Official Baltic Beverages Holding AB (Sweden) 86.6%
CORPORATE HISTORY in 1997, constituted 11% of the market in 1999. KALNAPILIS brewery is one of the oldest companies in Panevëþys, situated 130 km It is not the first year that KALNAPILIS works under conditions of intensive competition on northwest of Vilnius. Its history began in 1902, when Albert Foight started producing the domestic market. The changed economic situation of the country had an impact on the beer at the Bergschlosschen Brewers. The capacity of beer brewery equalled 300thou dal. company as well. In 1999, total beer sales in Lithuania increased by 15% as compared In 1926, operations were expanded to include production of soft drinks. Although production with the results of 1998. At the beginning of 1999, the market price of beer decreased volumes were fairly modest at first, in early 1940s, the annual volume increased to 1.4m significantly, while demand for cheap beer augmented, which worsened the companys
litres. results. As compared with 1998, KALNAPILIS share on the market declined by 8.66%. Guide to Listed Companies After a drastic fall during World War II, production revived and, at the beginning of the Sales of bottled beer also fell. In 1998, KALNAPILIS accounted for 35% of the total domestic market, while in 1999 this share dropped to 25.1%. Having occupied the leading market
1960s, stood at 4m litres of beer and nearly 1m litres of soft drinks per year. A new 2000 bottling plant, installed in the mid-1960s, doubled bottling capacity to 6,000 bottles per position in 1997-1998, KALNAPILIS was outperformed by Ðvyturys AB. hour. KALNAPILIS brewery has always been self-sufficient in malt for brewing. A new DEVELOPMENTS IN 2000 malt-house, with a capacity of 10,000 tons per year, was constructed in 1970. The Birþai Upon completion of overall modernisation of the company, in 2000, KALNAPILIS invested Brewery, located about 60 km from Panevëþys, was established in 1973. KALNAPILIS LTL 7.4m into renovation of production facilities and expansion of production capacity. was privatised in 1992 (3600 shareholders). Besides, LTL 6.9m was invested into development of sales, marketing, and distribution. In June 1994, Baltic Beverages Holding, which was founded by Swedish Pripps and Finnish The company has a well-developed delivery network, intensively implements modern Hartwall, acquired the controlling interest (86%) in KALNAPILIS. The Lithuanian-Swedish marketing strategies, and creates new recipes. Strict requirements are applied for raw public company KALNAPILIS was registered in 1995. materials which are imported from Finland, Estonia, Poland, and Germany. In 2000, LITMALT company was established (50% of shares are under control of the Finnish concern the company presented a new product Kalnapilis in Ice which was awarded a medal at OY Lahden Polttimo AB and 50% are held by KALNAPILIS) for the production of malt. the open competition in Poland. Beverages Testing Institute (Chicago, USA) granted KALNAPILIS beer the second position in the world. In 1995, a new bottling line with the capacity of 40thou bottles per hour was mounted in the brewery. In 1996, a new unit of beer fermentation and maturation was opened. In 2000, KALNAPILIS occupied 20% of the beer market in Lithuania and was the second The fundamental modernisation of KALNAPILIS was completed in 1997. In 1998, production largest beer producer (Utenos Alus takes 22%). Bottled beer constituted 90.1% of volumes expanded. In 1999, the modernisation of the beer boiling section was completed, KALNAPILIS output. In 2000, production volumes did not grow and remained at 4m dal, and the entire beer production process was fully computerised and automated. whereas sales and services accounted for LTL 86.1m (LTL 96.8m in 1999), profit reached Gross investment of KALNAPILIS for the period 1995-2000 constituted LTL 160m. LTL 3.5m. At the time the public company KALNAPILIS was established in 1992, the registered New brands of beer as well as high quality attracted foreign distributors. In May 2000, a authorised capital amounted to LTL 626thou. In 1993, it was increased to LTL 1.06m out long term agreement regarding export of beer was signed with Stawsky Distributing Ltd. of the companys profit reserves and dividends. In 1994, the authorised capital was (USA), and in July with Twinex L.L.C. (England). increased twice: to LTL 2.69m out of the companys profit reserves and to LTL 8.47m by PLANS, PROSPECTS FOR 2001 supplementary contributions. In 1997, the authorised capital was increased to LTL 25.4m Investments are mainly allotted for acquisition of beer bottling equipment, refrigerators as from share premiums and remained unchanged until present. well as of hardware and software. The Management decided to refuse further marketing BUSINESS ACTIVITY and distribution services rendered by Jungtinis Alaus Centras UAB. KALNAPILIS starts to Beer is the main KALNAPILIS product (87.4% in 1997, 88.4% in 1998, 91.36% in 1999). work on its own maintaining direct contacts with distributors. Only thoroughly processed water, the flavour of which lends the beer a more delicate After the merger of Baltic Beverage Holding (BBH) and Carlsberg and upon the request of taste, is used in manufacture of all beer brands of KALNAPILIS. Currently KALNAPILIS the Lithuanian Competition Council, in 2001 it was decided to sell a block of shares of beer production technology in the main corresponds with the international standard KALNAPILIS (86.6%), owned by BBH, to another company. Among those willing to acquire ISO 9000 which confirms the products capability to compete on foreign markets. The a controlling block of shares are the Danish company Brewery Group, Heineken (Holland), suppliers of KALNAPILIS are both Lithuanian and foreign companies. All hops needed for Olvi (Finland), and South African Breweries (South Africa). production of beer are imported from Germany, malt is brought from Finland, and packaging materials come from Sweden, Italy, Denmark, Estonia, and Finland. Mineral water makes up 5% of KALNAPILIS output, and in 1999 its production reached 3.7m dal. Carbonized mineral water Vichy Classique, which was launched into production
37 KALNAPILISLITHUANIAN COMPANIES NACIONALINË VERTYBINIØ P0PIERIØ BIRÞA
ISIN-code: LT0000105454 Code: 10545 NSEL: KALN Reuters: KALN.VL Bridges: lt;KALN LTL Kalnapilis (1) Daily Volume
15 25 000 989395 25200 38983 300484 342761 12 186727 20 000
9 15 000
6 10 000
3 5 000
0 0 1995 1996 1997 1998 1999 2000 2001
FINANCIAL RATIOS 1998 1999 2000 TRADING STATISTICS 1998 1999 2000 1Q 2001
LIQUIDITY RATIOS PRICE (LTL) Current ratio 0.94 1.35 0.78 First 9.44 4.58 3.63 3.66 Quick ratio 0.47 0.49 0.19 Max 10.75(13 01) 6.15(03 03) 4.71(16 03) 5.26(20 02) Net working capital (LTL thou) -1 516 3 589 -5 173 Min 3.90(23 10) 3.10(18 11) 2.86(03 11) 3.60(08 01) Net working capital to total assets -0.01 0.03 -0.04 Last 4.58 3.63 3.66 4.20
Guide to Listed Companies Change (%) -51.48 -20.74 0.83 14.75 PROFITABILITY RATIOS Profit margin 23.79% 10.49% 4.06% Number of transactions (CM) 1612 668 788 891 2000 Return on assets 18.43%* 7.74% 2.76% Turnover CM (units) 335 713 183 787 259 489 450 264 Return on equity 25.58%* 9.86% 3.37% Turnover CM (LTL) 2 405 828 915 124 980 979 2 008 877 Turnover BT (units) 156 987 43 362 15 500 60 764 FINANCIAL LEVERAGE RATIOS Turnover BT (LTL) 1 194 060 255 836 59 055 260 156 Total debt ratio 0.28 0.15 0.21 CM turnover as % in total 68.14 80.91 94.36 88.11 Debt / equity ratio 0.39 0.17 0.27 Total turnover (units) 492 700 227 149 274 989 511 028 ASSETS UTILISATION RATIOS Total turnover (LTL) 3 599 888 1 170 960 1 040 034 2 269 033 Inventory turnover 3.63* 5.45 4.99 Turnover ratio (%) 1.94 0.89 1.08 2.01 Receivables turnover 10.65* 14.09 23.73 As % in the total share turnover 0.40 0.10 0.13 0.96 Net working capital turnover -70.05* 93.38 -108.75 Long term assets turnover 0.95 0.87 0.79 Total assets turnover 0.78 0.77 0.68 MARKET VALUE RATIOS 1998 1999 2000 2Q 2001 * value from previous year is not included Capitalisation (LTL thou) 116 442 92 289 93 052 106 781 Share book value (LTL) 3.87 4.21 3.93 4.30 Price / book value ratio (P/BV) 1.18 0.86 0.93 0.98 Earnings per share (LTL) 0.99 0.40 0.15 0.21 Price / earnings ratio (P/E) 4.60 9.09 24.52 20.29 Dividend per share (LTL) 0.16 0.07 0.40 Dividend yield 0.03 0.02 0.11 Dividend payout ratio 0.16 0.18 2.67
STRUCTURE OF SHARE CAPITAL
Share capital: LTL 25,424,031 SUBSIDIARIES Date of Authorised Participating Ordinary shares: 25 424 031 registered shares at LTL 1 par (security code 10545) establishment capital (LTL) interest accounting for 100% of the auth. capital (admitted to trading at the Litmalt UAB 1997 10m 50% NSEL on 04.10.94)
38 LITHUANIAN COMPANIESKALNAPILIS NATIONAL STOCK EXCHANGE OF LITHUANIA
IAS Company Company Company BALANCE SHEET (LTL) 1998 1999 2000
Assets NON-CURRENT ASSETS 112294000 111564000 109656000 Intangible assets 716000 1081000 156000 Software 716000 1081000 156000 Tangible assets 94454000 100086000 98680000 Land and buildings 24147000 26569000 25154000 Plant and equipment 55262000 69790000 70184000 Constructions in progress 15045000 3727000 3342000 Investments in associated undertakings 10326000 10392000 10743000 Other investments 6798000 5000 Debit balance of deferred taxes 77000 CURRENT ASSETS 24755000 13870000 18002000 Inventories 12522000 8834000 13510000 Raw materials and consumables 8708000 6802000 11151000 Work in progress 1856000 1592000 1498000 Finished goods and goods for resale 1958000 440000 861000 Receivables and prepayments 9972000 3769000 3490000 Trade receivables 7198000 1821000 1054000 Other receivables 1597000 802000 1050000 Receivables from subsidiaries 1064000 918000 Prepayments and accrued income 1177000 82000 468000 Cash and cash equivalents 2261000 1267000 1002000
Total assets 137049000 125434000 127658000 Guide to Listed Companies
Equity and liabilities
CAPITAL AND RESERVES 98778000 107153000 100483000 2000 Share capital 25424000 25424000 25424000 Restricted reserves 17267000 17267000 17267000 Other reserves 34891000 56087000 57792000 Retained earnings 21196000 8375000 NON-CURRENT LIABILITIES 12000000 8000000 4000000 Non-current loans 12000000 8000000 4000000 CURRENT LIABILITIES 26271000 10281000 23175000 Current year portion of long term debts 9283000 4000000 4000000 Trade payables 4413000 1772000 3548000 Other payables 3794000 2587000 2004000 Dividends and premium for financial year 4692000 1922000 10279000 Loans from subsidiaries 4089000 Short term liabilities to credit institutions 3344000 Total equity and liabilities 137049000 125434000 127658000
INCOME STATEMENT (LTL) 1998 1999 2000 SALES 106190000 96789000 86133000 Cost of sales -45429000 -58153000 -55779000 GROSS PROFIT (LOSS) 60761000 38636000 30354000 Operating expenses -33411000 -26426000 -28048000 Other operating income 885000 1277000 4499000 Other operating expenses -2255000 -1253000 -2746000 OPERATING PROFIT (LOSS) 25980000 12234000 4059000 Income from associated undertakings 302000 66000 346000 Interest receivable and similar revenue 1259000 398000 418000 Interest payable and similar expenses -2278000 -2544000 -1403000 PROFIT (LOSS) BEFORE TAX 25263000 10154000 3420000 Profit tax 77000 NET PROFIT (LOSS) 25263000 10154000 3497000
Earnings per share (LTL) - 0.40 0.14
39 RAGUTISLITHUANIAN COMPANIES NACIONALINË VERTYBINIØ P0PIERIØ BIRÞA
BREWERY Address: Kaunakiemio g. 2, LT-3000 Kaunas Supervisory Board (participation in the company): Phone: (370-7) 324345, 324425 Heikki Hortling, Chairman (0%), Fax: (370-7) 321503 Timo Hortling (0%), Markku Ronkko (0%), E-mail: [email protected] Rasa Berþanskytë (0%), Edvardas Rudzevièius (0.33%) www.ragutis.lt Management Board (participation in the company): Registration date: 08 03 1994 Audrius Mikðys, Chairman (0%), Registration code: 3399058 Regina Merkelienë (0.12%), Dalius Rutkauskas (0%) Established: 1853 Managing Director (no participation in the company): Audrius Mikðys (0%) Privatised: 1994 Contact Person: Sandra Nezabitauskienë, Head of Personnel Division, Number of employees: 235 tel. (370-7) 324345 Authorised capital: LTL 21.8m Capitalisation (30 06 2001): LTL 20.7m STRUCTURE OF OWNERSHIP (21 02 2001) Total number of shareholders amounts to 846 Auditor: PricewaterhouseCoopers A.Le Coq AS (Estonia) 50.1% Trading List: Current State Property Fund 5.5% Bank of New York 5.23%
CORPORATE HISTORY The company sells all its products in Lithuania. Raw materials are imported from Germany, The history of RAGUTIS brewery began in 1853, when I.B.Wolf brewery and malthouse Finland, and the Czech Republic. were established in Kaunas. In 1860, when Engelman brewery and malthouse were During 1999 the company invested LTL 11.4m into the beer production and fermentation established, beer was produced in the territory where currently RAGUTIS is located. departments. In 1999, RAGUTIS produced 1296thou dal of beer, the main part of it falling In 1928, the two companies merged, and the new one was called I.B.Wolf & Engelman, to the traditional Lithuanian brand of beer - Ðirvenos (35.6%) and the strongest of the which reached the production level of 3.5m litres of beer per year in 1930. It constituted companys products - Birþieèiø (31%) beer. In 1998, net profit came to LTL 6.2m, in 1999 Guide to Listed Companies 1/3 of all beer market in Lithuania at that time. In 1940, the brewery was nationalised and the company suffered a loss of LTL 2.6m, and in 2000 the loss totalled LTL 3.2m. transformed into a state enterprise called Raudonoji Paðvaistë (The Red Glow). In 1959, DEVELOPMENTS IN 2000 2000 several small soft drink plants and RAGUTIS merged into one enterprise together with In 2000, RAGUTIS began to produce two brands of Fortas beer which nowadays takes Raudonoji Paðvaistë. In 1967, the joint enterprise was named RAGUTIS. In 1992, a part of the largest part of the production. In April 2000, Fortas light constituted 28.6% of all the companys production equipment, buildings, and land were separated and a new sales, Fortas dark 32.5%. In the summer of 2000, the company offered two new company Þalsvytis - was established. brands of light beer. One of them was Premium type with 5.2% alcohol, the other RAGUTIS was privatised in 1994 and was registered as a public limited company with the Pilsner type beer with 4.7% alcohol. share capital of LTL 2.2m. The capital was divided into 227,473 ordinary registered shares With a view to improving the output quality, in 2000, RAGUTIS renovated technological at LTL 10 par. processes and introduced into production new technological substances. A lot of attention On 12 October 1994, the authorised capital of LTL 9.5m was registered; on 11 November was devoted to creation of a new image, which resulted in a development of a new label, 1996, the authorised capital of LTL 10.9m was registered, and on 15 January 1997, the bottle, and a crate. The company also revised its distribution network, enhanced logistics authorised capital of LTL 21.8m was registered. In 1997, RAGUTIS was registered as a system, restructured sales system, which all contributed to a nearly 25% increase in the foreign capital company. sales volumes. In 1997, Plzensky Prazdroj AS acquired 51% of RAGUTIS share capital. Plzensky In 2000, 16.15m litres of beer were sold (12.99m litres in 1999) for the amount of Prazdroj AS began renovation of RAGUTIS main equipment and reorganisation of LTL 28.7m (LTL 27.1m in 1999). the companys management and marketing strategy immediately after the acquisition. On 18 December 2000, A. Le Coq AS placed a tender offer to buy up RAGUTIS shares. In the same year the company brewed a new brand of beer, Gambrinus, in accordance In total, 22.2thou units of shares were purchased. with Plezensky Prazdroj AS technology. PLANS, PROSPECTS FOR 2001 In September 1999, Estonian holding company A.Le.Coq AS, belonging to the Finnish beer concern Olvi OY, bought 49.98% of companys shares from Plzensky Prazdroj AS. In 2001, it is intended to introduce a new beer brand Ragutis Original and launch production of a new product cider. During the following four years, RAGUTIS plans to BUSINESS ACTIVITY increase sales turnover of beer up to 30 million litres, expand its share on the market up RAGUTIS is the fifth largest brewery in Lithuania, and in 2000, it occupied 8.1 % of the to 10-15%, and become a leading producer of cider in Lithuania. In 2001, the company local beer market. expects to invest into new bottling lines, establishment of a water treatment system and The company produces 19 brands of beer, including the following seven new ones: premises for air compressors, and renovation of labs. Ragutis Premium (a top quality classical light beer), Ragutis Pilsner, Ragutis Special, Juodas (Black), Laplandija, Fortas (strong beer), and Fortas light beer, a "younger brother" of the strong beer Fortas.
40 LITHUANIAN COMPANIESRAGUTIS NATIONAL STOCK EXCHANGE OF LITHUANIA
ISIN-code: LT0000110298 Code: 11029 NSEL: RAGU Reuters: RAGU.VL Bridges: lt;RAGU LTL Ragutis (10) Daily Volume
25 25 000
20 20 000
15 15 000
10 10 000
5 5 000
0 0 1995 1996 1997 1998 1999 2000 2001
FINANCIAL RATIOS 1998 1999 2000 TRADING STATISTICS 1998 1999 2000 1Q 2001
LIQUIDITY RATIOS PRICE (LTL) Current ratio 0.92 0.59 0.76 First 16.25 8.10 9.55 8.00 Quick ratio 0.43 0.30 0.46 Max 17.00(17 04) 14.84(27 07) 9.55(14 03) 9.50(27 06) Net working capital (LTL thou) -855 -8 278 -4 585 Min 7.92(24 12) 6.56(18 05) 5.25(13 11) 6.85(05 02) Net working capital to total assets -0.02 -0.15 -0.07 Last 8.10 9.55 8.00 9.50
Change (%) -50.15 17.90 -16.23 18.75 Guide to Listed Companies PROFITABILITY RATIOS Profit margin 14.07% -9.20% -10.20% Number of transactions (CM) 538 941 211 115 Return on assets 9.49%* -4.93% -5.36% Turnover CM (units) 78 637 178 163 43 200 72 068 2000 Return on equity 14.45%* -8.16% -10.93% Turnover CM (LTL) 1 116 928 1 937 975 337 836 576 920 Turnover BT (units) 136 280 1 225 312 195 283 192 551 FINANCIAL LEVERAGE RATIOS Turnover BT (LTL) 1 494 840 25 639 638 2 795 449 1 438 330 Total debt ratio 0.34 0.44 0.57 CM turnover as % in total 36.59 12.69 18.11 27.23 Debt / equity ratio 0.52 0.80 1.31 Total turnover (units) 214 917 1 403 475 238 483 264 619 ASSETS UTILISATION RATIOS Total turnover (LTL) 2 611 768 27 577 614 3 133 285 2 015 250 Inventory turnover 3.34* 2.59 3.19 Turnover ratio (%) 20.11 64.36 10.94 12.13 Receivables turnover 9.90* 8.08 5.17 As % in the total share turnover 0.29 2.23 0.39 0.85 Net working capital turnover -39.84* -6.19 -4.83 Long term assets turnover 0.83 0.65 0.64 Total assets turnover 0.67 0.52 0.49 MARKET VALUE RATIOS 1998 1999 2000 2Q 2001 * value from previous year is not included Capitalisation (LTL thou) 8 655 20 826 17 446 20 717 Share book value (LTL) 16.55 14.01 12.56 11.81 Price / book value ratio (P/BV) 0.49 0.68 0.64 0.80 Earnings per share (LTL) 2.84 -1.19 -1.45 -1.34 Price / earnings ratio (P/E) 2.85 - - - Dividend per share (LTL) - - - Dividend yield - - - Dividend payout ratio - - -
STRUCTURE OF SHARE CAPITAL
Share capital: LTL 21,807,040 Ordinary shares: 2 180 704 registered shares at LTL 10 par (security code 11029) accounting for 100% of the auth. capital (admitted to trading at the NSEL on 04.04.95)
41 RAGUTISLITHUANIAN COMPANIES NACIONALINË VERTYBINIØ P0PIERIØ BIRÞA
IAS Company Company Company BALANCE SHEET (LTL) 1998 1999 2000
Assets NON-CURRENT ASSETS 40882000 43183000 48603000 Intangible assets 204000 199000 332000 Tangible assets 40678000 42984000 48271000 Buildings 12767000 14694000 Machinery and equipment 21027000 25199000 Vehicles 1294000 1109000 Constructions in progress 269000 552000 Other tangible assets 1483000 1430000 Prepayments for long term tangible assets 3838000
CURRENT ASSETS 9624000 11741000 14674000 Inventories 5156000 5702000 5901000 Receivables and prepayments 8456000 Trade receivables 2716000 2978000 Other receivables 507000 350000 Prepayments and other current assets 217000 228000 Cash and cash equivalents 1028000 2483000 317000 Total assets 50506000 54924000 63277000
Equity and liabilities CAPITAL AND RESERVES 33158000 30557000 27390000 Share capital 21807000 21807000 21807000 Guide to Listed Companies Legal reserves 1685000 Required reserves 2181000 2181000 2000 Retained earnings 9666000 6569000 3402000 NON-CURRENT LIABILITIES 4348000 16628000 Non-current loans 6869000 4348000 16628000 CURRENT LIABILITIES 10479000 20019000 19259000 Current year portion of long term loan 1973000 3352000 Current loans 4167000 11126000 11068000 Trade and other payables 8191000 Trade payables 653000 894000 Payables to associated undertakings 2158000 2572000 Accruals 1090000 1143000 Other payables and other current liabilities 438000 932000 Total equity and liabilities 50506000 54924000 63277000
INCOME STATEMENT (LTL) 1998 1999 2000 SALES 34061000 28265000 31042000 Cost of sales -17200000 -14068000 -18530000 GROSS PROFIT (LOSS) 16861000 14197000 12512000 Administrative expenses -11571000 -16731000 -14742000 Other operating income 336000 583000 OPERATING PROFIT (LOSS) 5290000 -2198000 -1647000 Financial income/costs, net -499000 -403000 -1520000 PROFIT (LOSS) BEFORE TAX 4791000 -2601000 -3167000 NET PROFIT (LOSS) 4791000 -2601000 -3167000
Earnings per share (LTL) 2.20 -1.19 -1.45
42 LITHUANIAN COMPANIESBEVERAGES NATIONAL STOCK EXCHANGE OF LITHUANIA
Last year vodka producers were operating quite well. Stumbras AB of Kaunas increased its sales 1.5 times; the volume of which came to LTL 112 million. The company earned LTL 18.6 million net profits, i.e. an increase of 2.1 times. Stumbras AB plans to invest about LTL 15 million this year. In 2000 the net profits of Vilniaus Degtinë AB reached LTL 3.1 million, i.e. almost twice as much as in 1999. Its production sales rose to LTL 31.7 million, i.e. by 7.7%. Last year Alita AB of Alytus was operating profitably as well. The company earned LTL 5.2 million net profits, i.e. nearly the same amount as in 1999. Its sales volume slightly declined. Alita AB is famous for its sparkling wine, but at the same time is increasingly engaging in production of strong alcoholic beverages due to changing market trends. In January 2001, the sales of strong alcohol constituted 30% of the total production sales. In 2000 and the beginning of 2001, the results of Anykðèiø Vynas AB operations were not favourable. The company hopes that changes in the current excise tax policy will be of great advantage.
By: Vilniaus Bankas AB, Member of the SEB Group, "Lithuanian Macroeconomic Review" No 5
Sales and services (LTL) Net profit (LTL) 2000 1999 Change (%) 2000 1999 Change (%)
STUMBRAS AB 112,118,866 74,315,800 50.9 18,697,165 8,868,494 110.8 ALITA AB 71,976,122 79,095,636 -9.0 5,201,306 6,367,240 -18.3
ANYKÐÈIØ VYNAS AB 61,296,973 75,550,468 -18.9 -1,189,503 7,774,730 Guide to Listed Companies VILNIAUS DEGTINË AB 31,316,638 29,394,465 6.5 2,980,770 1,673,116 78.2 SEMA AB 14,404,251 18,243,513 -21.0 -2,908,558 -6,939,690 2000
43 ALITALITHUANIAN COMPANIES NACIONALINË VERTYBINIØ P0PIERIØ BIRÞA
SPARKLING WINE Address: Miðkininkø g. 17, LT-4580 Alytus Supervisory Board (participation in the company): Phone: (370-35) 79243 Jonas Petraðiûnas, Chairman (0%), Fax: (370-35) 79467 Artûras Kapitanovas (0%), Raimundas Markauskas (0%), Liusë Þilionienë (0%) E-mail: [email protected] Management Board (participation in the company): www.alita.lt Vytautas Junevièius, Chairman (0.62%), Registration date: 10 12 1990 Vilmantas Peèiûra (0%), Arvydas Stankevièius (0.42%), Registration code: 4951989 Darius Vëþelis (0%), Lilija Gaidienë (0.01%) Established: 1963 Managing Director (participation in the company): Vytautas Junevièius (0.62%) Privatised: 1991 Contact Person: Vilmantas Peèiûra, Director of Finance and Administration, Number of employees: 532 tel. (370-35) 79900 Authorised capital: LTL 73.09m Capitalisation (30 06 2001): LTL 43.1m STRUCTURE OF OWNERSHIP (19 04 2001) Auditor: Arthur Andersen Total number of shareholders amounts to 607 Trading List: Current State (Ministry of Agriculture) 83.77%
CORPORATE HISTORY ALITA is submitted to the international Internet data bases. The international magazine ALITAs predecessor, Alytus wine plant, was established in 1963. The range of products European Drinks Buyers showed interest in ALITA and published information about the was growing together with the company: aromatic wines were introduced in 1968, natural company several times. fruit-berry wine in 1975, semi-dry wine appeared in 1976. The company imports raw materials for production of sparkling grape wine mainly from The year 1980 was the most significant in the companys history. The construction of Moldova and France, and those for manufacture of wine are brought from Moldova, France, a new section was completed and sparkling wine was produced for the first time. Spain, Hungary, and Italy. Raw materials for production of brandy and whisky are bought in France and Scotland. Alcohol, sugar, and apples are secured from local resources. Guide to Listed Companies The projected capacity of the section amounted to 3m bottles per year. However, in 1985, the company produced 5.6m bottles of sparkling wine and 10m bottles in 1990. DEVELOPMENTS IN 2000
2000 In 1996, a new Italian bottling line was installed in the wine department. In addition, product At the end of 2000, ALITA presented sparkling grape wine Klasikinis, the production of packaging was renewed. In 1989, the Italian line Manzini designed for the production of which is similar to the classical technology of champagne production developed in the juice concentrate was mounted. Champagne region, France. In 2000, ALITA supplemented its assortment with a new group Brandy Alita was launched into production in 1995. It is produced from matured French of products vodka. In April, vodka Gera (alocohol content 38%) was launched into brandy spirit. Samanë, a strong drink from wheat-rye, joined the family of ALITAs products production, and in September Putino vodka (alcohol content 40%) appeared on the market. in 1998. In mid November 2000, ALITAs sparkling wine Klasikinis won a gold medal at the 6th In 1993 and 1994, European Market Research Centre in Brussels and Madrid awarded international competition Best Sparkling Wine, Wine, and Cognac of the Year held in Moscow. ALITA the quality certificate of Golden Stars for the important achievements in trade with The total amount of alcoholic drinks produced (thou. of bottles) remained nearly the same the countries of European Community. The products of the company were many times as in 1999. Production of natural grape and fruit wines as well as of sparkling grape wines awarded the medals and diplomas at various international competitions and exhibitions. decreased most. Production volumes of sparkling wines advanced nearly 12 times, whisky In 1991, the company was reorganised into a state enterprise ALITA. In 1994, it was 55.6%, strong drinks made from grains 39.2%, and brandy 44.4%. In 2000, production divided into two separate companies: state enterprise ALITA and Alytus soft drinks maker. of concentrated apple juice demonstrated a rise of 88.5% as compared with 1999. On 16 March 1995, the company was registered as a special purpose public company The company devotes particular attention to the quality of its products. In 2000, control of ALITA. the production quality was performed by the staff of technological laboratory working in In 1997, the authorised capital of the company was increased by LTL 24.6m out of profit compliance with methodological instructions of ISO 9002 quality management system. reserves to LTL 73m and remained the same until present. The state (Ministry of Agriculture) In 2000, sales of sparkling grape wine and sparkling wine grew by 42.9% as compared holds 83.77% of the stock, while the remaining 16.23% are in private hands. with 1999 and exceeded by 13.5% the sales level of 1998. The total growth came as a BUSINESS ACTIVITY result of improving sales volumes of sparkling beverages which augmented 13.5 times over the year. Nevertheless, sales of sparkling grape wine dropped 15.9% down. Customers ALITA is one of the leading companies among producers of beverages in Lithuania. tend to choose a cheaper product despite its poorer quality. In 2000, ALITA not only won The company offers sparkling grape wine, sparkling wine, fruit and berry wine as well as back the market share lost in 1999 but also managed to stem the annual lowering of sales concentrated apple juice and apple flavour. The company also produces strong drinks of sparkling grape wines and wines. such as national strong beverages produced from fine grain, brandy, whisky, and other products. ALITA produces over 10 brands of white, pink, and red sparkling grape wine. In 2000, ALITA tried to compensate the decrease in sales volumes of wines by sales of The production of the companys sparkling wine is similar to the classical technology of strong beverages. The amount of wines sold was 1.6 times less than in 1999, whereas champagne production, because biochemical processes that take place in the fermentation sales of strong drinks exceeded the level of 1999 by 5.7 times. tanks are the same as those in bottles when fermenting champagne in a classical way. Despite decreasing sales volume, in 2000 ALITA realised output for LTL 72.0m and managed In response to the users demand, in 1999 the company launched production of refreshing to end the year profitably. sparkling drinks Nordas, Ostas, Brizas, and Musonas. PLANS, PROSPECTS FOR 2001 In 1999, ALITA was awarded the international quality certificate ISO 9002. In 2001, the company anticipates to finish reconstruction of the central warehouse Nearly all companys output is sold on the Lithuanian market. In 2000, ALITA signed 114 (LTL 1,458thou), allot LTL 841thou for mastering of production processes of new products contracts with buyers, including 44 contracts with wholesalers and 70 contracts with and enhancement of the production process at the production shop of the sparkling grape retail trade companies (shops, cafes, etc.). Nevertheless, a certain amount of concentrated wine; install a pasteurisation system at the wine shop (LTL 280thou), and carry out apple juice, sparkling grape wine, wine, and strong beverages is exported to Germany, upgrading of other technical facilities with a view to improving quality of production. Poland, and Latvia. In 2000, export accounted for LTL 3.2m or 4.7% of the total sales According to the company's strategy for 2001, it is planned to allot LTL 4,422.3thou for volume. acquisition and reconstruction of equipment. In order to increase export and find potential partners, in 2000 ALITA participated at the In order to increase sales volumes, it is planned to develop a distribution system which exhibitions in Latvia, Moscow, and Poland. Contacts were made with representatives of will allow ALITA to compete with its competitors. It is also planned to look for new sales Scandinavian countries and now negotiations are under way. Information on products of markets in Estonia, Poland, Germany, and Denmark.
44 LITHUANIAN COMPANIESALITA NATIONAL STOCK EXCHANGE OF LITHUANIA
ISIN-code: LT0000118655 Code: 11865 NSEL: ALIT Reuters: ALIT.VL Bridges: lt;ALIT LTL Alita (1) Daily Volume
1.5 5 000 50650 105800
1.2 4 000
0.9 3 000
0.6 2 000
0.3 1 000
0 0 1998 1999 2000 2001
FINANCIAL RATIOS 1998 1999 2000 TRADING STATISTICS 1998 1999 2000 1Q 2001
LIQUIDITY RATIOS PRICE (LTL) Current ratio 2.78 2.69 2.68 First 0.88 0.88 0.62 0.67 Quick ratio 1.02 1.00 0.95 Max 0.88(25 01) 0.88(25 01) 0.67(29 12) 0.71(19 01) Net working capital (LTL thou) 40 715 41 171 45 522 Min 0.64(07 06) 0.60(19 10) 0.45(12 09) 0.46(01 06) Net working capital to total assets 0.33 0.33 0.36 Last 0.67 0.62 0.67 0.59
Change (%) -23.86 -29.55 8.06 -11.94 Guide to Listed Companies PROFITABILITY RATIOS Profit margin 10.22% 8.05% 7.23% Number of transactions (CM) 4 58 142 208 Return on assets 7.11% 5.12% 4.16% Turnover CM (units) 1 000 44 325 135 953 836 710 2000 Return on equity 8.72% 6.36% 5.31% Turnover CM (LTL) 640 27 342 78 753 490 836 Turnover BT (units) 453 875 502 363 343 972 635 742 FINANCIAL LEVERAGE RATIOS Turnover BT (LTL) 1 572 802 1 604 285 161 547 182 523 Total debt ratio 0.18 0.20 0.22 CM turnover as % in total 0.22 8.11 28.33 56.82 Debt / equity ratio 0.23 0.24 0.28 Total turnover (units) 454 875 546 688 479 925 1 472 452 ASSETS UTILISATION RATIOS Total turnover (LTL) 1 573 442 1 631 627 240 301 673 360 Inventory turnover 1.35 1.39 1.13 Turnover ratio (%) 0.62 0.75 0.66 2.01 Receivables turnover 4.27 4.36 4.24 As % in the total share turnover 0.29 0.13 0.03 0.29 Net working capital turnover 2.12 1.92 1.58 Long term assets turnover 1.43 1.34 1.23 Total assets turnover 0.70 0.64 0.58 MARKET VALUE RATIOS 1998 1999 2000 2Q 2001
Capitalisation (LTL thou) 64 318 45 315 48 969 43 122 Share book value (LTL) 1.38 1.37 1.34 1.33 Price / book value ratio (P/BV) 0.64 0.45 0.50 0.44 Earnings per share (LTL) 0.12 0.09 0.07 0.09 Price / earnings ratio (P/E) 7.30 7.12 9.41 6.92 Dividend per share (LTL) 0.07 0.07 0.07 Dividend yield 0.08 0.11 0.10 Dividend payout ratio 0.58 0.80 1.00
STRUCTURE OF SHARE CAPITAL
Share capital: LTL 73,088,135 Ordinary shares: 73 088 135 registered shares at LTL 1 par (security code 11865) accounting for 100% of the auth. capital (admitted to trading at the NSEL on 25.05.98)
45 ALITALITHUANIAN COMPANIES NACIONALINË VERTYBINIØ P0PIERIØ BIRÞA
LAS Company Company Company LAS Company Company Company BALANCE SHEET (LTL) 1998 1999 2000 PROFIT (LOSS) ACCOUNT (LTL) 1998 1999 2000 Assets Items LONG TERM ASSETS 60284266 58998268 58319357 SALES AND SERVICES 86180190 79095636 71976122 Formation costs 0 0 0 Turnover from sales of goods 81348204 74172998 68026441 Intangible assets 278761 252321 49250 Turnover from services rendered 4831986 4922638 3949681 Tangible assets 58817672 57560165 57156824 COST OF GOODS SOLD Land 0 0 0 AND SERVICES RENDERED 59041331 56556349 49715226 Buildings 28735583 28891780 28832355 Raw materials, consumables Plant and machinery 2892431 2614209 2542469 and goods for resale 53955963 51532993 46677865 Vehicles and other transport means 1683439 1316445 1037809 Services, works and research 5085368 5023356 3037361 Other fixtures, fittings, tools GROSS PROFIT (LOSS) 27138859 22539287 22260896 and equipment 19754251 20584186 20191754 OPERATING EXPENSES 16186303 13917593 16344455 Leasing and similar rights 0 167294 141017 Selling expenses 5305545 6093022 6551775 Other tangible assets 5076997 3695545 3374753 General and administrative expenses 10880758 7824571 9792680 Constructions in progress PROFIT FROM OPERATIONS (LOSS) 10952556 8621694 5916441 and prepayments 674971 290706 1036667 OTHER OPERATIONS -159092 25176 -21154 Financial long term assets 1185616 1185782 1113283 Other operating revenue 162851 90640 48061 Amounts receivable after one year 2217 0 0 Other operating expenses 321943 65464 69215 Trade debtors 0 0 0 FINANCIAL AND INVESTING ACTIVITIES 37894 -1294405 -1150364 Other amounts receivable 2217 0 0 Revenue from financial SHORT TERM ASSETS 62932714 64702945 66078959 and investing activities 958994 594641 918688 Stocks and contracts in progress 40176319 41075605 46870168 Expenses of financial Stocks 40176319 41075605 46870168 and investing activities 921100 1889046 2069052 Contracts in progress 0 0 0 PROFIT FROM ORDINARY Amounts receivable within one year 17902178 18413677 15518275 ACTIVITIES (LOSS) 10831358 7352465 4744923 Trade debtors 16657709 16349571 14327181 EXTRAORDINARY GAIN 191556 378169 779302 Other amounts receivable 1244469 2064106 1191094 EXTRAORDINARY LOSSES 680608 511036 322919 Investments and term deposits 0 0 0 CURRENT YEAR PROFIT BEFORE TAXES 10342306 7219598 5201306 Cash at bank and hand 4854217 5213663 3690516 INCOME TAXES 1534450 852358 0
Guide to Listed Companies TRANSFER ACCOUNTS 627819 777417 6531221 NET PROFIT OF THE CURRENT YEAR Total assets 123844799 124478630 125051438 FOR APPOPRIATION (LOSS) 8807856 6367240 5201306
2000 Owners' equity and liabilities CAPITAL AND RESERVES 100999165 100059884 97963076 Capital 73088135 73088135 73088135 Subscribed capital 73088135 73088135 73088135 Uncalled capital (-) 0 0 0 Share premium account 0 0 0 Revaluation reserve 0 0 0 Reserves 22021030 23326939 20918762 Legal reserve 4758968 5369025 5960848 Reserves not available for distribution 10503310 11199162 11199162 Reserves available for distribution 6758752 6758752 3758752 Profit (loss) brought forward 5890000 3644810 3956179 FINANCING (GRANTS AND SUBSIDIES) 0 0 0 PROVISIONS FOR LIABILITIES AND CHARGES, POSTPONED AND DEFERRED TAXES 0 0 0 Provisions 0 0 0 Postponed taxes 0 0 0 AMOUNTS PAYABLE AND LIABILITIES 22730308 24201654 26926702 Amounts payable after one year and long term liabilities 0 109614 0 Financial debts 0 109614 0 Trade creditors 0 0 0 Suppliers 0 0 0 Bills of exchange payable 0 0 0 Prepayments received on contracts in progress 0 0 0 Other amounts payable and long term liabilities 0 0 0 Amounts payable within one year and short term liabilities 22730308 24092040 26926702 Short term portion of long term debts 0 0 52266 Financial debts 11791985 11274881 15110133 Credit institutions 11791985 11274881 15110133 Other loans 0 0 0 Trade creditors 2690210 3903457 2543152 Suppliers 2117827 0 2543152 Bills of exchange payable 0 0 0 Prepayments received on contracts in progress 0 0 0 Taxes, remuneration and social security payable 1846592 3063477 3410686 Taxes 1111808 1933087 2321582 Remuneration 531832 799129 714198 Social security payable 202952 331261 374906 Other amounts payable and short term liabilities 6401521 5850225 5810465 ACCRUED CHARGES AND DEFERRED INCOME 115326 217092 161660 Total owner's equity and liabilities 123844799 124478630 125051438
46 LITHUANIAN COMPANIESANYKÐÈIØ VYNAS NATIONAL STOCK EXCHANGE OF LITHUANIA
MANUFACTURE AND BOTTLING OF WINE Address: S.Dariaus ir S.Girëno g. 8, LT-4930 Anykðèiai Supervisory Board (no participation in the company): Phone: (370-51) 50399, 50290 Virginija Þoðtautienë, Chairwoman, Fax: (370-51) 52868, 50350 Arvydas Basiulis, Almantas Bakutis, Angelë Þadeikaitë E-mail: [email protected] Management Board (participation in the company): www.anyksciu-vynas.lt Vidmantas Kanopa, Chairman (0%), Registration date: 21 11 1990 Jonas Karvelis (0.14%), Violeta Labutienë (0%), Vytautas Mikulënas (0.13%) Registration code: 5411165 Managing Director (participation in the company): Vidmantas Kanopa (0%) Established: 1926 Contact Person: Violeta Labutienë, Director of Economy Department, tel. (370-51) 50219 Number of employees: 701 Authorised capital: LTL 50.1m Capitalisation (30 06 2001): LTL 21m STRUCTURE OF OWNERSHIP (27 04 2001) Auditor: Arthur Andersen Total number of shareholders amounts to 887 Trading List: Current State (Ministry of Agriculture) 73.50%
CORPORATE HISTORY In 1999, preparation of the quality system complying with ISO 9000 standards was In 1926, Balys Karazija started production of excellent, fragrant fruit and berry wine in completed. This system was certified by the international certification organisation Veritas Anykðèiai region. Soon his wine gained international recognition. In 1938, wine Birutë Quality International. In addition to this system, last year mandatory requirements of the won the first prize in the international exhibition in Paris, while wines Senasis and Banga global market for production of safe food were prepared and implemented. were awarded gold medals. In order to introduce its products on foreign markets, expand export volumes, and promote After World War II ANYKÐÈIØ VYNAS became a leading wine-maker. Natural wines the country abroad, ANYKÐÈIØ VYNAS participated in the following international exhibitions: received a quality mark and were displayed at international exhibitions in New York, Vinorum in Tallinn, Interfood in St.Petersburg, Polagra-99 in Poznan, Worldfood in Guide to Listed Companies Leipzig, and London. The companys wines were a great success at the London exhibition Moscow, Sial Merkosur-99 in Argentina, Riga Food-99 in Riga, and AgroBalt-99 in Vilnius. At the international and state competitions the best products of the company were
in 1969. 2000 awarded 9 gold medals and 1 silver medal, also were conferred title of the Product of From 1965 to 1995 the company had undergone a number of changes in its status from an the Year and a diploma of the exhibition Choose the Lithuanian Good. experimental wine plant to the state enterprise and finally to a joint stock company ANYKÐÈIØ VYNAS. For achievements in modernising production, expanding the assortment, and improving working conditions ANYKÐÈIØ VYNAS has retained its position among first ten companies On 25 August 2000, the increased authorised capital was registered at the Register of in TOP 20 of Lithuanian companies and has been awarded diplomas of Confederation of Enterprises. The authorised capital was increased out of the companys funds to LTL 54.1m Lithuanian Industrialists. by issuing 16,714,503 ordinary registered shares. DEVELOPMENTS IN 2000 BUSINESS ACTIVITY In 2000, ANYKÐÈIØ VYNAS processed over 20thou tons of apples and more than 800 tons ANYKÐÈIØ VYNAS is the oldest and largest wine-maker not just in Lithuania, but in the of various berries (cranberries including). It also produced 2,210 tons of concentrated whole Baltic region. The company produces fruit and berry wine, grape wine, sparkling apple juice and 727 tons of dried apple-cake. wine, wine cocktails, vodka-liqueur products, brandies, and juice concentrates. During 2000, production volumes of alcoholic drinks amounted to LTL 927thou dal or by The latest ANYKÐÈIØ VYNAS technologies enable within 24 hours to process 400 tons 389thou dal (~ 30%) less than in 1999. Production of the major products fruit and of apples and 100 tons of berries and to produce 3,000 tons of concentrated juice as berry wines decreased in particular. Production plan of the latter wines was executed well as raw material for 1.2m dal of fruit-berry and sparkling wines, 200thou dal of by 62.2%, that of grape wines was fulfilled by 30.3%. However, production volumes of liqueur and brandies during the season. Modern technologies and know-how of the vodka exceeded the planned quantity by 9thou dal. Significant decrease of sales volumes main wine producing and bottling sections allow to produce 3m bottles of sparkling resulted in lower production volumes. In response to certain changes on the market and wines and 1.5m dal of fruit-berry and grape wines. tax policy, ANYKÐÈIØ VYNAS searched for new products that would enliven the sales. 99.9% of the alcoholic drink production is sold on the domestic market, and the remaining In the course of the year, ANYKÐÈIØ VYNAS launched 15 new products (11 new wines part is exported to Latvia and Kaliningrad region (Russia), whereas as much as 95% of and 3 brands of vodka) and started producing cider. Under the current policy of excise concentrated apple juice is exported to Germany. taxes, manufacture of weaker dessert wines (13% vol.) was beneficial. Local growers of fruit and berries are the main suppliers of raw materials. Other material In 2000, the companys sales constituted LTL 61.3m (cf. LTL 75.6m in 1999), and net supplies and complementary parts are acquired in Lithuania and imported from foreign loss accounted for LTL 1.17m (cf. 7.77m in 1999). countries (Germany, France, Argentina, Spain, Estonia, and Slovakia). Lithuanian PLANS, PROSPECTS FOR 2001 companies account for 82% of supplies, and foreign companies take 18%. ANYKÐÈIØ VYNAS realises its production through a network of wholesale traders, who sign one- The companys objectives for the near future are to enhance production quality, reduce year agreements with the company, as well as through a network of retail selling costs, expand and modify the range of products based on the carried-out market research. consisting of 26 specialised shops. The exhaustive plan of the above stated measures and a strict monitoring over its fulfilment should enable profitable operation of ANYKÐÈIØ VYNAS in 2001. The company is During 1999 ANYKÐÈIØ VYNAS opened 5 new shops in Ðiauliai, Druskininkai, Ðilutë, implementing environmental management system in compliance with the international Panevëþys, and Plungë and their current number amounts to 26. standard ISO 14000, which should be completed in 2001 and integrated into the already operating quality system ISO 9002.
47 ANYKÐÈIØLITHUANIAN VYNAS COMPANIES NACIONALINË VERTYBINIØ P0PIERIØ BIRÞA
ISIN-code: LT0000112773 Code: 11277 NSEL: ANYK Reuters: ANYK.VL Bridges: lt;ANYK LTL Anykðèiø Vynas (1) Daily Volume
2.5 100 000
2.0 80 000
1.5 60 000
1.0 40 000
0.5 20 000
0 0 1996 1997 1998 1999 2000 2001
FINANCIAL RATIOS 1998 1999 2000 TRADING STATISTICS 1998 1999 2000 1Q 2001
LIQUIDITY RATIOS PRICE (LTL) Current ratio 1.38 1.37 1.27 First 1.42 0.89 0.79 0.49 Quick ratio 0.41 0.43 0.31 Max 1.58(20 03) 0.93(18 01) 1.11(16 03) 0.49(30 01) Net working capital (LTL thou) 11 05 11 93 8 148 Min 0.75(18 12) 0.65(02 07) 0.43(16 11) 0.36(03 05) Net working capital to total assets 0.13 0.12 0.09 Last 0.89 0.79 0.49 0.42
Guide to Listed Companies Change (%) -37.32 -11.24 -37.97 -14.29 PROFITABILITY RATIOS Profit margin 8.09% 4.34% -6.21% Number of transactions (CM) 1255 613 809 116 2000 Return on assets 6.60%* 3.74% -4.11% Turnover CM (units) 1 850 906 1 004 564 1 329 853 512 928 Return on equity 10.78%* 6.40% -7.33% Turnover CM (LTL) 2 234 792 778 091 961 113 219 496 Turnover BT (units) 545 538 164 931 138 954 22 241 FINANCIAL LEVERAGE RATIOS Turnover BT (LTL) 556 439 199 590 80 109 6 284 Total debt ratio 0.39 0.44 0.44 CM turnover as % in total 77.24 85.90 90.54 95.84 Debt / equity ratio 0.63 0.79 0.78 Total turnover (units) 2 396 444 1 169 495 1 468 807 535 169 ASSETS UTILISATION RATIOS Total turnover (LTL) 2 791 231 977 682 1 041 222 225 780 Inventory turnover 1.55* 1.81 1.52 Turnover ratio (%) 7.17 3.50 2.93 1.07 Receivables turnover 6.30* 6.83 6.31 As % in the total share turnover 0.31 0.08 0.13 0.10 Net working capital turnover 6.44* 6.92 6.17 Long term assets turnover 1.61 1.50 1.21 Total assets turnover 0.82 0.82 0.69 MARKET VALUE RATIOS 1998 1999 2000 2Q 2001 * value from previous year is not included Capitalisation (LTL thou) 29 752 26 409 24 570 21 060 Share book value (LTL) 1.90 2.00 1.23 1.19 Price / book value ratio (P/BV) 0.47 0.40 0.40 0.35 Earnings per share (LTL) 0.32 0.23 -0.03 -0.14 Price / earnings ratio (P/E) 2.81 3.40 - - Dividend per share (LTL) 0.07 - - Dividend yield 0.08 - - Dividend payout ratio 0.22 - -
STRUCTURE OF SHARE CAPITAL
Share capital: LTL 50,143,508 Ordinary shares: 50 143 508 registered shares at LTL 1 par (security code 11277) accounting for 100% of the auth. capital (admitted to trading at the NSEL on 10.07.95)
48 LITHUANIAN COMPANIESANYKÐÈIØ VYNAS NATIONAL STOCK EXCHANGE OF LITHUANIA
IAS Company Company Company BALANCE SHEET (LTL) 1998 1999 2000
Assets NON-CURRENT ASSETS 44273000 52866000 51258000 Intangible assets 220000 296000 317000 Tangible assets 41639000 52570000 50941000 Buildings and plant 22655000 22660000 Machinery and equipment 23755000 24164000 Constructions in progress 2878000 1212000 Other tangible assets 2927000 2905000 Prepayments for long term tangible assets 355000 Constructions in progress 1948000 Prepayments for long term tangible assets 466000 CURRENT ASSETS 42904000 44495000 38587000 Inventories 29748000 30383000 29310000 Trade receivables 7600000 7780000 5850000 Prepayments and other current assets 3691000 4212000 1789000 Cash and cash equivalents 1140000 1641000 1285000 Deferred charges 725000 479000 353000 Total assets 87177000 97361000 89845000
Equity and liabilities CAPITAL AND RESERVES 53364000 54404000 50558000 Share capital 33429000 33429000 50144000 Guide to Listed Companies Capital reserve 100000 100000 100000
Legal reserves 3343000 3343000 3343000 2000 Retained earnings 16492000 17532000 -3029000 NON-CURRENT LIABILITIES 1956000 Non-current financial debts 1823000 Leasing amounts payable after one year 133000 NON-CURRENT LOAN 7563000 5600000 DEFERRED TAX LIABILITIES, NET 2832000 3248000 CURRENT LIABILITIES 31857000 32562000 30439000 Current year portion of long term loans 3349000 4658000 4293000 Current loans 19000000 18152000 19612000 Trade payables 2242000 3789000 3850000 Other payables 1618000 Accrued and other current liabilities 2152000 2929000 2684000 Dividends and premium payable 3496000 3034000 Total equity and liabilities 87177000 97361000 89845000
INCOME STATEMENT (LTL) 1998 1999 2000 SALES, NET 71154000 79523000 61916000 Cost of sales -46081000 -54391000 -45375000 GROSS PROFIT (LOSS) 25073000 25132000 16541000 Sales and distribution costs -3715000 -4703000 -3284000 General and administrative expenses -11573000 -11808000 -13836000 OPERATING PROFIT (LOSS) 9785000 8621000 -579000 Income from financial activities 476000 406000 Costs of financial activities -2817000 -3257000 Financial income/costs, net -2255000 PROFIT (LOSS) BEFORE TAX 7530000 6280000 -3430000 Profit tax -1776000 -2832000 -416000 NET PROFIT (LOSS) 5754000 3448000 -3846000
Earnings per share (LTL) 0.17 0.10 -0.10
49 SEMALITHUANIAN COMPANIES NACIONALINË VERTYBINIØ P0PIERIØ BIRÞA
ALCOHOLIC DRINKS Address: Respublikos g. 82, LT-5319 Panevëþys Supervisory Board (no participation in the company): Phone: (370-5) 461327 Benas Gudelis, Chairman, Fax: (370-5) 465793 Rimvydas Jasinavièius, Leonas Pobedonoscevas, E-mail: [email protected] Alma Grigalienë, Rimas Jakuèionis, Nijolë Bieliauskienë Management Board (participation in the company): Registration date: 28 03 1995 Gediminas Sargûnas, Chairman (3.68%), Registration code: 4702413 Sigita Èiurlienë (0.11%), Elvyra Juzënienë (0.02%) Established: 1891 Managing Director (participation in the company): Gediminas Sargûnas (3.68%) Privatised: 1992 Contact Person: Gediminas Sargûnas, Director General, tel. (370-5) 461327 Number of employees: 168 Authorised capital: LTL 23.3m Capitalisation (30 06 2001): LTL 6.5m STRUCTURE OF OWNERSHIP (20 04 2001) Total number of shareholders amounts to 1020 Auditor: Turto ir Nuosavybës Auditas UAB Bennet Distributors, Lithuanian-USA UAB 35.73% Trading List: Current State Property Fund 19.27%
CORPORATE HISTORY Lately SEMA continued to develop the production of alcoholic drinks by expanding the SEMA is one of the oldest companies operating in Lithuania. Its history tracks date as far present assortment and introducing new products - 16% vol. wines Vyðnaitë, Ðermukðnis, back as 1891, when S.MONTVILAS DISTILLERY was founded. During World War I the Serbentëlë, and wines from the series of Zodiac signs. Due to a high level of competition, plant was destroyed, equipment dismounted and transported to Germany. In 1921, the re- sales volumes of alcoholic drinks dropped by 15%. In 1999, glintwine Ðventinis Vynas established distillery S.MONTVILAS SUCCESSORS & CO started producing yeast, alcohol, Kalëdoms (Christmas Wine) as well as white and red vermouth Sema accounted for the and vodka. With the occupation of Lithuania by the Soviet Army in 1940, the company largest share in the company's sales. In 1999, the red vermouth Sema was recognised the was nationalised. best product of the year. Guide to Listed Companies In 1992, PANEVËÞYS STATE DISTILLERY underwent partial privatisation (22% of the DEVELOPMENTS IN 2000 enterprises capital were privatised) and was transformed into a public company with
2000 In 2000, the companys turnover amounted to LTL 14.4m (LTL 18.2m in 1999). Sales state capital SEMA. When part of the 1992 profit was capitalised in 1993, state holdings (at the companys sale-price) of SEMA constituted LTL 11.4m, which is by 25% lower fell to 27%. as compared with 1999 (LTL 15.1m). The major reason which accounts for decreasing Since 1993 the authorised capital of the company has been increased 4 times (in 1995 - sales volumes is the reduced demand for rectified spirit, baking yeast, and alcoholic drinks from LTL 1.65m to LTL 12.19m, in 1996 - to LTL 15.5m, and in 1997 - to LTL 20.69m). on the domestic market with the tough competition among producers. On 12 November 1997, the shareholders approved the issue of 17,000 convertible In 2000, sales of rectified spirit constituted 68.8thou dal for LTL 2.49m (cf. 128.5thou dal bonds amounting to LTL 8.5m. On 15 January 1998, the distribution of this issue was for LTL 4.83m in 1999). Sales volumes of baking yeast, as compared with 1999, decreased successfully completed. In May 1998, having converted bonds into 1.7m ordinary by 36% and constituted 1,581 tons, and the turnover dropped from LTL 7.96m to registered shares at LTL 5 par, the authorised capital was increased by LTL 8.5m. LTL 4.89m. Considerably strengthened positions of yeast importers, intensified In November 1998, the Lithuanian and USA joint venture Bennet Distributors UAB acquired competition on the market, and price dumping of imported yeast are the main factors a 35.6% block of SEMAs shares. that have caused the fall in turnover. BUSINESS ACTIVITY In 2000, sales volumes of alcoholic beverages totalled LTL 767thou (a decrease of 40% over the year), or 273thou bottles were sold (by 33% less than in 1999), which reflects the The company offers diversified products. Rectified spirit constitutes 21.6%, baking yeast tendency of lowering market prices. accounts for 42.9% (46% of domestic baking yeast market), technical products get 28.54%, and alcoholic drinks amount to 6.7% of the total sales. Until the end of 1999, SEMA exported This year, the company expanded its range of products by introducing 20% vol. sweet rectified spirit to Kazakhstan, however, in 1999-2000 it was realised only in Lithuania for brandy Gudelinë, 16% vol. wines Sema Bitter and Fortveinas. medical and pharmaceutical purposes, manufacture of alcoholic drinks and food products. Some positive tendencies may be traced not only in the sales structure but also in the The domestic market consumes the bulk of baking yeast (99.8%). Technical products of companys activity in general. In the course of 2000, SEMA managed to increase its spirit, namely window cleaner, organic solvent, and others, are exported to Sweden, Latvia, income from sales of technical products of spirit 2.5 times as compared with 1999. and Estonia. The companys sales amounted to LTL 3.26m (LTL 1.33m in 1999). 75% of all alcoholic drinks produced by SEMA are sold by private company Bennett On 18 May 2000, due to the losses the authorised capital was reduced from LTL 29.2m Distributors, the major distributor of the company's alcoholic drinks. to LTL 23.3m, by reducing the par value of shares from LTL 5 to LTL 4. The supplies of raw materials - molasses, sulphuric acid, homogenous yeast culture, PLANS, PROSPECTS FOR 2001 potassium chloride, etc. come from Lithuanian sugar factories and other domestic It is planned that in 2001 the companys sales volumes will come to approximately companies as well as from Polish, German, and Estonian partners. LTL 13m, i.e. will show an increase of 15% over the level of 2000. SEMA anticipates The company fully implemented the quality control system according to ISO 9002 and in earning annual profit of up to LTL 50thou. Decreasing sales revenues prompt the company 1997 was awarded an international quality certificate by German agency TUV-CERT. to continue pursuing intensive programme for reduction of expenses. At the end of 1999, SEMA launched production of technical products of spirit: window In 2001, the company intends to develop sales of technical products. Over January 2001, cleaner, organic solvent, various additives for production of paint, and others. The principal in accordance to the export contract technical products for the total amount of LTL 1.6m raw material for production of the previously mentioned products is spirit produced at the were exported to Sweden. company. On 30 May 2001, amendments to the Articles of Association of SEMA were registered At the end of 1999 the company invested into a newly established private company Sema with a subdivision of Register of Enterprises. According to these changes, par value Mielës which is occupied with yeast manufacture and sales business. It is planned to sell of an ordinary registered share was changed from LTL 4 to LTL 1. The companys this company in the future. authorised capital of LTL 23,331,160 is divided into 23,331,160 ordinary registered shares at LTL 1 par.
50 LITHUANIAN COMPANIESSEMA NATIONAL STOCK EXCHANGE OF LITHUANIA
ISIN-code: LT0000110694 Code: 11069 NSEL: SEMA Reuters: SEMA.VL Bridges: lt;SEMA LTL Sema (4) Daily Volume
15 30 000 33810
12 24 000
9 18 000
6 12 000
3 6 000
0 0 1996 1997 1998 1999 2000 2001
FINANCIAL RATIOS 1998 1999 2000 TRADING STATISTICS 1998 1999 2000 1Q 2001
LIQUIDITY RATIOS PRICE (LTL) Current ratio 1.71 0.54 0.57 First 4.11 2.58 1.10 0.48 Quick ratio 0.93 0.16 0.17 Max 4.89(07 01) 2.79(04 01) 1.10(04 01) 1.00(01 05) Net working capital (LTL thou) 9 443 -7 109 -4 341 Min 2.07(26 06) 1.10(30 12) 0.48(29 12) 0.28(27 06) Net working capital to total assets 0.16 -0.16 -0.10 Last 2.58 1.10 0.48 0.28
Change (%) -37.23 -57.36 -56.36 -41.67 Guide to Listed Companies PROFITABILITY RATIOS Profit margin -1.01% -38.04% -20.19% Number of transactions (CM) 608 36 24 35 Return on assets -0.65% -15.17% -6.79% Turnover CM (units) 231 825 5 688 3 859 76 368 2000 Return on equity -1.19% -27.14% -12.84% Turnover CM (LTL) 716 450 9 676 3 051 26 147 Turnover BT (units) 2 512 681 28 090 40 820 0 FINANCIAL LEVERAGE RATIOS Turnover BT (LTL) 10 373 608 66 950 26 116 0 Total debt ratio 0.46 0.44 0.47 CM turnover as % in total 8.45 16.84 8.64 100.00 Debt / equity ratio 0.84 0.79 0.89 Total turnover (units) 2 744 506 33 778 44 679 76 368 ASSETS UTILISATION RATIOS Total turnover (LTL) 11 090 058 76 626 29 167 26 147 Inventory turnover 1.85 1.91 2.49 Turnover ratio (%) 47.00 0.58 0.77 0.33 Receivables turnover 2.80 2.57 7.80 As % in the total share turnover 1.25 0.01 0.00 0.01 Net working capital turnover 4.07 -2.57 -3.32 Long term assets turnover 1.04 0.49 0.39 Total assets turnover 0.64 0.40 0.34 MARKET VALUE RATIOS 1998 1999 2000 2Q 2001
Capitalisation (LTL thou) 15 065 6 423 2 800 6 533 Share book value (LTL) 5.58 4.38 3.89 0.96 Price / book value ratio (P/BV) 0.46 0.25 0.12 0.29 Earnings per share (LTL) -0.07 -1.19 -0.50 -0.39 Price / earnings ratio (P/E) - - - - Dividend per share (LTL) - - - Dividend yield - - - Dividend payout ratio - - -
STRUCTURE OF SHARE CAPITAL
Share capital: LTL 23,331,160 Ordinary shares: 23 331 160 registered shares at LTL 1 par (security code 11069) accounting for 100% of the auth. capital (admitted to trading at the NSEL on 17.07.95)
51 SEMALITHUANIAN COMPANIES NACIONALINË VERTYBINIØ P0PIERIØ BIRÞA
LAS Company Company Company LAS Company Company Company BALANCE SHEET (LTL) 1998 1999 2000 PROFIT (LOSS) ACCOUNT (LTL) 1998 1999 2000 Assets Items LONG TERM ASSETS 36923151 37473576 37180247 SALES AND SERVICES 38413490 18243513 14404251 Formation costs 420469 325273 230077 Turnover from sales of goods 38413490 18243513 14404251 Intangible assets 48456 62047 58619 Turnover from services rendered 0 0 0 Tangible assets 36454226 37086256 36891551 COST OF GOODS SOLD Land 0 0 0 AND SERVICES RENDERED 25929170 15552934 12202666 Buildings 11717767 12071271 11834058 Raw materials, consumables Plant and machinery 13376138 12063821 10724766 and goods for resale 25929170 15552934 12202666 Vehicles and other transport means 525463 373900 322934 Services, works and research 0 0 0 Other fixtures, fittings, tools GROSS PROFIT (LOSS) 12484320 2690579 2201585 and equipment 6111856 5682192 5210771 OPERATING EXPENSES 10038464 7878175 3416725 Leasing and similar rights 146567 112411 0 Selling expenses 3659677 0 0 Other tangible assets 281089 217714 154689 General and administrative expenses 6378787 0 0 Constructions in progress PROFIT FROM OPERATIONS (LOSS) 2445856 -5187596 -1215140 and prepayments 4295346 6564947 8644333 OTHER OPERATIONS -242899 -7494 -18164 Financial long term assets 0 0 0 Other operating revenue 24675 6611 4730 Amounts receivable after one year 0 0 0 Other operating expenses 267574 14105 22894 Trade debtors 0 0 0 FINANCIAL AND INVESTING ACTIVITIES -2520655 -1600385 -1676758 Other amounts receivable 0 0 0 Revenue from financial SHORT TERM ASSETS 22766815 8180618 5624330 and investing activities 273872 524887 1092047 Stocks and contracts in progress 10440871 6036140 3936116 Expenses of financial Stocks 10440871 5869794 3936116 and investing activities 2794527 2125272 2768805 Contracts in progress 0 0 0 PROFIT FROM ORDINARY Amounts receivable within one year 12106530 2095922 1599780 ACTIVITIES (LOSS) -317698 -6795475 -2910062 Trade debtors 7029678 1535178 1104050 EXTRAORDINARY GAIN 11726 17055 1504 Other amounts receivable 5076852 560744 495730 EXTRAORDINARY LOSSES 80085 161270 0 Investments and term deposits 29342 10000 10000 CURRENT YEAR PROFIT BEFORE TAXES -386057 -6939690 -2908558 Cash at bank and hand 190072 38556 78434 INCOME TAXES 0 0 0
Guide to Listed Companies TRANSFER ACCOUNTS 64544 85683 40318 NET PROFIT OF THE CURRENT YEAR Total assets 59754510 45739877 42844895 FOR APPOPRIATION (LOSS) -386057 -6939690 -2908558
2000 Owners' equity and liabilities CAPITAL AND RESERVES 32509262 25569572 22661014 Capital 29195565 29195565 23331160 Subscribed capital 29195565 29195565 23331160 Uncalled capital (-) 0 0 0 Share premium account 34005 34005 34005 Revaluation reserve 0 0 0 Reserves 3279692 2204407 2204407 Legal reserve 1075285 0 0 Reserves not available for distribution 2204407 2204407 2204407 Reserves available for distribution 0 0 0 Profit (loss) brought forward 0 -5864405 -2908558 FINANCING (GRANTS AND SUBSIDIES) 0 0 0 PROVISIONS FOR LIABILITIES AND CHARGES, POSTPONED AND DEFERRED TAXES 54501 951 0 Provisions 54501 951 0 Postponed taxes 0 0 0 AMOUNTS PAYABLE AND LIABILITIES 26810419 20146285 20161661 Amounts payable after one year and long term liabilities 13802345 4794013 10177818 Financial debts 13802345 4794013 10177818 Trade creditors 0 0 0 Suppliers 0 0 0 Bills of exchange payable 0 0 0 Prepayments received on contracts in progress 0 0 0 Other amounts payable and long term liabilities 0 0 0 Amounts payable within one year and short term liabilities 13008074 15352272 9983843 Short term portion of long term debts 3132000 1300000 2997042 Financial debts 4813319 12529502 4378328 Credit institutions 4760000 12500000 4378328 Other loans 53319 29502 0 Trade creditors 3535888 300196 343485 Suppliers 3535888 300196 343485 Bills of exchange payable 0 0 0 Prepayments received on contracts in progress 226236 5464 456610 Taxes, remuneration and social security payable 491900 405421 792286 Taxes 145179 251757 583025 Remuneration 211887 120637 209261 Social security payable 134834 33027 0 Other amounts payable and short term liabilities 808731 811689 1016092 ACCRUED CHARGES AND DEFERRED INCOME 380328 23069 22220 Total owner's equity and liabilities 59754510 45739877 42844895
52 LITHUANIAN COMPANIESSTUMBRAS NATIONAL STOCK EXCHANGE OF LITHUANIA
ALCOHOLIC DRINKS Address: K.Bûgos g. 7, LT-3000 Kaunas Supervisory Board (no participation in the company): Phone: (370-7) 308800 A.Stankaitienë, G.Buinevièius, I.Adomaitytë, A.Gabalis Fax: (370-7) 308833 Management Board (participation in the company): E-mail: [email protected] Vidmantas Ðvabas, Chairman (0%), www.stumbras.lt Antanas Samoðka (0%), Gediminas Petrauskas (0%), Registration date: 04 10 1995 Kæstutis Ðtaras (0%), Aldona Volkienë (0%) Registration code: 3208278 Managing Director (no participation in the company): Vidmantas Ðvabas (0%) Established: 1906 Contact Person: Vaida Kalvaitienë, Assistant of Director General, tel. (370-7) 308800
Number of employees: 727 Authorised capital: LTL 89m Capitalisation (30 06 2001): LTL 62.3m STRUCTURE OF OWNERSHIP (20 04 2001) Auditor: A.Kabokienës ir V.Jakutienës Audito TÛB Total number of shareholders amounts to 980 Trading List: Current State (Ministry of Agriculture) 91.95%
CORPORATE HISTORY DEVELOPMENTS IN 2000 The company was established in 1906. Until 1952, the plant was not mechanised. In 2000, the companys plan of sales of alcoholic drinks was executed by 100.1%. In 1954, the first automatic vodka bottling line was launched, and after five years, major Sales and services (VAT and excise excluded) climbed up by 50.8%, to LTL 112.1m, reconstruction of the factorys shops was carried out. In 1975, STUMBRAS production and net profit reached LTL 18.7m. The growth of sales resulted from the reduction of unit of vodka-liqueur products was established. Antanava, Balbieriðkis, and Ðilutë alcohol excise duty on vodka in October 1999 as well as improved work organisation of the plants were joined to STUMBRAS factory as branches. In 1990, the unit was re-organised company. In 2000, the company introduced a discount system applied for alcoholic
into a state owned company STUMBRAS. beverages and rectified spirit. Guide to Listed Companies In 1991, STUMBRAS was transformed into a public company, and in 1995, it was In 2000, the company launched a computerised accounting and management system
reregistered as a special purpose public company. At the time the authorised capital of the Concorde XAL. 2000 company constituted LTL 25.4m. In 1996, the authorised capital was increased to Sales of whisky bottled in Lithuania surged by 311% over the year. In 2000, Scotch whisky LTL 50.8m. In 1998, the company raised its authorised capital to LTL 76m by lifting the bottled by STUMBRAS occupied 33.4% of whisky market in Lithuania. face value per share from LTL 2 to LTL 3. In 2000, the company increased its authorised In November 2000, STUMBRAS started manufacture of strong vodka Stiprioji Lietuviðka, capital out of reserves not available for distribution (shares were distributed for shareholders created a new group of sweet brandies, and introduced "new generation" bottles. free of charge) by LTL 12.7m to LTL 88.98m. In December 2000, the company renewed bottling of mineral water. BUSINESS ACTIVITY At the exhibition AgroBalt2000, held annually in Lithuania, Prezidento vodka was awarded STUMBRAS specialises mainly in manufacture of vodka-liqueur products (1,382thou dal a gold medal. Vodka Lietuviðka Originali (Lithuanian Orginal) was recognised at another in 2000). The company also produces rectified ethyl alcohol (830thou dal in 2000), prestigious competition and won the title of the Product of the Year 2000. raw ethyl spirit (879thou dal in 2000), carbonic acid (753 tons in 2000), non-pasteurised beer (54thou l in 2000), and starch (1.452 tons in 2000). The company has 4 spirit plants In 2000, a quality system complying with LST EN ISO 9002 was launched. Besides, in Kaunas, Antanava, Balbieriðkis, and Ðilutë. STUMBRAS was granted ISO 9002 quality system certificate. STUMBRAS occupies 59.1% of alcohol market in Lithuania. Nearly all production of the PLANS, PROSPECTS FOR 2001 company is realised in Lithuania. Over 1% of the production is exported to Latvia, Estonia, In 2001, the company will aim to preserve the current positions on the local market and to and Israel. First steps are made in production export to Western Europe, the USA, Latin double export. STUMBRAS projects considerable investment into technological renovation, America, and the CIS countries. Most of the companys production is certified in the USA transport, and energy sector with a view to reducing costs. Stimulation of non-core and other countries. production (starch, mineral water, and beer), launch of a set of new sweet brandies as In order to get qualitative raw material, STUMBRAS concludes long-term agreements with well as creation of a quality vodka are among tasks scheduled for 2001. reliable and trustworthy suppliers. The company maintains close relations with Lithuanian In 2001, a modern complex system for securing food quality/safety Hazard analysis in farmers, who provide the company with ecologically clean raw materials (grain, potatoes, critical control points (HACCP) will be implemented and integrated into the structure of the holly grass, pear, and apple leaves, etc.) used in the production process. In 2000, the quality system management. share of Lithuanian companies and farmers among suppliers of STUMBRAS decreased from 75% to 42.9%. Some of the raw materials (bottles, juice concentrates, raw distiller and raw wine, aromatisers, whisky) are imported from Western Europe, Estonia, and Poland. Import of raw materials especially increased from Estonia, France, and Italy. In 1999, STUMBRAS introduced 7 new products to its trading network: brandy Victoria, 2 types of sweet brandy, 3 new brands of vodka, and whisky Stumbras. In 1999, Prezidento vodka was granted a gold medal, and brandy Trejos Devynerios won a silver medal at the international exhibition.
53 STUMBRASLITHUANIAN COMPANIES NACIONALINË VERTYBINIØ P0PIERIØ BIRÞA
ISIN-code: LT0000119430 Code: 11943 NSEL: STUM Reuters: STUM.VL Bridges: lt;STUM LTL Stumbras (3) Daily Volume
6.0 15 000 16118
4.8 12 000
3.6 9 000
2.4 6 000
1.2 3 000
0 0 1997 1998 1999 2000 2001
FINANCIAL RATIOS 1998 1999 2000 TRADING STATISTICS 1998 31 03 99 2000 1Q 2001
LIQUIDITY RATIOS PRICE (LTL) Current ratio 7.05 6.38 6.18 First 2.05 1.14 0.87 2.41 Quick ratio 4.85 4.56 4.40 Max 2.23(16 03) 1.14(21 01) 2.53(13 12) 2.85(01 02) Net working capital (LTL thou) 76 733 79 211 86 813 Min 0.55(11 09) 0.50(25 08) 0.91(04 01) 2.10(29 06) Net working capital to total assets 0.50 0.50 0.51 Last 1.14 0.87 2.41 2.10
Guide to Listed Companies Change (%) -44.39 -23.68 177.01 -12.86 PROFITABILITY RATIOS Profit margin 10.77% 11.93% 16.68% Number of transactions (CM) 131 44 263 253
2000 Return on assets 5.95% 5.60% 11.08% Turnover CM (units) 54 197 51 829 85 773 211 196 Return on equity 6.48% 6.17% 12.30% Turnover CM (LTL) 93 303 32 904 151 710 519 278 Turnover BT (units) 20 139 0 37 615 36 252 FINANCIAL LEVERAGE RATIOS Turnover BT (LTL) 11 234 0 56 331 70 583 Total debt ratio 0.08 0.09 0.10 CM turnover as % in total 72.91 100.00 69.51 85.35 Debt / equity ratio 0.09 0.10 0.11 Total turnover (units) 74 336 51 829 123 388 247 448 ASSETS UTILISATION RATIOS Total turnover (LTL) 104 537 32 904 208 041 589 861 Inventory turnover 1.99 1.91 2.45 Turnover ratio (%) 0.29 0.20 0.49 0.83 Receivables turnover 1.77 1.86 3.89 As % in the total share turnover 0.01 0.00 0.03 0.25 Net working capital turnover 1.11 0.94 1.29 Long term assets turnover 1.31 1.15 1.72 Total assets turnover 0.55 0.47 0.66 MARKET VALUE RATIOS 1998 31 03 99 2000 2Q 2001
Capitalisation (LTL thou) 28 982 20 338 71 481 62 286 Share book value (LTL) 5.59 5.71 5.13 5.24 Price / book value ratio (P/BV) 0.20 0.14 0.47 0.40 Earnings per share (LTL) 0.36 0.31 0.74 0.69 Price / earnings ratio (P/E) 3.15 2.60 3.28 3.06 Dividend per share (LTL) 0.21 - 0.21 Dividend yield 0.18 - 0.09 Dividend payout ratio 0.58 - 0.28
STRUCTURE OF SHARE CAPITAL
Share capital: LTL 88,980,297 Ordinary shares: 29 660 099 registered shares at LTL 3 par (security code 11943) accounting for 100% of the auth. capital (admitted to trading at the NSEL on 30.09.96)
54 LITHUANIAN COMPANIESSTUMBRAS NATIONAL STOCK EXCHANGE OF LITHUANIA
LAS Company Company Company LAS Company Company Company BALANCE SHEET (LTL) 1998 1999 2000 PROFIT (LOSS) ACCOUNT (LTL) 1998 1999 2000 Assets Items LONG TERM ASSETS 65272802 64514169 65205888 SALES AND SERVICES 85474129 74315800 112118866 Formation costs 0 0 92550 Turnover from sales of goods 85474129 74315800 110523739 Intangible assets 42983 209643 61586 Turnover from services rendered 0 0 1595127 Tangible assets 65229647 64302708 65029934 COST OF GOODS SOLD Land 0 0 0 AND SERVICES RENDERED 63922766 52257523 69461845 Buildings 31485875 30803972 33996435 Raw materials, consumables Plant and machinery 17446912 17092357 22317877 and goods for resale 63922766 52257523 68603874 Vehicles and other transport means 1231040 1199813 1049377 Services, works and research 0 0 857971 Other fixtures, fittings, tools GROSS PROFIT (LOSS) 21551363 22058277 42657021 and equipment 3161302 3281273 2975719 OPERATING EXPENSES 12885823 12213743 21612839 Leasing and similar rights 0 0 0 Selling expenses 5120998 3639180 0 Other tangible assets 0 0 3872456 General and administrative expenses 7764825 8574563 0 Constructions in progress PROFIT FROM OPERATIONS (LOSS) 8665540 9844534 21044182 and prepayments 11904518 11925293 818070 OTHER OPERATIONS 0 0 0 Financial long term assets 172 1818 1818 Other operating revenue 0 0 0 Amounts receivable after one year 0 0 20000 Other operating expenses 0 0 0 Trade debtors 0 0 0 FINANCIAL AND INVESTING ACTIVITIES 1522288 1874656 3112976 Other amounts receivable 0 0 20000 Revenue from financial SHORT TERM ASSETS 89309596 93549551 102991433 and investing activities 5214597 2361525 3280534 Stocks and contracts in progress 27818355 26812577 29811304 Expenses of financial Stocks 27818355 26812577 29811304 and investing activities 3692309 486869 167558 Contracts in progress 0 0 0 PROFIT FROM ORDINARY Amounts receivable within one year 44576270 35427231 22170059 ACTIVITIES (LOSS) 10187828 11719190 24157158 Trade debtors 28414314 29651848 18722203 EXTRAORDINARY GAIN 0 208682 308940 Other amounts receivable 16161956 5775383 3447856 EXTRAORDINARY LOSSES 0 484895 1355307 Investments and term deposits 9500000 23500000 41000000 CURRENT YEAR PROFIT BEFORE TAXES 10187828 11442977 23110791 Cash at bank and hand 7414971 7809743 10010070 INCOME TAXES 986277 2574483 4413626 TRANSFER ACCOUNTS 116664 395233 586311 NET PROFIT OF THE CURRENT YEAR Guide to Listed Companies Total assets 154699062 158458953 168783632 FOR APPOPRIATION (LOSS) 9201551 8868494 18697165
Owners' equity and liabilities 2000 CAPITAL AND RESERVES 142005604 143724694 152018787 Capital 50845884 76268826 88980297 Subscribed capital 50845884 76268826 88980297 Uncalled capital (-) 0 0 0 Share premium account 0 0 0 Revaluation reserve 0 0 0 Reserves 89050760 65306619 61666294 Legal reserve 7626883 7626883 8898029 Reserves not available for distribution 81423877 57679736 49968265 Reserves available for distribution 0 0 2800000 Profit (loss) brought forward 2108960 2149249 1372196 FINANCING (GRANTS AND SUBSIDIES) 0 0 0 PROVISIONS FOR LIABILITIES AND CHARGES, POSTPONED AND DEFERRED TAXES 0 0 0 Provisions 0 0 0 Postponed taxes 0 0 0 AMOUNTS PAYABLE AND LIABILITIES 12693458 14734259 16764845 Amounts payable after one year and long term liabilities 0 0 0 Financial debts 0 0 0 Trade creditors 0 0 0 Suppliers 0 0 0 Bills of exchange payable 0 0 0 Prepayments received on contracts in progress 0 0 0 Other amounts payable and long term liabilities 0 0 0 Amounts payable within one year and short term liabilities 12693458 14734259 16764845 Short term portion of long term debts 0 0 0 Financial debts 0 0 0 Credit institutions 0 0 0 Other loans 0 0 0 Trade creditors 2482535 2757702 1731748 Suppliers 2482535 2757702 1731748 Bills of exchange payable 0 0 0 Prepayments received on contracts in progress 445975 379435 1216446 Taxes, remuneration and social security payable 2869983 4640474 5800910 Taxes 2688341 4133617 4496322 Remuneration 181642 331432 841463 Social security payable 0 175425 463125 Other amounts payable and short term liabilities 6894965 6956648 8015741 ACCRUED CHARGES AND DEFERRED INCOME 0 0 0 Total owner's equity and liabilities 154699062 158458953 168783632
55 LIGHTLITHUANIAN INDUSTRY COMPANIES NACIONALINË VERTYBINIØ P0PIERIØ BIRÞA
The light industry has been mainly focusing on foreign markets. The major and permanently The Marzotto group from Italy is going to complete the reconstruction of Liteksas AB of growing share of its output is exported. In 2000 the export share accounted for 90% of its Kaunas by the end of the year. The Lithuanian enterprise plans to produce woollen yarn total production sales. The main part of exports went to the EU. In 1996-1997, the light and plaids instead of fabrics. Unfortunately, Liteksas AB suffered losses and its production industry demonstrated an upswing, but later its growth rate slowed down. In 1999 and sales demonstrated a decline of 15.6% (down to LTL 27 million) last year. 2000, the production sales rose approximately by 3% each year. West End Knitwear Ltd. the largest knitwear enterprise of Ireland is also moving Last year all three sub-sectors of the industry manufacturing of textiles, wearing apparel production to Kildaris of Ðiauliai. The reasons are: cheaper labour force in Lithuania; more and leather products increased their production sales in nominal terms. However, as frequent livestock infectious diseases in Western Europe complicating exports of final compared to 1999, the production sales of the textile industry at constant prices decreased goods to the USA; etc. by 1.8 %. The production sales of wearing apparel and leather products went up by 7.3 % In 2000, Audëjas AB of Vilnius one of the largest producers of furniture fabrics in Europe and 9.1 %, respectively. Although during the 2nd half of 2000 the industries of textiles and was operating profitably. Furthermore, the company plans to increase its production wearing apparel demonstrated higher growth rates as compared to the 1st half of the year, sales and profits by 10% this year. These plans are linked to the prospective export growth. it seems that in the nearest future the light industry will develop slower than the mining and Audëjas AB expects to obtain the ISO 9001 quality certificate in March 2001. manufacturing industry as a whole. Paradoxically, the export-oriented sector can not Sportswear producer Audimas AB of Kaunas increased its production sales by 76% in compete domestically with cheap imported products. Authorities of Lengvosios Pramonës 2000. This year the company plans to augment its turnover by 25% (up to LTL 60 million) Ámoniø Asociacija (Association of Light Industry Enterprises) quite reasonably criticise and to receive approximately the same profits as in 2000 (LTL 4.3 million). the existing procedure of public purchases by budget institutions, which in fact works at local producers disadvantage (one of the requirements for local producers - not to be The largest company of linen products in the Baltic States Panevëþio Linas AB earned indebted to SoDra and the State Tax Inspectorate). The Government of Lithuania promises LTL 2.4 million profits before taxes in 2000, i.e. considerably less as compared to the to amend this regulation and to introduce a stricter control over imported clothes. previous year. In 2001, the company expects to slightly increase its production sales, and the forecasted profit is about the same as in 2000. During last few years the second-hand clothes import has been notably growing and replacing more expensive Lithuanian goods of higher quality. In order to protect the Kauno Audiniai AB, producer of silk fabrics, suffered losses in 1999, but earned profits domestic market at least partially, the Government has to support this industry especially in 2000 mainly due to an augmentation of production sales by about 25% (up to taking into account the unemployment rate that reached a precarious level. The number LTL 26.8 million). Its production sales and profits are likely to increase this year too. of workers in the light industry accounts for 25% of jobholders in the mining and
Guide to Listed Companies Last year two sewing companies, Vilniaus Roþë AB and Ðatrija AB of Raseiniai, achieved manufacturing industry. good results. Knitwear enterprise Sparta AB of Vilnius, which has the ISO 9001 quality certificate, is going to extend its production in the nearest future. Vilija of Vilnius, producer 2000 In 2000, Utenos Trikotaþas AB, leader of the sector, earned LTL 14.4 million net profits. Last year its production sales were LTL 122.4 million, i.e. 12.3% higher than during 1999. of knitwear, has received particularly many orders. Rising sales by Linø Audiniai AB of This indicator was rising during January-March of 2001 as well, however at a slower Plungë during the first months of 2001 allow to expect its production growth this year. pace. On the contrary, fabrics producer Ðilkas AB of Kaunas is facing difficulties. It is indebted Over lately years Alytaus Tekstilë AB, one of the biggest cotton fabrics processing enterprises to workers, who are threatening to strike. Vilkas AB, large company of fur products, still in the Baltic States, has been suffering losses. In 1998, the State Property Fund signed the can not recover after the Russian crisis and plans to suspend its production process. agreement according to which Tolaram Group from Singapore acquired 63% of state owned During last year Ðiauliø Stumbras AB, leather processing company and leader in the Alytaus Tekstilë AB shares. This agreement was not prepared properly: Tolaram Group Baltic States and CIS countries, was operating successfully. In 2000, its production sales has not carried out its investment liabilities (in 2000, investment accounted for only went up to LTL 63.7 million or by more than 50%, net profits amounted to LTL 2 million. LTL 5 million), has reduced the number of employees and because of these facts has been This year the company expects to augment its production sales by 70% and to double paying penalties. Despite the mentioned problems, Alytaus Tekstilë AB slightly improved profits. Recent livestock infectious diseases in Western Europe significantly strengthened its operating results in 2000. On the one hand, its production sales amounted to LTL 168.1 the companys competitive position. million a little bit less as compared to the previous year. Nevertheless, the losses of the Footwear production dropped by 46.6% in 2000. Only two big companies Lituanica of enterprise incurred in 2000 were three times smaller as compared to 1999. Moreover, Kaunas and Sabalin of Ðiauliai survived the crash. Bankruptcy procedures have been in September-December of 2000, the company was operating profitably. At the beginning initiated in some others. of this year Alytaus Tekstilë AB successfully participated in the world textile fair in Heimtextil By: Vilniaus Bankas AB, Member of the SEB Group, "Lithuanian Macroeconomic Review" No 5 (Germany) and received new orders for its products. Last year Trinyèiai AB, yarn-producing company of Klaipëda, suffered losses as well (LTL 4 million). However, the company increased its exports by 30% in 2000, plans to earn profits and to double (up to LTL 34 million) production sales in 2001. This optimistic forecast is based on the fact that Shiloh Spinners Ltd. - the largest spinning company of England - is moving its production to Trinyèiai AB and already delivered new yarn producing equipment to Klaipëda.
Sales and services (LTL) Net profit (LTL) 2000 1999 Change (%) 2000 1999 Change (%)
ALYTAUS TEKSTILË AB 168,150,076 170,637,187 -1.5 -7,892,390 -23,759,972 - UTENOS TRIKOTAÞAS AB 122,447,491 109,000,973 12.3 14,408,825 13,095,073 10.0 LINAS AB 74,750,741 76,042,438 -1.7 2,160,789 5,514,302 -60.8 DROBË AB 66,967,656 76,211,074 -12.1 -6,637,755 660,174 ÐATRIJA AB 28,893,673 28,124,632 2.7 889,384 -2,868,994 AUDËJAS AB 28,336,040 31,759,833 -10.8 2,188,918 1,983,481 10.4 KAUNO AUDINIAI AB 26,772,992 21,100,766 26.9 -1,845,031 -5,047,610 TRINYÈIAI AB 16,679,352 14,783,207 12.8 -3,981,723 -2,947,845 ÐIAULIØ STUMBRAS AB 63,710,957 42,436,382 50.1 1,993,326 576,700 245.6
56 LITHUANIAN COMPANIES NATIONAL STOCK EXCHANGE OF LITHUANIA Guide to Listed Companies 2000
57 ALYTAUSLITHUANIAN TEKSTILË COMPANIES NACIONALINË VERTYBINIØ P0PIERIØ BIRÞA
FABRICS AND OTHER TEXTILES Address: Pramonës g. 1, LT-4580 Alytus Supervisory Board (participation in the company): Phone: (370-35) 77357 Kripa Shankar Tripathi, Chairman (0%), Gintautas Andriuðkevièius (0.6%), Fax: (370-35) 78666, 78776 Sajen Aswani (0%), Narinder Kumar G.Aswani (0%), Genovaitë Urnieþienë (0%) E-mail: [email protected] Management Board (participation in the company): www.tekstile.lt Urmas Reimand, Chairman (0%), Michael John Baron (0%), Povilas Tunaitis (0.01%), Registration date: 24 09 1993 Ventsislav Zachev (0%), Albinas Jasiulevièius (0.02%), Gediminas Banaitis (0%), Registration code: 4969877 Dalia Rimkuvienë (0.01%), Voldemaras Marèiauskas (0.01%) Established: 1968 Managing Director (participation in the company): Urmas Reimand, Chairman (0%) Privatised: 1993 Contact Person: Albinas Jasiulevièius, Director General, tel. (370-35) 77357 Number of employees: 3176 Authorised capital: LTL 105.5m STRUCTURE OF OWNERSHIP (30 04 2001) Capitalisation (30 06 2001): LTL 13.7m Total number of shareholders amounts to 2846 Asean Interest Ltd. (Hong Kong) 44.23% Auditor: Deloitte & Touche Tolaram Investments AS (Estonia) 25.76% Trading List: Current State Property Fund 18.00%
CORPORATE HISTORY Just 1.4% of the major raw material - cotton - is acquired in Lithuania, the remaining ALYTAUS TEKSTILËs predecessor, Alytaus state cotton factory, was established in 1968 amount needed is imported from Austria (28%), Switzerland (30%), England (15%), and reorganised into a public limited company on 24 September 1993. The first batch of and Italy (11%). The company imports 65% of polyester and 30% of grey fabrics from textiles was produced in 1969. In the period between 1988 and 1990, the company was the USA. modernised. After the renovation of spinning-weaving equipment, the company introduced During last year the company produced 10thou tons of yarn, wove 27.9m metres of grey a new product - cotton-polyester fabrics for outdoor clothing. fabrics and made 8.6m metres of sewing goods. Output of fine fabrics diminished by 9.4% to 32.1m metres. Guide to Listed Companies The companys production had been oriented to meet the demands of the huge Soviet market which required large amounts of narrow range textiles. During the years of Sales and services of ALYTAUS TEKSTILË in 2000 accounted for LTL 168.2m, which is
2000 flourishing, ALYTAUS TEKSTILË sold 13.9thou tons of yarn and 91m metres of cloth per nearly the same as in 1999. The company suffered a loss of LTL 8.4m. In 1999, the loss year. was LTL 23.7m. In 1996, the general shareholders meeting decided to reduce the companys authorised In 1999, the companys strategic investor Tolaram Investments prepared a short term capital by LTL 33m in order to eliminate the discrepancy between the assets and authorised strategy for improvement of the companys activity. ALYTAUS TEKSTILË is constantly capital that appeared due to losses. Consequently, 33m ordinary shares were annulled. improving the management structure and has already renounced the unprofitably operating New size of the share capital - LTL 100.2m - was registered in February 1997. subsidiaries. On 29 September 1998, ALYTAUS TEKSTILË was privatised through a public tender - In 2000, the company issued a share issue worth LTL 5.25m which was acquired by 63.18% of its stock were sold by the Ministry of Economy to a strategic investor Asean Tolaram Investments AS. Consequently, the companys authorised capital increased to Interest Limited. Asean Interest Limited commitment to invest LTL 240m in the course of LTL 105.5m. 5 years should improve ALYTAUS TEKSTILË economic and financial standing. PLANS, PROSPECTS FOR 2001 BUSINESS ACTIVITY. DEVELOPMENTS IN 2000 Investments and other short term means are aimed at improvement of the companys ALYTAUS TEKSTILË is the largest producer of cotton-type and mixed fibre fabrics in the activities and reduction of losses. The company is regularly enhancing management Baltic states. It manufactures various types of yarn and textile, knitted, cotton-type and structure and is planning to reduce the number of employees. At the end of 2000, mixed fabrics for uniforms, rain-coats, shirts, bedding, pyjamas, and special outfit. ALYTAUS TEKSTILË started implementation of the information system Navision Financials The company produces bed and kitchen linen, curtains, and other articles. which will not only enhance management of the company but also cut general In the total output of ALYTAUS TEKSTILË, finished fabrics account for the largest part administration expenditures. 32%, sewing goods take 30%, fine fabrics 23%, yarn 11%, and the remaining part On 30 April 2001, AGM of ALYTAUS TEKSTILË decided to reduce its authorised capital by goes to other products. LTL 21m in order to cover the losses recorded in the balance by decreasing the number of The companys assortment is regularly renewed. In 1997, ALYTAUS TEKSTILË created shares. After reduction the authorised capital will total LTL 84.4m. 22, in 1998 27, in 1999 20 and in 2000 20 new products. In 1999, the company implemented production of fabrics with flax. ALYTAUS TEKSTILË produces 1 m, 1.5 m, and 3 m width fabrics. On the domestic market the company realises only some 15% of its output, the rest of production is exported to 35 countries (27 countries in 1999), mainly to Italy (26% of total sales), Sweden (23%), and Germany (8%). Long term contracts regarding realisation of the companys products account for 15% of all contracts, short term ones make up 75%, and occasional transactions contribute 10% to the total sales volumes of ALYTAUS TEKSTILË.
58 LITHUANIAN COMPANIESALYTAUS TEKSTILË NATIONAL STOCK EXCHANGE OF LITHUANIA
ISIN-code: LT0000100901 Code: 10090 NSEL: ATEK Reuters: ATEK.VL Bridges: lt;ATEK LTL Alytaus Tekstilë (1) Daily Volume
0.30 2 500 000
0.24 2 000 000
0.18 1 500 000
0.12 1 000 000
0.06 500 000
0 0 1997 1998 1999 2000 2001
FINANCIAL RATIOS 1998 1999 2000 TRADING STATISTICS 1998 1999 2000 1Q 2001
LIQUIDITY RATIOS PRICE (LTL) Current ratio 1.35 1.10 1.23 First 0.20 0.17 0.10 0.13 Quick ratio 0.58 0.47 0.56 Max 0.21(20 05) 0.17(28 01) 0.15(19 09) 0.13 Net working capital (LTL thou) 16 749 4 860 9 243 Min 0.15(23 11) 0.10(30 12) 0.10(21 11) 0.13 Net working capital to total assets 0.10 0.03 0.07 Last 0.17 0.10 0.13 0.13
Change (%) -15.00 -41.18 30.00 - Guide to Listed Companies PROFITABILITY RATIOS Profit margin -9.78% -13.92% -4.98% Number of transactions (CM) 316 14 26 0 Return on assets -11.81% -16.61% -6.34% Turnover CM (units) 1 205 065 11 720 39 696 0 2000 Return on equity -19.57% -30.90% -11.36% Turnover CM (LTL) 235 738 1 737 5 112 0 Turnover BT (units) 3 526 376 41 680 242 759 0 FINANCIAL LEVERAGE RATIOS Turnover BT (LTL) 771 267 4 335 22 266 0 Total debt ratio 0.40 0.46 0.44 CM turnover as % in total 25.47 21.95 14.05 - Debt / equity ratio 0.66 0.86 0.79 Total turnover (units) 4 731 441 53 400 282 455 0 ASSETS UTILISATION RATIOS Total turnover (LTL) 1 007 005 6 072 27 378 0 Inventory turnover 5.27 4.98 5.38 Turnover ratio (%) 4.72 0.05 0.27 0.00 Receivables turnover 7.23 7.04 7.85 As % in the total share turnover 0.11 0.00 0.00 0.00 Net working capital turnover 12.02 35.11 18.19 Long term assets turnover 1.98 1.91 2.04 Total assets turnover 1.21 1.19 1.27 MARKET VALUE RATIOS 1998 1999 2000 2Q 2001
Capitalisation (LTL thou) 17 036 10 021 13 710 13 710 Share book value (LTL) 1.00 0.77 0.70 0.68 Price / book value ratio (P/BV) 0.17 0.13 0.19 0.19 Earnings per share (LTL) -0.20 -0.24 -0.08 -0.09 Price / earnings ratio (P/E) - - - - Dividend per share (LTL) - - - Dividend yield - - - Dividend payout ratio - - -
STRUCTURE OF SHARE CAPITAL
Share capital: LTL 105,462,726 Ordinary shares: 105 462 726 registered shares at LTL 1 par (security code 10090) accounting for 100% of the auth. capital (admitted to trading at the NSEL on 23.11.93)
59 ALYTAUSLITHUANIAN TEKSTILË COMPANIES NACIONALINË VERTYBINIØ P0PIERIØ BIRÞA
LAS Company Company Company LAS Company Company Company BALANCE SHEET (LTL) 1998 1999 2000 PROFIT (LOSS) ACCOUNT (LTL) 1998 1999 2000 Assets Items LONG TERM ASSETS 101466923 89481298 82475729 SALES AND SERVICES 201278127 170637187 168150076 Formation costs 0 0 0 Turnover from sales of goods 197777452 167224692 166284288 Intangible assets 18516 22057 41228 Turnover from services rendered 3500675 3412495 1865788 Tangible assets 100222307 89192813 82424783 COST OF GOODS SOLD Land 0 0 0 AND SERVICES RENDERED 194010867 169275847 154973112 Buildings 61511091 61230484 60751247 Raw materials, consumables Plant and machinery 34565190 24275322 18574189 and goods for resale 191599365 165839730 153797257 Vehicles and other transport means 1414720 1443586 1212954 Services, works and research 2411502 3436117 1175855 Other fixtures, fittings, tools GROSS PROFIT (LOSS) 7267260 1361340 13176964 and equipment 1839288 1558847 1328340 OPERATING EXPENSES 12132735 15372297 14354700 Leasing and similar rights 0 0 0 Selling expenses 7432049 8725369 8477074 Other tangible assets 8791 10600 10642 General and administrative expenses 4700686 6646928 5877626 Constructions in progress PROFIT FROM OPERATIONS (LOSS) -4865475 -14010957 -1177736 and prepayments 883227 673974 547411 OTHER OPERATIONS -2643012 -187764 -295466 Financial long term assets 1226100 266428 9718 Other operating revenue 942861 729891 5474588 Amounts receivable after one year 0 0 0 Other operating expenses 3585873 917655 5770054 Trade debtors 0 0 0 FINANCIAL AND INVESTING ACTIVITIES -12186408 -9561251 -6905188 Other amounts receivable 0 0 0 Revenue from financial SHORT TERM ASSETS 65100226 52869433 49296427 and investing activities 1263170 1014029 946689 Stocks and contracts in progress 37163294 30772288 26857467 Expenses of financial Stocks 37163057 30772288 26857467 and investing activities 13449578 10575280 7851877 Contracts in progress 237 0 0 PROFIT FROM ORDINARY Amounts receivable within one year 27409141 21038559 21796618 ACTIVITIES (LOSS) -19694895 -23759972 -8378390 Trade debtors 24356788 18311253 17013476 EXTRAORDINARY GAIN 0 0 0 Other amounts receivable 3052353 2727306 4783142 EXTRAORDINARY LOSSES 0 0 0 Investments and term deposits 0 0 0 CURRENT YEAR PROFIT BEFORE TAXES -19694895 -23759972 -8378390 Cash at bank and hand 527791 1058586 642342 INCOME TAXES 0 0 0
Guide to Listed Companies TRANSFER ACCOUNTS 196367 694267 292558 NET PROFIT OF THE CURRENT YEAR Total assets 166763516 143044998 132064714 FOR APPOPRIATION (LOSS) -19694895 -23759972 -8378390
2000 Owners' equity and liabilities CAPITAL AND RESERVES 100658405 76898433 73770043 Capital 100212726 100212726 105462726 Subscribed capital 100212726 100212726 105462726 Uncalled capital (-) 0 0 0 Share premium account 0 0 0 Revaluation reserve 45587201 45587201 45587201 Reserves 1365164 1365164 1365164 Legal reserve 1365164 1365164 1365164 Reserves not available for distribution 0 0 0 Reserves available for distribution 0 0 0 Profit (loss) brought forward -46506686 -70266658 -78645048 FINANCING (GRANTS AND SUBSIDIES) 0 0 0 PROVISIONS FOR LIABILITIES AND CHARGES, POSTPONED AND DEFERRED TAXES 0 0 0 Provisions 0 0 0 Postponed taxes 0 0 0 AMOUNTS PAYABLE AND LIABILITIES 63845309 63421998 55422230 Amounts payable after one year and long term liabilities 17557183 17443303 17948363 Financial debts 17557183 17443303 17443303 Trade creditors 0 0 505060 Suppliers 0 0 0 Bills of exchange payable 0 0 505060 Prepayments received on contracts in progress 0 0 0 Other amounts payable and long term liabilities 0 0 0 Amounts payable within one year and short term liabilities 46288126 45978695 37473867 Short term portion of long term debts 1196278 340479 0 Financial debts 16111096 17796473 18520000 Credit institutions 16111096 17796473 18520000 Other loans 0 0 0 Trade creditors 19138526 18118141 11958209 Suppliers 19138526 18118141 10780464 Bills of exchange payable 0 0 1177745 Prepayments received on contracts in progress 683975 683975 0 Taxes, remuneration and social security payable 7141654 5968812 4750340 Taxes 1013541 1155249 646509 Remuneration 5131124 3690823 3427580 Social security payable 996989 1122740 676251 Other amounts payable and short term liabilities 2016597 3070815 2245318 ACCRUED CHARGES AND DEFERRED INCOME 2259802 2724567 2872441 Total owner's equity and liabilities 166763516 143044998 132064714
60 LITHUANIAN COMPANIESKAUNO AUDINIAI NATIONAL STOCK EXCHANGE OF LITHUANIA
FABRICS AND OTHER TEXTILES Address: Griunvaldo g. 3/5, LT-3000 Kaunas Supervisory Board (participation in the company): Phone: (370-7) 322978 Arvydas Garbaravièius, Chairman (4.78%), Fax: (370-7) 323070 Jarmo Olavi Rautiainen (0%), Vida Griciuvienë (100 shares), E-mail: [email protected] Arûnas Juozaitis (0%), Tomas Alfredas Brazas (0%), Vygantas Juras (0%) Management Board (participation in the company): Registration date: 12 02 1992 Ramûnas Garbaravièius, Chairman (4.26%), Registration code: 3320724 Egidijus Paþarauskas (4.35%), Rita Braþënienë (0.06%), Established: 1930 Ovidijus Staèkûnas (100 shares) Privatised: 1992 Managing Director (participation in the company): Egidijus Paþarauskas (4.35%) Number of employees: 422 Contact Person: Egidijus Paþarauskas, Director General, tel. (370-7) 322978 Authorised capital: LTL 24.2m Capitalisation (30 06 2001): LTL 6m STRUCTURE OF OWNERSHIP (31 12 2000) Total number of shareholders amounts to 2243 Auditor: J.Kabaðinskas ir Partneriai TÛB Baltic Investment Fund 18.22% Trading List: Current Rymantas Juozaitis 7.06% State Property Fund 6.09% Hansabank Ltd. (Estonia) 5.45%
CORPORATE HISTORY KAUNO AUDINIAI, a silk factory, was established by Mr. Robert Hirsh in September 1930. The main suppliers of the companys raw material are Italy (34%) and Germany (43%). Next year, there were 102 employees, and the company produced 53thou metres of various Last year, the company produced fabrics and other items for LTL 19m (cf. LTL 17.5m fabrics (silk, woollen, and those made from artificial fibres). In 1940, the company was in 1999). nationalised. Distinguished for the quality products, it used to be one of the leading Guide to Listed Companies In 2000, KAUNO AUDINIAI realised 3,437thou metres of fabrics (cf 2,422thou metres enterprises in the former Soviet Union. in 1999). The companys sales were diversified and in addition to its major clients, German
The company was transformed into a public company in February 1992. The issue of company Sohl & Sohlke (38%) and Italian company Miroglio Tessile (13%), KAUNO 2000 shares registered with the Lithuanian Securities Commission on 13 September 1996 AUDINIAI launched sales of its fabrics in six large enterprises of the EU countries. amounted to LTL 1.47 million. The state was granted the exclusive right to purchase this The major customers of KAUNO AUDINIAI in Lithuania are Lelija, Ðatrija, Roþë, and others. issue. Thus, the companys indebtedness to the budget for the period of 1992-1994 was Export to the Baltic countries constituted 7% of the total turnover. converted into shares. On 27 August 1997, the share capital was increased to LTL 24.2m In 1999, the company allotted all of its means for investments into production. New technical by issuing 2.8m ordinary shares at LTL 1 par. equipment and technologies were implemented. The major innovations are related with In April 2000, with a view to covering the loss of LTL 12,017,892 Lt accounted on the the employment of new types of yarn, increase of productivity of the weaving loom, balance sheet the company reduced its authorised capital by the corresponding amount upgrading of dyeing quality. In 2000, the major flow of investments was directed to by proportionally reducing the number of shares held by each shareholder. Already in June production of dyed fabrics, which enabled the company to reduce the dyeing costs by 2000, the authorised capital of KAUNO AUDINIAI was increased by the same amount of 10%. Besides, the company acquired 3 productive looms. the revaluation reserve by proportionally increasing the number of shares held by each In 2000, KAUNO AUDINIAI suffered a loss of LTL 1.85m, while in 1999 the loss reached shareholder. Thus, at the end of the year the capital equalled LTL 24.2m again. LTL 5m. BUSINESS ACTIVITY. DEVELOPMENTS IN 2000 PLANS, PROSPECTS FOR 2001 The company specialises in production of silk fabrics for menswear and womenswear. KAUNO AUDINIAI will seek to maintain its current position on the market, thus, the company Fabrics for womens dress and suiting make up 98.8% in the total sales volumes of KAUNO intends to increase product variety that corresponds to the needs of the market, reduce AUDINIAI. production costs by optimising technological processes, reconstruct and renovate the The companys major market is the EU (91% of output). In Lithuania, it sells just 2% of the companys machinery, and execute sales through agents. output. In total, the company exports 98% of its products.
61 KAUNOLITHUANIAN AUDINIAI COMPANIES NACIONALINË VERTYBINIØ P0PIERIØ BIRÞA
ISIN-code: LT0000101545 Code: 10154 NSEL: KAUD Reuters: KAUD.VL Bridges: lt;KAUD LTL Kauno Audiniai (1) Daily Volume
1.25 250 000 789905 489000 728786
1.00 200 000
0.75 150 000
0.50 100 000
0.25 50 000
0 0 1995 1996 1997 1998 1999 2000 2001
FINANCIAL RATIOS 1998 1999 2000 TRADING STATISTICS 1998 1999 2000 1Q 2001
LIQUIDITY RATIOS PRICE (LTL) Current ratio 1.58 1.71 1.89 First 0.40 0.15 0.12 0.73 Quick ratio 0.64 0.54 0.75 Max 0.40(11 02) 0.15(27 01) 1.00(06 12) 0.70(04 01) Net working capital (LTL thou) 6 608 5 385 5 645 Min 0.07(24 07) 0.05(26 02) 0.08(27 11) 0.03(07 06) Net working capital to total assets 0.17 0.15 0.17 Last 0.15 0.12 0.73 0.25
Guide to Listed Companies Change (%) -62.50 -20.00 508.33 -65.75 PROFITABILITY RATIOS Profit margin -15.88% -23.92% -6.89% Number of transactions (CM) 95 56 9 73 2000 Return on assets -14.98% -14.16% -5.43% Turnover CM (units) 1 400 704 82 084 19 450 487 990 Return on equity -22.46% -18.84% -7.40% Turnover CM (LTL) 267 960 5 407 2 098 70 280 Turnover BT (units) 3 339 202 801 196 533 900 930 000 FINANCIAL LEVERAGE RATIOS Turnover BT (LTL) 729 816 16 027 34 719 713 100 Total debt ratio 0.33 0.25 0.27 CM turnover as % in total 29.55 9.29 3.51 34.41 Debt / equity ratio 0.50 0.33 0.36 Total turnover (units) 4 739 906 883 280 553 350 1 417 990 ASSETS UTILISATION RATIOS Total turnover (LTL) 997 775 21 434 36 817 783 380 Inventory turnover 3.31 2.10 3.08 Turnover ratio (%) 19.57 3.65 2.28 5.85 Receivables turnover 6.36 4.25 6.36 As % in the total share turnover 0.11 0.00 0.01 0.33 Net working capital turnover 5.48 3.92 4.74 Long term assets turnover 1.79 0.93 1.22 Total assets turnover 0.94 0.59 0.79 MARKET VALUE RATIOS 1998 1999 2000 2Q 2001
Capitalisation (LTL thou) 3 634 2 907 17 685 6 056 Share book value (LTL) 1.06 1.11 1.03 1.01 Price / book value ratio (P/BV) 0.14 0.11 0.71 0.25 Earnings per share (LTL) -0.24 -0.21 -0.08 -0.08 Price / earnings ratio (P/E) - - - - Dividend per share (LTL) - - - Dividend yield - - - Dividend payout ratio - - -
STRUCTURE OF SHARE CAPITAL
Share capital: LTL 24,225,815 Ordinary shares: 24 225 815 registered shares at LTL 1 par (security code 10154) accounting for100% of the auth. capital (admitted to trading at the NSEL on 04.01.94)
62 LITHUANIAN COMPANIESKAUNO AUDINIAI NATIONAL STOCK EXCHANGE OF LITHUANIA
LAS Company Company Company LAS Company Company Company BALANCE SHEET (LTL) 1998 1999 2000 PROFIT (LOSS) ACCOUNT (LTL) 1998 1999 2000 Assets Items LONG TERM ASSETS 20274564 22695616 22003461 SALES AND SERVICES 36190090 21100766 26772992 Formation costs 0 0 0 Turnover from sales of goods 36047636 20351222 26236957 Intangible assets 6235 346360 310724 Turnover from services rendered 142454 749544 536035 Tangible assets 20228487 21962643 21656295 COST OF GOODS SOLD Land 0 0 0 AND SERVICES RENDERED 35432083 20544665 24683779 Buildings 10037935 15656675 15234102 Raw materials, consumables Plant and machinery 4913066 3718539 3511468 and goods for resale 35333338 19942135 24219974 Vehicles and other transport means 183934 138721 82700 Services, works and research 98745 602530 463805 Other fixtures, fittings, tools GROSS PROFIT (LOSS) 758007 556101 2089213 and equipment 177389 133174 179958 OPERATING EXPENSES 3042556 2794645 2636681 Leasing and similar rights 354697 281434 574048 Selling expenses 466294 351538 313252 Other tangible assets 1161267 73128 234904 General and administrative expenses 2576262 2443107 2323429 Constructions in progress PROFIT FROM OPERATIONS (LOSS) -2284549 -2238544 -547468 and prepayments 3400199 1960972 1839115 OTHER OPERATIONS 37664 2540 1560 Financial long term assets 39842 41342 36442 Other operating revenue 217128 100137 50695 Amounts receivable after one year 0 345271 0 Other operating expenses 179464 97597 49135 Trade debtors 0 0 0 FINANCIAL AND INVESTING ACTIVITIES -1444872 -635998 143803 Other amounts receivable 0 345271 0 Revenue from financial SHORT TERM ASSETS 17260040 12921924 11930734 and investing activities 491127 1019192 1129210 Stocks and contracts in progress 10713104 8830383 7215580 Expenses of financial Stocks 10713104 8830383 7215580 and investing activities 1935999 1655190 985407 Contracts in progress 0 0 0 PROFIT FROM ORDINARY Amounts receivable within one year 6167660 3763796 4649424 ACTIVITIES (LOSS) -3691757 -2872002 -402105 Trade debtors 5335248 3122625 4090140 EXTRAORDINARY GAIN 36438 490249 191071 Other amounts receivable 832412 641171 559284 EXTRAORDINARY LOSSES 2090974 2665857 1633997 Investments and term deposits 0 0 0 CURRENT YEAR PROFIT BEFORE TAXES -5746293 -5047610 -1845031 Cash at bank and hand 379276 327745 65730 INCOME TAXES 0 0 0 TRANSFER ACCOUNTS 820504 31428 27534 NET PROFIT OF THE CURRENT YEAR Guide to Listed Companies Total assets 38355108 35648968 33961729 FOR APPOPRIATION (LOSS) -5746293 -5047610 -1845031
Owners' equity and liabilities 2000 CAPITAL AND RESERVES 25583207 26793050 24948019 Capital 24225815 12207924 24225815 Subscribed capital 24225815 24225815 24225815 Uncalled capital (-) 0 -12017891 0 Share premium account 168146 168146 168146 Revaluation reserve 5760440 12017892 0 Reserves 2399088 2399089 2038088 Legal reserve 361000 361001 0 Reserves not available for distribution 0 0 0 Reserves available for distribution 2038087 2038088 2038088 Profit (loss) brought forward -6970282 0 -1484030 FINANCING (GRANTS AND SUBSIDIES) 0 0 0 PROVISIONS FOR LIABILITIES AND CHARGES, POSTPONED AND DEFERRED TAXES 0 220380 0 Provisions 0 220380 0 Postponed taxes 0 0 0 AMOUNTS PAYABLE AND LIABILITIES 12682916 8371875 8470628 Amounts payable after one year and long term liabilities 1299038 1067280 2700069 Financial debts 1299038 1067280 2700069 Trade creditors 0 0 0 Suppliers 0 0 0 Bills of exchange payable 0 0 0 Prepayments received on contracts in progress 0 0 0 Other amounts payable and long term liabilities 0 0 0 Amounts payable within one year and short term liabilities 11383878 7304595 5770559 Short term portion of long term debts 83087 86845 658330 Financial debts 234600 429467 3867 Credit institutions 0 203867 3867 Other loans 234600 225600 0 Trade creditors 7784046 3515632 3221981 Suppliers 7784046 3515632 3221981 Bills of exchange payable 0 0 0 Prepayments received on contracts in progress 62096 75269 185097 Taxes, remuneration and social security payable 3000430 2860140 1252461 Taxes 629771 633699 454903 Remuneration 810699 556090 668512 Social security payable 1559960 1670351 129046 Other amounts payable and short term liabilities 219619 337242 448823 ACCRUED CHARGES AND DEFERRED INCOME 88985 263663 543082 Total owner's equity and liabilities 38355108 35648968 33961729
63 LINASLITHUANIAN COMPANIES NACIONALINË VERTYBINIØ P0PIERIØ BIRÞA
LINEN FABRICS AND TEXTILES Address: S.Kerbedþio g. 23, LT-5319 Panevëþys Supervisory Board (participation in the company): Phone: (370-25) 506100 Ramûnas Lenèiauskas, Chairman (0.324%), Fax: (370-25) 422607 Vitoldas Martovièius (0%), Darius Ðulnis (0.21%) E-mail: [email protected] Management Board (participation in the company): www.linas.lt Þibutë Staugaitytë, Chairwoman (0.0003%), Registration date: 08 03 1993 Edmundas Alijauskas (0%), Lilijana Pûrienë (0%) Registration code: 4768908 Managing Director (participation in the company): Þibutë Staugaitytë (0.0003%) Established: 1957 Contact Person: Ramûnas Lenèiauskas, Privatised: 1993 President, Chairman of the Supervisory Board, tel. (370-25) 506100 Number of employees: 1682 Authorised capital: LTL 24m Capitalisation (30 06 2000): LTL 12.5m STRUCTURE OF OWNERSHIP (31 12 2000) Total number of shareholders amounts to 1747 Auditor: J.Kabaðinskas ir Partneriai TÛB New Markets Investments Ltd. 41.71% Trading List: Current State Property Fund 15.37%
CORPORATE HISTORY Nearly 90% of production are exported to Western countries. The main buyers are Italy In 1957, a state enterprise engaged in manufacture of linen cloth - the predecessor of 27.0% (9.7% in 1999), Sweden 22.8% (20.6% in 1999), the USA 16.7% (36.6% in 1999), LINAS - was established in Panevëþys. During the first years of business activity the and 0.4% of the production is sold through the company's outlet Gija. company weaved 481thou metres of packaging material and bleached linen cloth. In 1962, Supplies are delivered by domestic companies as well as by foreign partners. Just 11.33% construction of the enterprise was completed, and its production capacity accounted for (14% in 1999) of flax fibre is provided by Lithuanian manufacturers, whereas 76.41% 10m metres of cloth per year. During 1975-1990, after linen cloth manufacturer Siûlas (59% in 1999) come from Western countries, and 11.53% (25.3% in 1999) from the and flax spinning and weaving factory Linø Audiniai merged, Panevëþys enterprise became Ukraine. Cotton-type yarn comes mainly 67% (75% in 1999) from Latvia, while chemical Guide to Listed Companies the main company of Panevëþys group LINAS. materials and paint are from Germany, Switzerland, and Scandinavian countries.
2000 In 1993, the company was registered as a public limited company LINAS. Today, it is the DEVELOPMENTS IN 2000 largest linen cloth manufacturer not only in the Baltics, but in Western Europe as well, In 2000, LINAS produced 1,878 tons of hackled sliver, 773 tons of tow, 1,732 tons of recognised internationally for high quality of linen fabrics. linen yarn, and 6,423thou metres of ready-made linen fabrics. Linen fabrics constituted After the reorganisation in 1993, the authorised capital of the company came to 79.1% (76% in 1999), and sewn articles take 20.9% (24% in 1999) of the companys LTL 4.4 million. Employees and other private shareholders acquired 64.9% of the stock. output. State interest amounted to 35.1%. Over the year, LINAS produced 6,423thou metres of fabrics, which is by 5% less than in On 8 October 1993, the Lithuanian Securities Commission gave a permit to offer a 1999. In comparison with 1999, export decreased by 1.5% and amounted to LTL 66.4m, LTL 4.2m issue. Therefore, the authorised capital rose to LTL 8.6m and was divided or 89.4% of all products sold. This was mainly influenced by the prices of raw materials into 8.6m ordinary shares. and shifts of fashion tendencies. Besides, following the needs of clients, the range of With the revaluation of assets in 1994, the authorised capital of LTL 22.87m was registered fabrics was changed into one consuming more work. with Panevëþys Municipality. Reducing the state held share in the companys authorised In the total amount of produced fabrics, all-flax fabrics accounted for 63.2 % and coloured capital, the capital decreased to LTL 22.36m in March 1995. After a new issue of fabrics made up 34.3%. Output of softened fabrics grew considerably from 0.1% in LTL 1.2m in 1996, the companys share capital amounted to LTL 23.58m. A new issue 1999 to 26.5% in 2000. was issued in March 1999 lifting the authorised capital to LTL 24m. The size of share Over the year, 2,744.5 tons of long flax were acquired. Lithuanian suppliers provided just capital remained unchanged up to date. 11.33% of flax fibre, 11.53% was bought in the Ukraine, and 76.41% was imported from In 1998, in order to produce long linen fibre of higher quality for the production of fabrics Western Europe countries (Belgium, Holland, France, and Poland). The problem the company of higher technical level, LINAS founded a subsidiary Lino Pluoðtas UAB, the authorised faced was that smaller quantities of flax were grown not only in Lithuania but also in capital of which constituted LTL 10thou. At the end of 1999, LINAS sold the subsidiarys Russia and the Ukraine. The price of one ton of long flax, as compared with 1999, advanced shares to a private person. by 39.2 %, which resulted in increase of LTL 5.4m of production expenditures. In 1999, the company increased its authorised capital out of supplementary contributions In 2000, the companys sales and services amounted to LTL 74.8m, which is by 1.7% (LTL 462246) from LTL 23.6m to LTL 24m. lower than in 1999. Last year, the companys pre-taxed profit came to LTL 2.26, and net LINAS is a member of the following associated organisations: Lithuanian Chamber of profit for appropriation made LTL 2.16m. Commerce, Industry and Crafts, Association of Light Industy Companies, Confederation PLANS, PROSPECTS FOR 2001 of Lithuanian Industrialists, Lithuanian National Road Carriers Association Linava, In 2001, LINAS will aim to reduce expenditures of acquisitions, production, and sales and and Panevëþys Chamber of Commerce, Industry and Crafts. generate the maximum possible profit. The company estimates that sales will amount to BUSINESS ACTIVITY LTL 78.6m, and pre-taxed profit will come to LTL 2.4m. These estimations are based on LINAS manufactures high quality linen cloth: white, coloured, motley, striped, jacquard, the anticipated surge of prices of resources and raw materials, the problem of supply of used for production of curtains, tablecloth, napkins, towels, and clothing. Patterns and the principal material long flax, huge competition on the world markets, and fashion structures of more than a half of production are renewed annually. The company has its trends. own sewing section, where table-covers, napkins, towels, bedding, and curtains are In order to achieve the projected results, strategic plans for functional departments were manufactured. LINAS regularly participates in international fairs and exhibitions. developed and technical, technological and organisational means were carefully planned. Since 1997 the company has been executing technical, technological, and organisational LINAS intends to allot LTL 1m for technical means. Besides, implementation of requirements renovation. Thanks to this process, LINAS implemented production of thinner yarn and for LST EN ISO 9001 standard will be continued. light textile of a higher level as well as a new textile printing technology. In 2000, in order to satisfy the needs of customers, the company created 276 fabrics with new patterns and structures, 56 patterns, launched 220 textile and 19 yarn colours.
64 LITHUANIAN COMPANIESLINAS NATIONAL STOCK EXCHANGE OF LITHUANIA
ISIN-code: LT0000100661 Code: 10066 NSEL: LIN Reuters: LIN.VL Bridges: lt;LIN LTL Linas (1) Daily Volume
2.5 250 000
2.0 200 000
1.5 150 000
1.0 100 000
0.5 50 000
0 0 1995 1996 1997 1998 1999 2000 2001
FINANCIAL RATIOS 1998 1999 2000 TRADING STATISTICS 1998 1999 2000 1Q 2001
LIQUIDITY RATIOS PRICE (LTL) Current ratio 2.26 1.85 2.78 First 0.38 0.28 0.37 0.58 Quick ratio 0.86 0.70 0.87 Max 0.50(09 01) 0.46(25 10) 0.65(17 10) 0.59(18 01) Net working capital (LTL thou) 19 189 18 893 29 005 Min 0.27(17 11) 0.27(04 02) 0.37(04 01) 0.40(29 06) Net working capital to total assets 0.35 0.30 0.42 Last 0.28 0.37 0.58 0.42
Change (%) -26.32 32.14 56.76 -27.59 Guide to Listed Companies PROFITABILITY RATIOS Profit margin 5.98% 7.25% 2.89% Number of transactions (CM) 697 860 2579 285 Return on assets 7.62% 8.66% 3.15% Turnover CM (units) 1 729 799 2 404 416 5 335 647 864 422 2000 Return on equity 13.25% 15.76% 5.90% Turnover CM (LTL) 630 616 803 782 3 000 976 446 414 Turnover BT (units) 3 611 892 12 243 296 1 665 798 1 461 884 FINANCIAL LEVERAGE RATIOS Turnover BT (LTL) 485 459 2 835 230 637 637 753 574 Total debt ratio 0.43 0.45 0.47 CM turnover as % in total 32.38 16.41 76.21 37.16 Debt / equity ratio 0.74 0.82 0.87 Total turnover (units) 5 341 691 14 647 712 7 001 445 2 326 306 ASSETS UTILISATION RATIOS Total turnover (LTL) 1 116 076 3 639 011 3 638 614 1 199 988 Inventory turnover 2.46 2.27 1.93 Turnover ratio (%) 22.66 60.93 29.13 9.68 Receivables turnover 6.44 5.56 5.28 As % in the total share turnover 0.13 0.29 0.45 0.51 Net working capital turnover 3.60 4.02 2.58 Long term assets turnover 3.49 3.38 3.20 Total assets turnover 1.27 1.19 1.09 MARKET VALUE RATIOS 1998 1999 2000 2Q 2001
Capitalisation (LTL thou) 6 601 8 894 13 943 10 096 Share book value (LTL) 1.32 1.46 1.52 0.15 Price / book value ratio (P/BV) 0.21 0.25 0.38 2.83 Earnings per share (LTL) 0.18 0.23 0.09 -0.08 Price / earnings ratio (P/E) 1.60 1.61 6.45 - Dividend per share (LTL) 0.03 - 0.02 Dividend yield 0.11 - 0.03 Dividend payout ratio 0.17 - 0.22
STRUCTURE OF SHARE CAPITAL
Share capital: LTL 24,038,990 Ordinary shares 24 038 990 registered shares at LTL 1 par (security code 10066) accounting for 100% of the auth. capital (admitted to trading at the NSEL on 02.11.93)
65 LINASLITHUANIAN COMPANIES NACIONALINË VERTYBINIØ P0PIERIØ BIRÞA
LAS Company Company Company LAS Company Company Company BALANCE SHEET (LTL) 1998 1999 2000 PROFIT (LOSS) ACCOUNT (LTL) 1998 1999 2000 Assets Items LONG TERM ASSETS 19766553 22509446 23334856 SALES AND SERVICES 69011902 76042438 74750741 Formation costs 0 0 0 Turnover from sales of goods 68795937 75760537 0 Intangible assets 14801 107541 35044 Turnover from services rendered 215965 281901 0 Tangible assets 19558008 22226328 23154608 COST OF GOODS SOLD Land 0 0 0 AND SERVICES RENDERED 49497104 53147142 54684046 Buildings 6638932 8781371 9183552 Raw materials, consumables Plant and machinery 3465923 5468405 5895736 and goods for resale 49377013 52943927 0 Vehicles and other transport means 250577 355660 563653 Services, works and research 120091 203215 0 Other fixtures, fittings, tools GROSS PROFIT (LOSS) 19514798 22895296 20066695 and equipment 541820 928709 988810 OPERATING EXPENSES 11597923 13195471 14206158 Leasing and similar rights 546911 344085 177038 Selling expenses 3053536 3402457 0 Other tangible assets 156317 55816 53537 General and administrative expenses 8544387 9793014 0 Constructions in progress PROFIT FROM OPERATIONS (LOSS) 7916875 9699825 5860537 and prepayments 7957528 6292282 6292282 OTHER OPERATIONS -872771 -760177 -878261 Financial long term assets 59382 49382 49382 Other operating revenue 109563 241051 142751 Amounts receivable after one year 134362 126195 95822 Other operating expenses 982334 1001228 1021012 Trade debtors 0 0 0 FINANCIAL AND INVESTING ACTIVITIES -1831642 -2117107 -2730708 Other amounts receivable 0 126195 95822 Revenue from financial SHORT TERM ASSETS 34334001 41067812 45206383 and investing activities 239609 389240 833312 Stocks and contracts in progress 21368392 25506026 31112266 Expenses of financial Stocks 21368392 25506026 31112266 and investing activities 2071251 2506347 3564020 Contracts in progress 0 0 0 PROFIT FROM ORDINARY Amounts receivable within one year 12586114 14769778 13527549 ACTIVITIES (LOSS) 5212462 6822541 2251568 Trade debtors 11773706 13845468 11702297 EXTRAORDINARY GAIN 50013 249356 172864 Other amounts receivable 812408 924310 1825252 EXTRAORDINARY LOSSES 178905 431365 156478 Investments and term deposits 0 0 0 CURRENT YEAR PROFIT BEFORE TAXES 5083570 6640532 2267954 Cash at bank and hand 379495 792008 566568 INCOME TAXES 957162 1126230 107165
Guide to Listed Companies TRANSFER ACCOUNTS 55106 128251 125170 NET PROFIT OF THE CURRENT YEAR Total assets 54155660 63705509 68666409 FOR APPOPRIATION (LOSS) 4126408 5514302 2160789
2000 Owners' equity and liabilities CAPITAL AND RESERVES 31137295 34983805 36647960 Capital 23576744 24038990 24038990 Subscribed capital 23576744 24038990 24038990 Uncalled capital (-) 0 0 0 Share premium account 0 0 0 Revaluation reserve 0 0 0 Reserves 7560551 7927760 12608970 Legal reserve 979115 1288282 1571473 Reserves not available for distribution 0 1476227 1476227 Reserves available for distribution 6581436 5163251 9561270 Profit (loss) brought forward 0 3017055 0 FINANCING (GRANTS AND SUBSIDIES) 0 0 0 PROVISIONS FOR LIABILITIES AND CHARGES, POSTPONED AND DEFERRED TAXES 0 0 0 Provisions 0 0 0 Postponed taxes 0 0 0 AMOUNTS PAYABLE AND LIABILITIES 23018365 28721704 32018449 Amounts payable after one year and long term liabilities 7818534 6418698 15692000 Financial debts 7818534 6418698 15692000 Trade creditors 0 0 0 Suppliers 0 0 0 Bills of exchange payable 0 0 0 Prepayments received on contracts in progress 0 0 0 Other amounts payable and long term liabilities 0 0 0 Amounts payable within one year and short term liabilities 15199831 22303006 16326449 Short term portion of long term debts 462246 0 2346734 Financial debts 5674396 14237584 4999827 Credit institutions 5498225 14121827 0 Other loans 176171 115757 0 Trade creditors 5878687 4613365 6276676 Suppliers 0 4613365 6276676 Bills of exchange payable 0 0 0 Prepayments received on contracts in progress 43230 72978 144249 Taxes, remuneration and social security payable 2415576 2624674 1796430 Taxes 918552 953452 614625 Remuneration 976800 1134116 658377 Social security payable 520224 537106 523428 Other amounts payable and short term liabilities 725696 754405 762533 ACCRUED CHARGES AND DEFERRED INCOME 0 0 0 Total owner's equity and liabilities 54155660 63705509 68666409
66 LITHUANIAN COMPANIESÐIAULIØ STUMBRAS NATIONAL STOCK EXCHANGE OF LITHUANIA
LEATHER AND LEATHER PRODUCTS Address: Tilþës g. 225, LT-5400 Ðiauliai Management Board (participation in the company): Phone: (370-1) 523117 Gediminas Ðaulys, Chairman (33.03%), Fax: (370-1) 523117, 523128 Jonas Adomavièius (0%), Gintaras Marazas (0%) E-mail: [email protected] Managing Director (participation in the company): Jonas Adomavièius (5.23%) www.siauliu-stumbras.lt Contact Person: Alma Remeikaitë, Chief Accountant, tel. (370-1) 500520 Registration date: 30 06 1994 Registration code: 4493224 Established: 1898 Privatised: 1994 Number of employees: 346 STRUCTURE OF OWNERSHIP (20 04 2001) Authorised capital: LTL 33.1m Total number of shareholders amounts to 12 598 Capitalisation (30 06 2001): LTL 11.6m Gediminas Ðaulys 33.03% G.Ðaulys firm 16.38% Auditor: Nauditas UAB State Property Fund 15.43% Trading List: Current Ona Adomavièienë 5.23%
CORPORATE HISTORY Besides, out of production scraps ÐIAULIØ STUMBRAS produced 704 tons of tanned Tannery STUMBRAS was established in 1898 by brothers Nurokai. The tannery split for the production of albuminous foil and 1,173 tons of limed scraps for the manufactured hard leather for soles. Since 1926, STUMBRAS has been producing soft production of gelatine. leather. During 1945-1993, the company manufactured yuft (Russian leather) for the military In total, production volumes amounted to LTL 60.7, marking an increase of LTL 22.5m or footwear industry, felt boots, natural and model linings for footwear. In 1993, the selection 58.8% compared to 1999. of goods radically changed - the prefabricated box-calf leather, all kinds of leather used for ÐIAULIØ STUMBRAS production is divided between Lithuania and foreign markets in
manufacture of footwear, wearing apparel, belts, luggage, handbags, and other articles Guide to Listed Companies proportion of 32% to 68%. Up to present, the largest part of the companys production were introduced into production. was exported to the CIS countries. After the Russian crisis, export to the CIS countries ÐIAULIØ STUMBRAS emerged in the privatisation process of the state tannery Stumbras.
plunged from 52% in 1998 to 23% in 2000, and export to the EU countries came to 21%. 2000 The new company was registered in June 1994. The companys authorised capital before Seeking to expand the sales market, the company regularly participates in exhibitions the privatisation amounted to LTL 5.8m. With the revaluation of long term assets, the in Vilnius, Bologna, and Moscow. authorised capital reached LTL 30.3m. The main suppliers of raw material are sole proprietorship of G.Ðaulys, Ðiauliø Oda AB, In October 1996, the new issue of LTL 2.8m was registered with the Lithuanian Securities Odos Gaminiai ir Ko UAB. Supplies from Lithuania account for 76.9%, Germany - 14%, Commission. The major part of the issue was sold to shareholders, nearly LTL 300thou and the Ukraine - 4.5%. were subscribed by the State Securities Fund. In 1997, the authorised capital of ÐIAULIØ In 2000, the companys sales revenues accounted for LTL 63.7, which is by LTL 21.3m or STUMBRAS equalled LTL 33.1 million. 50% more than in 1999. BUSINESS ACTIVITY. DEVELOPMENTS IN 2000 In 2000, net profit of ÐIAULIØ STUMBRAS came to LTL 1.99m and was 3.5 times The principal activity of ÐIAULIØ STUMBRAS is manufacturing of leather and leather articles. larger than in 1999. This amount was sufficient to cover losses of previous years. The company is also engaged in wholesale and retail trade. The company sells its products Financial debts decreased by 1.3m, financial debts of the current year lowered from in the domestic and foreign markets. LTL 950thou to LTL 17.7thou, and trade debts dropped from LTL 7,244thou to Over 2000, the company processed 6,969 tons of raw material into wet-blue, including LTL 4,827thou. 6,964 tons of cattle material and 5 tons of pig material, which is by 1,976 tons or 39.6% PLANS, PROSPECTS FOR 2001 more than in 1999. Last year ÐIAULIØ STUMBRAS had 44 additional work days on Saturdays ÐIAULIØ STUMBRAS intends to expand export of its products to the markets of Finland and Sundays due to a large number of orders it had to execute. Moreover, ÐIAULIØ and Norway. It also plans to increase its own current assets to eliminate the need to use STUMBRAS produced 862,233 m² of finished leather as well as coloured and greased bank loans. semi-product Crust. It makes 245,114 m² or 39.7% more than in 1999.
67 ÐIAULIØLITHUANIAN STUMBRAS COMPANIES NACIONALINË VERTYBINIØ P0PIERIØ BIRÞA
ISIN-code: LT0000118697 Code: 11869 NSEL: SSTM Reuters: SSTM.VL Bridges: lt;SSTM LTL Ðiauliø Stumbras (1) Daily Volume
1.0 25 000 280000 36520
0.8 20 000
0.6 15 000
0.4 10 000
0.2 5 000
0 0 1997 1998 1999 2000 2001
FINANCIAL RATIOS 1998 1999 2000 TRADING STATISTICS 1998 1999 2000 1Q 2001
LIQUIDITY RATIOS PRICE (LTL) Current ratio 0.91 1.11 1.26 First 0.64 0.15 0.30 0.16 Quick ratio 0.26 0.38 0.42 Max 0.64(05 01) 0.31(29 12) 0.29(12 01) 0.46(06 03) Net working capital (LTL thou) -2 063 2 753 6 005 Min 0.15(31 12) 0.16(18 11) 0.08(26 05) 0.17(31 01) Net working capital to total assets -0.03 0.04 0.08 Last 0.15 0.30 0.16 0.35
Guide to Listed Companies Change (%) -76.56 100.00 -46.67 118.75 PROFITABILITY RATIOS Profit margin 0.33% 1.36% 3.13% Number of transactions (CM) 2 4 18 78 2000 Return on assets 0.19% 0.75% 2.59% Turnover CM (units) 280 000 60 15 528 225 074 Return on equity 0.33% 1.34% 4.39% Turnover CM (LTL) 42 000 18 2 013 81 697 Turnover BT (units) 1 641 692 0 5 277 913 2 145 122 FINANCIAL LEVERAGE RATIOS Turnover BT (LTL) 418 631 0 2 761 574 1 085 234 Total debt ratio 0.43 0.44 0.41 CM turnover as % in total 14.57 100.00 0.29 9.50 Debt / equity ratio 0.74 0.79 0.70 Total turnover (units) 1 921 692 60 5 293 441 2 370 196 ASSETS UTILISATION RATIOS Total turnover (LTL) 460 631 18 2 763 587 1 166 931 Inventory turnover 2.39 1.86 2.55 Turnover ratio (%) 5.80 0.00 15.99 7.16 Receivables turnover 9.57 6.03 6.88 As % in the total share turnover 0.05 0.00 0.34 0.49 Net working capital turnover -20.72 15.41 10.61 Long term assets turnover 0.79 0.85 1.34 Total assets turnover 0.57 0.55 0.83 MARKET VALUE RATIOS 1998 1999 2000 2Q 2001
Capitalisation (LTL thou) 4 966 9 933 5 297 11 588 Share book value (LTL) 1.29 1.30 1.37 1.37 Price / book value ratio (P/BV) 0.12 0.23 0.12 0.25 Earnings per share (LTL) 0.00 0.02 0.06 0.06 Price / earnings ratio (P/E) 34.87 17.22 2.66 6.08 Dividend per share (LTL) - - - Dividend yield - - - Dividend payout ratio - - -
STRUCTURE OF SHARE CAPITAL
Share capital: LTL 33,109,211 Ordinary shares: 33 109 211 registered shares at LTL 1 par (security code 11869) accounting for 100% of the auth. capital (admitted to trading at the NSEL on 01.04.96)
68 LITHUANIAN COMPANIESÐIAULIØ STUMBRAS NATIONAL STOCK EXCHANGE OF LITHUANIA
LAS Company Company Company LAS Company Company Company BALANCE SHEET (LTL) 1998 1999 2000 PROFIT (LOSS) ACCOUNT (LTL) 1998 1999 2000 Assets Items LONG TERM ASSETS 54341333 49682436 47441072 SALES AND SERVICES 42763906 42436382 63710957 Formation costs 0 0 0 Turnover from sales of goods 42763906 0 63710957 Intangible assets 5206 8 3230 Turnover from services rendered 0 0 0 Tangible assets 54121570 49475298 47227400 COST OF GOODS SOLD Land 0 0 0 AND SERVICES RENDERED 30221949 30278457 48131655 Buildings 8565914 8305692 10337840 Raw materials, consumables Plant and machinery 24118661 19702161 17751088 and goods for resale 30221949 30278457 48131655 Vehicles and other transport means 390000 262606 407627 Services, works and research 0 0 0 Other fixtures, fittings, tools GROSS PROFIT (LOSS) 12541957 12157925 15579302 and equipment 40453 31418 27024 OPERATING EXPENSES 10245879 10086638 11510386 Leasing and similar rights 0 106813 158168 Selling expenses 0 0 0 Other tangible assets 20738 15692 13186 General and administrative expenses 10245879 10086638 11510386 Constructions in progress PROFIT FROM OPERATIONS (LOSS) 2296078 2071287 4068916 and prepayments 20985804 21050916 18532467 OTHER OPERATIONS 36932 26121 -298890 Financial long term assets 150982 150982 151152 Other operating revenue 55303 96955 96783 Amounts receivable after one year 63575 56148 59290 Other operating expenses 18371 70834 395673 Trade debtors 0 0 0 FINANCIAL AND INVESTING ACTIVITIES -2159093 -1841327 -958212 Other amounts receivable 63575 56148 59290 Revenue from financial SHORT TERM ASSETS 19849536 27072617 29531383 and investing activities 589340 1222339 1591579 Stocks and contracts in progress 14440517 18068806 19626129 Expenses of financial Stocks 14440517 18068806 19626129 and investing activities 2748433 3063666 2549791 Contracts in progress 0 0 0 PROFIT FROM ORDINARY Amounts receivable within one year 5320735 8744755 9773817 ACTIVITIES (LOSS) 173917 256081 2811814 Trade debtors 4905834 8214530 8063539 EXTRAORDINARY GAIN 45092 574553 -387961 Other amounts receivable 414901 530225 1710278 EXTRAORDINARY LOSSES 76581 253934 430527 Investments and term deposits 46 46 46 CURRENT YEAR PROFIT BEFORE TAXES 142428 576700 1993326 Cash at bank and hand 88238 259010 131391 INCOME TAXES 0 0 0 TRANSFER ACCOUNTS 361578 415411 28157 NET PROFIT OF THE CURRENT YEAR Guide to Listed Companies Total assets 74552447 77170464 77000612 FOR APPOPRIATION (LOSS) 142428 576700 1993326
Owners' equity and liabilities 2000 CAPITAL AND RESERVES 42822764 43096862 45392790 Capital 33109211 33109211 33109211 Subscribed capital 33109211 33109211 33109211 Uncalled capital (-) 0 0 0 Share premium account 0 0 0 Revaluation reserve 12262926 11960324 12262926 Reserves 0 0 1033 Legal reserve 0 0 1033 Reserves not available for distribution 0 0 0 Reserves available for distribution 0 0 0 Profit (loss) brought forward -2549373 -1972673 19620 FINANCING (GRANTS AND SUBSIDIES) 0 0 0 PROVISIONS FOR LIABILITIES AND CHARGES, POSTPONED AND DEFERRED TAXES 0 0 0 Provisions 0 0 0 Postponed taxes 0 0 0 AMOUNTS PAYABLE AND LIABILITIES 31729683 34073602 31587822 Amounts payable after one year and long term liabilities 9455163 9338537 8053688 Financial debts 9455163 9338537 8053688 Trade creditors 0 0 0 Suppliers 0 0 0 Bills of exchange payable 0 0 0 Prepayments received on contracts in progress 0 0 0 Other amounts payable and long term liabilities 0 0 0 Amounts payable within one year and short term liabilities 22274520 24735065 23534134 Short term portion of long term debts 11926106 11710968 12260712 Financial debts 2337633 950000 17743 Credit institutions 1433800 950000 17743 Other loans 903833 0 0 Trade creditors 4199084 7242429 4826979 Suppliers 4199084 7242429 4826979 Bills of exchange payable 0 0 0 Prepayments received on contracts in progress 0 0 0 Taxes, remuneration and social security payable 1205428 763782 1026059 Taxes 533402 408921 618535 Remuneration 672026 354861 264806 Social security payable 0 0 142718 Other amounts payable and short term liabilities 2606269 4067886 5402641 ACCRUED CHARGES AND DEFERRED INCOME 0 0 20000 Total owner's equity and liabilities 74552447 77170464 77000612
69 TRINYÈIAILITHUANIAN COMPANIES NACIONALINË VERTYBINIØ P0PIERIØ BIRÞA
YARN Address: Bangø g. 22, LT-5800 Klaipëda Management Board (no participation in the company): Phone: (370-6) 314305 Rimas Varanauskas, Chairman, Fax: (370-6) 311735 Regina Sajienë, Rimantas Akulevièius, Bjorn G.Güllberg, Arvydas Strumskis E-mail: [email protected]; [email protected] Managing Director (participation in the company): Daiva Urbonienë (0.01%) www.yarn.lt Contact Person: Daiva Urbonienë, Director General, tel. (370-6) 314305 Registration date: 18 03 1993 Registration code: 4066028 Established: 1923 Privatised: 1993 Number of employees: 284 STRUCTURE OF OWNERSHIP (31 12 2000) Authorised capital: LTL 13.7m Total number of shareholders amounts to 1813 Capitalisation (30 06 2001): LTL 11.6m Koncerno SBA Investicija KIB (holding) 44.25% European Bank for Reconstruction and Development 22.38% Auditor: Arthur Andersen State Property Fund 7.03% Trading List: Current FBF Finansø Spektras UAB 6.37%
CORPORATE HISTORY TRINYÈIAI purchases the greatest part of the principal material (cotton fibre) from foreign The establishment of the textile plant TRINYÈIAI dates as far back as 1923. The company companies: Rosby Oil Corporation (Panama), Altro Warenhandels Gesmb (Austria), Indutech was founded by brothers Feinbergs. World War II destroyed the plant, but it was rebuilt SPA (Italy), and Jecot SA (Switzerland). in 1945. In the post-war period, the company was reconstructed three times (in 1954, In 1999, due to the crises in Asia and Russia sales of cotton yarn and their demand abroad 1964, and 1986) almost in its entirety. as well as on the domestic market decreased, which resulted in a 1.8% fall in yarn In 1976, TRINYÈIAI , the knitwear factory Gulbë, and Kaunas cotton-spinning factory were manufacture as compared with 1998. When Western Europe countries were flooded with cheap yarn due to devaluation of local currencies of the Asian countries, sales of TRINYÈIAI
Guide to Listed Companies merged into the group TRINYÈIAI. In 1990, the group was liquidated and all the three companies regained their independence. On 18 March 1993, TRINYÈIAI became a private yarn in countries of West Europe dropped 2.4 times. Crisis in Russia was the reason for a capital company. In 1995, the companys subsidiary Trinyèiø Medvilnë was established in 26% fall of yarn sales in the Lithuanian market. 2000 Uzbekistan. The subsidiary engages in the distribution of Lithuanian goods and supplies During 1999, the company actively invested into acquisition of technical equipment. TRINYÈIAI with cotton fibre. In total, TRINYÈIAI invested over LTL 3m and purchased 11 machines for circular After the privatisation, the companys authorised capital stood at LTL 2.6m. On 4 August spinning, 5 winding machines, a doubling machine as well as other equipment. 1995, a new share issue of LTL 6.8m was registered with the Lithuanian Securities DEVELOPMENTS IN 2000 Commission. The stock capital was raised out of the revaluation reserve from LTL 2.6m to In 2000, the total production volume of TRINYÈIAI constituted LTL 17.8m (cf. LTL 13.4m LTL 9.4m. In 1996, the authorised capital was increased for the second time to LTL 13.8m. in1999), while sales and services improved by 12.8% and accounted for LTL 16.7m In 1998, the authorised capital was increased by LTL 4m to reach LTL 17.9m (the EBRD (LTL 14.8m in 1999). At the end of the year, the company recorded the loss of LTL 3.9m purchased an additional share issue). (LTL 2.9m in 1999). As compared to 1999, the number of employees decreased by 68, On 6 June 2000, the authorised capital of LTL 17.9m was reduced to LTL 13.7m in order while labour productivity augmented by 60%. to cover the losses. In 2000, the company purchased equipment for LTL 859thou, including acquisition of TRINYÈIAI belongs to a group of light industry companies of the concern SBA AB and is a technological equipment by way of leasing under the agreement with Shiloh Spinners Ltd. member of Association of Light Industry Companies of Lithuania. (England) for LTL 657thou. It is estimated that once this equipment is mounted production BUSINESS ACTIVITY capacities should double. The company manufactures cotton-type yarn for weaving and knitting. According to the Expenditures for purchase of raw materials were relatively larger due to the rise of prices production technology, yarn is produced by open end or ring spun spinning. Based on on the world market in 2000. Thus, their weight in the total production expenditures grew the quality, yarn is also divided into carded and combed. The bulk of production consists from 37.3% in 1999 to 43.6% in 2000. Cotton fibre is purchased in Western Europe countries of 100% cotton yarn, however, mixed types (cotton-linen, cotton-wool) are also on the basis of short term agreements and in Uzbekistan through the companys subsidiary manufactured. Trinyèiø Medvilnë. Almost 43% of the output is sold to 22 clients in Lithuania, 46.1% - exported to Western Europe, and 11% - realised in the Baltic countries. The major Nearly half (43%) of yarn production is sold on the domestic market. The largest purchasers buyers of TRINYÈIAI products are from Spain and England. are textile companies and producers of wearing apparel: Audëjas AB, Sparta AB, and Pakaita AB. Another 56% of yarn are sold in the foreign markets. The bulk of exports goes to Western Europe: France, Poland, and Finland. The Baltic countries receive 9% of the company's output.
70 LITHUANIAN COMPANIESTRINYÈIAI NATIONAL STOCK EXCHANGE OF LITHUANIA
ISIN-code: LT0000111205 Code: 11120 NSEL: TRIN Reuters: TRIN.VL Bridges: lt;TRIN LTL Trinyèiai (1) Daily Volume
1.5 15 000
1.2 12 000
0.9 9 000
0.6 6 000
0.3 3 000
0 0 1998 1999 2000 2001
FINANCIAL RATIOS 1998 1999 2000 TRADING STATISTICS 1998 1999 2000 1Q 2001
LIQUIDITY RATIOS PRICE (LTL) Current ratio 1.46 0.72 0.65 First 1.20 0.80 0.11 0.96 Quick ratio 0.98 0.53 0.38 Max 1.20(21 01) 0.80(06 03) 0.96(29 12) 1.00(07 03) Net working capital (LTL thou) 3 538 -1 900 -2 715 Min 0.80(18 09) 0.11(30 12) 0.09(08 02) 0.64(22 06) Net working capital to total assets 0.14 -0.10 -0.15 Last 0.80 0.11 0.96 0.84
Change (%) -33.33 -86.25 772.73 -12.50 Guide to Listed Companies PROFITABILITY RATIOS Number of transactions (CM) 6 0 28 10
Profit margin -3.16% -25.19% -16.40% 2000 Turnover CM (units) 3 0 35 250 16 990 Return on assets -3.30%* -16.49% -14.22% Turnover CM (LTL) 3 0 30 206 13 407 Return on equity -7.80%* -42.19% -48.14% Turnover BT (units) 63 730 35 085 3 142 321 282 486 Turnover BT (LTL) 3 845 10 063 560 946 70 569 FINANCIAL LEVERAGE RATIOS CM turnover as % in total 0.00 0.00 1.11 5.67 Total debt ratio 0.58 0.65 0.76 Total turnover (units) 63 733 35 085 3 177 571 299 476 Debt / equity ratio 1.36 1.86 3.24 Total turnover (LTL) 3 848 10 063 591 153 83 975 Turnover ratio (%) 0.46 0.25 29.82 2.81 ASSETS UTILISATION RATIOS As % in the total share turnover 0.00 0.00 0.07 0.04 Inventory turnover 6.35* 6.17 9.24 Receivables turnover 5.49* 3.73 5.73 Net working capital turnover 7.46* 18.05 -7.14 MARKET VALUE RATIOS 1998 1999 2000 2Q 2001 Long term assets turnover 1.89 0.98 1.26 Total assets turnover 1.05 0.74 0.91 Capitalisation (LTL thou) 11 097 1 526 10 231 8 952 * value from previous year is not included Share book value (LTL) 0.93 0.39 0.71 0.66 Price / book value ratio (P/BV) 0.86 0.28 1.35 1.27 Earnings per share (LTL) 0.00 -0.21 -0.26 -0.25 Price / earnings ratio (P/E) 242.59 - - - Dividend per share (LTL) - - - Dividend yield - - - Dividend payout ratio - - -
STRUCTURE OF SHARE CAPITAL
Authorised capital: LTL 13,730,039 Ordinary shares: 10 657 045 ordinary registered shares at LTL 1 par (security code 11120) accounting for 77.62% of the auth. capital SUBSIDIARIES Date of Authorised Participating (admitted to trading at the NSEL on 04.08.98) establishment capital (LTL) interest 3 072 994 ordinary registered shares at LTL 1 par (security Trinyèiø Medvilnë 1995 40thou 100% code 12437) accounting for 22.38% of the auth. capital
71 TRINYÈIAILITHUANIAN COMPANIES NACIONALINË VERTYBINIØ P0PIERIØ BIRÞA
IAS Company Company Company BALANCE SHEET (LTL) 1998 1999 2000
Assets NON-CURRENT ASSETS 13952000 15126000 13069000 Intangible assets 24000 62000 Tangible assets 13909000 15062000 12967000 Buildings 5084000 Machinery and equipment 8812000 Vehicles 13000 Financial assets 43000 40000 40000 CURRENT ASSETS 11294000 4801000 5013000 Inventories 3660000 1284000 2086000 Trade receivables 3022000 2259000 2044000 Other receivables 1423000 804000 531000 Deferred charges, prepayments and other current assets 366000 56000 53000 Government securities 1931000 Cash and cash equivalents 892000 398000 299000 Total assets 25246000 19927000 18082000
Equity and liabilities CAPITAL AND RESERVES 10688000 6964000 4262000 Share capital 17872000 17872000 13730000 Required reserve 9000 Legal reserves 14000 14000
Guide to Listed Companies Retained earnings -7193000 -10922000 -9482000 NON-CURRENT LOANS 6802000 6262000 6092000
2000 Bank loans 6802000 CURRENT LIABILITIES 7756000 6701000 7728000 Current year portion of long term loans 1661000 2002000 1590000 Current loans 20000 956000 Trade debts 3445000 2161000 2802000 Leasing 8000 Other payables 2423000 50000 47000 Accrued sums and prepayments 219000 Accruals and other current liabilities 2468000 2333000 Total equity and liabilities 25246000 19927000 18082000
INCOME STATEMENT (LTL) 1998 1999 2000 SALES, NET 26390000 14783000 16477000 Cost of sales -23230000 -15243000 -15574000 GROSS PROFIT (LOSS) 3160000 -460000 903000 Sales and distribution costs -492000 -246000 -390000 General and administrative expenses -3170000 -2201000 -2175000 Other operating income 897000 Other operating expenses -116000 OPERATING PROFIT (LOSS) 279000 -2907000 -1662000 Other operations income/expenses, net -102000 -46000 Financial income/costs, net -1113000 -715000 -994000 PROFIT (LOSS) BEFORE TAX -834000 -3724000 -2702000 NET PROFIT (LOSS) -834000 -3724000 -2702000
Earnings per share (LTL) -0.21 -0.18
72 LITHUANIAN UTENOSCOMPANIES TRIKOTAÞAS NATIONAL STOCK EXCHANGE OF LITHUANIA
WEARING APPAREL Address: J.Basanavièiaus g. 122, LT-4910 Utena Management Board (participation in the company): Phone: (370-39) 51445 Arûnas Martinkevièius, Chairman (2.57%), Fax: (370-39) 69358 Nijolë Dumbliauskienë (7.77%), Valdas Bernatavièius (2.58%), E-mail: [email protected] Regina Sajienë (2.57%), Bjorn G.Güllberg (0%), Arvydas Strumskis (0.005%) www.utenostrikotazas.lt Managing Director (participation in the company): Nijolë Dumbliauskienë (7.77%) Registration date: 06 12 1994 Contact Person: Nijolë Dumbliauskienë, Director General, tel. (370-39) 51445 Registration code: 8370946 Established: 1967 Privatised: 1993 Number of employees: 1497 Authorised capital: LTL 23m STRUCTURE OF OWNERSHIP (11 04 2001) Capitalisation (30 06 2001): LTL 67.5m Total number of shareholders amounts to 1254 Koncernas SBA AB 37.12% Auditor: Arthur Andersen European Bank for Reconstruction and Development 29.17% Trading List: Official Nijolë Dumbliauskienë 7.77%
CORPORATE HISTORY DEVELOPMENTS IN 2000 UTENOS TRIKOTAÞAS was established in 1967 to produce goods for export to the former Throughout the companys history of 33 years, last year was a very successful one. USSR. Until 1990 UTENOS TRIKOTAÞAS was the largest textile manufacturer in Lithuania. Sales increased to LTL 122.4m, profit reached LTL 14.4m. In 2000, the company allotted Sales in Lithuania constituted 30% of the total, while the rest production was realised in LTL 11.3m for payment of dividends for 1999, i.e. LTL 0.5 per share at LTL 1.00 par. Russia, Ukraine, and Central Asia. In 1999, earning per share made up LTL 0.56, and in 2000 - LTL 0.62. Return on assets In 1993, UTENOS TRIKOTAÞAS was privatised and transformed into a public limited came to 19.1%, and return on equity totalled 21.9%. In 2000, UTENOS TRIKOTAÞAS company. Later, the companys authorised capital was raised by LTL 2.5m, including invested LTL 13.7m into IT, production technologies, and real estate. Guide to Listed Companies LTL 2m invested by Koncernas SBA AB. On 30 November 1994, UTENOS TRIKOTAÞAS The company exports 88% (85% in 1999) of its products. Clients from Western Europe
was registered with Utena Municipality as a public company. The registered authorised bought knitted products for LTL 106.6m in 2000. The majority of export went to Sweden 2000 capital amounted to LTL 18.9m. 53% (48.8% in 1999), Denmark 21% (31% in 1999), Germany 6% (11% in 1999), and On 31 December 1997, the companys authorised capital totalled LTL 18.3 million. Finland 3% (4% in 1999). Products exported to Western European countries are The share par value equalled LTL 1. The authorised capital decreased over last year, once manufactured following the buyers orders, involving the entire production cycle from UTENOS TRIKOTAÞAS transmitted the companys property worth LTL 556thou to the state. knitting to packaging. Major UTENOS TRIKOTAÞAS clients in the European countries As a result, the state interest in the company decreased. are outfit chains Hennes & Mauritz (in 2000 H&M bought the companys products for LTL 44.86m, cf. LTL 38.6m in 1999), Bestseller (Vero Moda, Jack Jones, Exit) (LTL 18.6m, On 19 March 1998, the general shareholders meeting resolved to raise capital out of cf. LTL 21m in 1999), Jeans Clothes (LTL 10.69m, cf. LTL 5.7m in 1999), and others. supplementary contributions from LTL 18.3m to LTL 23.3m. 3,489,074 of the newly issued shares were acquired by the European Bank for Reconstruction and Development. UTENOS TRIKOTAÞAS imports 80% of its raw materials from Asian countries (India, Pakistan), 11% come from Western Europe, 9% are acquired in the local market. 75% of In April 1998, at the auction of the State Property Fund 13.7% shares of UTENOS contracts regarding supply of raw material are long term ones. TRIKOTAÞAS were bought by the EBRD for LTL 8m, at LTL 2.50 per share of LTL 1.00 par value. UTENOS TRIKOTAÞAS shares were admitted to the NSEL Official Trading List on In 2000, for the first time the companys designers created original collections of Lithuanian 1 June 1999. clothes for UTENOS TRIKOTAÞAS and its subsidiary Ðatrija AB. These collections were introduced to Lithuanian customers at the specialised shops of Utenos Trikotaþo Prekyba In January 2000, UTENOS TRIKOTAÞAS was included into the Baltic List, a joint list of AB and in the largest networks such as Apranga, Lëvuo, Timnas, and others. In 2000, Lithuanian, Latvian, and Estonian securities markets. sales of Utenos Trikotaþo Prekyba UAB made up LTL 20m, which is by 20% more than in BUSINESS ACTIVITY 1999. New shops were opened in Kaunas, Klaipëda, Alytus, and Utena. UTENOS TRIKOTAÞAS produces high quality knitwear, and it is also one of the first clothes In March 2000, UTENOS TRIKOTAÞAS increased its holding of Ðatrija AB (sewing factory) manufacturers in Lithuania to set up its own chain of stores. shares up to 64.9%. The company produces knitted garments such as babywear, underwear, nightwear, sports PLANS, PROSPECTS FOR 2001 and leisure wear from its own knitted fabrics. At the moment, the major aim of the company is to produce knitwear products at the best In the course of the year, the range of the companys products is renewed 4 times. prices and in the shortest terms. UTENOS TRIKOTAÞAS estimates that in 2001 its sales For every new season designers create new collections following the world fashion trends. will reach LTL 125m, marking an increase of 4.2%. Trade mark UT Linija means modern and elegant clothes for fashion conscious men and In 2001, the company will not reduce trading volumes with the current clients and will women. Tema (Theme) collection also offers modern classics. Young people are offered a attempt to increase sales to companies of France and England as well as to lnditex, Spain. collection Karta (Generation) urban street fashion, unisex and stylish clothes of intensive In addition, UTENOS TRIKOTAÞAS has plans to seek co-operation with other chains that colours. All family members can find comfortable and practical clothes for sport or active offer higher-quality knitwear. It is expected that in 2001 export to Western Europe will leisure time in the collection UT Sportas. There is a wide range of clothes designed especially improve by 2.3%. for children. Besides, underwear retains a significant share in the total output of UTENOS TRIKOTAÞAS. UTENOS TRIKOTAÞAS anticipates a 20% increase of sales on the Lithuanian market. For the following year the company projects investments of LTL 10m, including LTL 6.7m for British Standardisation Institute granted UTENOS TRIKOTAÞAS a Certificate BS EN technological equipment, LTL 1m for information systems, LTL 0.25m for training of ISO 9001:1994. UTENOS TRIKOTAÞAS, one of the first enterprises engaged in the employees, and LTL 0.5m for improvement of work conditions, repairs, and work safety. textile industry in Lithuania, has been awarded an OEKO-TEX 100 Standard Certificate. This certifies that UTENOS TRIKOTAÞAS products are free of harmful substances and are In 2001, UTENOS TRIKOTAÞAS will expand application of the quality system ISO 9001, perfectly safe to wear. functioning according to the ISO 9001 certificate obtained in 1999 (certified by British Standard Institute, England). In 2001, UTENOS TRIKOTAÞAS will increase production In Lithuania, the company sells its products in specialised stores and through wholesale volumes of ecologically clean products according to Oeko-Tex 100 standard. The company dealers. Utenos Trikotaþo Prekyba UAB realises 79% of UTENOS TRIKOTAÞAS products. will train and encourage its employees to work in accordance to the requirements of The companys affiliate Utenos Trikotaþo Prekyba UAB runs 15 specialised shops in environmental management system. It will also seek to obtain the international standard Lithuania and has a subsidiary in the Ukraine. ISO 14001:1996.
73 UTENOSLITHUANIAN TRIKOTAÞAS COMPANIES NACIONALINË VERTYBINIØ P0PIERIØ BIRÞA
ISIN-code: LT0000109324 Code: 10932 NSEL: UTRI Reuters: UTRI.VL Bridges: lt;UTRI LTL Utenos Trikotaþas (1) Daily Volume
4.0 20 000 49912 30001 90969
3.2 16 000
2.4 12 000
1.6 8 000
0.8 4 000
0 0 1998 1999 2000 2001
Company TRADING STATISTICS 1998 1999 2000 1Q 2001 FINANCIAL RATIOS 1998 1999 2000 PRICE (LTL) LIQUIDITY RATIOS First 1.99 1.72 3.00 3.39 Current ratio 3.46 2.83 2.81 Max 2.50(13 05) 3.00(30 12) 3.96(20 03) 3.37(30 03) Quick ratio 2.10 1.73 1.71 Min 1.62(04 11) 1.69(06 03) 2.80(15 11) 2.90(28 06) Net working capital (LTL thou) 18 626 23 435 18 390 Last 1.72 3.00 3.39 2.90
Guide to Listed Companies Net working capital to total assets 0.32 0.30 0.23 Change (%) -13.57 74.42 13.00 -14.45
PROFITABILITY RATIOS Number of transactions (CM) 120 233 176 51 2000 Profit margin 11.70% 12.14% 11.35% Turnover CM (units) 96 167 279 008 114 419 37 961 Return on assets 19.67%* 19.57% 17.75% Turnover CM (LTL) 191 545 626 509 368 941 118 661 Return on equity 22.58%* 23.02% 20.88% Turnover BT (units) 150 138 3 000 473 125 000 599 921 Turnover BT (LTL) 251 009 7 104 690 403 250 84 019 FINANCIAL LEVERAGE RATIOS CM turnover as % in total 39.04 8.51 47.79 5.95 Total debt ratio 0.13 0.17 0.14 Total turnover (units) 246 305 3 279 481 239 419 637 882 Debt / equity ratio 0.15 0.20 0.16 Total turnover (LTL) 442 554 7 731 199 772 191 202 680 ASSETS UTILISATION RATIOS Turnover ratio (%) 1.34 14.10 1.03 2.74 Inventory turnover 6.600* 6.24 7.04 As % in the total share turnover 0.05 0.63 0.10 0.09 Receivables turnover 7.171* 6.86 7.22 Net working capital turnover 5.307* 5.21 5.88 Long term assets turnover 3.03 2.68 2.39 MARKET VALUE RATIOS 1998 1999 2000 2Q 2001 Total assets turnover 1.68 1.42 1.54 Capitalisation (LTL thou) 31 511 69 781 78 853 67 455 Share book value (LTL) 2.19 2.78 2.83 3.04 Group Price / book value ratio (P/BV) 0.79 1.08 1.20 0.95 FINANCIAL RATIOS 1999 2000 Earnings per share (LTL) 0.51 0.59 0.62 0.67 LIQUIDITY RATIOS Price / earnings ratio (P/E) 3.38 5.09 5.47 4.31 Current ratio 2.88 2.92 Dividend per share (LTL) - 0.50 0.50 Quick ratio 1.71 1.83 Dividend yield - 0.17 0.15 Net working capital (LTL thou) 31 340 28 074 Dividend payout ratio - 0.85 0.81 Net working capital to total assets 0.35 0.31
PROFITABILITY RATIOS Profit margin 9.96% 8.99% Return on assets 14.99%* 15.58% Return on equity 20.67%* 20.88%
FINANCIAL LEVERAGE RATIOS Total debt ratio 0.28 0.23 SUBSIDIARIES Date of Authorised Participating Debt / equity ratio 0.38 0.31 establishment capital (LTL) interest
ASSETS UTILISATION RATIOS Gotija UAB 1994 144,740 90.5% Inventory turnover 4.713* 6.15 Utenos trikotaþo prekyba UAB 1998 1,176,200 100% Receivables turnover 6.311* 7.36 Ðatrija AB 1999 10,420,551 64.9% Net working capital turnover 4.261* 5.22 Long term assets turnover 3.29 3.25 Total assets turnover 1.51 1.72 STRUCTURE OF SHARE CAPITAL * value from previous year is not included Share capital : LTL 23,260,491 Ordinary shares: 23 260 491registered shares at LTL 1 par (security code 10932) accounting for 100% of auth. capital (admitted to trading at the NSEL on 29.09.97)
74 LITHUANIAN UTENOSCOMPANIES TRIKOTAÞAS NATIONAL STOCK EXCHANGE OF LITHUANIA
IAS Company IAS Company Company Consol Consol BALANCE SHEET (LTL) 1998 BALANCE SHEET (LTL) 1999 2000 1999 2000
Assets Assets NON-CURRENT ASSETS 32601000 NON-CURRENT ASSETS 40883000 51533000 40646000 47752000 Intangible assets 116000 Intangible assets 311000 270000 731000 523000 Goodwill 42000 -1351000 42000 -1351000 Tangible assets 25424000 Tangible assets 30777000 37244000 38424000 45647000 Financial assets 260000 119000 358000 Investments 6686000 Investments into subsidiaries and associated undertakings 9246000 14199000 Deferred tax assets 375000 Deferred tax assets 507000 911000 1330000 2575000 CURRENT ASSETS 26188000 CURRENT ASSETS 36251000 28559000 48034000 42671000 Inventories 10327000 Inventories 14085000 11209000 19510000 16030000 Receivables from subsidiaries 2701000 1435000 Receivables and prepayments 13785000 Prepayments 2572000 1368000 2800000 1662000 Trading investments 740000 Trade and other receivables 12866000 13121000 18359000 19354000 Cash and cash equivalents 1336000 Cash and cash equivalents 3924000 441000 7228000 4474000 Deferred charges 103000 29000 137000 195000 Current loans granted 956000 956000 Total assets 58789000 Total assets 77134000 80092000 88680000 90423000
Equity and liabilities Equity and liabilities CAPITAL AND RESERVES 51227000 CAPITAL AND RESERVES 64318000 69309000 64318000 69309000 Share capital 23260000 Share capital 23260000 23260000 23260000 23260000 Share premium 7410000 Share premium 7410000 7410000 7410000 7410000 Reserves 5300000 Reserves 12628000 20535000 12952000 20535000 Guide to Listed Companies Retained earnings 15257000 Retained earnings 21020000 18104000 20696000 18104000
MINORITY INTEREST 7668000 5903000 2000 NON-CURRENT LIABILITIES 614000 614000 Non-current loans 614000 614000 CURRENT LIABILITIES 7562000 CURRENT LIABILITIES 12816000 10169000 16694000 14597000 Financial debts 88000 Current loans 328000 Trade and other payables 7474000 Trade and other payables 7473000 5536000 8981000 7950000 Payables to subsidiaries 27000 19000 Accrued and other current liabilities 5316000 4614000 7385000 6647000 Total equity and liabilities 58789000 Total equity and liabilities 77134000 80092000 88680000 90423000
INCOME STATEMENT (LTL) INCOME STATEMENT (LTL) SALES 98848000 SALES 109543000 122902000 133535000 155181000 Cost of sales -68161000 Cost of sales -76136000 -88978000 -91950000 -109364000 GROSS PROFIT (LOSS) 30687000 GROSS PROFIT (LOSS) 33407000 33924000 41585000 45817000 Other operating income 2653000 Selling expenses -3684000 -3979000 -6805000 -6698000 Distribution costs -4055000 General and administrative expenses -15772000 -16768000 -19635000 -23450000 Administrative expenses -13224000 Amortisation of goodwill 817000 318000 817000 318000 Other operating expenses -2030000 OPERATING PROFIT (LOSS) 14031000 OPERATING PROFIT (LOSS) 14768000 13495000 15962000 15987000 Financial income/costs, net -35000 Financial income/costs, net 502000 -949000 263000 -912000 PROFIT (LOSS) BEFORE RESULT FROM SUBSIDIARIES 15270000 12546000 16225000 15075000 Result from subsidiaries 359000 2491000 PROFIT (LOSS) BEFORE TAX 13996000 PROFIT (LOSS) BEFORE TAX 15629000 15037000 16225000 15075000 Profit tax -2431000 Profit tax -2332000 -1085000 -2364000 -399000 PROFIT (LOSS) PROFIT (LOSS) BEFORE AFTER TAX 11565000 MINORITY INTEREST 13297000 13952000 13861000 14676000 Minority interest -564000 -724000 NET PROFIT (LOSS) 11565000 NET PROFIT (LOSS) 13297000 13952000 13297000 13952000
Earnings per share (LTL) 0.57 Earnings per share (LTL) 0.57 0.60 0.57 0.60
75 OILLITHUANIAN AND PETROLEUM PRODUCTS COMPANIES NACIONALINË VERTYBINIØ P0PIERIØ BIRÞA
The industry of oil products is one of the biggest sub-sectors of the manufacturing industry. In 2000, it was in the second place by production sales as well as by export volumes. The food industry was in first place by production sales and the light industry by export volumes. The unsteady supply of raw materials from the East to Maþeikiø Nafta AB (Maþeikiai Oil Refinery) of late years was the main reason for the poor operating results of the oil products industry. Unfortunately, there were no positive changes in 2000. The growth of the oil prices on world markets and a general recession of the Lithuanian economy resulting in lower consumption of oil products as well as interrupted supplying of oil - all of which had a considerable influence on activities of Maþeikiø Nafta AB. Maþeikiø Nafta AB processed only about 5 million tons of crude oil and other raw materials in 2000, i.e. utilised less than 50% of its production capacity. Although the production sales of the refinery in 2000 were considerably higher than in 1999 due to a surge in the prices of oil, the total production sales of the industry at constant prices fell by 7.5%. It is worth mentioning that the operating results of the refinery in 1999 were the poorest over several recent years. The losses of Maþeikiø Nafta AB suffered in 2000 disappointed the Government of Lithuania. Based on the USA Accounting Principles, the losses amounted to LTL 179 million in 2000 (LTL 159 million in 1999). The negotiations between supreme Lithuanian authorities and Russian giant Lukoil on the long term crude oil supply had no appreciable results. Lukoil agrees to permanently supply crude oil only if it acquires the share stake and control of Maþeikiø Nafta AB. Nevertheless, the situation in Maþeikiø Nafta AB is not hopeless. Last year the refinerys operational results slightly improved, while losses rose mainly due to increased interest Guide to Listed Companies payments (from LTL 73 million in 1999 up to LTL 187 million in 2000) and expenditures on the overhaul of the company. The refinerys governing body expects profits in 2002 and 2000 does not reject the possibility of gaining some profits this year. The company is negotiating very intensively not only with Lukoil but also with Yukos, TNK, Surgutneftegaz and other Russian and Kazakhstans oil extraction enterprises on the long term crude oil supply.
By: Vilniaus Bankas AB, Member of the SEB Group, "Lithuanian Macroeconomic Review" No 5
76 LITHUANIAN COMPANIESMAÞEIKIØ NAFTA NATIONAL STOCK EXCHANGE OF LITHUANIA
OIL AND CRUDE OIL REFINING Address: Juodeikiai, LT-5520 Maþeikiø r. Supervisory Board (participation in the company): Phone: (370-93) 92286 G.Kazakevièius, Chairman (0%), Fax: (370-93) 92525 J.Bumgarner (0%), R.L.Barnard (0%), B.Boreikaitë (0%), E-mail: [email protected] G.Geleþevièienë (0%), T.Statkus (0%) www.nafta.lt Management Board (participation in the company): R.A.Majors, Chairman (0%), Registration date: 24 01 1991 J.Sheel (0%), T.Shneider (0%), K.Balkevièius (0%), Registration code: 6645172 V.Petroðienë (0.002%), G.Vaièiûnas (0%), V.Valys (0%) Established: 1980 Managing Director (participation in the company): James Eugene Scheel (0%) Privatised: 1999 Contact Person: Tadas Augustauskas, Head of Communications Department, Number of employees: 3718 tel. (370-93) 92608; [email protected] Authorised capital: LTL 1 035m Capitalisation (30 06 2001): LTL 506.2m STRUCTURE OF OWNERSHIP (30 04 2001) Total number of shareholders amount to 2584 Auditor: Arthur Andersen State (Ministry of Economy) 59.30% Trading List: Current Williams International Company 33.00%
CORPORATE HISTORY Approximately 85% of all feedstock was supplied through the pipeline "Druþba", and the The decision to build a crude oil processing plant in Lithuania was made by the authorities remaining part was imported trough Bûtingë terminal. As compared with 1999, import of the former Soviet Government at the beginning of the sixth decade. The main objective volumes of crude oil through the terminal tripled. The largest amount of crude oil was of the plant was to supply the Baltic Region with oil products and export part of the supplied on the basis of the agreement with Lukoil Baltija LLC (approximately 80% of the production abroad. The construction of the crude oil processing plant started in 1972. total amount). Lukoil brought 1/3 of own crude oil and 2/3 of crude oil of other Russian suppliers. Over the year, companies BP Oil International Ltd., Routhenhold Holding Ltd., In 1995, the crude oil processing plant Nafta was transformed into a joint stock company and South Petroleum Ltd. supplied over 100thou tons of crude oil each. with 90% state ownership, the remaining 10% held by the companys employees and Guide to Listed Companies other legal and natural entities. In February 1996, the first gas-filling station owned by The crude oil was purchased according to a variable price formula depending on crude oil MAÞEIKIØ NAFTA was opened, and the company started to develop its own chain of stations. prices on world markets. It was anticipated to refine 6m tons of own crude oil and 1m tons 2000 of feedstock provided by other corporate entities over 2000. However, crude oil supply In February 1997, corporate Eurobonds were issued with the face value of USD 40m and was irregular from the beginning of the year. Due to crude oil shortage the refinery was maturity of 7 months. In September, the debt was refinanced, and a new issue of corporate shut down for 17 days (55 days in 1999). Eurobonds of total face value of USD 89m was arranged with the average maturity of 3 years. All funds were used to purchase feedstock and fulfil new short payback projects. In 2000, MAÞEIKIØ NAFTA remained the largest company and taxpayer not only in Lithuania but also throughout the whole Baltic region. The companys turnover improved In the 4th quarter of 1998, public companies MAÞEIKIØ NAFTA, Naftotiekis and Bûtingës to LTL 4.2bn (cf. LTL 2.3bn in 1999), and the taxes paid came to LTL 1.9bn (cf. LTL 1.4bn Nafta merged into one entity MAÞEIKIØ NAFTA, whose authorized capital after the in 1999). reorganization reached LTL 693.4m. After the companies had merged, MAÞEIKIØ NAFTA reduced its share capital by the held shares of Ventus-Nafta UAB, Plinkðiø Vieðbutis UAB, In 2000, the company did not anticipate profit, however, the loss of LTL 179m (according and Tvoklë UAB at the par value. The shares of those companies were distributed among to US GAAP) and the loss of LTL 213.7m according to the Lithuanian Accounting Principles MAÞEIKIØ NAFTA shareholders in proportion to shares of MAÞEIKIØ NAFTA and Naftotiekis were way below the projected results. There were many factors affecting results of MAÞEIKIØ held by them. NAFTA. Firstly, the amounts transported through Bûtingë terminal were insufficient (out of projected 6m tons, just 3m tones were transshipped), which reduced income of both the In December 1998, the Lithuanian Securities Commission registered a share issue of terminal and the pipeline. The gross margin was not high enough: the projected one was 341,546,650 ORS with the face value of LTL 1 per share. The issue constituted 33% of the LTL 807.5m, the actual LTL 568.4m resulted from high price of crude oil purchased. companys share capital. In 1999, the issue was sold to Williams International Company Increased depreciation expenses related to the beginning of the exploitation of the terminal, for USD 150 m. The authorized capital of MAÞEIKIØ NAFTA rose to LTL 1,035m. more than two-fold interest paid, and the income lost due to incompliance of gasoline with BUSINESS ACTIVITY. DEVELOPMENTS IN 2000 European standards (sales to West Europe customers applying large discount) affected MAÞEIKIØ NAFTA is the only crude oil processing company in Lithuania and Baltic States, results of the company. Finally, because of the untimely amendment the Government which works as a typical complex refinery. The companys main activity is to process Resolution No.585, the company could not sell crude oil products through Klaipëda terminal crude oil and other feedstock. In addition, it renders processing services, produces light under FOB conditions for three months of 2000. petroleum products, engages in wholesale and retail trade of petroleum products and their On 22 February 2001, MAÞEIKIØ NAFTA announced that the company's preliminary loss transportation. for the year 2000 according to the US GAAP equals LTL 179,059,000. On 14 March 2001, In the course of 2000, MAÞEIKIØ NAFTA processed over 4.9m tons of feedstock, including MAÞEIKIØ NAFTA reported that the company's audited loss for 2000 amounted to 4.66m tons of crude oil. As compared to 1999, the processing volumes increased by LTL 213,728,213. 7.7%. It was the first time in five recent years that the service of crude oil processing was On 8 September 2000 MAÞEIKIØ NAFTA and the Russian oil company Yukos signed a long not rendered to other companies. term (5 years) contract regarding the export of 4m tons of crude oil through Bûtingë terminal. As compared to 1999, transportation volumes of Birþai pipeline increased significantly On 12 September 2000, the company redeemed 190 dematerialised bearer floating rate after much more crude oil was loaded at Bûtingë terminal. Over the year, 13.6m tons of bonds with the state guarantee for the total face value of USD 19m and 30 dematerialised crude oil (12.9m in 1999) and 3.5m tons of oil products were exported to Ventspils (same bearer floating rate bonds for the total face value of USD 3m. as in 1999), 4.3m tons were transported to the refinery (same as in 1999), and 3.06m PLANS, PROSPECTS FOR 2001 tons of crude oil and 0.6m tons of oil products were transported to Bûtingë terminal. In 2000, utilization of transportation capacity of pipelines reached 71.7 % (cf. 63.2 % Over 2001, MAÞEIKIØ NAFTA intends to process 7,685thou tons of feedstock, to transport in 1999). 29,100thou tons of crude oil and oil products through Birþai pipeline, to transship 6,000thou tons of crude oil and oil products through Bûtingë terminal. The company In 2000, 3.1m tons were exported and 0.4thou tons were imported, 36 tankers were expects the turnover of LTL 6,483m and projects the loss of LTL 65.5m. loaded/unloaded. Just like in 1999, the largest amount for transshipment was provided by the Russian company Yukos (~ 80%). The quantities transshipped are almost twice as In 2001, the company will aim at securing its current share on gasoline market and smaller as anticipated. Nevertheless, the terminal which was just put to operation attracted improving its position on the markets of diesel fuel, jet fuel, and fuel oil in particular. many clients and is to become a serious competitor for the neighbour oil terminals. It is necessary to pay more attention to the consumers of Poland, Latvia, and Estonia as In 2000, the feedstock was supplied from both Russia and Western countries. well as to increase export to these countries. MAÞEIKIØ NAFTA plans to increase its market share in the above stated countries.
77 MAÞEIKIØLITHUANIAN NAFTA COMPANIES NACIONALINË VERTYBINIØ P0PIERIØ BIRÞA
ISIN-code: LT0000115552 Code: 11555 NSEL: MAZN Reuters: MAZN.VL Bridges: lt;MAZN LTL Maþeikiø Nafta (1) Daily Volume
2.5 250 000 352873 263167 337362 329555 2.0 200 000
1.5 150 000
1.0 100 000
0.5 50 000
0 0 1996 1997 1998 1999 2000 2001
Group TRADING STATISTICS * 1998 1999 2000 1Q 2001 FINANCIAL RATIOS 1998 1999 2000 PRICE (LTL) LIQUIDITY RATIOS First 1.70 0.42 0.70 0.80 Current ratio 0.52 3.11 2.32 Max 1.75(08 01) 0.91(07 09) 1.02(16 03) 0.86(11 01) Quick ratio 0.39 2.09 0.68 Min 0.40(29 12) 0.42(11 06) 0.62(01 09) 0.54(08 05) Net working capital (LTL thou) -539 211 720 457 486 476 Last 0.42 0.70 0.80 0.73
Guide to Listed Companies Net working capital to total assets -0.25 0.25 0.18 Change (%) -75.29 66.67 14.29 -8.75
PROFITABILITY RATIOS Number of transactions (CM) 1510 3473 2827 701 2000 Profit margin -3.47% -6.91% -4.24% Turnover CM (units) 3 534 800 7 284 501 6 518 244 4 733 317 Return on assets -4.58%* -6.35% -6.48% Turnover CM (LTL) 1 912 869 4 507 862 5 490 176 3 388 168 Return on equity -19.00%* -27.16% -31.50% Turnover BT (units) 39 581 040 1 425 005 1 454 293 736 869 Turnover BT (LTL) 9 650 253 690 933 1 199 875 532 973 FINANCIAL LEVERAGE RATIOS CM turnover as % in total 8.20 83.64 81.76 86.53 Total debt ratio 0.76 0.77 0.82 Total turnover (units) 43 115 840 8 709 506 7 972 537 5 470 186 Debt / equity ratio 3.15 3.38 4.52 Total turnover (LTL) 11 563 122 5 198 795 6 690 051 3 921 141 ASSETS UTILISATION RATIOS Turnover ratio (%) 0.62 1.26 1.15 0.79 Inventory turnover 16.14* 8.05 8.16 As % in the total share turnover 1.30 0.42 0.83 1.66 Receivables turnover 9.12* 8.81 20.59 * Trading statistics is recalculated according to the last nominal value of LTL 1 (as of 12 1998) Net working capital turnover -5.22* 25.38 7.00 Long term assets turnover 1.82 1.27 2.34 Total assets turnover 1.32 0.80 1.59 MARKET VALUE RATIOS 1998 1999 2000 2Q 2001 * value from previous year is not included Capitalisation (LTL thou) 291 246 485 410 554 755 506 214 Share book value (LTL) 0.75 0.96 0.47 0.38 Price / book value ratio (P/BV) 0.56 0.73 1.72 1.93 Earnings per share (LTL) -0.09 -0.17 -0.17 -248.39 Price / earnings ratio (P/E) - - - - Dividend per share (LTL) - - - Dividend yield - - - Dividend payout ratio - - -
STRUCTURE OF SHARE CAPITAL
Share capital: LTL 1,034,989,850 SUBSIDIARIES Date of Authorised Participating Ordinary shares: 693 443 200, registered shares at LTL 1 par (security code establishment capital (LTL) interest 11555) accounting for 67% of the auth. capital (admitted to MN Saugos Tarnyba UAB 1998 1.2m 100% trading at the NSEL on 05.02.96) Juodeikiø Nafta UAB 1993 2.39m 60% Ordinary shares: 341 546 650 registered shares at LTL 1 par (security code Birþietiðka Aibë (retail trade) UAB 3.5m 100% 12520) accounting for 33% of the auth. capital Energetikos Naujienos UAB (on liquidation) 11thou 62% (Williams International Company)
78 LITHUANIAN COMPANIESMAÞEIKIØ NAFTA NATIONAL STOCK EXCHANGE OF LITHUANIA
US GAAP Consol Consol Consol US GAAP Consol Consol Consol BALANCE SHEET (LTL) 1998 1999 2000 INCOME STATEMENT (LTL) 1998 1999 2000
Assets SALES, NET 2816654000 2300214000 4225377000 NON-CURRENT ASSETS 1551336000 1805728000 1805679000 Cost of sales excluding Intangible assets, net 19258000 21431000 12564000 depreciation and amortisation -2406696000 -2000037000 -3891099000 Tangible assets, net 1526520000 1776106000 1776242000 Trade and distribution costs -161054000 -95381000 -133765000 Buildings 205025000 221547000 265101000 General and administrative expenses -185127000 -209827000 -172016000 Machinery and equipment 954645000 1901719000 1830319000 Depreciation and amortisation -96049000 -129521000 -132226000 Constructions in progress and prepayments OPERATING PROFIT (LOSS) -32272000 -134552000 -103729000 for long term tangible assets 767572000 96990000 143564000 Other income 49916000 90084000 Other tangible assets 286947000 345494000 437296000 Financial income/costs/including Accrued depreciation -687669000 -789644000 -900038000 profit received due to the change Investments 3612000 6659000 11691000 of currency rate, net -51407000 Non-current receivables 1946000 1532000 5182000 Income from financial activities 6037000 25054000 CURRENT ASSETS 583933000 1062097000 854618000 Interest income 4429000 21876000 Inventories, net 149118000 347601000 606286000 Profit due to the change of currency rate 848000 2074000 Trade receivables 191278000 115410000 125887000 Other 760000 1104000 Prepayments and other current assets 117484000 98211000 70981000 Costs of financial activities -80075000 -190583000 Cash and cash equivalents 126053000 500875000 51464000 Debt interest -15785000 -787888000 Total assets 2135269000 2867825000 2660297000 Loss due to the change of currency rate -656000 -1074000 Other -3634000 -1621000 Equity and liabilities Unappropriated profit (loss) CAPITAL AND RESERVES 514315000 655446000 481559000 of subsidiaries -58000 -59000 208000 Share capital 693443000 1034990000 1034990000 PROFIT (LOSS) BEFORE TAX Share premium 258453000 258453000
AND MINORITY INTEREST -83737000 -158733000 -178966000 Guide to Listed Companies Legal reserves 8775000 Profit tax -13561000 -138000 -18000 Revaluation reserve 437000 437000 437000 PROFIT (LOSS)
Shareholder's bill of exchange -300000000 -300000000 2000 BEFORE MINORITY INTEREST -97298000 -158871000 -178984000 Accrued other gross income 5172000 Minority interest -400000 2000 -75000 Accrued loss -188340000 -338434000 -517493000 NET PROFIT (LOSS) -97698000 -158869000 -179059000 MINORITY INTEREST 1617000 1615000 1704000 NON-CURRENT LIABILITIES 496193000 1869124000 1808892000 NOTES: Non-current loans 462413000 1998 Long term loans minus share of the current year 1808259000 1761645000 In the Balance sheet, in the Non-current assets section, the accrued depreciation Leasing amounts payable after one year 12704000 of machinery and equipment, buildings and other non-current tangible assets is Subsidies received 19851000 19851000 19851000 summed up and reported as Accrued depreciation, in the Current assets section, Other amounts payable 30000000 22000000 Trade receivables are reported at net value. Liabilities of long term leasing 1999 minus share of the current year 10423000 5390000 In the Non-current assets section, Non-current receivables are reported at net value Deferred road tax 1225000 591000 6000 minus provisions of LTL 15,449,000 for doubtful amounts, in the Current assets section, CURRENT LIABILITIES 1123144000 341640000 368142000 Trade receivables are reported at net value minus provisions of LTL 89,682,000 for Current year portion of long term loans 59444000 140951000 70054000 doubtful amounts. Current year portion of leasing 2702000 5163000 5259000 2000 Current loans 615751000 40959000 49108000 Prepayments 58772000 3791000 30190000 In the Non-current assets section, Non-current receivables are reported at net value Trade payables 194085000 32005000 129383000 minus provisions of LTL 18,932,000 for doubtful amounts, in the Current assets section, Other payables 18886000 28837000 16380000 Trade receivables are reported at net value minus provisions of LTL 95,604,000 for Accruals and other current liabilities 173504000 89934000 67768000 doubtful amounts. Total equity and liabilities 2135269000 2867825000 2660297000
79 WOOD,LITHUANIAN FURNITURE AND COMPANIES PAPER NACIONALINË VERTYBINIØ P0PIERIØ BIRÞA
Over lately years this industry has been robustly developing. Its share in the total mining almost caught up with Vilniaus Baldø Kombinatas AB. In 2000, the production sales of and manufacturing production has been steadily augmenting and in 2000 totalled 10.2%. Klaipëdos Baldai AB came to LTL 62.5 million; its net profits added up to LTL 6.4 million. As compared to 1999, last year all three sub-sectors of the industry notably expanded The results for the beginning of this year are encouraging too. In 2001, the enterprise their production sales (at constant prices): wood and its products by 24.1%, furniture plans to invest about LTL 6 million and to enlarge its production capacity by 30%. by 24.2%, and pulp and paper by 19.6%. The industry exported about 1/3 of its output. In 2000, Ðilutës Baldai AB managed to expand its production sales by almost 1/3. In the Its employees constitute 19% of all mining and manufacturing industrys workers. A majority 1st quarter of this year sales growth rates were similar. In 2001, the company intends to of industrys companies are located in rural areas of Lithuania, and thus help to fight the invest LTL 4.7 million and expects to be granted the ISO 14000 ecological certificate in May. unemployment problem that is particularly severe in provinces. Last year Grigiðkës AB, producer of tissue paper and wood fibre slabs, lifted its production In 2000 the turnover of Giriø Bizonas AB, producer of wood fibre slabs, almost doubled. sales by 8.6%, up to LTL 60 million. Unfortunately, this did not help to escape LTL 3.8 Instead of expected LTL 1 million losses the company earned insignificant profits. After million losses. An increase of over 10% in its production sales is planned for this year. losses encumbered in 1999, Klaipëdos Mediena AB, largest enterprise of wood products Grafobal Vilnius AB, producer of paper and cardboard packaging containers, increased its in Lithuania, earned profits in 2000. Its exports accounted for 95% of the annual output. production sales by ¼ to LTL 21.5 million and did not suffer losses in 2000. The production During 2001 the company plans to increase its production sales and to earn almost LTL 4 sales of SCA Packaging Lithuania (former Medienos Plauðas AB) owned by Swedish million profits. In January-February, Klaipëdos Mediena AB made LTL 0.6 million net profits. consortium SCA added up to LTL 55 million, i.e. to the larger than expected amount. Last year large furniture producers were operating successfully. The production sales of However, the company suffered LTL 3.5 million losses and envisages staying unprofitable ten largest Lithuanian furniture companies amounted to LTL 275 million and represented during this year as well. an increase of 43.9% over 1999. These ten giants were the main exporters of furniture In 2000, Klaipëdos Kartonas AB, largest producer of cardboard, started to implement among other Lithuanian firms. In 2000 the production sales of Vilniaus Baldø Kombinatas its project of production extension. According to the project, production capacity will AB, leader of the furniture industry, climbed up to LTL 62.9 million, i.e. almost doubled as almost double. It is planned to open a new processing line of waste paper in September. compared to 1999. Its net profits summed LTL 6 million. The company was doing very Last year the company increased its production sales by 39.6% to LTL 45.4 million. well in the 1st quarter of this year as well: it increased its production sales and made By: Vilniaus Bankas AB, Member of the SEB Group, "Lithuanian Macroeconomic Review" No 5 LTL 0.8 million profits. Another strong candidate to take over the lead Klaipëdos Baldai
Sales and services (LTL) Net profit (LTL) 2000 1999 Change (%) 2000 1999 Change (%) Guide to Listed Companies KLAIPËDOS MEDIENA AB 87,464,147 91,013,546 -3.9 224,264 -4,938,786 VILNIAUS BALDØ KOMBINATAS AB 62,954,716 31,846,515 97.7 6,000,097 -5,438,683 2000 KLAIPËDOS BALDAI AB 62,428,812 46,106,206 35.4 6,434,393 2,085,589 208.5 ÐILUTËS BALDAI AB 39,022,887 29,432,643 32.6 -580,859 -1,059,961 GIRIØ BIZONAS AB 37,605,785 19,189,843 96.0 334,618 -5,800,823 GRAFOBAL VILNIUS 21,529,380 17,223,843 25.0 971,096 -1,362,405 GRIGIÐKËS AB 59,783,451 55,032,095 8.6 -3,834,266 -770,040
DISCO BOSAS
SHOW-ROOMS:
Vilnius, Savanoriø pr. 178, tel. (370 2) 311175 Vilnius, Smolensko g. 6, tel. (370 2) 333275 Kaunas, Taikos pr. 141, tel. (370 7) 311279 Klaipëda, Taikos pr. 28, tel. (370 6) 383131 Ðiauliai, Aido g. 10, tel. (370 1) 552906 RONDO Panevëþys, Respublikos g. 71, tel. (370 5) 464655
80 LITHUANIAN COMPANIESGRAFOBAL VILNIUS NATIONAL STOCK EXCHANGE OF LITHUANIA
PAPER AND PACKAGING PRODUCTS Address: Paribio g. 12, LT-2600 Vilnius Management Board (participation in the company): Phone: (370-2) 753274 Marijan Koþiðek, Chairman (0%), Fax: (370-2) 757710 Antonin Kadlèek (0%), Tibor Hubik (0%), E-mail: [email protected] Stanislovas Jurkuvënas (0.3%), Egidijus Razmus (0.03%). Managing Director (participation in the company): Stanislovas Jurkuvënas (0.3%) Registration date: 05 08 1992 Contact Person: Saulius Povilaitis, Chief Economist-Financier, tel. (370-2) 790425 Registration code: 2151401 Established: 1964 Privatised: 1992 Number of employees: 133 Authorised capital: LTL 6.5m Capitalisation (30 06 2001): LTL 3.7m STRUCTURE OF OWNERSHIP (25 04 2001) Total number of shareholders amounts to 353 Auditor: Deloitte & Touche Grafobal Skalica (Slovak Republic) 78.06% Trading List: Current State Property Fund 3.8%
CORPORATE HISTORY DEVELOPMENTS IN 2000 The companys legal predecessor, EXPERIMENTAL BUREAU OF PACKAGE DESIGN, was In 2000, production volumes were lower than in 1998, however, exceeded those of 1999 established in 1964. Later, with the gradual expansion of the technical platform, the bureau by 23.4% and amounted to LTL 21.6m. The companys revenue from core activities grew developed into a polygraphs (printing) company VILNIS. It was privatised through a public by 25%. The range of products is individual, non-standard, i.e. mainly based on individual offering in 1992 and was registered under the name of VILPAKAS. In 1994, the Slovak firm one-time orders. Grafobal acquired a controlling interest in the company, and it was reregistered into The company sells 64% of its products on the internal market, 20% in Russia, 12%
GRAFOBAL VILNIUS. Within 3 years substantial investments were made into development: in Belarus. The main suppliers of raw materials are enterprises from Sweden, Finland, Guide to Listed Companies the company leased equipment for cutting the paperboard, carried out major repairs of the and Belgium. printing machinery, installed gluing equipment, and mounted model assembling outfitting. During the previous three years the company operated with a loss and in 2000 GRAFOBAL 2000 As a result of all the improvements, the production output increased almost sixfold. VILNIUS received profit of LTL 0.97m. At the beginning of 1996, the authorised capital of the company constituted LTL 5.6m. PLANS, PROSPECTS FOR 2001 It was increased in the same year by LTL 0.9m through indexation of the main means and by issuing new shares which were distributed to the shareholders proportionally to the The company will focus on the local and neighbouring markets of Russia, Belarus, and nominal value of their holdings. In 1997-1999, the authorised capital of GRAFOBAL VILNIUS Latvia. It intends to strengthen its competitive position and believes the business activity did not experience any changes. Currently the authorised capital amounts to LTL 6.5m. will improve. BUSINESS ACTIVITY The company prints packaging products, manufactures containers of paper and paperboard, provides design and printing services (printing on paper, paperboard, oilpaper, folios and films, also paper paraffining and cutting into spools and sheets). Technological progress, efficient execution of orders, favourable payment terms, and stable long term relationship with business partners enabled the company to acquire competitive advantage among Lithuanian and Western producers. The company was noticed by major Lithuanian food makers, pharmaceutical and light manufacturing companies that became permanent customers. GRAFOBAL VILNIUS developed into an attractive company due to its creative approach and became distinguished for its design and quality both in Lithuania, the CIS, and Eastern Europe.
81 GRAFOBALLITHUANIAN VILNIUS COMPANIES NACIONALINË VERTYBINIØ P0PIERIØ BIRÞA
ISIN-code: LT0000100315 Code: 10031 NSEL: GRAF Reuters: GRAF.VL Bridges: lt;GRAF LTL Grafobal Vilnius (5) Daily Volume
10 1000 1200
8 800
6 600
4 400
2 200
0 0 '94 1995 1996 1997 1998 1999 2000 2001
FINANCIAL RATIOS 1998 1999 2000 TRADING STATISTICS 1998 1999 2000 1Q 2001
LIQUIDITY RATIOS PRICE (LTL) Current ratio 3.10 2.62 2.21 First 2.40 2.80 2.80 2.80 Quick ratio 1.71 1.91 1.54 Max 2.97(27 04) 2.80(30 12) 2.80 2.80 Net working capital (LTL thou) 12 275 8 132 8 634 Min 2.40(21 01) 2.80(30 12) 2.80 2.80 Net working capital to total assets 0.55 0.39 0.39 Last 2.80 2.80 2.80 2.80
Guide to Listed Companies Change (%) 16.67 - - - PROFITABILITY RATIOS Profit margin -4.36% -7.91% 4.51% Number of transactions (CM) 12 0 0 0 2000 Return on assets -4.91% -6.48% 4.33% Turnover CM (units) 3 669 0 0 0 Return on equity -11.05% -15.92% 10.26% Turnover CM (LTL) 10 211 0 0 0 Turnover BT (units) 0 0 0 0 FINANCIAL LEVERAGE RATIOS Turnover BT (LTL) 0 0 0 0 Total debt ratio 0.56 0.59 0.58 CM turnover as % in total 100.00 0.00 - - Debt / equity ratio 1.25 1.46 1.37 Total turnover (units) 3 669 0 0 0 ASSETS UTILISATION RATIOS Total turnover (LTL) 10 211 0 0 0 Inventory turnover 2.59 2.14 3.76 Turnover ratio (%) 0.28 0.00 0.00 0.00 Receivables turnover 3.16 2.03 2.45 As % in the total share turnover 0.00 0.00 0.00 0.00 Net working capital turnover 2.06 2.12 2.49 Long term assets turnover 5.83 2.19 3.25 Total assets turnover 1.13 0.82 0.96 MARKET VALUE RATIOS 1998 1999 2000 2Q 2001
Capitalisation (LTL thou) 3 665 3 665 3 665 3 665 Share book value (LTL) 7.62 6.54 7.23 7.11 Price / book value ratio (P/BV) 0.37 0.43 0.39 0.39 Earnings per share (LTL) -0.84 -1.71 0.74 0.87 Price / earnings ratio (P/E) - - 3.77 3.20 Dividend per share (LTL) - - - Dividend yield - - - Dividend payout ratio - - -
STRUCTURE OF SHARE CAPITAL
Share capital: LTL 6,544,475 Ordinary shares: 1 308 895 registered shares at LTL 5 par (security code 10031) accounting for 100% of the auth. capital (admitted to trading at the NSEL on 14.09.93)
82 LITHUANIAN COMPANIESGRAFOBAL VILNIUS NATIONAL STOCK EXCHANGE OF LITHUANIA
LAS Company Company Company LAS Company Company Company BALANCE SHEET (LTL) 1998 1999 2000 PROFIT (LOSS) ACCOUNT (LTL) 1998 1999 2000 Assets Items LONG TERM ASSETS 4337944 7876241 6632521 SALES AND SERVICES 25302275 17223843 21529380 Formation costs 0 0 0 Turnover from sales of goods 25302275 0 0 Intangible assets 792768 264017 21489 Turnover from services rendered 0 0 0 Tangible assets 3528276 7611524 6611032 COST OF GOODS SOLD Land 0 0 0 AND SERVICES RENDERED 17698521 12514911 15698932 Buildings 1874712 1800441 1726170 Raw materials, consumables Plant and machinery 1255683 5536009 4675223 and goods for resale 17698521 0 0 Vehicles and other transport means 118322 67260 32036 Services, works and research 0 0 0 Other fixtures, fittings, tools GROSS PROFIT (LOSS) 7603754 4708932 5830448 and equipment 80404 46649 48926 OPERATING EXPENSES 7479682 5746242 6011652 Leasing and similar rights 0 0 0 Selling expenses 0 0 0 Other tangible assets 199155 161165 128677 General and administrative expenses 7479682 0 0 Constructions in progress PROFIT FROM OPERATIONS (LOSS) 124072 -1037310 -181204 and prepayments 0 0 0 OTHER OPERATIONS 76995 92347 398309 Financial long term assets 16900 700 0 Other operating revenue 728519 446346 562815 Amounts receivable after one year 0 0 0 Other operating expenses 651524 353999 164506 Trade debtors 0 0 0 FINANCIAL AND INVESTING ACTIVITIES -1313657 -539245 449919 Other amounts receivable 0 0 0 Revenue from financial SHORT TERM ASSETS 18105199 12855564 15503674 and investing activities 136667 72088 1229361 Stocks and contracts in progress 8126003 3581279 4769286 Expenses of financial Stocks 8126003 3581279 4769286 and investing activities 1450324 611333 779442 Contracts in progress 0 0 0 PROFIT FROM ORDINARY Amounts receivable within one year 8670004 8310860 9276236 ACTIVITIES (LOSS) -1112590 -1484208 667024 Trade debtors 7777889 8131179 8736704 EXTRAORDINARY GAIN 49539 139673 353608 Other amounts receivable 892115 179681 539532 EXTRAORDINARY LOSSES 0 17870 49536 Investments and term deposits 0 240000 640000 CURRENT YEAR PROFIT BEFORE TAXES -1063051 -1362405 971096 Cash at bank and hand 1309192 723425 818152 INCOME TAXES 0 0 0 TRANSFER ACCOUNTS 27420 303067 287231 NET PROFIT OF THE CURRENT YEAR Guide to Listed Companies Total assets 22470563 21034872 22423426 FOR APPOPRIATION (LOSS) -1063051 -1362405 971096
Owners' equity and liabilities 2000 CAPITAL AND RESERVES 9980005 8556446 9463060 Capital 6544475 6544475 6544475 Subscribed capital 6544475 6544475 6544475 Uncalled capital (-) 0 0 0 Share premium account 47152 47152 47152 Revaluation reserve 279759 279759 279759 Reserves 4171670 4110517 4046035 Legal reserve 269000 269000 269000 Reserves not available for distribution 0 0 0 Reserves available for distribution 3902670 3841517 3777035 Profit (loss) brought forward -1063051 -2425457 -1454361 FINANCING (GRANTS AND SUBSIDIES) 0 0 0 PROVISIONS FOR LIABILITIES AND CHARGES, POSTPONED AND DEFERRED TAXES 0 0 0 Provisions 0 0 0 Postponed taxes 0 0 0 AMOUNTS PAYABLE AND LIABILITIES 12490558 12478426 12666156 Amounts payable after one year and long term liabilities 6632971 7451331 5803723 Financial debts 4400000 4354360 3483487 Trade creditors 0 0 0 Suppliers 0 0 0 Bills of exchange payable 0 0 0 Prepayments received on contracts in progress 0 0 0 Other amounts payable and long term liabilities 2232971 3096971 2320236 Amounts payable within one year and short term liabilities 5857587 5027095 6862433 Short term portion of long term debts 0 0 870874 Financial debts 26781 42022 0 Credit institutions 26781 42022 0 Other loans 0 0 0 Trade creditors 4510071 4560121 5468322 Suppliers 4510071 4560121 5468322 Bills of exchange payable 0 0 0 Prepayments received on contracts in progress 120153 98639 66543 Taxes, remuneration and social security payable 1196051 321396 449932 Taxes 917489 141132 279572 Remuneration 208088 126858 91496 Social security payable 70474 53406 78864 Other amounts payable and short term liabilities 4531 4917 6762 ACCRUED CHARGES AND DEFERRED INCOME 0 0 294210 Total owner's equity and liabilities 22470563 21034872 22423426
83 GRIGIÐKËSLITHUANIAN COMPANIES NACIONALINË VERTYBINIØ P0PIERIØ BIRÞA
WOOD FIBRE BOARD, PAPER PRODUCTS Address: Vilniaus g. 10, Grigiðkës, LT-4058 Vilnius Supervisory Board (participation in the company): Phone: (370-2) 333904, 652173 Norimantas Stankevièius, Chairman (0%), Fax: (370-2) 651486, 521486 Titas Sereika (0%), Algimantas Goberis (0%), Valdas Urbonas (0%) E-mail: [email protected] Management Board (participation in the company): www.grigiskes.lt Gintautas Pangonis, Chairman (0%), Registration date: 02 04 1992 Nerijus Dagilis (0%), Audris Vilèinskas (0%), Vigmantas Kaþukauskas (0%), Registration code: 1001245 Tautvilas Adamonis (0%), Saulius Urnieþius (0%), Normantas Paliokas (0%) Established: 1922 Managing Director: Gintautas Pangonis (0%) Privatised: 1991 Contact Person: Auðra Murauskienë, Economist, tel. (370 -2) 521559 Number of employees: 1037 Authorised capital: LTL 37.3m STRUCTURE OF OWNERSHIP (01 05 2001) Capitalisation (30 06 2001): LTL 8.6m Total number of shareholders amounts to 5225 Grinvildos Investicija UAB 21.83% Auditor: Arthur Andersen Liudvikas-Vaidievièius Miðkinis 6.19% Trading List: Current Romaldas Jadenkus 6.10% Asta-Jolanta Polikevièienë 5.30%
CORPORATE HISTORY In 1999, a waste paper converting line was set up in the company, which improved the The companys predecessor, GRIGIÐKËS pulp processing plant, was established in 1922. quality of tissue paper, reduced its costs, and increased production volumes by 9m rolls Originally run by 200 employees, it produced 15 tons of paperboard and 10 tons of paper per year. per day. Since then the plant has been steadily expanding - erecting new premises, updating GRIGIÐKËS is the first paper industry company of Lithuania that was awarded EN ISO technologies, installing new equipment, and broadening the range of paper products. 9001 quality certificate. At the moment, documents are prepared for receiving a certificate of environmental management system in compliance with ISO 14001 standard. Guide to Listed Companies During 1959-1964 the company installed three machines for manufacturing crepe paper, during 1965-1968 fourteen machines for cigarette filter paper manufacturing were mounted. GRIGIÐKËS exports hardboard to Belarus, Germany, Ukraine, Estonia, Switzerland, Denmark,
2000 During 1964-1971, with the instalment of hardboard lines of the Polish company Zemak, Finland, Sweden, Great Britain, Latvia, Poland, and the USA. Incontinence pads and paper GRIGIÐKËS launched production of hardboard. In 1973, a German company Hilderbrant towels are sold in the Baltic countries, Russia, Belarus, the toilet paper is sold in the Baltic installed two lines for painting and lacquering of hardboard. In 1975, boxes of corrugated countries, Russia, Belarus, Ukraine, Sweden, and Denmark. Corrugated paperboard is board were introduced into production. Recently machines have been renovated or replaced exported only to Latvia. by modern ones, accompanied by subsidiary equipment. The main supplies of raw materials come from Lithuania (55%), Russia (15%), Sweden After Lithuania regained its independence, the company lost a significant part of its markets (10%), Poland (5%), Estonia (5%), Finland (5%), and Germany (5%). in the former USSR countries and strove to conquer new markets with newly-developed GRIGIÐKËS is a member of Feropa (European Federation of Hardboard Manufacturers). products. Thus, in 1992, with the acquisition of a German production line, the company DEVELOPMENTS IN 2000 started manufacturing incontinence pads. In 1993, the company launched production of paper towels and serviettes. In 1996, a new Italian toilet paper line was put into operation. Over the year, production volumes of GRIGIÐKËS improved by 14.5% and accounted for During 1997 machinery for production of toilet paper GRITE and paper towels was fully LTL 56.4m. Hardboard accounted for 56% of the total output, paper products made up installed. The toilet paper GRITE was recognized the best product of the year. In 1998, 30%. After reconstruction of technological equipment, the company launched production the boiler-house for steam generation from wood waste was constructed, and in the of thin hygienic tissue paper. following year waste paper converting line was implemented. The company has suffered loss for the year in succession. In 2000, the loss came to In 1997, the company made a buy-back of its shares (9.99%) and distributed them among LTL 4.3m. shareholders in proportion to their holdings. The companys products are sold in 19 countries of Eastern and Central Europe. In 2000, BUSINESS ACTIVITY GRIGIÐKËS increased its export to England, USA, Chech Republic, Estonia, Latvia, and Russia, and started exporting to Canada. At present the company produces paper (crepe paper, cellulose wadding medical, wrapping paper), personal hygiene and medical products (toilet paper, paper towels, handkerchiefs, In order to avoid the decline of share prices, in 2000 GRIGIÐKËS bought up 395,269 its cleaning paper, paper napkins, incontinence pads, etc.), 2.5, 3.2 ir 4.0 mm hardboard; own shares at LTL 0.27 per share. corrugated paperboard and its articles. Hardboard (43%) and paper products (34.6%) PLANS, PROSPECTS FOR 2001 constitute the largest share of the companys production. GRIGIÐKËS is the only company The company plans to devote most attention to the EU market as well as to enter new in Lithuania producing incontinence pads. GRITE paper product group takes approximately markets in America. Following the increase in demand for painted hardboard on the 54% of the Lithuanian tissue paper market. world market, GRIGIÐKËS intends to renovate finishing lines as well as use new At the end of 1999, GRIGIÐKËS produced trial batches of special coated hardboard for materials for finishing. It is projected to expand the current production base and develop "Ikea" furniture. After customers appreciation, the company started serial production of production of sawn timber. The company intends to invest LTL 0.5m into renovation. this hardboard. Using a three - colour wood grain reproducing machine, GRIGIÐKËS started The principal aim of the newly elected Management Board is to record no loss at the to produce a new painted hardboard with beech, birch, cherry-tree wood textures. end of 2001.
84 LITHUANIAN COMPANIESGRIGIÐKËS NATIONAL STOCK EXCHANGE OF LITHUANIA
ISIN-code: LT0000102030 Code: 10203 NSEL: GRIG Reuters: GRIG.VL Bridges: lt;GRIG LTL Grigiðkës (1) Daily Volume
2.0 200 000 349804 268131 256900
1.6 160 000
1.2 120 000
0.8 80 000
0.4 40 000
0 0 '94 1995 1996 1997 1998 1999 2000 2001
FINANCIAL RATIOS 1998 1999 2000 TRADING STATISTICS 1998 1999 2000 1Q 2001
LIQUIDITY RATIOS PRICE (LTL) Current ratio 1.39 1.33 0.98 First 0.21 0.18 0.18 0.18 Quick ratio 0.68 0.81 0.58 Max 0.26(09 03) 0.35(06 03) 0.22(02 05) 0.35(27 03) Net working capital (LTL thou) 5 665 4 802 -266 Min 0.17(30 09) 0.16(08 10) 0.14(08 09) 0.18(25 01) Net working capital to total assets 0.11 0.10 -0.01 Last 0.18 0.18 0.18 0.23
Change (%) -14.29 - - 27.78 Guide to Listed Companies PROFITABILITY RATIOS Profit margin 0.92% -5.02% -7.28% Number of transactions (CM) 417 263 340 219
Return on assets 1.16%* -5.27% -8.96% Turnover CM (units) 1 756 208 681 353 844 992 800 881 2000 Return on equity 1.80%* -8.14% -14.25% Turnover CM (LTL) 322 109 166 890 150 604 213 775 Turnover BT (units) 195 231 69 858 1 917 588 52 399 145 FINANCIAL LEVERAGE RATIOS Turnover BT (LTL) 36 223 15 960 405 721 12 660 971 Total debt ratio 0.36 0.35 0.39 CM turnover as % in total 90.00 90.70 30.59 1.51 Debt / equity ratio 0.55 0.54 0.65 Total turnover (units) 1 951 439 751 211 2 762 580 53 200 026 ASSETS UTILISATION RATIOS Total turnover (LTL) 358 333 182 850 556 325 12 874 746 Inventory turnover 4.85* 4.81 6.78 Turnover ratio (%) 5.23 2.01 7.41 142.63 Receivables turnover 7.28* 5.31 5.78 As % in the total share turnover 0.04 0.02 0.07 5.45 Net working capital turnover 11.85* 10.38 26.08 Long term assets turnover 2.01 1.78 2.01 Total assets turnover 1.25 1.09 1.28 MARKET VALUE RATIOS 1998 1999 2000 2Q 2001 * value from previous year is not included Capitalisation (LTL thou) 6 714 6 714 6 714 8 579 Share book value (LTL) 1.13 1.11 0.75 0.74 Price / book value ratio (P/BV) 0.16 0.16 0.24 0.31 Earnings per share (LTL) 0.08 -0.02 -0.12 -0.12 Price / earnings ratio (P/E) 2.34 - - - Dividend per share (LTL) 0.02 - - Dividend yield 0.11 - - Dividend payout ratio 0.26 - -
STRUCTURE OF SHARE CAPITAL
Share capital: LTL 37,300,000 Ordinary shares: 37 300 000 registered shares at LTL 1 par (security code 10203) accounting for 100% of the auth. capital (admitted to trading at the NSEL on 01.02.94)
85 GRIGIÐKËSLITHUANIAN COMPANIES NACIONALINË VERTYBINIØ P0PIERIØ BIRÞA
IAS Company Company Company BALANCE SHEET (LTL) 1998 1999 2000
Assets NON-CURRENT ASSETS 33340000 30526000 29437000 Intangible assets 13000 37000 41000 Tangible assets 33147000 30428000 29308000 Buildings 13902000 13046000 12833000 Machinery and equipment 15862000 14021000 13681000 Vehicles 2539000 2284000 2053000 Constructions in progress 276000 543000 204000 Other tangible assets 568000 505000 537000 Prepayments for long term tangible assets 29000 Non-current receivables 180000 61000 88000 CURRENT ASSETS 20192000 19459000 16757000 Inventories 10287000 7646000 6887000 Trade receivables 8110000 10444000 8382000 Prepayments and other current assets 1119000 800000 853000 Investments 25000 Cash and cash equivalents 651000 569000 635000 Total assets 53532000 49985000 46194000
Equity and liabilities CAPITAL AND RESERVES 34521000 32477000 27983000 Share capital 37300000 37300000 37300000
Guide to Listed Companies Own shares -46000 -78000 -263000 Legal reserves 2145000 2145000 2145000
2000 Retained earnings -4878000 -6890000 -11199000 NON-CURRENT LOANS 4484000 2851000 1188000 Non-current loans 3770000 Deferred profit tax liability 714000 CURRENT LIABILITIES 14527000 14657000 17023000 Current year portion of long term loans 2679000 2498000 1819000 Current loans 1400000 591000 591000 Trade payables 5310000 3572000 5157000 Accruals 2715000 2618000 2755000 Payable dividends 746000 Other current liabilities 1677000 5378000 6701000 Total equity and liabilities 53532000 49985000 46194000
INCOME STATEMENT (LTL) 1998 1999 2000 SALES, NET 67148000 54335000 59157000 Cost of sales -49919000 -43125000 -49241000 GROSS PROFIT (LOSS) 17229000 11210000 9916000 Sales and distribution costs -4445000 -3714000 -5870000 General and administrative expenses -10895000 -8660000 -6731000 OPERATING PROFIT (LOSS) 1889000 -1164000 -2685000 Other operating income/expenses, net 95000 80000 73000 Other operating income 585000 467000 Other operating expenses -505000 -394000 Financial and investing income/costs, net -843000 -2176000 -2127000 Income from financial and investing activities 417000 645000 Costs of financial and investing activities -2593000 -2772000 PROFIT (LOSS) FROM ORDINARY ACTIVITIES 1141000 -3260000 -4739000 Profit (loss) due to depreciation of long term tangible assets 193000 Extraordinary gain 1750000 791000 Extraordinary losses -1216000 -361000 PROFIT (LOSS) BEFORE TAX 1334000 -2726000 -4309000 Deferred profit tax -714000 NET PROFIT (LOSS) 620000 -2726000 -4309000
Earnings per share (LTL) 0.02 -0.07 -0.12
86 LITHUANIAN COMPANIESKLAIPËDOS BALDAI NATIONAL STOCK EXCHANGE OF LITHUANIA
FURNITURE Address: Joniðkës g. 21, LT-5799 Klaipëda Supervisory Board (participation in the company): Phone: (370-6) 313935 Regina Sajienë, Chairwoman (0%), Fax: (370-6) 313951 Valdas Bernatavièius (0%) E-mail: [email protected] Management Board (participation in the company): www.klaipedos-baldai.lt Rièerdas Kiaurakis, Chairman (0%), Registration date: 03 03 1993 Eimuntas Jankauskas (0%), Þydrûnas Zdanavièius (0%) Registration code: 4065605 Managing Director (participation in the company): Rièerdas Kiaurakis (0%) Established: 1954 Contact Person: Rièerdas Kiaurakis, Director General, tel. (370-6) 313935 Privatised: 1993 Number of employees: 440 Authorised capital: LTL 8.2m Capitalisation (30 06 2001): LTL 10.5m STRUCTURE OF OWNERSHIP (23 04 2001) Total number of shareholders amounts to 1249 Auditor: PricewaterhouseCoopers Koncernas SBA AB 49.33% Trading List: Current Status ir Partneriai UAB 10.27%
CORPORATE HISTORY The company imports about 30% of raw materials from the EU. Other necessary materials In 1950s, a plant that manufactured matches for export purposes operated in Klaipëda. are purchased in Lithuania (62%) and other countries. In 1954, when export of matches was no longer profitable, the plant was reorganised into The largest partners of KLAIPËDOS BALDAI are Klaipëdos Baldø Prekyba UAB, which sells a state furniture enterprise. Initially, the company manufactured different furniture and furniture in Lithuania, and several foreign companies selling companys products through resembled an artisans workshop. Since it was unreasonable to develop production of the retailers and product catalogues in France, Holland, Belgium, Germany, England, various types of furniture, in 1956, the decision was made to specialise in wardrobes. Sweden, Canada, and other countries markets. The company exports 65% of its production.
In 1961, the company started to produce bedroom furniture. The production of bedroom Exports to foreign markets increase year by year. This trend shows that KLAIPËDOS BALDAI Guide to Listed Companies furniture improved rapidly, and KLAIPËDA FURNITURE PLANT conquered not only Lithuanian furniture is able to compete in Western markets. but also the former Soviet Union market. In 1975, KLAIPËDA production furniture union
KLAIPËDOS BALDAI holds 35% of the countrys furniture market and 65% of Lithuanian 2000 was established and starting from 1980 it began to export its products to the Western furniture export. European countries. In 1990, the union was reorganized, Rietavas Furniture Factory was DEVELOPMENTS IN 2000 separated from the union and State Furniture Company was established. At the exhibition Lietuviðki Baldai 2000 that took place in March 2000, KLAIPËDOS BALDAI In 1993, the company underwent privatisation through initial public offering and was offered new products for customers: bedroom furniture Urtë and Viltë, youth room furniture registered with Klaipëda Municipality as a public company with the authorised capital of Vilius, office furniture Nero and Giro. Series Nero won the Best Lithuanian Furniture LTL 742thou. On 5 March 1996, the general shareholders meeting passed a decision to competition and was awarded the prize and diploma of honour. Viltë received a diploma of increase the authorised capital 10 times out of the revaluation reserve. With the issue of honour as well. additional 7.4m shares the stock capital amounted to LTL 8.16 million. For the forth year in a row Confederation of Lithuanian Industrialists have declared At the end of 1997, KLAIPËDOS BALDAI was certified according to the ISO 9000 standard. KLAIPËDOS BALDAI the most successfully operating company of furniture industry, and At that time, KLAIPËDOS BALDAI was the 6th company in Lithuania and the first one its office-furniture line NERO was recognized the product of the year. among furniture-makers to be issued ISO certificate. In 2000, the company developed and launched an environmental management system in In 1999, the company introduced Environment Protection Management System (Thuringen compliance with ISO14001 standard. The companys main activity is mass production of expert licenced) in accordance with the ISO 14001 standard. It is the first environment frame furniture. protection licence among the furniture production companies in Lithuania. Following implementation of innovation projects, the company invested LTL 3.9m (by 13.4% Confederation of Lithuanian Industrialists announced the company as the most successfully more than in 1999) into expansion of its activities, including LTL 2.2m for renovation of working in the furniture industry in 1999. technological equipment. In 2000, KLAIPËDOS BALDAI sold its products for LTL 62.4m BUSINESS ACTIVITIES (LTL 46.1m in 1999), which ranks the company second among producers of furniture KLAIPËDOS BALDAI makes and sells furniture for the domestic and foreign markets. in Lithuania in terms of sales volumes. The companys net profit came to LTL 5.4m The company specialises in production of bedroom, office, and youth room furniture. (LTL 2.1m in 1999). There are also pieces of furniture produced. Company concentrates its production on In the total amount of the output realised, office furniture constituted 65% and bedroom the customers with lower and medium income. furniture made up 20%. The companys export augmented by 51% and now 73% of the KLAIPËDOS BALDAI produces furniture from chipboard of 16 mm and 25 mm which is total output is realised abroad: in France, Holland, Belgium, Germany, England, Sweden, then covered with natural veneer from birch, oak, ash, cherry-tree and other types of Canada, and other countries. Klaipëdos Baldø Prekyba UAB is a business partner of wood or with a thin synthetic layer and laminate. Only certified wood and other materials KLAIPËDOS BALDAI on the internal market. are used in the production of furniture. PLANS, PROSPECTS FOR 2001 The furniture produced by the company is covered by the manufacturers guarantee of Pursuant to the business strategy of KLAIPËDOS BALDAI, in 2001 the company intends to 12 months for office furniture and 18 months for household furniture. fully update assortment of products, reach production volumes of LTL 65m. Besides, In Lithuania the most famous produce of KLAIPËDOS BALDAI is bedroom furniture. it hopes to increase sales volumes by 12.5% and receive profit of LTL 6.3m. 67% of those account for bedroom sets of furniture Veronika, 17% - Veronika M, 15% - KLAIPËDOS BALDAI projects investments of LTL 6.6m into expansion of production, Ieva, 1% - Tatami. 97% of office furniture sold account for office set of furniture Ergo, the including LTL 3.4m for technological equipment. The company also plans to finish rest Vadovo. Kostas 2 and Kostas are the sets of youth room furniture. implementation of the programme SCALA which would computerise the production KLAIPËDOS BALDAI product Koto Tatami in the group of bedroom furniture won the Best process. Lithuanian Furniture competition during the exhibition Baldai 99. Confederation of Lithuanian Industrialists awarded the set of youth room furniture Kostas 2 the prize of the year and the medal.
87 KLAIPËDOSLITHUANIAN BALDAI COMPANIES NACIONALINË VERTYBINIØ P0PIERIØ BIRÞA
ISIN-code: LT0000102972 Code: 10297 NSEL: KBAL Reuters: KBAL.VL Bridges: lt;KBAL LTL Klaipëdos Baldai (1) Daily Volume
3.0 15 000 45000 15515
2.4 12 000
1.8 9 000
1.2 6 000
0.6 3 000
0 0 1996 1997 1998 1999 2000 2001
FINANCIAL RATIOS 1998 1999 2000 TRADING STATISTICS 1998 1999 2000 1Q 2001
LIQUIDITY RATIOS PRICE (LTL) Current ratio 1.91 1.69 1.93 First 2.50 2.75 1.40 0.80 Quick ratio 1.35 1.32 1.55 Max 2.75(31 12) 2.75(13 01) 1.71(01 12) 2.10(22 01) Net working capital (LTL thou) 8 988 7 749 11 131 Min 2.50(28 09) 1.40(30 12) 0.58(02 11) 0.76(04 01) Net working capital to total assets 0.29 0.24 0.29 Last 2.75 1.40 0.80 1.28
Guide to Listed Companies Change (%) 10.00 -49.09 -42.86 60.00 PROFITABILITY RATIOS Profit margin 8.01% 4.52% 8.62% Number of transactions (CM) 2 59 221 73 2000 Return on assets 10.77% 6.37% 13.95% Turnover CM (units) 400 65 693 108 297 73 300 Return on equity 19.46% 11.09% 22.24% Turnover CM (LTL) 1 100 100 800 130 943 116 458 Turnover BT (units) 48 416 330 086 443 522 2 074 728 FINANCIAL LEVERAGE RATIOS Turnover BT (LTL) 16 134 79 321 290 640 3 060 653 Total debt ratio 0.45 0.43 0.37 CM turnover as % in total 0.82 16.60 19.63 3.41 Debt / equity ratio 0.81 0.74 0.59 Total turnover (units) 48 816 395 779 551 819 2 148 028 ASSETS UTILISATION RATIOS Total turnover (LTL) 17 234 180 121 421 583 3 177 110 Inventory turnover 6.54 7.17 10.15 Turnover ratio (%) 0.60 4.85 6.76 26.30 Receivables turnover 3.75 3.42 3.86 As % in the total share turnover 0.00 0.02 0.05 1.34 Net working capital turnover 4.67 5.95 5.61 Long term assets turnover 3.40 3.34 4.05 Total assets turnover 1.34 1.41 1.62 MARKET VALUE RATIOS 1998 1999 2000 2Q 2001
Capitalisation (LTL thou) 22 457 11 433 6 533 10 453 Share book value (LTL) 2.11 2.30 2.96 3.28 Price / book value ratio (P/BV) 1.30 0.61 0.27 0.39 Earnings per share (LTL) 0.41 0.26 0.66 0.87 Price / earnings ratio (P/E) 6.68 5.48 1.21 1.47 Dividend per share (LTL) 0.05 0.05 - Dividend yield 0.02 0.04 - Dividend payout ratio 0.12 0.20 -
STRUCTURE OF SHARE CAPITAL
Authorised capital: LTL 8,166,312 SUBSIDIARIES Authorised Participating Ordinary shares: 8 166 312 registered shares at LTL 1 par (security code 10297) capital (LTL) interest accounting for 100% of the auth. capital (admitted to trading at the Baldstata UAB 50 000 45% NSEL on 09.08.94)
88 LITHUANIAN COMPANIESKLAIPËDOS BALDAI NATIONAL STOCK EXCHANGE OF LITHUANIA
LAS Company Company Company LAS Company Company Company BALANCE SHEET (LTL) 1998 1999 2000 PROFIT (LOSS) ACCOUNT (LTL) 1998 1999 2000 Assets Items LONG TERM ASSETS 12339623 13811190 15416627 SALES AND SERVICES 41928407 46106206 62428812 Formation costs 47273 0 0 Turnover from sales of goods 41928407 46063284 62335098 Intangible assets 22525 158230 99402 Turnover from services rendered 0 42922 93714 Tangible assets 11586578 13242158 14838586 COST OF GOODS SOLD Land 0 0 0 AND SERVICES RENDERED 32363473 34790594 44041990 Buildings 4373732 5111554 6211401 Raw materials, consumables Plant and machinery 582817 507327 434961 and goods for resale 32363473 34790594 44041990 Vehicles and other transport means 140116 186303 238310 Services, works and research 0 0 0 Other fixtures, fittings, tools GROSS PROFIT (LOSS) 9564934 11315612 18386822 and equipment 5100518 6223069 6924478 OPERATING EXPENSES 5949889 8954685 11960262 Leasing and similar rights 671134 616711 465437 Selling expenses 2153802 2874882 4027866 Other tangible assets 0 9484 0 General and administrative expenses 3796087 6079803 7932396 Constructions in progress PROFIT FROM OPERATIONS (LOSS) 3615045 2360927 6426560 and prepayments 718261 587710 563999 OTHER OPERATIONS 296075 321597 267780 Financial long term assets 683247 310910 307700 Other operating revenue 1387460 394325 330501 Amounts receivable after one year 0 99892 170939 Other operating expenses 1091385 72728 62721 Trade debtors 0 0 0 FINANCIAL AND INVESTING ACTIVITIES -838909 205458 -355429 Other amounts receivable 0 99892 170939 Revenue from financial SHORT TERM ASSETS 18862272 18911786 23112097 and investing activities 518529 1870328 2002655 Stocks and contracts in progress 5562706 4146411 4528856 Expenses of financial Stocks 5562706 4146411 4528856 and investing activities 1357438 1664870 2358084 Contracts in progress 0 0 0 PROFIT FROM ORDINARY Amounts receivable within one year 12758833 14165589 18181722 ACTIVITIES (LOSS) 3072211 2887982 6338911 Trade debtors 11594385 13004646 16274845 EXTRAORDINARY GAIN 396595 0 0 Other amounts receivable 1164448 1160943 1906877 EXTRAORDINARY LOSSES 44635 370210 0 Investments and term deposits 0 0 0 CURRENT YEAR PROFIT BEFORE TAXES 3424171 2517772 6338911 Cash at bank and hand 540733 599786 401519 INCOME TAXES 63662 432183 960586 TRANSFER ACCOUNTS 12134 21107 19422 NET PROFIT OF THE CURRENT YEAR Guide to Listed Companies Total assets 31214029 32744083 38548146 FOR APPOPRIATION (LOSS) 3360509 2085589 5378325
Owners' equity and liabilities 2000 CAPITAL AND RESERVES 17268479 18807568 24185893 Capital 8166312 8166312 8166312 Subscribed capital 8166312 8166312 8166312 Uncalled capital (-) 0 0 0 Share premium account 112 112 112 Revaluation reserve 728462 728462 728462 Reserves 4543070 8514149 8514149 Legal reserve 676075 816631 816631 Reserves not available for distribution 0 0 0 Reserves available for distribution 3866995 7697518 7697518 Profit (loss) brought forward 3830523 1398533 6776858 FINANCING (GRANTS AND SUBSIDIES) 0 31897 0 PROVISIONS FOR LIABILITIES AND CHARGES, POSTPONED AND DEFERRED TAXES 0 0 0 Provisions 0 0 0 Postponed taxes 0 0 0 AMOUNTS PAYABLE AND LIABILITIES 13945550 13338982 13103965 Amounts payable after one year and long term liabilities 4058961 2720852 2361868 Financial debts 4058961 2720852 2361868 Trade creditors 0 0 0 Suppliers 0 0 0 Bills of exchange payable 0 0 0 Prepayments received on contracts in progress 0 0 0 Other amounts payable and long term liabilities 0 0 0 Amounts payable within one year and short term liabilities 9886589 10618130 10742097 Short term portion of long term debts 1040905 1358858 1543168 Financial debts 1600000 0 0 Credit institutions 1600000 0 0 Other loans 0 0 0 Trade creditors 5808481 7081585 5800990 Suppliers 5808481 7081585 5800990 Bills of exchange payable 0 0 0 Prepayments received on contracts in progress 197 12010 826472 Taxes, remuneration and social security payable 889314 1534165 2456566 Taxes 288797 909141 1604494 Remuneration 375240 375024 481212 Social security payable 225277 250000 370860 Other amounts payable and short term liabilities 547692 631512 114901 ACCRUED CHARGES AND DEFERRED INCOME 0 565636 1258288 Total owner's equity and liabilities 31214029 32744083 38548146
89 VILNIAUSLITHUANIAN BALDØ KOMBINATAS COMPANIES NACIONALINË VERTYBINIØ P0PIERIØ BIRÞA
FURNITURE
Address: Savanoriø pr. 178, LT-2600 Vilnius Supervisory Board (participation in the company): Phone: (370-2) 311150, 311153 Alvydas Banys, Chairman (0%), Fax: (370-2) 311130 Dailius-Juozapas Miðeikis (0.033%), Algirdas Buèas (2.57%) E-mail: [email protected] Managing Director (participation in the company): Zita Blûðiuvienë www.baldai.vbk.lt Contact Person: Genadijus Jakovlevas, Sales Department Director, Registration date: 09 02 1993 tel. (370-2) 311155 Registration code: 2192278 Established: 1883 Privatised: 1993 Number of employees: 872 Authorised capital: LTL 15.5m Capitalisation (30 06 2001): LTL 17.3m STRUCTURE OF OWNERSHIP (10 04 2001) Auditor: Arthur Andersen Total number of shareholders amounts to 1982 Trading List: Current Invalda KIB (holding) 65.70%
CORPORATE HISTORY Until 1999, the company realised more than half of its production in Lithuania, the remaining VILNIAUS BALDØ KOMBINATAS is a high-capacity and the oldest company of furniture part was exported to the Eastern and Western markets as well as to the Baltic countries. production in Vilnius. The history of VILNIAUS BALDØ KOMBINATAS dates from 1883. In 1999, the structure of the companys sales market underwent significant changes as The company has inherited experience and traditions of several old enterprises. export to the Western market accounted for 80% of the total output. Designs of those products were suggested by the Swedish concern IKEA with active participation of experts In Vilnius, industrial furniture production was establishing only after World War II in the from VILNIAUS BALDØ KOMBINATAS. place of several old sawmills. At the beginning of 1941, premises of the former leather Basic materials used in furniture production are acquired in Lithuania as well as imported Guide to Listed Companies factory were accommodated to production of furniture, and for thirty years the present furniture factory has been operating in those premises. The factory included I.Vainikas from Germany, Sweden, Poland, Estonia, and Denmark. 97% of supply contracts are long term.
2000 sawmill which was established in 1883 and nationalised in 1940. The old group of enterprises had in its possession only 3900 m² of industrial area. Since 1963, 31thou m² DEVELOPMENTS IN 2000 of industrial and administrative premises have been built, modern equipment and some VILNIAUS BALDØ KOMBINATAS is a steadily growing company. In 2000, the production automated lines have been mounted. volume increased 4.4 times in comparison with 1998 and twice compared to 1999. The period from 1995 to 1998 was difficult for VILNIAUS BALDØ KOMBINATAS as production Its production output augmented from LTL 31.6m in 1999 to LTL 63m in 2000. After volumes and the number of employees were decreasing. In 1998, the company began co- six loss-making years, in 2000 the companys net profit reached LTL 6m (loss of operation with the Swedish concern IKEA, and VILNIAUS BALDØ KOMBINATAS was the LTL 5.4m in 1999), which enabled VILNIAUS BALDØ KOMBINATAS to win back the first in Lithuania to implement production of honeycomb slab. As a result, production position of the market leader in Lithuanian furniture industry. volumes and the number of employees significantly advanced and the company became Investments into technological equipment and expansion of production amounted to one of the largest exporters of furniture in Lithuania. LTL 4.37m. In 2000, VILNIAUS BALDØ KOMBINATAS innovated 45% of its product range After the initial privatisation in 1993 the authorised capital of the company accounted for and started mass production of bedroom furniture Sonata, Nona, Arija, entrance hall LTL 1.8m. In the same year, the additional issue of 500,000 ordinary registered shares at furniture Tobis, and youngster furniture Domino. par value of LTL 1 was issued, and the authorised capital reached LTL 23m. In 1994, the At the annual exhibition Baldai-2000, Lithuanian Industrialists Confederation awarded companys authorised capital was increased out of additional contributions to LTL 3.5m. all the above mentioned products prizes, and the bedroom furniture Arija was recognised In 1996, it was lifted twice: to LTL 10.6m out of revaluation reserve by improving the par the product of the year. value of shares from LTL 1 to LTL 4, and by LTL 1.37m by issuing an additional share Over 90% of VILNIAUS BALDØ KOMBINATAS output was realised in Western Europe issue. Since then the companys authorised capital has no changes and currently it countries, the USA, Canada, and Israel. Over the year, the companys export increased constitutes LTL 15.5m and is divided into 3,886,267 ORS at LTL 4 par value. 2.2 times. In Lithuania, the bulk of production, in particular office furniture, is realised In 1998, VILNIAUS BALDØ KOMBINATAS issued 750,000 discounted convertible bonds through specialised shops showrooms. Seeking to increase sales volumes in the Baltic with the maturity of 3 years, par value LTL 4, annual interest rate 5%. The bonds will be countries, in 2000 VILNIAUS BALDØ KOMBINATAS opened a furniture showroom Vilnes redeemed or converted into ordinary registered shares on 4 November 2001. Mebeles UAB in Riga. At the beginning of 1999, VILNIAUS BALDØ KOMBINATAS bought Skraja AB equipment VILNIAUS BALDØ KOMBINATAS is implementing quality management system complying and accepted its employees, by this reinforcing the production base. with ISO 9001 standard. BUSINESS ACTIVITY PLANS, PROSPECTS FOR 2001 The major business activity of VILNIAUS BALDØ KOMBINATAS is production of furniture. The business strategy will continue to be focused on the Western market. In 2001, the In the total production volume furniture constitutes over 97%. The company produces company intends to raise sales by 11% to LTL 70m. living-room furniture (universal storage furniture, coffee-tables), bedroom furniture, children/ VILNIAUS BALDØ KOMBINATAS will also start production of new furniture sets for the youngster furniture, entrance-hall furniture, office furniture, furniture for Western market, local market and exports. For this purpose LTL 4.2m investment is planned. and custom-made furniture. The management will pay particular attention at further enhancement of production process, cost reduction, as well as promotion of the company's name in the domestic and foreign markets.
90 LITHUANIANVILNIAUS BALDØCOMPANIES KOMBINATAS NATIONAL STOCK EXCHANGE OF LITHUANIA
ISIN-code: LT0000104267 Code: 10426 NSEL: VBK Reuters: VBK.VL Bridges: lt;VBK LTL Vilniaus Baldø Kombinatas (4) Daily Volume
5 25 000 25566 30721 29102
4 20 000
3 15 000
2 10 000
1 5 000
0 0 1995 1996 1997 1998 1999 2000 2001
FINANCIAL RATIOS 1998 1999 2000 TRADING STATISTICS 1998 1999 2000 1Q 2001
LIQUIDITY RATIOS PRICE (LTL) Current ratio 1.77 1.14 0.76 First 0.50 0.50 0.50 2.81 Quick ratio 0.84 0.32 0.24 Max 0.50(28 05) 0.50 2.99(03 11) 4.90(05 02) Net working capital (LTL thou) 3 198 1 560 -3 348 Min 0.50(28 05) 0.50 0.50(03 07) 2.85(03 01) Net working capital to total assets 0.15 0.04 -0.09 Last 0.50 0.50 2.81 4.45
Change (%) - - 462.00 58.36 Guide to Listed Companies PROFITABILITY RATIOS Profit margin -0.16 -9.11 8.48 Number of transactions (CM) 0 0 642 745 Return on assets -0.12 -8.04* 14.25 Turnover CM (units) 0 0 257 852 463 849 2000 Return on equity -0.21 -17.98* 28.09 Turnover CM (LTL) 0 0 515 113 2 049 344 Turnover BT (units) 354 731 7 388 16 714 72 000 FINANCIAL LEVERAGE RATIOS Turnover BT (LTL) 265 911 5 396 12 484 224 640 Total debt ratio 0.44 0.55 0.44 CM turnover as % in total 0.00 0.00 93.91 86.56 Debt / equity ratio 0.78 1.24 0.77 Total turnover (units) 354 731 7 388 274 566 535 849 ASSETS UTILISATION RATIOS Total turnover (LTL) 265 911 5 396 527 596 2 273 984 Inventory turnover 3.85 3.157* 6.24 Turnover ratio (%) 9.13 0.19 7.07 13.79 Receivables turnover 4.81 9.72* 21.74 As % in the total share turnover 0.03 0.00 0.07 0.96 Net working capital turnover 4.86 20.86* -71.05 Long term assets turnover 1.09 1.41 2.29 Total assets turnover 0.72 0.88 1.64 MARKET VALUE RATIOS 1998 1999 2000 2Q 2001 * value from previous year is not included Capitalisation (LTL thou) 10 920 17 294 Share book value (LTL) 5.54 5.73 Price / book value ratio (P/BV) 0.51 0.78 Earnings per share (LTL) 1.54 1.62 Price / earnings ratio (P/E) 1.82 2.74 Dividend per share (LTL) - Dividend yield - Dividend payout ratio -
STRUCTURE OF SHARE CAPITAL
Share capital: LTL 15,545,068 Ordinary shares: 3 886 267 registered shares at LTL 4 par (security code 10426) accounting for 100% of the auth. capital (admitted to trading at the NSEL on 04.10.94)
91 VILNIAUSLITHUANIAN BALDØ KOMBINATAS COMPANIES NACIONALINË VERTYBINIØ P0PIERIØ BIRÞA
IAS Company Company BALANCE SHEET (LTL) 1999 2000
Assets NON-CURRENT ASSETS 23077000 27748000 Intangible assets 41000 50000 Tangible assets 23036000 27685000 Buildings 17442000 20267000 Machinery and equipment 4488000 6071000 Vehicles 256000 252000 Constructions in progress 184000 128000 Other tangible assets 666000 967000 Long-term investments 13000 DEFERRED TAX ASSETS, NET 1249000 186000 CURRENT ASSETS 12543000 10816000 Inventories, net 6136000 6893000 Non-current tangible assets held for sale 2885000 544000 Trade receivables, net 2135000 1590000 Other receivables and current assets 1212000 908000 Investments 4000 4000 Cash and cash equivalents 171000 877000 Total assets 36869000 38750000
Equity and liabilities CAPITAL AND RESERVES 16488000 21876000 Share capital 15545000 15545000
Guide to Listed Companies Revaluation reserve 12229000 12229000 Retained earnings -11286000 -5898000
2000 NON-CURRENT LIABILITIES 9398000 2710000 Non-current loans 4631000 2357000 Long term tax debt 1062000 Other non-current liabilities 168000 72000 Deferred income 375000 281000 Debentures 3162000 CURRENT LIABILITIES 10983000 14164000 Current portion of long term tax debt 1426000 Current year portion of long term loans 1649000 1914000 Current loans 2545000 Trade payables 5920000 4670000 Accrued and other current liabilities 1883000 1599000 Prepayments received 105000 112000 Debentures 3324000 Total equity and liabilities 36869000 38750000
INCOME STATEMENT (LTL) 1999 2000 SALES, NET 32534000 63521000 Cost of sales -28475000 -51370000 GROSS PROFIT (LOSS) 4059000 12151000 Trade and distribution costs -2302000 -2411000 General and administrative expenses -5233000 -5659000 OPERATING PROFIT (LOSS) -3476000 4081000 Financial income/costs, net -738000 -73000 PROFIT (LOSS) BEFORE TAX AND EXTRAORDINARY GAIN -4214000 4008000 Extraordinary gain 2443000 PROFIT (LOSS) BEFORE TAX -4214000 6451000 Profit tax 1249000 -1063000 NET PROFIT (LOSS) -2965000 5388000
Earnings per share (LTL) -0.77 1.39 Diluted earnings per share (LTL) -0.70 1.19
92 LITHUANIANCHEMICALS AND CHEMICAL COMPANIES PRODUCTS NATIONAL STOCK EXCHANGE OF LITHUANIA
This sector increased its production sales at both current and constant prices by more than 20% in 2000. However, the two largest companies of the chemistry industry Dirbtinis Pluoðtas AB (the number of workers accounts for 2 thousand) and Lifosa AB (the number of workers - 1.4 thousand) suffered LTL 41 million and LTL 96 million losses respectively. Dirbtinis Pluoðtas AB, producer of acetate threads, sells 95% of its output in Europe, where its market share reaches 35%. However, the prices of acetate threads had decreased in Western markets and this led to losses of Dirbtinis Pluoðtas AB in 2000. Similarly, the main reason of Lifosa AB losses was a decrease in the prices of phosphorus fertilisers in international markets. The company was not operating more than one month in the beginning of this year. Nevertheless, Lifosa AB expects to improve its activities by constructing an export-import terminal in the Klaipëda seaport, which allows diminishing transportation costs. For that purpose the company is going to mortgage all its assets and take USD 60 million loan from the EBRD. The operational results of Achema AB, giant producer of nitrogenous fertilisers, in 2000 were quite satisfactory. According to provisional data, its turnover and profits rose last year. The EU Commission officially closed the dumping case against Achema AB and this worked at companys competitive advantage in Europe. The company received the ISO 14001 certificate, expands production capacity and even considers building its own electric power station. Pharmaceutical and biotechnological industries demonstrated the sustainable growth in 2000 and are likely to speed up this year. Sanitas AB, largest pharmaceutical company of Lithuania, was operating profitably and increased its production sales by 32.2%.
This year the company expects to augment its production sales by 45% and to earn Guide to Listed Companies LTL 1.4 million net profits. Furthermore, the company plans to invest LTL 26.8 million
during 2001-2004. 2000 Fermentas AB, which in 1999 and 2000 earned LTL 4.5 million net profits each year, together with German pharmaceutical company Mologen GmbH are going to build a ferments research and diagnostic centre next to the Biotechnos plant that was completed in Vilnius last year. This projects investments will amount to USD 15 million. Fermentas AB controls a 5% market share in the world production of ferments used in gene engineering.
By: Vilniaus Bankas AB, Member of the SEB Group, "Lithuanian Macroeconomic Review" No 5
Sales and services (LTL) Net profit (LTL) 2000 1999 Change (%) 2000 1999 Change (%)
ACHEMA AB 465,665,696 340,584,125 36.7 12,381,906 4,452,438 178.1 LIFOSA AB 428,314,479 479,899,032 -10.7 -93,855,188 -62,746,367 DIRBTINIS PLUOÐTAS AB 119,357,210 121,059,952 -1.4 -41,015,201 -25,721,249 PLASTA AB 42,119,382 46,334,624 -9.1 -2,840,348 4,322,107 VERNITAS AB 40,220,688 34,722,023 15.8 271,162 -4,124,366 SANITAS AB 24,097,021 18,213,789 32.3 595,841 -4,952,701
93 LIFOSALITHUANIAN COMPANIES NACIONALINË VERTYBINIØ P0PIERIØ BIRÞA
PHOSPHATIC FERTILISERS Address: Juodkiðkio g. 50, LT-5030 Këdainiai Management Board (participation in the company): Phone: (370-57) 52273 Danas Tvarijonavièius, Chairman (41.05%), Fax: (370-57) 53537 Raimondas-Gintautas Kriûnas (0.07%), Pierre Sicouri (2.31%), E-mail: [email protected] Jonas Dastikas (0.35%), Albertas Surma (0.04%), www.lifosa.com Henticius Matheus Mathot (0%), Aryan Van Der Blink (0%) Registration date: 30 10 1996 Managing Director (participation in the company): Jonas Dastikas (0.35%) Registration code: 6111045 Contact Person: Jonas Dastikas, Director General, tel. (370-57) 66483 Established: 1963 Privatised: 1996 STRUCTURE OF OWNERSHIP (29 03 2001) Number of employees: 1300 Total number of shareholders amounts to 526 Authorised capital: LTL 220.8m Danas Tvarijonavièius 41.05% Capitalisation (30 06 2001): LTL 73.9m Cargill Holdings Denmark ApS 15.04% Groupe Participations Financieres (Holland) 10.21% Auditor: Arthur Andersen Indutech SpA (Italy) 8.23% Trading List: Current Liprama ApS 5.00%
CORPORATE HISTORY In 1999, LIFOSA commenced controlling the production of DAP in accordance with western In 1958, it was decided to build Fostra a state plant of mineral phosphorous fertilisers methodologies that correspond to ISO 9000 standard which is currently being prepared at which is a predecessor of LIFOSA. The first product sulphuric acid was manufactured the company. in 1963. At the end of the same year, production of powder superphosphate was launched, The major raw materials used by the company are sulphur, apatit concentrate, ammonia, while shops of wet process phosphoric acid and ammophos production commenced their aluminium hydroxide, and lime. Apatit concentrate is imported from Russia, and a certain activity at the end of 1968. During 1991-1994 the company underwent partial privatisation amount of sulphur is brought from Russia and the Ukraine. and was transformed into a state-public company Fostra AB. Guide to Listed Companies About 98% of produced diammonium phosphate and all aluminium fluoride are exported In 1994, the company was listed for the final privatisation. The privatisation agreement to Western European countries, the rest is sold in Lithuania. Export makes up 88% of the
2000 had to be signed with the potential investor that had presented the best business plan. total companys sales. The winner of the competition was a group of legal and natural persons Minta Ltd. and DEVELOPMENTS IN 2000 partners led by the present Chairman (Danas Tvarijonavièius) of LIFOSA. The agreement In 2000, production volumes were similar to those in 1999. Last year, preparatory works was signed on 29 June 1996 and on 30 August 1996, the company was registered as a were carried out for the increase of production volumes. Besides, reconstruction of public limited liability company LIFOSA. sulphuric acid plant was completed in September. Investments into long term assets On 4 August 1997, LIFOSA, Kemira Agro Oy (Finland), and Fund of Finnish Industry Co- reached LTL 48.7m. operation agreed to establish a joint-venture Kemira-Lifosa Ltd. Kemira-Lifosa engages in In 2000, sales and services of LIFOSA were by 10.7% lower than in 1999 and amounted manufacture of granulated super phosphatic, phosphoric-potassic, nitric-phosphoric- to LTL 428m. The major reason of such a fall is the decrease of prices on the international potassic fertilisers. LIFOSA owns 49% of the above mentioned companys stock. market of fertilisers. After the agreement of exclusive distribution was signed with the In 1998, the company reconstructed the ammophos shop and launched production of companys shareholder Cargill Holdings (Denmark) in 1999, 88.3% of production was diamonium phosphate fertilisers instead of the previously produced mono-ammonium realised on the Western markets. Diamonium phosphate and phosphoric acid are the phosphate (MAP). principal products of LIFOSA and account for 83% and 5%, respectively. In April 1998, the company increased its share capital by LTL 64.99m out of revaluation In 2000, the company saw a loss of LTL 93.5m (cf. LTL 6.7m in 1999). In October, LIFOSA reserves. After the issue of new shares, LIFOSA authorised capital amounted to LTL 220.8m. signed an agreement with the European Bank for Reconstruction and Development regarding In 1999, the companys 61,668 preference shares at LTL 20 par value with the cumulative a loan of LTL 60m. dividend of 3% were converted into ordinary registered shares at LTL 20 par value. PLANS, PROSPECTS FOR 2001 On 8 July 1999, LIFOSA and Cargill Holdings Denmark ApS (international company of LIFOSA projects investments into the completion of the reconstruction of phosphoric production and realisation of agricultural, food, and industrial products) signed an agreement acid plant, construction of a warehouse for ammonia and a terminal for dry substances pursuant to which Cargill acquired 15% of the companys shares. in Klaipëda. BUSINESS ACTIVITY In the world demand for phosphorus fertilisers rises as well as the competition on the The main product of LIFOSA is phosphorous fertiliser - diammonium phosphate (DAP). market does. The company aims at reduction of the cost price of products and introduction Sulphuric acid and phosphorus acid needed in the production of diammonium phosphate of new products depending on the market needs. After the reconstruction done at the are also produced by the company. Other products manufactured by LIFOSA include end of 2000, production volumes of sulphuric acid came to 3,000 tons per 24 hours. aluminium fluoride, electrolyte, battery sulphuric acid. LIFOSA anticipates profit in the second half of the year. In 1999, the company carried out reconstruction of the sulphuric acid complex and of Implementation of environmental and quality management systems according to ISO 14001 phosphorous acid shop. Total investments into production amounted to LTL 60m. and ISO 9001 standards was begun. Currently, required documents are being prepared.
94 LITHUANIAN COMPANIESLIFOSA NATIONAL STOCK EXCHANGE OF LITHUANIA
ISIN-code: LT0000116691 Code: 11669 NSEL: LIFO Reuters: LIFO.VL Bridges: lt;LIFO LTL Lifosa (20) Daily Volume
30 30 000 737987 38826 521744
24 24 000
18 18 000
12 12 000
6 6 000
0 0 1997 1998 1999 2000 2001
Company TRADING STATISTICS 1998 1999 2000 1Q 2001 FINANCIAL RATIOS 1998 1999 2000 PRICE (LTL) LIQUIDITY RATIOS First 9.50 10.00 18.99 14.50 Current ratio 1.43 0.98 0.40 Max 11.00(20 03) 27.00(02 08) 20.50(17 02) 14.00(02 01) Quick ratio 0.80 0.45 0.19 Min 6.57(27 03) 9.64(01 03) 12.00(13 07) 6.70(27 06) Net working capital (LTL thou) 25 353 -1 816 -129 021 Last 10.00 18.99 14.50 6.70
Net working capital to total assets 0.07 0.00 -0.32 Change (%) 5.26 89.90 -23.64 -53.79 Guide to Listed Companies
PROFITABILITY RATIOS Number of transactions (CM) 405 886 329 13 Profit margin 7.89% -1.41% -22.34% Turnover CM (units) 217 379 640 359 82 579 13 231 2000 Return on assets 9.47%* -1.74% -23.13% Turnover CM (LTL) 2 058 656 10 149 909 1 454 256 120 357 Return on equity 12.43%* -2.62% -46.88% Turnover BT (units) 2 188 086 1 844 448 45 494 12 538 Turnover BT (LTL) 14 887 611 60 255 815 822 394 253 201 FINANCIAL LEVERAGE RATIOS CM turnover as % in total 9.04 25.77 64.48 51.34 Total debt ratio 0.24 0.41 0.61 Total turnover (units) 2 405 465 2 484 807 128 073 25 769 Debt / equity ratio 0.31 0.70 1.55 Total turnover (LTL) 16 946 267 70 405 724 2 276 650 373 558 ASSETS UTILISATION RATIOS Turnover ratio (%) 21.91 22.51 1.16 0.23 Inventory turnover 8.86* 8.12 7.96 As % in the total share turnover 1.90 5.70 0.28 0.16 Receivables turnover 14.54* 15.06 13.46 Net working capital turnover 16.26* 40.80 -6.56 Long term assets turnover 1.59 1.50 1.38 MARKET VALUE RATIOS 1998 1999 2000 2Q 2001 Total assets turnover 1.20 1.12 1.08 Capitalisation (LTL thou) 109 783 209 650 160 080 73 968 Share book value (LTL) 25.61 22.88 14.19 12.20 Group Price / book value ratio (P/BV) 0.39 0.83 1.02 0.55 FINANCIAL RATIOS 1998 1999 Earnings per share (LTL) 3.96 -0.61 -8.50 -10.14 LIQUIDITY RATIOS Price / earnings ratio (P/E) 2.53 - - - Current ratio 1.43 0.93 Dividend per share (LTL) 0.24 - - Quick ratio 0.81 0.40 Dividend yield 0.02 - - Net working capital (LTL thou) 25 674 -8 037 Dividend payout ratio 0.06 - - Net working capital to total assets 0.07 -0.02
PROFITABILITY RATIOS Profit margin 7.40% -1.44% Return on assets 9.37%* -1.73% Return on equity 12.43%* -2.62%
FINANCIAL LEVERAGE RATIOS SUBSIDIARIES Participating Total debt ratio 0.25 0.42 interest Debt / equity ratio 0.33 0.72 Riskneta UAB 100% ASSETS UTILISATION RATIOS Oberta UAB 100% Inventory turnover 9.474* 7.90 Transfosa UAB 70.1% Receivables turnover 15.245* 15.68 BÁ Kemira-Lifosa UAB 49% Net working capital turnover 17.130* 53.23 Long term assets turnover 1.68 1.43 Total assets turnover 1.27 1.08 STRUCTURE OF SHARE CAPITAL * value from previous year is not included Share capital: LTL 220,800,000 Ordinary shares: 11 040 000 registered shares at LTL 20 par (security code 11669) accounting for 100% of the auth. capital (admitted to trading at the NSEL on 12.05.97)
95 LIFOSALITHUANIAN COMPANIES NACIONALINË VERTYBINIØ P0PIERIØ BIRÞA
IAS Company Company Company Consol Consol BALANCE SHEET (LTL) 1998 1999 2000 1998 1999
Assets NON-CURRENT ASSETS 259043000 320538000 311815000 262039000 329364000 Intangible assets 6766000 6717000 5536000 6766000 6747000 Goodwill 5970000 5670000 5970000 5670000 Other intangible assets 796000 1047000 166000 796000 1077000 Land lease rights 5370000 Tangible assets 227005000 272193000 290110000 237047000 296391000 Buildings 104905000 103661000 99241000 113493000 111782000 Plant and machinery 82256000 83778000 156311000 83532000 84302000 Constructions in progress 5823000 52244000 10264000 5823000 52398000 Other tangible assets 18837000 28095000 24294000 19015000 42874000 Prepayments for long term tangible assets 15184000 4415000 15184000 5035000 Financial assets 25272000 22305000 13669000 18226000 16326000 Long term accounts receivable from related parties 19323000 2500000 9900000 CURRENT ASSETS 84753000 109605000 87348000 85417000 105288000 Inventories, net 37043000 59566000 46201000 37048000 59591000 Trade receivables, net 9448000 7929000 2964000 9937000 8432000 Receivables from associates 11295000 18866000 8144000 11295000 13717000 Prepayments and other current assets 7616000 8617000 17302000 7616000 8863000 Cash and cash equivalents 2140000 174000 289000 2310000 232000 Current financial assets 17211000 14453000 12448000 17211000 14453000 Total assets 343796000 430143000 399163000 347456000 434652000
Guide to Listed Companies Equity and liabilities CAPITAL AND RESERVES 261833000 252564000 156646000 261833000 252564000
2000 Share capital 220800000 220800000 220800000 220800000 220800000 Share premium 80000 80000 80000 80000 80000 Legal reserves 2619000 4793000 4793000 2619000 4793000 Retained earnings 38334000 26891000 -69027000 38334000 26891000 MINORITY INTEREST 3007000 2552000 NON-CURRENT LIABILITIES 22563000 66158000 26148000 22873000 66211000 Non-current loans 22563000 52558000 26148000 22873000 52611000 Non-current accrued liabilities 13600000 13600000 CURRENT LIABILITIES 59400000 111421000 216369000 59743000 113325000 Current year portion of long term loans 5977000 21418000 32500000 5977000 21489000 Current loans 35600000 28400000 29719000 35600000 28400000 Trade payables 9279000 37009000 50662000 9557000 38072000 Accounts payable to related parties 1361000 15225000 92719000 1361000 15225000 Accruals 7045000 9369000 10769000 7110000 10139000 Payable dividends 138000 138000 Total equity and liabilities 343796000 430143000 399163000 347456000 434652000
INCOME STATEMENT (LTL) 1998 1999 2000 1998 1999 SALES, NET 412225000 480207000 429357000 439789000 469367000 Cost of sales -328284000 -392116000 -420949000 -350984000 -381595000 GROSS PROFIT (LOSS) 83941000 88091000 8408000 88805000 87772000 Sales and distribution costs -20895000 -27814000 -23795000 -21527000 -26577000 General and administrative expenses -25295000 -40188000 -59481000 -29256000 -42621000 OPERATING PROFIT (LOSS) 37751000 20089000 -74868000 38022000 18574000 Financial income/costs, net -3311000 -4125000 -16724000 -4629000 -4134000 RESULT BEFORE EXTRAORDINARY LOSSES 34440000 15964000 -91592000 33393000 14440000 Extraordinary losses, net -20074000 -20074000 PROFIT (LOSS) BEFORE TAX 34440000 -4110000 -91592000 33393000 -5634000 PROFIT (LOSS) BEFORE RESULT FROM SUBSIDIARIES AND ASSOCIATED UNDERTAKINGS 34440000 -4110000 -91592000 33393000 -5634000 Result from subsidiaries and associated undertakings -1898000 -2636000 -4326000 -1335000 -1569000 PROFIT (LOSS) BEFORE MINORITY INTEREST 32542000 -6746000 -95918000 32058000 -7203000 Minority interest 484000 457000 NET PROFIT (LOSS) 32542000 -6746000 -95918000 32542000 -6746000
Earnings per share (LTL) 2.96 -0.69 -9.81 2.96 -0.69
96 LITHUANIAN COMPANIESSANITAS NATIONAL STOCK EXCHANGE OF LITHUANIA
PHARMACEUTICALS Address: Vytauto pr. 3, LT-3000 Kaunas Supervisory Board (participation in the company): Phone: (370-7) 226725, 223170 Jason Grenfell Gardner (0%), Eschwin Roy (0%), Joakim Helenius (0%), Fax: (370-7) 223696 Audrius Balaiðis (0%), Paulius Vainauskas (0.0004%) E-mail: [email protected] Management Board (participation in the company): www.sanitas.lt Dr. Albertas Bertulis, Chairman (0.09%), Registration date: 30 06 1994 Vladas Talandis (0.11%), Virginija Limantienë (0.04%) Registration code: 3413629 Managing Director (participation in the company): Dr. Albertas Bertulis (0.09%) Established: 1922 Contact Person: Dr. Albertas Bertulis, Director General, tel. (370-7) 226725 Privatised: 1994 Number of employees: 423 STRUCTURE OF OWNERSHIP (09 03 2001) Authorised capital: LTL 30.3m Total amount of shareholders amounts to 975 Capitalisation (30 06 2001): LTL 10.6m Bank of Bermuda (Guernsey) Ltd. 49.94% Merita Bank Ltd. 7.21% Auditor: PricewaterhouseCoopers Leonia Bank Office Ltd. 6.96% Trading List: Current Firebirds Respublics Fund Ltd. 6.48% Bank of New York AS Eustodian 5.49%
CORPORATE HISTORY In 1999, the company signed a contract with a Turkish company Mustafa Newzat regarding The companys legal predecessor, pharmaceutical laboratory SANITAS, was founded packaging of medicines. by 3 private individuals in 1922. Originally, it produced spirituous solutions, tinctures, and SANITAS obtained 2 new licenses giving the right to be engaged in wholesale of medicines ointments. In the post-war period the company was nationalised under the name of State and medical substances and in pharmaceutical activity in veterinary. In 1999, the company Pharmacy Enterprise SANITAS. In 1945, the company produced 0.6m ampoules and registered 8 medications with the right to use them in veterinary medicine.
12.4 tons of galenic preparations. In 1990, the company underwent partial privatisation DEVELOPMENTS IN 2000 Guide to Listed Companies and was transformed into a state-public company. In 1994, SANITAS was ultimately As compared to 1999, production volumes improved by 25.5% and reached LTL 25.4m. privatised through a public offering and registered as a public limited company with the
In the total output, ampoules take 60.9%, galenic preparations and ointments 18%, tablets 2000 authorised capital of LTL 10.75m. With the sale of shares in exchange for compensation and capsules 15.3%, intravenous preparations 5.8%. vouchers, the state interest was reduced to 12.11%. Remaining 87.89% were sold to management, employees, other natural persons and legal entities. Since 1997 the State In 2000, SANITAS carried out registration of medications in Russia, the Ukraine, has no interest in the company. Kazakhstan, Armenia, Latvia, and Mongolia. At the end of the year, SANITAS signed a contract worth LTL 8m with the Latvian company Grindex AB regarding the takeover of In 1994, SANITAS won the Best Business Plan Competition in pharmaceuticals sector production of 11 preparations in ampoules. organised by the Italian Government. The winnings were used to purchase and install a modern tabletting press. The bulk of production - 40.9% - was realised in Lithuania, 36% was sold in Russia, 15.6% - in Kazakhstan, markets in Armenia and Azerbaijan took 2% each. SANITAS signed In February 1997, shareholders decided to raise capital by LTL 4.2m, i.e. issue 167,984 an agreement of joint activity with Solgifarma UAB regarding representation of interests in ordinary shares. At present, SANITAS share capital amounts to LTL 17.3 million. Venezuela and Tanzania. During 1998 and the 1st quarter of 1999 the project of the ampoule preparations according In 2000, SANITAS allotted LTL 0.7m for acquisition of long term assets and reconstruction. to the Good Manufacturing Practice (GMP) was completed. In 2000, the company succeeded in reorienting its business model and introduced BUSINESS ACTIVITY European standards in production of medications: in October the project that lasted for Among 13 Lithuanian pharmaceutical companies, SANITAS is the oldest and the largest 2.5 years was completed following development of a quality management system and one. It accounts for over 50% of pharmaceutical products produced within the country. its certification according to ISO 9002 standard. Besides, the company implemented an SANITAS produces over 80 different medicines, mainly concentrating on medicines innovative business management system Navision and received an international treating digestion problems and metabolism, non-narcotic analgesics, medicines for certificate of GMP (good manufacture practice). Following the request of World Health blood and blood building, dermatologicals, cardiovascular agents, systemic antibiotics, Organisation, production of medications was audited. Positive and favourable findings other various medical preparations. Range of products includes ampoules, ointments, contributed to strengthening of SANITAS image. spirituous solutions, tablets, antiseptic preparations, etc. Medicines in ampoules, tablets, PLANS, PROSPECTS FOR 2001 capsules and granules, galenic preparations and ointments constitute the biggest part in production. In the following years, SANITAS hopes to remain a rapidly developing company and anticipates a 45% increase of sales volumes. High quality of medications and flexible About 40% of the SANITAS production is sold in Lithuania, direct and indirect export makes price policy, based on GMP/GDP/GLP (good manufacture, distribution, and laboratory up 60%. Currently, the company increases its sales volumes in Lithuania. A new practice) certificates, allows SANITAS to anticipate long term contracts on other world marketing strategy that is expected to expand sales in CIS countries and the Baltic region markets. was created. The companys strategy is now based on the idea of shifting from direct sales to the SANITAS buys raw material, packing and other various materials from 14 states. sales through reliable wholesale intermediaries. SANITAS has already opened two trade The collaboration with western countries was further developed, whereas co-operation missions in Russia and Kazakhstan. In 2001, following changes to the marketing strategy with the CIS countries was diminishing. 44% of raw material and other various materials and having carried out market research, it is intended to expand the range of products, are purchased from Lithuanian enterprises, the rest is acquired from European countries acquire licences for new preparations in ampoules and in 2002 licences for tablets. (mainly from Germany, Switzerland, Slovakia, and Hungary). In order to achieve these aims, improve product quality, and carry out technological In 1999, SANITAS completed construction of the new ampoule line that would comply re-organisation, in 2001 the company plans to allot LTL 4.5m. During 2001-2004, with the requirements of the GMP. This is the first bar of the kind in the Baltic countries, anticipated investments into new technologies will amount to LTL 26.8m. and investments into this project constituted LTL 12.2m.
97 SANITASLITHUANIAN COMPANIES NACIONALINË VERTYBINIØ P0PIERIØ BIRÞA
ISIN-code: LT0000106171 Code: 10617 NSEL: SANI Reuters: SANI.VL Bridges: lt;SANI LTL Sanitas (5) Daily Volume
30 30 000 96275 55000 39735 34955 45100
24 24 000
18 18 000
12 12 000
6 6 000
0 0 1995 1996 1997 1998 1999 2000 2001
Group TRADING STATISTICS 1998 1999 2000 1Q 2001 FINANCIAL RATIOS 1998 1999 2000 PRICE (LTL) LIQUIDITY RATIOS First 15.78 9.00 3.60 2.40 Current ratio 11.91 19.96 18.21 Max 15.60(06 01) 9.40(06 01) 3.60(01 02) 3.10(23 01) Quick ratio 6.41 11.84 13.39 Min 5.90(24 11) 3.20(18 03) 0.88(05 09) 1.58(15 05) Net working capital (LTL thou) 24 794 23 492 24 646 Last 9.00 3.60 2.40 1.80
Guide to Listed Companies Net working capital to total assets 0.51 0.51 0.52 Change (%) -42.97 -60.00 -33.33 -25.00
PROFITABILITY RATIOS Number of transactions (CM) 291 340 459 133 2000 Profit margin 25.13% -4.24% 2.52% Turnover CM (units) 99 030 229 430 260 580 125 304 Return on assets 19.68%* -1.62% 1.29% Turnover CM (LTL) 1 246 806 1 145 572 482 512 331 165 Return on equity 20.89%* -1.69% 1.33% Turnover BT (units) 523 290 316 695 311 145 4 895 Turnover BT (LTL) 7 020 723 1 326 747 370 506 12 727 FINANCIAL LEVERAGE RATIOS CM turnover as % in total 15.91 42.01 45.58 97.05 Total debt ratio 0.06 0.03 0.03 Total turnover (units) 622 320 546 125 571 725 130 199 Debt / equity ratio 0.06 0.03 0.03 Total turnover (LTL) 8 267 529 2 472 319 853 019 343 892 ASSETS UTILISATION RATIOS Turnover ratio (%) 18.78 16.48 9.67 2.20 Inventory turnover 1.75* 1.16 2.11 As % in the total share turnover 0.93 0.20 0.11 0.15 Receivables turnover 3.18* 1.81 2.67 * Trading statistics is recalculated according to the last nominal value of LTL 5 (as of 03 2001) Net working capital turnover 1.55* 0.75 1.00 Long term assets turnover 1.76 0.84 1.14 Total assets turnover 0.78 0.39 0.51 MARKET VALUE RATIOS 1998 1999 2000 2Q 2001 * value from previous year is not included Capitalisation (LTL thou) 29 826 11 930 14 194 10 901 Share book value (LTL) 74.33 67.01 37.72 7.50 Price / book value ratio (P/BV) 0.61 0.27 0.32 0.24 Earnings per share (LTL) 14.83 -1.38 0.45 0.09 Price / earnings ratio (P/E) 3.03 - 26.69 19.21 Dividend per share (LTL) - - - Dividend yield - - - Dividend payout ratio - - -
STRUCTURE OF SHARE CAPITAL (14.04.01)
Share capital: LTL 30 279 625 Ordinary shares: 6 055 925 registered shares at LTL 5 par (security code 10617) accounting for 100% of the auth. capital (admitted to trading at the NSEL on 13.09.94)
98 LITHUANIAN COMPANIESSANITAS NATIONAL STOCK EXCHANGE OF LITHUANIA
IAS Consol Consol Consol BALANCE SHEET (LTL) 1998 1999 2000
Assets NON-CURRENT ASSETS 21839000 21691000 21056000 Intangible assets 830000 689000 644000 Tangible assets 19507000 19500000 18944000 Investments 1502000 1502000 1468000
Deferred profit tax 80000 80000 66000 CURRENT ASSETS 27066000 24731000 26078000 Inventories 12499000 10068000 6899000 Receivables, prepayments and deferred costs 12064000 8114000 9911000 Cash and cash equivalents 2503000 6549000 9268000 Total assets 48985000 46502000 47200000
Equity and liabilities CAPITAL AND RESERVES 46135000 45263000 45768000 Share capital 17280000 17280000 30280000 Reserves 23150000 32841000 14787000 Retained earnings 5705000 -4858000 701000 NON-CURRENT LIABILITIES 578000 Non-current debts 578000 CURRENT LIABILITIES 2272000 1239000 1432000 Borrowings 628000
Trade and other payables 1644000 1239000 1432000 Guide to Listed Companies Total equity and liabilities 48985000 46502000 47200000
INCOME STATEMENT (LTL) 1998 1999 2000 2000 SALES 38350000 18214000 24097000 Cost of sales -21852000 -13130000 -17868000 GROSS PROFIT (LOSS) 16498000 5084000 6229000 Other operating income 1694000 344000 739000 Distribution costs -594000 -478000 -838000 Administrative expenses -4900000 -3815000 -4276000 Other operating expenses -2122000 -1830000 -1423000 OPERATING PROFIT (LOSS) 10576000 -695000 431000 Financial income/costs, net 252000 484000 PROFIT (LOSS) BEFORE TAX 10576000 -443000 915000 Profit tax -937000 -329000 -309000 NET PROFIT (LOSS) 9639000 -772000 606000
Earnings per share (LTL) 14.33 -0.77 0.39
99 BUILDINGLITHUANIAN MATERIALS AND COMPANIES CONSTRUCTION NACIONALINË VERTYBINIØ P0PIERIØ BIRÞA
The industry of other non-metallic mineral products is closely related to the sector of construction that during 1998-2000 experienced severe difficulties. Furthermore, companies of the industry were facing an ever-increasing competition from both western and eastern countries. Not surprisingly, over recent years, the turnover of the industry has been gradually shrinking (with the exception of the year 1998, when there was a slight increase). Its sales share within the total output of mining and manufacturing industry has declined as well. During January-November 2000, production sales at constant prices dropped by 3.0%, as compared to the same period a year ago.The turnover of production at current prices fell even more due to decelerating prices of non-metallic mineral products. The industry is among those with the lowest exports, though in 2000 its share of exports in total production sales slightly increased and accounted for about one third. During each of the three-quarters of 2000, the financial result of all companies in the industry was negative; losses were LTL 38.8 million. Akmenës Cementas AB the largest company of the industry was operating at a loss in 2000, its losses amounted too LTL 11.8 million. Production sales were LTL 89 million, or 20.8% less than during the same period of 1999. Dvarèioniø Keramika AB was doing much better; during January-September 2000, its turnover increased by 12.7%, and production sales totalled LTL 45.7 million. Despite the difficulties faced by the company (a landslide ruined the warehouse full of products), it sustained no losses per each of the four-quarters, but at the end of the year suffered a loss of LTL 7.6m. Vilniaus Stiklo Studija UAB, a company that four years ago replaced Vilniaus Stiklas
Guide to Listed Companies (which went bankrupt), raised its output and operated profitably. About 95% of the hand- made output are exported to Western Europe, the USA, Japan, and Australia. According
2000 to preliminary data, the company earned LTL 0.25 million profits in 2000.
By: Vilniaus Bankas AB, Member of the SEB Group, "Lithuanian Macroeconomic Review" No 4
Sales and services (LTL) Net profit (LTL) 2000 1999 Change (%) 2000 1999 Change (%)
AKMENËS CEMENTAS AB 89,093,091 112,559,709 -20.9 -11,854,125 3,462,455 DVARÈIONIØ KERAMIKA AB 45,755,132 40,609,237 12.7 -7,648,600 138,468 LITHUN AB 18,230,633 38,309,376 -52.4 -10,610,003 396,008 PANEVËÞIO STATYBOS TRESTAS AB 66,454,499 72,743,822 -8.7 22,532 2,841,180 -99.2 KAUNO TILTAI AB 102,337,169 106,210,619 -3.6 4,753,704 2,939,640 61.7 ALKESTA AB 79,414,615 94,627,691 -16.1 3,339,161 4,506,237 -25.9 PANEVËÞIO KELIAI AB 75,299,482 87,793,625 -14.2 6,109,192 6,270,502 -2.6 KAUSTA AB 66,148,226 96,191,725 -31.2 249,939 -1,579,954 - HIDROSTATYBA AB 54,300,829 52,531,905 3.4 29,000 -2,453,491 - ÐIAULIØ PLENTAS AB 50,431,629 52,208,124 -3.4 3,867,699 4,719,671 -18.1 MONTUOTOJAS AB 50,199,326 53,707,841 -6.5 693,253 3,093,237 -77.6 VITI AB 36,607,136 59,391,886 -38.4 1,727,280 4,094,957 -57.8
100 LITHUANIANDVARÈIONIØ COMPANIES KERAMIKA NATIONAL STOCK EXCHANGE OF LITHUANIA
CERAMIC PRODUCTS Address: Keramikø g. 2, LT-2036 Vilnius Supervisory Board (participation in the company): Phone: (370-2) 317021 Liudmila Subaè, Chairwoman (0.017%), Fax: (370-2) 317061 Povilas Skuodas (0.045%), Jevgenij Pokulneviè (0.007%), Michele Pulpito (0%), E-mail: [email protected] Tomas Tumënas (0%), Inga Skisaker (0%), Kæstutis Tamulevièius www.dvarcioniu.keramika.lt Management Board (participation in the company): Registration date: 10 06 1994 Juozas Raiðelis, Chairman (18.27%), Registration code: 1062848 Romanas Urnieþius (0.18%), Þenius Butkus (0.33%), Established: 1888 Romualdas Aidukas (0.063%), Jonas Liubertas (0.018%) Privatised: 1992 Managing Director (participation in the company): Number of employees: 410 Juozas Raiðelis, President (18.27%) Authorised capital: LTL 48.7m Contact person: Dr. Romanas Urnieþius, Vice President, tel. (370-2) 317021 Capitalisation (30 06 2001): LTL 8.2m STRUCTURE OF OWNERSHIP (13 04 2001) Auditor: KPMG Lietuva Total number of shareholders amounts to 1572 Trading List: Current Baltic Fund Securities 24.86% Iberian Ceramics Ltd. 21.14% Juozas Raiðelis 18.27% Bank of Bermuda 13.75% Invilis LIAB 10.78% Baltijos Keramika UAB 5.73% Abdulaziz A.M. Al-Brahim 5.44%
CORPORATE HISTORY The company exports over 30% of its production to Russia, Poland, Latvia, Germany, and Guide to Listed Companies The companys predecessor was a small brickyard with three furnaces for burning bricks other countries. In Lithuania, the distribution network embraces several outlets in major opened back in 1888 in Dvarèionys. In 1963 Ukmergë ceramics unit was affiliated with cities and all larger stores specialising in building materials. In 1998, DVARÈIONIØ 2000 the plant. In 1967, Ðirvintø plant merged with Dvarèioniø brickworks. With the installation KERAMIKA established its representative office in Moscow. of new equipment in 1974, ceramic tiles were launched into production. In 1980 a new The company imports 19% of raw material from abroad (Russia, Turkey, Spain) under Italian line for production of glazed wall tiles was mounted. Within 1984-1985, the company long term contracts. introduced glazed and ornamented floor tiles. During 13 years (1974-1987) production of DVARÈIONIØ KERAMIKA has enacted a quality management system in accordance to ceramic tiles augmented six-fold. ISO 9001, and the environmental protection system in compliance with ISO 14001 standard In 1992, the enterprise became a private limited company. The companys management is being implemented. found a reliable partner from Italy, Nassetti S.P.A., and in 1994, a joint Lithuanian and In December 2000, the company registered an increase of the authorised capital up to Italian venture DVARÈIONIØ KERAMIKA UAB was founded. The Italian partner held 30% of LTL 56.37m. the stock at the time. In the same year, the contract with Nassetti S.P.A. regarding installation DEVELOPMENTS IN 2000 of new machinery was signed. The equipment was intended for production of new generation ceramic glazed wall and floor tiles. The total value of the project amounted to In 2000, production volumes of DVARÈIONIØ KERAMIKA grew by 20.5% and reached USD 11m, including USD 7.5m in the form of a long term loan from a Swiss bank. LTL 52.7m. In December 1996, the companys general shareholders meeting decided to transform The companys products are certified and a considerable amount of the output is realised closely-held DVARÈIONIØ KERAMIKA UAB into a public company with the share capital in Poland, Russia, and the Ukraine. On the local market, DVARÈIONIØ KERAMIKA realises of LTL 30m divided into 6m ordinary shares at LTL 5 par. In 1997 the company raised 52% of its production. Over the year, sales improved by 8% and came to LTL 45.7m. its share capital out of supplementary contributions four times until it finally reached RUSTIKAS collection of DVARÈIONIØ KERAMIKA was nominated the best product of the LTL 44.7 million. years 1998 and 1999 in Lithuania. Ceramic floor tiles GOTIKA received the same nomination In 1998, DVARÈIONIØ KERAMIKA increased its authorised capital to LTL 48.7m out of in 2000. For the last three years the company is a regular participant of the largest exhibition supplementary contributions by issuing 800,000 ordinary registered shares at LTL 5 par. of ceramics CERSAIE, Bologna, Italy. At the end of 1997, a new factory manufacturing ceramic glazed tiles started to operate. On 19 October 2000, the extraordinary shareholders' meeting decided to reduce the The capacity reached 1.3m square meters of tiles per year. authorised capital to LTL 37,335,735. At the end of 1998, DVARÈIONIØ KERAMIKA, together with Gibraltar company Iberian On 14 December 2000, the extraordinary shareholders' meeting decided to increase the Ceramics Ltd., founded a close company Baltijos Keramika (authorised capital amounts to authorised capital out of the company's funds by LTL 19,038,430 by issuing 3,807,686 LTL 0.98m) that produced glue and putty for ceramic tiles. ordinary registered shares at LTL 5 par which will be distributed among the shareholders in proportion to the number of shares they hold. In 1998, the company celebrated an honourable 110th anniversary of its activities. PLANS, PROSPECTS FOR 2001 BUSINESS ACTIVITY Currently, the company's production capacities do not allow it to fully satisfy customers DVARÈIONIØ KERAMIKA is the only producer of ceramic tiles in Lithuania and the biggest demand. Therefore, DVARÈIONIØ KERAMIKA plans to mount an additional line for production factory of its kind in the Baltic countries. The company makes high-quality glazed and of ceramic tiles. The new line will enable to decrease the stock of finished goods and unglazed wall and floor tiles, ceramic roofing tiles, facade and hearth tiles, special ceramic would reduce costs of products by 20%. products for restoration assignments. The company is better-positioned comparing to its competitors due to a high quality of the production (new Italian equipment and technology, qualified personnel, good quality of raw materials) and low cost (cheaper labour, use of the countrys raw materials clay and sand, lower transport expenses). Production is carried out according to the most progressive Italian technology and meets European standards. DVARÈIONIØ KERAMIKA products have certificates issued by Lithuanian, Russian, Polish, Latvian and Ukrainian authorised bodies. TUV-Thuringen (Germany) issued to the company a quality management certificate which corresponds to the ISO 9001 standard.
101 DVARÈIONIØLITHUANIAN KERAMIKA COMPANIES NACIONALINË VERTYBINIØ P0PIERIØ BIRÞA
ISIN-code: LT0000122319 Code: 12231 NSEL: DKER Reuters: DKER.VL Bridges: lt;DKER LTL Dvarèioniø Keramika (5) Daily Volume
10 10 000 13326
8 8 000
6 6 000
4 4 000
2 2 000
0 0 1997 1998 1999 2000 2001
FINANCIAL RATIOS 1998 1999 2000 TRADING STATISTICS 1998 1999 2000 1Q 2001
LIQUIDITY RATIOS PRICE (LTL) Current ratio 1.75 1.43 1.24 First 8.50 7.99 1.85 0.73 Quick ratio 0.73 0.64 0.60 Max 8.50(06 05) 7.99(11 05) 1.85(23 02) 0.73(26 02) Net working capital (LTL thou) 13 729 10 229 6 053 Min 7.00(08 06) 1.85(30 12) 0.73(29 12) 0.70(26 02) Net working capital to total assets 0.14 0.10 0.06 Last 7.99 1.85 0.73 0.73
Guide to Listed Companies Change (%) -6.00 -76.85 -60.54 - PROFITABILITY RATIOS Profit margin -18.04% 0.34% -16.72% Number of transactions (CM) 26 30 10 3 2000 Return on assets -5.51% 0.14% -7.41% Turnover CM (units) 1 443 40 045 4 587 6 177 Return on equity -10.98% 0.31% -15.44% Turnover CM (LTL) 11 271 109 239 3 467 4 336 Turnover BT (units) 0 75 428 443 058 2 650 020 FINANCIAL LEVERAGE RATIOS Turnover BT (LTL) 0 416 268 443 058 567 305 Total debt ratio 0.50 0.55 0.52 CM turnover as % in total 100.00 34.68 1.02 0.23 Debt / equity ratio 0.99 1.20 1.08 Total turnover (units) 1 443 115 473 447 645 2 656 197 ASSETS UTILISATION RATIOS Total turnover (LTL) 11 271 525 507 446 525 571 641 Inventory turnover 1.88 1.55 1.83 Turnover ratio (%) 0.01 1.19 5.99 23.56 Receivables turnover 3.83 3.80 3.60 As % in the total share turnover 0.00 0.04 0.06 0.24 Net working capital turnover 2.26 3.97 7.56 Long term assets turnover 0.45 0.64 0.64 Total assets turnover 0.31 0.42 0.44 MARKET VALUE RATIOS 1998 1999 2000 2Q 2001
Capitalisation (LTL thou) 77 842 18 024 5 451 8 231 Share book value (LTL) 5.23 4.55 6.63 4.38 Price / book value ratio (P/BV) 1.53 0.41 0.11 0.17 Earnings per share (LTL) -0.57 0.01 -0.82 -0.83 Price / earnings ratio (P/E) - 130.16 - - Dividend per share (LTL) - - - Dividend yield - - - Dividend payout ratio - - -
STRUCTURE OF SHARE CAPITAL
Share capital: LTL 56,374,165 Ordinary shares: 11 274 833 registered shares at LTL 5 par (security code 12231) accounting for 100% of the auth. capital (admitted to trading at the NSEL on 09.06.97)
102 LITHUANIANDVARÈIONIØ COMPANIES KERAMIKA NATIONAL STOCK EXCHANGE OF LITHUANIA
LAS Company Company Company LAS Company Company Company BALANCE SHEET (LTL) 1998 1999 2000 PROFIT (LOSS) ACCOUNT (LTL) 1998 1999 2000 Assets Items LONG TERM ASSETS 69433670 63822700 72052995 SALES AND SERVICES 30908322 40609237 45755132 Formation costs 0 0 0 Turnover from sales of goods 30908322 40609237 45755132 Intangible assets 12821 29448 40334 Turnover from services rendered 0 0 0 Tangible assets 68856526 63230163 71542628 COST OF GOODS SOLD Land 0 0 0 AND SERVICES RENDERED 25515308 29229469 32051333 Buildings 35453748 34052328 30880242 Raw materials, consumables Plant and machinery 31947273 27900693 38673358 and goods for resale 0 0 0 Vehicles and other transport means 732014 601052 388904 Services, works and research 0 0 0 Other fixtures, fittings, tools GROSS PROFIT (LOSS) 5393014 11379768 13703798 and equipment 686033 451840 562822 OPERATING EXPENSES 10898157 7903760 10051841 Leasing and similar rights 0 0 39988 Selling expenses 0 0 0 Other tangible assets 0 0 0 General and administrative expenses 0 0 0 Constructions in progress PROFIT FROM OPERATIONS (LOSS) -5505143 3476008 3651958 and prepayments 37458 224249 997314 OTHER OPERATIONS -809834 218666 -686459 Financial long term assets 305323 352089 351293 Other operating revenue 0 252454 0 Amounts receivable after one year 259000 211000 118740 Other operating expenses 0 33789 0 Trade debtors 66000 66000 0 FINANCIAL AND INVESTING ACTIVITIES -3377080 -3883831 -4970139 Other amounts receivable 193000 145000 118740 Revenue from financial SHORT TERM ASSETS 27086944 31137519 29559186 and investing activities 73502 385492 1147159 Stocks and contracts in progress 16694492 18837460 16145929 Expenses of financial Stocks 15674570 18837460 16145929 and investing activities 3450582 4269323 6117298 Contracts in progress 1019922 0 0 PROFIT FROM ORDINARY Amounts receivable within one year 9280551 12147959 13251375 ACTIVITIES (LOSS) -9692057 -189157 -2004641 Trade debtors 9193471 12147059 13128777 EXTRAORDINARY GAIN 47151 781199 462672 Other amounts receivable 87080 900 122598 EXTRAORDINARY LOSSES 141105 453574 6106632 Investments and term deposits 0 0 0 CURRENT YEAR PROFIT BEFORE TAXES -9786011 138468 -7648600 Cash at bank and hand 1111901 152100 161883 INCOME TAXES 0 0 0 TRANSFER ACCOUNTS 722564 2765900 1581016 NET PROFIT OF THE CURRENT YEAR Guide to Listed Companies Total assets 97243178 97726119 103193197 FOR APPOPRIATION (LOSS) -9786011 138468 -7648600
Owners' equity and liabilities 2000 CAPITAL AND RESERVES 46761434 44374169 49527300 Capital 48712290 48712290 56374165 Subscribed capital 48712290 48712290 56374165 Uncalled capital (-) 0 0 0 Share premium account 6693433 6693433 0 Revaluation reserve 0 0 801736 Reserves 1141722 1141722 0 Legal reserve 345000 345000 0 Reserves not available for distribution 0 0 0 Reserves available for distribution 796722 796722 0 Profit (loss) brought forward -9786011 -12173276 -7648600 FINANCING (GRANTS AND SUBSIDIES) 0 0 0 PROVISIONS FOR LIABILITIES AND CHARGES, POSTPONED AND DEFERRED TAXES 124487 83297 579709 Provisions 0 0 0 Postponed taxes 124487 83297 579709 AMOUNTS PAYABLE AND LIABILITIES 50063194 51412396 49933954 Amounts payable after one year and long term liabilities 32084781 29594218 27998985 Financial debts 32084781 29594218 27998985 Trade creditors 0 0 0 Suppliers 0 0 0 Bills of exchange payable 0 0 0 Prepayments received on contracts in progress 0 0 0 Other amounts payable and long term liabilities 0 0 0 Amounts payable within one year and short term liabilities 17978413 21818178 21934969 Short term portion of long term debts 10682879 9710055 9923399 Financial debts 0 2152556 1823138 Credit institutions 0 1352556 1743138 Other loans 0 800000 80000 Trade creditors 5575755 7840444 7518011 Suppliers 0 7432186 7518011 Bills of exchange payable 0 408259 0 Prepayments received on contracts in progress 376001 135772 69459 Taxes, remuneration and social security payable 1316219 1964732 2585870 Taxes 609804 1082030 1630139 Remuneration 706415 718119 955731 Social security payable 0 164583 0 Other amounts payable and short term liabilities 27559 14619 15092 ACCRUED CHARGES AND DEFERRED INCOME 294063 1856257 3152235 Total owner's equity and liabilities 97243178 97726119 103193197
103 PANEVËÞIOLITHUANIAN STATYBOS TRESTAS COMPANIES NACIONALINË VERTYBINIØ P0PIERIØ BIRÞA
DESIGN AND CONSTRUCTION Address: P.Puzino g. 1, LT-5319 Panevëþys Management Board (participation in the company): Phone: (370-5) 505501, 505508 Gvidas Drobuþas, Chairman (0%), Fax: (370-5) 505520 Antanas Pavalkis (1.1%), Remigijus Juodvirðis (0%), E-mail: [email protected] Albinas Ðveikauskas (11.32%), Algimantas Butkûnas (0%), Mindaugas Vëgëlë (0%) www.pst.lt Managing Director (participation in the company): Eugenijus Reèiûnas (0.07%) Registration date: 30 10 1993 Contact Person: Adelë Liubartienë, Deputy Chief Accountant, tel. (370-5) 505522 Registration code: 4773296 Established: 1957 Privatised: 1999 Number of employees: 711 Authorised capital: LTL 16.35m STRUCTURE OF OWNERSHIP (27 04 2001) Capitalisation (30 06 2001): LTL 7.2m Total number of shareholders amounts to 454 Panevëþio Keliai AB 49.80% Auditor: Paèiolio Auditoriai UAB Albinas Ðveikauskas 11.32% Trading List: Current Jonas Vaðkelis 10.46%
CORPORATE HISTORY The state department in charge of the protection of cultural values appraised the high The company was established on 1 February 1957 in Panevëþys, one of the industrial quality of PANEVËÞIO STATYBOS TRESTAS services and issued a license permitting to centres of Lithuania. In Panevëþys city and region all largest plants, including Linas, Ekranas, restore and rebuild historic buildings. In 1998, the company was granted a license to Lietkabelis, and the majority of apartment houses were constructed by PANEVËÞIO carry out the construction works related with the construction of depositories for dry STATYBOS TRESTAS. The company has also built a number of social, health, educational, storage of the utilised nuclear fuel. and sports centres - drama theatre, hotel, hospitals, sports house, schools, kindergartens, In addition to construction services, the company produces building materials. and many other objects. The companys productive capacity, innovation, and quality of Customers are supplied with wooden, metal, and glass products manufactured by Guide to Listed Companies services were properly evaluated in 1969 when PANEVËÞIO STATYBOS TRESTAS was PANEVËÞIO STATYBOS TRESTAS. In 1998, the company launched the production of granted the name of the Model Building Trust. prefabricated wooden dwelling houses, and the first six houses were exported to 2000 In 1991, the enterprise was reorganised into a state public company with the authorised Germany in the same year. capital of LTL 104thou, 64% of which were held by the state, with the remainder of the In 1998, the company was granted a international quality certificate ISO 9002. capital in the hands of public. With the revaluation of the companys fixed assets in 1993, DEVELOPMENTS IN 2000 the authorised capital amounted to LTL 1.48m, including the state holding of 42.2%. In 2000, with a view to reducing management expenses, PANEVËÞIO STATYBOS TRESTAS In the same year, PANEVËÞIO STATYBOS TRESTAS was reorganised into a public joint accomplished two material structural reorganisations: liquidated contractors subsidiaries stock company. After the transfer of some property to the state, the states stake in the and changed the structure of the management of production processes. company decreased to 11.2%. With the second revaluation of the long-term assets, the authorised capital augmented to LTL 14.4 million. In 1998, the authorised capital was In 2000, sales revenue of PANEVËÞIO STATYBOS TRESTAS decreased by 8.6% to raised to LTL 16.35m out of the profit reserve. LTL 66.4m. The company carried out construction assembling works for LTL 47.3m, including construction of the Lithuanian exhibition pavilion in Hanover, Master Foods UAB, Trading of PANEVËÞIO STATYBOS TRESTAS shares became extremely active in 1998. administrative building of Omnitel, Polish House, and others. At the end of the year about 50% of the companys capital concentrated in the hands of Estonian Hansabank and its partners. The company carries out construction assembling works under contracts by winning tenders placed by contracting authorities. The major construction works The remainder of the state authorised capital - LTL 1.8m (11.15%) - was privatised at the are performed in Lithuania, while those in Russia and Germany constituted 15.4%. beginning of 1999. Those shares, as well as a large amount of outstanding shares, were The company has licences permitting to carry out construction works in Russia and acquired by Panevëþio Keliai AB whose part in the companys authorised capital currently the Ukraine. In addition, the company expanded geography of its activities and constitutes 49.8%. established two subsidiaries in Riga (Latvia) and Kaliningrad (Russia). Over the In 1999, two industrial shops of the company were reorganised into subsidiary companies, year, net profit of PANEVËÞIO STATYBOS TRESTAS lowered to LTL 22.5thou. namely, Skydmedis UAB (wooden dwelling houses and wooden articles) and Metalo Meistrai PLANS, PROSPECTS FOR 2001 UAB (metal processing and metal articles). In 2001, PANEVËÞIO STATYBOS TRESTAS has contracts to perform construction works In 1999, PANEVËÞIO STATYBOS TRESTAS acquired a 51.1% share block of the for the total of LTL 70m. The company will undertake all efforts to increase services electromounting company Vekada UAB. revenue by taking an active part in tenders to carry out construction works, selling more BUSINESS ACTIVITY actively to private customers and searching for new markets abroad. The companys principal activity is design and construction of different types of buildings, constructions, and communication lines both in Lithuania and abroad. The main projects have shifted from regions to Vilnius (Vilnius Castles Ensemble, the Presidents Office, Vilnius Railway Station, etc.), where they constitute the bulk of construction works (50%).
104 LITHUANIANPANEVËÞIO COMPANIES STATYBOS TRESTAS NATIONAL STOCK EXCHANGE OF LITHUANIA
ISIN-code: LT0000101446 Code: 10144 NSEL: PST Reuters: PST.VL Bridges: lt;PST LTL Panevëþio Statybos Trestas (1) Daily Volume
1.25 250 000 557000 382230
1.00 200 000
0.75 150 000
0.50 100 000
0.25 50 000
0 0 1997 1998 1999 2000 2001
FINANCIAL RATIOS 1998 1999 2000 TRADING STATISTICS 1998 1999 2000 1Q 2001
LIQUIDITY RATIOS PRICE (LTL) Current ratio 1.85 1.79 1.77 First 0.50 1.05 0.40 0.55 Quick ratio 1.46 1.59 1.47 Max 1.21(14 12) 1.02(21 01) 0.57(18 12) 0.54(31 01) Net working capital (LTL thou) 8 636 10 072 9 621 Min 0.39(24 02) 0.40(30 12) 0.34(06 09) 0.44(29 05) Net working capital to total assets 0.27 0.27 0.26 Last 1.05 0.40 0.55 0.44
Change (%) 110.00 -61.90 37.50 -20.00 Guide to Listed Companies PROFITABILITY RATIOS Profit margin 3.36% 3.91% 0.03% Number of transactions (CM) 599 306 34 1
Return on assets 10.39% 7.62% 0.06% Turnover CM (units) 2 180 153 506 659 87 321 100 2000 Return on equity 15.93% 12.39% 0.10% Turnover CM (LTL) 2 079 482 319 751 31 246 54 Turnover BT (units) 11 152 302 12 971 048 769 280 133 407 FINANCIAL LEVERAGE RATIOS Turnover BT (LTL) 7 720 111 10 249 458 266 662 43 984 Total debt ratio 0.35 0.38 0.37 CM turnover as % in total 16.35 3.76 10.19 0.07 Debt / equity ratio 0.53 0.63 0.59 Total turnover (units) 13 332 455 13 477 707 856 601 133 507 ASSETS UTILISATION RATIOS Total turnover (LTL) 9 799 593 10 569 208 297 908 44 038 Inventory turnover 19.39 18.54 18.44 Turnover ratio (%) 81.54 82.43 5.24 0.82 Receivables turnover 12.63 5.50 4.30 As % in the total share turnover 1.10 0.86 0.04 0.02 Net working capital turnover 11.48 7.22 6.91 Long term assets turnover 7.49 5.04 4.63 Total assets turnover 3.10 1.95 1.82 MARKET VALUE RATIOS 1998 1999 2000 2Q 2001
Capitalisation (LTL thou) 17 168 6 540 8 993 7 194 Share book value (LTL) 1.28 1.41 1.40 1.40 Price / book value ratio (P/BV) 0.82 0.28 0.39 0.32 Earnings per share (LTL) 0.20 0.15 0.00 0.04 Price / earnings ratio (P/E) 5.16 2.74 399.10 12.11 Dividend per share (LTL) - - - Dividend yield - - - Dividend payout ratio - - -
SUBSIDIARIES Date of Authorised Participating establishment capital (LTL) interest
Skydmedis UAB 12,500 100% STRUCTURE OF SHARE CAPITAL Metalo meistrai UAB 12,500 100% Vekada UAB 1999 211,488 72.9% Share capital: LTL 16,350,000 PS Trests UAB (Latvia) 13,175 100% Ordinary shares: 16 350 000 registered shares at LTL 1 par (security code 10144) Baltlitsroj UAB (Russia) 4,614 100% accounting for 100% of the auth. capital (admitted to trading at the Vilniaus papëdë TÛB 14.500 69% NSEL on 14.04.97)
105 PANEVËÞIOLITHUANIAN STATYBOS TRESTAS COMPANIES NACIONALINË VERTYBINIØ P0PIERIØ BIRÞA
LAS Company Company Company LAS Company Company Company BALANCE SHEET (LTL) 1998 1999 2000 PROFIT (LOSS) ACCOUNT (LTL) 1998 1999 2000 Assets Items LONG TERM ASSETS 13240139 14435682 14363140 SALES AND SERVICES 99112021 72743822 66454499 Formation costs 0 0 0 Turnover from sales of goods 2670318 2090686 928461 Intangible assets 97608 176464 180128 Turnover from services rendered 96441703 70653136 65526038 Tangible assets 12112577 12736633 13410026 COST OF GOODS SOLD Land 0 0 600000 AND SERVICES RENDERED 83668985 59678788 58056321 Buildings 6239898 6837735 7153782 Raw materials, consumables Plant and machinery 1417322 1738071 1411920 and goods for resale 2967904 2173320 857038 Vehicles and other transport means 1589920 1374166 1233446 Services, works and research 80701081 57505468 57199283 Other fixtures, fittings, tools GROSS PROFIT (LOSS) 15443036 13065034 8398178 and equipment 2272273 2429363 2248869 OPERATING EXPENSES 11004090 9580107 8889330 Leasing and similar rights 28239 23895 0 Selling expenses 915774 805516 208376 Other tangible assets 112489 0 131968 General and administrative expenses 10088316 8774591 8680954 Constructions in progress PROFIT FROM OPERATIONS (LOSS) 4438946 3484927 -491152 and prepayments 452436 333403 630041 OTHER OPERATIONS 13099 196117 573175 Financial long term assets 241634 526958 731505 Other operating revenue 15066 249011 999545 Amounts receivable after one year 788320 995627 41481 Other operating expenses 1967 52894 426370 Trade debtors 0 0 0 FINANCIAL AND INVESTING ACTIVITIES -700959 -609452 -42087 Other amounts receivable 788320 995627 41481 Revenue from financial SHORT TERM ASSETS 18737012 22805260 21966985 and investing activities 41472 97816 410954 Stocks and contracts in progress 4984312 3739058 5285202 Expenses of financial Stocks 3936191 2500464 3796715 and investing activities 742431 707268 453041 Contracts in progress 1048121 1238594 1488487 PROFIT FROM ORDINARY Amounts receivable within one year 8527772 17941344 12963751 ACTIVITIES (LOSS) 3751086 3071592 39936 Trade debtors 8187895 17320313 10392755 EXTRAORDINARY GAIN 7666 9346 83537 Other amounts receivable 339877 621031 2570996 EXTRAORDINARY LOSSES 110430 120738 100941 Investments and term deposits 0 0 0 CURRENT YEAR PROFIT BEFORE TAXES 3648322 2960200 22532 Cash at bank and hand 5224928 1124858 3718032 INCOME TAXES 322488 119020 0
Guide to Listed Companies TRANSFER ACCOUNTS 25497 24619 91900 NET PROFIT OF THE CURRENT YEAR Total assets 32002648 37265561 36422025 FOR APPOPRIATION (LOSS) 3325834 2841180 22532
2000 Owners' equity and liabilities CAPITAL AND RESERVES 20872068 22930993 22934425 Capital 16350000 16350000 16350000 Subscribed capital 16350000 16350000 16350000 Uncalled capital (-) 0 0 0 Share premium account 0 0 0 Revaluation reserve 120605 0 0 Reserves 4401463 6580993 6584425 Legal reserve 1075035 1217094 1218221 Reserves not available for distribution 2996742 5098213 5098213 Reserves available for distribution 329686 265686 267991 Profit (loss) brought forward 0 0 0 FINANCING (GRANTS AND SUBSIDIES) 0 0 0 PROVISIONS FOR LIABILITIES AND CHARGES, POSTPONED AND DEFERRED TAXES 995535 1576219 1049930 Provisions 0 1576219 0 Postponed taxes 0 0 0 AMOUNTS PAYABLE AND LIABILITIES 10135045 12758349 12437670 Amounts payable after one year and long term liabilities 8967 0 0 Financial debts 8967 0 0 Trade creditors 0 0 0 Suppliers 0 0 0 Bills of exchange payable 0 0 0 Prepayments received on contracts in progress 0 0 0 Other amounts payable and long term liabilities 0 0 0 Amounts payable within one year and short term liabilities 10126078 12758349 12437670 Short term portion of long term debts 13840 8967 0 Financial debts 722929 1000000 0 Credit institutions 722929 1000000 0 Other loans 0 0 0 Trade creditors 5801555 8913949 8054942 Suppliers 5801555 8913949 0 Bills of exchange payable 0 0 0 Prepayments received on contracts in progress 307664 1547974 1945573 Taxes, remuneration and social security payable 3081887 1271082 1518151 Taxes 967961 438803 575093 Remuneration 1439387 612710 646209 Social security payable 674539 219569 296849 Other amounts payable and short-term liabilities 198203 16377 919004 ACCRUED CHARGES AND DEFERRED INCOME 0 0 0 Total owner's equity and liabilities 32002648 37265561 36422025
106 LITHUANIANELECTRICAL AND OPTICALCOMPANIES EQUIPMENT NATIONAL STOCK EXCHANGE OF LITHUANIA
During the second half of 2000, the industries of radio, television and communications (electronics), i.e. the largest sectors within electrical and optical equipment industry, kept increasing their production sales. Production sales at constant prices were even 39.9% higher than a year ago. In 2000, the sector of electronics was among the most profitable industrial activities that during January-December earned more than LTL 48 million profits before taxes. A symbol of Lithuanian business success in 2000 was Ekranas AB of Panevëþys, the largest electronics company in the country. Sales of the company, which produces television screens, were LTL 438 million or 1.6 times higher than a year ago. Net profits totalled LTL 49.3 million. The company has signed a long-term technical assistance contract with Toshiba of Japan on the development of a 21-inch flat screen. During 20002004, it is envisaged to invest about LTL 400 million in production technology renovation. The company has 3,700 employees. The year 2000 was also very successful for Vilniaus Vingis AB. The 12-month turnover of the company came to LTL 120 million, or was almost 1.5 times higher than a year ago. During 2000, its net profits surged to LTL 7.1 million. In 2001, the company plans to increase its production sales by one third. Last year, Ðiauliø Tauro Televizoriai UAB considerably increased its sales, too. The company exported 98% of its output, however, due to depreciation of the euro, its profits were almost zero. In 2000, Vilniaus Ventos Puslaidininkiai UAB, established after the bankruptcy of Vilniaus Venta AB, lifted its turnover by nearly 70% to approximately LTL 25 million. The company was negotiating with Italian International Rectifier on a 5-year co-operation contract and Guide to Listed Companies was expecting to sign it before the beginning of 2001. That is how Vilniaus Ventos Puslaidininkiai UAB attempts to ensure production extension. The companys recent
exports to Italy were about 70% of its output. 2000 The year-2000 indicators of the second largest sector within the industry of electrical and optical equipment, namely, the industry of electrical machinery and apparatus, were varying. During he first half of the year, production sales at constant prices were higher than a year ago, though during the second half they turned down. During January-November, production sales were 7.7% higher than during the corresponding period of 1999. In the 1st quarter of 2000, companies of the sector operated profitably, but during January through September they suffered losses of about LTL 3 million. In 2000, the largest wire producing company within the industry of electrical machinery and apparatus Lietkabelis AB of Panevëþys increased its turnover by about 50% to LTL 36 million. According to preliminary data, the company earned some profits. In 1999, the companys losses accounted for LTL 1.5 million.
By: Vilniaus Bankas AB, Member of the SEB Group, "Lithuanian Macroeconomic Review" No 4
Sales and Services (LTL) Net profit (LTL) 2000 1999 Change (%) 2000 1999 Change (%)
EKRANAS AB 438,869,712 279,361,166 57.1 49,297,984 2,661,059 1752.6 VILNIAUS VINGIS AB 120,367,107 81,225,034 48.2 7,117,858 5,114,203 39.2 LIETKABELIS AB 36,884,810 24,685 ,343 49.4 582,047 3,611,658 -83.9 SNAIGË AB 136,710,215 149,442,709 -8.5 180,060 2,720,232 -93.4
107 EKRANASLITHUANIAN COMPANIES NACIONALINË VERTYBINIØ P0PIERIØ BIRÞA
ELECTRONIC TV COMPONENTS Address: Elektronikos g. 1, LT-5319 Panevëþys Management Board: Phone: (370-5) 436601, 463450 Eimutis Þvybas, Chairman, Fax: (370-5) 423415 Aydin Giz, Vytautas Zabarskas, Jonas Makûnas, Alain Clement E-mail: [email protected] Managing Director: Eimutis Þvybas www.ekranas.lt Contact Person: Angelija Zokaitienë, Head of Investment Department, Registration date: 18 04 1994 tel. (370-5) 436601 Registration code: 4780222 Established: 1962 Privatised: 1994 Number of employees: 3712 STRUCTURE OF OWNERSHIP (01 04 2001) Authorised capital: LTL 151.5m Total number of shareholders amounts to 3476 Capitalisation (30 06 2001): LTL 187.8m Managing body and related persons 41.4% Farimex S.A. (Switzerland) 18.3% Auditor: PricewaterhouseCoopers Profilo Sanayi Ve Ticaret A.S. (Turkey) 14.9% Trading List: Official Aydin Giz (Swiss citizen) 14.0%
CORPORATE HISTORY DEVELOPMENTS IN 2000 Four decades ago EKRANAS, the largest TV tubes-manufacturing plant in the Baltics, In 2000, EKRANAS managed to establish its brand on the market and occupied 16% of 14" emerged in the outskirts of Panevëþys. In 1967, television black-and-white picture tubes and 10% of 20" and 21" TV tubes markets. Currently the company ranks third in this 24", which were in demand in a number of European countries, were launched into market segment in Europe. EKRANAS is the only company in Europe and the CIS countries production. In 1978, the production of colour picture tubes of the same type was started. specialising in production of TV tubes only. After Lithuania regained its independence, the range of products was enriched by 14" and Over the year, the company sold 2.8m units of TV tubes, which is 1.5 times more than in 21" CPT sizes. The new model of a flat screen tube (21" FST) was launched into mass
Guide to Listed Companies 1999. Its revenues augmented by 57%, while net profit increased from LTL 2.5m in 1999 production in 1998. to LTL 52.7m. Profit per share climbed up from LTL 0.08 to LTL 1.7. During the first months In April 1994, the state-owned plant was transformed into a public limited company
2000 of 2001, turnovers have been augmenting considerably. EKRANAS. As in 1993-1994 the companys Eastern European partners were experiencing Over the recent years the company succeeded in cutting production costs by reducing the difficulties, EKRANAS was intensively searching for new tube consumers. In 1994, the number of employees from 6,500 in 1996 to 3,700. structure of companys export markets changed with the appearance of customers from The bulk of EKRANAS output is realised in Europe. The amount of products exported grew Western Europe, Asia, and South America. The new tube model 20" was added to the from 76% in 1997 to 88% in 2000. The major distributor in 20 countries is the companys assortment. shareholder Farimex S.A. (Switzerland). Among clients of EKRANAS are such producers In 1995, EKRANAS was noticed by foreign investors. In June of the same year the Irish of TV sets as Profilio Telra (Turkey), Sanyo (Great Britain), Great Wall (France), Formenti company Henley Trading, Ltd. acquired 29.8% of stock. At the beginning of 1996 a new (Italy), Daewoo (Poland), Contintinental Edison (France). Besides, the company opened issue of USD 2.5m was acquired by Henley Trading, Ltd. Following increase of capital export to Spain. the company drew new funds to finance acquisition of new equipment that allowed to At the end of 2000, EKRANAS signed a long-term technical co-operation agreement with improve the quality of TV picture tubes. electronics corporation Toshiba (Japan) and acquired its licence for production of 21" true In 1997, the company installed a new system for measuring glass components and flat screen. equipment as well as a plunger compensation system, new pin sealing machines. In 1999, the overall quality system of EKRANAS was evaluated with ISO 9001 certificate. Significant improvements in the quality of panels and funnels were achieved due to Certain preparatory works have been carried out for implementation of environmental modernisation of equipment in the grinding shop and the use of new materials. protection management system ISO 14001. At the end of 1998, EKRANAS increased its authorised capital out of the companys funds From January 2001, EKRANAS shares are admitted to the NSEL index of top ten liquid (revaluation reserves and share premiums) from LTL 113,028,395 to LTL 151,472,000. shares LITIN-10 and from March they are traded on the Official List. Foreign investors hold 48.5% of the authorised capital. PLANS, PROSPECTS FOR 2001 In January 1999, the IFC signed the contract with EKRANAS regarding the loan of USD 15m that will be granted to the company for modernisation of its production The company intends to raise new capital out of additional contributions of LTL 23m. processes. After the new issue of shares the authorised capital will increase from LTL 151m to LTL 174m. BUSINESS ACTIVITY Demand for TV sets in Eastern and Central Europe is growing. Major competitors of EKRANAS manufactures television CPTs of four types: 14", 20", 21" and 21" FST; EKRANAS project no investments into production of small and medium-sized TV tubes glass details and components for tubes. Every year the company produces 2.5-3.0 million since they are aiming at a more profitable market of large-size TV tubes. TV tubes (98.5% of the total production). There are about 300 various materials and complementary components involved in the companys production process. During 2001-2005, EKRANAS anticipates an annual increase on sales of approximately EKRANAS selects the best suppliers on the basis of quality and price of the offered products. 9%. In 2001, the company plans to produce 3.2m units of TV tubes and increase that The biggest part (75%) of raw materials is imported from Western countries. volume to 3.5m units in 2002. The company calculates that in 2003 the growth should reach 16% because production of 21" flat screens will be launched (according to Toshibas EKRANAS organises sales through services of distributors and agents. Moreover, licence). In the following three years EKRANAS expects to invest from LTL 400m to the company has direct connections with TV set producers from CIS countries and Western LTL 600m into expansion of production. Out of this amount LTL 120m will be invested into Europe. EKRANAS is one of the major Lithuanian exporters. Its exports make up 4% of a new business activity, i.e. production and sales organisation of glass components for the Lithuanian exports to Western countries and 2% of the total Lithuanian exports. TV tubes. Nearly 80% of the companys production is sold to different Western European producers of TV sets. The Turkish TV set producers account for the bulk (50%) of the companys EKRANAS attempts to diversify the risk when searching for new markets in Asia, South sales. America, the RSA, and other regions. Russia, with growing demand for TV sets and no manufacturers of TV tubes, is regarded as a strategic future market. In recent years the company managed to expand the geography of its markets significantly. Its products are now bought by nearly all producers of short and medium diagonal TV sets in France, Italy, Turkey, Poland, Great Britain, Slovenia, and other countries. EKRANAS is a member of the International Association of TV Tube Producers.
108 LITHUANIAN COMPANIESEKRANAS NATIONAL STOCK EXCHANGE OF LITHUANIA
ISIN-code: LT0000104234 Code: 10423 NSEL: EKRA Reuters: EKRA.VL Bridges: lt;EKRA LTL Ekranas (5) Daily Volume
10 5 000 59872 53250 74154
8 4 000
6 3 000
4 2 000
2 1 000
0 0 1995 1996 1997 1998 1999 2000 2001
Company TRADING STATISTICS 1998 1999 2000 1Q 2001 FINANCIAL RATIOS 1998 1999 2000 PRICE (LTL) LIQUIDITY RATIOS First 4.00 2.09 2.65 6.76 Current ratio 1.89 1.22 2.43 Max 4.23(09 03) 3.00(29 01) 7.36(17 11) 9.70(19 02) Quick ratio 0.73 0.60 1.49 Min 2.09(31 12) 1.10(10 11) 0.65(02 02) 5.40(16 05) Net working capital (LTL thou) 53 083 20 405 83 695 Last 2.09 2.65 6.76 6.20
Net working capital to total assets 0.19 0.07 0.23 Change (%) -47.75 26.79 155.09 -8.28 Guide to Listed Companies
PROFITABILITY RATIOS Number of transactions (CM) 751 223 2478 1494 Profit margin 0.02% 1.26% 11.46% Turnover CM (units) 388 229 22 773 866 807 658 314 2000 Return on assets 0.02%* 1.27% 15.78% Turnover CM (LTL) 1 546 288 39 123 4 339 875 5 204 197 Return on equity 0.03%* 2.00% 25.02% Turnover BT (units) 8 533 661 7 306 80 679 202 869 Turnover BT (LTL) 29 028 226 13 291 229 793 1 623 285 FINANCIAL LEVERAGE RATIOS CM turnover as % in total 4.35 75.71 91.48 76.44 Total debt ratio 0.36 0.37 0.37 Total turnover (units) 8 921 890 30 079 947 486 861 183 Debt / equity ratio 0.57 0.59 0.58 Total turnover (LTL) 30 574 514 52 414 4 569 668 6 827 482 ASSETS UTILISATION RATIOS Turnover ratio (%) 39.47 0.10 3.13 2.84 Inventory turnover 3.39* 3.66 5.83 As % in the total share turnover 3.43 0.00 0.57 2.89 Receivables turnover 7.21* 6.23 8.13 Net working capital turnover 5.43* 7.60 8.43 Long term assets turnover 1.77 1.66 2.04 MARKET VALUE RATIOS 1998 1999 2000 2Q 2001 Total assets turnover 1.05 1.00 1.23 Capitalisation (LTL thou) 47 246 80 280 204 790 187 825 Share book value (LTL) 5.98 5.93 7.57 8.23 Group Price / book value ratio (P/BV) 0.35 0.45 0.89 0.75 FINANCIAL RATIOS 1998 1999 2000 Earnings per share (LTL) 0.02 0.08 1.63 1.81 LIQUIDITY RATIOS Price / earnings ratio (P/E) 88.94 32.23 4.15 3.43 Current ratio 1.93 1.24 2.43 Dividend per share (LTL) - - 0.03 Quick ratio 0.73 0.60 1.47 Dividend yield - - 0.005 Net working capital (LTL thou) 55 181 22 204 86 055 Dividend payout ratio - - 0.02 Net working capital to total assets 0.20 0.08 0.24
PROFITABILITY RATIOS Profit margin 0.10% 1.17% 11.66% Return on assets 0.11%* 1.18% 15.77% SUBSIDIARIES Date of Authorised Participating Return on equity 0.17%* 1.86% 25.12% establishment capital (LTL) interest
FINANCIAL LEVERAGE RATIOS Ekrano Árengimai UAB 24.03.97 689,958 99% Total debt ratio 0.36 0.37 0.37 Ekrano Ekspedicija UAB 30.10.97 3,406,320 90% Debt / equity ratio 0.57 0.60 0.59 Vasaros Malonumai UAB 17.05.96 795,500 91%
ASSETS UTILISATION RATIOS BRANCH OFFICES Inventory turnover 3.40* 3.62 5.55 Ekrano Elektronika 21.11.96 Receivables turnover 7.24* 6.20 7.93 Ekrano Energomechanika 21.11.96 Net working capital turnover 5.27* 7.24 8.02 Long term assets turnover 1.79 1.67 2.03 Total assets turnover 1.05 1.00 1.20 STRUCTURE OF SHARE CAPITAL * value from previous year is not included Share capital: LTL 151,472,000 Ordinary shares: 30 294 400 registered shares at LTL 5.00 par (security code 10423) accounting for 100% of the auth. capital (admitted to trading at the NSEL on 16.05.95)
109 EKRANASLITHUANIAN COMPANIES NACIONALINË VERTYBINIØ P0PIERIØ BIRÞA
IAS Company Company Company Consol Consol Consol BALANCE SHEET (LTL) 1998 1999 2000 1998 1999 2000
Assets NON-CURRENT ASSETS 163151000 168281000 215449000 162298000 167252000 214290000 Intangible assets 228000 2224000 610000 234000 2224000 654000 Tangible assets 157364000 159958000 209274000 160954000 163374000 212520000 Investments 4573000 4573000 4458000 124000 124000 9000 Non-current receivables 986000 1526000 1107000 986000 1530000 1107000 CURRENT ASSETS 112783000 111694000 142304000 114757000 113969000 146296000 Inventories 69502000 57352000 55164000 71198000 58793000 57793000 Trade and other receivables and prepayments 40010000 49656000 58272000 40115000 50205000 59346000 Cash and cash equivalents 3271000 4686000 28868000 3444000 4971000 29157000 Total assets 275934000 279975000 357753000 277055000 281221000 360586000
Equity and liabilities CAPITAL AND RESERVES 176265000 175900000 226209000 177015000 176175000 226778000 Share capital 151472000 151472000 151472000 151472000 151472000 151472000 Reserves 3684000 6858000 6858000 3823000 7276000 6914000 Retained earnings 21109000 17570000 67879000 21720000 17427000 68392000 MINORITY INTEREST 495000 495000 632000 NON-CURRENT LIABILITIES 39969000 12786000 72935000 39969000 12786000 72935000 Non-current loans 28608000 1590000 61739000 28608000 1590000 61739000 Trade and other payables 11361000 11196000 11196000 11361000 11196000 11196000 CURRENT LIABILITIES 59700000 91289000 58609000 59576000 91765000 60241000 Current year portion of long term debts 1160000 1694000 1450000 1160000 1694000 1450000
Guide to Listed Companies Current loans 22314000 52297000 16016000 22314000 52297000 16016000 Trade and other payables 36226000 37298000 41143000 36102000 37774000 42775000
2000 Total equity and liabilities 275934000 279975000 357753000 277055000 281221000 360586000
INCOME STATEMENT (LTL) 1998 1999 2000 1998 1999 2000 SALES 288457000 279361000 438870000 290525000 279967000 434107000 Cost of sales -235427000 -232414000 -327765000 -241953000 -235036000 -323600000 GROSS PROFIT (LOSS) 53030000 46947000 111105000 48572000 44931000 110507000 Other operating income 8349000 2383000 2487000 8625000 2469000 2534000 Distribution costs -8672000 -8779000 -14910000 -147000 -4352000 -10001000 Administrative expenses -42586000 -29177000 -41725000 -46336000 -31909000 -45537000 Other operating expenses -4634000 -1871000 -1106000 -4813000 -1871000 -1143000 OPERATING PROFIT (LOSS) 5487000 9503000 55851000 5901000 9268000 56360000 Financial income/costs, net -5431000 -5978000 -2861000 -5431000 -5978000 -2849000 PROFIT (LOSS) BEFORE TAX 56000 3525000 52990000 470000 3290000 53511000 Profit tax -2681000 -151000 -26000 -2771000 PROFIT (LOSS) AFTER TAX 56000 3525000 50309000 319000 3264000 50740000 Minority interest -25000 21000 -137000 NET PROFIT (LOSS) 56000 3525000 50309000 294000 3285000 50603000
Earnings per share (LTL) 0.002 0.01 0.11 1.67 Diluted earnings per share (LTL) 0.11 1.62
110 LITHUANIAN COMPANIESVILNIAUS VINGIS NATIONAL STOCK EXCHANGE OF LITHUANIA
ELECTRONIC TV AND RADIO COMPONENTS Address: Savanoriø pr. 176, LT-2600 Vilnius Supervisory Board (no participation in the company): Phone: (370-2) 392500 Dominykas Kaðys, Chairman, Fax: (370-2) 392555 Kæstutis Dagilis, Eimutis Þvybas E-mail: [email protected] Management Board (participation in the company): www.vingis.lt Vaclovas Ðleinota, Chairman (0.04%), Registration date: 25 02 1994 Vladislovas Cybas (0.02 %), Rimvydas Savickas (0.02 %), Registration code: 2259783 Valdas Petrauskas, Nerijus Dagilis, Giedrius Barysas Established: 1959 Managing Director (participation in the company): Vaclovas Ðleinota (0.04 %) Privatised: 1994 Contact Person: Rimantas Baltruðaitis, Number of employees: 2244 Head of Management Unit of Shareholders' Property, tel. (370-2) 392807 Authorised capital: LTL 45.6m Capitalisation (30 06 2001): LTL 42.9m STRUCTURE OF OWNERSHIP (31 03 2001) Total number of shareholders amounts to 1907 Auditor: PricewaterhouseCoopers Saules Investicijas AS 39.17% Trading List: Current Turbolite Vertriebs GmBH 27.23%
CORPORATE HISTORY Production capacities of the major product of VILNIAUS VINGIS deflection yokes which The companys legal predecessor, a state plant Vingis, was founded in 1959. During the brings over 80% of all income, reached 47.8m units, or by 80% more than in 1999. same year, the first batch of deflection yokes for black-and-white 35 cm screen TV sets According to these ratios, the company ranks second in Europe, yielding only to the and flyback transformers was produced. In 1968, the company started to produce deflection British company PHILIPS Washington. In 2000, deflection yoke VV29103 designed for yokes and flyback transformers for coloured TV sets, and in 1971 - for the medical-purpose flat picture tubes of large diagonal was recognised the best product in Lithuania. equipment monitors, and in 1976 - for picture tubes with the in-line optics. The companys products are competitive and are sold to both large producers of picture
Public company VILNIAUS VINGIS was established through public privatisation of the state tubes and TV sets and small customers for the service needs. In 2000, 39% of the Guide to Listed Companies enterprise in 1994. In 1994, the authorised capital amounted to LTL 5 million. At the end companys output was sold in Lithuania, 80% of which went to Western Europe with the end products. Germany purchases 35% of VILNIAUS VINGIS products, England - 10%,
of 1994, the share capital reached LTL 14.6m due to revaluation of assets. In 1996, 2000 the capital was increased to LTL 31.8 million. In 1997, the company issued 276,400 Spain 6%, Turkey 2%, CIS countries and Poland 4% each. ordinary shares at LTL 5 par and drew LTL 16m in cash contributions. On 6 June 1997, In 2000, quality management system compliant with ISO 9001 standard was assessed the companys share capital made up LTL 45.6 million. anew and an environment protection management system was developed and introduced BUSINESS ACTIVITY according to the requirements of ISO 14001 standard. For over 30 years, the company has been engaged in manufacture of deflection yokes In January 2001, a 23.34% state-owned block of shares of VILNIAUS VINGIS was acquired (80%), flyback transformers for TV sets and monitors, video controlling apparatuses (18%), by Turbolite Vertriebs (Germany), which has an agreement with VILNIAUS VINGIS regarding equipment for magnetic convergence, air heaters, ventilators as well as domestic electrical supply of components. appliances and other equipment. From 2 January 2001, VILNIAUS VINGIS shares are admitted to the NSEL index of top ten Purchase of RCA (USA) and SANYO (Japan) licences, as well as up-to-date know-how liquid shares LITIN-10. and equipment used for manufacture of deflection yokes and flyback transformers enabled PLANS, PROSPECTS FOR 2001 the company to implement modern quality control and management systems. In 1997, In May 2001, the AGM of the company's shareholders resolved to reduce the authorised the company was granted a quality certificate ISO 9001 by German company TUV-CERT. capital by LTL 9.12m to LTL 36.49m. The authorised capital was reduced in order to From then on, all new products are certified according to VDE, BSI, and UI systems. pay available funds to all shareholder in proportion to the face value of the shares In order to expand its customers network, in 1999 VILNIAUS VINGIS designed and sent owned by them. a trial batch of deflection yokes for 14 picture tubes for Philips plant in Barcelona. The strategic plan of VILNIAUS VINGIS for 2001 anticipates sales increase to LTL 150m, The company started to design deflection yokes for Chunghwa (England) and Thomson or by 25% more than in 2000, and net profit of LTL 9.2m. In the next three years, (Poland). the company projects the following increase of sales volumes: in 2002 up to LTL 170m, DEVELOPMENTS IN 2000 in 2003 up to LTL 190m, and in 2004 up to LTL 200m. The company also anticipates In 2000, VINIAUS VINGIS further pursued its strategic goals to increase the number of net profit of LTL 11m, LTL 13m, and LTL 15m, respectively. These results are to be customers, sales and net profits as well as ensure high quality parameters of its products. achieved by expanding the network of customers, increasing production capacities of Since 1997, VILNIAUS VINGIS has been operating profitably and owing to the quality of deflection yokes and flyback transformers, developing new products, and penetrating products and flexibility of manufacture holds 20% of market in Europe. into the market of technological equipment. Investments in the fixed assets in 2000 amounted to LTL 13.4m or twice as much as In 2001, it is planned to implement three production lines of deflection yokes, design in 1999. At the complex Maga of construction and manufacture of technological and implement automated assembling line of deflection yokes which would replace facilities, the total value of equipment constructed made up LTL 7m (LTL 4m in 1999). 8 currently operating ones and would save over LTL 2.5m. It is intended to implement The company purchased technological equipment in Japan and South Korea for basic equipment in the complex VALBA for manufacture of flyback transformers and LTL 2m. The companys production capacity is improved by acquiring new effective further pursue a four-year project in complex Maga based on intelligent technologies machine-tools and by regularly upgrading management programmes. The company used for designing an effective and competitive equipment for co-ordination of constructed and started producing new deflection yokes VG 53987, ordered by deflection yokes. There are plans to start manufacture of deflection yokes for CHUNGWA company (England); AT1625 ordered by PHILIPS (Spain), and for 20 inch 28 inch and 29 inch picture tubes of a new standard, design and produce systems of picture tubes following the order of THOMSON company (Poland). a far more complicated construction for computer monitors. During 2000, production capacity improved by 25.5%, and since the establishment of the VILNIAUS VINGIS is negotiating with potential buyers of the major products with a company in 1994, it increased as much as 4.5 times. As compared to the previous years view of entering new markets: LG Electronics (LGEWA, England), OPV Orava (Slovakia), figures, in 2000, the companys sales rose by 48% and totalled LTL 120.4m, exceeding Stick Market (Spain), Thomson Components Gray (Orega, France), EI Televizija the target of LTL 95m set in its strategic goals. Net profit of LTL 9.1m or a 94% rise (Yougoslavia), and Cybor-Tech (Poland). It is expected to realise technological lines on 1999 was generated. Shareholders equity augmented by LTL 6.7m within the period of production on the markets of Southeast Asia and India. (in 1999 it increased by LTL 4.5m) and constituted LTL 58m. Earnings per share grew by 39% (63% in 1999).
111 VILNIAUSLITHUANIAN VINGIS COMPANIES NACIONALINË VERTYBINIØ P0PIERIØ BIRÞA
ISIN-code: LT0000103673 Code: 10367 NSEL: VING Reuters: VING.VL Bridges: lt;VING LTL Vilniaus Vingis (5) Daily Volume
10 100 000 135779
8 80 000
6 60 000
4 40 000
2 20 000
0 0 1995 1996 1997 1998 1999 2000 2001
FINANCIAL RATIOS 1998 1999 2000 TRADING STATISTICS 1998 1999 2000 1Q 2001
LIQUIDITY RATIOS PRICE (LTL) Current ratio 2.53 2.53 1.92 First 2.20 2.00 1.30 4.27 Quick ratio 0.83 1.47 1.14 Max 2.82(19 10) 2.00(09 02) 4.50(12 12) 6.30(29 03) Net working capital (LTL thou) 12 839 15 377 15 540 Min 1.55(14 07) 0.88(19 08) 1.20(05 01) 4.10(09 01) Net working capital to total assets 0.23 0.25 0.21 Last 2.00 1.30 4.27 4.70
Guide to Listed Companies Change (%) -9.09 -35.00 228.46 10.07 PROFITABILITY RATIOS Profit margin 5.44% 5.81% 7.57% Number of transactions (CM) 741 195 2106 1503 2000 Return on assets 6.16%* 8.10% 13.29% Turnover CM (units) 660 103 102 185 1 297 657 1 093 679 Return on equity 7.30%* 9.70% 16.76% Turnover CM (LTL) 1 452 114 135 951 3 875 104 5 756 191 Turnover BT (units) 2 387 848 3 580 4 015 130 14 779 520 FINANCIAL LEVERAGE RATIOS Turnover BT (LTL) 3 569 838 4 960 16 994 977 36 848 702 Total debt ratio 0.16 0.17 0.24 CM turnover as % in total 21.66 96.62 24.43 6.89 Debt / equity ratio 0.19 0.21 0.31 Total turnover (units) 3 047 951 105 765 5 312 787 15 873 199 ASSETS UTILISATION RATIOS Total turnover (LTL) 5 021 951 140 911 20 870 082 42 604 893 Inventory turnover 3.77* 5.38 8.04 Turnover ratio (%) 33.41 1.16 58.23 173.99 Receivables turnover 12.37* 8.76 7.54 As % in the total share turnover 0.56 0.01 2.60 18.02 Net working capital turnover 4.84* 5.76 7.79 Long term assets turnover 1.85 2.25 2.80 Total assets turnover 1.13 1.32 1.60 MARKET VALUE RATIOS 1998 1999 2000 2Q 2001 * value from previous year is not included Capitalisation (LTL thou) 18 246 11 860 38 956 42 879 Share book value (LTL) 6.06 5.59 6.23 6.53 Price / book value ratio (P/BV) 0.33 0.23 0.69 0.72 Earnings per share (LTL) 0.33 0.52 0.78 0.74 Price / earnings ratio (P/E) 6.08 2.52 5.47 6.32 Dividend per share (LTL) - 0.10 0.90 Dividend yield - 0.08 0.21 Dividend payout ratio - 0.19 1.15
SUBSIDIARIES Participating STRUCTURE OF SHARE CAPITAL interest Share capital: LTL 45,615,525 Ðiauliø Tauro áranga UAB 36.14 % Ordinary shares: 9 123 105 registered shares at LTL 5 par (security code 10367) Ðiauliø Tauro prekyba UAB 23.25 % accounting for 100% of the auth. capital (admitted to trading at the Plamega UAB 18.58 % NSEL on 26.04.94)
112 LITHUANIAN COMPANIESVILNIAUS VINGIS NATIONAL STOCK EXCHANGE OF LITHUANIA
IAS Company Company Company BALANCE SHEET (LTL) 1998 1999 2000
Assets NON-CURRENT ASSETS 33566000 36105000 42933000 Intangible assets 1328000 809000 872000 Tangible assets 31186000 34406000 41171000 Investments in associated undertakings 400000 238000 238000 Other investments 652000 652000 652000
Deferred profit tax 59000 59000 CURRENT ASSETS 21211000 25445000 32512000 Inventories 14298000 10651000 13115000 Receivables and prepayments 5020000 13532000 18408000 Trading investments 38000 Cash and cash equivalents 1855000 1262000 989000 Total assets 54836000 61609000 75445000
Equity and liabilities CAPITAL AND RESERVES 46269000 50984000 57730000 Share capital 45616000 45616000 45616000 Share premium 2211000 2211000 2211000 Own shares -3628000 -3628000 -1632000 Required and other reserves 221000 372000 628000 Retained earnings 1849000 6413000 10907000 NON-CURRENT LIABILITIES 195000 557000 743000
Non-current financial debts 423000 670000 Guide to Listed Companies Subsidies received 195000 134000 73000 CURRENT LIABILITIES 8372000 10068000 16972000 Financial debts 1838000 508000 4050000 2000 Trade and other payables 6534000 9560000 12922000 Total equity and liabilities 54836000 61609000 75445000
INCOME STATEMENT (LTL) 1998 1999 2000 SALES 62094000 81225000 120367000 Cost of sales -53896000 -67096000 -95527000 GROSS PROFIT (LOSS) 8198000 14129000 24840000 Administrative expenses -7085000 -10676000 -17573000 Other operating income 2078000 2022000 1945000 Other operating expenses -142000 -404000 -214000 OPERATING PROFIT (LOSS) 3049000 5071000 8998000 Financial income/costs, net 252000 -185000 169000 Share of result of associated undertakings' activity 30000 -162000 PROFIT (LOSS) BEFORE TAX 3331000 4724000 9167000 Profit tax 47000 -9000 -59000 NET PROFIT (LOSS) 3378000 4715000 9108000
Earnings per share (LTL) 0.37 0.53 1.11
113 SNAIGËLITHUANIAN COMPANIES NACIONALINË VERTYBINIØ P0PIERIØ BIRÞA
REFRIGERATORS AND FREEZERS Address: Pramonës g. 6, LT-4580 Alytus Supervisory Board (participation in the company): Phone: (370-35) 56206 Vygandas Jûras, Chairman (0%), Fax: (370-35) 56207, 56242 Martynas Èesnavièius (1 share), Audrius Balaiðis (0%), E-mail: [email protected] Andrea Pinzauti (6.02%), Arvydas Paketûras (0.07%) www.snaige.lt Management Board (participation in the company): Registration date: 01 12 1992 Antanas Vytautas Andrulionis, Chairman (4.77%), Registration code: 4966461 Romualdas Raudonis (6.58%), Rimantas Zibertas (1.97%), Established: 1963 Albinas Jonas Valaðinas (1.89%) Privatised: 1992 Managing Director (participation in the company): Number of employees: 1920 Antanas Vytautas Andrulionis (4.77%) Authorised capital: LTL 23m Contact Person: Dþuljeta Baliukevièiûtë, Administrator, tel. (370-35) 56206 Capitalisation (30 06 2001): LTL 50.8m STRUCTURE OF OWNERSHIP (30 03 2001) Auditor: Arthur Andersen Total number of shareholders amounts to 1297 Trading List: Official Baltic Investment Fund Management Ltd. 21.13% Romualdas Raudonis 6.58% Andrea Pinzauti 6.02% Moller Invest AS 5.98% Merita Bank Ltd. 5.57%
CORPORATE HISTORY DEVELOPMENTS IN 2000 Alytus refrigerator plant was established in 1963. The major companys activities include In 2000, sales of SNAIGË decreased form LTL 156m in 1999 to LTL 137m. Decline of manufacture of household refrigerators and refrigerators for hotels, offices, and restaurants. production and sales volumes resulted from consequences of the Russian crisis and the Guide to Listed Companies The company also produces spare parts for refrigerators, industrial lighting, tools, fall of euro rate. As much as LTL 13.5m of income was not received due to the decline of and equipment. euro only. 2000 A new factory was built in the industrial district of Alytus in 1968. The companys products Recently, SNAIGË has been producing refrigerators and freezers of 25 models and conquered the market soon, and in 1983, their export was started. SNAIGË was privatised 30 different modifications. On individual export markets, products of SNAIGË are sold in 1992 and reconstructed in 1995, when usage of freon was stopped. The companys under different brand marks. In 2000, the company launched a new fridge - freezer FR 240 share capital of LTL 19.02m was registered in March of 1995 and did not change until with the freezing chamber located in the upper part and introduced a new product design last year. "soft plus". All refrigerators are produced with the ecologically clean freezing agent The companys activities have been focused on the increase of sales, search for new isobutane (R600a). Products were assessed at Landesgewerbeanstalt Bayern (Germany). markets and partners, introduction of new products and improvement of the quality In 2000, the companys quality management system was reassessed for ISO 9001 control system. In 1997, the companys quality system was certified according to certificate. requirements of ISO 9001 standard. The companys refrigerator RF 310.0 was declared In 2000, expenditures for acquisition of equipment amounted to LTL 12m (cf. in 1999 the best Lithuanian product of 1997. Plastic reprocessing technology was modernised investments totalled LTL 9.9m). Lines of assembling and plastic processing were in 1998. In the same year, the display cooler of 350 l capacity was recognised Product implemented. of the Year by the Confederation of Lithuanian Industrialists. SNAIGË sells its production in 26 countries. Following the reduced sales on the domestic The general shareholders meeting, held on 15 January 1999, resolved to issue 270,000 market, the company expanded export to the East (from 8% to 11%) and Central Europe ordinary shares and raise share capital to LTL 23,070,405. (from 13% to 17%). Export to West European countries (Sweden, Norway, England) BUSINESS ACTIVITY accounted for 58% of the realised income, including 38% received from sales in Germany. SNAIGË produces household refrigerators and freezers, vertical display coolers, refrigerator- PLANS, PROSPECTS FOR 2001 mini-bars, wine coolers. Every year the company designs new refrigerator models. In 2001, SNAIGË intends to allot LTL 8m for investment and renovation. It is projected to Currently, the company produces refrigerators and freezers of 30 modifications which receive a grant of LTL 3.5m from UNDP for expanding application of new freezing agents. are sold in export markets under different trade marks. Moreover, SNAIGË designed three lines of products, namely standard, extra, and elegance While implementing new products, the company devotes most attention to visual design, class and prepared a basic model for assembling into furniture, which all contribute to energy consumption, ecology, steadiness, durability, and safety. the competitive ability of SNAIGË products. The company plans to increase its export to Eastern countries and Central Europe. According to the business plan of 2001, it is In manufacture of refrigerators and freezers the company exclusively uses compressors projected to raise the sales volumes to LTL 156m and generate profit of LTL 4.5m. made by renowned Western producers, such as Electrolux, Zanusi, Danfos. The companys products are exported to Western, Central and Eastern Europe, Asia and to the Baltic states. SNAIGË sells its production to 23 countries. The distribution network covers France, the Netherlands, Belgium, the UK, Ireland, Denmark, Germany, Sweden, Finland, Estonia, Latvia, Bulgaria, the Ukraine, Russia, Kazakhstan, and countries of Latin America. SNAIGËs imports geography is similar to that of the exports and embraces 21 European countries. Raw materials and components are brought from Denmark, Germany, Italy, the Netherlands, Russia, Spain, Sweden, and other countries.
114 LITHUANIAN COMPANIESSNAIGË NATIONAL STOCK EXCHANGE OF LITHUANIA
ISIN-code: LT0000109274 Code: 10927 NSEL: SNAI Reuters: SNAI.VL Bridges: lt;SNAI LTL Snaigë (15) Daily Volume
40 20 000 72780 36571 22686 25726
32 16 000
24 12 000
16 8 000
8 4 000
0 0 1995 1996 1997 1998 1999 2000 2001
FINANCIAL RATIOS 1998 1999 2000 TRADING STATISTICS 1998 1999 2000 1Q 2001
LIQUIDITY RATIOS PRICE (LTL) Current ratio 0.99 1.27 1.77 First 18.00 21.60 37.00 35.75 Quick ratio 0.40 0.47 0.88 Max 24.25(21 01) 40.11(01 09) 37.75(18 12) 38.00(10 01) Net working capital (LTL thou) -280 7 893 15 541 Min 18.00(20 10) 21.50(08 01) 19.00(18 10) 31.50(14 03) Net working capital to total assets 0.00 0.09 0.17 Last 21.60 37.00 35.75 33.00
Change (%) 20.00 71.30 -3.38 -7.69 Guide to Listed Companies PROFITABILITY RATIOS Number of transactions (CM) 1253 1807 1301 514
Profit margin 5.88% 1.82% 0.20% 2000 Turnover CM (units) 150 358 178 628 131 520 81 721 Return on assets 13.29%* 3.37% 0.30% Turnover CM (LTL) 3 086 067 5 582 657 4 170 760 2 951 645 Return on equity 26.62%* 6.27% 0.54% Turnover BT (units) 464 164 154 135 42 857 25 650 Turnover BT (LTL) 9 246 696 4 840 964 1 015 009 827 944 FINANCIAL LEVERAGE RATIOS CM turnover as % in total 24.47 53.68 75.42 76.11 Total debt ratio 0.50 0.43 0.47 Total turnover (units) 614 522 332 763 174 377 107 371 Debt / equity ratio 1.00 0.75 0.89 Total turnover (LTL) 12 332 764 10 423 621 5 185 770 3 779 589 Turnover ratio (%) 48.46 21.64 11.34 6.98 ASSETS UTILISATION RATIOS As % in the total share turnover 1.38 0.84 0.65 1.60 Inventory turnover 6.81* 5.76 5.78 Receivables turnover 16.14* 13.63 9.73 Net working capital turnover -621.46* 39.26 11.33 MARKET VALUE RATIOS 1998 1999 2000 2Q 2001 Long term assets turnover 4.33 3.18 2.37 Total assets turnover 2.26 1.77 1.45 Capitalisation (LTL thou) 27 389 56 907 54 984 50 755 * value from previous year is not included Share book value (LTL) 32.18 31.40 31.86 32.45 Price / book value ratio (P/BV) 0.67 1.18 1.12 1.02 Earnings per share (LTL) 7.33 1.91 1.17 3.03 Price / earnings ratio (P/E) 2.95 19.39 30.55 10.90 Dividend per share (LTL) 0.71 0.36 0.11 Dividend yield 0.03 0.01 0.003 Dividend payout ratio 0.10 0.19 0.09
STRUCTURE OF SHARE CAPITAL
Share capital: LTL 23,070,405 BRANCHES Date of Participating Ordinary shares: 1 538 027 registered shares at LTL 15 par (securities code 10927) establishment interest accounting for 100% of the auth. capital (admitted to trading at the Termosnaigë 13.01.1999 100% NSEL on 10.07.95)
115 SNAIGËLITHUANIAN COMPANIES NACIONALINË VERTYBINIØ P0PIERIØ BIRÞA
IAS Company Company Company BALANCE SHEET (LTL) 1998 1999 2000
Assets NON-CURRENT ASSETS 40207000 46951000 55916000 Intangible assets 413000 1100000 Tangible assets 40204000 46334000 54636000 Buildings 4821000 6146000 7988000 Machinery and equipment 30214000 32781000 38966000 Constructions in progress 1240000 1894000 1807000 Other tangible assets 3929000 5513000 5875000 Financial investments 3000 3000 3000 Deferred tax assets 201000 177000 CURRENT ASSETS 36757000 37385000 35701000 Inventories 21955000 23646000 17875000 Trade receivables 9634000 8403000 13506000 VAT receivable 2248000 2148000 Other receivables 159000 129000 208000 Receivables from associates 252000 328000 Prepayments and other current assets 738000 34000 275000 Cash and cash equivalents 2398000 1539000 1437000 Overpaid profit tax 1621000 1058000 252000 Total assets 76964000 84336000 91617000
Equity and liabilities CAPITAL AND RESERVES 38427000 48287000 48379000
Guide to Listed Companies Share capital 19020000 23070000 23070000 Share premium 3644000 3644000
2000 Legal reserves 2338000 2338000 2338000 Retained earnings 17069000 19235000 19327000 NON-CURRENT LIABILITIES Non-current loans 1500000 5757000 16369000 Grants and subsidies 800000 6709000 CURRENT LIABILITIES 37037000 29492000 20160000 Current year portion of long term loans 8498000 1684000 15000 Current loans 12163000 12473000 Prepayments 179000 188000 490000 Trade payables 11149000 10401000 14799000 Accruals 3548000 4192000 4687000 Payable dividends 1500000 554000 169000 Total equity and liabilities 76964000 84336000 91617000
INCOME STATEMENT (LTL) 1998 1999 2000 SALES, NET 174009000 149443000 132742000 Cost of sales -149463000 -131420000 -119960000 GROSS PROFIT (LOSS) 24546000 18023000 12782000 Sales, distribution, general and administrative expenses -11382000 -16329000 -13280000 OPERATING PROFIT (LOSS) 13164000 1694000 -498000 Other operations income/expenses, net 433000 1190000 274000 Financial income/costs, net -2933000 70000 365000 PROFIT (LOSS) BEFORE TAX 10664000 2954000 141000 Profit tax -435000 -234000 120000 NET PROFIT (LOSS) 10229000 2720000 261000
Earnings per share (LTL) 8.07 1.91 0.17
116 LITHUANIANELECTRICITY COMPANIES AND GAS SUPPLY NATIONAL STOCK EXCHANGE OF LITHUANIA
POWER SECTOR GAS SUPPLY Lithuania produced 11.43 TWh of electricity over the year 2000 or by 15.5 per cent less In 2000, Lithuanian consumers consumed 2,582 million m3 of natural gas, or by than in 1999. approximately 13 per cent more than in 1999 . The greatest volumes of gas were purchased Reduction in internal electricity consumption was caused by decrease in exports to from the Russian gas-fields by the companies Stella Vitae and Achema. Transit to the 3 3 Belarus. In 2000, export volumes to the said country were 2.8 times smaller than Kaliningrad region amounted to 466 million m in 2000 (in 1999 - 471 million m ). in 1999. The largest volumes of gas were consumed for heat production (43-45 per cent) and Internal electricity consumption amounted to 6.81 TWh in 2000 (in 1999 7.18 TWh). manufacture of fertilisers (27-29 per cent) in Lithuania. Electricity purchased from the Ignalina NPP made up 7.42 TWh (it was planned to buy 197thou tons of liquefied gas were sold to local consumers in 2000, of which production 9.5 TWh). The average electricity tariff for internal consumers equalled to 18.61 ct/kWh of the Maþeikiø Nafta AB accounted for 128thou tons. in 2000, while the export tariff was 6.38 ct/kWh. On 10 October 2000, the Seimas of the Republic of Lithuania passed the Law on Natural Final electricity demands over the period under review decreased by approximately Gas (No. VIII-1973) that will be enforced from the middle of 2001. 5 per cent. In 2000, final electricity demands per capita made up about 1,700 kWh. On 17 October 2000, the Seimas of the Republic of Lithuania adopted the Law on According to the said indicator, Lithuania ranks one among the last countries in Europe. Reorganisation of the Lietuvos Dujos AB (No. VIII-2053) that provides for decentralisation With the aim to enhance efficiency of the power sector in Lithuania, the following of the company by dividing it into three segments. Subsidiary firms of the Company - significant decisions were taken in 2000: Suskystintos Dujos AB (Liguefied Gas) and Dujiniai Árengimai AB (Gas Equipment) the Law on Reorganisation of Lietuvos Energija SPAB (No. VIII-1693 dated 18 05 2000) - were separated from Lietuvos Dujos AB, which continues its operation. On the basis was adopted, which provides for decentralisation of the company into structural units with of the two firms, there were independent companies Suskystintos Dujos AB and separating generation, distribution of electricity and non-core activities; Dujiniai Árengimai AB incorporated and they were entered into the Register of Enterprises on 31 December 2000. the Electricity Law (No. VIII-1881 dated 20 07 2000) was adopted which will stimulate formation of a competitive electricity market and its integration into the common electricity On 18 September 2000, the Government of the Republic of Lithuania signed an Agreement market of the Baltic States; on Advisory Services with the Advisor on privatisation issues, the French bank BNP Paribas, which was selected through the international tender. The Advisor on privatisation issues an advisor - a consortium managed by CIBC World Markets - on reorganisation and submits proposals concerning division of the company's block of shares and possible privatisation of the Lietuvos Energija AB was selected through an international tender.
stages of privatisation. Guide to Listed Companies After a decision was taken to shut down Unit 1 of the Ignalina NPP by the year 2005, a number of significant preparatory organisational, legal, and financial measures were realised over the year 2000. 2000
u Evaluation of business, immovable and movable property Address: A.Goðtauto g. 11-314 u Establishment, reorganization and liquidation of enterprises LT-2600 Vilnius, Lithuania and organizations Mail box: A/d 2875, LT-2000 Vilnius u Consultation and practical help in stock registration Tel.: +370 2 313760, +370 2 314472 u Legal help in the representation of shareholders' rights Fax: +370 2 313761 117 u Consultations and legal help on issues relating to commercial E-mail: [email protected] law and enterprise activities and management KAUNOLITHUANIAN ENERGIJA COMPANIES NACIONALINË VERTYBINIØ P0PIERIØ BIRÞA
ELECTRICITY AND THERMAL ENERGY SUPPLY Address: Taikos pr. 147, LT-3031 Kaunas Supervisory Board (no participation in the company): Phone: (370-7) 452259 Kæstutis Mikënas, Chairman, Fax: (370-7) 456263 Karolis Bruder, Anicetas Ignotas, Gintaras Palaima, E-mail: [email protected] Pranas Paðkevièius,Rimantas Ruzas, Kazimieras Starkevièius Management Board (participation in the company): Registration date: 22 08 1997 Ramûnas Garbaravièius, Chairman, (0%), Registration code: 3501483 Alfredas Sabaliauskas (0.08%), Rymantas Juozaitis (0.25%), Gintaras Èiþikas (0%), Established: 1997 Gediminas Budnikas (0%) , Albinas Þelvys (0%), Romualdas Ðkëma (0%) Managing Director (participation in the company): Rymantas Juozaitis (0.25%) Number of employees: 2096 Contact Person: Ingrida Kriðtaponytë, Advisor to the Director General, Authorised capital: LTL 119.39m tel. (370-7) 308150 Capitalisation (30 06 2001): LTL 70.8m STRUCTURE OF OWNERSHIP (26 04 2001) Auditor: Deloitte & Touche Total number of shareholders amounts to 427 Trading List: Current Kaunas Municipality 85.21% Kaunas Region Municipality 8.07%
CORPORATE HISTORY DEVELOPMENTS IN 2000 KAUNO ENERGIJA emerged after the reorganisation of a special purpose public company In 2000, the company produced 304.2m MWh (cf. 420.9m MWh in 1999) of electricity, (SPAB) Lietuvos Energija in 1997 when independent branches of the company, Kauno 229.6m MWh were consumed (cf. 321.9m MWh in 1999). Last year the company Ðilumos Tinklai (thermal network) and Kauno Elektrinë (electric power plant), merged produced 1,995thou Gcal of thermal energy (cf. 2,318thou Gcal in 1999) and sold forming KAUNO ENERGIJA SPAB. In 1998, the company was reorganised again and 1,404thou Gcal (cf. 1,551thou Gcal in 1999). In 2000, KAUNO ENERGIJA heated and merged with Kauno Energetika SPAB. The authorised capital of KAUNO ENERGIJA was realised 3,308thou m3 of hot water (cf. 3631thou m3 in 1999). Guide to Listed Companies increased from LTL 191m to LTL 198.98m. Production of thermal energy and electricity account for respectively 77.1% and 12.8% On 7 July 1999, at the extraordinary shareholders' meeting it was decided to approve in the total production (services) volume. 2000 the company Vattenfal AB the winner of the tender "Implementation of the Project on In 2000, sales accounted for LTL 178.6m (cf. LTL 190.4m in 1999). The total sales Kaunas Energy Sector Modernisation". On 1 June 2000, Vattenfall AB retreated from volume dropped by LTL 11.8m including the decrease of LTL 5.3m in sales of thermal the tender "Implementation of the Project on Kaunas Energy Sector Modernisation". energy due to a comparatively warm winter of the year 2000 and disconnection of On 21 February 2000, at the extraordinary meeting of special purpose public company consumers from the central heating system. KAUNO ENERGIJA shareholders it was decided to reorganise the company by separating From 1 April 2000, the State Control Commission for Prices and Energy established a fixed the company's subsidiaries Jurbarko Ðilumos Tinklai and Ðakiø Ðilumos Tinklai and price for sale of thermal energy at 11.98 ct/kWh. A fixed sale price has been established establishing new special purpose close-stock companies on the basis of the latter. since 1 July 1997, however, during this period expenditures have exceeded revenues. On 28 June 2000, the extraordinary meeting of KAUNO ENERGIJA shareholders decided In 2000, the unaudited loss made up LTL 19,825,490. to reduce the company' authorised capital to LTL 119,388,114 (by reducing the par Over the year, the companys liabilities were reduced by LTL 5.2m. Insolvency of consumers value of shares from LTL 10 to LTL 6) as well as to annul the company's special status. as well as their indebtedness to KAUNO ENERGIJA remain the principal problems. On 8 August 2000, the reduced authorised capital was registered. Liabilities as of 31 December 2000 stood at LTL 235m. On 5 October 2000, at the statutory shareholders' meeting of a special purpose close- In order to improve organisation of work and make management more efficient, on stock company Ðakiø Ðilumos Tinklai it was decided to establish a close-stock company 22 November 2000, the companys Management Board approved a new structure of the Ðakiø Ðilumos Tinklai UAB which was afterwards registered on 2 January 2001. companys management based on the merge of the major units and subsidiaries of On 17 October 2000, at the repeated statutory shareholders' meeting of a close-stock production, transfer, and distribution. This improvement enabled KAUNO ENERGIJA to company Jurbarko Ðilumos Tinklai the decision to set up a close-stock company considerably reduce the number of workers. In 1999, there were on average 2,239 Jurbarko Ðilumos Tinklai UAB was not passed. employees, while in January 2001, only 1,745 employees were left. BUSINESS ACTIVITY PLANS, PROSPECTS FOR 2001 KAUNO ENERGIJA produces and sells to consumers electricity and thermal energy, The company's core activities are production, distribution, and sales of electricity and supplies heating and hot water. Electricity is produced at the branch Kaunas Elektrinë thermal energy. In the coming years the company does not projects any changes in its (electric power plant). Besides, according to the data of the year 1999, 18 district boiler activities except for rendering of additional services related to production and sales of houses belong to the company. KAUNO ENERGIJA exploits more than 475.3 km of thermal electricity and thermal energy. system, controls 737.7 km of thermofication waters, 37.7 km of steam, and 71.8 km of In order to improve its financial status, the companys management is determined to hot water-supply systems. More than 4660 heating junctions and over 7680 consumers further pursue strict policy of control and reduction of expenditures. Besides, it intends are connected to the companys thermal supply systems. KAUNO ENERGIJA sells energy to improve production and distribution of electricity, expand consumer services with to more than 128thou of consumers. a view to enhancing financial status of the company and approaching standards and KAUNO ENERGIJA consists of the following structural divisions - subsidiaries: Kauno requirements of energy companies of Western countries. Elektrinë, Kauno Ðilumos Tinklai, Jurbarko Ðilumos Tinklai, Kauno Energijos Paslaugos, and Naujasodþio Energija. The majority of energy resources, spare parts and materials needed for exploitation are acquired from commercial enterprises registered in Lithuania, which in turn import the goods from Russia (approximately 1/2 of all purchases), Germany (1/5), the Ukraine (1/20), Denmark (1/10), and other countries.
118 LITHUANIAN COMPANIESKAUNO ENERGIJA NATIONAL STOCK EXCHANGE OF LITHUANIA
ISIN-code: LT0000123010 Code: 12301 NSEL: KENR Reuters: KENR.VL Bridges: lt;KENR LTL Kauno Energija (6) Daily Volume
10 10
8 8
6 6
4 4
2 2
0 0 1999 2000 2001
FINANCIAL RATIOS 1998 1999 2000 TRADING STATISTICS 1999 2000 1Q 2001
LIQUIDITY RATIOS PRICE (LTL) Current ratio 1.20 0.70 0.67 First 5.00 5.00 3.70 Quick ratio 0.96 0.58 0.55 Max 5.00(30 12) 4.75(04 02) 3.70 Net working capital (LTL thou) 25 516 -50 499 -51 597 Min 5.00(30 12) 3.70(27 04) 3.70 Net working capital to total assets 0.06 -0.13 -0.14 Last 5.00 3.70 3.70
Change (%) - -26.00 - Guide to Listed Companies PROFITABILITY RATIOS Profit margin 0.69% -29.93% -18.18% Number of transactions (CM) 4 0 0 Return on assets 0.33% -14.81% -9.08% Turnover CM (units) 11 0 0 2000 Return on equity 0.73% -42.80% -32.25% Turnover CM (LTL) 55 0 0 Turnover BT (units) 0 105 616 0 FINANCIAL LEVERAGE RATIOS Turnover BT (LTL) 0 369 656 0 Total debt ratio 0.55 0.65 0.72 CM turnover as % in total 100.00 0.00 - Debt / equity ratio 1.22 1.89 2.55 Total turnover (units) 11 105 616 0 ASSETS UTILISATION RATIOS Total turnover (LTL) 55 369 656 0 Inventory turnover 5.74 8.32 8.83 Turnover ratio (%) 0.00 0.55 0.00 Receivables turnover 2.13 1.93 2.06 As % in the total share turnover 0.00 0.05 0.00 Net working capital turnover 7.88 -3.77 -3.46 Long term assets turnover 0.75 0.72 0.70 Total assets turnover 0.48 0.49 0.50 MARKET VALUE RATIOS 1998 1999 2000 2Q 2001
Capitalisation (LTL thou) - 95 740 70 848 70 848 Share book value (LTL) 9.56 7.45 5.06 6.50 Price / book value ratio (P/BV) - 0.67 0.73 0.57 Earnings per share (LTL) 0.07 -2.10 -1.63 -0.28 Price / earnings ratio (P/E) - - - - Dividend per share (LTL) - - - Dividend yield - - - Dividend payout ratio - - -
STRUCTURE OF SHARE CAPITAL
Share capital: LTL 119,388,114 Ordinary shares: 19 148 019 registered shares at LTL 6 par (security code 12301) accounting for 96.23% of the auth. capital (admitted to trading at the NSEL on 01.06.98) 750 000 registered shares at LTL 6 par (security code 12403) accounting for 3.77% of the auth. capital (not admitted to trading at the NSEL)
119 KAUNOLITHUANIAN ENERGIJA COMPANIES NACIONALINË VERTYBINIØ P0PIERIØ BIRÞA
LAS Company Company Company LAS Company Company Company BALANCE SHEET (LTL) 1998 1999 2000 PROFIT (LOSS) ACCOUNT (LTL) 1998 1999 2000 Assets Items LONG TERM ASSETS 268711689 265559377 254126342 SALES AND SERVICES 201033436 190423314 178616210 Formation costs 2875116 4522744 5530476 Turnover from sales of goods 201033436 190423314 178616210 Intangible assets 1158683 976226 976712 Turnover from services rendered 0 0 0 Tangible assets 255502650 257541812 245187365 COST OF GOODS SOLD Land 0 0 0 AND SERVICES RENDERED 198101567 214020224 171960642 Buildings 69483450 70714429 69266023 Raw materials, consumables Plant and machinery 137044140 117729905 116443106 and goods for resale 198101567 214020224 171960642 Vehicles and other transport means 7444568 6323980 5532653 Services, works and research 0 0 0 Other fixtures, fittings, tools GROSS PROFIT (LOSS) 2931869 -23596910 6655568 and equipment 1860301 12567304 11249730 OPERATING EXPENSES 11760203 15377304 14093678 Leasing and similar rights 8411729 12938800 12286380 Selling expenses 0 5170211 4049703 Other tangible assets 480213 521186 249193 General and administrative expenses 11760203 10207093 10043975 Constructions in progress PROFIT FROM OPERATIONS (LOSS) -8828334 -38974214 -7438110 and prepayments 30778249 36746208 30160280 OTHER OPERATIONS 480681 159177 26123 Financial long term assets 9175240 1142560 1142560 Other operating revenue 22738676 21726655 20096984 Amounts receivable after one year 0 1376035 1289229 Other operating expenses 22257995 21567478 20070861 Trade debtors 0 0 0 FINANCIAL AND INVESTING ACTIVITIES -10810188 -26885974 -22001055 Other amounts receivable 0 1376035 1289229 Revenue from financial SHORT TERM ASSETS 136002995 117357661 100283015 and investing activities 14842708 9113406 10182210 Stocks and contracts in progress 31169812 20660007 18338716 Expenses of financial Stocks 30803396 20623900 18338716 and investing activities 25652896 35999380 32183265 Contracts in progress 366416 36107 0 PROFIT FROM ORDINARY Amounts receivable within one year 103616581 93956790 79096212 ACTIVITIES (LOSS) -19157841 -65701011 -29413042 Trade debtors 81438498 77402473 72158468 EXTRAORDINARY GAIN 20858238 9080335 340225 Other amounts receivable 22178083 16554317 6937744 EXTRAORDINARY LOSSES 317408 371129 3395671 Investments and term deposits 0 0 0 CURRENT YEAR PROFIT BEFORE TAXES 1382989 -56991805 -32468488 Cash at bank and hand 1216602 2740864 2848087 INCOME TAXES 0 0 0
Guide to Listed Companies TRANSFER ACCOUNTS 16644029 1945587 3139884 NET PROFIT OF THE CURRENT YEAR Total assets 421358713 384862625 357549241 FOR APPOPRIATION (LOSS) 1382989 -56991805 -32468488
2000 Owners' equity and liabilities CAPITAL AND RESERVES 190153389 133161584 100693096 Capital 198980190 198980190 119388114 Subscribed capital 198980190 198980190 119388114 Uncalled capital (-) 0 0 0 Share premium account 0 0 0 Revaluation reserve 0 0 0 Reserves 39099 39099 0 Legal reserve 39099 39099 0 Reserves not available for distribution 0 0 0 Reserves available for distribution 0 0 0 Profit (loss) brought forward -8865900 -65857705 -18695018 FINANCING (GRANTS AND SUBSIDIES) 0 0 0 PROVISIONS FOR LIABILITIES AND CHARGES, POSTPONED AND DEFERRED TAXES 0 0 0 Provisions 0 0 0 Postponed taxes 0 0 0 AMOUNTS PAYABLE AND LIABILITIES 227674008 240201918 234967715 Amounts payable after one year and long term liabilities 104073983 81898432 101836094 Financial debts 100497838 81898432 101836094 Trade creditors 3576145 0 0 Suppliers 3576145 0 0 Bills of exchange payable 0 0 0 Prepayments received on contracts in progress 0 0 0 Other amounts payable and long term liabilities 0 0 0 Amounts payable within one year and short term liabilities 123600025 158303486 133131621 Short term portion of long term debts 10282816 31065493 43603280 Financial debts 27675107 39570267 1240000 Credit institutions 19700000 34000000 1240000 Other loans 7975107 5570267 0 Trade creditors 81895258 81781301 79512670 Suppliers 81895258 81781301 79512670 Bills of exchange payable 0 0 0 Prepayments received on contracts in progress 0 175 175 Taxes, remuneration and social security payable 3401244 5596172 4451522 Taxes 1515940 3528490 2336535 Remuneration 1441061 1368804 1106506 Social security payable 444243 698878 1008481 Other amounts payable and short term liabilities 345600 290078 4323974 ACCRUED CHARGES AND DEFERRED INCOME 3531316 11499123 21888430 Total owner's equity and liabilities 421358713 384862625 357549241
120 LITHUANIAN COMPANIESLIETUVOS DUJOS NATIONAL STOCK EXCHANGE OF LITHUANIA
IMPORT, DISTRIBUTION AND SUPPLY OF NATURAL GAS Address: Aguonø g. 24, LT-2600 Vilnius Supervisory Board: Phone: (370-2) 360210 N.Sabonienë, V.Gagilas, G.Kraujelienë, A.Ðukys, S.Talat-Kelpða Fax: (370-2) 360200 Management Board (participation in the company): E-mail: [email protected] Virgilijus Poderys, Chairman (0%), www.dujos.lt Juozas Bivainis (0%), Petras Povilas Èësna (0%), Registration date: 01 08 1995 Ona Juknevièienë (0%), Ruslanas Gerasimovas (0%) Registration code: 2005952 Managing Director: Vidmantas Èepukonis Established: 1961 Contact Person: Rimas Masauskas, Privatised: 1995 Head of Public Relations and International Affairs Department, tel. (370-2) 360219 Number of employees: 3365 Authorised capital: LTL 340.9m Capitalisation (30 06 2001): LTL 477m STRUCTURE OF OWNERSHIP (31 12 2000) Auditor: Deloitte & Touche Total number of shareholders amounts to 2867 Trading List: Current State Property Fund 92.36%
CORPORATE HISTORY In 2000, LIETUVOS DUJOS transported 1575m m3 of gas, or by 40.9 % more than in 1999 The state company LIETUVOS DUJOS was established by joining 8 gasifying houses in (1117.4m m3) for Lithuanian consumers for a separate fee. This amount of gas was 1989. A year later LIETUVOS DUJOS was divided into self-dependent regional state gas purchased from gas suppliers directly. In 2000, LIETUVOS DUJOS transported 872.9m m3 companies that were incorporated in 1993. On 1 August 1995, the state company was to energy companies (55.4 %); 679.5m m3 to Achema AB (43.2 %); 22.6m m3 to other reorganised into a public limited company LIETUVOS DUJOS. companies (1.4 %). Kaliningrad region (Russia) received by transit 466.5m m3 of natural gas (470.9m m3 in 1999). The main suppliers of natural gas in 2000 were Stela Vitae BÁ Natural gas was first used by the Lithuanians in 1961, after a pipeline connecting Ukraine providing 68.9% of gas, Gazprom AB 29.8%, and Achema AB 1.3%. At the end of with Lithuania was constructed. Since 1962 until 1992 LIETUVOS DUJOS was the only 2000, there were 510,546 users of natural gas. Last year, the company sold 12.8m m3 of Guide to Listed Companies supplier of natural gas in the country. In 1993 Achema AB, Lietuvos Energija AB and other natural gas on the newly established markets. companies appeared on the natural gas market, taking 16.7% of the market from LIETUVOS In the course of the year, LIETUVOS DUJOS laid 167 km of gas pipelines. Construction DUJOS, however, they paid commission fees for transportation services. Today competitors 2000 of LIETUVOS DUJOS hold 39% of the market. works took place in the districts of Vilnius, Kaunas, Klaipëda, Panevëþys, Ðiauliai, Alytus, Marijampolë, and Këdainiai. The total sum of LTL 29.3m was used for laying of gas pipelines The investment project of gas network development in Lithuania was launched in 1996, and development of the companys industrial base. the project was included into the State investment programme for 1996-1998. The total value of the project constituted LTL 242m. The project was carried out for three years. A partial increase of price of natural gas sold to consumers and price of gas transported The financing of the project came from the Kuwait Fund, the European Investment Bank, by gas-main in particular were the main factors that determined positive results of the loans granted by the Government of Denmark, the PHARE guarantee, the Lithuanian State company's activities. Moreover, the company carried out a stricter control of expenses. budget, and loans taken on behalf of the State. In 1998, the 2nd main 47-kilometre gas The growth of price of the purchased gas as well as increased borrowings determined pipeline Panevëþys-Ðiauliai was constructed, a new main gas pipeline to Utena was also the fact that the company did not manage to achieve the targeted profit of LTL 14.4m for built, the town of Utena was gasified, distribution networks in Vilnius, Vilkaviðkis, and 2000 set by the Management Board. In 2000, the company suffered a loss of LTL 0.1m Alytus were expanded. (LTL 13.5m in 1999). In April 1997, the general shareholders meeting resolved to raise authorised capital to Following the provision approved by the Government by Resolution No. 246 as of 2 March LTL 338.74m out of additional contributions. The new issue was sold exclusively to the 2000, the company is now getting ready for privatisation. BNP Paribas, a financial advisor state and paid up in kind. Later the capital was increased several times and ultimately to the state on privatisation of LIETUVOS DUJOS, prepared and submitted to the Government reached LTL 372.1 million. Two issues were acquired by the state, while one issue was reports of review, due diligence, and valuation and sales strategy. placed among companys shareholders in proportion to their holdings. At the end of 1998, In May 2001, the advisor to the Government on the issues of privatisation presented to the LIETUVOS DUJOS increased the authorised capital by additional pecuniary contributions Government the Sales Strategy and Valuation Report. and contributions in kind to LTL 421.9m by additionally issuing 49,847,056 ORS at LTL 1 par. Provisions of the company's privatisation were amended by the Government's Resolution The extraordinary shareholders meeting held in February 1999 decided to reduce the No. 338 as of 28 March 2001 according to which the state would keep no more than 34% authorised capital of the company by LTL 29.48m by cancelling the state owned block of of LIETUVOS DUJOS shares. 29,483,521 shares, at LTL 1 par. At present, the authorised capital of LIETUVOS DUJOS amounts to LTL 392.4 million. PLANS, PROSPECTS FOR 2001 On 31 December 1999, LIETUVOS DUJOS was reorganised by way of division: a share In the programme of the previous Government it was projected to restructure and partially of assets, rights, and liabilities, attributed to the company's branches Suskystintos privatise LIETUVOS DUJOS as early as in 2000. The newly appointed Government Dujos and Dujiniai Árengimai, were separated from LIETUVOS DUJOS, which continues amended the privatisation schedule by passing Resolution No. 149 on 9 February 2000. its activities. On the basis of these shares new public companies, namely Suskystintos In Government's programme for 2000-2004 it was planned to draft privatisation Dujos AB and Dujiniai Árengimai AB, were set up. The capital of LIETUVOS DUJOS now programme of LIETUVOS DUJOS in the second quarter of 2001 and to fulfil it in the third equals LTL 340,877,835. quarter of the same year. Currently, the Government and the Seimas are discussing possible variants of LIETUVOS DUJOS' privatisation. BUSINESS ACTIVITY. DEVELOPMENTS IN 2000 The activity of LIETUVOS DUJOS is based on the National Energy Strategy. According to The principal activities of LIETUVOS DUJOS include import, transmission, and supply of the principles of this Strategy, it is planned to start a construction of gas accounting station natural gas. In addition, the company trades in liquefied gas, designs and constructs gas by the Latvian boarder this year already. The construction of the station will become the supply systems, and manufactures machinery for the gas industry. first practical move in fulfilling the idea of linking to the gas pipeline system of Poland and LIETUVOS DUJOS is the only company in Lithuania that runs the gas-main. Until the Finland. Specific technical issues will be analysed with the Russian company Gazprom, reorganisation in 1 January 2001, LIETUVOS DUJOS controlled 2/3 of the wholesale network which will enable to increase transit of gas to Kaliningrad region. It is also planned to of liquefied petroleum gas, which encompassed 5 stations. From 1 January 2000, activities continue research regarding establishment of the underground gas storage reservoir. with liquefied gas were transferred to a new public company set up on the basis of On 1 July 2001, the Law on Natural Gas is to become effective. This law will increase Suskystintos Dujos AB. market liberalisation and foster competition. Acts of legislation necessary for implementation In 2000, the company sold 968.9m m3 of natural gas for LTL 425m, which contributed of the law are being prepared together with foreign consultants and experts from the Ministry 71.4% to the total income. Transportation of natural gas stood at 2041m m3 or LTL 53m, of Economy. which accounts for 8.9% in the total income. During 2000, LIETUVOS DUJOS realised In the middle of 2000 LIETUVOS DUJOS, together with the Danish company Dong, intends 60thou tons of liquefied gas for LTL 82m (13.7% of total income). Income from other to launch a two-year project of the Twinning programme AB LIETUVOS DUJOS Restructuring. activities constituted 6%. Generally, the company rendered services for the total amount The aim of this project is to provide support for company reorganisation in order to enable of LTL 595m, which is nearly the same as in 1999 (LTL 591.7m). LIETUVOS DUJOS to fully apply the activity procedures established by the EU.
121 LIETUVOSLITHUANIAN DUJOS COMPANIES NACIONALINË VERTYBINIØ P0PIERIØ BIRÞA
ISIN-code: LT0000116220 Code: 11622 NSEL: LDUJ Reuters: LDUJ.VL Bridges: lt;LDUJ LTL Lietuvos Dujos (1) Daily Volume
3.0 300 000 661055
2.4 240 000
1.8 180 000
1.2 120 000
0.6 60 000
0 0 1996 1997 1998 1999 2000 2001
FINANCIAL RATIOS 1998 1999 2000 TRADING STATISTICS 1998 1999 2000 1Q 2001
LIQUIDITY RATIOS PRICE (LTL) Current ratio 0.78 0.82 0.85 First 1.25 0.76 0.80 1.26 Quick ratio 0.67 0.69 0.69 Max 1.40(16 03) 0.85(19 11) 1.30(23 10) 1.85(22 01) Net working capital (LTL thou) -54 561 -41 425 -28 091 Min 0.68(16 11) 0.61(02 07) 0.80(07 01) 1.30(27 06) Net working capital to total assets -0.06 -0.05 -0.03 Last 0.76 0.80 1.26 1.40
Guide to Listed Companies Change (%) -39.20 5.26 57.50 11.11 PROFITABILITY RATIOS Profit margin -3.55% -2.42% -0.02% Number of transactions (CM) 2455 819 1209 843
2000 Return on assets -2.44% -1.60% -0.01% Turnover CM (units) 4 074 136 1 067 513 1 609 863 1 638 709 Return on equity -6.40% -3.72% -0.03% Turnover CM (LTL) 4 201 915 808 645 1 704 006 2 653 789 Turnover BT (units) 5 109 661 1 263 466 1 412 421 54 218 FINANCIAL LEVERAGE RATIOS Turnover BT (LTL) 4 991 889 964 423 1 797 323 77 173 Total debt ratio 0.62 0.57 0.56 CM turnover as % in total 44.36 45.80 53.27 96.80 Debt / equity ratio 1.62 1.32 1.28 Total turnover (units) 9 183 797 2 330 979 3 022 284 1 692 927 ASSETS UTILISATION RATIOS Total turnover (LTL) 9 193 805 1 773 068 3 501 329 2 730 961 Inventory turnover 13.74 18.47 16.75 Turnover ratio (%) 2.69 0.68 0.77 0.50 Receivables turnover 5.33 4.02 4.84 As % in the total share turnover 1.03 0.14 0.44 1.16 Net working capital turnover -10.80 -13.49 -20.30 Long term assets turnover 0.89 0.85 0.86 Total assets turnover 0.69 0.66 0.69 MARKET VALUE RATIOS 1998 1999 2000 2Q 2001
Capitalisation (LTL thou) 259 285 272 932 494 476 477 229 Share book value (LTL) 0.88 0.92 0.92 0.94 Price / book value ratio (P/BV) 0.87 0.87 1.36 1.49 Earnings per share (LTL) -0.06 -0.03 0.00 -0.02 Price / earnings ratio (P/E) - - - - Dividend per share (LTL) - - - Dividend yield - - - Dividend payout ratio - - -
STRUCTURE OF SHARE CAPITAL
Share capital: LTL 340,877,835 SUBSIDIARIES Date of Authorised Participating Ordinary shares: 340 877 835 registered shares at LTL 1 par (security code 11622) establishment capital (LTL) interest accounting for 100% of the auth. capital (admitted to trading at the UAB Palangos Perlas (hotel services) 1997 10.34m 100% NSEL on 22.04.96)
122 LITHUANIAN COMPANIESLIETUVOS DUJOS NATIONAL STOCK EXCHANGE OF LITHUANIA
LAS Company Company Company LAS Company Company Company BALANCE SHEET (LTL) 1998 1999 2000 PROFIT (LOSS) ACCOUNT (LTL) 1998 1999 2000 Assets Items LONG TERM ASSETS 660842657 659558256 661907567 SALES AND SERVICES 589209727 558826297 570119482 Formation costs 128603 0 0 Turnover from sales of goods 0 0 0 Intangible assets 602713 1182307 2008829 Turnover from services rendered 0 0 0 Tangible assets 644858676 646166982 649107044 COST OF GOODS SOLD Land 0 0 21106 AND SERVICES RENDERED 551239298 516340702 503794174 Buildings 73403873 77245974 73897593 Raw materials, consumables Plant and machinery 271459774 280126226 318536388 and goods for resale 0 0 0 Vehicles and other transport means 247538478 233378192 219126752 Services, works and research 0 0 0 Other fixtures, fittings, tools GROSS PROFIT (LOSS) 37970429 42485595 66325308 and equipment 15548730 14880894 16306011 OPERATING EXPENSES 36533070 38055382 34970215 Leasing and similar rights 0 0 40112 Selling expenses 0 0 0 Other tangible assets 698913 761632 1015460 General and administrative expenses 36533070 38055382 34970215 Constructions in progress PROFIT FROM OPERATIONS (LOSS) 1437359 4430213 31355093 and prepayments 36208908 39774064 20163622 OTHER OPERATIONS 146058 125905 201723 Financial long term assets 14298981 11380798 10379553 Other operating revenue 1203651 0 897237 Amounts receivable after one year 953684 828169 412141 Other operating expenses 1057593 0 695514 Trade debtors 625431 480834 115019 FINANCIAL AND INVESTING ACTIVITIES -22492033 -18052619 -30645586 Other amounts receivable 328253 347335 297122 Revenue from financial SHORT TERM ASSETS 191324648 179599312 163170597 and investing activities 12482177 27328365 23046133 Stocks and contracts in progress 26929209 28972051 31187054 Expenses of financial Stocks 26929209 28972051 31187054 and investing activities 34974210 45380984 53691719 Contracts in progress 0 0 0 PROFIT FROM ORDINARY Amounts receivable within one year 146857196 130828806 104801267 ACTIVITIES (LOSS) -20908616 -13496501 911230 Trade debtors 89222307 103715175 100086117 EXTRAORDINARY GAIN 0 0 0 Other amounts receivable 57634889 27113631 4715150 EXTRAORDINARY LOSSES 0 0 0 Investments and term deposits 0 200000 0 CURRENT YEAR PROFIT BEFORE TAXES -20908616 -13496501 911230 Cash at bank and hand 17538243 19598455 27182276 INCOME TAXES 0 0 1025483 TRANSFER ACCOUNTS 3163246 3544089 614040 NET PROFIT OF THE CURRENT YEAR Guide to Listed Companies Total assets 855330551 842701657 825692204 FOR APPOPRIATION (LOSS) -20908616 -13496501 -114253
Owners' equity and liabilities 2000 CAPITAL AND RESERVES 326476849 362805604 362691351 Capital 372098058 392441593 392441593 Subscribed capital 372098058 392441593 392441593 Uncalled capital (-) 0 0 0 Share premium account -29483521 0 0 Revaluation reserve 1800 0 0 Reserves 4742817 4742817 4742817 Legal reserve 4085975 4225824 4225824 Reserves not available for distribution 0 0 0 Reserves available for distribution 656842 516993 516993 Profit (loss) brought forward -20882305 -34378806 -34493059 FINANCING (GRANTS AND SUBSIDIES) 17909108 1016310 772368 PROVISIONS FOR LIABILITIES AND CHARGES, POSTPONED AND DEFERRED TAXES 4308267 4308267 1697370 Provisions 0 0 0 Postponed taxes 4308267 0 1697370 AMOUNTS PAYABLE AND LIABILITIES 502555536 464703584 450286891 Amounts payable after one year and long term liabilities 257587622 250002646 268655900 Financial debts 257587622 250002646 0 Trade creditors 0 0 0 Suppliers 0 0 0 Bills of exchange payable 0 0 0 Prepayments received on contracts in progress 0 0 0 Other amounts payable and long term liabilities 0 0 0 Amounts payable within one year and short term liabilities 244967914 214700938 181630991 Short term portion of long term debts 88183778 104568423 48134934 Financial debts 61927023 44845023 86554283 Credit institutions 61927023 44845023 0 Other loans 0 0 0 Trade creditors 77119146 51847384 35296766 Suppliers 77119146 0 35296766 Bills of exchange payable 0 0 0 Prepayments received on contracts in progress 2959000 2410443 2386610 Taxes, remuneration and social security payable 7746393 6684337 6526072 Taxes 4755875 3300557 3457643 Remuneration 2139010 2300061 1873973 Social security payable 851508 1083719 1194456 Other amounts payable and short term liabilities 7032574 4345328 2732326 ACCRUED CHARGES AND DEFERRED INCOME 4080791 9867892 10244224 Total owner's equity and liabilities 855330551 842701657 825692204
123 LIETUVOSLITHUANIAN ENERGIJA COMPANIES NACIONALINË VERTYBINIØ P0PIERIØ BIRÞA
ELECTRICITY Address: Þvejø g. 14, LT-2600 Vilnius Supervisory Board (participation in the company): Phone: (370-2) 782406 Nerijus Eidukevièius (0%), Ona Juknevièienë (0%), Faustas Juðka (0%), Fax: (370-2) 226736 Aldona Mickevièienë (0%), Erik Gunar Lundberg (0%) E-mail: [email protected] Management Board (participation in the company): www.lpc.lt Jurgis Vilemas, Chairman (0%), Registration date: 04 12 1995 Bronius Cicënas (0%), Dangiras Mikalajûnas (0%), Registration code: 2055155 Edmundas Mikuèiauskas (0%), Pijus Ralys (0%) Established: 1995 Managing Director (participation in the company): Dangiras Mikalajûnas (0%) Privatised: 1991 Contact Person: Petras Apanavièius, Head of Outside Relations Department, Number of employees: 8734 tel. (370-2) 782286 Authorised capital: LTL 1,855.7m Capitalisation (30 06 2001): LTL 556.7m STRUCTURE OF OWNERSHIP (31 12 2000) Total number of shareholders amounts to 5704 Auditor: Arthur Andersen State (Ministry of Economy) 86.09% Trading List: Current Vattenfall AB (Sweden) 10.62%
CORPORATE HISTORY DEVELOPMENTS IN 2000 Following the reorganisation of Lithuanian State Energy System on December 4, 1995, During 2000,11.4 TWh of electricity was generated, 1.6 TWh or 14.2 per cent was generated joint-stock company LIETUVOS ENERGIJA was established. in power plants owned by LIETUVOS ENERGIJA in Lithuania . In 1997, in accordance with Law on Reorganisation of LIETUVOS ENERGIJA and transfer During 2000 LIETUVOS ENERGIJA sold 8.3 TWh of electricity: 6.8 TWh of electricity of the heating sector and its management to municipalities, passed by Seimas of the was sold to Lithuanian customers, 1.5 TWh of electricity was exported to neighbouring Republic of Lithuania, 6 regional heat distribution networks and Vilnius along with Kaunas countries.
Guide to Listed Companies thermal power plants were separated. During 2000 LIETUVOS ENERGIJA earned LTL 112 million of net profit (according to After the separation of the heating sector from LIETUVOS ENERGIJA, the authorised capital International Accounting Standards).
2000 dropped from LTL 2,849 million to LTL 1,836 million. In 1998, however, the authorised The income from the core activities totalled LTL 1,498 million, from the electricity sales capital increased up to LTL 329,510. LTL 1,391 million. In 2000, shareholders of LIETUVOS ENERGIJA decided to increase the authorised capital In 2000, LIETUVOS ENERGIJA successfully distributed bonds of LTL 26 million value with by additional instalments, by issuing 1,108,767 ordinary shares of LTL 10 par value. the maturity of three months in Lithuanian financial market and USD 20 million in international The main shareholder Lithuanian State owned 86.1% of shares, E. ON Energie 10.6%, financial market, bonds of LTL 9 million value and 6 months duration in Lithuanian financial other shareholders 3.3% of shares. market. BUSINESS ACTIVITY In 2000, the investments of LIETUVOS ENERGIJA into electricity sector amounted to The core business activities of LIETUVOS ENERGIJA is electricity generation, electricity LTL 202.5 million. purchase from independent generators, transmission and distribution to Lithuanian In 2000, debts owed to banks decreased, loan and equity ratio improved, interest structure customers and electricity export. improved. LIETUVOS ENERGIJA owns two thermal power plants, one hydro power plant and In 2000, the reorganisation of LIETUVOS ENERGIJA was started. one hydro pump storage power plant, with the total installed capacity of all power plants In 2000, the Government of the Republic of Lithuania selected a Canadian investment of 2,894.8 MW. bank "CIBC World Markets" lead consortium to serve as an advisor in reorganisation and All power plants of the company generate approximately one sixth of the total electricity privatisation of the power sector. The advisor prepared a project of reorganisation of output in Lithuania. The remaining part of electricity is generated in power plants, which LIETUVOS ENERGIJA. are not owned by the company, yet, it is responsible for the co-ordination of their operation, The Seimas of the Republic of Lithuania adopted two laws, stipulating work of the ensuring a reliable electricity generation in Lithuania. electricity sector: Law on Reorganisation of Special Purpose Joint-Stock Company LIETUVOS ENERGIJA purchases electricity from independent generators by way of Lietuvos Energija AB, which defines the manner and procedure of reorganisation of contracts. The company buys over three quarters of all energy, generated in Lithuania LIETUVOS ENERGIJA and Electricity Law, which defines relationship between electricity from the state enterprise Ignalina Nuclear Power Plant , the largest power plant in Lithuania. suppliers and customers as well as conditions for development of competition within The company buys the remaining part (about 10%) of electricity from municipal thermal the electricity sector. power plants and private small hydro power plants. In 2000, non core branches of LIETUVOS ENERGIJA were separated and transformed Presently LIETUVOS ENERGIJA holds a monopoly right of electricity transmission and into 7 daughter companies. The first stage of reorganisation has been completed. supply in Lithuania. The electricity transmission by 330 kV and 110 kV electricity network By the end of 2000, the second stage of reorganisation, the unbundling of core activities is done by the company transmission grid, while the functions of electricity distribution into electricity generation, transmission and distribution networks, was started. by 35 kV and lower voltage electricity network are performed by the company distribution Electric utilities of LIETUVOS ENERGIJA were separated into Transmission Grid with networks. LIETUVOS ENERGIJA owns 7 electric utilities: Vilnius, Kaunas, Klaipëda, 5 Divisions and Distribution Network, which is comprised of 7 branches. According to Ðiauliai, Panevëþys, Utena, Alytus. the project prepared by the Government advisor based on the distribution network branches, LIETUVOS ENERGIJA supplies electricity to 1.3 million Lithuanian customers, several of it is planned to establish East and West distribution network companies. which are connected to transmission grid, and the bulk of them to distribution networks. PLANS, PROSPECTS FOR 2001 It also exports electricity to neighbouring countries: Latvia, Belarus, Kaliningrad region (Russia), and Estonia. In 2001, it is expected to complete the reorganisation process of LIETUVOS ENERGIJA. After the reorganisation LIETUVOS ENERGIJA will perform functions of the market operator. In June 2001, shareholders of LIETUVOS ENERGIJA decided to reduce the authorised capital of the company from LTL 1,855,691,420 down to LTL 1,807,077,180 by voiding 4,861,424 state owned LTL 10 nominal value shares, held by ownership right. As a result, each shareholder, owning ordinary share of LTL 10 nominal value, was issued 10 ordinary shares at LTL 1 nominal value.
124 LITHUANIAN COMPANIESLIETUVOS ENERGIJA NATIONAL STOCK EXCHANGE OF LITHUANIA
ISIN-code: LT0000117681 Code: 11768 NSEL: ENRG Reuters: ENRG.VL Bridges: lt;ENRG LTL Lietuvos Energija (10) Daily Volume
5 500 000 1264462
4 400 000
3 300 000
2 200 000
1 100 000
0 0 1996 1997 1998 1999 2000 2001
FINANCIAL RATIOS 1998 1999 2000 TRADING STATISTICS 1998 1999 2000 1Q 2001
LIQUIDITY RATIOS PRICE (LTL) Current ratio 0.61 0.57 0.94 First 3.15 4.52 5.00 3.80 Quick ratio 0.52 0.50 0.76 Max 5.02(22 06) 5.03(03 05) 5.01(20 03) 4.00(26 01) Net working capital (LTL thou) -386 000 -369 000 -36 000 Min 2.40(11 02) 3.99(29 01) 2.00(04 12) 2.70(26 06) Net working capital to total assets -0.13 -0.13 -0.01 Last 4.52 5.00 3.80 3.00
Change (%) 43.49 10.62 -24.00 -21.05 Guide to Listed Companies PROFITABILITY RATIOS Profit margin 9.14% -8.34% 8.05% Number of transactions (CM) 8882 4956 2548 111 Return on assets 5.17%* -4.00% 4.08% Turnover CM (units) 9 465 231 2 693 560 1 828 661 49 305 2000 Return on equity 8.98%* -6.98% 6.78% Turnover CM (LTL) 44 947 024 13 329 347 9 139 485 161 630 Turnover BT (units) 12 134 539 7 059 955 113 946 29 921 FINANCIAL LEVERAGE RATIOS Turnover BT (LTL) 57 263 160 34 990 473 290 066 259 096 Total debt ratio 0.42 0.43 0.36 CM turnover as % in total 43.82 27.62 94.13 62.23 Debt / equity ratio 0.74 0.76 0.57 Total turnover (units) 21 599 770 9 753 515 1 942 607 79 226 ASSETS UTILISATION RATIOS Total turnover (LTL) 102 210 185 48 319 820 9 429 551 420 726 Inventory turnover Turnover ratio (%) 11.76 5.31 1.05 0.04 Receivables turnover 3.54* 3.47 4.61 As % in the total share turnover 11.47 3.91 1.17 0.18 Net working capital turnover -4.48* -3.72 -6.87 Long term assets turnover 0.80 0.64 0.65 Total assets turnover 0.57 0.50 0.52 MARKET VALUE RATIOS 1998 1999 2000 2Q 2001 * value from previous year is not included Capitalisation (LTL thou) 830 089 922 360 705 163 556 707 Share book value (LTL) 9.63 10.25 9.85 10.20 Price / book value ratio (P/BV) 0.47 0.49 0.39 0.29 Earnings per share (LTL) 0.84 0.98 0.56 0.71 Price / earnings ratio (P/E) 5.41 5.10 6.73 4.20 Dividend per share (LTL) - - - Dividend yield - - - Dividend payout ratio - - -
STRUCTURE OF SHARE CAPITAL (until 26 07 2001) SUBSIDIARIES Participating interest Share capital: LTL 1,855,691,420 Ordinary shares: 185 569 142 registered shares at LTL 10 par (security code Elektrënø Komunalinis Ûkis UAB 100% 11768) accounting for 100% of the auth. capital (admitted to Elektros Tinklø Statyba UAB 100% trading at the NSEL on 22.04.96) Elektros Vieðbutis UAB 100% Energetikas UAB 60.50% STRUCTURE OF SHARE CAPITAL (after 26 07 2001) Gelþbetonio Atramø Gamykla UAB shares 100% Kauno Energetikos Remontas UAB 100% Share capital: LTL 1,807,077,180 Kruonio Hidroakumuliacinës Elektrinës Statyba UAB 100% Ordinary shares: 1 807 077 180 registered shares at LTL 1 par (security code Ðiaulø Energetikos Statyba UAB 100% 11768) accounting for 100% of the auth. capital (admitted to DC Baltija (non-profit organisation) shares 33% trading at the NSEL on 22.04.96)
125 LIETUVOSLITHUANIAN ENERGIJA COMPANIES NACIONALINË VERTYBINIØ P0PIERIØ BIRÞA
IAS Company Company Company BALANCE SHEET (LTL) 1998 1999 2000
Assets NON-CURRENT ASSETS 2172000000 2193000000 2153000000 Tangible assets 2172000000 2193000000 2153000000 Constructions in progress 230000000 152000000 132000000 Assets in service 3644000000 3876000000 3981000000 Less: accumulated depreciation -1702000000 -1835000000 -1960000000 SUBSIDIES RECEIVABLE FROM THE GOVERNMENT 284000000 110000000 2000000 CURRENT ASSETS 600000000 498000000 530000000 Raw materials 59000000 51000000 76000000 Fossil fuel stocks 28000000 18000000 23000000 Other receivables 462000000 285000000 253000000 Prepayments and other current assets 26000000 35000000 30000000 Investments 79000000 Cash and cash equivalents 25000000 109000000 69000000 Total assets 3056000000 2801000000 2685000000
Equity and liabilities CAPITAL AND RESERVES 1759000000 1593000000 1713000000 Share capital 1836000000 1845000000 1856000000 Legal reserves 6000000 Restricted reserves -58000000 8000000 Accumulated loss -77000000 -194000000 -157000000
Guide to Listed Companies NON-CURRENT LIABILITIES 311000000 341000000 406000000 Non-current loans 168000000 104000000 278000000
2000 Non-current liability payable to Ignalina Nuclear Power Plant (INPP) 11000000 132000000 8000000 Deferred income 25000000 19000000 23000000 Deferred tax liability 107000000 86000000 97000000 CURRENT LIABILITIES 986000000 867000000 566000000 Current year portion of long term loans 374000000 137000000 110000000 Current loans 121000000 285000000 91000000 Payables 105000000 112000000 55000000 Accounts payable to Ignalina Nuclear Power Plant 305000000 200000000 258000000 Accruals 11000000 13000000 10000000 Other current liabilities 48000000 107000000 30000000 Taxes payable 22000000 13000000 12000000 Total equity and liabilities 3056000000 2801000000 2685000000
INCOME STATEMENT (LTL) 1998 1999 2000 SALES 1729000000 1403000000 1391000000 Other revenues 185000000 140000000 107000000 COSTS -1842000000 -1587000000 -1318000000 OPERATING PROFIT (LOSS) 72000000 -44000000 180000000 Other operations income/expenses, net -66000000 -70000000 -34000000 Profit (loss) before subsidy income/expenses and tax 6000000 -114000000 146000000 Subsidy income/expenses 284000000 -9000000 Profit tax -132000000 6000000 -34000000 NET PROFIT (LOSS) 158000000 -117000000 112000000
Earnings per share (LTL) 0.86 -0.64 0.61
126 LITHUANIAN COMPANIESTRANSPORT NATIONAL STOCK EXCHANGE OF LITHUANIA
Over 2000, goods turnover volumes increased in all transport sectors, if compared to 1999. Passenger conveyance by rail, roads, and inland waterway fleet reduced in 2000. The volumes of goods handled in the Klaipëda Seaport increased by 29.6 per cent over 2000, including handling in the Bûtingë Terminal - by 46.1 per cent. These were the largest annual stevedoring volumes since 1990. Increase of stevedoring volumes in the Klaipëda port was the largest among all the seaports of the Baltic States, if compared with those registered last year. Oil product handling volumes in the Klaipëda port and the Bûtingë Terminal were increasing - the growth of 86.7 per cent was registered in 2000, if compared to the previous year. All harbour operators exceeded stevedoring volumes of the previous year. Last year handling volumes of road transport vehicles in the Klaipëda port went up by 18.6 per cent, and especially stevedoring volumes of autotrailers - by 49.2 per cent. Considerably larger volumes of containers were handled (+39.4 per cent), the flows of passengers also increased (+33.7 per cent). The quantity of handled wagons reduced by 84.54 per cent. Over 2000, 6,554 sea vessels entered the Klaipëda port. This number exceeded the result of 1999 by 920 vessels (116.3 per cent). Seeking to maintain the required depth of the port waters, dredging works of the port waterbed were performed. In 2000, volumes of dredging works of the port waters equalled to 378,338 m3. Besides, 2,524 metres of embankment underwent repairs. The area of repaired covering of piers equalled to 12,922 m2. Over 2000, there were 140 and 141 piers constructed and put into operation, qualifying selection of contractors for improvement of the port entrance approved by the World Bank was conducted, an open international tender took place for selecting contractors to perform reconstruction works of the port gates and contracting agreements were concluded. An agreement was
signed with contractors concerning construction of the terminal for cruise (passenger) Guide to Listed Companies vessels and the pier for small fishing vessels. Construction of the 4th pier was completed and the 3rd one is under construction. Railway reconstruction works were performed for 2000 LTL 2,669thou litas. Technical projects were developed for the following objects: construction of the railway runway to the consortium Klaipëdos Terminalas, to the wood terminal in the Malkø Bay, to the Transfosa UAB, Klaipëdos Smeltë LKAB, as well as the multi-modal cargo terminal and the second one - to Klaipëdos Nafta AB. The Register of Vessels of the Republic of Lithuania had entered 246 vessels with the total tonnage of 449,245 tons by 1 January 2001. The merchant fleet consists of 90 vessels with the capacity of 100 tons and more (bulk carriers, freight vessels, Ro-Ro cargo ships, Ro-Ro passenger ships, refrigerator ships). The total tonnage of the merchant fleet equalled 384,299 tons in 2000. Last year Lietuvos Jûrø Laivininkystë AB purchased two new freight ships. 4,515 thousand tons of freight were carried by the sea transport over 2000, i.e. by 5.5 per cent more than over 1999. 64,2 thou of passengers were transported in 2000, which is by 26.4 percent more than in 1999.
Sales and services (LTL) Net profit (LTL) 2000 1999 Change (%) 2000 1999 Change (%)
KLAIPËDOS JÛRØ KROVINIØ KOMPANIJA AB 135,887,488 98,320,087 38.2 4,454,805 -19,754,956 KLAIPËDOS NAFTA AB 105,044,716 105,299,888 -0.2 39,700,759 17,815,225 122.9 KLAIPËDOS TRANSPORTO LAIVYNAS AB 71,035,406 67,924,971 4.6 10,898,899 10,750,963 1.4 LIETUVOS JÛRØ LAIVININKYSTË AB 228,188,950 227,876,164 0.1 3,219,636 8,405,767 -61.7
127 KLAIPËDOSLITHUANIAN JÛRØ KROVINIØ COMPANIES KOMPANIJA (KLASCO) NACIONALINË VERTYBINIØ P0PIERIØ BIRÞA
STEVEDORING Address: J.Zauerveino g. 18, LT-5813 Klaipëda Management Board (participation in the company): Phone: (370-6) 399501, 399770 Bronislovas Lubys, Chairman (0.82 %), Fax: (370-6) 399069, 399066 Romualdas Piktys (0%), Benediktas Petrauskas (0.015%), E-mail: [email protected] Eduardas Plauðka (0%), Arûnas Laurinaitis (0%), Geraldas Statulevièius (0%) www.klasco.lt Managing Director (participation in the company): Bronislovas Lubys (0.82 %) Registration date: 06 09 1991 Contact Person: Karolis Grigalauskas, Adviser to the President, tel. (370-6) 399787 Registration code: 4034626 Established: 1991 Privatised: 1999 Number of employees: 1503 Authorised capital: LTL 126.7m Capitalisation (30 06 2001): LTL 57m STRUCTURE OF OWNERSHIP (03 04 2001) Total number of shareholders amounts to 2016 Auditor: Arthur Andersen Vialogas UAB 81.91% Trading List: Current State Property Fund 7.91%
CORPORATE HISTORY International Ferry Terminal mostly serves regional cargo streams. Trailers, lorries, and KLAIPËDA STATE PORT, the companys legal predecessor, was registered as a Lithuanian carriages are loaded and discharged there from the sea ferries to the shore and vice company in September 1991. However, Klaipëda port has been operating over seven versa. centuries, at least as far back as historic sources note. Today, Klaipëda ice-free seaport Currently, the sea ferries follow the following routes from the International Ferry Terminal: has a second tonnage handling capacity in the Baltic region and is rapidly becoming an Klaipëda-Kiel, Klaipëda-Mukran, Klaipëda-Travemunde (Lubeck), Klaipëda-Abema, important point of East-West trade. Klaipëda-Stockholm, Klaipëda-Arhus. Every sea ferry can take 103 carriages or 92 transport In June 1994, the Ministry of Transport decided to change the companys name into vehicles. Guide to Listed Companies KLAIPËDOS JÛRØ KROVINIØ KOMPANIJA (Klaipëda Stevedoring Company KLASCO) and International Ferry Terminal and Container Terminal are operated together with BLG logistics to narrow its functions to loading/discharging of cargo and storing. In the meantime, group and they make a single cargo handling complex which is called Eurogate Klaipëda. 2000 KLASCO has become the leading stevedoring company and the largest operator of Klaipëda KLASCO provides all services to Lithuanian and foreign companies. Every year the port. Now the company employs more than 2,000 people. company reloads 7-8 tons of various cargo. This constitutes about half of all cargo In 1991, the companys authorised capital totalled LTL 67.5m, 3.4% out of which were coming to Klaipëda port. More than 80% of the cargo stream are transit ones: metals private. In 1995, when KLASCO was registered as a public limited company and a public from Russia, the Ukraine, Kazakhstan metallurgy plants, fertilisers from Belarus, offering of the companys shares was carried out, the authorised capital amounted to containers and grain from Europe and America. LTL 88.5m, where LTL 6.8m (7.63%) were in private hands. In 1996, the capital was Every year KLASCO signs over 100 agreements for cargo reloading (about 60% of the raised to LTL 129m out of revaluation reserves. agreements are short term, long term agreements are concluded with the suppliers and BUSINESS ACTIVITY buyers of metal production). KLASCO main activities include loading and discharging of cargo at the port, accumulation Due to the intensified competition among eastern Baltic ports and in order to maintain of freight lots, warehousing, and storing. Besides, having auxiliary fleet at its disposal, the same cargo streams, the port is being modernised. The company constantly the company provides a great many of other services: assists ships while they are reconstructs and builds new special cargo warehouses, intends to build new terminal manoeuvring in the port area, serves the crews, collects rubbish in the ships and on for liquid gas, terminal for liquid fertilisers, terminals for dry food products, liquid food the surface of the water, etc. KLASCO supplies ships with electricity and drinking water, products, and fertilisers. This is very important, since up to now metals from Russia provides them with communication means. constituted the main cargo flows. KLASCO consists of Dry Cargo Port and International Ferry Terminal. The length of the DEVELOPMENTS IN 2000 quaywall of the Dry Cargo Port is 2483 m. The length of the quaywal of the International The year 2000 was the second year of operation after KLASCO privatisation. Ferry Terminal is 420 m. Today, KLASCO can serve dry cargo vessels up to 195 meters In 2000, KLASCO rendered services for LTL 144.7m (by 14% more than in 1999). length and 10.5 meters draught in its 16 modern cargo managing berths. Loading and discharging of cargo accounted for 85.4% of all services provided. The company is also an operator of the Container Terminal. This terminal was built at Over the year, KLASCO reloaded 8.5m tons of cargo (6.6m tons in 1999). Net profit of the beginning of 1999. Its annual capacity is 150,000 TEU. The size of an outdoor KLASCO reached LTL 4.5m. The company put into operation a terminal for liquid 2 storage area is 121,558 m with the possibility to accumulate cargo lots of 45,000 fertilisers which required investments of LTL 20m. tons and more. An indoor storage area is 28,975 m2. Refrigerating storage facilities PLANS, PROSPECTS FOR 2001 with the area of 11,916 m2 and with the volume of 76,496 m3 and available temperature up to -25°C. The company projects investments of LTL 32m into a terminal for dry fertilisers with a capacity of 1.5m tons. There are plans to build terminals for sugar and a victualling-yard, Over 60 various types of goods, dry and bulk cargo, fruit, vegetables, food products which which will contribute to the reduction of KLASCO dependence on one type of cargo. need a special storage temperature, are reloaded in the Dry Cargo Port.
128 KLAIPËDOSLITHUANIAN JÛRØ KROVINIØ COMPANIES KOMPANIJA (KLASCO) NATIONAL STOCK EXCHANGE OF LITHUANIA
ISIN-code: LT0000116154 Code: 11615 NSEL: KJKK Reuters: KJKK.VL Bridges: lt;KJKK LTL Klaipëdos Jûrø Kroviniø Kompanija (10) Daily Volume
30 10 000 13500 11388 11760
24 8 000
18 6 000
12 4 000
6 2 000
0 0 1996 1997 1998 1999 2000 2001
Company TRADING STATISTICS 1998 1999 2000 1Q 2001 FINANCIAL RATIOS 1998 1999 2000 PRICE (LTL) LIQUIDITY RATIOS First 12.00 7.00 3.73 4.50 Current ratio 2.05 1.54 1.68 Max 15.13(10 03) 7.20(24 03) 4.84(10 07) 4.60(25 01) Quick ratio 1.51 1.14 1.45 Min 5.99(26 10) 2.84(14 12) 3.47(22 02) 4.30(05 04) Net working capital (LTL thou) 34 249 9 224 13 445 Last 7.00 3.73 4.50 4.50
Net working capital to total assets 0.10 0.03 0.05 Change (%) -41.67 -46.71 20.64 - Guide to Listed Companies
PROFITABILITY RATIOS Number of transactions (CM) 1321 590 547 258 Profit margin -9.01% -25.71% 5.05% Turnover CM (units) 165 348 149 046 132 134 122 495 2000 Return on assets -4.34%* -8.69% 2.57% Turnover CM (LTL) 2 035 059 830 243 553 162 551 258 Return on equity -5.78%* -11.19% 3.15% Turnover BT (units) 152 185 25 314 53 182 45 884 Turnover BT (LTL) 1 901 094 114 922 202 101 176 935 FINANCIAL LEVERAGE RATIOS CM turnover as % in total 52.07 85.48 71.30 72.75 Total debt ratio 0.25 0.19 0.18 Total turnover (units) 317 533 174 360 185 316 168 379 Debt / equity ratio 0.33 0.24 0.22 Total turnover (LTL) 3 936 153 945 164 755 263 728 194 ASSETS UTILISATION RATIOS Turnover ratio (%) 2.46 1.35 1.46 1.33 Inventory turnover As % in the total share turnover 0.44 0.08 0.09 0.31 Receivables turnover 4.89* 4.61 12.02 Net working capital turnover 4.83* 4.86 12.76 Long term assets turnover 0.60 0.41 0.57 MARKET VALUE RATIOS 1998 1999 2000 2Q 2001 Total assets turnover 0.48 0.37 0.51 Capitalisation (LTL thou) 88 693 48 113 57 017 57 017 Share book value (LTL) 25.31 23.14 22.01 22.05 Group Price / book value ratio (P/BV) 0.28 0.16 0.20 0.20 FINANCIAL RATIOS 2000 Earnings per share (LTL) 1.29 -1.53 0.35 0.25 Price / earnings ratio (P/E) 5.45 - 12.84 17.85 LIQUIDITY RATIOS Dividend per share (LTL) 0.13 - - Current ratio 1.67 Dividend yield 0.02 - - Quick ratio 1.44 Dividend payout ratio 0.10 - - Net working capital (LTL thou) 13 589 Net working capital to total assets 0.05 SUBSIDIARIES Participating interest PROFITABILITY RATIOS Profit margin 4.97% Achemarida UAB 34.46% Return on assets 2.54%* Euroga UAB 51.00% Return on equity 3.10%* Iremas UAB 49.99% Klasco ekspedicija UAB (cargo forwarding agent) 50.00% FINANCIAL LEVERAGE RATIOS Komeksimas UAB (wholesale) 100.00% Total debt ratio 0.18 Krantas Forvarding UAB 50.00% Debt / equity ratio 0.22 Kroviniø terminalas UAB 50.00% ASSETS UTILISATION RATIOS Laivitë AB 43.47% Inventory turnover Sienojus UAB 49.22% Receivables turnover 11.91* Transrail UAB 15.00% Net working capital turnover 10.82* Long term assets turnover 0.58 STRUCTURE OF SHARE CAPITAL Total assets turnover 0.51 * value from previous year is not included Share capital: LTL 126,704,290 Ordinary shares: 12 670 429 registered shares at LTL 10 par (security code 11615) accounting for 100% of the auth. capital (admitted to trading at the NSEL on 28/10/96)
129 KLAIPËDOSLITHUANIAN JÛRØ KROVINIØ COMPANIES KOMPANIJA (KLASCO) NACIONALINË VERTYBINIØ P0PIERIØ BIRÞA
IAS Company Company Company Consol BALANCE SHEET (LTL) 1998 1999 2000 2000
Assets NON-CURRENT ASSETS 275850000 256444000 253104000 253154000 Intangible assets 131000 81000 323000 344000 Goodwill 81000 132000 132000 Other non-current intangible assets 191000 212000 Tangible assets 270328000 250570000 246205000 246415000 Land and buildings 55445000 55182000 60760000 60760000 Plant and machinery 184367000 166253000 164964000 164964000 Constructions in progress and prepayments for long term tangible assets 10261000 8546000 6995000 6995000 Other tangible assets 20255000 20589000 13486000 13696000 Long term investments 781000 5220000 6042000 5861000 Loans originated by the enterprise 4611000 573000 534000 534000 CURRENT ASSETS 66958000 26287000 33299000 33850000 Inventories 17628000 6859000 4611000 4638000 Current year portion of loans 255000 823000 577000 577000 Trade receivables 21432000 10392000 10879000 11204000 Other receivables 10546000 Prepayments and deferred costs 1834000 1695000 1108000 1134000 Investments 210000 5238000 5238000 Cash and cash equivalents 15263000 5012000 7860000 8070000 Other current assets 1296000 2896000 2889000 Short term loans granted 130000 100000 Guide to Listed Companies Total assets 342808000 282731000 286403000 287004000
2000 Equity and liabilities CAPITAL AND RESERVES 257741000 228342000 235643000 235643000 Share capital 128989000 128989000 126704000 126704000 Legal reserves 12899000 12899000 12899000 12899000 Retained earnings 115853000 86454000 96040000 96040000 MINORITY INTEREST 180000 NON-CURRENT LOANS 37530000 27692000 16000000 16014000 DEFERRED TAX LIABILITIES, NET 14828000 9634000 14906000 14906000 CURRENT LIABILITIES 32709000 17063000 19854000 20261000 Current year portion of long term loans 4370000 5538000 1526000 1538000 Current loans 207000 Prepayments 581000 619000 3522000 3553000 Trade payables 22344000 3732000 6845000 6918000 Accruals and other current liabilities 5414000 7174000 7961000 8045000 Total equity and liabilities 342808000 282731000 286403000 287004000
INCOME STATEMENT (LTL) 1998 1999 2000 2000 SALES, NET 165338000 105711000 144663000 146983000 Costs -166333000 -134249000 -134168000 -136316000 OPERATING PROFIT (LOSS) -995000 -28538000 10495000 10667000 Income from financial activities 1921000 1555000 5035000 5048000 Costs of financial activities -989000 -4417000 -3611000 -3632000 PROFIT (LOSS) BEFORE RESULT FROM SUBSIDIARIES AND TAX -63000 -31400000 11919000 12083000 Result from subsidiaries -977000 654000 630000 PROFIT (LOSS) BEFORE TAX -63000 -32377000 12573000 12713000 Profit tax -14828000 5194000 -5272000 -5295000 PROFIT (LOSS) BEFORE MINORITY INTEREST -27183000 7301000 7418000 Minority interest -117000 NET PROFIT (LOSS) -14891000 -27183000 7301000 7301000
Earnings per share (LTL) -2.11 0.58 0.58
130 LITHUANIAN COMPANIESKLAIPËDOS NAFTA NATIONAL STOCK EXCHANGE OF LITHUANIA
HANDLING OF OIL PRODUCTS Address: Buriø g. 19, LT-5800 Klaipëda Supervisory Board (no participation in the company): Phone: (370-6) 391700 Algirdas Minelga, Chairman, Fax: (370-6) 311399 Mindaugas Bilkis, Rimantas Latakas, Vygantas Þala, Sergej Zmitroviè E-mail: [email protected] Management Board (no participation in the company): www.oil.lt Armantas Gintautas, Chairman, Registration date: 27 09 1994 Saulius Spëèius, Eimantas Kiudulas, Aleksej Vinièenko Registration code: 1064889 Managing Director (no participation in the company): Donatas Kaubrys Established: 1994 Contact Person: Johana Buèienë, Chief Financier, tel. (370-6) 391636
Number of employees: 349 Authorised capital: LTL 280.3m STRUCTURE OF OWNERSHIP (09 04 2001) Capitalisation (30 06 2001): LTL 233m Total number of shareholders amounts to 34 Naftos Terminalas AB 82.94% Auditor: Arthur Andersen Osman Trading AB 9.74% Trading List: Current Duboil Ltd. 6.07%
CORPORATE HISTORY KLAIPËDOS NAFTA renders the following services: transshipment of oil products from The companys legal predecessor, KLAIPËDA STATE OIL TERMINAL, was established railway cars to tankers, acceptance of oil products from tankers, temporary storage of oil in 1959 and engaged in reloading of light fuel oil from railway cisterns into tankers. products, certification of oil products, treatment of water contaminated with oil products, Several decades in operation, the old Klaipëda terminal wore out. The open system for provision of ships with fuel and water. handling oil products polluting air, water and soil raised serious concerns. Reservoirs The companys oil product storage tank capacity is 350 000 m³. The company has and underground pipelines did not meet safety standards. The condition of anti-fire system 30 storage tanks of 5, 10, 20 thousand m³. Batch of each cargo is accumulated in
and water cleaning equipment was inadequate. separate tanks, which enables to preserve the quality of the delivered products. Guide to Listed Companies After Lithuania regained its independence, the Lithuanian Government made a decision Every day in 3 jetties it is possible to load 3 tankers of 9.5-10.5 m draught. At present a tanker can be loaded with 60,000 t of oil products. Dredging to 14m deep will enable
to reconstruct the company. Taking into consideration a complicated situation in the 2000 countrys energy sector, the Government passed a resolution regarding the to load tankers to 100,000 t. Reconstruction of KLAIPËDA STATE OIL ENTERPRISE and announced a closed tender 67% of KLAIPËDA NAFTAs reloaded oil products are delivered from Russia, 24% - from for the best project in October 1993. In order to assure high technological standard of Belarus, 12% - from Maþeikiø Nafta AB company. the reconstruction, the Government permitted KLAIPËDA STATE OIL ENTERPRISE DEVELOPMENTS IN 2000 together with the US company Lancaster Steel Co.Inc. to establish a public company In 2000, KLAIPËDOS NAFTA reloaded 5.25m tons of oil products, which is by 32.2% KLAIPËDOS NAFTA which would finance and run the oil terminal. The company was more than last year (3.97m tons in 1999), however, less than it had been projected. set up in 1994 with 51% of the stock in the hands of Klaipëda State Oil Enterprise Revenue from the core activities amounted to LTL 105.3m, i.e. 69% of the total income. which was later reregistered as a public company Naftos Terminalas and 49% held by The products of KLAIPËDOS NAFTA are supplied to Maþeikiø Nafta AB (15.8%) and exported Lancaster Steel Co.Inc. to Belarus (38.8%) and Russia (45.4%). For the three previous years KLAIPËDOS NAFTA From 1 January 1997, KLAIPËDOS NAFTA started to run the reconstructed terminal. has been operating profitably and in 2000 its net profit amounted to LTL 17.8m. The authorised capital was increased to LTL 80 million. In February 1998, the shareholders In February 2001, subscription for the newly issued shares ended. Shares were distributed resolved to raise share capital by LTL 20 million. New shares were issued and distributed at par value for the total amount of LTL 38.3m. Subsequently, the authorised capital through a private placement at an issue price of LTL 100. In 1998 the authorised capital increased to LTL 280.3m. was increased twice: from LTL 100m to LTL 140m and from LTL 140m to LTL 242m. PLANS, PROSPECTS FOR 2001 BUSINESS ACTIVITY Since 1995, the companys terminal has been on reconstruction which is to be finished in Until 1997 KLAIPËDOS NAFTA operated as a construction board that organised and 2001. Still, completion of reconstruction requires investments amounting to LTL 17.4m. carried out reconstruction. Since 1 January 1997, KLAIPËDOS NAFTA took over a part KLAIPËDOS NAFTA will also perform reconstruction of railway station and dredge of the of Naftos Terminalas assets (technological pipelines and reservoirs) as a contribution port water area. At the general shareholders meeting held in April 2001 it was decided in kind, rented the territory, and engaged in oil terminal business. to increase the companys authorised capital out of the profit reserve by LTL 44.6m.
131 KLAIPËDOSLITHUANIAN NAFTA COMPANIES NACIONALINË VERTYBINIØ P0PIERIØ BIRÞA
ISIN-code: LT0000111650 Code: 11165 NSEL: KNAF Reuters: KNAF.VL Bridges: lt;KNAF LTL Klaipëdos Nafta (100) Daily Volume
200 200
160 160
120 120
80 80
40 40
0 0 1997 1998 1999 2000 2001
FINANCIAL RATIOS 1998 1999 2000 TRADING STATISTICS 1998 1999 2000 1Q 2001
LIQUIDITY RATIOS PRICE (LTL) Current ratio 0.15 0.18 0.23 First 165.00 199.00 158.00 155.00 Quick ratio 0.09 0.08 0.21 Max 199.00(22 12)158.00(29 12)155.00(01 09) 155.00 Net working capital (LTL thou) -84 923 -59 653 -76 775 Min 165.00(28 01)120.04(10 11)155.00(01 09) 155.00 Net working capital to total assets -0.14 -0.09 -0.12 Last 199.00 158.00 155.00 155.00
Guide to Listed Companies Change (%) 20.61 -20.60 -1.90 - PROFITABILITY RATIOS Profit margin 8.01% 22.57% 11.51% Number of transactions (CM) 20 14 2 0
2000 Return on assets 0.74%* 3.95% 1.95% Turnover CM (units) 32 23 1 0 Return on equity 1.85%* 9.52% 4.46% Turnover CM (LTL) 6 146 3 105 155 0 Turnover BT (units) 180 139 629 125 787 362 465 FINANCIAL LEVERAGE RATIOS Turnover BT (LTL) 27 000 13 962 900 12 578 700 36 107 024 Total debt ratio 0.60 0.57 0.55 CM turnover as % in total 15.09 0.02 0.00 0.00 Debt / equity ratio 1.49 1.34 1.24 Total turnover (units) 212 139 652 125 788 362 465 ASSETS UTILISATION RATIOS Total turnover (LTL) 33 146 13 966 005 12 578 855 36 107 024 Inventory turnover 6.19* 8.86 12.46 Turnover ratio (%) 0.03 12.47 11.23 24.11 Receivables turnover 6.58* 16.21 23.35 As % in the total share turnover 0.00 1.13 1.57 15.27 Net working capital turnover -0.67* -1.52 -1.58 Long term assets turnover 0.10 0.18 0.18 Total assets turnover 0.09 0.17 0.17 MARKET VALUE RATIOS 1998 1999 2000 2Q 2001 * value from previous year is not included Capitalisation (LTL thou) 159 200 176 960 173 600 233 040 Share book value (LTL) 105.69 121.40 127.41 124.69 Price / book value ratio (P/BV) 1.88 1.30 1.22 1.24 Earnings per share (LTL) 4.47 16.41 7.36 1.84 Price / earnings ratio (P/E) 44.48 9.63 21.06 84.22 Dividend per share (LTL) - 0.41 0.81 Dividend yield - - 0.005 Dividend payout ratio - 0.02 0.11
STRUCTURE OF SHARE CAPITAL
Share capital: LTL 280,348,600 Ordinary shares: 1 503 486 registered shares at LTL 100 par (security code 11165) SUBSIDIARIES Date of Authorised Participating accounting for 53.63% of the auth. capital (admitted to trading at establishment capital (LTL) interest the NSEL on 02.10.95) Windaria Holding B.V. 1996 116thou 100% 1 300 000 registered shares at LTL 100 par (security code 12400) Laivø bunkeris UAB 4,000thou 34% accounting for 46.37% of the auth. Capital (non-public)
132 LITHUANIAN COMPANIESKLAIPËDOS NAFTA NATIONAL STOCK EXCHANGE OF LITHUANIA
IAS Company Company Company BALANCE SHEET (LTL) 1998 1999 2000
Assets NON-CURRENT ASSETS 604269000 625940000 614977000 Intangible assets 1176000 5000 Tangible assets 208894000 276501000 382933000 Constructions in progress 378769000 345492000 230138000 Investments 850000 1579000 1579000 Prepayments for contractors 15756000 1192000 322000 DEFERRED PROFIT TAX ASSETS 180000 537000 CURRENT ASSETS 14408000 13135000 23445000 Inventories 5132000 7649000 2000000 Trade receivables 3917000 2478000 2094000 Other receivables 1634000 1257000 467000 Receivables from associates 1868000 825000 1789000 Receivables from subsidiaries 1281000 321000 23000 Cash and cash equivalents 224000 155000 16546000 Other current assets 352000 450000 526000 Total assets 618677000 639255000 638959000
Equity and liabilities CAPITAL AND RESERVES 248424000 273264000 284692000 Share capital 242000000 242000000 242000000 Legal reserves 3349000 5438000 5800000 Retained earnings 3075000 25826000 36892000 NON-CURRENT LOANS 270386000 292839000 233872000 Guide to Listed Companies LEASING AMOUNTS PAYABLE
AFTER ONE YEAR 20000000 2000 SUBSIDIES RECEIVED 536000 364000 175000 CURRENT LIABILITIES 99331000 72788000 100220000 Current year portion of long term loans 68416000 50123000 58965000 Current loans 12594000 Payables to associated undertakings 9721000 5490000 2933000 Payables to contractors and suppliers 15161000 3482000 13123000 Accruals 5999000 9745000 11727000 Other current liabilities 34000 Prepayments from associated undertakings 3948000 878000 Total equity and liabilities 618677000 639255000 638959000
INCOME STATEMENT (LTL) 1998 1999 2000 SALES, NET 57231000 110058000 108023000 Cost of sales -31770000 -56606000 -60123000 GROSS PROFIT (LOSS) 25461000 53452000 47900000 Operating expenses -17204000 -11706000 -20684000 OPERATING PROFIT (LOSS) 8257000 41746000 27216000 Income from financial activities 269000 287000 Costs of financial activities, net -3671000 -17135000 -15871000 PROFIT BEFORE RESULT FROM ASSOCIATED UNDERTAKINGS 24880000 11632000 Result from associated undertakings 219000 PROFIT (LOSS) BEFORE TAX 4586000 25099000 11632000 Profit tax -259000 796000 NET PROFIT (LOSS) 4586000 24840000 12428000
Earnings per share (LTL) 4.74 10.26 5.14
133 KLAIPËDOSLITHUANIAN TRANSPORTO COMPANIES LAIVYNAS NACIONALINË VERTYBINIØ P0PIERIØ BIRÞA
SHIPPING OF CARGO Address: Nemuno g. 22, LT-5806 Klaipëda Supervisory Board (no participation in the company): Phone: (370-6) 340185 Andrius Ðukys, Chairman, Fax: (370-6) 341195 Stanislovas Talat-Kelpða, Nijolë Sabonienë E-mail: [email protected] Management Board (participation in the company): Arsenij Biè, Chairman (1.48%), Registration date: 20 04 1995 Galina Jegorova (0.41%), Andriejus Tenkutis (0.94%), Registration code: 4034664 Steponas Ranonis (0.005%), Solomon Rudnickij (0.14%) Established: 1987 Managing Director (participation in the company): Arsenij Biè (1.48%) Privatised: 1991 Contact person: Darijus Stripinis, Economist, tel. (370-6) 341630 Number of employees: 563 Authorised capital: LTL 130.79m Capitalisation (30 06 2001) LTL 64.1m STRUCTURE OF OWNERSHIP (20 04 2001) Auditor: KPMG Lietuva Total number of shareholders amounts to 881 Trading List: Current State Property Fund 80.89%
CORPORATE HISTORY BUSINESS ACTIVITY The company was established on 1 January 1987 after reorganisation of Kaliningrad The main activity of KLAIPËDOS TRANSPORTO LAIVYNAS is cargo shipment with the sea refrigerator fleet base. At that time it was called Reefer and Transport Fleet of Western vessels. In the recent years the company has been specialising in shipment of frozen Region ZAPRYBCHOLODFLOT Klaipëda branch. cargoes. The companys fleet is formed on the basis of this type of shipment as at the On 1 January 1989, the company was renamed as Western Region Association ZAPRYBA moment the fleet comprises 16 reefer vessels. Klaipëda Transport Branch. On 9 September 1991, on the basis of this branch Klaipëda KLAIPËDOS TRANSPORTO LAIVYNAS mainly transports fish products (86.5%), meat,
Guide to Listed Companies State Transportation Fleet Company was registered with the Register of Enterprises. poultry and butter (11.9%), other cargoes (1.6%). 53.1% of the cargo is shipped to In 1995, the company was reorganised into a public company KLAIPËDOS TRANSPORTO the Africa region, 36.4% - to Europe, 7.6% - to Asian ports, 0.5% to South America, LAIVYNAS (Klaipëda Transport Fleet).
2000 2.4% to North America. Streams of cargo shipped to Lithuania by the companys vessels The initial privatisation of the company took place in December 1991. At that time, the are not large: in 1997 2,166 tons, in 1998 5,300 tons, in 1999 1,400 tons, in 2000 authorised capital of the company equalled LTL 1,356,070. Private capital accounted 2,082 tons. for 3%. After indexation of the companys assets in 1992, the companys authorised Oil for KLAIPËDOS TRANSPORTO LAIVYNAS vessels is supplied according to long term capital amounted to LTL 6,750,080. In 1993, the second stage of the companys contracts by famous oil companies, such as ESSO, Shell, Texaco. Spare parts and privatisation was held. The authorised capital of KLAIPËDOS TRANSPORTO LAIVYNAS equipment for the vessels are supplied by German companies Sudoservice, Scanttrading, totalled LTL 6,963,880, private capital accounted for 19.5%. In 1994, the authorised Nippon Diesel Service, Japanese company Osaka Technik Service, and Latvian company capital of the company rose up to LTL 44,739,216 because of the indexation of the Techsudoservice. principal means. Later, the authorised capital was increased three times from the DEVELOPMENTS IN 2000 companys means: in 1996 up to LTL 85,977,536 by issuing 41,238,320 ordinary In 2000, KLAIPËDOS TRANSPORTO LAIVYNAS realised services for 71m (LTL 67.9m registered shares (ORS) at LTL 1 par, in 1997 up to LTL 100,726,618 by issuing in 1999). Transport of fish products made up 78.5% of all services, and that of meat 14,749,082 ORS, and in 1998 up to LTL 118,795,186 by issuing 18,068,568 ORS. and dairy products contributed 18.2%. Profit of KLAIPËDOS TRANSPORTO LAIVYNAS In 1999, the companys authorised capital was increased by LTL 12m from LTL 118.79m reached LTL 10.9m. to LTL 130.78m by additionally issuing 12 million ORS at LTL 1 par. Acquisition of tangible fixed assets made up LTL 19m. In 2000, out of own funds On 31 December 1999, a sale agreement of the state owned shares of the company was KLAIPËDOS TRANSPORTO LAIVYNAS purchased two new reefer vessels. signed with SBA concern and Norwegian JO Tankers consortium. KLAIPËDOS TRANSPORTO LAIVYNAS ships cargoes to Africa (53%), Europe (36%), KLAIPËDOS TRANSPORTO LAIVYNAS is a member of the Baltic and International Maritime Asia (8%), and the USA (3%). On the world market, the companys vessels work in Pool Council. system, according to Lumpsum and Time Charter agreements. At the end of the year, the company owned 17 reefer vessels. In 2000, the English maritime qualification company LLOYD granted KLAIPËDOS TRANSPORTO LAIVYNAS a certified ISM Code. PLANS, PROSPECTS FOR 2001 Future perspectives of the company are associated with its privatisation and a potential strategic investor.
134 LITHUANIANKLAIPËDOS TRANSPORTO COMPANIES LAIVYNAS NATIONAL STOCK EXCHANGE OF LITHUANIA
ISIN-code: LT0000119646 Code: 11964 NSEL: KLTL Reuters: KLT.VL Bridges: lt;KLTL LTL Klaipëdos Transporto Laivynas (1) Daily Volume
1.0 5 000 45000
0.8 4 000
0.6 3 000
0.4 2 000
0.2 1 000
0 0 2000 05.2001 06.2001
FINANCIAL RATIOS 1998 1999 2000 TRADING STATISTICS 2000 1Q 2001
LIQUIDITY RATIOS PRICE (LTL) Current ratio 0.97 1.66 2.41 First 0.65 0.65 Quick ratio 0.85 1.46 2.00 Max 0.65(28 12) 0.59(21 05) Net working capital (LTL thou) -573 10 849 20 452 Min 0.65(28 12) 0.49(26 06) Net working capital to total assets 0.00 0.06 0.12 Last 0.65 0.49
Change (%) - -24.62 Guide to Listed Companies PROFITABILITY RATIOS Profit margin 22.99% 15.83% 15.34% Number of transactions (CM) 2 5 Return on assets 11.47% 6.44% 6.40% Turnover CM (units) 45 000 17 500 2000 Return on equity 14.43% 7.57% 7.16% Turnover CM (LTL) 29 250 9 315 Turnover BT (units) 266 513 79 032 FINANCIAL LEVERAGE RATIOS Turnover BT (LTL) 109 315 40 746 Total debt ratio 0.21 0.15 0.11 CM turnover as % in total 14.45 18.13 Debt / equity ratio 0.26 0.18 0.12 Total turnover (units) 311 513 96 532 ASSETS UTILISATION RATIOS Total turnover (LTL) 138 565 50 061 Inventory turnover 22.30 17.60 13.06 Turnover ratio (%) 0.24 0.07 Receivables turnover 9.93 5.40 4.61 As % in the total share turnover 0.02 0.02 Net working capital turnover -151.15 6.26 3.47 Long term assets turnover 0.57 0.49 0.53 Total assets turnover 0.50 0.41 0.42 MARKET VALUE RATIOS 2000 2Q 2001
Capitalisation (LTL thou) 85 017 64 090 Share book value (LTL) 1.16 1.15 Price / book value ratio (P/BV) 0.56 0.43 Earnings per share (LTL) 0.08 0.08 Price / earnings ratio (P/E) 7.80 5.87 Dividend per share (LTL) 0.04 Dividend yield 0.06 Dividend payout ratio 0.50
STRUCTURE OF SHARE CAPITAL
Share capital: LTL 130,795,186 Ordinary shares: 130 795 186 registered shares at LTL 1 par (security code 11964) accounting for 100% of the auth. capital (admitted to trading at the NSEL on 01.06.98)
135 KLAIPËDOSLITHUANIAN TRANSPORTO COMPANIES LAIVYNAS NACIONALINË VERTYBINIØ P0PIERIØ BIRÞA
LAS Company Company Company LAS Company Company Company BALANCE SHEET (LTL) 1998 1999 2000 PROFIT (LOSS) ACCOUNT (LTL) 1998 1999 2000 Assets Items LONG TERM ASSETS 152619945 139710570 135240094 SALES AND SERVICES 86681108 67924971 71035406 Formation costs 0 0 0 Turnover from sales of goods 0 0 0 Intangible assets 15202 13198 7642 Turnover from services rendered 86681108 67924971 71035406 Tangible assets 147077753 137475548 133387808 COST OF GOODS SOLD Land 0 0 0 AND SERVICES RENDERED 66251121 51447364 59630751 Buildings 3379647 3280506 3181366 Raw materials, consumables Plant and machinery 293837 295706 159960 and goods for resale 0 0 0 Vehicles and other transport means 142680393 133412352 129525802 Services, works and research 66251121 51447364 59630751 Other fixtures, fittings, tools GROSS PROFIT (LOSS) 20429987 16477607 11404655 and equipment 562835 486984 520680 OPERATING EXPENSES 7319858 6100424 4998539 Leasing and similar rights 161041 0 0 Selling expenses 0 0 0 Other tangible assets 0 0 0 General and administrative expenses 7319858 6100424 4998539 Constructions in progress PROFIT FROM OPERATIONS (LOSS) 13110129 10377183 6406116 and prepayments 0 0 0 OTHER OPERATIONS 8810297 87808 151216 Financial long term assets 2372460 2181544 1804364 Other operating revenue 14378101 88324 171581 Amounts receivable after one year 3154530 40280 40280 Other operating expenses 5567804 516 20365 Trade debtors 3154530 0 0 FINANCIAL AND INVESTING ACTIVITIES -934694 -961664 -525987 Other amounts receivable 0 40280 40280 Revenue from financial SHORT TERM ASSETS 17600874 22073343 28259427 and investing activities 261267 280813 424046 Stocks and contracts in progress 2589906 3255074 5873640 Expenses of financial Stocks 2589906 3255074 5873640 and investing activities 1195961 1242477 950033 Contracts in progress 0 0 0 PROFIT FROM ORDINARY Amounts receivable within one year 12564034 12586811 18251318 ACTIVITIES (LOSS) 20985732 9503327 6031345 Trade debtors 10412337 9967106 13907537 EXTRAORDINARY GAIN 383164 1741254 6524527 Other amounts receivable 2151697 2619705 4343781 EXTRAORDINARY LOSSES 1444506 493618 1656973 Investments and term deposits 0 0 0 CURRENT YEAR PROFIT BEFORE TAXES 19924390 10750963 10898899 Cash at bank and hand 2446934 6231458 4134469 INCOME TAXES 0 0 0
Guide to Listed Companies TRANSFER ACCOUNTS 3529219 5275498 6709133 NET PROFIT OF THE CURRENT YEAR Total assets 173750038 167059411 170208654 FOR APPOPRIATION (LOSS) 19924390 10750963 10898899
2000 Owners' equity and liabilities CAPITAL AND RESERVES 138030834 142059723 152192543 Capital 118795186 130795186 130795186 Subscribed capital 118795186 130795186 130795186 Uncalled capital (-) 0 0 0 Share premium account 0 0 0 Revaluation reserve 0 0 0 Reserves 18636719 8301328 8301328 Legal reserve 6636719 7204214 7204214 Reserves not available for distribution 12000000 1097114 1097114 Reserves available for distribution 0 0 0 Profit (loss) brought forward 598929 2963209 13096029 FINANCING (GRANTS AND SUBSIDIES) 0 0 0 PROVISIONS FOR LIABILITIES AND CHARGES, POSTPONED AND DEFERRED TAXES 0 0 0 Provisions 0 0 0 Postponed taxes 0 0 0 AMOUNTS PAYABLE AND LIABILITIES 35719204 24999688 18016111 Amounts payable after one year and long term liabilities 14015652 8500000 3500000 Financial debts 14015652 8500000 3500000 Trade creditors 0 0 0 Suppliers 0 0 0 Bills of exchange payable 0 0 0 Prepayments received on contracts in progress 0 0 0 Other amounts payable and long term liabilities 0 0 0 Amounts payable within one year and short term liabilities 21703552 16499688 14516111 Short term portion of long term debts 0 0 0 Financial debts 7064986 5500000 5000000 Credit institutions 7000000 5500000 5000000 Other loans 64986 0 0 Trade creditors 4751307 1280047 5774418 Suppliers 4751307 1280047 5774418 Bills of exchange payable 0 0 0 Prepayments received on contracts in progress 4900 4900 4900 Taxes, remuneration and social security payable 5531857 4831748 3666988 Taxes 259861 340825 132759 Remuneration 5109171 4328831 3504772 Social security payable 162825 162092 29457 Other amounts payable and short term liabilities 4350502 4882993 69805 ACCRUED CHARGES AND DEFERRED INCOME 0 0 0 Total owner's equity and liabilities 173750038 167059411 170208654
136 LITHUANIANLIETUVOS JÛRØ LAIVININKYSTË COMPANIES (LISCO) NATIONAL STOCK EXCHANGE OF LITHUANIA
SHIPPING OF PASSENGERS AND CARGO Address: J.Janonio g. 24, LT-5813 Klaipëda Members of the Supervisory Board and the Management Board have Phone: (370-6) 393101, 393103 0.1% of the companys share capital Fax: (370-6) 393121, 393197 Supervisory Board: E-mail: [email protected] J.Darulis, Chairman, www.lisco.lt V.Jasiûnas, A.Mikalajûnas, R.Kûgis, A.Ðukys Registration date: 10 09 1991 Management Board: Registration code: 4035584 A.Gedgaudas, Chairman, Established: 1969 V.Vismantas, I.Ðalajevas, A.Stropus, S.Vinderhaus Privatised: 1995, due in 2001 Managing Director: Artûras Gedgaudas Number of employees: 1333 Contact Person: Viktoras Èepys, Technical Director (LJL), tel. (370-6) 393170 Authorised capital: LTL 524.8m Jonas Nazarovas, Director of Finance (LBS), tel. (370-6) 393185 Capitalisation (30 06 2001): LTL 122.8m STRUCTURE OF OWNERSHIP (21 04 2001) Auditor: Finansinis Auditas UAB Total number of shareholders amounts to 2968 Trading List: Current State Property Fund 79.6%
CORPORATE HISTORY DEVELOPMENTS IN 2000 The company was established in 1969 and owned 16 bulk ships (dead-weight of 78thou At the end of 2000, LISCO owned 35 vessels (total dead-weight 276.3thou tons) including tons), which shipped timber, general and bulk cargo to the harbours of regions of the multipurpose ships, ferries, and ro-ro vessels. Out of the Klaipëda port 521.4thou tons Baltic Sea, Western Europe, and North Africa. During 1986-89, the company purchased of cargo were transported (415thou tons in 1999), and 704.4thou tons of cargo were 3 railway ferries. brought to Lithuania (500.5thou tons in 1999). In 1991, LIETUVOS JÛRØ LAIVININKYSTË (Lithuanian Shipping Company, LISCO) became Income received for shipping of cargo and passengers made up LTL 228.2m (LTL 227.9m an independent company and was registered in the independent Republic of Lithuania. in 1999), and net profit equalled LTL 3.2m (over LTL 8m in 1999). Revenues from the Guide to Listed Companies The company overcame all difficulties and consolidated in the world shipping market. activities of liner fleet accounted for LTL 88.8m, or by LTL 10.5m more than in 1999, The fleet has been expanded and renovated.
those of tramp fleet reached LTL 139.4m. 2000 In 1993, when the company owned 43 ships, it was the fourth largest in terms of the fleet The company spent LTL 33.2m on technical maintenance of LISCO, certification, repairs, size in the Baltic region. After railway ferries were reconstructed into ro-ro/passenger and upgrading. 16 of the companys vessels underwent planned repairs, one vessel ferries, in addition to other cargo the company started to ship ro-ro cargo, motor cars, was sold while two were acquired. LISCO covers ports of the Baltic, Mediterranean, and passengers. North Africa, Western Europe, the USA, and Asia. In 1995, LISCO was reregistered as a public limited company. In 1998, LISCO raised its PLANS, PROSPECTS FOR 2001 authorised capital by LTL 63.77m to LTL 535m out of reserves available for distribution by In April 2001, negotiations were completed and the Government of the Republic of Lithuania issuing a new ORS issue. In 1999, LISCO authorised capital was reduced from LTL 535m signed a contract regarding sale of shares of LIETUVOS JÛRØ LAIVININKYSTË AB to LTL 534m by cancelling 950,645 State owned shares and transferring a part of the to the Danish company DFDS Tor Line A/S. The extraordinary shareholders meeting, companys administration building and sailors recreation centre in Palanga. held in May, approved the project of LISCO reorganisation by way of privatisation. In 1997, LISCO received a certificate confirming compliance with the International Safety Following the decision of shareholders meeting, LIETUVOS JÛRØ LAIVININKYSTË was Management Code (ISM Code). reorganised by way of splitting liner and tramp fleet into two independent companies. BUSINESS ACTIVITY The registered authorised capital of LISCO BALTIC SERVICE AB (LBS) equals 323,907,434 LISCO is the biggest shipping company in the maritime history of Lithuania. LISCOs main ordinary registered shares at LTL 1 par (LTL 323.9m) and that of LIETUVOS JÛRØ activity is transportation of cargo and passengers. LISCO is the operator of 4 ferry lines LAIVININKYSTË AB is 200,901,296 ORS at LTL 1 par (LTL 200.9m). The Danish company united under LISCO Baltic Service name as well as a container service known as LISCO DFDS Tor Line owns 76.36% of shares of the newly established LBS, the state holds 3.4% Conline. The companys dry cargo fleet operates between various ports of Europe, Asia, of shares, and over 20% of shares belong to minority shareholders. The state holds 80% Africa, and America. of the new company LIETUVOS JÛRØ LAIVININKYSTË, and the remaining shares are with minority shareholders. From 9 July 2001, shares of the two companies will be included In 1995 the company established rep offices in Moscow and St.Petersburg, the into the Current List. purpose of which is to increase the amount of cargo and passengers from that area. In 1996 a rep office was opened in Spain in order to supervise shipbuilding. The authorised capital of LISCO BALTIC SERVICE (LBS) AB (liner fleet) equals 323,907,434 ordinary registered shares at LTL 1 par (LTL 323.9m), and that of LIETUVOS JÛRØ LISCOs vessels ship general cargo and containers as well as wood to European and LAIVININKYSTË AB (tramp fleet) amounts to 200,901,296 ordinary registered shares North African ports. LISCO operates four ferries, both for passengers and cargoes, at LTL 1 par (LTL 200.9m). on the lines Klaipëda-Mukran-Klaipëda, Klaipëda-Kiel-Klaipëda, Klaipëda-Stockholm- Klaipëda, Klaipëda-ÅhusKlaipëda. These ferries carry ro-ro cargo, loaded railway The Danish company DFDS Tor Line became the owner of 76.36% shares of the trucks, cars and passengers. newly established company LBS, 3.4% of shares remained with the state, and over 20% belong to minority shareholders. The state holds 80% of another newly established company LIETUVOS JÛRØ LAIVININKYSTË, and the remaining shares belong to minority shareholders. The statutory shareholders meetings of the new companies elected management bodies, approved Articles of Association and intentions to file applications regarding admission of securities of the two companies into the Current trading list of the NSEL. As a result, the two companies were listed on the NSEL on 9 July 2001.
137 LIETUVOSLITHUANIAN JÛRØ LAIVININKYSTË COMPANIES (LISCO) NACIONALINË VERTYBINIØ P0PIERIØ BIRÞA
Lietuvos Jûrø Laivyninkystë ISIN-code: LT0000125999 Code: 12599 NSEL: LJL Reuters: LJL.VL Bridges: lt;LJL Lisco Baltic Service ISIN-code: LT0000125981 Code: 12598 NSEL: LBS Reuters: LBS.VL Bridges: lt;LBS
LTL Lietuvos Jûrø Laivyninkystë (10) Daily Volume
15 150 000
12 120 000
9 90 000
6 60 000
3 30 000
0 0 1996 1997 1998 1999 2000 2001
FINANCIAL RATIOS 1998 1999 2000 TRADING STATISTICS 1998 1999 2000 1Q 2001
LIQUIDITY RATIOS PRICE (LTL) Current ratio 3.66 3.53 3.17 First 5.28 1.90 1.37 2.06 Quick ratio 3.46 3.32 2.91 Max 5.65(12 03) 3.89(20 01) 2.34(20 10) 3.96(18 04) Net working capital (LTL thou) 85 421 77 861 63 741 Min 1.51(12 11) 1.31(29 11) 1.37(04 01) 2.06(02 01)
Guide to Listed Companies Net working capital to total assets 0.11 0.11 0.09 Last 1.90 1.37 2.05 2.34 Change (%) -64.02 -27.89 49.64 14.15 PROFITABILITY RATIOS 2000 Profit margin 0.72% 3.69% 1.41% Number of transactions (CM) 4747 3004 3473 2341 Return on assets 0.24% 1.15% 0.45% Turnover CM (units) 2 223 081 1 669 112 2 546 842 2 538 414 Return on equity 0.29% 1.32% 0.51% Turnover CM (LTL) 7 307 673 3 572 178 4 925 006 8 360 258 Turnover BT (units) 930 683 560 191 868 182 486 054 FINANCIAL LEVERAGE RATIOS Turnover BT (LTL) 3 758 856 1 226 719 1 602 461 993 924 Total debt ratio 0.16 0.13 0.12 CM turnover as % in total 70.49 74.87 74.58 83.93 Debt / equity ratio 0.19 0.15 0.14 Total turnover (units) 3 153 764 2 229 303 3 415 024 3 024 468 ASSETS UTILISATION RATIOS Total turnover (LTL) 11 066 529 4 798 897 6 527 467 9 354 182 Inventory turnover 40.79 33.90 30.73 Turnover ratio (%) 5.89 4.17 6.51 5.76 Receivables turnover 35.05 24.14 20.72 As % in the total share turnover 1.24 0.39 0.81 3.88 Net working capital turnover 3.00 2.93 3.58 Long term assets turnover 0.40 0.36 0.37 Total assets turnover 0.34 0.31 0.32 MARKET VALUE RATIOS 1998 1999 2000 2Q 2001
Capitalisation (LTL thou) 101 673 73 201 107 586 - Share book value (LTL) 11.88 11.93 11.99 - Price / book value ratio (P/BV) 0.16 0.11 0.17 - Earnings per share (LTL) 0.03 0.16 0.06 - Price / earnings ratio (P/E) 55.41 8.72 33.77 - Dividend per share (LTL) 0.02 0.04 0.03 Dividend yield 0.01 0.03 0.015 Dividend payout ratio 0.58 0.25 0.5
SUBSIDIARIES Authorised Participating capital (LTL) interest STRUCTURE OF SHARE CAPITAL Krantas Shipping UAB 1.8 m 51.3% Laivyno Technikos Trieþiûros Bazë UAB 3.3m 100% Share capital: LTL 524,808,730 Lithuan Shipping Corporation (holding, registered in Liberia) 100% Ordinary shares: 52 480 873 registered shares at LTL 10 par (security code 11627) (500 shares without value) accounting for 100% of the auth. capital (admitted to trading at the Lita Shipping GmbH DEM 50thou 51% NSEL on 01/01/96)
138 LITHUANIANLIETUVOS JÛRØ LAIVININKYSTË COMPANIES (LISCO) NATIONAL STOCK EXCHANGE OF LITHUANIA
LAS Company Company Company LAS Company Company Company BALANCE SHEET (LTL) 1998 1999 2000 PROFIT (LOSS) ACCOUNT (LTL) 1998 1999 2000 Assets Items LONG TERM ASSETS 638765997 624632843 621236032 SALES AND SERVICES 255978016 227876164 228188950 Formation costs 0 0 0 Turnover from sales of goods 0 0 0 Intangible assets 38094 913497 1239331 Turnover from services rendered 255978016 227876164 228188950 Tangible assets 638237731 619020832 614448687 COST OF GOODS SOLD Land 0 0 0 AND SERVICES RENDERED 248843551 219095138 216963862 Buildings 19755170 15702613 7268535 Raw materials, consumables Plant and machinery 3603214 2701098 2117799 and goods for resale 0 0 0 Vehicles and other transport means 349415543 329807013 425948571 Services, works and research 248843551 219095138 216963862 Other fixtures, fittings, tools GROSS PROFIT (LOSS) 7134465 8781026 11225088 and equipment 76491 66924 58504 OPERATING EXPENSES 11577591 10983156 12404482 Leasing and similar rights 263736049 269213564 177849889 Selling expenses 0 0 0 Other tangible assets 1577253 1529620 1205389 General and administrative expenses 11577591 10983156 12404482 Constructions in progress PROFIT FROM OPERATIONS (LOSS) -4443126 -2202130 -1179394 and prepayments 74011 0 0 OTHER OPERATIONS 259676 523875 287073 Financial long term assets 490172 4698514 5548014 Other operating revenue 2917738 2226164 1440403 Amounts receivable after one year 0 0 0 Other operating expenses 2658062 1702289 1153330 Trade debtors 0 0 0 FINANCIAL AND INVESTING ACTIVITIES 5652577 3301504 1306206 Other amounts receivable 0 0 0 Revenue from financial SHORT TERM ASSETS 99451278 93734186 77238336 and investing activities 5737067 14415154 15679872 Stocks and contracts in progress 6398082 6529554 7590247 Expenses of financial Stocks 6398082 6529554 7590247 and investing activities 84490 11113650 14373666 Contracts in progress 0 0 0 PROFIT FROM ORDINARY Amounts receivable within one year 8433890 10441992 11580809 ACTIVITIES (LOSS) 1469127 1623249 413885 Trade debtors 0 0 0 EXTRAORDINARY GAIN 428852 12823240 3349122 Other amounts receivable 8433890 0 11580809 EXTRAORDINARY LOSSES 63006 6040722 543371 Investments and term deposits 64697746 68318762 47001752 CURRENT YEAR PROFIT BEFORE TAXES 1834973 8405767 3219636 Cash at bank and hand 19921560 8443878 11065528 INCOME TAXES 0 0 0 TRANSFER ACCOUNTS 18063380 14878479 15937881 NET PROFIT OF THE CURRENT YEAR Guide to Listed Companies Total assets 756280655 733245508 714412249 FOR APPOPRIATION (LOSS) 1834973 8405767 3219636
Owners' equity and liabilities 2000 CAPITAL AND RESERVES 635642769 637176994 629150398 Capital 535118750 534315180 524808730 Subscribed capital 535118750 534315180 524808730 Uncalled capital (-) 0 0 0 Share premium account 0 0 0 Revaluation reserve 0 0 0 Reserves 100524019 102861814 101122032 Legal reserve 19447715 19868003 19868003 Reserves not available for distribution 238000 2339445 4440887 Reserves available for distribution 80838304 80654366 76813142 Profit (loss) brought forward 0 0 3219636 FINANCING (GRANTS AND SUBSIDIES) 0 0 0 PROVISIONS FOR LIABILITIES AND CHARGES, POSTPONED AND DEFERRED TAXES 0 0 0 Provisions 0 0 0 Postponed taxes 0 0 0 AMOUNTS PAYABLE AND LIABILITIES 103983913 84258922 73205394 Amounts payable after one year and long term liabilities 88544263 65316410 55826230 Financial debts 88544263 65316410 55826230 Trade creditors 0 0 0 Suppliers 0 0 0 Bills of exchange payable 0 0 0 Prepayments received on contracts in progress 0 0 0 Other amounts payable and long term liabilities 0 0 0 Amounts payable within one year and short term liabilities 15439650 18942512 17379164 Short term portion of long term debts 0 0 0 Financial debts 11250000 9527969 9506000 Credit institutions 0 0 0 Other loans 0 0 0 Trade creditors 0 0 0 Suppliers 0 0 0 Bills of exchange payable 0 0 0 Prepayments received on contracts in progress 0 2888256 4672641 Taxes, remuneration and social security payable 2589418 4222800 1693956 Taxes 689730 3674488 97465 Remuneration 1268580 487614 1000252 Social security payable 631108 60698 596239 Other amounts payable and short term liabilities 1600232 2303487 1506567 ACCRUED CHARGES AND DEFERRED INCOME 16653973 11809592 12056457 Total owner's equity and liabilities 756280655 733245508 714412249
139 LIETUVOSLITHUANIAN JÛRØ LAIVYNINKYSTË COMPANIES (LISCO) NACIONALINË VERTYBINIØ P0PIERIØ BIRÞA
LAS BALANCE SHEET (LTL) Before reorganisation After reorganisation Lietuvos jûrø Lietuvos jûrø Lisco Baltic laivininkystë AB laivininkystë AB Service AB
Assets 2000 2000 2000 LONG TERM ASSETS 621236032 281778614 339457418 Formation costs 0 0 0 Intangible assets 1239331 1099241 140090 Tangible assets 614448687 280352051 334096636 Land 0 0 0 Buildings 7268535 3070958 4197577 Plant and machinery 2117799 1851746 266053 Vehicles and other transport means 425948571 96497906 329450665 Other fixtures, fittings, tools and equipment 58504 58504 0 Leasing and similar rights 177849889 177849889 0 Other tangible assets 1205389 1023048 182341 Constructions in progress and prepayments 0 0 0 Financial long term assets 5548014 327322 5220692 Amounts receivable after one year 0 0 0 Trade debtors 0 0 0 Other amounts receivable 0 0 0 SHORT TERM ASSETS 77238336 29070819 48167517 Stocks and contracts in progress 7590247 2505248 5084999 Stocks 7590247 2505248 5084999 Contracts in progress 0 0 0 Amounts receivable within one year 11580809 5298291 6282518
Guide to Listed Companies Trade debtors 0 0 0 Other amounts receivable 11580809 5298291 6282518 Investments and term deposits 47001752 15000000 32001752 2000 Cash at bank and hand 11065528 6267280 4798248 TRANSFER ACCOUNTS 15937881 4510032 11427849 Total assets 714412249 315359466 399052784
Owners' equity and liabilities CAPITAL AND RESERVES 627540580 240227932 387312648 Capital 524808730 200901296 323907434 Subscribed capital 524808730 200901296 323907434 Uncalled capital (-) 0 0 0 Share premium account 0 0 0 Revaluation reserve 0 0 0 Reserves 102731850 39326636 63405214 Legal reserve 20028985 7667268 12361717 Reserves not available for distribution 5889723 2254637 3635086 Reserves available for distribution 76813142 29404731 47408411 FINANCING (GRANTS AND SUBSIDIES) 0 0 0 PROVISIONS FOR LIABILITIES AND CHARGES, POSTPONED AND DEFERRED TAXES 0 0 0 Provisions 0 0 0 Postponed taxes 0 0 0 AMOUNTS PAYABLE AND LIABILITIES 74815212 71367688 3447524 Amounts payable after one year and long term liabilities 55826230 55826230 0 Financial debts 55826230 55826230 0 Trade creditors 0 0 0 Suppliers 0 0 0 Bills of exange payable 0 0 0 Prepayments received on contracts in progress 0 0 0 Other amounts payable and long term liabilities 0 0 0 Amounts payable within one year and short term liabilities 18988982 15541458 3447524 Short term portion of long term debts 9506000 9506000 0 Financial debts 0 0 0 Credit institutions 0 0 0 Other loans 0 0 0 Trade creditors 0 0 0 Suppliers 0 0 0 Bills of exchange payable 0 0 0 Prepayments received on contracts in progress 4672641 3582127 1090514 Taxes, remuneration and social security payable 1693956 648461 1045495 Taxes 97465 37310 60155 Remuneration 1000252 382905 617347 Social security payable 596239 228245 367994 Other amounts payable and short term liabilities 3116385 1804870 1311515 ACCRUED CHARGES AND DEFERRED INCOME 12056457 3763846 8292611 Total owner's equity and liabilities 714412249 315359466 399052784
140 LITHUANIANTELECOMMUNICATIONS COMPANIES NATIONAL STOCK EXCHANGE OF LITHUANIA
The issue of IT and telecommunications (ITT) development has been broadly addressed With the rallying number of Internet users (according to data of various surveys, the in Lithuania over lately years. The Government attempts to ensure necessary conditions number reached 6.3-8.7% of the population), last year Omnitel and Bitë GSM introduced for the use of electronic signature, the establishment of electronic settlements systems a fixed payment Internet service. The market shares of these companies in the sector of and the development of public networks for declaration procedures in the areas of mobile phones were 60% and 35% respectively. Cable TV firms express their intentions customs, taxes, payments and income. The demand for skilful computer specialists is to supply cable Internet services. rapidly growing. In 2000, the turnover of Omnitel accounted for LTL 340 million. The turnover of Bitë GSM Meanwhile the ITT sector is relatively small in quantitative terms, but keeps expanding was LTL 167 million, i.e. an increase of 20% over 1999. The companies invested with lightening speed. According to data of Statistics Department of Lithuania, the turnover LTL 120 million and LTL 100 million respectively. In 2001, their turnovers and investments of ITT companies reached LTL 2.5 billion in 1999 and constituted 4% of the respective are expected to augment. indicator of all non-financial firms in Lithuania. Infobalt (association of ITT companies) VB Internetas, system of Internet services provided by Vilniaus Bankas, was employed gives a higher figure for this indicator, i.e. LTL 3.1 million. According to data of Infobalt, in September 2000 and had already 11.3 thousand users at the end of the last year. telecommunications companies controlled 70% and IT companies 30% of the market In April 2001, the number of users grew over 20 thousand. (the European shares are similar). The turnover of IT activities slightly contracted in 1999, but reached LTL 1.1 million in Lithuania is far behind Western Europe by the level of computerisation and 2000, i.e. an increase of 15% over 1999. Infobalt forecasts that the market will expand telecommunications, but has the precedence of growth rates in this sector. In mid-1999 by 20% this year. In 2000, the turnover of GNT Lietuva, largest wholesaler of computers there were 5.2 computers, 32 cable telephone subscribers, and 15 mobile phones per in Lithuania, climbed by about 30% and came to LTL 138 million. The sales of laptops 100 inhabitants in Lithuania, in Western Europe 35, 52 and 28 respectively. Recently the soared by even 54%. Tech Data Lietuva, subsidiary of US corporation Tech Data number of computers in Lithuania has been increasing by 30-40 thousand units per annum, Corporation and second largest wholesaler of computers in Lithuania, almost doubled on average by about 15%. its turnover that added up to LTL 73 million. The total number of ITT companies was 543, though the market of telecommunications Last year Alna, one of the mains in the IT market, increased its income by 63% to was dominated by a couple of tycoons Lietuvos Telekomas AB, Omnitel and Bitë GSM. LTL 95 million. The sale of IT services constituted 50% and the service exports 25% Lietuvos Telekomas AB remains a monopolist (until 2003) in the market of cable telephone of this income. Up until now the company was mainly exporting to Scandinavian services. The company masters about 50% of the Internet service market. countries and this year the plans are to penetrate the German market. At the beginning Guide to Listed Companies In 2000, the development of telecommunications surpassed any expectations. The turnover of 2001, Alna continued to operate successfully and increased its turnover more than of companies went up by 36% to LTL 3 billion. This year the forecast for growth is 30% it had planned. Furthermore, the company intends to double its export volumes within
(more moderate prognosis 10-20%). In 2000, Lietuvos Telekomas AB earned two years. 2000 LTL 1.04 billion income, i.e. an increase of 5.9% over 1999, and LTL 240 million net Sonex Grupë, competitor of Alna, was fortunate last year as well. Its turnover amounted profits, of which proceeds from the sale of Bitë GSM shares constituted LTL 158 million. to LTL 70.6 million and demonstrated an increase of 30% over 1999. The company The company actively invests. The amount of investment during 1999-2000 adds up to expects even higher growth this year. Both Sonex Grupë and Alna plan to expand in more than LTL 1 billion. Lietuvos Telekomas AB gives special attention to the Internet and 2001 by acquiring at least two firms operating in Lithuania. data transferring services. The share of income generated by providing these services Last year the turnover of Baltic Amadeus surged by 22.8% and totalled LTL 25.3 million. amounted to 4% last year. In 2001, it is planned to increase the share to 8%. The doubled volume of provided services of information systems establishment and The technical base is being established at the moment and will allow servicing 10,000 integration was the main reason for this turnover growth. Internet users at once starting from June 2001. The number of customers using the By: Vilniaus Bankas AB, Member of the SEB Group, "Lithuanian Macroeconomic Review" No 5 Lietuvos Telekomas AB Internet service grows by about 10% per month. On the other hand, many inhabitants became indignant at the decision of the company to raise the tariffs of telephone-calls. In March 2001, telephone-calls in Lithuania cost on average, twice as much as in Estonia and were slightly cheaper than in Latvia.
MARKET TURNOVER OF TELECOMMUNICATIONS AND IT (LTL m)
141 LIETUVOSLITHUANIAN TELEKOMAS COMPANIES NACIONALINË VERTYBINIØ P0PIERIØ BIRÞA
TELECOMMUNICATIONS Address: Savanoriø pr. 28, LT-2600 Vilnius Management Board: Phone: (370-2) 1511 Gintautas Þintelis, Chairman, Fax: (370-2) 226665 Jaakko Nevanlinna, Mikko Pirinen, Ingmar Jonsson, Timo Virtanen, E-mail: [email protected] Anna Maria Smela, Rimvidas Kûgis, Morgan Ekberg, Peter Reiniger www.telecom.lt Managing Director: Tapio Paarma Registration date: 26 06 1997 Contact Person: Anaa-Maria Frandeberg, Head of Treasury, Registration code: 2121543 Corporate Finance and Investment Relations Group, tel. (370-2) 367665, Established: 1992 Darius Dþiaugys, Senior Specialist, Privatised: 1998 Corporate Finance and Investment Relations Group, tel. (370-2) 367878 Number of employees: 6357 Authorised capital: LTL 814.9m STRUCTURE OF OWNERSHIP (31 03 2001) Capitalisation (30 06 2001): LTL 1,263.1m Total number of shareholders amounts to 10 444 Amber Teleholding A/S 60.00% Auditor: Arthur Andersen Bankers Trust Company (holders of GDRs) 17.46% Trading List: Official State Property Fund 10.03%
CORPORATE HISTORY The fixed telephony remains the core business of LIETUVOS TELEKOMAS that generated In February 1997, the state enterprise LIETUVOS TELEKOMAS was entered into the list 77.9% of the total consolidated revenues in 2000. On 31 December 2000, the company of companies to be privatised in 1997-1998 by announcing an international competition. had almost 1.2 million access lines in service representing a penetration rate of 32.2%. As of 1 July 1997, LIETUVOS TELEKOMAS was reorganised from a state enterprise into a During the year the net increase of lines was 35,000. At the same time the average number public company, the authorised capital of which constituted LTL 814.9m. Represented by of digital lines in service grew by 1.4 times and at the end of 2000 the average network the Ministry of Communications and Information, the state held 100% of the companys digitalisation of LIETUVOS TELEKOMAS reached a level of 46.5%, while the average shares. At the beginning of July 1998, the Finnish-Swedish consortium Amber Teleholdings digitalisation in five biggest cities was 53.4%. The digitalisation rate for business subscribers Guide to Listed Companies A/S, consisting of Sonera OY and Telia AB, acquired 60% of the shares of LIETUVOS in Lithuania reached 75.0% and in five biggest cities 85.9%. During the year 2000, the TELEKOMAS. 40% of the shares remained in the hands of the state. waiting list for installation of lines decreased by 44.5% mainly due to employment of the 2000 Wireless Local Loop (WLL) connection, which became available upon integration of the In 1995, Lintel UAB, a subsidiary of LIETUVOS TELEKOMAS, that originally was founded NMT 450 standard mobile network of Comliet UAB into the fixed network of LIETUVOS to provide international telecommunications services, started publishing telephone TELEKOMAS. directories of the major Lithuanian cities and regions. On 1 January 1999, it sold telecommunications equipment to LIETUVOS TELEKOMAS turning to publishing alone. The number of Internet users of LIETUVOS TELEKOMAS is rapidly growing. The company pays special attention and allocates funds for improving the quality of present Internet Since 1996, LIETUVOS TELEKOMAS is a full member of International Network Management services, introducing new Internet services and improving Internet access technologies. System (INMS). In April 1999, LIETUVOS TELEKOMAS became an associate member of In the year 2000, the international Internet bandwidth was extended from 18 to 50 Mbps. European Telecommunications Network Operators Organisation. The number of modems doubled - from 1,100 to 2,200 at the end of the year. At the beginning of 1999, LIETUVOS TELEKOMAS acquired Lietelija UAB and merged it LIETUVOS TELEKOMAS is the only provider of ISDN services in Lithuania. During the year with the Business Customers Service Department. Consequently, the subsidiary Lietuvos 2000, the total number of new ISDN connections increased roughly by 6 times in Telekomo Verslo Sprendimai was founded. The subsidiary is in charge of promotion and comparison with the year 1999. The total number of ISDN channels reached the level of sales of LIETUVOS TELEKOMAS services to the largest business clients, development of 15,000 on 31 December 2000, while there were 5,000 channels a year ago. data transmission services, and relations with foreign operators. The total analogue long-distance network of symmetrical and coaxial cables used by At the end of 1999, LIETUVOS TELEKOMAS purchased 100% of COMLIET shares, the first LIETUVOS TELEKOMAS was replaced by the end of 2000 with the fibre optic cable ring and only NMT 450 mobile connection operator in Lithuania. network consisting of 6 regional rings and 1 national ring. All rings are connected using BUSINESS ACTIVITY the Synchronous Digital Hierarchy (SDH) technology with a 2.5 G/bit capacity. This national LIETUVOS TELEKOMAS is the largest telecommunications service provider in Lithuania ring has 23 international connections via 4 main fibre optic cables. These connections are and the Baltics. Upon privatisation, the company has received exclusive rights to provide controlled by two modern international switches. fixed line international, long distance, and local telecommunications services until On 12 April 2000, the initial public offering for LIETUVOS TELEKOMAS shares finished. 31 December 2002. LIETUVOS TELEKOMAS is actively preparing for the competitive 25% of the companys authorised capital or 203,728,190 state owned ordinary registered market that will become reality after the expiration of the monopoly period. shares were sold to the Lithuanian and foreign investors for LTL 3.15 per share. LIETUVOS TELEKOMAS offers various telecommunications services and products to its The remaining 81.8 million shares (10 % of the authorised capital) will remain with the clients: local, interurban and international automatic telephone connection; connection to Government. the Internet service Takas, data transmission; telegraph and telex; pay-phones; line radio On 12 June 2000, after sell-off of 203,728,190 ordinary registered shares (25% of the broadcasting; 800 service, 900 service, operators services; lease of telecommunication Companys capital and votes), which were owned by the State, during the initial public lines and circuits; publication of telephone books; trading in telecommunication appliances. offering by the state enterprise State Property Fund, LIETUVOS TELEKOMAS launched Customers service department of LIETUVOS TELEKOMAS provides services to Lithuanian the Global Depository Receipt programme. LIETUVOS TELEKOMAS GDRs are quoted on residential and some business subscribers. Subsidiary company Lietuvos Telekomo Verslo SEAQ International operated by the London Stock Exchange. LIETUVOS TELEKOMAS GDR Sprendimai UAB provides business solution services for big business clients. could be traded on the PORTAL market, a subsidiary of Nasdaq Stock Market Inc. DEVELOPMENTS IN 2000 On 23 August 2000, 40,465,212 employees shares (5%), public circulation of which 2000 was a successful year for LIETUVOS TELEKOMAS Group. Consolidated revenues was restricted, were converted into ordinary registered shares. grew by 5.9% and for the first time exceeded one billion litas. Consolidated net profit, On 28 September 2000, the Lithuanian Securities Commission registered for non-public including gain on sales of shares, amounted to LTL 240.4m or LTL 0.30 per share. LIETUVOS circulation issue of 12,000 ten-year book-entry registered bonds, par value of LTL 1,000 TELEKOMAS invested LTL 517m into development and expansion of its network and each, with an annual coupon of 12 per cent. The whole issue was placed on 12 October services. The main investment areas include upgrading of switches, expanding of the 2000. access network, rationalising of the backbone transmission network, modernising of the In order to show the advantages of the digital station, the company introduced LINIJA data communication network, expanding capabilities of the IP network, implementing and PLIUS trademark at the beginning of 2000. In comparison with 1998, the number of updating IT systems (including Customer Care and Billing System), establishing of Call subscribers, which used additional services, augmented by 20%. Centres and renovating of buildings.
142 LITHUANIAN LIETUVOS COMPANIES TELEKOMAS NATIONAL STOCK EXCHANGE OF LITHUANIA
ISIN-code: LT0000123911 Code: 12391 NSEL: LTEL Reuters: LTEL.VL Bridges: lt;LTEL LTL Lietuvos Telekomas (1) Daily Volume
3.5 700 000 1242376
2.8 560 000
2.1 420 000
1.4 280 000
0.7 140 000
0 0 06.2000 06.2001
Company TRADING STATISTICS 2000 1Q 2001 FINANCIAL RATIOS 1998 1999 2000 PRICE (LTL) LIQUIDITY RATIOS First 3.19 2.10 Current ratio 0.66 0.74 0.98 Max 3.19(12 06) 2.41(23 01) Quick ratio 0.57 0.66 0.94 Min 1.83(31 10) 1.51(28 06) Net working capital (LTL thou) -119 030 -97 307 -6 036 Last 2.10 1.55
Net working capital to total assets -0.07 -0.05 0.00 Change (%) -34.17 -26.19 Guide to Listed Companies
PROFITABILITY RATIOS Number of transactions (CM) 9626 3172 Profit margin 7.36% 10.71% 23.19% Turnover CM (units) 15 851 210 9 020 714 2000 Return on assets 3.99%* 5.67% 11.39% Turnover CM (LTL) 37 548 252 18 051 024 Return on equity 6.52%* 10.07% 20.49% Turnover BT (units) 15 170 174 7 830 519 Turnover BT (LTL) 33 173 880 14 271 388 FINANCIAL LEVERAGE RATIOS CM turnover as % in total 51.10 53.53 Total debt ratio 0.39 0.48 0.41 Total turnover (units) 31 021 384 16 851 233 Debt / equity ratio 0.63 0.91 0.71 Total turnover (LTL) 70 722 132 32 322 412 ASSETS UTILISATION RATIOS Turnover ratio (%) 3.81 2.07 Inventory turnover As % in the total share turnover 8.80 13.67 Receivables turnover 8.66* 7.04 5.79 Net working capital turnover -7.59* -9.01 -20.07 Long term assets turnover 0.63 0.56 0.55 Total assets turnover 0.54 0.48 0.47
Group FINANCIAL RATIOS 1998 1999 2000
LIQUIDITY RATIOS Current ratio 0.78 0.89 0.82 Quick ratio 0.69 0.81 0.78 Net working capital (LTL thou) -79 853 -40 294 -54 063 Net working capital to total assets -0.05 -0.02 -0.03
PROFITABILITY RATIOS Profit margin 7.33% 10.65% 23.15% SUBSIDIARIES Authorised Participating Return on assets 3.99%* 5.68% 11.68% capital (LTL) interest Return on equity 6.52%* 10.07% 21.60% Comliet UAB 1m 100% FINANCIAL LEVERAGE RATIOS Lietuvos Telekomo Sporto Klubas VðÁ 100% Total debt ratio 0.39 0.48 0.44 Lietuvos Telekomo Verslo Sprendimai UAB 20m 100% Debt / equity ratio 0.64 0.91 0.80 Lintel UAB 28m 100% ASSETS UTILISATION RATIOS Inventory turnover STRUCTURE OF SHARE CAPITAL Receivables turnover 8.64* 6.99 7.01 Share capital: LTL 814,912,760 Net working capital turnover -11.36* -16.32 -22.01 Ordinary shares: 814 912 759 registered shares at LTL 1 par (security code 12391) Long term assets turnover 0.65 0.58 0.56 accounting for 99.9999% of the authorised capital (admitted to Total assets turnover 0.54 0.49 0.49 trading at the NSEL on 17.06.98, admitted to the Official trading list * value from previous year is not included on 12.06.00) 1 registered special share at LTL 1 par (security code 12556) accounting for 0.0000001% of the authorised capital, belongs to special purpose fund
143 LIETUVOSLITHUANIAN TELEKOMAS COMPANIES NACIONALINË VERTYBINIØ P0PIERIØ BIRÞA
IAS Company Company Company Consol Consol Consol BALANCE SHEET (LTL) 1998 1999 2000 1998 1999 2000
Assets NON-CURRENT ASSETS 1432477000 1736427000 1893566000 1393300000 1679319000 1855314000 Intangible assets 31765000 75075000 222340000 31934000 91603000 249556000 Goodwill 15705000 12009000 Other intangible assets 31765000 75075000 222340000 31934000 75898000 237547000 Tangible assets 1340031000 1562059000 1461625000 1345081000 1587474000 1605700000 Buildings 148588000 186700000 134429000 151946000 186288000 246489000 Machinery and equipment 1069856000 1210512000 1188067000 1070308000 1229357000 1205296000 Constructions in progress 53005000 115597000 74556000 53005000 115597000 74556000 Other tangible assets 61735000 49117000 64380000 62880000 56099000 78733000 Prepayments for long term tangible assets 6847000 133000 193000 6942000 133000 626000 Financial assets 60681000 16285000 Investments into subsidiaries 99205000 209561000 48000 13000 Non-current receivables 88000 40000 194000 45000 CURRENT ASSETS 234401000 278358000 312647000 274505000 328601000 251943000 Inventories 22993000 22982000 12622000 23051000 23589000 12735000 Non-current tangible assets held for sale 8890000 8030000 8890000 8030000 Receivables and prepayments 104261000 172799000 185267000 105122000 175558000 120985000 Trade receivables 74238000 146945000 85379000 74918000 149580000 86060000 Other receivables 4788000 22447000 19412000 4858000 22389000 30360000 Prepayments 3407000 4393000 3589000 4565000 Granted current loans 76083000 Prepaid profit tax 20847000 20847000 Guide to Listed Companies Prepayments and other current assets 4388000 4499000 Investments held for sale 2398000 32487000 44956000 2000 Cash and cash equivalents 30472000 14847000 40287000 36433000 18324000 43752000 Accrued income 67785000 57302000 74471000 68522000 58144000 74471000 Total assets 1666878000 2014785000 2206213000 1667805000 2007920000 2107257000
Equity and liabilities CAPITAL AND RESERVES 1019838000 1052994000 1293408000 1019838000 1052994000 1173408000 Share capital 814913000 814913000 814913000 814913000 814913000 814913000 Own shares -120000000 Capital reserve 7048000 7048000 7048000 7048000 Legal reserves 36217000 58881000 58881000 36217000 58881000 58881000 Retained earnings 161660000 172152000 419614000 161660000 172152000 419614000
Non-current financial debts 228520000 485068000 429091000 228520000 485068000 429091000
Deferred income 16207000 14123000 19309000 16207000 14123000 19309000
Deferred tax liability 48882000 86935000 145722000 48882000 86840000 179443000 CURRENT LIABILITIES 353431000 375665000 318683000 354358000 368895000 306006000 Current year portion of long term financial debts 49423000 52825000 123114000 49423000 52825000 123114000 Current loans 120000000 40000000 6000000 120000000 40000000 Payables 59844000 148185000 121971000 59233000 136342000 110271000 Accruals 63387000 50542000 43404000 64137000 52204000 43746000 Payable taxes and remuneration 25562000 8590000 15714000 26150000 9943000 17011000 Other current liabilities 6693000 4314000 8480000 6893000 6372000 11864000 Proposed dividends 28522000 71209000 28522000 71209000 Total equity and liabilities 1666878000 2014785000 2206213000 1667805000 2007920000 2107257000
INCOME STATEMENT (LTL) 1998 1999 2000 1998 1999 2000 SALES 903263000 974836000 1036950000 906952000 980299000 1038577000 Costs -586464000 -564259000 -509011000 -588188000 -566450000 -514956000 EBITDA 316799000 410577000 527939000 318764000 413849000 523621000 Depreciation and amortisation -193989000 -246899000 -312254000 -196430000 -248222000 -321453000 Profit from sales of investments 9647000 168585000 OPERATING PROFIT (LOSS) 122810000 163678000 225332000 122334000 165627000 370753000 Financial income/costs, net -23207000 -21442000 -40532000 -22862000 -21355000 -37735000 PROFIT BEFORE RESULT FROM SUBSIDIARIES AND ASSOCIATED UNDERTAKINGS 99603000 142236000 184800000 99472000 144272000 333018000 Profit (loss) from subsidiaries and associated undertakings 15769000 92000 148218000 16221000 -1944000 PROFIT (LOSS) BEFORE TAX 115372000 142328000 333018000 115693000 142328000 333018000 Profit tax -48882000 -37963000 -92604000 -49203000 -37963000 -92604000 NET PROFIT (LOSS) 66490000 104365000 240414000 66490000 104365000 240414000
Earnings per share (LTL) 0.08 0.13 0.30 0.08 0.13 0.30
144 LITHUANIAN COMPANIESRETAIL TRADE NATIONAL STOCK EXCHANGE OF LITHUANIA
In 2000, the turnover of retail trade evidently recovered after its decrease in 1999, which In 2000 both the turnover and net profits of Apranga AB, largest retail seller of clothes was the outcome of the Russian crisis. and footwear, slipped down to LTL 44.6 million and LTL 2.4 million respectively. In 2001, The last years economic expansion triggered the revival of trade. In the second half the company plans to increase its turnover by 27%, and the results for the beginning of of 2000, retail trade grew more vigorously than in the first half of the year and exceeded the year already evidence that these goals are realistic. In January through February the the respective figures in both 1999 and 1998. turnover of the company increased by 30% as compared to a year ago. Apranga AB established a brand new retail store of Hugo Boss in Vilnius. Hugo Boss is one of the In the beginning of this year the sector continued to point upward. In January-February, leaders in mens clothes trade, the turnover of which was DEM 1.5 billion in 1999. the turnover of retail trade at constant prices demonstrated an increase of 9.7% over 1999. Interestingly, even though the trade turnover turned up, VAT payments to the countrys Even though the activities of construction were sluggish, the sellers of construction treasury plummeted in 2000 as compared to a year ago. At the beginning of this year VAT materials did not reject their expansion plans last year. Senukø Prekyba opened a new proceeds started to increase. Therefore, there are no doubts that domestic consumption shopping centre in Kaunas. Iris started to build new retail stores in Alytus and Ðiauliai. is gradually recovering. Last year the turnover of Senukai was over LTL 300 million. The company earned LTL 20 million profits. In 2000 the retail trade turnover of transport equipment and passenger car fuels at current prices totalled LTL 3,709 million, i.e. an increase of 15.4% over a year. In the suburb of Kaunas, near the highway Kaunas-Klaipëda, German Doktor Werner Pfeifer Nevertheless, it did not reach its level of 1998. The retail turnover of other companies in Objekt und Wiklung is going to build Baltic Shopping Centers, largest shopping centre in the sector amounted to LTL 9,224 million, i.e. was almost the same as in 1998 and rose the Baltic States. Project investment is envisaged to reach about DEM 200 million. by 9.3% as compared to 1999. Last year Trojina, one of the largest wholesalers, and Mineraliniai Vandenys, wholesaler Last year the sector experienced distinctly intense concentration guided by Vilniaus Prekyba. of alcohol and tobacco, were operating successfully. The sales turnover of the former Small-sized retail sellers were hardly able to resist the competition of this giant (Vilniaus came to LTL 146 million (an increase of 6%) and of the latter LTL 126 million (an Prekyba). Therefore, the results of business survey conducted by Statistics Department increase of 25%). of Lithuania, during which the number of questioned retail trade companies reached 400, In 2000, the turnover of Citma, wholesaler of fruits and vegetables, went up and were not encouraging. In December 2000 only 11% of the respondents expected the reached LTL 42.6 million. This year the company expects to increase its turnover to situation to improve, and 30% of those surveyed forecasted things to get worse. LTL 60 million.
During 2000 Vilniaus Prekyba, largest retail store chain of Lithuania, kept expanding. Competition is sharpening in the paper market. Antalis, largest European trader in paper, Guide to Listed Companies The market share of entire shopping network VP Market (Vilniaus Prekyba Market) came opened its subsidiary Antalis Paper in Lithuania. The subsidiary plans to attain a market to 20% at the end of last year. The retail store chain consists of 104 shopping centres with share of 10-15% this year already. 2000 the number of employees reaching 6.7 thousand. The sales of VP Market in 2000 Similar processes are taking place in the sector of petrol stations. At the moment the demonstrated an increase of 53% over 1999. Its investments added up to LTL 240 million. price mark-up per 1 litre of fuels in automatic petrol stations is only about LTL 0.10. This year the Vilniaus Prekyba group will continue to grow. It is envisaged to Therefore, small-sized petrol stations that altogether comprise about ½ of the market broaden the retail store chain up to 130-140 shops till the end of 2001. Furthermore, will face difficulties in the future. Lietuva Statoil (investment sums LTL 190 million the company plans to expand abroad; first of all to open retail stores in Riga. By taking already), Hydro Texaco and Neste Lietuva continue to invest in Lithuania by building advantage of its firm position in the market, the company got deeply indebted to its new petrol stations. The probability that Aral, largest oil seller in Germany, will penetrate suppliers. According to various data sources, its liabilities to suppliers range from the Lithuanian market should not be precluded. LTL 150 million to LTL 300 million. It should be noted that the State Property Fund failed In 2000, trade in passenger cars (both new and used) livened up. Trade in new automobiles with its fourth trial to sell the 14.5% share stake of Vilniaus Prekyba that belongs to the in Lithuania is quite numb (in 2000, the number of sold automobiles came to 7,040). state for a symbolic price of LTL 490 thousand. Nevertheless, it is envisaged that this year the market will grow by approximately 10%. IKI, second largest retail trade network consisting of about 50 shopping places (with the By: Vilniaus Bankas AB, Member of the SEB Group, "Lithuanian Macroeconomic Review" No 5 number of workers totalling 2.5 thousand), is expanding, too. This year the company already opened several shops with the name Pigiau Grybo in different cities of the country.
RETAIL TRADE TURNOVER (LTL m)
14000
12000
10000
8000
6000
4000
2000
0 1997 1998 1999 2000
145 APRANGALITHUANIAN COMPANIES NACIONALINË VERTYBINIØ P0PIERIØ BIRÞA
WHOLESALE AND RETAIL TRADE Address: Kirtimø g. 51, LT-2028 Vilnius Management Board (participation in the company): Phone: (370-2) 390808 Rimantas Perveneckas, Chairman (2.26%), Fax: (370-2) 390800 Ilona Ðimkûnienë (0.04%), Gintaras Bingelis (0.06%), E-mail: [email protected] Darius Juozas Mockus (2.45%), Andrius Jovaiða (0%), Vaidas Savukynas (0%) www.apranga.lt Managing Director (participation in the company): Rimantas Perveneckas (2.26%) Registration date: 01 03 1993 Contact person: Andrius Jovaiða, Finance Director, tel. (370-2) 390804 Registration code: 2193327 Established: 1948 Privatised: 1993 Number of employees: 219 Authorised capital: LTL 8.8m Capitalisation (30 06 2001): LTL 8.8m STRUCTURE OF OWNERSHIP (31 12 2000) Auditor: Mokesèiø Ekspertø Biuras UAB Total number of shareholders amounts to 146 Trading List: Current Infanta UAB 86.75%
CORPORATE HISTORY The retail store network of APRANGA consists of Apranga, Aprangos Salonas, Aprangos The trade company APRANGA is the largest clothing company in Lithuania. The history of Galerija retail chains and of Mados Linija which is an elite store in Vilnius offering the APRANGA started in 1948, when a big distribution centre for garments and other goods highest quality products. Currently, APRANGA operates a chain of 16 stores located in was established in post-war Vilnius. The former state-owned enterprise was privatised on the largest cities of Lithuania: Vilnius, Kaunas, Klaipëda, Panevëþys, and Ðiauliai. 1 March 1993. Since 1993, APRANGA has been a public company. At present, APRANGA occupies approximately 33% of the specialised clothing market in The companys efforts brought favourable results already in 1994. Fast development was Lithuania. Thanks to co-operation with solid Western partners - Betty Barclay, Strellson, Mexx, Roy Robson, Joop!, Luhta, Hucke Group, Levi Strauss, Morgan, Naf Naf, S.Oliver, Guide to Listed Companies achieved by increasing investments and obtaining a controlling interest in some companies. By the end of 1997, APRANGA controlled 4 companies. Lloyd, Hugo Boss, Mango, Ittierre group, Gerard Darel, Tom Tailor and others - APRANGA succeeds in satisfying its customers and assuring them that "they buy value for money 2000 In 1993, APRANGA was among the first companies in Lithuania to register a bonded and dress for success". warehouse and to start co-operation with international transport companies. In 1999, APRANGA sold its transportation and warehousing business to Swedish Royal Post DEVELOPMENTS IN 2000 subsidiary "Baltic Logistic System Vilnius". In 2000, sales of APRANGA reached LTL 44.6m, marking a fall of 11% as compared with In 1993, the companys authorised capital constituted LTL 1.07m and it was divided 1999, which contributed to the reduction of profit by 15%. This profitably operating company into 107,323 ordinary shares at LTL 10 par. In 1995, every share of APRANGA was split is a leader of retail and wholesale trading in clothes in Lithuania, its sales on the local into 10 ordinary shares at LTL 1 par and the authorised capital was increased by issuing market constituted 99% of the total sales volumes. 2,146,460 ordinary shares using companys profit and of supplementary shareholders APRANGA imported 91% of goods from foreign countries: 42% from Germany, 11% - contributions by issuing 1,191,805 ordinary registered shares. In 1997, the company from Italy, 9% - from Estonia, 4% - from Spain, Holland, and Poland, respectively. decided to raise the stock capital out of supplementary contributions and to issue In 2000, the company signed a franchise agreement of three years with a Spanish company 4,411,495 ordinary shares at LTL 1 par. The whole issue was placed among shareholders. Punto F.A. regarding opening of a MANGO shop for trading in clothes of the said company. APRANGA belongs to a group of Minvista UAB companies as its shares are held by Besides, APRANGA opened a new shop in Vilnius "Maxima" trade centre and its first Infanta UAB. shop in Panevëþys. APRANGA signed a seven-year lease agreement for the premises of BUSINESS ACTIVITY two new shops in Vilnius and Panevëþys. Over 2000, APRANGA invested LTL 4.9m into the development of the store network and acquisition of new equipment. The main business activity of APRANGA is retail trade of clothes, shoes, and accessories. Revenues from retail trade constitute 89% of all companys income. PLANS, PROSPECTS FOR 2001 In order to maintain and strengthen the market leader position, the company used In 2001, APRANGA intends to carry out an active programme of reorganisation of the LTL 9.5m for investments while executing the modification and reorganisation programme chain of stores and aims at increasing the companys turnover to LTL 67m. of the distribution.
146 LITHUANIAN COMPANIESAPRANGA NATIONAL STOCK EXCHANGE OF LITHUANIA
ISIN-code: LT0000102337 Code: 10233 NSEL: APRN Reuters: APRN.VL Bridges: lt;APRN LTL Apranga (1) Daily Volume
15 25 000 730920 35065 74660
12 20 000
9 15 000
6 10 000
3 5 000
0 0 1997 1998 1999 2000 2001
FINANCIAL RATIOS 1998 1999 2000 TRADING STATISTICS 1998 1999 2000 1Q 2001
LIQUIDITY RATIOS PRICE (LTL) Current ratio 1.34 1.12 0.97 First 2.32 2.35 1.00 1.00 Quick ratio 0.22 0.14 0.07 Max 2.35(31 12) 1.01(29 01) 1.01(03 04) 1.00(16 05) Net working capital (LTL thou) 3 360 1 758 -568 Min 2.32(21 01) 1.00(30 12) 0.96(25 02) 1.00(16 05) Net working capital to total assets 0.10 0.04 -0.01 Last 2.35 1.00 1.00 1.00
Change (%) 1.29 -57.45 - - Guide to Listed Companies PROFITABILITY RATIOS Profit margin 8.40% 11.05% 4.37% Number of transactions (CM) 4 106 132 10 Return on assets 11.82% 11.64% 3.62% Turnover CM (units) 121 829 975 233 505 97 668 2000 Return on equity 20.47% 22.08% 7.20% Turnover CM (LTL) 281 829 990 232 836 97 668 Turnover BT (units) 1 567 880 2 972 955 443 845 0 FINANCIAL LEVERAGE RATIOS Turnover BT (LTL) 1 579 294 3 232 718 475 108 0 Total debt ratio 0.42 0.47 0.50 CM turnover as % in total 0.01 21.82 34.47 100.00 Debt / equity ratio 0.73 0.90 0.99 Total turnover (units) 1 568 001 3 802 930 677 350 97 668 ASSETS UTILISATION RATIOS Total turnover (LTL) 1 579 574 4 062 708 707 944 97 668 Inventory turnover 3.06 2.38 1.90 Turnover ratio (%) 17.77 43.10 7.68 1.11 Receivables turnover 18.68 31.84 55.05 As % in the total share turnover 0.18 0.33 0.09 0.04 Net working capital turnover 14.18 28.51 -78.47 Long term assets turnover 2.33 1.64 1.19 Total assets turnover 1.41 1.05 0.83 MARKET VALUE RATIOS 1998 1999 2000 2Q 2001
Capitalisation (LTL thou) 20 734 8 823 8 823 8 823 Share book value (LTL) 2.22 2.80 3.07 2.95 Price / book value ratio (P/BV) 1.06 0.36 0.33 0.34 Earnings per share (LTL) 0.45 0.64 0.22 0.01 Price / earnings ratio (P/E) 5.18 1.56 4.53 126.78 Dividend per share (LTL) - - - Dividend yield - - - Dividend payout ratio - - -
SUBSIDIARIES Date of Authorised Participating STRUCTURE OF SHARE CAPITAL establishment capital (LTL) interest Share capital: LTL 8,822,990 Palangos Varûna UAB 1993 925thou 98.6% Ordinary shares: 8 822 990 registered ordinary shares at LTL 1 par (security code Ðeðupë Ontario UAB 1997 1,000thou 59.0% 10233) accounting for 100% of the auth. capital (admitted to Tokata UAB 1994 209thou 100% trading at the NSEL on 26.05.97)
147 APRANGALITHUANIAN COMPANIES NACIONALINË VERTYBINIØ P0PIERIØ BIRÞA
LAS Company Company Company LAS Company Company Company BALANCE SHEET (LTL) 1998 1999 2000 PROFIT (LOSS) ACCOUNT (LTL) 1998 1999 2000 Assets Items LONG TERM ASSETS 20490086 30625888 37427189 SALES AND SERVICES 47651548 50140484 44594533 Formation costs 0 0 0 Turnover from sales of goods 44870623 50140484 44594533 Intangible assets 304986 608322 966254 Turnover from services rendered 2780925 0 0 Tangible assets 13751545 24661293 31152851 COST OF GOODS SOLD Land 0 0 0 AND SERVICES RENDERED 29464368 30974211 28382113 Buildings 9338950 17339737 12357630 Raw materials, consumables Plant and machinery 365663 939870 949431 and goods for resale 29464368 30974211 28382113 Vehicles and other transport means 453967 367061 454580 Services, works and research 0 0 0 Other fixtures, fittings, tools GROSS PROFIT (LOSS) 18187180 19166273 16212420 and equipment 3466796 5925715 6065784 OPERATING EXPENSES 13536848 13757152 15422936 Leasing and similar rights 104169 69581 11325426 Selling expenses 9430409 8300877 9482619 Other tangible assets 22000 19329 0 General and administrative expenses 4106439 5456276 5940317 Constructions in progress PROFIT FROM OPERATIONS (LOSS) 4650332 5409121 789484 and prepayments 0 0 0 OTHER OPERATIONS 283131 790289 701423 Financial long term assets 6191929 5168929 5168929 Other operating revenue 497664 1234858 1091463 Amounts receivable after one year 241626 187344 139155 Other operating expenses 214533 444568 390040 Trade debtors 0 0 0 FINANCIAL AND INVESTING ACTIVITIES -941598 -519676 719933 Other amounts receivable 241626 187344 139155 Revenue from financial SHORT TERM ASSETS 13316668 16946354 16217449 and investing activities 427644 975924 2873194 Stocks and contracts in progress 11140348 14857217 15084395 Expenses of financial Stocks 11140348 14857217 15084395 and investing activities 1369242 1495600 2153261 Contracts in progress 0 0 0 PROFIT FROM ORDINARY Amounts receivable within one year 1794794 1354644 265490 ACTIVITIES (LOSS) 3991865 5679734 2210840 Trade debtors 1148506 934079 239483 EXTRAORDINARY GAIN 48202 8046 10889 Other amounts receivable 646288 420565 26007 EXTRAORDINARY LOSSES 35330 18629 195431 Investments and term deposits 0 0 0 CURRENT YEAR PROFIT BEFORE TAXES 4004737 5669151 2026298 Cash at bank and hand 381526 734493 867564 INCOME TAXES 0 126383 79185
Guide to Listed Companies TRANSFER ACCOUNTS 65935 46835 98804 NET PROFIT OF THE CURRENT YEAR Total assets 33872689 47619077 53743442 FOR APPOPRIATION (LOSS) 4004737 5542768 1947113
2000 Owners' equity and liabilities CAPITAL AND RESERVES 19563902 25106670 27053783 Capital 8822990 8822990 8822990 Subscribed capital 8822990 8822990 8822990 Uncalled capital (-) 0 0 0 Share premium account 441149 441149 441149 Revaluation reserve 0 0 0 Reserves 10299763 15842531 17789644 Legal reserve 0 460636 460636 Reserves not available for distribution 0 15256512 15256511 Reserves available for distribution 0 125383 2072497 Profit (loss) brought forward 0 0 0 FINANCING (GRANTS AND SUBSIDIES) 0 31052 22052 PROVISIONS FOR LIABILITIES AND CHARGES, POSTPONED AND DEFERRED TAXES 0 0 20000 Provisions 0 0 20000 Postponed taxes 0 0 0 AMOUNTS PAYABLE AND LIABILITIES 14280977 22341877 26456753 Amounts payable after one year and long term liabilities 4286646 7246581 9763041 Financial debts 4286646 4180581 7416041 Trade creditors 0 0 0 Suppliers 0 0 0 Bills of exchange payable 0 0 0 Prepayments received on contracts in progress 0 0 0 Other amounts payable and long term liabilities 0 3066000 2347000 Amounts payable within one year and short term liabilities 9994331 15095296 16693712 Short term portion of long term debts 0 0 1215384 Financial debts 6334733 8155378 8570213 Credit institutions 6334733 8155378 8570213 Other loans 0 0 0 Trade creditors 1556791 3457372 3446517 Suppliers 1556791 3457372 3446517 Bills of exchange payable 0 0 0 Prepayments received on contracts in progress 1207744 2647246 2008688 Taxes, remuneration and social security payable 276300 316707 711006 Taxes 42023 93274 436578 Remuneration 72368 96944 104097 Social security payable 161909 126489 170331 Other amounts payable and short term liabilities 618763 518592 741904 ACCRUED CHARGES AND DEFERRED INCOME 27810 139478 190854 Total owner's equity and liabilities 33872689 47619077 53743442
148 LITHUANIAN COMPANIES NATIONAL STOCK EXCHANGE OF LITHUANIA
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National Stock Exchange of Lithuania Ukmergës g. 41, LT-2600 Vilnius, Lithuania Tel.: +370 2 723871, fax: +370 2 724894 E-mail: [email protected] 149 LITHUANIAN COMPANIES NACIONALINË VERTYBINIØ P0PIERIØ BIRÞA Guide to Listed Companies 2000
150 LITHUANIAN COMPANIESBANKING SECTOR NATIONAL STOCK EXCHANGE OF LITHUANIA
At the end of 2000, there were ten commercial banks licensed by the Bank of Lithuania, During last year there were no essential shifts in the bank capital. This suggested the three foreign bank branches, five foreign bank representative offices and a special purpose sector is slowly recovering after the Russian crisis. On the other hand, shareholders bank Turto Bankas were operating in Lithuania. In October 2000 the Vilnius branch of were not driven to raise capital due to the quite tight market of bank services domestically. French Societe Generale was removed from the register of companies of the Republic The existing level of equity was excessively enough to meet the capital adequacy of Lithuania. Finnish Merita Bank Plc. took over this business and established its branch requirement. On 1 January 2001, the indicator of average capital adequacy in the banking in Vilnius. In January 2001, the Bank of Lithuania authorised German Vereins - und system amounted to 16.33% and was significantly higher than the required minimum of Westbank AG to open a branch in Vilnius, too. 10%. In compliance to the capital adequacy requirement, the existing excess capital The privatisation of two major state-owned banks Lietuvos Taupomasis Bankas AB was sufficient to cover the additional risk of LTL 4.4 million new assets. (LTB, Lithuanian Savings Bank) and Lietuvos Þemës Ûkio Bankas AB (LÞÛB, Lithuanian The share of long-term loans has been increasing and induced concluding that banks Agricultural Bank) was not completed during last year. Although a privatisation tender are taking the higher credit risks. Unfortunately, the ratios of special provisions and for Lietuvos Þemës Ûkio Bankas AB was already organised twice, it failed both times. non-performing loans do not support this hypothesis. In April 2001, negotiations with Hansapank AS (Estonia) regarding sale of shares of Indeed, at the end of last year the quality of loans improved a lot. Both indicators Lietuvos Taupomasis Bankas AB ended successfully and the corresponding agreement given in the table evidence this quality improvement. Banks have made stricter was signed. conditions for credit extension; many non-performing loans have been removed from their balance accounts. THE GENERAL INDICATORS OF THE BANKING SYSTEM (LTL m) In 2000, net profits earned by banks summed LTL 52.7 million. Balance sheet entry 01 01 2000 01 01 2001 Change (%)
Assets 11,242 13,090 16.4 PROFITS OF BANKS OPERATING IN LITHUANIA (LTL m) Loans* 5,910 5,917 0.1 Bank 1999 2000 Deposits and letters of credit: 6,940 8,596 23.9 Individuals 3,986 5,043 26.5 Lietuvos Þemës Ûkio Bankas AB 11.8 7.3 Private companies 1,992 2,470 24.0 Lietuvos Taupomasis Bankas AB 16.6 -32.6 Bank capital 1,314 1,310 -0.3 Ûkio Bankas AB 5.5 4.0
Vilniaus Bankas AB 74.2 82.2 Guide to Listed Companies *Including loans for banks and other financial institutions Ðiauliø Bankas AB 1.8 1.9 Bankas Snoras AB 8.2 3.9 2000 On 1 January 2001, the amount of loans extended by banks was almost the same as a Medicinos Bankas AB 1.2 1.4 Parex Bankas AB* -2.1 -4.6 year ago. Based on non-revised accounting principles, the sum of loans was even slightly Hansabankas AB -3.9 -3.7 higher; nevertheless, this increase can not be considered an indicator of general economic Sampo Bankas UAB - 1.3 recovery. Kredyt Bank S.A. Vilnius Branch 4.7 6.2 The International Monetary Fund (IMF) and other foreign analysts have already drawn their Norddeutsche Landesbank Girozentrale Vilnius Branch -1.1 -11.3 attention to the stagnating loan portfolio of Lithuanian banks. In 2000, the share of net Merita Bank Plc Vilnius Branch -4.6 -3.3 loans granted to clients contracted from 47% to 40% of bank assets. As compared to other Total 112.3 52.7 countries, this figure is relatively low. * Until 5 October 2000 Industrijos Bankas Last year the process of crediting did not contribute to the development of the economy. With rapidly rising unemployment, households were trying to avoid any risks by As compared to 1999, in 2000 the net profits of the banking system fell by almost increasing their savings. Corporate deposits with banks went up too, due to the LTL 60 million or more than two times. The decrease in the net profits of LTB was of a improved financial standing of some private companies. Unfortunately, there were no similar scope. In the wake of its privatisation, LTB attempted to show its true position reliable borrowers, who could make use of augmenting credit funds of banks. As in financial reports and made considerable additional special provisions on non- before, the business future was seen as not very promising. On the other hand, the performing loans that had previously been granted. The profitability of Kredyt Bank progress prospects for this year are more optimistic, because many companies S.A. Vilnius Branch has constantly been increasing. On the contrary, the financial reported about anticipated production expansion. indicators of Nord/LB, another foreign bank branch, were not encouraging. The necessary condition for sustainable economic growth this year is an increase in the In 2000, the share of interest income, almost 70%, remained the largest in the structure banks loan portfolio; otherwise own sources of companies will be insufficient to cover of income earned by banks. Nevertheless, the possibility to raise income from this source sound investments. Meanwhile credits to individuals are sluggishly extended due to was constrained by the limited loan portfolio of banks and by slipping down interest instability of their financial situation and due to high unemployment. Many potential rates in general. As compared to 1999, last year foreign exchange operations were borrowers abstained from taking the long-term mortgage loan or other type credits, significantly more beneficial and brought 6.6% of total income. since they were not firmly sure about their income in the future. By: Vilniaus Bankas AB, Member of the SEB Group, "Lithuanian Macroeconomic Review" No 5 In 2000, the balance of deposits and letters of credit expanded by approximately 25% and for large part contributed to the increased assets of banks. Banks did not find many profitable projects for crediting domestically and thus were looking for investment opportunities abroad.
151 BANKASLITHUANIAN SNORAS COMPANIES NACIONALINË VERTYBINIØ P0PIERIØ BIRÞA
BANKING Address: A.Vivulskio g. 7, LT-2600 Vilnius Supervisory Board (participation in the company): Phone: (370-2) 262795, 310155 Yafim Borodulin, Chairman (0.0007%), Fax: (370-2) 310155 Antanas Zenonas Kaminskas (0.00004%), Juozas Kabaðinskas (0.00004%), E-mail: [email protected] Gediminas Kiesus (0.0002%), Dinos Constantinou (0.00007%) www.snoras.com Management Board (participation in the company): Registration date: 30 01 1993 Raimondas Baranauskas, Chairman (0.2%), Registration code: 1202597 Romasis Vaitekûnas (0%), Michail Storoþev (0%), Established: 1992 Zita Selenkovienë (0%), Juozas Lukauskas (0%) Managing Director (participation in the company): Raimondas Baranauskas (0.2%) Number of employees: 804 Contact Person: Margarita Kazakeviè, Financial Institutions Unit Manager, Authorised capital: LTL 137.3m tel. (370-2) 262795 Capitalisation (30 06 2001): LTL 21.5m STRUCTURE OF OWNERSHIP (28 03 2001) Auditor: Deloitte & Touche Total number of shareholders amounts to 635 Trading List: Current Incorion Investment Holding Company (Luxembourg) 49.90% Big Transport AG (Switzerland) 9.90% Kristy Oil S.A. (Panama) 9.90% Scan Transrail Ltd. (Finland) 9.90% Westernbridge Ltd. (Cyprus) 5.70%
CORPORATE HISTORY The Bank actively develops interbank relations. It co-operates with Western as well as The Bank commenced its operations on 17 March 1992. At the time its name was ÐIAULIØ Eastern banks, and has correspondent relationships with 30 banks in 26 countries among
Guide to Listed Companies KRAÐTO BANKAS. The Bank was re-named into BANKAS SNORAS (further SNORAS) in which are world known banks such as Bankers Trust Company, Barclays Bank PLC, 1993 with the authorised capital of LTL 5m. Commerzbank, the Bank of Tokyo-Mitsubishi.
2000 In September 1996, SNORAS became a full member of the S.W.I.F.T. organisation. In March 2000, the increase of the authorised capital to LTL 137.3m was registered. This fact enabled the Bank to reduce operating costs and increase reliability of transmission Big Transport AG and Scan Transrail Ltd. are interrelated shareholders (19.8% of authorised and reception of messages. capital) that do not have the voting right without a permit of the Bank of Lithuania to acquire blocks of shares. In June 1997, the general shareholders meeting resolved to raise share capital to LTL 27m and issue 2,700,000 ordinary registered shares. On 29 October 1998, share DEVELOPMENTS IN 2000 capital of LTL 49,024,000 was registered with the Bank of Lithuania. 4,902,400 ordinary SNORAS is a profitably operating bank. In 2000, its profit reached LTL 2.9m (cf. LTL 8.2m registered shares were issued. in 1999), while its assets grew by LTL 117.9m to LTL 623.1m. Loan portfolio of the In 1998, the Bank established a subsidiary Snoro Garantas (insurance company). Bank augmented by 66.8% during the year. Loans for legal entities augmented by 65% and at the beginning of the year such loans accounted for 96% of all loans granted. In 1999, SNORAS established a subsidiary Snoro Lizingas (leasing company). In the second half of 2000, due to development of housing crediting loans to natural BUSINESS ACTIVITY persons surged by 117% and accounted for 3.7% of loan portfolio. According to the During 8 years of its activity the Bank became popular, its name is very well know in end-of-year data, SNORAS invested LTL 28.1m into securities. The bank has 10 branches Lithuania, Baltic countries as well as in the markets of Eastern countries. According to the in every regional centre, 160 divisions, and representative offices in Minsk, Kiev, and amount of assets, SNORAS is the fifth bank in Lithuania and 13th in the Baltic States. Moscow. The Bank distributed over 100thou payment cards and is the second bank in Lithuania in terms of turnover of payment in cards. The number of SNORAS clients SNORAS expands its retail banking activities intensively. Currently the Bank has 10 branches reached 177thou. operating in regional centres of Lithuania. The Bank renders services to its clients through 160 savings outlets operating in various regions and through representative offices of In 2000, the Bank launched a new retail banking product - new family of national SNORAS in Minsk, Kiev, and Moscow. microprocessor payment cards - eLitoCard. The family consists of ordinary payment card eLitoCard Klasikinë, combined with Lithuanian Automobile Users Association card The Bank maintains 200 ATMs, where clients can not only withdraw cash but also perform eLitoCard LAS, entertainment network card eLitoCard Tangomanija, and prestige card money transfers and currency exchange operations. eLitoCard Gintarinë. Owners of these cards can benefit from automated discount system In the middle of 1996, the Bank introduced microprocessor payment card ImparCard to and loyalty points collection plans. private persons. SNORAS is a member of the international organisation Europay In autumn 2000, Thomson BankWatch, an international rating agency, approved the International, issues EuroCard/MasterCard, Maestro international cards as well as hybrid following ratings granted to SNORAS back in 1998: long term liability BB-, short term cards EuroCard/MasterCard+ImparCard and Maestro+ImparCard. liability in national currency LC-2, and issuer liabilities IC-C/D. SNORAS has implemented GSM-Bankas payment. Clients can get information about PLANS, PROSPECTS FOR 2001 accounts in the Bank, means in the international cards, foreign currency rates and other information by using SMS service of Omnitel mobile GSM connection. SNORAS seeks to attract new clients by offering new progressive banking products and by implementing Internet banking.
152 LITHUANIAN COMPANIESBANKAS SNORAS NATIONAL STOCK EXCHANGE OF LITHUANIA
ISIN-code: LT0000101925 Code: 10192 NSEL: SNOR Reuters: SNOR.VL Bridges: lt;SNOR LTL Bankas Snoras (10) Daily Volume
50 5 000 6513 52196
40 4 000
30 3 000
20 2 000
10 1 000
0 0 1995 1996 1997 1998 1999 2000 2001
TRADING STATISTICS 1998 1999 2000 1Q 2001
PRICE (LTL) First 19.00 13.50 9.64 3.60 Max 20.00(22 05) 13.50(07 01) 9.64(23 02) 3.70(11 01) Min 11.00(14 04) 9.00(21 07) 2.61(16 11) 2.85(19 06) Last 13.50 9.64 3.60 2.85
Change (%) -28.95 -28.59 -62.66 -20.83 Guide to Listed Companies
Number of transactions (CM) 210 78 64 8
Turnover CM (units) 20 760 56 200 9 652 1 866 2000 Turnover CM (LTL) 357 275 547 488 51 402 6 316 Turnover BT (units) 9 868 2 151 036 41 108 4 647 383 Turnover BT (LTL) 185 278 3 397 687 41 972 26 130 431 CM turnover as % in total 67.78 2.55 19.01 0.04 Total turnover (units) 30 628 2 207 236 50 760 4 649 249 Total turnover (LTL) 542 553 3 945 175 93 374 26 136 747 Turnover ratio (%) 1.13 81.75 0.67 61.50 As % in the total share turnover 0.06 0.32 0.01 11.05
MARKET VALUE RATIOS 1998 1999 2000 2Q 2001
Capitalisation (LTL thou) 36450 26 028 27 216 21 546 Share book value (LTL) 29.86 17.49 11.58 11.63 Price / book value ratio (P/BV) 0.45 0.55 0.31 0.24 Earnings per share (LTL) 1.63 3.02 0.33 0.19 Price / earnings ratio (P/E) 8.27 2.38 11.02 14.70 Dividend per share (LTL) - - - Dividend yield - - - Dividend payout ratio - - -
STRUCTURE OF SHARE CAPITAL
Share capital: LTL 137,267,200 Ordinary shares: 7 560 000 registered shares at LTL 10 par (security code10192) SUBSIDIARIES Date of Authorised Participating accounting for 55.08% of the auth. capital (admitted to trading at establishment capital (LTL) interest the NSEL on 25.01.94) Snoro Garantas ADB (Insurance) 1998 3.0m 100% 6 166 720 registered shares at LTL 10 par (security code 12450) Snoro Lizingas UAB (Leasing) 1999 2.0m 100% accounting for 44.92% of the auth. capital (admitted to trading at Vilniaus kapitalo vystymo projektai UAB 2000 49% the NSEL on 25.11.98)
153 BANKASLITHUANIAN SNORAS COMPANIES NACIONALINË VERTYBINIØ P0PIERIØ BIRÞA
IAS Bank Bank Bank Group BALANCE SHEET (LTL thou) 2000 1999 1998 2000
Assets Cash 44519 33163 28802 44519 Due from Bank of Lithuania 38278 32048 22200 38278 Due from other banks, net 49968 78740 129766 44772 Loans and advances to customers, net 369726 223607 88926 369726 Investments 28141 41094 67071 26141 Fixed assets 82101 89921 95533 82196 Other assets, net 10409 6662 68650 19803 Total assets 623142 505235 500948 625435
Liabilities Subordinated debt 1400 1400 Due to other banks 13508 22720 8328 13365 Current and term deposit accounts 416738 301136 328124 416738 Other liabilities 32075 23387 16686 34493 Deferred tax 1847 1513 - 1847 Total liabilities 464168 350156 354538 466443
Shareholders' equity Share capital 137267 49024 49024 137267 Legal reserve 1455 1048 1048 1455 Share premium 305 88548 88548 305 Retained earnings 19947 16459 8002 19965 Total shareholders' investment 158974 155079 146622 158992 Guide to Listed Companies Total liabilities and shareholders' investment 623142 505235 500948 625435 2000
PROFIT AND LOSS STATEMENT (LTL thou) 2000 1999 1998 2000
Interest income 54524 65145 33544 55026 Interest expense -15750 -15036 -20241 -15750 Net interest income 38774 50109 13303 39276
Fees and commission income, net 13900 12151 12451 14776 Foreign exchange gain (loss), net 7865 -1620 33851 7865 (Loss) income from investment activities -1143 3053 12989 -1143 Other operating income 948 1830 7075 962 Total income 60344 65523 79672 61736
Reversal of provisions for losses, net 380 119 -5191 380 Net income after provision 60724 65642 74481 62116
Salaries and related social expenses -25298 -26118 -34465 -26002 Depreciation and amortization expenses -10339 -8989 -7403 -10373 Other administrative expenses 19605 -19550 -24951 -20149 Profit before taxation 5482 10985 7662 5592
Current income tax -1253 -1306 340 -1253 Deferred income tax -334 -1513 - -334 Net profit 3895 8166 8002 4005
Basic earnings per share (LTL) 0.28 0.60 0.67 0.29
154 LITHUANIAN COMPANIESBANKAS SNORAS NATIONAL STOCK EXCHANGE OF LITHUANIA
IAS Bank Bank Group CASH FLOW STATEMENT (LTL thou) 1999 1998 2000
Cash flow from operating activities Interest received 60241 32409 56165 Interest paid -15343 -16406 -14684 Repayment of loans previously written - off 83 5620 349 Net receipts from operations with foreign currency 10418 33854 8059 Net receipts from operations with securities 3053 12989 83 Net receipts for services and commission 12151 12214 13945 Cash payments of salaries and associated payments -26523 -35033 -25090 Other payments -15443 -22483 -17537 Net cash provided by operating activities before change in operating assets 28637 23164 21290
Changes in operating assets and liabilities Balances with the Bank of Lithuania -6390 -9245 2222 Balances with the other banks 9893 128884 -26697 Net sale of investments 18085 -42512 15258 Loans and advances to customers, net of sale -134650 -53934 -148747 Other assets 64089 171502 17166 Deposits -26988 -149049 115602 Other liabilities 1443 -40591 6919 Net cash used in operating activities -45881 28219 -18277
Cash flow from investing activities
Additions of fixed assets, net of disposals -6983 -22388 -2926 Guide to Listed Companies Net cash used in investing activities -6983 -22388 -2926
Cash flow from financing activities 2000 Share issue 22024 Term bills 3368 - -2009 Term bills' interests -8 - -138 Other funding received 88096 Sale of treasury shares 503 - Repayment of subordinated loans -1400 Dividends paid -1059 Net cash (used in) provided by financing activities 3863 109061 -3547
Net decrease increase in cashand cash equivalents -49001 114892 -3460 Cash and cash equivalents at the beginning of the year 160351 45459 111350 Cash and cash equivalents at the end of the year 111350 160351 107890
Cash and cash equivalents consist of Cash 33163 28802 44519 Correspondent accounts and demand deposits from other banks due within 3 month 74440 129766 42773 Treasury bills with maturity less than 3 month 289 1783 8688 Balances with Bank of Lithuania other than compulsory reserves 3458 - 11910
155 LIETUVOSLITHUANIAN TAUPOMASIS BANKASCOMPANIES NACIONALINË VERTYBINIØ P0PIERIØ BIRÞA
BANKING Address: Savanoriø pr. 19, LT-2009 Vilnius Supervisory Board (from 05 06 2001): Phone: (370-2) 684801, 684321, 684848 Raul Parusk, Chairman, Fax: (370-2) 232431, 232432 Indrek Neivelt, Erkki Raasuke, Sven Lennart Lundberg, E-mail: [email protected] Olli Ensio Heinonen, Ingrida Bluma, Sten Ingvar Bertil Andreasson www.ltb.lt Management Board (from 05 06 2001): Registration date: 28 12 1993 Arûnas Ðikðta, Chairman, Registration code: 1202965 Darius Nedzinskas, Dalius Darulis, Dalius Kaveckas, Antanas Poðka Established: 1919 Managing Director: Arûnas Ðikðta Privatised: 1992 Contact Person: Tomas Andrejauskas, Head of the Trading Department, Number of employees: 3571 tel. (370-2) 390638 Authorised capital: LTL 167m Capitalisation (30 06 2001): LTL 159.8m STRUCTURE OF OWNERSHIP (05 06 2001) Auditor: PricewaterhouseCoopers Total number of shareholders amounts to 4060 Trading List: Current Hansapank AS 91.80%
CORPORATE HISTORY controlled more strictly. The largest positive changes occurred in the business and budget Lietuvos Taupomasis Bankas (LTB, Lithuanian Savings Bank) is the oldest banking institution activity and risk management. The above stated measures and a strict control of investments in Lithuania. Its rudiments date back as far as the middle of the 19th century, when the into long term assets created conditions to improve the structure of the Bank's assets. first savings kasa was set up in Klaipëda (the then Memel under the occupation of Prussia) In the course of the year, the average assets earning interest improved by LTL 442m, while in 1830. The origin of the up-to-date LTB is considered to be 4 August 1919, when Lithuanian its share in the overall assets of the Bank grew from 73% in January to 77% in December. Government approved the By-laws of the so-called Taupomosios Valstybinës Kasos At the end of 2000, the Banks assets equalled LTL 3,421.2m (LTL 3,168.5m in 1999). (the State Savings Offices). State savings offices operated during all occupations, Capital of LTB decreased by LTL 30.5m and amounted to LTL 221.1m. Guide to Listed Companies however, their functions at transition periods were limited. In 1986, when the Soviet Bank Currently, LTBs clients are serviced at 48 branches, 316 customer service points, and System was undergoing reorganisation, Lithuanian savings departments were integrated
2000 31 remote offices. At the end of 2000, LTB managed 44.8% of the market of personal into the Savings and Citizens Crediting Bank of the USSR. deposits and 16.8% of loan market. After the independence was restored in 1990, the Bank was transformed into the LTB. In Deposits of individuals and business entities account for the bigger part of the Bank's October of the same year, it was granted the status of the state bank. In 1993, the Bank borrowed and own means (94.8%). Over the year, these means augmented by LTL 213.8m was registered as a state-public bank with the share capital in excess of LTL 10 million. and at the end of 2000 stood at LTL 2,824.7m. In 2000, individual deposits grew by In 1995, the Banks share capital doubled, in 1996 it was again raised by LTL 20m and LTL 139.8m and reached LTL 2,260.9m. As of 31 December 2000, deposits of business totalled LTL 40 million. After a new share issue in 1996, the state interest in the Bank came entities equalled LTL 563.7m. Since the beginning of the year, the share of term deposits to 74.25%. increased from 44.5% to 47.3%. Deposits of both individuals and business entities in With the placement of LTL 2.2m ordinary shares in 1997, the authorised capital of the national currency accounted for 66% of those means, while deposits in foreign currency Bank reached LTL 82.3m. After the new share issue the Banks authorised capital increased totalled 34%. by LTL 85m. Currently it amounts to LTL 167m. Loans (excluding loans for banks and financial institutions) in 2000 decreased by LTB was the first in Lithuania to issue subscription rights and have them traded on the LTL 222m and reached LTL 927m. Loans to business entities accounted for 76.4% National Stock Exchange of Lithuania in October-November 1997. of all loans and totalled LTL 708.4m, while those to individuals made up LTL 218.5m. In mid-1997 the Bank established its leasing subsidiary LTB Lizingas UAB, and in 1999 In the loan portfolio, long term loans amounted to 63.3% and equalled LTL 573m, LTB Investicijø Valdymas UAB, an investment management company. LTB Draudimas UAB, and short term loans received 36.7% (LTL 354m). In 2000, the total amount of non-life insurance company, started its operations on 17 January 2000. loans in foreign currency increased insignificantly in the total loan portfolio and accounted for 48% at the end of the year. BUSINESS ACTIVITY At the end of the year, the securities portfolio made up LTL 1,211.8m. Government securities LTB is a universal retail bank that renders services to mainly individuals, representatives of for restructurisation of banks accounted for 40.4% of securities portfolio. In 2000, small and medium-scale and large businesses, and state institutions. Besides the main the Banks interest income accounted for LTL 223.2m, or 69.7% of all Banks income. banking activity, LTB takes an active part in the Government social programmes restoring depreciated deposits, compensating for the lost funds at the bankrupted banks, providing Having strengthened risk management, and that of credits in particular, the Bank favourable loans for housing, etc. As of 31 December 2000, LTB's market shares in the evaluated majority of loans granted and financial capability of its debtors more strictly. national banking sector were as follows: 26.14% of the total bank's assets; 32.86% of the After the Bank's loan portfolio was reviewed, special provisions of LTL 52.3m for total bank's deposits; 44.83% of the total bank's personal deposits; 15.87% of the total loans and interests were additionally formed. Besides, special provisions of LTL 24.7m bank's corporate deposits, and 16.78% of the total bank's loan portfolio. were formed for other assets (including immovable property). These provisions of LTL 77m determined the Bank's loss of LTL 32.6m in 2000. The Bank is a member of European Savings Banks Group, World Institute of Saving Banks, International Payment Cards organisation Europay International and Visa International. PLANS, PROSPECTS FOR 2001 LTB is the only Lithuanian agent of US financial services company Western Union which In April 2001, negotiations were completed and an agreement regarding sales of shares provides cash transfer services to private individuals. of LTB to the Estonian bank Hansapank AS were completed. On 1 June, at the State Property Fund the Memorandum of Completion of the transaction for the purchase of DEVELOPMENTS IN 2000 90.73% shares in LTB was signed, and shares of LTB were transferred into the ownership Following Lithuanian Government's decision of 20 May 1999, LTB was included into the of Hansapank AS. Hansapank AS paid USD 37.5m (LTL 150m) for a 90.733% stake. list of the privatisation of the state-run strategic objects. On 11 May 2000, Daiwa SBCM Upon fulfilment of all obligations related to the completion of the deal, Hansapank AS was approved an advisor on privatisation of LTB. The agreement signed with this investment received all required permits from the Bank of Lithuania, Central Bank of Estonia, and bank on 2 June 2000 encompassed the entire LTB's privatisation process, including activities Competition Council of the Republic of Lithuania. Hansapank AS committed itself to of searching for potential investors, negotiations, transaction, and other related actions. invest LTL 150m into LTB during one and a half years. New members were elected to the In 2000, all efforts of LTB, the largest bank on the retail market in Lithuania, were aimed at Supervisory and Management Boards of the Bank, the main targets of which are increasing the Bank's value and preparations for privatisation. In the course of the year, the restructuring of LTB and integration thereof into Hansapank Group. Full completion of Bank's management structure was reorganised, the quality of assets was improved, the the merger is planned for November-December 2001. After the Statute of the joint bank mechanism for granting and management of loans was enhanced, and expenses were is registered, it will start operating under the name Hansa-LTB.
156 LITHUANIANLIETUVOS TAUPOMASIS COMPANIES BANKAS NATIONAL STOCK EXCHANGE OF LITHUANIA
ISIN-code: LT0000100620 Code: 10062 NSEL: LTB Reuters: LTB.VL Bridges: lt;LTB LTL Lietuvos Taupomasis Bankas (10) Daily Volume
30 15 000 27590 25030 15905 19000
24 12 000
18 9 000
12 6 000
6 3 000
0 0 1995 1996 1997 1998 1999 2000 2001
TRADING STATISTICS 1998 1999 2000 1Q 2001
PRICE (LTL) First 15.50 6.30 9.90 8.37 Max 16.99(05 01) 9.90(30 12) 9.90(10 01) 9.88(07 06) Min 4.40(09 11) 4.80(25 10) 4.99(07 08) 7.20(06 03) Last 6.30 9.90 8.37 9.55 Change (%) -59.35 57.14 -15.45 14.10 Guide to Listed Companies
Number of transactions (CM) 508 351 688 397 Turnover CM (units) 109 548 66 249 187 293 169 324 2000 Turnover CM (LTL) 996 425 422 991 1 310 665 1 566 615 Turnover BT (units) 279 015 90 024 404 442 66 206 Turnover BT (LTL) 2 846 847 501 534 2 616 063 529 353 CM turnover as % in total 28.19 42.39 31.65 71.89 Total turnover (units) 388 563 156 273 591 735 235 530 Total turnover (LTL) 3 843 272 924 525 3 926 728 2 095 968 Turnover ratio (%) 2.32 0.93 3.54 1.41 As % in the total share turnover 0.43 0.08 0.49 0.89 * Trading statistics is recalculated according to the last nominal value of LTL 10 (as of 09 1997)
MARKET VALUE RATIOS 1998 1999 2000 2Q 2001
Capitalisation (LTL thou) 105419 165 659 140 057 159 802 Share book value (LTL) 14.05 15.05 13.21 13.89 Price / book value ratio (P/BV) 0.45 0.66 0.63 0.69 Earnings per share (LTL) 0.03 1.01 -1.95 -1.47 Price / earnings ratio (P/E) 217.36 5.56 - - Dividend per share (LTL) - - - Dividend yield - - - Dividend payout ratio - - -
SUBSIDIARIES Date of Authorised Participating establishment capital (LTL) interest STRUCTURE OF SHARE CAPITAL LTB Lizingas UAB (leasing) 1997 4.0m 100% LTB Investicijø Valdymas UAB 1999 1.6m 100% Share capital: LTL 167,332,320 (Investment management) Ordinary shares: 16 733 232 registered shares at LTL 10 par (security code 10062) LTB Draudimas UAB (Insurance) 2000 2.0m 100% accounting for 100% of the auth. capital (admitted to trading at the Mokëjimo Korteliø Sistemos UAB 7.4 m 41% NSEL on 02.11.93)
157 LIETUVOSLITHUANIAN TAUPOMASIS BANKASCOMPANIES NACIONALINË VERTYBINIØ P0PIERIØ BIRÞA
IAS Bank Bank Bank Group Group Group BALANCE SHEET (LTL thou) 2000 1999 1998 2000 1999 1998
Assets Cash, precious metals and other valuables 95526 94493 130506 95526 94493 130506 Placements with central banks 189587 285467 242926 189587 285467 242926 Placements with credit and financial institutions 531051 173568 208059 531051 173568 208059 Net loans to credit and financial institutions 36417 37207 41857 Short term treasury bills 162627 205420 478043 162627 205420 478778 Net loans granted 906972 1131969 1028156 906972 1131969 1028156 Gross loans granted 926886 1148893 926886 1148893 Specific provisions -19914 -16924 -19914 -16924 Leasing 43745 36701 40037 Government debt securities for restructuring of banks 489999 604462 563084 489999 604462 563084 Debt securities 545239 146392 123115 545239 146392 123115 Equity investments 13955 8424 8218 9755 4724 4518 Intangible assets 1800 986 529 1800 987 531 Tangible fixed assets 266433 291170 278783 266596 291389 278907 Buildings and other real estate 223918 247889 223918 247889 Vehicles 3731 5180 3857 5350 Office equipment, etc. 38784 38101 38821 38150 Accrued income and deferred expenses 24564 14962 27996 24595 14941 27961 Assets under administration 113467 122337 113467 122337 Other assets 43584 51618 80676 51749 54857 81375 Total assets 3421221 3168475 3211948 3432708 3167707 3207953
Liabilities
Guide to Listed Companies Liabilities to central banks 7534 7534 Amounts due to credit and financial institutions 6640 5504 668 5738 4352 668
2000 Liabilities to credit institutions 78531 64384 105367 89694 64384 100943 Deposits and letters of credit 2824657 2610853 2282945 2824653 2610853 2282945 Special and lending funds 70624 42917 453794 70624 42917 453794 Accrued expenses and deferred income 25997 21794 2580 25038 21794 2580 Funds under administration 113467 122337 113467 122337 Other liabilities 80212 49094 124020 81836 49207 124454 Total liabilities 3200128 2916883 2976908 3211050 2915844 2972918
Shareholders' equity Share capital 167332 167333 167333 167332 167333 167333 Share premium 8651 8651 52082 8651 8651 52082 Revaluation reserve 46176 44646 8404 46176 44646 8404 Retained earnings -32601 16582 485 -32307 16853 480 Other capital and reserves 31535 14380 6736 31806 14380 6736 Total shareholders' equity 221093 251592 235040 221658 251863 235035
Total liabilities and shareholders' equity 3421221 3168475 3211948 3432708 3167707 3207953
1998 Deloitte & Touche 1999-2000 PricewaterhouseCoopers
158 LITHUANIANLIETUVOS TAUPOMASIS COMPANIES BANKAS NATIONAL STOCK EXCHANGE OF LITHUANIA
IAS Bank Bank Bank Group Group Group PROFIT AND LOSS STATEMENT (LTL thou) 2000 1999 1998 2000 1999 1998
INTEREST INCOME 223234 218661 167823 225263 220687 168565 INTEREST EXPENSE 97629 86134 63215 97601 86109 63204 NET INTEREST INCOME 125605 132527 104608 127662 134578 105361 EXPENSES FOR PROVISIONS 52316 5238 15968 52316 5238 15968 NET INTEREST INCOME AFTER PROVISIONS 73289 127289 88640 75346 129340 89393 Service fees and commission income 65131 55822 50579 65966 56107 51282 Service fees and commission expense 11959 8765 5508 11959 8765 5508 NET INTEREST, SERVICE FEES AND COMMISSION INCOME 126461 174346 133711 129353 176682 135167 INCOME FROM EQUITY SECURITIES 934 -39 717 934 -39 717 PROFIT (LOSS) FROM OPERATIONS IN FOREIGN CURRENCY 16983 17296 16899 17004 17362 16848 Realised profit (loss) 16610 19810 17614 16610 19893 17656 Unrealised profit (loss) 373 -2514 -715 394 -2531 -808 PROFIT (LOSS) FROM OPERATIONS IN SECURITIES AND FINANCIAL INSTRUMENTS 1252 -4805 -445 1252 -4805 -445 Realised profit (loss) 1096 440 73 1096 440 73 Unrealised profit (loss) 156 -5245 -518 156 -5245 -518 NET PROFIT FROM PRIMARY ACTIVITIES 145630 186798 150882 148543 189200 152287 OPERATING EXPENSES 117946 124095 118177 119377 125292 119123 DEPRECIATION AND AMORTISATION 16661 15120 13603 16724 15167 13635 EXPENSES FOR OTHER SPECIFIC PROVISIONS 24678 3853 -5696 25525 4452 -5494 PROFIT (LOSS) BEFORE TAXES -32601 16582 485 -32050 17179 700 Profit tax 257 321 77 NET PROFIT (LOSS) -32601 16582 485 -32307 16858 623
Earnings per share (LTL) 1.95 0.991 0.0041 1.93 1.007 0.0053 Guide to Listed Companies Earnings per 1 LTL of share (LTL) 0.20 0.099 0.19 0.101 2000 CASH FLOW STATEMENT (LTL thou) 2000 1999 1998 2000 1999 1998
Operating activities Income (expense) Interest income 145701 129965 162486 149569 131670 163108 Interest expense -94207 -66738 -61700 -97162 -66736 -61689 Collected previously written - off loans 7364 2316 327 7364 2316 327 Net income from operations in foreign currency 17821 19684 17614 17821 19684 17614 Net income from operations in securities 1252 369 73 1252 369 73 Net income from service fees and commissions 52881 47320 45117 53814 47696 45785 Salaries and related expenses -83708 -90156 -83612 -84701 -91027 -84256 Other income (expenses) -60786 -65857 -59144 -61800 -66521 -59531 Operating result -13682 -23097 21161 -13843 -22549 21431
(Increase) decrease in short term assets (Increase) decrease in compulsory reserves with the central bank 11705 -16954 -106274 11705 -16954 -106274 (Increase) decrease in loans to credit and financial institutions -203657 58439 -147766 -204447 54540 -113308 (Increase) decrease in loans granted 182475 -231828 -243898 182475 -231828 -280964 (Increase) decrease in securities -323439 272591 105325 -323439 275973 105325 (Increase) decrease in other short term assets -5227 -15413 -7230 -17763 -19290 -7230 Change in short term assets -338143 66835 -399843 -351469 62441 -402451
(Increase) decrease in liabilities Increase (decrease) in liabilities to central bank -2111 -1265 -2111 -1265 Increase (decrease) in liabilities to credit and financial institutions 15283 -36147 8710 27839 -36147 8710 Increase (decrease) in deposits and letters of credit 213804 327908 180517 213804 331180 180517 Increase (decrease) in other liabilities 49873 -369101 147762 50327 -369067 148046 Change in liabilities 278960 -79451 335724 291970 -76145 336008 Net cash flow from operating activities before taxes -72865 -35713 -42958 -73342 -36253 -45012
Profit tax paid 48 -61
Net cash flow from operating activities after taxes -72865 -35713 -42958 -73342 -36301 -45073
Investing activities (Purchase) and sale of tangible and intangible fixed assets -2182 -27964 -12784 -2188 -28111 -28111 (Investments) into securities and sale thereof 77167 -28696 -18839 77650 -28696 -16339 Dividends received 84 32 239 84 32 239 Interest received 67690 101213 69509 67690 101213 84800 Cash flow from other financial activities -36 -36 Net cash flow from investing activities 142759 44585 38089 143236 44438 40553
Net increase (decrease) in cash and cash equivalents 69894 8872 -74378 69894 8137 -73968 Cash taken over from LVKB 123048
Cash and cash equivalents at beginning of year 328514 319642 98047 328514 320377 98372 Cash and cash equivalents at end of the year 398408 328514 146717 398408 328514 147452
159 LIETUVOSLITHUANIAN ÞEMËS ÛKIO BANKAS COMPANIES NACIONALINË VERTYBINIØ P0PIERIØ BIRÞA
BANKING Address: J.Basanavièiaus g. 26, LT-2600 Vilnius Supervisory Board: Phone: (370-2) 239060, 239094, 629764 Lina Adakauskienë, Chairwoman, Fax: (370-2) 239056, 627762 Vilma Maèerauskienë, Danutë Beganskienë, Roberto Marzonati, Lina Liubauskaitë E-mail: [email protected] Management Board: www.lzub.lt Jonas Dieninis, Chairman, Registration date: 13 09 1993 Sigutë Dindaitë, Stasys Vëlyvis, Vaidotas Aleksius, Registration code: 1202927 Robert Anuðkeviè, Modestas Keliauskas Established: 1987 Managing Director (participation in the company): Jonas Dieninis (0%) Privatised: 1993 Contact Person: Imandra Daukðienë, Spokesman to the Press, Number of employees: 1677 tel.: (370-2) 393413, 239000 Authorised capital: LTL 102.8m Capitalisation (30 06 2001): LTL 86.6m STRUCTURE OF OWNERSHIP (27 03 2001) Total number of shareholders amounts to 2539 Auditor: PricewatehouseCoopers State Property Fund 76.01% Trading List: Current Vilniaus Bankas AB 11.44% European Bank for Reconstruction and Development 11.37%
CORPORATE HISTORY In 1999, international rating agency Fitch IBCA assigned LÞÛB the first international credit The establishment of LIETUVOS ÞEMËS ÛKIO BANKAS (LÞÛB, the public company rating long term BB- and short term B. Agricultural Bank of Lithuania) was based on the reorganisation of the former USSR DEVELOPMENTS IN 2001 Agroindustry Banks branch in Lithuania. This branch, as well as the majority of other Over the year, the Banks assets showed an increase of 8.4% and accounted for former USSR banking institutions in Lithuania, after restoration of Lithuanias LTL 1666.9m. The Banks loan portfolio grew by 13.2%. The main resources of the Bank independence in 1990 was taken under direct control of the Republic of Lithuania.
Guide to Listed Companies are individual and corporate deposits. Deposits in national currency grew by 26.4% to The Agricultural Bank was granted status of the state bank. During the banking reform in LTL 418.8m and those in foreign currency improved by 23.1%. At the end of the year, Lithuania in 1993, the Bank was reorganised into a state-public bank. The registered funds of corporate entities equalled LTL 558.3m and accounted for 57.1% of all deposits. 2000 share capital of the Bank constituted LTL 20m, 51% of which was owned by the Ministry A market share of bank deposits increased from 11.2% at the beginning of the year to of Finance of Lithuania. 11.4% at the end of the year. The Banks portfolio of investments into securities amounted Before 1998 the share capital of the Bank was raised three times. After the revaluation to LTL 278m, 55% of which are investments into short term Government securities. of long term assets at the beginning of 1996, the share capital of the Bank increased to The range of the Banks services is expanded by subsidiary companies of non-life LTL 35m. In July 1996, the share capital was raised up to LTL 128.02m out of insurance and leasing. LÞÛB Draudimas, which has been operating profitably in the supplementary contributions. With a new issue, participation of the Ministry of Finance course of three years, managed to strengthen its position on the market since 10 branches increased up to 86.4%. In December 1997, after a new issue out of supplementary and 20 representative offices were set up. The company renders as many as 26 types of contributions saw light, the share capital of the Bank totalled LTL 170.9 million. insurance services. LÞÛB Draudimas signed 26thou insurance policies and premiums The general shareholders meeting decided to increase the share capital once again up underwritten came to LTL 9.5m. Insurance of motor vehicles accounted for 32% and to LTL 194.2m. The new issue was registered with the Lithuanian Securities Commission that of property made up 29%. The Banks leasing subsidiary LÞÛB Lizingas concluded at the beginning of April 1998 and distributed before June. The last increment of the 275 lease agreements (cf. 75 in 1999) for the total amount of LTL 23.5m. The share of share capital was registered in June 1998 - the share capital equalled LTL 189.44m. leasing portfolio that falls to motor vehicles augmented by 40% to LTL 7m. In 1999, the Bank diminished its share capital to LTL 102.8m by reducing the face value In April 2000, LIETUVOS ÞEMËS ÛKIO BANKAS was the only Bank in Lithuania providing per share from LTL 175 to LTL 95. mortgage loans with the maturity of up to 25 years to individual customers. In September BUSINESS ACTIVITY 2000, the American Bank American Express Bank presented a certificate of excellent quality LIETUVOS ÞEMËS ÛKIO BANKAS is one of the three largest banks of Lithuania which has to LIETUVOS ÞEMËS ÛKIO BANKAS for excellent performance in international payments. the second largest network of units in the country. The network embraces 46 branches in In 2000, the Bank introduced a new service to customers interested in investments. Thanks the major cities, 21 sub-branches and foreign exchange offices, and 22 tellers at customs to the agreement signed between the Bank and Julius Baer Investment Fund Services Ltd. offices. The Bank manages over 210thou individual and 79thou of corporate accounts, the the Bank's clients may acquire units in mutual funds of Julius Baer group. number of which is constantly growing. Holders of payment cards Maestro and EC/MC In 2000, the Bank operated with profit and earned LTL 7.3m net audited profit. It ranks the account for a considerable share of clients (69 thou). In response to this growth the Bank Bank the second among 10 commercial banks, 3 foreign banks' branches and 4 rep offices. had 44 ATMs by the end of 2000. Share of subsidiaries in the total profit amounted to LTL 2.4m. The Bank has about 30 correspondent accounts in various foreign banks. The network of PLANS, PROSPECTS FOR 2001 correspondent banks was reduced in order to achieve cost reduction and maximise interest earned on correspondent account balances. Currently, the Bank's clients may settle directly LIETUVOS ÞEMËS ÛKIO BANKAS is included into the list of the states strategic with over 300 banks worldwide. objects to undergo privatisation. In June 2001, the State Property Fund announced PricewaterhouseCoopers the lead privatisation consultant. The Bank is one of the leaders of the interbank currency and money market in Lithuania. At the end of 1999, LÞÛB was the first to provide foreign exchange options to customers In 2001, the Bank aims to generate no less than LTL 7.4m net profit, increase loan portfolio in Lithuania. to LTL 994m, raise the balance of deposits and letters of credit to LTL 1209m, and earn LTL 27.6m commission income. In order to achieve these goals, the Bank will expand LÞÛB is co-operating with the Environmental Investments Fund of Lithuania (LAAIF) with consumer, mortgage loans and other services to retail customers, develop alternative regard to financing of environment friendly investment projects by employing means of distribution channels (Internet banking, telebanking, electronic systems). PHARE, LAAIF, and the Bank. LÞÛB plans to set up a life insurance subsidiary LÞÛB Gyvybës Draudimas UAB. The Bank The Bank's strategy is orientated towards both retail and corporate clients. The Bank is intends to implement FORPOST 4.0, a banking information system, which will enable to constantly expanding services to individual customers: payment of household fees, transfer centralise all back-office operations. of salaries, long term mortgage loans, consumer loans, etc. Thanks to continuous innovation and quality services, the Bank increased the number of top corporate customers from 40 to 53 (companies ranking among Top 100 according to the sales). The number of accounts held with the Bank by business clients grew by 800 in 2000.
160 LITHUANIANLIETUVOS COMPANIESÞEMËS ÛKIO BANKAS NATIONAL STOCK EXCHANGE OF LITHUANIA
ISIN-code: LT0000100174 Code: 10017 NSEL: LZUB Reuters: LZUB.VL Bridges: lt;LZUB LTL Lietuvos Þemës Ûkio Bankas (95) Daily Volume
300 100 290
240 80
180 60
120 40
60 20
0 0 1996 1997 1998 1999 2000 2001
TRADING STATISTICS 1998 1999 2000 1Q 2001
PRICE (LTL) First 175.00 190.00 175.00 80.00 Max 210.00(18 03)190.00(19 01)175.00(22 02)80.00(15 02) Min 162.00(24 06)175.00(30 12) 80.00(29 12) 75.00(15 02) Last 190.00 175.00 80.00 80.00
Change (%) 8.57 -7.89 -54.29 - Guide to Listed Companies
Number of transactions (CM) 95 4 27 4 Turnover CM (units) 460 2 178 28 2000 Turnover CM (LTL) 86 504 365 16 373 2 235 Turnover BT (units) 10 618 15 625 0 0 Turnover BT (LTL) 1 822 080 2 734 375 0 0 CM turnover as % in total 4.15 0.01 100.00 100.00 Total turnover (units) 11 078 15 627 178 28 Total turnover (LTL) 1 908 584 2 734 740 16 373 2 235 Turnover ratio (%) 1.13 1.44 0.02 0.00 As % in the total share turnover 0.21 0.22 0.00 0.00
MARKET VALUE RATIOS 1998 1999 2000 2Q 2001
Capitalisation (LTL thou) 185544 189 441 86 601 86 601 Share book value (LTL) 101.03 112.56 118.74 123.06 Price / book value ratio (P/BV) 1.88 1.55 0.67 0.65 Earnings per share (LTL) 12.23 11.54 6.73 13.81 Price / earnings ratio (P/E) 15.53 8.24 11.89 5.79 Dividend per share (LTL) - - - Dividend yield - - - Dividend payout ratio - - -
STRUCTURE OF SHARE CAPITAL SUBSIDIARIES Date of Authorised Participating Share capital: LTL 102,839,115 establishment capital (LTL) interest Ordinary shares: 1 082 517 registered shares at LTL 95 par (security code 10017) LÞÛB Draudimas UAB (Insurance) 1997 2m 100% accounting for 100% of the auth. capital (admitted to trading at LÞÛB Lizingas UAB (Leasing) 1998 2m 100% NSEL on 28.08.95)
161 LIETUVOSLITHUANIAN ÞEMËS ÛKIO BANKAS COMPANIES NACIONALINË VERTYBINIØ P0PIERIØ BIRÞA
IAS Bank Bank Bank Group Group Group BALANCE SHEET (LTL thou) 2000 1999 1998 2000 1999 1998
Assets Cash and other valuables 60051 90261 60224 60051 100528 61921 Placements with central banks 138806 102263 133727 138806 102263 133727 Placements with credit and financial institutions 72380 181966 76764 72380 181966 76764 Net loans to credit and financial institutions 20075 27170 16391 Short term treasury bills 154215 90640 146758 154215 93281 Net loans granted 803002 676198 832520 803002 676198 832520 gross loans granted 826188 729642 929627 826188 729642 specific provisions -23186 -53444 -97107 -23186 -53444 Leasing 19543 13878 Government debt securities for restructuring of banks 24229 28267 28267 24229 28267 Debt securities 84118 11899 4711 84118 11899 Equity investments 15481 8896 9977 12554 7101 Investments 186929 Deferred tax asset 3660 4860 3660 4860 2810 Fixed asset, net 122404 Intangible assets (less amortisation) 1755 1502 1547 1758 1509 Property, plant and equipment (less depreciation) 122798 122106 120540 122925 122264 Buildings and other real estate 82503 81626 81625 82503 81626 Vehicles 4562 5814 6176 4600 5868 Office equipment, etc. 28003 32000 32739 28092 32104 Construction in progress 7730 2666 7730 2666 Accrued income and deferred expenses 5529 3183 5978 5187 2901 Other assets 17200 20186 31082 20240 21193 48991 Guide to Listed Companies Total Group's (Bank's) own assets 1523299 1369397 1522668 1368108 Assets under management 143572 168001 143572 168001
2000 Total assets 1666871 1537398 1468486 1666240 1536109 1466063
Liabilities Liabilities to central banks 9584 Funds of credit and financial institutions 42003 23052 80794 40968 21863 Liabilities to credit and financial institutions 97330 86634 4888 97330 86634 83659 Amounts due to Lithuania Government 285995 Deposits and letters of credit 989004 826134 862477 989004 826134 899410 Special and lending funds 168867 223252 322928 168867 223252 Accrued expenses and deferred income 11155 8577 3649 11155 8583 Other liabilities 48348 39372 26901 48752 38625 30150 Subordinated loans 38052 41169 47902 38052 41169 47902 Total Group's (Bank's) liabilities 1394759 1248190 1394128 1246260 Funds under management 143572 168001 143572 168001 Total liabilities 1538331 1416191 1359123 1537700 1414261 1356700
Shareholders' equity Share capital 102839 102839 189440 102839 102839 189440 Revaluation reserve 5905 5858 5860 5905 5858 5860 Other reserves 12510 664 -99179 12557 664 -85937 Retained earnings 7286 11846 13242 7239 12487 Total shareholders' equity 128540 121207 109363 128540 121848 109363
Total liabilities and shareholders' equity 1666871 1537398 1468486 1666240 1536109 1466063
1998 Deloitte & Touche 1999-2000 PricewaterhouseCoopers
162 LITHUANIANLIETUVOS COMPANIESÞEMËS ÛKIO BANKAS NATIONAL STOCK EXCHANGE OF LITHUANIA
IAS Bank Bank Bank Group Group PROFIT AND LOSS STATEMENT (LTL thou) 2000 1999 1998 2000 1999
INTEREST INCOME 120759 132568 103471 122061 133296 On loans to credit and financial institutions and placements with credit institutions 14572 5390 4445 12926 4244 On other loans 88376 98147 76116 90769 99698 On debt securities acquired 16072 27370 22910 16627 27693 On Government debt securities for restructuring of banks 1739 1661 1739 1661 INTEREST EXPENSE 62115 56654 41095 61984 56612 On liabilities to credit and financial institutions and amounts due to credit institutions 11931 3637 1119 11800 3595 On deposits and other repayable funds 47260 50202 39976 47260 50202 On subordinated loans 2924 2815 2924 2815 NET INTEREST INCOME 58644 75914 62376 60077 76684 EXPENSES FOR PROVISIONS 353 5000 1798 353 5000 Specific provisions on loans and accrued interest 352 4767 1338 352 4767 Specific provisions on executed guarantees 1 233 460 1 233 NET INTEREST INCOME AFTER PROVISIONS 58291 70914 60578 59724 71684 Service fees and commission income 33673 29623 29108 33962 29790 Service fees and commission expense 1792 3838 1375 1795 3604 NET INTEREST, SERVICE FEES AND COMMISSIONS INCOME 90172 96699 88311 91891 97870 Income from equity securities 2684 73 37 1482 582 GAIN FROM OPERATIONS IN FOREIGN CURRENCY 4974 2519 4182 4949 2513 Realised gain (loss) 1570 -3407 5561 1528 -3407 Unrealised loss 3404 5926 -1379 3421 5920
GAIN FROM OPERATIONS IN SECURITIES AND FINANCIAL INSTRUMENTS 1237 938 8042 1237 938 Guide to Listed Companies Realised gain 2379 1147 9718 2379 1147 Unrealised loss -1142 -209 -1676 -1142 -209
NET PROFIT FROM PRIMARY ACTIVITIES 99067 100229 100572 99559 101903 2000 OPERATING EXPENSES 65654 71547 76065 66650 72193 Salaries, social insurance and other related expenses 47205 52059 57301 47920 52547 Training and business trip expenses 855 1118 1112 863 1128 Office equipment and maintenance expenses 6903 6852 5864 6918 6857 Transportation, post and communications expenses 4912 5217 5284 4907 5253 Advertising and marketing expenses 1530 1829 1656 1641 1919 Other operating expenses 4249 4472 4848 4401 4489 DEPRECIATION AND AMORTISATION 9949 9097 9281 9995 9132 Depreciation of property, plant and equipment 1259 1156 1263 1159 Amortisation of intangible assets 8690 7941 8732 7973 EXPENSES FOR (RELEASE OF) SPECIFIC PROVISIONS ON OTHER DOUBTFUL ASSETS 2654 -3716 2055 2747 -3502 Provisions on other doubtful assets 3423 -1582 -740 3516 -1368 Provisions on contingent liabilities -769 -2134 2795 -769 -2134 RESULT OF ORDINARY BANK ACTIVITIES 3219 Result of exceptional and extraordinary activities (profit (loss)) 7223 Other income 1592 3072 916 1630 3679 Other expenses 13911 16587 10868 13918 17327 PROFIT BEFORE TAX 8491 9786 10442 7879 10432
Profit tax 1205 -2060 -2800 1234 -2055
NET PROFIT (LOSS) 7286 11846 13242 6645 12487
Earnings per share (LTL) 6.730 10.940 6.140 11.540 Earnings per 1 LTL of share (LTL) 0.071 0.115 0.065 0.121
163 LIETUVOSLITHUANIAN ÞEMËS ÛKIO BANKAS COMPANIES NACIONALINË VERTYBINIØ P0PIERIØ BIRÞA
IAS Bank Bank Bank Group Group Group CASH FLOW STATEMENT (LTL thou) 2000 1999 1998 2000 1999 1998
Operating activities Income (expense) Interest income 102009 102268 81797 102593 102912 104098 Interest expense -59643 -51819 -37869 -59582 -51777 -39914 Collected previously written - off loans 2109 3258 4846 2109 3258 4846 Net income from operations in foreign currency 1570 -3407 5561 1517 -3407 8943 Net income from operations in securities 2379 1147 9343 2379 1147 6788 Net income from service and commission fees 31881 25785 27733 32326 26197 27945 Salaries and related expenses -47205 -52059 -57301 -47879 -52547 -57629 Other income (expenses) -31394 -31123 -19871 -31772 -31397 -27071 Operating result 1706 -5950 14239 1691 -5614 28006
(Increase) decrease in short term assets (Increase)decrease in compulsory reserves with the central bank -5335 11708 -58834 -5335 11708 -98589 (Increase) decrease in loans to credit and financial institutions 34487 -38564 -651 27392 -27785 -25864 (Increase) decrease in loans granted -105091 -22167 -69437 -105091 -22167 -79482 (Increase) decrease in securities -48374 55283 105648 -48374 53871 83782 (Increase) decrease in other short term assets -2698 11716 -6186 -5895 8488 22715 Change in short term assets -127011 17976 -29460 -137303 24115 -97438
(Increase) decrease in liabilities Increase (decrease) in liabilities to central bank -937 -1819 -937 -20329 Increase (decrease) in liabilities to credit and financial institutions 29647 24004 68774 29801 24060 67529 Increase (decrease) in deposits and letters of credit 84056 23989 -113079 84056 23989 -103662 Increase (decrease) in other liabilities 2914 20931 -2158 4032 23705 10955 Guide to Listed Companies Change in liabilities 116617 67987 -48282 117889 70817 -45507 Net cash flow from operating activities -8688 80013 -63503 -17723 89318 -114939 2000 Investing activities (Purchase) and sale of tangible and intangible fixed assets -9123 -9997 -16113 -9356 -10086 -36424 (Investments) into securities and sale thereof -72986 -3706 -84 -74493 -3706 Dividends received 304 73 37 257 144 Interest received 17811 29031 16990 18366 29031 Net cash flow from investing activities -63994 15401 830 -65226 15383 -36424
Financing activities Issue of own securities/only paid up part/ 34 34 Cash flow from financing activities -2640 -5948 42620 -2640 -5948 47902 Net cash flow from financing activities -2640 -5948 42654 -2640 -5948 47936
Net increase (decrease) in cash and cash equivalents -75322 89466 43484 -85589 98753 -103427
Cash and cash equivalents at the beginning of year 200590 111124 131143 210857 112104 216248 Cash and cash equivalents at the end of the year 125268 200590 111124 125268 210857 112104
164 LITHUANIAN COMPANIESÐIAULIØ BANKAS NATIONAL STOCK EXCHANGE OF LITHUANIA
BANKING Address: Tilþës g. 149, LT-5400 Ðiauliai Supervisory Board (participation in the company): Phone: (370-1) 522117, 595602 Arvydas Salda, Chairman (0.1%), Fax: (370-1) 430774 Kastytis Jonas Vyðniauskas (1.15%), Leonas Ðniras (0.3%), Rièardas Valskis (0.1%), E-mail: [email protected] Sigitas Baguckas (<0.1%), Andrius Þiugþda (0%), Abdulazis A.M.Al-Brahim (0%), www.sb.lt Andrius Ignotas (0%), Vytautas Junevièius (0.1%) Registration date: 04 02 1992 Management Board (participation in the company): Registration code: 1202525 Algirdas Butkus, Chairman (0%), Established: 1992 Donatas Savickas (<0.1%), Rima Grikðienë (<0.1%) Managing Director (participation in the company): Algirdas Butkus (0%) Number of employees: 248 Contact Person: Donatas Savickas, Vice-Chairman of the Management Board, Authorised capital: LTL 34m tel. (370-1) 595602 Capitalisation (30 06 2000): LTL 34m STRUCTURE OF OWNERSHIP (29 03 2001) Auditor: PricewaterhouseCoopers Total number of shareholders amounts to 814 Trading List: Current Vilniaus Bankas AB 20.80% Baltic Fund Investments UAB 7.67% Trading House Aiva UAB 6.62% Medicinos Bankas UAB 5.88%
CORPORATE HISTORY The main part of income of ÐIAULIØ BANKAS comes from crediting. That income constitutes On 6 November 1991, 95 legal entities and natural persons signed an agreement over 60% of the total income. The Bank provides loans from credit lines received from according to which the existing Ðiauliai Industry Department of the Bank of Lithuania was Svensk Eksportkredit AB (Sweden) and European PHARE programme, from the means provided for Lithuania by the World Bank, as well as from the Ministry of Finance and reorganised into a private company ÐIAULIØ BANKAS. The new bank was registered with Guide to Listed Companies the Bank of Lithuania on 4 February 1992 with the share capital of RBL 16m (LTL 160thou). funding means of the project of the private agricultural development. The second largest The Bank started operating on 17 February 1992, after the Bank of Lithuania had liquidated share of income is obtained from the services for clients and commissions. 2000 the Ðiauliai Industry Department by transferring its clients and services to the newly ÐIAULIØ BANKAS became one of the winners of the tender to distribute savings notes of established bank. the Government of the Republic of Lithuania. Distribution of the savings notes in the Bank Since the establishment of the Bank its share capital has been increased 8 times. During and its branches is controlled by the Banks Brokerage Division. the eight years the Bank has expanded its operations and became stronger - new branches The Banks Brokerage Division with its three licensed stockbrokers offers its customers have been founded in northwestern region, Vilnius and Klaipëda, new services have been securities purchase and sale services, helps with the preparation of share issue introduced and their quality improved. prospectuses, and provides consultations on a wide range of investment issues. In 1997, ÐIAULIØ BANKAS organised the first ever syndicated loan in the Lithuanian banking The Division is the only intermediary of public trading in securities in Ðiauliai. history of LTL 26 million. DEVELOPMENTS IN 2000 BUSINESS ACTIVITY In August 1999, the Bank established a branch company Ðiauliø Banko Lizingas UAB ÐIAULIØ BANKAS is a regional bank offering its clients all banking services. The majority (leasing services). In 1999, the Bank established 2 new departments in Ðiauliai for of the Banks clients are companies, organisations, and residents of Ðiauliai and Ðiauliai customer services. In 2000, ÐIAULIØ BANKAS started distribution of MasterCard Gold, region. The clients may access the Bank either through its central office in Ðiauliai or its MasterCard Standard, and Maestro cards. eight branch offices in other cities. The Bank focuses on small and medium size clients In 2000, the number of ÐIAULIØ BANKAS clients climbed to 16.4thou (11.2thou clients and on retail banking. in 1999). EUROPAY International has issued a permit for ÐIAULIØ BANKAS to distribute EC/MC In the course of 2000, the Banks assets grew by 24.8% to LTL 202.4m (LTL 162m and Maestro and admitted the Bank into the international network of payment cards. in 1999), the loan portfolio improved by 18.4% to LTL 122m. Investments into securities ÐIAULIØ BANKAS joined SWIFT organisation and was included into its settlement network. grew by 11% and at the end of the year stood at LTL 3m. Deposits and letters of credit New software SWIFT Alliance Entry has been launched and implementation of information augmented by LTL 88m to LTL 123m. At the end of 2000, ÐIAULIØ BANKAS reported net system Forpost IV has been initiated. The Bank allotted LTL 800thou for the acquisition profit of LTL 1.85m. of new software and hardware. PLANS, PROSPECTS FOR 2001 The Bank has correspondent links with 50 banks in twenty countries all over the world. ÐIAULIØ BANKAS intends to further specialise in retail banking and focus on small and The main banks-correspondents are the following: Bankers Trust Company, Deutsche Bank medium-size clients, primarily from North-West Lithuania and to offer its clients high quality AG, Mezdunarodnij Moskovskij Bank. The major clients of the Bank are from Germany. and flexible complex services. Therefore, in 1999 ÐIAULIØ BANKAS expanded its account network in that country a new correspondent account in Commerzbank AG in Frankfurt was opened as well as correspondent relations with five more banks in other German cities were established.
165 ÐIAULIØLITHUANIAN BANKAS COMPANIES NACIONALINË VERTYBINIØ P0PIERIØ BIRÞA
ISIN-code: LT0000102253 Code: 10225 NSEL: SAUB Reuters: SAUB.VL Bridges: lt;SAUB LTL Ðiauliø Bankas (50) Daily Volume
100 5 000 6037 8750
80 4 000
60 3 000
40 2 000
20 1 000
0 0 1995 1996 1997 1998 1999 2000 2001
TRADING STATISTICS 1998 1999 2000 1Q 2001
PRICE (LTL) First 85.50 67.71 50.00 50.00 Max 87.00(15 01) 71.80(07 01) 52.00(10 07)50.00(30 05) Min 45.00(13 10) 45.60(20 09) 36.56(10 02)38.48(22 05) Last 67.71 50.00 50.00 50.00
Guide to Listed Companies Change (%) -20.81 -26.16 - -
Number of transactions (CM) 616 107 93 18 2000 Turnover CM (units) 13 924 1 492 17 586 5 083 Turnover CM (LTL) 1 002 118 76 300 708 442 208 961 Turnover BT (units) 286 909 337 030 74 494 43 992 Turnover BT (LTL) 22 065 853 23 133 967 4 387 381 2 278 265 CM turnover as % in total 4.63 0.44 19.10 10.36 Total turnover (units) 300 833 338 522 92 080 49 075 Total turnover (LTL) 23 067 972 23 210 267 5 095 822 2 487 227 Turnover ratio (%) 44.21 49.75 13.53 7.21 As % in the total share turnover 2.59 1.88 0.63 1.05
MARKET VALUE RATIOS 1998 1999 2000 2Q 2001
Capitalisation (LTL thou) 46071 34 021 34 021 34 021 Share book value (LTL) 55.35 55.49 55.98 54.94 Price / book value ratio (P/BV) 1.22 0.90 0.89 0.91 Earnings per share (LTL) 3.51 2.57 2.73 2.43 Price / earnings ratio (P/E) 19.30 19.47 18.34 20.58 Dividend per share (LTL) 0.50 2.00 1.00 Dividend yield 0.01 0.04 0.02 Dividend payout ratio 0.14 0.78 0.37
STRUCTURE OF SHARE CAPITAL SUBSIDIARIES Date of Authorised Participating Share capital: LTL 34,021,000 establishment capital (LTL) interest Ordinary shares: 680 420 registered shares at LTL 50 par (security code 10225) Ðiauliø Banko Lizingas UAB 1999 1m 100% accounting for 100% of the auth. capital (admitted to trading at the Ðiauliø Banko Investicijø Valdymas UAB 250 thou 60.4% NSEL on 29.11.94)
166 LITHUANIAN COMPANIESÐIAULIØ BANKAS NATIONAL STOCK EXCHANGE OF LITHUANIA
IAS Bank Bank Bank Group Group BALANCE SHEET (LTL thou) 2000 1999 1998 2000 1999
Assets Cash and other valuables 6364 5436 5427 6373 5440 Placements with central banks 15108 12315 18896 15108 12315 Placements with credit and financial institutions 14680 12186 8743 11883 12186 Treasury bills 10269 5827 11886 10269 5827 Net loans granted 118716 99919 80595 118716 99919 Gross loans granted 122025 103054 85015 122025 103054 Specific provisions -3309 -3135 -4420 -3309 -3135 Leasing 2886 597 Debt securities 7231 10 7231 10 Equity investments 3117 2672 5030 2054 1672 Intangible assets (less depreciation) 1303 1053 1311 1053 Tangible fixed assets (less depreciation) 17385 16165 12609 17460 16172 Buildings and other premises 13713 13008 9624 13713 13008 Vehicles 420 446 343 455 446 Office equipment, etc. 3248 2707 2642 3288 2714 Unfinished construction. 4 4 4 4 Accrued income and deferred expenses 2034 1190 880 2040 1193 Other assets 6028 5427 6986 7043 5527 Total assets 202235 162200 151052 202374 161911
Liabilities Liabilities to central banks 9479 10255 9876 9479 10255 Amounts due to credit and financial institutions 25975 23329 14422 25973 23329 Guide to Listed Companies Deposits and letters of credit 123201 87821 85117 123201 87438
Special and lending funds 84 84 2000 Accrued expenses and deferred income 921 231 551 942 236 Other liabilities 4483 2800 3426 4603 2895 Total liabilities 164143 124436 113392 164282 124153
Shareholders' equity Registered share capital 34021 34021 34021 34021 34021 Less treasury shares -391 -390 -1701 -391 -390 Other reserves 1326 1326 4226 1326 1326 Fixed asset revaluation reserve 424 429 443 424 429 Restricted earnings reserve 446 611 446 611 Retained earnings 2266 1767 671 2266 1761 Total shareholders' equity 38092 37764 37660 38092 37758
Total liabilities and shareholders' equity 202235 162200 151052 202374 161911
167 ÐIAULIØLITHUANIAN BANKAS COMPANIES NACIONALINË VERTYBINIØ P0PIERIØ BIRÞA
IAS Bank Bank Bank Group Group PROFIT AND LOSS STATEMENT (LTL thou) 2000 1999 1998 2000 1999
INTEREST INCOME 14996 13403 11036 15206 13410 On loans to credit and financial institutions and placements with credit institutions 503 482 524 425 482 On other loans 13399 11952 9206 13687 11959 On debt securities acquired 1094 969 1306 1094 969 INTEREST EXPENSE -7716 -5808 -4340 -7713 -5799 On liabilities to credit and financial institutions and amounts due to credit institutions -2254 -2108 -1541 -2252 -2108 On deposits and other repayable funds -5462 -3700 -2799 -5461 -3691 NET INTEREST INCOME 7280 7595 6696 7493 7611 Expenses for specific provisions on loans and accrued interest -989 -573 -59 -989 -573 NET INTEREST INCOME AFTER PROVISIONS 6291 7022 6637 6504 7038 Service fees and commission income 4687 3177 2474 4824 3197 Service fees and commission expense -314 -379 -406 -314 -379 NET INTEREST, SERVICE FEES AND COMMISSIONS INCOME 10664 9820 8705 11014 9856 Income from equity securities 74 23 105 11 23 GAIN FROM OPERATIONS IN FOREIGN CURRENCY 2067 1852 1349 2067 1852 Realised loss 1732 1684 1460 1732 1684 Unrealised gain 335 168 -111 335 168 LOSS FROM OPERATIONS IN SECURITIES AND FINANCIAL INSTRUMENTS Realised gain -76 -161 -749 -76 -161 Unrealised loss -57 -7 494 -57 -7 Guide to Listed Companies NET PROFIT FROM PRIMARY ACTIVITIES 12672 11527 9904 12959 11563 OPERATING EXPENSES -8985 -7218 -5533 -9214 -7251 2000 Salaries, social insurance and other related expenses -5816 -5252 -4195 -5983 -5282 Training and business trip expenses -103 -119 -389 -103 -119 Rent of premises and maintenance expenses -935 -754 -3 -935 -754 Transportation, post and communications expenses -833 -587 -121 -848 -587 Advertising and marketing expenses -165 -104 -88 -178 -104 Other operating expenses -1133 -402 -737 -1167 -405 DEPRECIATION AND AMORTISATION -1080 -850 -546 -1097 -850 Depreciation of property, plant and equipment -167 -54 -546 -169 -54 Amortisation of intangible assets -913 -796 -928 -796 Expenses for specific provisions on other doubtful assets -9 -161 -16 -162 Other income 621 1655 271 611 1649 Other expenses -1489 -2961 -1926 -1505 -2963
PROFIT BEFORE TAX 1730 1992 2459 1738 1986 Profit tax 125 -239 72 123 -239 NET PROFIT 1855 1753 2387 1861 1747
Earnings per share (LTL) 2.76 2.67 3.65 2.77 2.66 Earnings per 1LTL of share (LTL) 0.06 0.05 0.06 0.05
168 LITHUANIAN COMPANIESÐIAULIØ BANKAS NATIONAL STOCK EXCHANGE OF LITHUANIA
IAS Bank Bank Bank Group Group CASH FLOW STATEMENT (LTL thou) 2000 1999 1998 2000 1999
Operating activities Income (expense) Interest income 14996 13403 11312 15222 13410 Interest expense -7716 -5808 -4206 -7713 -5799 Collected previously written - off loans 73 12 3 73 12 Net income from operations in foreign currency 1732 1684 1460 1732 1684 Net expenses from operations in securities -65 -140 -749 -65 -140 Net income from service fees and commissions 4373 2798 386 4515 2818 Salaries and related expenses -5816 -5565 -4495 -5967 -5595 Other expenses -1805 -3260 -591 -1903 -3271 Operating result 5772 3124 3120 5894 3119
(Increase) decrease in short term assets (Increase) in compulsory reserves with central bank in foreign currencies -723 -551 -1432 -723 -551 (Increase) decrease in loans to credit and financial institutions 2203 -6425 7736 5001 -6425 (Increase) in loans granted -20228 -19909 -27290 -22669 -19909 (Increase) decrease in securities -4210 6059 3267 -4210 6059 (Increase) decrease in other short term assets -1166 1088 -1004 -1704 387 Increase in short term assets -24124 -19738 -18723 -24305 -20439
(Increase) decrease in short term liabilities
Increase (decrease) in liabilities to central bank -776 379 2019 -776 379 Guide to Listed Companies Increase in liabilities to credit and financial institutions 2646 8907 -1559 2646 8907 Increase in deposits and letters of credit 35464 2704 18370 35464 2321 Increase (decrease) in other liabilities 305 -2346 -389 462 -2246 2000 Increase in short term liabilities 37639 9644 18441 37796 9361 Net cash flow from operating activities before taxes 19287 -6970 2838 19385 -7959
Profit tax refunded 80 80
Net cash flow from operating activities after taxes 19367 -6970 2838 19465 -7959
Investing activities (Purchase) of tangible fixed and intangible assets -2200 -5303 -3153 -2293 -5310 (Investments) into securities and sale thereof -7598 2320 -2045 -7598 3320 Dividends received 6 23 105 6 23
Net cash flow from investing activities -9792 -2960 -5093 -9885 -1967
Financing activities Net sale (purchase) of treasury shares -166 163 -872 -166 163 Dividends paid -1361 -338 -1361 -338 Other -353 -353 Net cash flow from investing activities -1880 -175 -872 -1880 -175
Increase (decrease) in cash 7695 -10105 -3127 7700 -10101
Cash and cash equivalents as at 1 January 16807 26912 26912 16811 26912 Cash and cash equivalents as at 31 December 24502 16807 30039 24511 16811
169 ÛKIOLITHUANIAN BANKAS COMPANIES NACIONALINË VERTYBINIØ P0PIERIØ BIRÞA
BANKING Address: J.Gruodþio g. 9, LT-3000 Kaunas Supervisory Board (participation in the company): Ulf Lowenhav, Chairman (0%), Phone: (370-7) 301301, 301302 Jurgis-Dràsutis Mockevièius (0.06%), Hong Kyun Kim (0%), Fax: (370-7) 323188, 301431 Olga Gonèaruk (0%), Graþina Jakavièienë (0.0049%), Stevan Belogrliè (0.327%), E-mail: [email protected] Song In Hwan (0.0014%), Sergejus Fedotovas (0%), Ala Kurauskienë (0.0041%) www.ub.lt Management Board (participation in the company): Registration date: 19 11 1992 Liutauras Varanavièius, Chairman (0.122%), Registration code: 1202013 Jonas Saulënas (0%), Edita Navickaitë (0.0004%), Established: 1989 Gintaras Ugianskis (0.0004%), Audrius Globys (0%) Managing Director (participation in the company): Liutauras Varanavièius (0.122%) Number of employees 397 Contact Person: Edita Navickaitë, Vice-Chairwoman of the Management Board, Authorised capital: LTL 72.7m tel. (370-7) 301330 Capitalisation (30 06 2001): LTL 18m STRUCTURE OF OWNERSHIP (26 03 2001) Auditor: Deloitte & Touche Total number of shareholders amounts to 5092 Trading List: Current Citystate Investment Ltd. 9.94% Niaf Investments Ltd. (UK) 9.91% Stamatiadis Nikolaos 8.17% FBF Finbaltus UAB 6.28% Tusklane Ltd. (UK) 5.60% VB Rizikos Kapitalo Valdymas UAB (Venture Capital Management) 5.22%
CORPORATE HISTORY Profit from operations in foreign currency doubled and amounted to LTL 7.8m. ÛKIO BANKAS was established as a new commercial bank in June 1989, when Lithuania Income from equity securities also showed a considerable growth and at the end of Guide to Listed Companies was still a part of the Soviet economic bloc. Local businesses, together with some state the year made up LTL 4.9m. Time deposits of residents grew by LTL 38.2m, while enterprises, took advantage of new openings under Perestroika to create their own private the volume of deposits and letters of credit increased by 25.5% reaching LTL 223.5m. 2000 sector bank with the capital of RBL 5 million. When full independence from the USSR was In the course of the year, the Banks assets advanced by 44% and by 2.5 times exceeded won in 1992, shareholders of ÛKIO BANKAS registered their ownership with the new Central the rate of the assets increase of the countrys banking system. Bank of Lithuania. ÛKIO BANKAS was the first bank entered into the register. ÛKIO BANKAS In 2000, net income of the Bank amounted to LTL 30.8m, net profit came to LTL 4.0m, was among the first two banks to be granted a licence by the Bank of Lithuania to carry out which placed ÛKIO BANKAS in the fourth position among Lithuanian banks in terms of the international banking activities in Lithuania in addition to its domestic banking operations. volume of earned profit. These included foreign currency lending, international operations, and correspondence In 2000, ÛKIO BANKAS introduced services of Internet banking Eta bankas and factoring. banking. In April it began issuing distribution of international payment cards Maestro and EC/MC. In 1995-1997, the Bank was engaged in a twinning arrangement, under the PHARE The Bank became a full member of the Europay International S.A. and Master-Card programme with ING of the Netherlands and Unibank of Denmark. Projects undertaken as International Incorporated and got the right of issuing the international payment cards a result of the twinning programme included strategic planning review, improvement of Eurocard/Mastercard, Cirrus, Maestro and service these cards as well as eurocheques in assets/liability management systems, internal audit, and credit monitoring. the network of their POS terminals and ATMs. BUSINESS ACTIVITY The Bank took part when establishing Ûkio Banko Investicinë Grupë UAB for realisation of ÛKIO BANKAS is the oldest commercial bank in Lithuania. The Bank realises its strategy large investment projects in Lithuania, the Ukraine, Russia, and Bosnia and Herzogovina, through a network of 13 modern branch offices and 7 sub-branches located in the main established Bonum Publikum UAB for rendering life insurance services. urban areas of Lithuania. In July 2000, Balkan Investment Bank AD was set up in the Serbian Republic. ÛKIO ÛKIO BANKAS provides its clients with all basic banking services, makes local and BANKAS holds 49% and Ûkio Banko Investicinë Grupë UAB owns 51% of its shares. international payment transfers, offers innovative products. Balkan Investment Bank holds a licence to engage in all banking operations, but currently focuses on investment banking. The Bank intends to become the major player in the Balkan At the end of 2000, ÛKIO BANKAS controlled 2.9% of assets, 1.6% of loans, and 2.6% of capital markets. deposits in the states banking sector. In July 2000, the international credit rating agency Thomson Financial BankWatch evaluated Through its subsidiary company Ûkio Banko Lizingas UAB (leasing company), ÛKIO the work of ÛKIO BANKAS and assigned the following ratings to it: local currency short BANKAS offers leasing and factoring services. The leasing loan portfolio reached term rating of LC-3, senior debt rating of BB-, and intra country issuer rating of IC-C/D. LTL 6.3m, and in the course of the year it surged by 70%. At end-2000, Fitch IBCA agency assigned the following ratings to ÛKIO BANKAS: Investment banking functions are currently concentrated in Ûkio Banko Investicinë senior debt rating of BB-, foreign currency short term rating of B. Grupë UAB (investment company) which was established by the Bank and where it holds 24.8% of shares. This enterprise executes large investment projects in Lithuania, In February 2000, the authorised capital of ÛKIO BANKAS was increased by LTL 12.7m to the Ukraine, and Bosnia. LTL 72.7m. DEVELOPMENTS IN 2000 PLANS, PROSPECTS FOR 2001 The main source of revenue of ÛKIO BANKAS is interest income. The Bank has been In 2001, ÛKIO BANKAS intends to continue the investment and project financing intensively increasing its loan portfolio, which, having augmented by 26.2%, at the end activities and to expand the circle of the regular clients. The Bank will focus on of 2000 equalled LTL 122.3m. Within the loan portfolio, shares of short term loans and banking innovations, enhance efficiency of its activities, implement information loans for financial intermediary improved significantly. In 2000, net interest income system Forpost 4.0. exceeded that of 1999 by 13.4% and reached LTL 3.9m. ÛKIO BANKAS will strive for management perfection by employing such measures as In 2000, the German bank Deutsche Genossenschaftbank issued to ÛKIO BANKAS a Bank structure reforms, further restructuring of the Bank branches and staff long term credit facility of 10m euro. This facility increased the Bank's potential of granting management improvement. loans with the maturity of 2-3 years for small and medium enterprises for acquisition of The Bank intends to pursue an aggressive growth strategy. In 2001, the Bank projects net equipment and technological lines. Small and medium business is financed out of funds profit of LTL 3.1m. of another German bank, HypoVereinsbank, with which ÛKIO BANKAS has a long term funding contract (3.8m euro).
170 LITHUANIAN COMPANIESÛKIO BANKAS NATIONAL STOCK EXCHANGE OF LITHUANIA
ISIN-code: LT0000102352 Code: 10235 NSEL: UKIO Reuters: UKIO.VL Bridges: lt;UKIO LTL Ûkio Bankas (12) Daily Volume
50 100 000 109050 108540 156983
40 80 000
30 60 000
20 40 000
10 20 000
0 0 1995 1996 1997 1998 1999 2000 2001
TRADING STATISTICS 1998 1999 2000 1Q 2001
PRICE (LTL) First 9.39 5.05 7.80 3.86 Max 10.50(06 01) 13.13(07 10) 7.70(20 01) 4.10(11 01) Min 1.62(13 11) 3.03(28 05) 3.60(10 05) 2.90(04 04) Last 5.05 7.80 3.86 2.98
Change (%) -46.22 54.46 -50.51 -22.80 Guide to Listed Companies
Number of transactions (CM) 1736 7335 1604 152 Turnover CM (units) 979 175 2 758 050 332 767 61 669 2000 Turnover CM (LTL) 3 018 978 19 477 565 1 623 107 209 218 Turnover BT (units) 1 252 804 5 822 035 612 735 1 039 803 Turnover BT (LTL) 4 143 174 39 790 515 4 366 821 6 010 641 CM turnover as % in total 43.87 32.14 35.19 5.60 Total turnover (units) 2 231 979 8 580 085 945 502 1 101 472 Total turnover (LTL) 7 162 152 59 268 080 5 989 929 6 219 859 Turnover ratio (%) 44.64 171.60 15.60 18.18 As % in the total share turnover 0.80 4.80 0.75 2.63
MARKET VALUE RATIOS 1998 1999 2000 2Q 2001
Capitalisation (LTL thou) 25250 39 000 23 388 18 056 Share book value (LTL) 7.46 8.28 10.16 10.05 Price / book value ratio (P/BV) 0.68 0.94 0.38 0.30 Earnings per share (LTL) 1.09 1.11 0.69 0.81 Price / earnings ratio (P/E) 4.63 4.52 5.59 3.68 Dividend per share (LTL) - - - Dividend yield - - - Dividend payout ratio - - -
SUBSIDIARIES Date of Authorised Participating establishment capital (LTL) interest STRUCTURE OF SHARE CAPITAL Ûkio Banko Lizingas UAB (Leasing) 1997 1m 100% Ûkio Banko Investicinë Grupë UAB 1998 34.4m 24.8% Share capital: LTL 72,707,988 Balkan Investment Bank AD 2000 4m 50% Ordinary shares: 6 058 999 registered shares at LTL 12 par (security code 10235) Bonum Publikum UAB (Insurance) 2000 DEM 5m 49% accounting for 100% of the auth. capital (admitted to trading at the Balkan Invest UAB 2000 100thou 21% NSEL on 02.08.94)
171 ÛKIOLITHUANIAN BANKAS COMPANIES NACIONALINË VERTYBINIØ P0PIERIØ BIRÞA
IAS Group Group Group IAS Group Group Group BALANCE SHEET (LTL thou) 2000 1999 1998 CASH FLOW STATEMENT (LTL thou) 2000 1999 1998
Assets Cash flow from operating activities Cash 8532 10015 10382 Interest received 17969 13591 16665 Due from central banks 23375 15930 12923 Interest paid -15131 -8910 -9377 Due from other banks Repayment of previously written off loans 3820 271 and financial institutions 87187 33347 22131 Net receipts from operations Loans and advances to customers, net 83362 91494 76589 with foreign currency 7703 3640 -111 Investments 30208 14901 10873 Net receipts from operations with securities 2878 1167 279 Other assets, net 85221 52947 51460 Net receipts for services and commission 10325 7461 4523 Fixed assets 49903 32945 22333 Cash payments of salaries Total assets 367788 251579 206691 and associated payments -12408 -10734 -10148 Other payments -7681 -9008 -24338 Liabilities, minority interest and shareholders' investment Net cash provided by operating activities Liabilities before change in operating assets 3655 1027 -22236 Due to central banks 2635 5121 5965 Due to other banks 51840 10929 4430 Changes in operating assets and liabilities Subordinated loans 12000 - Due from central banks -7445 -3007 17720 Current and term deposit accounts 238586 178121 154227 Loans and advances to customers 8132 -15142 30466 Other liabilities 6246 4000 4772 Due from other banks Total liabilities 299307 210171 169394 and financial institutions -15405 3264 Other assets -31968 -5325 -13446 Shareholders' investment Due to central banks -2486 -844 383 Share capital 72708 60000 60000 Due to other banks 40911 6533 -9675 Accumulated deficit -11071 -17170 -22703 Current and term deposits 60465 23894 -2685 Currency translation reserve (113)
Guide to Listed Companies Other liabilities 2246 -1419 -1654 Total shareholders' investment 61524 42830 37297 Net cash provided by operating activities 58105 5717 2137
2000 Less: treasury shares -1422 - Cash flow from investing activities Total shareholders' investment, net 61524 41408 37297 Additions of fixed assets, net of disposals -16958 -1418 2603 Minority interest 6957 Investments in non-trading securities -10194 -1285 516 Investment in associate and subsidiary -1464 -5451 Total liabilities, minority interest Net treasury share sale (purchase) 3517 -1422 - and shareholders' investment 367788 251579 206691 Net cash used in investing activities -23635 -5589 -2332
PROFIT AND LOSS STATEMENT (LTL thou) 2000 1999 1998 Cash flow from financing activities Subordinated loans 12000 - Interest income 18275 13460 13825 Issuance of shares 708 - Interest expense -15131 -9523 -8975 Net cash provided by financing activities 708 12000 - Net interest income 3144 3937 4850 Net increase in cash and cash equivalents 35178 12128 -195 Fees and commission income, net 10325 15798 4907 Cash and cash equivalents Foreign exchange profit, net 7236 3755 4593 at the beginning of year 47216 35088 35283 (Loss) income Cash and cash equivalents from investment activities, net 4395 143 -214 at the end of the year 82394 47216 35088 Income from operations with derivative financial instruments, net 1165 - Cash and cash equivalents consist of Other operating income 8455 5118 2886 Cash on hand 8532 10015 10382 Total income 33555 29916 17022 Demand deposits from other banks due within 3 month 71782 33347 22131 Provisions for losses -2162 -1652 6174 Treasury bills with maturity equal Net income after provision 31393 28264 23196 or less than 3 month 2080 3854 2575 Salaries and related social expenses 12408 10734 10148 Depreciation expense 2099 1779 1952 Other administrative expenses 13286 10218 5637 Net income before taxes and minority interest 3600 5533 17737
Income tax Minority interest 404 Net income 4004 5533 17737
Basic Earnings Per Share (LTL) 0.72 1.15 1.09
172 LITHUANIAN COMPANIESINSURANCE NATIONAL STOCK EXCHANGE OF LITHUANIA
According to the data of State Insurance Supervision Authority, out of 29 insurance companies operating in Lithuania, at the end of the previous year 18 reported profit. In 2000, the total net profit of all operating insurance companies amounted to just LTL 14.76 million. The value of contracts concluded by life-insurance companies in direct insurance business increased by 2.7%, and the net profit stood at LTL 1.69 million. The value of contracts concluded by non-life insurance companies in direct insurance business augmented by 8.6%, while the net profit reached LTL 16.07 million. Comparatively low profit resulted from investments into development of the sales network, new information technologies related to approaching introduction of the mandatory motor third party liability insurance, weak mutual co-operation of insurance companies since greater part of reinsurance premiums (even those of low risk) fell to foreign reinsurers, and intensifying competition among insurance companies. Market experts emphasise the fact that in 2000 short term assets of insurance companies decreased from LTL 522 million to LTL 395 million. Nevertheless, they still exceed short term liabilities, which also fell by LTL 8 million. It is anticipated that insurance services should increase.
Sales and services (LTL thou) Net profit (LTL thou) 2000 1999 Change (%) 2000 1999 Change (%)
LIETUVOS DRAUDIMAS 178,584 191,852 -6.9 15,520 -6,016 DRAUDA 46,791 55,445 -15.6 -1,991 - LIETUVOS DRAUDIMO GYVYBËS DRAUDIMAS 30,130 23,338 29.1 2,295 1,348 70.3 PREVENTA 18,396 14,800 24.3 -434 -412
LINDRA 15,414 16,466 -6.4 343 1,195 -71.3 Guide to Listed Companies 2000
173 LIETUVOSLITHUANIAN DRAUDIMAS COMPANIES NACIONALINË VERTYBINIØ P0PIERIØ BIRÞA
INSURANCE Address: J.Basanavièiaus g. 12, LT-2600 Vilnius Supervisory Board (no participation in the company): Phone: (370-2) 686300 Poul Flemming Mortensen, Mogens Kaj Andersen, Soren Theilgaard, Fax: (370-2) 314138 Jan Kauffman, Staffan Eberhard Crona, Svend J.Heineke E-mail: [email protected] Management Board (participation in the company): www.ldr.lt Kæstutis Ðerpytis, Chairman (2.92%), Roma Brûzgienë (0.07%), Stasys Jakeliûnas (0%), Registration date: 10 12 1996 Gintaras Labutis (0%), Vidmantas Maksimaitis (0%), Gintaras Markevièius (0%) Registration code: 1005183 Managing Director (participation in the company): Kæstutis Ðerpytis (2.92%) Established: 1921 Contact Person: Vladislovas Kalinauskas, Manager of Investment Department, Privatised: 1996, 1999 tel. (370-2) 686321 Number of employees: 1748 Authorised capital: LTL 20.6m STRUCTURE OF OWNERSHIP (31 12 2000) Capitalisation (30 06 2001): LTL 117.2m Total number of shareholders amounts to 255 Codan AS (Denmark) 53.96% Auditor: PricewaterhouseCoopers European Bank for Reconstruction and Development 13.28% Trading List: Current The Investmant Fund for Central and Eastern Europe (Denmark) 13.28% Merita Bank (Finland) 11.60%
CORPORATE HISTORY LIETUVOS DRAUDIMAS co-operates with insurance and reinsurance companies, On 21 December 1920, the Lithuanian Parliament approved Articles of Association of the insurance brokers, claim centres of many countries. Protecting itself against large STATE INSURANCE INSTITUTION. The Articles were officially published on 4 February insurance claims, the company reinsures its exposures with famous reinsurance 1921, which is considered the establishment date of LIETUVOS DRAUDIMAS. companies. The contracts were concluded with high rated reinsurance companies of the USA, Germany, Switzerland, Ireland, and Sweden. In 1940, when Lithuania was annexed to the Soviet Union, private insurance companies DEVELOPMENTS IN 2000 Guide to Listed Companies and their capital were nationalised. The STATE INSURANCE INSTITUTION became an integral part of the Gosstrach monopoly. After Lithuania regained independence in 1990, the LIETUVOS DRAUDIMAS retains the leading market share of non-life insurance which
2000 Lithuanian Government approved Articles of Association of the STATE INSURANCE accounted for 48.3% in 2000. The structure of clients almost did not change as the company INSTITUTION. It was registered with the Ministry of Economy in March 1991. provides services for 74% (72% in 1999) out of 300 largest companies in Lithuania. In December 1996, the state enterprise was transformed into a joint stock company The Group in 2000 earned LTL 214m of insurance income, 7.3% more than in 1999. LIETUVOS DRAUDIMAS. 70% of the stock was retained by the state, while 30% was acquired General and credit insurance gross premiums earned in 2000 were higher than in 1999 by by natural and legal persons. 12.5%, and reached LTL 150.8m. Life insurance gross premiums earned of LTL 63.2m were lower by 3.6%, primarily because of a high number of matured policies. Over 2000, On 17 January 1997, the general shareholders meeting decided to raise capital out of the Groups investment portfolio added 17.5% to the growth of 35.5% in 1999. At the end the company's reserves and to increase the share par value from LTL 10 to LTL 35. of the year, portfolio accounted for LTL 326.9m, i.e. it more than doubled during 3 years. LIETUVOS DRAUDIMAS stock capital totalled LTL 14 million. LIETUVOS DRAUDIMAS pursues a conservative investment policy: securities of fixed In compliance with the existing EU standards, the Lithuanian Government passed a new income accounted for 81.6% of all investments, real estate - 11.1%, time-deposits in Law on Insurance in 1997 which required the companies to separate their life and non-life credit institutions - 4.6%, and investments into shares - 2%. In 2000, net investment insurance lines. In reaction to the new regulation, LIETUVOS DRAUDIMAS acquired two income of LIETUVOS DRAUDIMAS came to LTL 28.8m (LTL 20.8m in 1999). companies: Draudimo Fondas and Vaidra. The first one was renamed LD Gyvybës Draudimas to provide life insurance, the latter was called LD Kreditø Draudimas and it In December 2000, the companys authorised capital was increased to LTL 20.6m. focuses on credit insurance. On 30 March 1999, the general shareholders meeting decided The EBRD and the Investment Fund for Central and Eastern Europe acquired 14% of the to deepen the authorised capital of LD Kreditø Draudimas UAB from LTL 1m to LTL 7m companys shares each. In December 2000, LIETUVOS DRAUDIMAS signed an agreement by issuing 60,000 ordinary registered shares at LTL 100 par that were acquired by with Hermes Versicherungsbeteiligungen GmbH regarding acquisition of 49% of LIETUVOS DRAUDIMAS. Lietuvos Draudimo Kreditø Draudimas UAB shares. The general shareholders meeting as of 28 March 2001 decided to increase the authorised capital to LTL 22.35m. In June 1999, the Government of Lithuania sold the state held 70% share block of LIETUVOS DRAUDIMAS to the strategic investor Codan Insurance Ltd from Denmark A lot of attention was devoted to the implementation of IT project aimed at development which belongs to the international insurance group Royal & Sun Alliance. In this way of a unanimous flexible insurance activity registration and management system. The LIETUVOS DRAUDIMAS became an entirely private insurance company. Insurance Application software, Navision accounting applications are being implemented. Besides, e-commerce project was put into operation. In November 1999, LIETUVOS DRAUDIMAS raised LTL 60m by issuing new shares and selling them to Codan which currently controls 79.5% of the companys shares. LIETUVOS DRAUDIMAS' consolidated audited net profit for 2000 was LTL 15.5m, compared Consequently, LIETUVOS DRAUDIMAS strengthened its position as the largest and best with a LTL 7.4m loss in 1999. Return on average equity in 2000 was 16.9%. The main capitalised universal insurance company in the Baltic States. drivers in recovering the profitability in 2000 were more efficient claims handling and higher investment income. The positive result was reached despite the largest claim in the BUSINESS ACTIVITY companys, and the whole countrys history. LIETUVOS DRAUDIMAS has insured "Linkuva", The company operates as a provider of both life and non-life insurance. It can boast of a ship lost in a storm in June 2000. The total claim of LTL 18m, including reinsurers an outstanding market share in the Lithuanian insurance market (over 50%). share, has already been paid. LIETUVOS DRAUDIMAS receives the greater part of income from traditional insurance On 29 November 2000, LIETUVOS DRAUDIMAS this Vilniaus Bankas AB signed the Letter services, namely, property (28%), motor insurance (26%), and motor third party liability of Intent on strategic co-operation. The aim of co-operation is to supply the Lithuanian insurance (15%). consumers with better and cheaper financial products in the areas of long term savings The companys strategy is orientated towards both legal, and natural persons. Natural and life insurance. persons account for 40%, small and medium size enterprises make up 43%, and PLANS, PROSPECTS FOR 2001 large companies whose premiums written are over LTL 0.5m constitute 17% of all LIETUVOS DRAUDIMAS intends to optimally utilise the experience of parent Danish and Anglo- clients of LETUVOS DRAUDIMAS. Leaders of industrial, energy, telecommunications, American insurance companies, develop strategic partnership with Vilniaus Bankas AB, and financial sectors are among companys clients. Services of LIETUVOS expand the range of services rendered and new sales channels, and to considerably renew DRAUDIMAS are provided in all cities, towns, and regions of Lithuania. The company existing products. It is expected to make the best of the accumulated know-how and new has 42 branches across the country. information technologies in launching mandatory motor TPL insurance in March 2002.
174 LITHUANIANLIETUVOS COMPANIES DRAUDIMAS NATIONAL STOCK EXCHANGE OF LITHUANIA
ISIN-code: LT0000121949 Code: 12194 NSEL: LDR Reuters: LDR.VL Bridges: lt;LDR LTL Lietuvos Draudimas (35) Daily Volume
300 1 500 1822 1856 2406 2307 1775 240 1 200
180 900
120 600
60 300
0 0 1997 1998 1999 2000 2001
TRADING STATISTICS 1998 1999 2000 1Q 2001
PRICE (LTL) First 219.00 191.50 272.00 183.21 Max 280.00(13 03)301.71(21 12)299.00(09 02)210.00(21 06) Min 176.30(15 10)170.50(18 06)171.00(19 12)172.00(08 06) Last 191.50 272.00 183.21 210.00
Change (%) -12.56 42.04 -32.64 14.62 Guide to Listed Companies
Number of transactions (CM) 808 573 156 25 Turnover CM (units) 24 380 10 035 1 444 429 2000 Turnover CM (LTL) 5 549 079 2 294 676 324 849 82 866 Turnover BT (units) 116 259 17 146 157 149 45 036 Turnover BT (LTL) 26 407 805 4 536 510 59 056 493 10 333 691 CM turnover as % in total 17.34 36.92 0.91 0.94 Total turnover (units) 140 639 27 181 158 593 45 465 Total turnover (LTL) 31 956 884 6 831 186 59 381 342 10 416 556 Turnover ratio (%) 35.27 4.87 28.43 8.15 As % in the total share turnover 3.59 0.55 7.39 4.41
MARKET VALUE RATIOS 1998 1999 2000 2Q 2001
Capitalisation (LTL thou) 76 363 151 752 107 767 123 526 Share book value (LTL) 74.43 147.71 165.66 175.71 Price / book value ratio (P/BV) 2.57 1.84 1.11 1.20 Earnings per share (LTL) 20.33 -14.70 27.82 29.96 Price / earnings ratio (P/E) 9.42 - 6.59 7.01 Dividend per share (LTL) 3.15 2.45 7.00 Dividend yield 0.02 0.01 0.04 Dividend payout ratio 0.15 -0.17 0.25
STRUCTURE OF SHARE CAPITAL SUBSIDIARIES Date of Authorised Participating Share capital: LTL20,587,595 establishment capital (LTL) interest Ordinary shares: 588 217 registered shares at LTL 35 par (security code 12194) Lietuvos Draudimo Gyvybës Draudimas UAB 1997 4m 100% accounting for 100% of the auth. capital (admitted to trading at the Lietuvos Draudimo Kreditø Draudimas UAB 1997 7m 51% NSEL on 14.07.97)
175 LIETUVOSLITHUANIAN DRAUDIMAS COMPANIES NACIONALINË VERTYBINIØ P0PIERIØ BIRÞA
LAS Company Company Company LAS Company Company Company BALANCE SHEET (LTL) 1998 1999 2000 PROFIT (LOSS) ACCOUNT (LTL) 1998 1999 2000 Assets Items LONG TERM ASSETS 77398952 89021523 232240192 SALES AND SERVICES 189752322 191853408 178583595 Formation costs 0 0 0 Turnover from sales of goods 0 0 0 Intangible assets 289884 0 0 Turnover from services rendered 189752322 191853408 178583595 Tangible assets 40636232 44251319 45246790 COST OF GOODS SOLD Land 0 464695 464695 AND SERVICES RENDERED 135446997 149969045 113313848 Buildings 32573382 33076981 33111621 Raw materials, consumables Plant and machinery 0 0 0 and goods for resale 0 0 0 Vehicles and other transport means 2150220 2866002 2662235 Services, works and research 135446997 149969045 113313848 Other fixtures, fittings, tools GROSS PROFIT (LOSS) 54305325 41884363 65269747 and equipment 1306060 2155366 2712647 OPERATING EXPENSES 58120487 65928766 76048723 Leasing and similar rights 0 0 0 Selling expenses 27645000 37832455 52627013 Other tangible assets 3654998 4251175 3476352 General and administrative expenses 30475487 28096311 23421710 Constructions in progress PROFIT FROM OPERATIONS (LOSS) -3815162 -24044403 -10778976 and prepayments 951572 1437100 2819240 OTHER OPERATIONS -1656536 -3004621 0 Financial long term assets 35052343 43335803 185399146 Other operating revenue 810951 878868 0 Amounts receivable after one year 1420493 1434401 1594256 Other operating expenses 2467487 3883489 0 Trade debtors 0 0 0 FINANCIAL AND INVESTING ACTIVITIES 13579655 21032944 26298575 Other amounts receivable 1420493 1434401 1594256 Revenue from financial SHORT TERM ASSETS 164556822 229215512 111093155 and investing activities 15574871 24653563 30817257 Stocks and contracts in progress 31746389 39943042 42824375 Expenses of financial Stocks 1393466 0 0 and investing activities 1995216 3620619 4518682 Contracts in progress 30352923 39943042 42824375 PROFIT FROM ORDINARY Amounts receivable within one year 2728130 1687507 2033971 ACTIVITIES (LOSS) 8107957 -6016080 15519599 Trade debtors 0 0 0 EXTRAORDINARY GAIN 0 0 0 Other amounts receivable 2728130 1687507 2033971 EXTRAORDINARY LOSSES 0 0 0 Investments and term deposits 126830544 176852571 61825430 CURRENT YEAR PROFIT BEFORE TAXES 8107957 -6016080 15519599 Cash at bank and hand 3251759 10732392 4409379 INCOME TAXES 0 0 0
Guide to Listed Companies TRANSFER ACCOUNTS 1401473 12936529 21640278 NET PROFIT OF THE CURRENT YEAR Total assets 243357247 331173564 364973625 FOR APPOPRIATION (LOSS) 8107957 -6016080 15519599
2000 Owners' equity and liabilities CAPITAL AND RESERVES 29680107 82408237 97443487 Capital 13956600 19526920 20587595 Subscribed capital 13956600 19526920 20587595 Uncalled capital (-) 0 0 0 Share premium account 0 54429984 58369364 Revaluation reserve 0 0 0 Reserves 766599 1395660 1395660 Legal reserve 766599 1395660 1395660 Reserves not available for distribution 0 0 0 Reserves available for distribution 0 0 0 Profit (loss) brought forward 14956908 7055673 17090868 FINANCING (GRANTS AND SUBSIDIES) 0 0 0 PROVISIONS FOR LIABILITIES AND CHARGES, POSTPONED AND DEFERRED TAXES 193350855 209263668 229070946 Provisions 193350855 209263668 229070946 Postponed taxes 0 0 0 AMOUNTS PAYABLE AND LIABILITIES 19881012 22403507 23243125 Amounts payable after one year and long term liabilities 0 0 0 Financial debts 0 0 0 Trade creditors 0 0 0 Suppliers 0 0 0 Bills of exchange payable 0 0 0 Prepayments received on contracts in progress 0 0 0 Other amounts payable and long term liabilities 0 0 0 Amounts payable within one year vand short term liabilities 19881012 22403507 23243125 Short term portion of long term debts 0 0 0 Financial debts 0 0 0 Credit institutions 0 0 0 Other loans 0 0 0 Trade creditors 17209731 19511927 14631287 Suppliers 17209731 19511927 14631287 Bills of exchange payable 0 0 0 Prepayments received on contracts in progress 0 0 0 Taxes, remuneration and social security payable 2671281 1362204 2622742 Taxes 956390 633592 915010 Remuneration 1197195 433945 834291 Social security payable 517696 294667 873441 Other amounts payable and short term liabilities 0 1529376 5989096 ACCRUED CHARGES AND DEFERRED INCOME 445273 17098152 15216066 Total owner's equity and liabilities 243357247 331173564 364973624
176 LITHUANIAN COMPANIESINVALDA NATIONAL STOCK EXCHANGE OF LITHUANIA
HOLDING Address: Ðeimyniðkiø g. 3, LT-2600 Vilnius Management Board (participation in the company): Phone: (370-2) 790601 Alvydas Banys, Chairman (8.54%), Fax: (370-2) 790530 Dailius Juozapas Miðeikis (13.59%), Algirdas Buèas (11.79%), E-mail: [email protected] Petras Povilas Èësna (0%) www.invalda.lt Managing Director (participation in the company): Algirdas Buèas (11.79%) Registration date: 20 03 1991 Contact Person: Alvydas Banys, Vice-President, tel. (370-2) 790691 Registration code: 2130434 Established: 1991
Number of employees: 23 STRUCTURE OF OWNERSHIP (31 12 2000) Authorised capital: LTL 38m Total number of shareholders amounts to 12369 Capitalisacion (30 06 2001) LTL 9.12m Nenuorama UAB 16.2% Dailius Juozapas Miðeikis 13.59% Auditor: Auditas UAB Algirdas Buèas 11.79% Trading List: Current Alvydas Banys 8.54%
CORPORATE HISTORY DEVELOPMENTS IN 2000 Initially, INVALDA was established as an investment stock company. Pursuant to the At the end of 2000, investment portfolio of INVALDA consisted of shares issues of Law on Investment Companies, INVALDA was reregistered into a holding company in 16 joint-stock companies, 6 private companies, and 5 issues of Government securities. December 1997. The new entity took over all rights and obligations and continued the The total income of INVALDA reached LTL 11.9m. Revenues from investment into securities activities of the investment stock company INVALDA. and trading in securities amounted to LTL 9,505thou, which constitutes 79.4% of the total After the initial public offering in 1993, the companys share capital equalled LTL 8 million. income of INVALDA.
In April 1995, INVALDAs shareholders resolved to raise share capital by LTL 1.5 million. In 2000, net profit of the company came to LTL 3.1m. At the general shareholders meeting Guide to Listed Companies In August 1996, the share capital was increased by LTL 28.5m out of revaluation reserve. held in March 2001 it was decided not to pay dividends for the year 2000 but to allot all Newly issued shares were distributed free of charge among the shareholders in proportion
profit for investments and to assume liabilities under franchise agreement between 2000 to their holdings. INVALDAs subsidiary Valmeda UAB and Bass Hotels & Resorts. Inc. regarding construction The company has been paying dividends since 1995: 10% of the share par value in the of Holliday Inn hotel in Vilnius. The term of the agreement is 20 years. first year, 1% in 1996, 3% in 1997, 3% in 1998, and 3% in 1999. BUSINESS ACTIVITY The main activity of the company is investment, reinvestment, and trading in securities. INVALDA has invested into 35 entities, including Baltijos Laivø Statykla (shipyard, 0.1% of the stock), Linas (textile, 0.5%), Vilniaus Baldø Kombinatas (furniture, 65.7%), Vilniaus Bankas (banking, 0.2%), which by end 2000 were listed on the National Stock Exchange of Lithuania. In the group of unlisted public companies, INVALDA had substantially invested in Liejiniai AB (aluminium cast, 76.7%), Klijai AB (glue, 70.4%), Àþuolas AB (furniture, 58.5%), Jonavos Agroservisas AB (agriculture, 54.2%). INVALDA holds 66% of the financial brokerage firm Finasta and 100% of Invaldos Marketingas UAB.
177 INVALDALITHUANIAN COMPANIES NACIONALINË VERTYBINIØ P0PIERIØ BIRÞA
ISIN-code: LT0000102279 Code: 10227 NSEL: INVL Reuters: INVL.VL Bridges: lt;INVL LTL Invalda (1) Daily Volume
1.0 25 000 40292 144940 65916 32580
0.8 20 000
0.6 15 000
0.4 10 000
0.2 5 000
0 0 1996 1997 1998 1999 2000 2001
TRADING STATISTICS 1998 1999 2000 1Q 2001
PRICE (LTL) First 0.25 0.22 0.20 0.21 Max 0.30(28 01) 0.22(04 05) 0.23(01 09) 0.41(21 03) Min 0.18(17 03) 0.20(30 12) 0.20(25 08) 0.21(05 01) Last 0.22 0.20 0.21 0.24
Guide to Listed Companies Change (%) -12.00 -9.09 5.00 14.29
Number of transactions (CM) 184 246 210 101 2000 Turnover CM (units) 314 000 240 969 314 634 150 703 Turnover CM (LTL) 64 935 48 991 66 782 44 806 Turnover BT (units) 7 254 183 1 208 655 6 992 280 2 616 692 Turnover BT (LTL) 1 654 600 245 548 1 445 443 567 617 CM turnover as % in total 4.15 16.62 4.31 5.45 Total turnover (units) 7 568 183 1 449 624 7 306 914 2 767 395 Total turnover (LTL) 1 719 535 294 539 1 512 225 612 423 Turnover ratio (%) 19.92 3.81 19.23 7.28 As % in the total share turnover 0.19 0.02 0.19 0.26
SUBSIDIARIES Participating (31.12.00) interest
Finasta AB 100% Gildeta UAB 100% Invaldos marketingas UAB 100% Valmeda UAB 100%
INVESTMENTS Participating (31.12.00) interest
Pastana UAB 80.8% Klijai AB 70.4% Vilniaus baldø kombinatas AB 65.7% Jonavos agroservisas AB 54.2% Galinèius AB 42.9% STRUCTURE OF SHARE CAPITAL Umega AB 48.0% Këdainiø biochemija AB 39.7% Share capital: LTL 38,000,000 Chemija AB 45.1% Ordinary shares: 38 000 000 registered shares at LTL 1 par (security code 10227) Klaipëdos konditerija AB 41.2% accounting for 100% of the auth. capital (admitted to the trading at Vûsta AB 26.0% the NSEL on 18.12.95)
178 LITHUANIAN COMPANIESINVALDA NATIONAL STOCK EXCHANGE OF LITHUANIA
LAS Company Company Company LAS Company Company Company BALANCE SHEET (LTL) 1998 1999 2000 PROFIT (LOSS) ACCOUNT (LTL) 1998 1999 2000 Assets Items LONG TERM ASSETS 41297870 45132440 41938287 SALES AND SERVICES 26946189 21567321 8015045 Formation costs 0 0 0 Turnover from sales of goods 25413118 20244431 6317273 Intangible assets 975 40487 22113 Turnover from services rendered 1533071 1322890 1697772 Tangible assets 3823622 4009122 3720062 COST OF GOODS SOLD Land 0 0 0 AND SERVICES RENDERED 29011999 18042458 6582952 Buildings 1867971 3450327 3255161 Raw materials, consumables Plant and machinery 44039 54162 54905 and goods for resale 28710199 17847557 6381643 Vehicles and other transport means 36937 25470 124409 Services, works and research 301800 194901 201309 Other fixtures, fittings, tools GROSS PROFIT (LOSS) -2065810 3524863 1432093 and equipment 0 0 0 OPERATING EXPENSES 1276684 1059101 1536667 Leasing and similar rights 207851 171512 0 Selling expenses 0 0 0 Other tangible assets 368905 307651 285587 General and administrative expenses 1276684 1059101 1536667 Constructions in progress PROFIT FROM OPERATIONS (LOSS) -3342494 2465762 -104574 and prepayments 1297919 0 0 OTHER OPERATIONS -295924 -73051 -151571 Financial long term assets 37473273 41082831 38196112 Other operating revenue 0 5708 2555 Amounts receivable after one year 0 0 0 Other operating expenses 295924 78759 154126 Trade debtors 0 0 0 FINANCIAL AND INVESTING ACTIVITIES 132784 143979 3608900 Other amounts receivable 0 0 0 Revenue from financial SHORT TERM ASSETS 11185938 8548231 8411137 and investing activities 214844 186466 3662405 Stocks and contracts in progress 15632 1320158 5879363 Expenses of financial Stocks 15632 1055831 5851249 and investing activities 82060 42487 53505 Contracts in progress 0 264327 28114 PROFIT FROM ORDINARY Amounts receivable within one year 1881277 1234938 1674562 ACTIVITIES (LOSS) -3505634 2536690 3352755 Trade debtors 1881277 133752 401937 EXTRAORDINARY GAIN 5734 334366 294477 Other amounts receivable 0 1101186 1272625 EXTRAORDINARY LOSSES 9499 36753 519470 Investments and term deposits 8971612 5830900 0 CURRENT YEAR PROFIT BEFORE TAXES -3509399 2834303 3127762 Cash at bank and hand 317417 162235 857212 INCOME TAXES -1350259 476913 0 TRANSFER ACCOUNTS 35489 82465 171448 NET PROFIT OF THE CURRENT YEAR Guide to Listed Companies Total assets 52519297 53763136 50520872 FOR APPOPRIATION (LOSS) -2159140 2357390 3127762
Owners' equity and liabilities 2000 CAPITAL AND RESERVES 51016874 52199621 50076858 Capital 38000000 38000000 38000000 Subscribed capital 38000000 38000000 38000000 Uncalled capital (-) 0 0 0 Share premium account 542669 542669 542669 Revaluation reserve 11324185 11324185 6162205 Reserves 995469 1176423 1302082 Legal reserve 578610 704207 918412 Reserves not available for distribution 378825 378825 378825 Reserves available for distribution 38034 93391 4845 Profit (loss) brought forward 154551 1156344 4069902 FINANCING (GRANTS AND SUBSIDIES) 0 0 0 PROVISIONS FOR LIABILITIES AND CHARGES, POSTPONED AND DEFERRED TAXES 0 0 0 Provisions 0 0 0 Postponed taxes 0 0 0 AMOUNTS PAYABLE AND LIABILITIES 1502423 1563515 444014 Amounts payable after one year and long term liabilities 123140 0 0 Financial debts 123140 0 0 Trade creditors 0 0 0 Suppliers 0 0 0 Bills of exchange payable 0 0 0 Prepayments received on contracts in progress 0 0 0 Other amounts payable and long term liabilities 0 0 0 Amounts payable within one year and short term liabilities 1379283 1563515 444014 Short term portion of long term debts 0 46759 0 Financial debts 0 0 0 Credit institutions 0 0 0 Other loans 0 0 0 Trade creditors 0 111320 14376 Suppliers 0 111320 14376 Bills of exchange payable 0 0 0 Prepayments received on contracts in progress 2428 0 0 Taxes, remuneration and social security payable 89125 47841 121350 Taxes 35868 16875 79594 Remuneration 36158 15049 22803 Social security payable 17099 15917 18953 Other amounts payable and short term liabilities 1287730 1357595 308288 ACCRUED CHARGES AND DEFERRED INCOME 0 0 0 Total owner's equity and liabilities 52519297 53763136 50520872
179 NAFTOSLITHUANIAN TERMINALAS COMPANIES NACIONALINË VERTYBINIØ P0PIERIØ BIRÞA
HOLDING Address: Buriø g. 19, LT-5799 Klaipëda Management Board (participation in the company): Phone: (370-6) 391779 Dominikas Peèiulis, Chairman (0%), Fax: (370-6) 314178 Irena Dþervienë (0%), Armantas Gintautas (0.3%), Saulius Spieèius (0%) E-mail: [email protected] Managing Director (participation in the company): Armantas Gintautas (0.3%) Contact Person: Armantas Gintautas, Director General, tel. (370-6) 391771 Registration date: 31 03 1999 Registration code: 1082508 Established: 1959
Number of employees: 37 Authorised capital: LTL 158.4m Capitalisation (30 06 2000): LTL 41.4m STRUCTURE OF OWNERSHIP (10 04 2001) Auditor: Finansinis Auditas UAB Total number of shareholders amounts to 669 Trading List: Current State Property Fund 74.15%
CORPORATE HISTORY DEVELOPMENTS IN 2000 The company was established in 1959. On 23 September 1992, the company changed its In 2000, the companys economic and financial activity was rather successful. name into Klaipëdos Valstybinë Naftos Ámonë (Klaipëda State Oil Company) where the Income from the goods sold amounted to LTL 4,639,080, income from services nominal state capital constituted 95.4%. After the indexation as of 1992, the nominal rendered totalled LTL 100,660,808, while the net profit of the accountable period authorised capital increased to 8.97%, and the state capital reached 91.03%. In 1993, the came to LTL 17,815,225. authorised capital improved to 19.8%, and the state capital constituted 80.2%. During the year, the companys income was LTL 8,808,975 or by 123,8% over the targeted
Guide to Listed Companies According to the Company Law as of 5 July 1994, Klaipëdos Valstybinë Naftos Ámonë profit of LTL 7,112,778. In addition, NAFTOS TERMINALAS received LTL 228,538 from (Klaipëda State Oil Company) was reorganised into a public company NAFTOS the rent of unsettled premises. TERMINALAS. 2000 The companys heat shop produced 116,639 Gcal of heat energy for the total amount of On 28 May 1998, following the decision of the general shareholders meeting, the companys LTL 3,842,838. The main consumer of this energy is Klaipëdos Nafta AB. authorised capital was increased out of the profit reserve by subsequently increasing the In 2000, the company purchased 509,993 shares of Klaipëdos Nafta AB for LTL 50,999,300, states share in the company. Thus, the state capital equalled 74.15%, and the authorised including 383,346 shares for LTL 38,334,600 for capitalisation of previously granted loan. capital was 25.85%. Shares of NAFTOS TERMINALAS were included into the Current List from 8 January 2001. On 12 January 1999, the Lithuanian Government passed Resolution No. 31 "Regarding The price was fixed at LTL 15.00 on 30 January 2001. reorganisation of the public company Naftos Terminalas" according to which it was decided PLANS, PROSPECTS FOR 2001 to reorganise NAFTOS TERMINALAS by way of splitting into two new public companies, namely Naftos Terminalas and Dilikas. The strategy of NAFTOS TERMINALAS is based on the aim to effectively manage investments by employing both own and borrowed means. NAFTOS TERMINALAS was set up after reorganisation of NAFTOS TERMINALAS by way of splitting. NAFTOS TERMINALAS ceased its activities as a legal entity and two new In the newly established NAFTOS TERMINALAS, securities constitute over 50% of the companies, NAFTOS TERMINALAS AB and Dilikas AB were established. On 31 March companys assets. The company has invested into other companies working in various 1999, NAFTOS TERMINALAS was registered with the Ministry of Economy of the Republic fields, such as transportation of oil, banking, food industry, constructions, food processing, of Lithuania. The companys authorised capital equals LTL 158,407,480 and is divided and others. Therefore, the success of these investments and the company itself will into 1,131,482 ordinary registered shares at LTL 140 par. depend on the development of these fields and the overall economic situation in Lithuania. With a view to reducing risks, the companys investments are diversified. Since investments BUSINESS ACTIVITY into Klaipëdos Nafta AB have the largest specific comparative weight, the largest risk is The companys core activities include commercial intermediary, holding activity, related with activities of this particular company. Tax policy pursued by the Lithuanian manufacture of steam and heat. NAFTOS TERMINALAS does not plan to undertake Government as well as policy of investments of foreign capital in Lithuania have influence manufacture of new products or to render new services in the near future. Production of on performance of NAFTOS TERMINALAS. steam and heat account for 82.9% in the overall production volumes, the sold long term Although the economy of Lithuania is not dependent on Russia, the two countries are assets accounted for 11.8%, and income from rent constituted 5%. linked by tight trade relations. Thus, development trends of the Russian economy may The company does not purchase fuel oil and there is no dependency on one supplier. have a considerable influence on both the Lithuanian economy and the companys plans, According to the agreement as of 1 January 1997, the company supplies steam to Klaipëdos particular activities of investment management. Nafta AB. The produced steam (99%) is used for heating of the fuel oil and the remaining part used for heating of premises. Telecommunications services are rendered by Lietuvos Telekomas AB, and electricity is supplied by Lietuvos Energija AB. NAFTOS TERMINALAS owns 79.8% of Klaipëdos Nafta AB shares, 59.5% of Giriø Bizonas AB shares, and 49.0% of Þavesys UAB shares. Giriø Bizonas AB is an enterprise registered on 30 December 1994, in Kazlø Rûda, Marijampolë region. The company manufactures and sells board of wood cuttings both in Lithuania and abroad. In 2000, sales volumes accounted for LTL 38,308,295, while the profit reached LTL 334,618. Þavesys UAB was registered on 3 August 1993 (registered office at 1b Nidos St., in Klaipëda). The companys core activity is stomatological services. In 2000, income from these services made up LTL 235,316, and the profit was LTL 2,729.
180 LITHUANIAN NAFTOSCOMPANIES TERMINALAS NATIONAL STOCK EXCHANGE OF LITHUANIA
ISIN-code: LT0000111668 Code: 11166 NSEL: NTER Reuters: NTER.VL Bridges: lt;NTER LTL Naftos Terminalas (140) Daily Volume
200 2 500
160 2 000
120 1 500
80 1 000
40 500
0 0 1997 1998 1999 2000 2001
FINANCIAL RATIOS 1998 1999 2000 TRADING STATISTICS 1998 1999 2000 1Q 2001
LIQUIDITY RATIOS PRICE (LTL) Current ratio 18.33 21.80 14.81 First 62.50 20.00 - 22.00 Quick ratio 17.73 21.77 14.79 Max 62.50(26 01)100.00(28 01) - 36.58(29 06) Net working capital (LTL thou) 116 570 105 056 89 771 Min 20.00(21 12) 20.00(05 03) - 13.00(21 05) Net working capital to total assets 0.28 0.25 0.21 Last 20.00 22.00 - 36.58
Change (%) -68.00 10.00 - 66.27 Guide to Listed Companies PROFITABILITY RATIOS Profit margin 64.38% 340.26% 54.27% Number of transactions (CM) 96 10 - 43 Return on assets 1.24% 5.24% 0.50% Turnover CM (units) 5 008 85 - 4 595 2000 Return on equity 1.54% 6.47% 0.62% Turnover CM (LTL) 244 837 2 576 - 76 166 Turnover BT (units) 10 453 4 588 5 414 915 FINANCIAL LEVERAGE RATIOS Turnover BT (LTL) 348 113 76 791 59 894 12 020 Total debt ratio 0.20 0.19 0.20 CM turnover as % in total 32.39 1.82 - 83.39 Debt / equity ratio 0.24 0.23 0.24 Total turnover (units) 15 461 4 673 5 414 5 510 ASSETS UTILISATION RATIOS Total turnover (LTL) 592 950 79 367 59 894 88 186 Inventory turnover 1.43 2.42 22.05 Turnover ratio (%) 1.37 0.41 0.48 0.49 Receivables turnover 0.22 0.17 0.15 As % in the total share turnover 0.07 0.01 0.00 0.04 Net working capital turnover 0.07 0.06 0.04 Long term assets turnover 0.03 0.02 0.01 Total assets turnover 0.02 0.02 0.01 MARKET VALUE RATIOS 2000 2Q 2001
Capitalisation (LTL thou) 16 972 230 41 390 Share book value (LTL) 298.72 285.63 Price / book value ratio (P/BV) 0.05 0.13 Earnings per share (LTL) 1.85 -11.64 Price / earnings ratio (P/E) 8.11 - Dividend per share (LTL) 0.92 Dividend yield 0.06 Dividend payout ratio 0.50
STRUCTURE OF SHARE CAPITAL
Share capital: LTL 158,407,480 Ordinary shares: 1 131 482 registered shares at LTL 140 par (security code 11166) accounting for 100% of the auth. capital (admitted to trading at the NSEL on 04.11.96)
181 NAFTOSLITHUANIAN TERMINALAS COMPANIES NACIONALINË VERTYBINIØ P0PIERIØ BIRÞA
LAS Company Company Company LAS Company Company Company BALANCE SHEET (LTL) 1998 * 1999 2000 PROFIT (LOSS) ACCOUNT (LTL) 1998 * 1999 2000 Assets Items LONG TERM ASSETS 288466688 306310378 324361768 SALES AND SERVICES 7922413 6411186 3856303 Formation costs 51900 45412 34059 Turnover from sales of goods 884397 1913120 0 Intangible assets 14107 1933 4288 Turnover from services rendered 7038016 4498066 3856303 Tangible assets 15053060 5449928 4554982 COST OF GOODS SOLD Land 0 0 0 AND SERVICES RENDERED 6232749 5038742 2462476 Buildings 7149072 4427003 3662643 Raw materials, consumables Plant and machinery 4156887 574790 709936 and goods for resale 87749 1943238 0 Vehicles and other transport means 211773 108370 82523 Services, works and research 6145000 3095504 2462476 Other fixtures, fittings, tools GROSS PROFIT (LOSS) 1689664 1372444 1393827 and equipment 290886 158578 99880 OPERATING EXPENSES 3426550 889917 897277 Leasing and similar rights 0 0 0 Selling expenses 2275221 0 0 Other tangible assets 3035136 1187 0 General and administrative expenses 1151329 0 0 Constructions in progress PROFIT FROM OPERATIONS (LOSS) -1736886 482527 496550 and prepayments 209306 180000 0 OTHER OPERATIONS -266338 132312 -173753 Financial long term assets 229767921 262130121 312400711 Other operating revenue 393047 229426 778400 Amounts receivable after one year 43579700 38682984 7367728 Other operating expenses 659385 97114 952153 Trade debtors 0 0 0 FINANCIAL AND INVESTING ACTIVITIES 11469113 22276842 2414464 Other amounts receivable 0 0 7367728 Revenue from financial SHORT TERM ASSETS 123267337 110069142 96257674 and investing activities 11761101 22335982 4159584 Stocks and contracts in progress 4037460 131246 92113 Expenses of financial Stocks 4037460 131246 92113 and investing activities 291988 59140 1745120 Contracts in progress 0 0 0 PROFIT FROM ORDINARY Amounts receivable within one year 42174400 33269281 19332134 ACTIVITIES (LOSS) 9465889 22891681 2737261 Trade debtors 9493911 7353377 6116113 EXTRAORDINARY GAIN 1684 258344 14689 Other amounts receivable 32680489 25915904 13216021 EXTRAORDINARY LOSSES 1880543 260926 10290 Investments and term deposits 0 0 0 CURRENT YEAR PROFIT BEFORE TAXES 7587030 22889098 2741660 Cash at bank and hand 842211 76668615 620161 INCOME TAXES 2486858 1074405 648721
Guide to Listed Companies Currency frozen in Bank NET PROFIT OF THE CURRENT YEAR of Foreign Economic Relations 76213266 76213266 76213266 FOR APPOPRIATION (LOSS) 5100172 21814694 2092939 TRANSFER ACCOUNTS 31487 38168 15357 2000 Total assets 411765512 416417688 420634799 * data of Naftos Terminalas AB whith operated until reorganisation Owners' equity and liabilities CAPITAL AND RESERVES 331437147 337369502 338000372 Capital 169722300 158407480 158407480 Subscribed capital 169722300 158407480 158407480 Uncalled capital (-) 0 0 0 Share premium account 123 123 123 Revaluation reserve 0 0 0 Reserves 161714724 178961899 179592769 Legal reserve 16189953 16189953 16189953 Reserves not available for distribution 0 0 0 Reserves available for distribution 145524771 162771946 163402816 Profit (loss) brought forward 0 0 0 FINANCING (GRANTS AND SUBSIDIES) 73600000 73600000 73600000 PROVISIONS FOR LIABILITIES AND CHARGES, POSTPONED AND DEFERRED TAXES 0 0 0 Provisions 0 0 0 Postponed taxes 0 0 0 AMOUNTS PAYABLE AND LIABILITIES 3805272 2525093 6111334 Amounts payable after one year and long term liabilities 0 396784 2532800 Financial debts 0 396784 2532800 Trade creditors 0 0 0 Prepayments received on contracts in progress 0 0 0 Other amounts payable and long term liabilities 0 0 0 Amounts payable within one year and short term liabilities 3805272 2128309 3578534 Short term portion of long term debts 0 0 1267200 Financial debts 0 1455867 648400 Credit institutions 0 0 0 Other loans 0 0 0 Trade creditors 257578 63782 216378 Suppliers 257578 63782 216378 Bills of exchange payable 0 0 0 Prepayments received on contracts in progress 10750 100000 0 Taxes, remuneration and social security payable 986369 368984 289897 Taxes 871065 265560 208315 Remuneration 86356 72002 42213 Social security payable 28948 31422 39369 Other amounts payable and short term liabilities 2550575 139676 1156659 ACCRUED CHARGES AND DEFERRED INCOME 2923093 2923093 2923093 Total owner's equity and liabilities 411765512 416417688 420634799
182 LITHUANIANLIST OF MEMBERS COMPANIES NATIONAL STOCK EXCHANGE OF LITHUANIA
Brokerage Departments of Banks
1. BD of HANSABANKAS 7. BD of ÛKIO BANKAS
Address: Gedimino pr. 26, LT- 2001 Vilnius Address: J.Gruodþio g. 9, LT-3000 Kaunas Phone: (370-2) 390601 Phone: (370-7) 301430, 301431 Fax: (370-2) 390641 Fax: (370-7) 301430, 301431 Manager: Tomas Andrejauskas Manager: Vidmantas Kniûkðta Brokers: J.Ðèeponavièiûtë, T.Andrejauskas Brokers: V.Kniûkðta, A.Surauèius
2. BD of LIETUVOS TAUPOMASIS BANKAS 8. Securities Trading Unit of VILNIAUS BANKAS
Address: Gedimino pr. 10/1, LT-2600 Vilnius Address: Jogailos g.10, LT-2600 Vilnius Phone: (370-2) 661331 Phone: (370-2) 682370, 682371 Fax: (370-2) 661333 Fax: (370-2) 682374 Manager: Vladimir Streckij Manager: Robertas Berþinskas Brokers: N.Paièius, A.Urbonas, L.Þongolavièiûtë Brokers: R.Berþinskas, L.Grinevièius, M.Kulbokas Guide to Listed Companies
3. BD of LIETUVOS ÞEMËS ÛKIO BANKAS 9. BD of PAREX BANKAS 2000
Address: Vilniaus g. 18-303, LT-2630 Vilnius Address: K.Kalinausko g.130, LT-2009 Vilnius Phone: (370-2) 629764 Phone: (370-2) 664622 Fax: (370-2) 627762 Fax: (370-2) 664699 Manager: Vytautas Kupliauskas Manager: Alius Jakubëlis Brokers: A.Trinka, M.Kulvinskas, E.Butrimas, J.Èiburys Brokers: A.Jakubëlis
4. BD of MEDICINOS BANKAS
Address: Pamënkalnio g. 40, LT-2600 Vilnius Phone: (370-2) 629058 Fax: (370-2) 624481 Manager: Egidijus Norvaiðas Category A Brokers: E.Norvaiðas
5. BD of BANKAS SNORAS 1. BC FINASTA AB
Address: A.Vivulskio g. 7, LT-2600 Vilnius Address: Ukmergës g. 41-510, LT-2600 Vilnius Phone: (370-2) 652867, 262759 Phone: (370-2) 723463 Fax: (370-2) 652395 Fax: (370-2) 723491 Manager: Audris Imbrasas Manager: Darius Ðulnis Brokers: L.Bartkevièius, G.Ðlepikas Brokers: D.Ðulnis, A.Rimkus, D.Kaziûnas, V.Jonutis
6. BD of ÐIAULIØ BANKAS 2. BC FINBALTUS UAB
Address: Tilþës g. 149, LT-5400 Ðiauliai Address: Ukmergës g. 41-660, LT-2600 Vilnius Phone: (370-21) 595653, 595654 Phone: (370-2) 725861 Fax: (370-21) 430774 Fax: (370-2) 725869 Manager: Pranas Gedgaudas Manager: Valdas Varanavièius Brokers: P.Gedgaudas, J.Dobiliauskienë, R.Januðevièius Brokers: V.Varanavièius
183 LITHUANIANLIST OF MEMBERS COMPANIES NACIONALINË VERTYBINIØ P0PIERIØ BIRÞA
Category B
1. BC ALPHA BALTIC UAB 7. BC NAUGVILDA UAB
Address: Ukmergës g. 41-507, LT-2600 Vilnius Address: Savanoriø pr.247, LT-2028 Vilnius Phone: (370-2) 724774, 721891 Phone: (370-2) 686737, 686736 Fax: (370-2) 725254 Fax: (370-2) 744495 Manager: Kazimieras Liepis Manager: Violeta Tvarijonienë Brokers: A.Skanas Brokers: V.Tvarijonienë, D.Karmazinienë
2. BC BALTIJOS VERTYBINIAI POPIERIAI UAB 8. BC SINKUS UAB
Address: Gedimino pr. 60, LT-2600 Vilnius Address: Ukmergës g. 41-608, LT-2600 Vilnius Phone: (370-2) 313833 Phone: (370-2) 723485, 721517 Fax: (370-2) 313840 Fax: (370-2) 723483 Manager: Dmitrijus Dutovas Manager: Romas Matiukas Brokers: D.Dutovas, V.Jurkevièius Brokers: J.Gerko, S.Chadzevièius, E.Veselka Guide to Listed Companies
3. BC FINVESTA UAB 9. BC SPEKONIS IR GASTONAS UAB 2000
Address: Ukmergës g. 41-516, LT-2600 Vilnius Address: Ukmergës g. 41-602, LT-2600 Vilnius Phone: (370-2) 721623 Phone: (370-2) 721441, 721655 Fax: (370-2) 721624 Fax: (370-2) 721441 Manager: Igoris Ivanovas Manager: Mindaugas Vëgelë Brokers: I.Ivanovas Brokers: M.Vëgelë, A.Apulskis, E.Levickaitë, R.Maþintaitë
4. BC ICI CAPITAL UAB 10. BC SUPREMA UAB
Address: E.Oþeðkienës g. 7, LT-3005 Kaunas Address: A.Goðtauto g. 40, LT-2001 Vilnius Phone: (370-7) 322769 Phone: (370-2) 362770 Fax: (370-7) 322768 Fax: (370-2) 362771 Manager: Andrius Barðtys Manager: Aurimas Maþdþierius Brokers: A.Launikonis, D.Frejus Brokers: A.Maþdþierius, A.Jacikevièius
5. BC JÛSØ TARPININKAS UAB 11. BC VIVUM UAB
Address: Zanavykø g. 25, LT-3000 Kaunas Address: Ukmergës g. 41-612, LT-2600 Vilnius Phone: (370-7) 331676 Phone: (370-2) 608849 Fax: (370-7) 331629 Fax: (370-2) 721489 Manager: Nikolajus Dubnikovas Manager: Vidûnas Mekðrûnas Brokers: I.Lisovskaja Brokers: V.Mekðrûnas
6. BC KAPITALO SRAUTAI UAB
Address: Ukmergës g. 41-502, LT-2600 Vilnius Phone: (370-2) 723798 Fax: (370-2) 721465 Manager: Artûras Ðilinis Brokers: A.Pridotkas, A.Ðilinis, K.Balutis
184 LITHUANIANNOTES COMPANIES NATIONAL STOCK EXCHANGE OF LITHUANIA
Data appearing in the publication were supplied by issuers, brokerage houses, the Department of Statistics, the Ministry of Finance and the Bank of Lithuania.
Under the headings of the elected bodies and management, we have given the situation as of July 2001. Lists of shareholders reflect the situation on the date of the annual general shareholders meeting of each company.
Under the heading capitalisation, the figures were calculated from the average price of the shares on 29 June 2001. (Capitalisation = the number of listed shares times the average price of the share as of June 29).
In the financial statements and ratios, we have specified as to which accounting system the data is applicable. LAS refers to data compiled according to Lithuanian accounting standards, IAS applies to data prepared according to international accounting standards.
The Lithuanian monetary unit is Litas (LTL). It is pegged to the US Dollar at a fixed exchange rate of 4 to 1. Guide to Listed Companies
ACRONYM 2000 AB public company BC Brokerage Company BD Brokerage Department BT block trading CIS Commonwealth of Independent States CM central market Consol consolidated EU European Union FBF Financial Brokerage Firm IAS International Accounting Standards IFC International Financial Corporation KIB holding company LAS Lithuanian Accounting Principles LTL litas, national currency NSEL National Stock Exchange of Lithuania SEB Skandinaviska Enskilda Banken AB (Stockholm) SPAB special purpose public company SPF State Property Fund TÛB general partnership UAB close stock companies
Name of Security (Face value, LTL) Market Price ( LTL) Turnover CM (units) Turnover
185 NATIONAL STOCK EXCHANGE OF LITHUANIA
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