7.20

looks like smb has no idea where he is
7.25

Resistance at 7.20 for today

Englishman what do you mean?

7.24 sweep

Neblogai kazkas uz 80000 Lt apsiprekino

Sweeping at this price 7.20+ indicates target of 7.50

is the stockmarket open on Thursday Friday?

INvalda
2008 2009
Share price, LTL:
- open 17.15 1.67
- high 17.34 3.71
- low 1.03 1.10
- last 1.67 1.84
Turnover, units 4 973 647 7 273 279
Turnover, mLTL 47.08 14.19
Capitalisation, LTL 71.09 78.33
Traded volume, units 9 162 8 443

Significant events and tasks accomplished

• Finalisation of sale of block of shares of Sanitas for103.58 mLTL.
• Sale of Finasta group for 45.75 mLTL.
• Tiltra Group acquired Poldim group in Poland.
• Businesses were reorganized to operate efficiently and profitably.
• Liabilities of AB Invalda were significantly reduced (by 105 mLTL for The
Company and by 188 mLTL for The Group).

mLTL 31-12-2008 31-12-2009

Description of assets as of 31-12-2009
Investments in Sanitas 185.9 119.6
26.5 per cent stake in Sanitas AB and
loans to the company
Investments in road construction 25 25
43.3 per cent stake in Kauno Tiltai AB
and 44.8 per cent stake in Tiltra Group
Investments in real estate 204.9 121.8
Commercial real estate, flats, land for
development, agricultural land and loans
to the sector companies
Investments in Vilniaus Baldai 13.7 13.7 72 per sent stake in Vilniaus Baldai AB
Investments in IT sector 6.9 6.0
80 per cent stake in Positor group and
loans to the sector companies
Investments in Finasta group 59.8 0
Financial sector companies’ shares and
loans provided to the sector companies
Other assets
37 22.3 Stakes in Kelio Zenklai, Umega, differed
tax asset, stake in Agrowill Group and
other assets
Total assets: 533.2 308.4

Groups sectors’ contribution to Invalda AB results
mLTL 2008 2009

Pharmaceuticals* 0 5
Road construction* 18,7 13,07
Real estate (97,9) (119,6)
Furniture manufacturing 7,6 15,5
IT (1,1) (1,6)
Financial sector (sold) (-25) 6,1

Sanitas

Pharmaceuticals sector Pharmaceuticals sector

• 51 new products where registered
in 11 markets.
• After poor performance in the first
quarter, Sanitas showed an
improvement in results later in the
year.
• Decreased administrative expenses.
• After changing sales practices in
Russia, sales on credit where halted
to clients that had past due
payables to Sanitas AB and
companies related to it. This helped
to avoid bad debts.

Road and bridge construction sector



• Executing expansion in Poland, Tiltra Group AB
acquired control of road and bridge construction
group Poldim in December 2009.
• After this deal, total annual revenues of the group
are above 1 billion LTL. Majority of them is generated
in Poland.
• Decreased financing of Lithuanian road and bridges
sector caused decline of results in 2009.
• Largest contract in 2009 signed by Tiltra Group in
Poland –reconstruction of Bialystok southern bypass.
Contract size: almost 159 mPLN .

Furniture manufacturing Furniture

• Vilniaus Baldai is generating stable cash flows.
• Operating effectiveness was further increasing.
Annual turnover per employee (calculated as
annual turnover devided by average number of
employees per year) reached 314,6 thousand LTL
– a 37% increase y/y.

Real estate

• The goal is to reorganize real
estate sector companies in such a way that
the sector could operate without the need
of excess financing from shareholders. The
goal was achieved.
• Decision was made to withdraw from
projects further participation in which
became economically unreasonable.
• Main objects – cash flow generating
commercial real estate.

IT

• Business volumes of BAIP increase y/y: gross profit
was 4% higher than in 2008. EBITDA reached 1.8 mLt
(+40% y/y). BAIP is the largest company of Positor
group’s professional service sector. BAIP provides
professional services that require specific know-how
and especially high competence.
• Poor performance of hardware sector was the main
cause of the decrease in IT results. Business volumes
(gross profit) of this sector were 39% lower than a
year before. EBITDA was -32 thou. LTL (0.5 mLTL in
2008).
• Together with Glasshouse, IT sector companies
implemented the Critical Infrastructure Maintenance
Framework methodology.
• BAIP was nominated as the most progressive
service sector company by Lithuanian Knowledge
Economy Forum.
• BAIP became Netapp partner.
•ISO 14001 certificate was acquired.

Summing up


• 2009 was tough but important:
– main businesses were reorganized according to market trends, they
are operating successfully and are generating positive cash flows;
– liabilities were decreased significantly.


• Goals for 2010 are:
– to ensure that all main businesses of Invalda AB operate profitably;
– to strengthen the balance sheet of Invalda AB and ensure that the
needed cash flows are being generated;
– fully use existing and emerging opportunities.

The information provided here is not a recommendation or solicitation to buy or sell any securities
of Invalda AB or companies related to Invalda AB.

nuo kada graikai spamint apie inv pradejo?