LHV Institutional Baltic Insight, March 2nd, 2021
* Apranga APB (APG1L LH) published its Q4 2020 results on 26th February 2021. As we have discussed in previous commentaries, Apranga has been severely hit by the COVID-19 pandemic. Due to the second wave of COVID-19 infections, from 16th December 2020, all the Group’s stores in Lithuania are temporarily closed (stores with a separate entrance from the outside and a sales area not exceeding 300 sqm have been open since 15th February 2021). In Latvia, the stores are temporarily closed from 19th December 2020 (until then, from 14th November 2020, trading on weekends was prohibited in Latvia). These temporary store closures had a significant impact on the Group’s financial performance in Q4 2020. Please also refer to the tables in the attachment.* AUGA group (AUG1L LH) published Q4 2020 results on 26th February 2020, which were in line with our expectations. In Q4 2020, the Company’s revenues declined by 13.8% y-o-y to EUR 20.8m, primarily due to a significant drop in the crop growing segment’s revenue. However, the cost of sales declined at a higher rate of 15.0% y-o-y, which, coupled with much higher subsidies, led to a substantial improvement in the gross profit. The finance cost fell considerably to EUR 1.0m (-51% y-o-y), as the interest expenses related to IFRS 16 dropped by EUR 1.0m on a y-o-y basis. The Company reported a substantial improvement at the bottom line, with total net profit reaching EUR 0.5m, compared to a net loss of EUR 1.9m in Q4 2019. Please also refer to the tables in the attachment.
* Silvano Fashion Group’s SFG1T ET)) Q4 2020 results, published on 26th February 2021, revealed a significant y-o-y decline in revenues as well as deterioration in profitability. The Group has significantly missed our expectations in terms of revenues and profitability. Please also refer to the tables in the attachment.
Auga Group AB. Auga Group AB, formerly Agrowill Group AB, is a Lithuania-based company engaged in the agriculture sector. The Company's activities are structured mainly into three divisions, namely Mushroom-growing, Plant production and Livestock production. The Company offers white, brown, portabella, eryngii, pleurotus and shiitake mushrooms. It specializes in organic wheat and other crops, including organic vegetables and organic feed for livestock in its farms. The Company supplies potatoes, beetroots, onions, carrots, marinated champignons, marinated beetroots, among others. The Company operates own trademark AUGA. In addition, the Company is involved in own farms management. The Company has numerous subsidiaries, including UAB Arginta Engineering, UAB AVG Investment and UAB Agro GIS, among others. It operates domestically on the Lithuania territory.
Apranga APB is a Lithuania-based company that is principally engaged in the retail trade of apparel. Apranga Group, which consists of a parent company Apranga APB and its 16 wholly owned subsidiaries (located in Lithuania, Estonia and Latvia) control numerous stores and outlets in such Baltic States as Lithuania, Latvia and Estonia. Apranga Group develops trade systems and single-brand stores of five different types: ZARA franchise stores; APRANGA family fashion stores; Aprangos Galerija young fashion; Dshop a Desigual brand franchise shops; CITY business fashion stores and a franchise store Betty Barclay in Latvia, and Luxury clothes, footwear and accessories stores, which comprise franchise stores, such as Emporio Armani, GF Ferre, Hugo Boss, MaxMara, Burberry Limited, Mados linija and others. In February 2014 it established a subsidiary Apranga MDE OU which operates Massimo Dutti stores in Estonia under agreement with Inditex.
Silvano Fashion Group AS (SFG), formerly PTA Grupp AS, is an Estonia-based company, which is mainly engaged in the design, manufacture and marketing of women's apparel and lingerie. In addition, the Company provides sewing services to other manufacturers of women's lingerie. The Company owns such brands as Milavitsa, Alisee, Aveline, Lauma Lingerie and Laumelle. The Company is active domestically and abroad in such countries as the Russian Federation, Belarus, Ukraine and the Baltic States, where the Company sells its products through its retail chains, such as Milavitsa and Lauma Lingerie. Silvano Fashion Group AS operates eleven subsidiaries, located in Latvia, Belarus, France and the Russian Federation.
LHV Bank is an independent pan-Baltic bank, based on Estonian capital. The company was founded in 1999 by two founders of Hansapank (today’s Swedbank in the Baltics) and has been offering a full range of investment services for 15 years. In May 2009, LHV received a credit institution licence allowing it to provide all banking services.
The head office is situated in Tallinn, Estonia. Cross-border services are offered in Vilnius, Lithuania and in Riga, Latvia. LHV provides brokerage (institutional and retail), asset management, banking and capital markets services. Compared to other banks, we are more innovative and have more solid experience in investment and entrepreneurship.
The Bank, together with the Group asset management company employs over 320 people. LHV Group shares are listed on Nasdaq Tallinn.
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