LHV Institutional Baltic Insight, April 29th, 2021
* Apranga APB (APG1L LH) published its Q1 2021 results. Total revenues declined by 42.9% y-o-y to EUR 22.0m, beating our expectations slightly, due to a sharp drop in sales across its key markets. On a positive note, the Group’s turnover from the online channel increased 5.4x y-o-y to EUR 17.4m and contributed 68.2% of the total turnover compared with 7.0% in Q1 2020. The gross profit declined 47.6% y-o-y to EUR 7.5m and the Group reported an operating loss of EUR 2.7m and a net loss of EUR 2.5m, resulting in a net margin of -11.5% compared to -5.2% in Q1 2020. EfTEN Real Estate Fund III (EFT1T ET) announced its full Q1 2021 results on 29th April, while the reported figures do not differ from the preliminary numbers indicated in their monthly performance and NAV announcements published earlier.* Harju Elekter (HAE1T ET) published its Q1 2021 results, revealing a decline in revenues as well as profit numbers. As expected, the Group’s business is affected by the COVID-19 pandemic with a lag of one year, and the impact is clearly visible now. Novaturas AB (NTUL LH), in line with the global tourism sector, was severely hit by the COVID-19 pandemic. The management’s main focus for the latest quarter was on the resumption of operations, which could only commence in February with trips to Tenerife in Spain. The first-quarter results were predominantly boosted by a significant improvement in March.
* Tallink Group (TAL1T ET) is among the companies severely impacted by the COVID-19 pandemic. Primarily due to the travel restrictions imposed by the governments in the Group’s home markets around the Baltic Sea, TAL continued to struggle with a sharp decline in the number of passengers in Q1 2021. Total Q1 2021 revenues fell short of our estimated range, with all operating segments recording lower than predicted sales, except for cargo. The core profit figures of TAL came in broadly in line with our estimates, although they were at the weaker end of the projected ranges, and the Group recorded large negative operating cash flows for the latest quarter, deteriorating its financial position. Please also refer to the tables in the attachment.
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.
Harju Electrics Ltd. Harju Electrics Ltd (formerly Harju Elekter AS), is an Estonia-based electrical equipment manufacturer. The Company specializes in the production of electrical distribution systems, control panels, cables and substations; wholesale and mediation of light fittings and electrical appliances; real estate holding and information technology (IT) services, among others. Harju Elekter AS is a parent company of Harju Elekter Group, which consists of five subsidiaries: Harju Elekter Elektrotehnika AS, Harju Elekter Teletehnika AS, Satmatic OY, Rifas UAB and Harju Elekter AB. It is active domestically and abroad in such countries as Latvia, Poland, Norway and the United States and others.
Novaturas AB is a Lithuania-based company, which is engaged in the provision of travel services in the Baltic countries. The Company operates through three divisions: All Inclusive vacation packages around all time year; Sightseeing tour by coach and plane to approximately 30 destinations across the world, as well as ski trips. It also offers airline tickets and hotel accommodations. It sells tours through travel agencies and its Website.
Tallink Grupp AS is a ferry operator providing mini-cruise and passenger transport services in the Baltic Sea region. The Company also offers cargo services on the various routes between Finland-Sweden, Estonia-Finland, Estonia-Sweden, Finland-Germany, and Latvia-Sweden under the brand names of Tallink and Silja Line. In addition, the Group operates four hotels in Tallinn and one in Riga. As of March 28, 2013, the Company's major shareholder was Infortar AS with a stake of 35.81%.
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.