LHV Institutional Baltic Insight, June 2nd, 2021
* Apranga APB (APG1L LH) has been one of the worst-hit companies due to the COVID-19 pandemic. Apranga announced that it generated total retail turnover (incl. VAT) of EUR 18.6m (+23.8% y-o-y, +48.8% q-o-q) for May 2021, leading to a cumulative five months’ (Jan-May 2021) turnover of EUR 56.7m (-14.2% y-o-y). This is the third consecutive month wherein the turnover has shown positive growth over last year’s numbers.* Linas Agro’s (LNA1L LH) Q3 FY20/21 results, published on 31st May 2021, revealed a significant increase in revenues primarily due to a record harvest in the Baltic States and a significant improvement in the financial condition of farmers. In Q3 FY20/21, total revenues surged 49.1% y-o-y to EUR 236.7m (beating our expectations significantly) primarily due to a massive increase in trade volumes of cereals, oilseeds and feedstuff. LNA reported an unallocated operating loss of EUR 1.6m, a large part of which is likely to be related to various expenses regarding the potential acquisition of KG Group. LNA recorded a net loss attributable to shareholders of EUR 1.1m (Q3 FY19/20: EUR -0.9m).
* 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.
Linas Agro Group AB. Linas Agro Group AB is a Lithuania-based holding company involved in the agricultural sector. It's activities are structured into five basic segments: The Grains and Oilseeds segment includes wheat, barley, rapeseed, sunflower and linseed, among others; The Feedstuffs segment's activities include international supply of and trade in secondary products of the food industry, such as sunflower cake, sunflower meal and others; The Agricultural segment covers supplies of such products for crop production as seeds, fertilizers, plant protection products, and agricultural machinery; The Farming segment covers primary production of agricultural produce, including diary production, as well as cultivation of grains, rape and sugar beet, and the Other Products and services segment covers sales of solid biofuel. In February 2014, it acquired poultry companies SIA Lielzeltini, SIA Cerova, and SIA Broileks. In May 2014, it sold a 100% stake of UAB Lignineko.
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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