LHV Institutional Baltic Insight, November 11th, 2020 (additional edition)
* With the economic activity further recovering in Estonia, despite worsening pandemic situation, Coop Pank (CPA1T ET) continued expanding its operating volumes strongly in October 2020, also maintaining decent profitability. Loan impairments remained relatively low, even somewhat declining compared to the previous three months, indicating steady loan quality.* Nonetheless, considering the recent strong uptrend in the COVID-19 infection rates, economic conditions may deteriorate again in Estonia, and there is a lot of uncertainty ahead, potentially restraining CPA’s growth prospects and profitability going forward. So far, CPA has succeeded to implement its growth strategy and capitalise on the growing awareness of the ‘COOP’ brand, the Group’s close cooperation with Coop Estonia’s retail network of c.a. 340 stores and new product offerings. Please also refer to the tables in the attachment.
* Klaipedos Nafta (KNF1L LH) recorded a significant decline in its oil terminals’ revenues in October 2020, compared to both the same month a year ago and the previous month of 2020. KNF maintained stable performance and revenues at its LNG terminal in comparison with the earlier months of this year, but the respective sales are sharply down from last year’s levels, due to the reduced fixed component of LNG tariffs. Total preliminary revenues for 10M 2020 amounted to EUR 64.4m, down 24.9% y-o-y. Please also refer to the tables in the attachment.
Klaipedos Nafta AB. Klaipedos Nafta AB is a Lithuania-based company involved in the export and import of oil products and crude oil. The Company's activities include transhipment of crude oil and oil products, unloads crude oil and oil products from tankers into railway cars, temporary storage of crude oil and oil products, determination of quality parameters of oil product, injects chemical additives into oil products, accepts oily water from ships, supply of fuel and water to ships and provides moors tankers. As of December 31, 2011, the Company's major shareholder was Lithuanian Ministry of Energy with a stake of 70.63%. On December 17, 2012, the Company registered its new subsidiary, LitGas, which specializes in the distribution of gas.
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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