LHV Institutional Baltic Insight, July 30th, 2020
* Harju Elekter (‘HAE’; along with its subsidiaries it is referred to as the ‘Group’) published Q2 2020 results on 29th July 2020, which revealed a minor decline in revenues, as expected. However, a significant improvement in profitability on a y-o-y basis surprised us. The Group stated that the COVID-19 pandemic did not significantly affect its revenues in the reporting quarter as the orders of the Group’s customers are mostly of a long-term nature, and the work for framework agreements will continue as agreed with the customers. Please also refer to the tables in the attachment.* Klaipedos Nafta (‘KNF’ or the ‘Group’) reported somewhat stronger than anticipated underlying profits for Q2 2020, with revenues also revised upwards compared to the preliminary monthly figures published earlier. Please also refer to the tables in the attachment.
* Novaturas AB (hereinafter referred to as the ‘Company’) published its Q2 2020 results yesterday evening. As expected, and previously reported, the Company indicated that it earned revenues of c.a. EUR 0.1m. This was due to operations being suspended from mid-March until July. Despite negligible revenues, the Company impressively restricted the net losses to EUR 1.9m. This was better than our estimated loss range of EUR 2.5-5.0m. The Company is hosting a quarterly webinar on Friday, 30th June 2020, and more in-depth comments will be published by us subsequent to the webinar. Please also refer to the tables in the attachment.
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.
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.
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.
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.