LHV Institutional Baltic Insight, June 2nd, 2020
Please find attached today's edition of the Baltic Insight.* Linas Agro’s (‘LNA’ or the ‘Group’) Q3 FY19/20 results, published on 29th May 2020, revealed a significant decline in revenues but improvement in profitability. Due to the COVID-19 crisis and lockdown in many countries, the Group companies faced various challenges, but the latest quarter results were not significantly affected by the pandemic. None of the companies had to be closed; every company operated with individual employee protection measures and in compliance with new work safety procedures and customer service regulations. Please also refer to the tables in the attachment.
* Olainfarm’s (‘OLF’ or the ‘Group’) Q1 2020 revenues were revised upward compared to the preliminary figures published in April and the Group managed to post somewhat stronger than anticipated core profits for the quarter. However, the sharp weakening of CIS and Central Asia currencies against the EUR during the first quarter of 2020 resulted in substantial FX losses, about twice the size we assumed, while the Group booked FX gains in Q1 2019. Accordingly, OLF reported steeply lower net profits for Q1 2020 compared to the same quarter last year. Please also refer to the tables in the attachment.
* Silvano Fashion Group’s (‘Silvano’ or the ‘Group’) Q1 2020 results, published on 29th May 2020 revealed a significant decline in revenues, but a substantial improvement in profitability at the operating level, on a y-o-y basis. Please also refer to the tables in the attachment.
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.
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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