LHV Institutional Baltic Insight, August 17th, 2020
* Linda Nektar’s (LINDA ET) H1 2020 results came in slightly stronger than anticipated, as the Company succeeded to expand its revenues and reported a small profit at the bottom line for the first time since H1 2017. According to the management, LINDA saw a decent demand for fermented fruit wine products in the first half of this year, despite the fact that a number of regular sales channels of large beverage producers for their end products were impacted negatively by the coronavirus pandemic since March, especially concerning the HORECA segment. The Company claims that such an impact was nicely offset by increased sales volumes through other sales channels. Please also refer to the tables in the attachment.* Silvano Fashion Group’s (SFG1T ET) Q2 2020 results, published on 14th August 2020 revealed a significant decline in revenues primarily due to the negative impact of the COVID-19 pandemic, while the Group recorded a net loss after adjusting for FX gains, compared to our EUR 0.5-1.0m net profit forecast.
* Despite a drastic decline in profitability at the operating level, Silvano reported the net profit attributable to shareholders of EUR 2.2m in the latest quarter, primarily due to a currency exchange gain of EUR 2.2m. If we subtract this currency exchange gain, then the net loss attributable to shareholders would be EUR 0.02m which is much less than our expectations. Please also refer to the tables in the attachment.
Linda Nektar AS is an Estonia-based company specialized in the beverage industry. The Company mainly specializes in the production of fermented beverages for the drinks industry. Its portfolio includes Fruit wines, which uses mainly apple concentrate; Ferments , which includes a range of ferments that contain raw materials taken from fruits, sugars or malt, and Aroma Technology, which specializes in technologies for the capturing and recovery of flavors in wine.
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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