Guide to NASDAQ OMX Baltic Securities Market 2010

Guide to 

NASDAQ OMX Baltic 

Securities Market

2 

/

Table of contents 

Welcome to the Baltic market 5 

Latest developments at NASDAQ OMX Baltic 6 

An in-depth look at NASDAQ OMX Baltic 9 

The Baltic economies 22 

Overview of taxation in the Baltic countries 26 

Food for the people, fuel for the market 33 

Company profiles 35 

NASDAQ OMX Baltic Secondary list TOP 30 82 

Baltic Fund List 84 

Baltic Bond List 86 

NASDAQ OMX Baltic members 87 

Market data vendors 88 

Contacts 89

Welcome to the Baltic market 

Welcome to the 2010 edition of the NASDAQ 

OMX Guide to the Baltic Securities Market, your 

indispensable reference point for news and 

developments affecting the Baltic securities 

markets, summaries of all Main List and some of 

the larger Secondary List companies, as well as 

other investment ideas for established and new 

investors. 

Despite the challenging times endured by the 

global financial system, the NASDAQ OMX Baltic 

exchanges continue to improve the quality of 

their offering in the region. 

NASDAQ OMX Group’s desire to acquire full 

ownership in the Baltic exchanges as well as 

the harmonization of trading technology give 

proof of the region’s high potential and increase 

integration with the global securities markets. 

Two successful IPOs - Premia Foods and Linas 

Agro Group - and a rights offerings of City Service 

and Ekspress Grupp mark a recovery in market 

sentiment after the lows of 2009. Development 

of market indices and deeper interest in public 

securities market as a capital raising source 

indicate more optimistic view and increased 

confidence in the Baltic market. 

Moves towards adopting the Euro as the trading 

and settlement currency in Estonia and Lithuania 

by the beginning of 2011, with plans to do 

the same in Latvia shortly thereafter, signal 

the exchanges’ desire to ease the passage 

of business for international investors. This is 

backed up by efforts to bring investors more realtime 

information, with the introduction of the next 

generation trading platform, Genium INET, and 

more advanced trading surveillance systems. 

Alongside our continued promotion of better 

education services, these initiatives demonstrate 

NASDAQ OMX Baltic’s commitment to improving 

local equity culture and to welcoming investors 

from around the globe. 

5

6 

Latest developments at 


NASDAQ OMX to increase its presence 

in the Baltics 

NASDAQ OMX acquired the minority stakes Swedbank 

and SEB held in the NASDAQ OMX Baltic 

exchanges, thereby strengthening its position 

in the Baltic market. NASDAQ OMX has a strategic 

interest in developing the region’s capital markets 

and its goal is to reach 100 percent ownership 

in all NASDAQ OMX’s Baltic entities in the near 

future. 

Trading and clearing of equities in euro 

Business on the Baltic exchanges is closely 

interrelated, with every third exchange transaction 

being across borders. Therefore, in order 

to have more homogeneous markets, the Baltic 

exchanges are working towards introducing a 

single trading and clearing currency in the Baltic 

market. Estonia will adopt the euro as a national 

currency from January 1, 2011 and, consequently, 

trading and clearing on NASDAQ OMX Tallinn will 

be conducted in euros. NASDAQ OMX Vilnius will 

Latest developments at NASDAQ OMX Baltic 

start using the euro as the trading and clearing 

currency for equities on its regulated market in 

November 2010. NASDAQ OMX Riga will also move 

along with its plan to introduce trading in euros 

on its regulated equities market. 

Making markets more attractive 

to foreign issuers 

NASDAQ OMX Baltic has continuously worked 

to improve the attractiveness of its marketplace 

and one of its initiatives has been aimed 

at adjusting the setup of its market so that listing 

and trading is as seamless for foreign issuers 

as it is for local customers. Following changes in 

regulations passed in early 2010, an electronic 

issue of the Listing Guide for Foreign Companies 

was published. This publication provides foreign 

issuers with information on the benefits, services, 

requirements and practices of listing and 

trading in the Baltic states. Listing guide is available 

on www.nasdaqomxbaltic.com

Genium INET 

NASDAQ OMX Baltic and Nordic exchanges successfully 

introduced the INET trading system for 

equities markets on February 8, 2010 followed 

by a new, real time, market surveillance system, 

SAGA. Volatility Guards - a complementary tool for 

equity markets to reduce the likelihood of erroneous 

trades and to reduce the impact of sudden 

and extraordinary liquidity was implemented in 

September 2010. 

The new trading platform, named Genium INET, 

will replace the existing SAXESS trading system 

and will be used for fixed income trading and 

issuing auctions on the Baltic exchanges. Genium 

INET, developed to comply with Nordic and Baltic 

market conditions, will bring improved trading 

interfaces and enhancements in the market 

model. 

It is planned that trading in Nordic derivatives will 

be migrated to the new system during autumn 

2010, while Nordic and Baltic fixed income trading 

and issuing auctions will be transferred in 2011. 

Genium INET will enable further improvements in 

efficiency, in reducing latency and in the interface 

members use for derivatives, fixed income 

instruments trading, and issuing auctions across 

Nordic and Baltic exchanges. 

The Baltic CSDs continuously work on 

implementing their clearing and 

settlement strategies 

Both Latvia’s and Estonia’s Central Securities 

Depositories (CSDs) will introduce a common, 

centralized, message exchange service called 

the Central Message Hub by the end of 2010. 

This hub will be based on proven state-of-theart 

technology, such as Java Messaging Services 

and IBM MQ, replacing existing local proprietary 

interfaces. Message Hub will ensure the integrity 

of messages and will allow for further integration 

and interoperability with the SWIFT and 

Target2 Securities systems, which use international 

ISO20022 standards. After a one-anda-half 

year development phase, Message Hub 

is being used in a test environment and, at the 

time of its launch, will be the most reliable and 

cost efficient interface between Baltic CSDs and 

market participants. 


7

8 

New core system Depend in Estonian CSD 

Estonia’s CSD will introduce a new core system 

called Depend on January 1, 2011, at the same 

time as the country adopts the euro. Cash settlement 

will take place in Target2-Estonia and 

transactions will be settled in Euro only. Clearing 

and settlement processes will be amended 

to accord with the best practices and international 

standards. Settlement will be through 

Real Time Gross Settlement (RTGS) with optimization 

batches instead of batch processing, which 

should reduce the assets commitment periods 

and risks for buyers and sellers. 

NASDAQ OMX Vilnius to hold euro-denominated 

Lithuanian Government bond auctions 

In July 2010, NASDAQ OMX Vilnius started holding 

primary auctions of Lithuanian government 


bonds denominated in euros. Until then, bond 

auctions had been held only in the Lithuanian 

national currency, the Litas. Government bond 

auctions are held on the NASDAQ OMX trading 

platform, whereas the clearing and settlement 

of the trades executed at auctions is handled by 

the Central Securities Depository of Lithuania. 

Settlement for debt securities in euro 

Quoting and trading in debt securities on NASDAQ 

OMX Vilnius has been expanded, not only for 

trades conducted in litas or euros, but for other 

currencies as well (settlements are made in litas). 

Since February 2010, the settlement of trades in 

euro-denominated securities at NASDAQ OMX Vilnius 

are performed via the TARGET 2 payment 

system. Currently this applies to trades in debt 

securities.

An in-depth look at 


NASDAQ OMX Baltic is part of the NASDAQ OMX 

Group, Inc., the world’s largest exchange company 

with capabilities in trading, technology and 

service that reach across six continents. NASDAQ 

OMX operates a variety of listing platforms to provide 

multiple global capital raising solutions for 

private and public companies around the globe. 

NASDAQ OMX offers trading across multiple asset 

classes, including equities, derivatives, debt, 

commodities, structured products and ETFs. 

NASDAQ OMX Group is the world’s largest provider 

of technology for the exchange industry – providing 

services to over 70 exchanges, clearing 

organizations and central securities depositories 

in more than 50 countries. 

NASDAQ OMX Baltic is positioned on the crossroads 

between central, western and northern 

Europe, the Baltic and CIS markets. The region’s 

strengths provide exceptional business opportunities 

for investors: political stability, economic 

freedom, some of the most diversified industry in 

north-eastern Europe, an attractive investment 

environment, which is relatively inexpensive with 

easy access to capital, and a young, well-educated 

workforce. 

NASDAQ OMX Baltic provides customers with convenient 

access and quality products. We continue 

to expand what we offer and to provide a 

wider selection of joint Baltic services and instruments 

to local and international customers. 

NASDAQ OMX ownership 

in the Baltics 

100% of NASDAQ OMX Tallinn 

Estonian Central Depository (100%) 

~93% of NASDAQ OMX Riga 

Latvian Central Depository (100%) 

~95% of NASDAQ OMX Vilnius 

Central Securities Depository of 

Lithuania (8%) 

32% of the Central Securities Depository 

of Lithuania 

An in-depth look at NASDAQ OMX Baltic 

9

10 

NASDAQ OMX Baltic – what we offer to 

investors, members and information 

vendors 

NASDAQ OMX Baltic’s securities market aims to 

provide a one-stop-shop for trading and settlement 

in the Baltic region, thereby making the 

region more accessible and attractive to foreign 

and local investors, as well as listed companies. 

The market – comprising of three Baltic 

exchanges, the central securities depositories 

of Estonia and Latvia, and a network of local 

and international members – offers a comprehensive, 

efficient and secure marketplace regulated 

to global standards for companies to raise 

capital and for investors to transact and settle 

financial products seamlessly between the three 

countries. 

Baltic investment products 

Altogether, close to one hundred companies are 

listed on two Baltic equities lists. In addition, 

NASDAQ OMX Baltic provides trading in almost a 

hundred bonds of different maturities, presented 

in the Baltic Bond List, which had a market cap of 

around EUR 2.1 billion in mid-2010. The concept 

of combining Baltic products into common lists 

has also been extended to include investment 

fund units. NASDAQ OMX’s exchanges in Riga and 

Vilnius have developed an infrastructure for primary 

placement of new bond issues, used by the 

Latvian and Lithuanian Governments and corporate 

issuers. 

Baltic Main List Baltic Secondary List First North Baltic 

Regulated market Regulated market Alternative marketplace 

Market cap of at least 

EUR 4 million 

25% free float or at least 

EUR 10 million capitalization 

Smaller market cap No minimum market cap 

requirements 

No minimum free float 

requirement 

Three years operating history No minimum requirements 

(2 years in Vilnius) 

No minimum free float 

requirement 

No minimum requirements 

GICS classification GICS classification GICS classification 

IFRS/GAAP IFRS/GAAP/Local standards 

(Riga) 

Local standards or IFRS 

Baltic Bonds Baltic Funds 

Listing and trading in: 

• Government bonds 

• Corporate bonds 

• Mortgage bonds 

Listing and trading in 

national currencies, EUR and 

USD (and other currencies of 

denomination in Vilnius) 


Listing and trading in: 

• Open-ended fund units 

• Closed-end fund units 

Baltic Fund Center displays 

comparable performance 

indicators for Baltic funds

NASDAQ OMX First North 

NASDAQ OMX First North is an alternative marketplace 

specifically designed for fast-growing, 

developing companies with a need for market 

facilitation. In the Baltic countries, First North is 

harmonized across the NASDAQ OMX exchanges 

in Tallinn, Riga and Vilnius. First North utilizes 

the NASDAQ OMX trading, information and distribution 

infrastructure – but has lower regulatory 

demands and admission requirements. 

At the same time, First North brings investors at 

home and abroad a wider range of investment 

possibilities, such as first-hand access to the 

First North Baltic 

certified advisers 

NASDAQ OMX Tallinn 

Aare Raig Law Firm 

Law Firm Lepik & 

Luhaäär LAWIN 

Law Firm Sorainen 

Cresco Väärtpaberite AS 

Deloitte Advisory 

Redgate Capital 

SEB Enskilda 

Swedbank 

NASDAQ OMX Riga 

Advante Corporate Finance 

Ardente 

Eventus Corporate Finance 

SEB Enskilda 

NASDAQ OMX Vilnius 

Baltijos įmonių finansai 

Deloitte Lietuva 

GILD 

SEB Enskilda 

Swedbank 

Verslo konsultacijų spektras 

companies of tomorrow and the opportunity to 

share in their growth and success. It may involve 

higher risk but, on the other hand, may provide 

better returns. 

There are 18 Certified Advisers affiliated with First 

North qualified to guide growth companies to 

the Baltic alternative market. To join First North, 

a company should enter into an advisory agreement 

with one of our Certified Advisers. 

For more information about First North visit: 

www.nasdaqomxbaltic.com/firstnorth 

The NASDAQ OMX Baltic offering includes: 

1. Easy remote access for members 

through pan-Baltic membership 

2. Easy access for investors to all Baltic 

investment products through any of 

the numerous pan-Baltic members 

3. Efficient cross-border trading and settlement 

A common trading system - INET 

A single access point to Baltic local 

markets (Tallinn, Riga and Vilnius) 

Harmonized market practices and rules 

Delivery-versus-payment (DVP) 

link between the Baltic CSDs 

Free-of-payment (FOP) link between the CSDs 

4. One market information source 

Baltic equity lists 

Baltic bond list 

Baltic fund list 

Common Baltic and harmonized local indexes 

Common website – 

www.nasdaqomxbaltic.com 

One market data package for vendors 


11

12 

International standards to 

facilitate benchmarking 

NASDAQ OMX’s exchanges in the Nordic and 

Baltic regions use the Global Industry Classification 

Standard (GICS), a global standard 

developed by Morgan Stanley Capital International 

and Standard & Poor’s. Companies are 

classified according to their principal business 

activity, defined according to the area 

in which a company generates the major part 

of its revenue. 

Tradable index 

• OMX Baltic 10 

Benchmark index 

• OMX Baltic 

Benchmark indexes 

1200 

1000 

800 

600 

400 

200 

Tradeable 

index 

Benchmark 

index 

All-share & 

Sector indexes 

All Share indexes 

• OMX Baltic 

• OMX Tallinn 

• OMX Riga 

• OMX Vilnius 

Indexes historical overview 

Readily available information for 

informed investment decisions 

NASDAQ OMX Baltic offers a comprehensive range 

of real-time and historical data services, as well 

as other useful information products for investors, 

financial professionals and the media. 

www.nasdaqomxbaltic.com 

Presents real time as well as historical market 

information and periodical statistical information, 

including monthly statistical reports called 

Baltic Bulletins. All information is available free of 

charge. 

NASDAQ OMX Baltic Fund Center 

www.nasdaqomxbaltic.com/balticfunds 

The Baltic Fund Center is an online information 

center providing investors with performance 

information for most of the funds offered in the 

Baltic countries. Data of funds is displayed in a 

consistent, user-friendly manner, making comparison 

of fund performance easy. All information 

is available free of charge. 

OMXT Value / OMXR Value / OMXV Value / OMXBBCAPGI Value 

0 

Jan 

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 


Jan 

2010

Vendor information 

One of the main services of NASDAQ OMX Baltic 

is to provide the necessary market information 

to vendors, who further disseminate the data in 

various forms to their redistributors, customers 

or end-users: brokers, institutions and individual 


NASDAQ OMX Baltic’s exchanges offer a wide 

range of information products, covering real time 

information, information with a 15-minute delay, 

basic analysis data and batch data. 

NASDAQ OMX Baltic’s exchanges apply the same 

Agreement as used by NASDAQ OMX Nordic’s 

exchanges. Vendors who have already entered 

into an agreement with any NASDAQ OMX Nordic 

exchange need only mark the Baltic products 

they wish to subscribe to in the Application Form. 

For more information about our market data 

offering, please visit the NASDAQ OMX Baltic website. 

For a list of vendors see page 88. 

GlobeNewswire 

The distribution service of GlobeNewswire is tailor-made 

for listed companies in the Nordic and 

Baltic region. Through GlobeNewswire, listed 

companies are able to fulfill the exchange’s disclosure 

requirements as well as those of other 

authorities through our extensive distribution 

locally and across Europe. 

The Market Data Feed is the main distribution 

channel, reaching approximately 500,000 recipients 

through key media and data vendors, such 

as Reuters and Bloomberg. 

The NASDAQ OMX news distribution service delivers 

information instantly and simultaneously 

to some 3,000 traders, including those actively 

buying or selling stocks via the trading system. 

Our market data feeds are subscribed to by more 

than 100 global information distributors, such as 

Reuters, Bloomberg and SIX, as well as 80,000 

professional investors and several major bank 

platforms. Our distribution network includes realtime 

integration to editorial systems at major 

newspapers and broadcast outlets, direct feeds 

to top news agency databases and websites, 

and customized emails sent directly to individual 

journalists, analysts and business professionals. 


13

14 

Efficient cross-border trading and 

settlement 

NASDAQ OMX Baltic facilitates efficient crossborder 

trading and settlement between the 

exchanges in Estonia, Latvia and Lithuania, 

thereby making the Baltic region more accessible 

and attractive to investors and listed companies. 

By utilizing a common trading system, as 

well as common rules and requirements between 

the exchanges, and offering an advanced delivery 

versus payment (DVP) link, investors are able 

to trade and settle efficiently and seamlessly 

between the three markets. 

Advanced electronic trading system INET 

NASDAQ OMX Baltic’s stock exchanges operate 

according to the order-driven trading model, 

where bids and offers are entered in the relevant 

order book and automatically matched to trades 

when price, volume and other order conditions 

are met. 

NASDAQ OMX Baltic exchanges use the trading 

system INET for equity trading. Recognized 

as the most advanced securities trading technology 

in the world, INET is used in NASDAQ OMX 

Group’s exchanges in the US, the Nordic and 

Baltic countries. 

Having one single trading platform, used by 

investors worldwide, eases and facilitates trans– 

Atlantic access for members to the Nordic and 

Baltic markets. With the introduction of INET, 

exchange members can enjoy greater flexibility 

as the platform can be used via the internet. 

Fixed income instruments are traded on the 

Saxess platform. 


TRADING DAY 

All three Baltic exchanges have the same 

structure and hours to their trading day. The 

day’s structure is also harmonized with other 

exchanges at NASDAQ OMX Nordic. 

Trading day structure 

Time Trading phase 

09:00 – 10:00 Pre-Open 

10:00 Opening call (Uncross) 

10:00 – 15:55 Continuous trading 

15:55 – 16:00 Pre-Close 

16:00 * Closing call (Uncross) 

16:00 – 16:30 Post-trade 

16:30 - 09:00 Market closed 

* Randomly picked by the system between 15:59:30 and 

16:00:00. GMT +02:00, different trading hours apply to 

the fixed income market 

Trading currencies 

Trading takes place in the following currencies: 

Estonia: trading in EUR, settlement in 

EUR as of January 1, 2011. Estonian 

CSD joined TARGET2 in August 2009. 

Latvia: financial instruments issued in Latvia 

are traded and settled in the currency they 

are issued - LVL, USD or EUR. Cash legs in 

USD/EUR are settled via commercial banks. 

Lithuania: both trading and settlement 

in LTL. Settlement of trades concluded 

in debt securities denominated in EUR is 

performed in EUR. NASDAQ OMX Vilnius will 

start using EUR as the trading and clearing 

currency for share trading in November 2010. 

Lithuanian CSD joined TARGET2 in 2007.

All three Baltic countries are part of the EU’s 

exchange rate mechanism, ERM-2. Participation 

means that each country’s domestic currency 

is pegged to the euro in order to prepare 

the respective country for full membership of the 

monetary union. 

Tick size and trading lots 

As of November 2010, the tick size for listed equities 

is EUR 0.001 on NASDAQ OMX Tallinn and Vilnius, 

and LVL 0.001 on NASDAQ OMX Riga. The minimum 

trading lot for Baltic listed securities is 1. 

Common trading rules and practices 

One of the cornerstones of the NASDAQ OMX 

Baltic is a harmonized regulatory framework. The 

Baltic exchanges have harmonized trading rules 

and membership requirements, and are compatible 

with member rules at other NASDAQ OMX 

exchanges in Copenhagen, Helsinki, Reykjavik 

and Stockholm. 

Clearing and settlement 

The Baltic central securities depositories provide 

centralized clearing and settlement in each 

market, as well as execution of corporate actions, 

assuring a level playing field for local and international 


All securities listed on the Baltic exchanges must 

be registered in the respective national central 

securities depository (CSD). Institutions that are 

members of a stock exchange do not necessarily 

need to become participants of a CSD and/ 

or member of the national central bank, but can 

facilitate all or part of the clearing and settlement 

process via appointed clearing agents. 

The default settlement cycle for automatically 

matched stock exchange trades is three days 

after the trading day (T+3). However, settlement 

for treasury securities listed in Lithuania is T+1. 

Other settlement cycles are possible for manual 

transactions. 

Cross-border settlement 

The Baltic central securities depositories have 

harmonized clearing and settlement processes, 

simplifying investments in Baltic securities - all 

members and investors need is a single securities 

and cash account in one Baltic country, 

to which the securities registered in any of the 

Baltic CSDs can be settled. 

Pan-Baltic settlement link 

1. An investor with a securities 

account in Estonia/Latvia/Lithuania 

can easily buy and sell securities 

in any of the three countries 

2. An investor interested in 

buying securities in one of the 

neighboring countries no longer 

needs to open a new account 

in the country in question 

3. Payments are made in local currency 

(EEK in Estonia, LVL in Latvia, 

LTL in Lithuania); the cash-leg in 

foreign currencies is settled via 

commercial banks (EUR and USD) 

4. One common clearing and settlement 

time schedule for Baltic stock 

exchange transactions. A market 

specific time schedule remains for 

Latvian tradable government bonds 

5. 

Stock exchange transactions are 

settled via cross-border DVP 

6. Cross-border FOP transfers and OTC 

DVP transactions are available to 

all account operators and account 

managers of the Baltic CSDs 


15

16 

The cross-border link supports the clearing and 

settlement of a full range of transaction types 

(i.e. stock exchange trades, FOP transfers and 

over-the-counter delivery versus payment (OTC 

DVP) transactions) on the cross-border secondary 

market. 

The clearing and settlement solution between the 

Baltic CSDs complies with the Issuer CSD Model, 

meaning that the Issuer CSD takes the responsibility 

for the settlement of securities registered 

with it. The cash clearing of a cross-border DVP 

transaction is conducted in its original currency 

in the respective central bank via local commercial 

banks. 

Further information on the Baltic market and 

its clearing and settlement practices can be 

obtained from the Baltic Market Practice Guide 

for Securities Settlement, available on the Baltic 

CSDs’ websites. 

Other depository services 

Recent activities at the Baltic CSDs have concentrated 

on step-by-step improvement of the 

information exchange on corporate actions. From 

January 2008, information on corporate actions is 

exchanged between the Baltic CSDs using SWIFT 

messaging. From June 2008, the Estonian CSD 

introduced ISO standard messages and e-mail, 

as well as SWIFT, to transmit corporate actions to 

local account operators. 

Further information on the practices and execution 

of corporate actions at the Estonian, Latvian 

and Lithuanian Central Depositories can be 

obtained from “The Corporate Actions Practice 

Guide” available on the CSDs’ websites. 


NASDAQ OMX Baltic membership 

In order to trade on all three Baltic markets, a 

bank or brokerage firm needs to be a member of 

all three exchanges. However, through a single 

application form, joint review and approval procedure, 

the Baltic exchanges have made the crossborder 

application procedure as simple and as 

smooth as possible. We encourage our members 

to become full Baltic members. Investors should 

note that pan-Baltic brokerage services can only 

be provided by pan-Baltic members. 

To be eligible for NASDAQ OMX Baltic membership, 

a company must be authorized to carry out securities 

operations and be under adequate supervision 

of an authorized supervisory body in the 

company’s home country. A prospective member 

must meet capital adequacy requirements, have 

a suitable business organization, adequate risk 

management routines, secure technical sys- 

Basic steps to become a member 

Notify the financial supervisory 

authorities in the member’s 

home country* 

File an application with one of the 

Baltic exchanges accompanied 

by the required appendices 

Sign Membership Agreement(s) 

with respective stock exchanges 

Set up access to clearing 

and settlement for trading 

on the Baltic exchanges 

Make initial contribution to 

the Baltic Guarantee Fund 

* The notification is required only if the potential member 

provides cross-border investment services to persons 

residing or located in the Baltic countries.

tems, and must otherwise be deemed suitable 

to participate in trading. In addition, at least two 

employees in the company must be authorized as 

exchange traders in order to trade via the electronic 

trading system. 

As the NASDAQ OMX Nordic and Baltic exchanges 

share the same trading system, the members of 

these exchanges can trade on the Baltic market 

without having to incur additional technology 

installment costs. Furthermore, they are not 

required to pay extra fees to the Baltic exchanges 

for the use of technical infrastructure. 

Clearing and settlement of transactions made 

on the NASDAQ OMX Baltic takes place in the 

local CSDs. A remote member (foreign-based 

member firm) has two alternatives for clearing 

and settling transactions concluded on the 

Baltic exchange(s): it can either use its own back 

office and conclude respective agreements with 

the Estonian, Latvian or Lithuanian CSD, or it can 

outsource its clearing and settlement services. 

Several service providers are available on the 

market. 

For a list of members see page 87. 


17

18 

Safe place to invest 

Providing a safe place to invest is one of our top 

priorities and a number of effective measures 

are in place to maintain investor confidence and 

integrity at NASDAQ OMX Baltic’s markets. Since 

joining the EU in 2004, the Baltic countries have 

had to comply with all EU regulations as well as 

adjust local legislation concerning securities 

markets. Market supervision and enforcement 

play a vital role in ensuring market confidence. 

Each Baltic state has a national financial supervisory 

authority (FSA) to supervise the local securities 

market. The stock exchanges themselves 

also act as self-regulatory bodies, supervising 

their member firms as well as their listed companies. 

This multi-tier supervision and enforcement 

system is in place to ensure that issuers and 

member firms act in compliance with laws and 

applicable rules, regulations and instructions. 

Corporate governance 

Listed companies must adhere to corporate governance 

requirements. At NASDAQ OMX Baltic, we 

continue to work with corporate governance to 

improve transparency and strengthen customer 

confidence in the market. 

The Baltic exchanges take an active part in the 

Executive Committee of the Baltic Institute of 

Corporate Governance (BICG), a non-profit organization 

that advances the corporate governance 

agenda in the Baltic states and seeks to improve 

the understanding of good corporate governance 

and the value of adhering to established principles 

of corporate governance. The most recent 

initiative of the BICG – the launch of “Baltic Guidance 

on the corporate governance” for the governance 

of government-owned enterprises (GOEs) - 

is designed to enhance the governance and, 


Investor protection in the Baltics 

Supervision, surveillance and 

enforcement 

Exchange rules & Corporate 

Governance 

EU & local legislation 

consequently, the financial performance of those 

enterprises, both at the state and the municipal 

level, thus giving a competitive lift to the whole 

Baltic region. 

More information: www.corporategovernance.lt 

Detailed information disclosure requirements 

for listed companies 

Companies traded on the exchange are subject 

to information disclosure rules. NASDAQ OMX Baltic’s 

exchanges have a harmonized set of disclosure 

requirements for companies traded on the 

Baltic market. Companies must disclose, without 

delay, any information that may have a material 

effect on the price of their securities in English 

and the local language. Disclosure rules require 

any significant event in the issuer’s business to 

be reported to all market participants simultaneously, 

ensuring that investors and other market 

participants have an equal basis upon which to 

make informed investment decisions.

Investor protection 

A wide range of measures are in place to ensure 

a high level of investor protection on the NASDAQ 

OMX Baltic exchanges. It is mandatory for intermediaries 

and custodians to keep proprietary 

investments on separate accounts from their clients’ 

investments. This eliminates securities risk 

in case of default of a bank or a brokerage company. 

Members are required to have sufficient 

capital to cover risks associated with operations. 

In addition, the exchanges have set up a Guarantee 

Fund, used in the case of a member’s default 

to which all members contribute. 

Best market participants acknowledged in 

NASDAQ OMX Baltic Market Awards 

NASDAQ OMX Baltic Market Awards recognize 

excellence in investor relations according to best 

practice and international standards in financial 

and non-financial reporting. 

This annual contest, launched in 2006, aims to 

identify and acknowledge the best NASDAQ OMX 

Baltic market participants and to improve the 

overall standard of investor relations among 

listed companies. 

NASDAQ OMX Baltic Market 

Awards 2009 winners 

Best Investor Relations in the 

Baltic Countries - TEO LT 

Best Investor Relations in NASDAQ 

OMX Tallinn - Tallinna Vesi 

Best Investor Relations in NASDAQ 

OMX Riga - SAF Tehnika 

Best Investor Relations in 

NASDAQ OMX Vilnius - TEO LT 

Best Investor Relations among Small 

Cap Companies - SAF Tehnika 

Best Annual Report - Tallinna Vesi 

Most Visible Improvement over 

the Year - City Service 

Best Investor Relations Online - 

Grindeks, SAF Tehnika, TEO LT, VST 

Member of the Year 2009 - SEB Bankas 


19

20 

Knowledge – the key to successful investing 

No matter if it is to fund a college education, to 

supplement current income, or save up for retirement, 

the key to successful investing is knowledge. 

And no matter how long one has been 

investing, there is always more to learn – with 

changed market conditions to consider, new 

products to understand and different investment 

strategies to suit changing lifestyles. NASDAQ 

OMX Baltic is committed to educating current and 

potential investors about investing in securities. 

Through its investor awareness program, NASDAQ 

OMX Baltic stock exchanges aim to provide investors 

and other interested groups with neutral, 

practical information about investing, as well as 

to support a transparent marketplace and best 

practices together with governmental bodies 

and supervisory authorities. The program aims to 

improve education on the securities markets and 

promote a steady flow of new and experienced 

investors to the Baltic market. Interested people 

will be provided with information according to 

their level of expertise, from first-time investors 

to advanced. 

Informed investors drive market success and 

we see great potential for our market through 

enhancing the knowledge and awareness of our 



The Baltic exchanges implement 

a wide range of local and 

pan-Baltic activities to raise 

investor awareness, including: 

Local language web sections or sites 

dedicated to investor education 

and containing background and 

current information relevant to 

potential investors according to 

different levels of experience 

Fairs, conferences and seminars to 

provide investors with an overview 

of securities market trends and 

issuers with the opportunity to 

present their story and visions 

Close cooperation with the 

universities in providing students 

and the general public with 

knowledge and understanding 

of the securities markets 

Academic competitions to stimulate 

student involvement and interest 

in the Baltic securities market 

Schoolbooks and other learning 

materials, which are edited and 

released by stock exchanges 

As well as other countryspecific 

projects

Aggregate Baltic market 

Market capitalization 

(MEUR) 

Market turnover 

(MEUR) 

Average monthly 

turnover (MEUR) 

2002 2003 2004 2005 2006 2007 2008 2009 2010 H1 

4 417.0 6 671.8 10 587.2 12 081.3 14 340.8 13 095.7 5 177.5 6 386.1 5 428.0 

567.0 783.0 1 065.0 2 603.1 2 460.1 2 385.7 978.4 495.0 253.4 

47.3 65.3 88.8 216.9 205.0 198.8 81.5 41.3 42.2 

Number of companies 128 114 95 104 98 99 94 90 88 

Number of IPOs 0 0 1 3 3 3 1 0 2 

Average company 

capitalization (MEUR) 

Market cap 

(% of GDP) 

Market turnover 

(% of market cap) 

34.5 58.5 111.4 116.2 146.3 132.3 55.1 71.0 61.7 

13.5% 19.0% 27.1% 26.8% 26.9% 20.1% 7.3% 10.8% 9.3% 

12.8% 11.7% 10.1% 21.5% 17.2% 18.2% 18.9% 7.8% 10.9% 

Sources: NASDAQ OMX, Eurostat, Statistics Estonia, Latvian Central Statistical Bureau 

BEST EUROPEAN 

AGENCY BROKER 

www.instinet.com 

BEST SMART 

ROUTER 

BEST SMART 

ROUTER 

BEST ExECUTiON 

MANAGEMENT 

SYSTEM PROvidER 

SETTING THE STANDARD IN AGENCY EXECUTION FOR 40 YEARS 

London: +44 (0)20 7154 8844; uksalesteam@instinet.co.uk | Paris: +33 (0)1 73 03 87 00 | Zurich: +41 (0)44 200 4747 

©2010 Instinet Europe Limited. All Rights Reserved. INSTINET is a registered trademark in the United States and other countries throughout the world. Approved for distribution 

in Europe by Instinet Europe Limited which is authorised and regulated by the Financial Services Authority.

22 

The Baltic economies 

Maris Lauri / Senior Analyst / Swedbank 

September 30, 2010 

Estonia 

By the end of 2009, adjustments in Estonia’s 

economy have helped it to recover from the deep 

crisis it found itself in twelve months earlier. 

Although household consumption and private 

investments are still low, exports and related 

industrial production have shown a strong recovery 

and brought back economic growth. The most 

successful sectors are producing higher valueadded 

products, but exports of mineral products 

and electricity have also grown strongly. 

The recovery of exports and industry is directly 

related to adjustments made in Estonia’s companies: 

they have become more efficient, more 

productive and found new markets outside the 

EU. The weakening of the euro and the recovery 

in Europe have been supporting factors as well. 

Still, the relatively bleak outlook for the developed 

world’s economies poses some risk for 

the growth of Estonia’s economy as it is highly 

dependent on exports. 


Taking into account its low production costs – 

Estonia will be the country with the lowest production 

costs in the euro zone – the country’s 

exports and production should grow vigorously in 

the coming years although growth in the EU will 

be slow. Still, the constant improvement of productivity 

is required. 

The government’s efforts to keep the public-sector 

budget deficit low despite the sharp economic 

contraction were successful and were rewarded 

with membership of the euro zone from 2011. The 

reality of euro zone membership and the adjustments 

in the economy have already captured the 

attention of investors, which should bring more 

beneficial investments to the country. 

Consumption will remain weak for a long time as 

high levels of unemployment will decline only 

slowly and income growth will need some time to 

appear. The sharply increased saving rates at the 

time of the crisis will only gradually decrease in 

next few years. Weak consumer demand keeps 

import levels low, although it grows hand-inhand 

with exports and investments.

Major statistic about the Baltic states 

40 

30 

20 

10 

0 

-10 

GDP & CPI of the Baltic states 

20% 

15% 

10% 

5% 

0 

-5% 

-10% 

-15% 

-20% 

GDP 

(2010 2Q) 

Growth 

CPI 

(2010 Aug) 

budget balance 

(2009) 

public debt 

(2009) 

% of GDP 

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 H1 

High unemployment is one of the short-tomedium 

term challenges for the Estonian economy, 

which may result in labour outflow and limit 

future growth. The business sector has to continue 

its efforts to raise productivity and efficiency. 

Of the longer-term issues, ageing and 

population decline will remain the biggest challenge 

for the country. 

current account 

(2010 2Q) 

unemployment 

rate (2010 2Q) 

% 

GDP CPI 

Estonia / Latvia / Lithuania 

hourly labour 

cost (2008) 

eur 

GDP per capita 

(2009) 

th eur 



23

24 

Latvia 

The Latvian economy reached the bottom of its 

cycle at the end of 2009 and a slow recovery is 

expected in the forthcoming years. Although 

exports have already shown vigorous growth, 

domestic demand is still weak and will require 

time to show improvement. 

The recovery of exports has been rather impressive: 

after cost cutting, which improved companies’ 

competitiveness, a recovery of external 

demand has allowed Latvian firms to expand their 

production. It is therefore reasonable to expect 

Latvia to increase its share of world trade. Still, 

as the global outlook remains challenged, there 

is a risk that export growth will slow. Therefore, 

it is crucial for Latvia’s companies to continue 

increasing their efficiency and productivity and 

to shift towards higher value products. 

The situation and outlook for domestic demand 

is far less promising. Unemployment is high and 

any improvement has occurred mostly because 

of seasonal factors or due to emigration. It 

means that household incomes continue to be 

low, which in turn affects their spending ability. 

Although export growth is already starting 

to create jobs, this process will not be fast and 

exporting sectors will not be able to absorb most 

of the unemployed. 

Investment growth is expected to arrive late in 

2010 as excessive capacities will be employed 

and a more favourable economic outlook will 

encourage companies to invest. However, real 

estate and government investments will remain 

low due to strong oversupply and the need to cut 

budget deficit. 


Economic growth rates 

15% 

10% 

5% 

0 

-5% 

-10% 

-15% 

-20% 


2005 2006 2007 2008 2009 2010 

H1 

Budget balance / % of GDP 

4% 

2% 

0 

-2% 

-4% 

-6% 

-8% 

-10% 


2004 2005 2006 2007 2008 2009 

The Latvian government has managed to keep its 

promises regarding the budget deficit, and this 

has improved the overall business environment. 

However, fiscal consolidation has had rather a 

strong negative impact on domestic demand, 

and may deepen some of the problems with 

infrastructure and in the social sphere. Structural 

reforms in the public services are the main challenge 

for the Latvian economy, as only in this way 

would it be possible to cut taxes and increase 

budget spending on infrastructure, which in turn 

would benefit the Latvian economy. The budget 

deficit will decline, but remain high for some 

years to come; accession to the euro zone is 

expected in 2014.

Lithuania 

The Lithuanian economy has started on a bumpy 

road upwards, supported by exports, while 

domestic demand remains weak. 

Improved global economic developments and 

adjustments made by Lithuania’s companies, to 

increase productivity and efficiency, have generated 

a strong export recovery. Although a substantial 

part of the growth in exports is and will 

remain related to oil products, other exports and 

the production of different forms of capital and 

intermediate goods have expanded strongly as 

well. The improved competitiveness of Lithuania’s 

producers will promote export growth in the 

future, despite the relatively weak outlook for 

growth in the main export markets. 

Domestic demand will remain low for some time 

as unemployment remains high and wages struggle 

to recover from the cuts made during the 

crisis. When unemployment starts to decrease 

and incomes rise, consumption will also recover. 

However, the recovery will be slow, as unemployment 

is expected to remain high for years. 

The investment outlook is bleak in the short 

term due to excess capacities and financial constraints. 

However, investment will start to grow 

as limits in the capacity of the export sector start 

to show. Still, the real estate sector will remain 

weak for some years, and the government’s ability 

to expand investments, other than those 

related to EU funding, will be limited as well due 

to budget constraints. Investments in infrastructure, 

particularly in the energy sector, will grow 

and remain high for several years, being supported 

both by private and public funds - the 

latter getting a substantial contribution from EU 

funds and institutional borrowing. 

Although most of the adjustment to the new 

business reality has already taken place, the 

private sector still has to continue working on 

improving and maintaining its competitiveness. 

In that respect, efforts to increase the production 

of high value added goods should continue, 

keeping the need for investment high. The government’s 

major challenges are related to the 

public finances, where the budget deficit needs 

to be cut. At the same time, efforts to improve 

the business environment and attract more 

investment should continue, as this is only way 

to address the problem of high unemployment. 

Lithuania is expected to join the EMU in 2014. 


25

26 

Overview of taxation 

in the Baltic countries 

The following Taxation section has been written for informational 

purposes only and does not constitute legal advice. It is limited 

to the main aspects of income tax on interest, dividends and 

transactions with securities. The information in this section has 

been provided with regard to laws and regulations in force on 

October 1, 2010. 

ESTONIA 

Resident companies 

In Estonia, corporate taxpayers are not subject 

to traditional corporate income tax. Instead, they 

are subject to a distribution tax on distributed 

profits, including hidden profit distributions (e.g. 

fringe benefits, non-business expenses, transfer 

pricing adjustments, gifts and donations). The 

income of a company comprises its worldwide 

income of all types but no tax is levied on this 

income until retained in the company. Losses 

have no significance for tax purposes. 

Upon distribution, the distribution tax is levied 

at a rate of 21/79 (approximately 26.6%) on the 

net amount of the profit distribution (21% on the 

gross amount). When a resident company redistributes 

dividends received from its subsidiary 

where it has at least 10% participation, the further 

distribution is exempt of tax if either the 

subsidiary is (a) resident in Estonia, another EEA 

state or Switzerland or (b) resident outside those 

countries but was subject to tax on its profits or 

the dividends received by the parent were subject 

to withholding tax. 

Overview of taxation in the Baltic countries 

Non-Resident companies 

With certain exceptions, the taxation of a nonresident’s 

permanent establishment in Estonia 

is similar to the taxation of resident companies. 

The taxation of non-residents that have no permanent 

establishment in Estonia is restricted 

to their activities in Estonia. Types of non-residents’ 

income taxable in Estonia include business 

income earned in Estonia, capital gains 

from real estate, gains from the shares of companies 

holding more than 50% of their assets in 

real estate, and excessive interest. Otherwise, 

interest and capital gains from the sale of shares 

are exempt of tax if received by non-residents. In 

addition to distribution tax, which is paid by the 

distributing company, there is no additional withholding 

tax on dividends. 

In general, the standard 21% tax rate also applies 

to non-residents. In most cases non-residents 

are taxed by way of a withholding tax. An exception 

is that taxes on capital gains are not withheld; 

the non-resident has to declare the gain 

and pay the tax.

Resident Individuals 

Individuals resident in Estonia are subject to taxation 

on their worldwide income. Income (including 

dividends, interest and capital gains) is generally 

subject to tax at a flat rate of 21%. Domestic dividends 

received by individuals are not taxed. Foreign 

dividends are exempt if they have been subject 

to withholding tax or if the profit out of which 

the dividends are paid has been taxed in a foreign 

state. Interest income is exempt if it is paid by a 

credit institution resident in Estonia or another 

EEA state. Losses from securities can be carried 

forward indefinitely but can be deducted only 

from a gain from the disposal of other securities. 

As of 1 January 2011, capital gains derived by 

individuals from the disposal of financial assets 

(e.g. shares and securities traded publicly in any 

of the EEA or OECD countries or under certain 

conditions in other countries, units of investment 

funds, investment deposits) will not be taxable 

if these assets had been acquired by funds 

deposited on an investment account opened for 

such purpose in a credit institution of an EEA 

or OECD country and the sales proceeds will be 

transferred back to the investment account. 

Such gains will, therefore, be only taxable when 

transferred out of the investment account (i.e. 

assumed to be used for consumption). Financial 

assets acquired before 2011 are also eligible if 

attributed to the investment account. 

Non-Resident Individuals 

See under “Non-Resident companies”. 

The website of the Tax and Customs Board is 

www.emta.ee 


27

28 

LATVIA 


Resident companies are subject to income tax 

at a rate of 15%. Dividends are subject to income 

tax if received from non-resident companies or 

resident companies to which certain tax exemptions 

apply in Latvia. Dividends are tax exempt if 

received from a company resident in another EEA 

state or from a non-resident company (unless 

from a low tax territory) in which the resident 

company owns 25% of capital and voting rights. 

Interest and capital gains received by resident 

companies are generally taxed at the rate of 

15% 1 . 

Non-resident companies 

With certain exceptions, the taxation of a nonresident 

company’s permanent establishment in 

Latvia is similar to the taxation of resident companies. 

Taxation of non-residents that have no 

permanent establishment in Latvia is limited to 

their activities in Latvia. The law contains a comprehensive 

list of payments to non-residents 

that are subject to withholding tax in Latvia. This 

list includes, among others, dividends paid by 

resident companies and interest payments. Nonresident 

companies being residents in EEA states 

are not subject to withholding tax on dividends, 

while in general dividends paid to non-residents 

are subject to 10% withholding tax. Interest payments 

to non-resident companies are subject to 

10% withholding tax if the payer and the recipient 

are related parties. If the related party receiving 

interest payment is resident in another EU 

member state, 5% withholding tax applies. Interest 

paid by commercial banks registered in Latvia 

to persons affiliated with them is subject to 5% 

withholding tax. All payments made by resident 

companies to low-tax or tax-free countries or 

territories are subject to 15% withholding tax, 

with the exception of dividends paid by Latvian 

1 Except income gained from sale of securities in public circulation, 

by which a company decreases its profits. 

residents, interest from deposits and balance of 

accounts paid by credit institutions registered in 

Latvia and payments regarding supply of goods, 

if such goods are goods of origin of the respective 

low-tax territory. 

Resident Individuals 

Individuals resident in Latvia are subject to taxation 

on their worldwide income. In general, income 

tax is charged at a flat rate of 26%. Income from 

disposal of capital assets is subject to personal 

income tax at a rate of 15%. If in a taxation year 

the assessed capital gain from the disposal of 

one capital asset is negative, while from the disposal 

of another capital asset it is positive, the 

loss can be set off against the positive capital 

gain. The losses realized in one taxation year 

cannot be set off against the capital gain realized 

in subsequent taxation years or other income of 

the same taxation year. 

Dividends, interest income and income from private 

pension funds, life insurance are subject to 

personal income tax at a rate of 10%. 

Non-Resident Individuals 

In general, the standard personal income tax 

rates also apply to non-residents. Taxation of 

non-resident individuals is limited to their activities 

in Latvia. The law contains an exhaustive 

list of income of non-residents that are subject 

to taxation in Latvia. This list includes, among 

others, dividends paid by resident corporations, 

interest payments and income from the disposal 

of capital assets. By way of exception, income 

of non-residents from the disposal of financial 

instruments is not subject to personal income 

tax in Latvia. In most cases non-residents are 

taxed by way of a withholding tax. 

The website of the State Revenue Service is 

www.vid.gov.lv

LITHUANIA 


The profit of Lithuanian companies is subject 

to corporate income tax at a rate of 15%. Micro 

companies which have up to 10 employees and 

up to LTL 500 000 income per taxable year may be 

subject to a reduced rate of 5%. 

Generally, dividends received by a resident company 

are subject to corporate income tax at a 

rate of 15%. A participation exemption applies 

to dividends paid to a parent company holding 

more than 10% of the voting shares in the distributing 

company continuously for at least 12 

months, provided the distributing company is not 

established or otherwise organized in a tax haven 

country. Dividends received from the foreign company, 

which is registered or otherwise organised 

in EEA Member State and profit of which is subject 

to corporate income tax or equivalent tax, 

are exempt from tax. 

Interest received by Lithuanian companies is 

subject to corporate income tax at the rate of 

15%. 

Capital gains from the disposal of shares in the 

company, which is resident in an EEA member 

state or in a country that has concluded a double 

taxation treaty with Lithuania and the profit of 

which is subject to corporate income tax or an 

equivalent tax, may be exempt from taxation. To 

qualify for the exemption, the resident company 

must hold more than 25% of the voting shares 

continuously for at least 2 years (or 3 years in 

case of tax neutral former reorganisation). However, 

the exemption is not applicable if the shares 

are transferred to the issuer. 

Operational losses may be carried forward indefinitely, 

provided the company continues with the 

same activity. Losses from the transfer of securities 

and derivatives may be carried forward for 5 

years and may be offset only against income from 

the disposal of securities and derivatives. Carry 

back of losses is not allowed. As from January 1, 

2010, losses may be transferred within a group of 

companies (subject to certain restrictions). 

Non-resident companies 

Non-resident companies are subject to tax only 

on income received by permanent establishments 

in Lithuania and income sourced in Lithuania 

(e.g. income gained from the transfer or lease 

of immovable property located in Lithuania, interest, 

royalties, dividends, etc.). The withholding 

tax rate differs depending on the income type. 

Generally, dividends paid by a resident company 

to a non-resident parent company are subject to 

withholding tax at a rate of 15%. A participation 

exemption applies to dividends paid to a parent 

company holding more than 10% of the voting 

shares in the distributing company continuously 

for at least 12 months, provided the recipient 

company is not established or otherwise organized 

in a tax haven country. 

As of January 1, 2010, withholding tax on interest 

is abolished for companies resident in EEA 

member states and in countries that have concluded 

the double tax treaty with Lithuania. Otherwise, 

the rate is 10%. 

The sale of the shares in a Lithuanian company 

by a non-resident company is out of the scope of 

taxation in Lithuania. 


29

30 

Resident individuals 

Individuals resident in Lithuania are subject to 

personal income tax on their worldwide income. 

The standard tax rate is 15%. 

Dividends are taxed at a rate of 20%. Moreover, 

the part of the dividends (only distributed to individuals) 

proportional to the factually tax-free 

part of the Lithuanian company’s (except for a 

company established in a free economic zone) 

profit is subject to corporate income tax at a rate 

of 15%. 

Interest received by Lithuanian individuals is subject 

to personal income tax at the rate of 15%. 

Interest is exempt from taxation if repayment 

commences not earlier than 366 days after the 

date when the loan was granted (some exceptions 

apply). 

Capital gains are tax exempt if derived from the 

disposal of shares acquired before January 1, 

1999. Exemption is also applicable to gains from 

the transfer of shares acquired after January 

1, 1999 and held for at least 366 days, provided 

the individual’s participation has not exceeded 

10% of the share capital during 3 years prior to 

a tax year when the shares were disposed. However, 

the latter exemption is not applicable if the 

shares are transferred to the issuer or the authorized 

capital of the company was increased by its 

own funds and the shareholder has received the 

shares for free. 


Non-resident individuals 

Non-residents are subject to tax only on income 

derived from activities through a fixed base in 

Lithuania and on income sourced in Lithuania. 

Dividends are taxed at a rate of 20%, unless 

reduced under the double tax treaty. Moreover, 

the part of the dividends (only distributed to individuals) 

proportional to the factually tax-free 

part of the Lithuanian company’s (except for a 

company established in a free economic zone) 

profit is subject to corporate income tax at a rate 

of 15%. 

Interest received by non-resident individuals 

is subject to personal income tax at the rate of 

15%, unless reduced under the double tax treaty. 

Interest is exempt from taxation if repayment 

commences not earlier than 366 days after the 

date when the loan was granted (some exceptions 

apply). 

The sale of shares in a Lithuanian company by 

a non-resident individual is out of the scope of 

taxation in Lithuania. 

The website of the State Tax Inspectorate is 

www.vmi.lt 

Raidla Lejins & Norcous law firms in Estonia, Latvia 

and Lithuania are independent entities operating 

under joint business name. The firms belong to RR 

ALLIANCE including Raidla Lejins & Norcous firms in 

the Baltics and Roschier in Finland and Sweden. The 

network of 250 lawyers and over 420 professionals 

in total is one of the largest law firm operations in 

Northern Europe.

Comparative Baltic tax table 

The following table indicates the tax obligations arising in the relevant countries as of 

October 1, 2010. More favourable tax rates may be enjoyed under tax treaties in effect 

between the relevant countries and various other nations (most EEA states, USA and others). 

Income Tax Rate Estonia Latvia Lithuania 

Non-Resident Companies 21% 15% 15%; 5% 

Resident Companies 21/79 on the net distribution 15% 15%; 5% 

Non-Resident Individuals 21% 26% 15% 

Resident Individuals 21% 26% 15% 

Capital Gains 

Non-Resident Companies 21% on certain property-related 

transactions; 0% on the sale of 

shares (except shares of realestate 

companies) 

0%, exceptions apply 15% for real estate related 

transactions; the sale of shares 

is outside the scope of taxation 

Resident Companies 21/79 on the net distribution 15%, exceptions apply 15%; 0% on the sale of shares 

(exceptions apply) 

Non-Resident Individuals 21% on certain property-related 

transactions; 0% on the sale of 

shares (except shares of realestate 

companies) 

Resident Individuals 21% (as of 2011, income from 

securities that is attributed to a 

special investment account will 

not be taxed until taken out) 

Dividends 

Non-Resident Companies 0% (dividends are, however, 

subject to distribution tax 

payable by the distributing 

Estonian company) 

Resident Companies 21/79 on the net distribution, 

exceptions apply 

Non-Resident Individuals 0% (dividends are, however, 



Estonian company 

Resident Individuals 0% (dividends are, however, 



Estonian company) 

15%, exceptions apply 15% for real estate related 

transactions; the sale of shares 

is outside the scope of taxation 

15% 15%; 0% on the sale of shares 


10%, exceptions apply 15%; 0% if the participation 

exemption applies 

0%; 15% if received from a nonresident, 

exceptions apply 

15%; 0% if the participation 

exemption applies 

10% 20%, unless reduced under the 

double tax treaty 

10% 20% 

Interest 

Non-Resident Companies 0%; 21% on excessive interest 10% if the payer and recipient 10%; 0% for companies in EEA or 

are related parties; 5% if the 

recipient is resident in another 

EU Member State; 5% if paid by 

Latvian banks to related parties 

double tax treaty country 

Resident Companies 21/79 on the net distribution 15% 15% 

Non-Resident Individuals 0%; 21% on excessive interest 10% 15%, unless reduced under 

the double tax treaty; 0% 


Resident Individuals 21% (exceptions apply) 10% 15%, 0% (exceptions apply) 


31

Food for the people, 

fuel for the market 

2010 saw the first public equity 

offerings in the Baltics since the 

macroeconomic downturn took 

hold. That in itself is an important 

sign that both retail and 

institutional investor sentiment 

towards the region has improved 

significantly. 

There is a common bond between 

the two companies that made 

their public offering at the beginning 

of 2010 – Linas Agro Group 

and Premia Foods. Both operate 

in an industry there ultimately 

to provide some form of nourishment. 

Thereby two worthy 

causes were realized at the same 

time: a greater ability to supply 

a source of energy to humanity 

and the animal kingdom, and, at 

the same time, the development 

of the Baltic capital markets. 

Linas Agro Group 

Business focus Agribusiness: farming and farming supply, 

agricultural commodity trading 

Exchange listing NASDAQ OMX Vilnius 

Listing date February 17, 2010 

Coordinator Swedbank 

Number of IPO shares 47 284 769 

(total number of shares 158 940 398) 

Share price at IPO EUR 0.59 

Total capital raised through IPO EUR 28.09 m 

Distribution of open-market shares 39.40% 

93.5% to institutional investors 

6.5% to retail investors 

Market Cap, Sept 1, 2010 EUR 86 080 440.73 

GICS classification Agricultural Products 

Premia Foods 

Business focus Frozen foods and fish production 

and distribution 

Exchange listing NASDAQ OMX Tallinn 

Listing date May 5, 2010 

Coordinator Swedbank 

Number of IPO shares 14 500 000 

(total number of shares: 38 682 860) 

Share price at IPO EUR 0.89 

Total capital raised through IPO EUR 12.97m 

Distribution of open-market shares 37.48% 

31.3% to institutional investors 

6.2% to retail investors 

Market Cap, Sept 1, 2010 EUR 33 654 088.20 

GICS classification Packaged Foods and Meats 

Recent IPOs 

33

34 

NASDAQ OMX Baltic Main List 

companies trading statistics 

Period for trading statistics: August 1, 2009 –July 31, 2010 

Company Ticker GICS Code Max 

(EUR) 

Min 

(EUR) 

Change 

(%) 

Deals Turnover 

(MEUR) 

Average 


(MEUR) 

1 TEO LT TEO1L 50101020 0.72 0.36 61.11 22705 78.16 469.58 77 

2 Olympic Entertainment Group OEG1T 25301010 1.68 0.53 116.98 23511 75.30 150.24 53 

3 Tallink Grupp TAL1T 20303010 0.73 0.32 90.32 19392 64.91 335.85 48 

4 Ūkio bankas UKB1L 40101010 0.48 0.2 44.29 38609 36.75 77.28 75 

5 Tallinna Kaubamaja TKM1T 25503010 5.88 2.81 57.75 8719 26.22 181.70 56 

6 Tallinna Vesi TVEAT 55104010 12.25 7.96 -5.00 7191 23.54 201.21 81 

7 Nordecon International NCN1T 20103010 2.6 0.87 57.65 7709 18.28 49.83 46 

8 City Service CTS1L 20201050 3.48 1.52 65.36 12349 14.42 59.90 42 

9 Merko Ehitus MRK1T 20103010 8.67 3.35 108.96 4785 12.84 111.06 45 

10 Arco Vara ARC1T 40403010 4.67 2.61 1 53.12 12110 11.93 20.17 69 

11 Apranga APG1L 25504010 1.39 0.54 109.52 11378 11.17 51.92 50 

12 Panevėžio statybos trestas PTR1L 20103010 1.46 0.7 60.00 13400 9.08 18.52 47 

13 Baltika BLT1T 25203010 1.1 0.54 30.91 9546 8.69 13.49 51 

14 Silvano Fashion Group SFGAT 25504010 1.84 0.38 411.43 2858 7.98 42.54 54 

15 Linas Agro Group 4 LNA1L 30202010 0.67 0.49 -16.34 4890 7.30 94.33 60 

16 Rytų skirstomieji tinklai RST1L 55101010 0.91 0.48 19.39 8642 5.80 309.81 80 

17 Šiaulių bankas SAB1L 40101010 0.45 0.2 42.86 6706 5.33 56.22 73 

18 Invalda IVL1L 40201030 1.07 0.41 113.01 10292 5.30 35.77 70 

19 Lietuvos dujos LDJ1L 10102030 0.8 0.38 58.33 5872 5.17 297.34 39 

20 Olainfarm OLF1R 35202010 2.13 0.77 116.13 5539 4.25 19.91 67 

21 Ventspils nafta VNF1R 10102040 2.56 1.24 35.00 2568 3.88 174.25 40 

22 Sanitas SAN1L 35202010 4.17 2.1 83.77 4195 3.85 103.07 68 

23 Latvijas kuģniecība LSC1R 10102040 0.98 0.5 -21.28 3101 3.49 128.04 38 

24 Grindeks GRD1R 35202010 9.18 4.3 60.81 1660 3.47 66.29 66 

25 Rokiškio sūris RSU1L 30202030 1.22 0.63 89.19 1524 3.44 37.62 63 

26 Pieno žvaigždės PZV1L 30202030 1.19 0.67 54.00 1282 3.27 50.62 61 

27 Harju Elekter HAE1T 20104010 2.99 1.57 49.04 2651 3.12 39.82 43 

28 Ekspress Grupp 3 EEG1T 25401040 1.35 2 0.48 2 117.14 3109 3.06 25.19 52 

29 Grigiškės GRG1L 15105020 0.44 0.15 150.00 5051 2.30 18.80 41 

30 Premia Foods 5 PRF1T 30202030 0.93 0.78 -7.87 1186 1.53 32.45 62 

31 Vilkyškių pieninė VLP1L 30202030 1.07 0.38 142.75 3011 1.49 10.84 65 

32 Viisnurk VSN1T 25201020 1.24 0.44 134.09 1567 1.18 4.17 58 

33 SAF Tehnika SAF1R 45201020 2.42 0.64 127.54 1838 1.04 2.86 76 

34 Vilniaus baldai VBL1L 25201020 6.15 1.74 228.86 692 0.81 13.37 59 

35 Trigon Property Development TPD1T 40403020 0.64 0.28 61.29 627 0.38 2.11 74 

36 Utenos trikotažas UTR1L 25203010 0.39 0.22 26.39 285 0.17 6.11 57 

1 Adjusted for cancellation of shares (factor = 20,09490464) 

2 Adjusted for rights issue (factor = 0,89840895) 

3 Ekspress Grupp additionally issued shares (EEG4T) deals and turnover added 

4 Linas Agro Group, listed on February 17, 2010 

5 Premia Foods AS, listed on May 5, 2010 

Page

Company profiles 

The next section gives an overview of the companies 

quoted on the Main List, with an added ten companies 

from the Secondary List, chosen for their free 

float market value and trading turnover. The companies 

are arranged alphabetically within their respective 

GICS classification. 

Free float and main shareholders are shown as of 

June 30 for companies listed in Tallinn1 and Vilnius2 and as of April 30 for issuers at NASDAQ OMX Riga3 . 

The data has been gathered by the stock exchanges 

in cooperation with Emerging Nordic Research. The 

financial information has been sourced from companies’ 

annual and quarterly reports. 

1 Free float and main shareholders for Baltika, Olympic Entertainment 

Group and Silvano Fashion Group are shown as of September 30, 2010 

after the change of the authorized capital. 

2 Free float and main shareholders for Snoras are shown as of August 17, 

2010, for TEO LT as of September 9, 2010, and for Lietuvos energija as of 

September 15, 2010 after the increase of the authorized capital. 

3 Main shareholders for Ventspils nafta are shown as of June 29, 2010 and 

for Grindeks as of July 1, 2010. 

Company Page 

Klaipėdos nafta 36 

Latvijas Gāze 37 

Latvijas kuģniecība 38 

Lietuvos dujos 39 

Ventspils nafta 40 

Grigiškės 41 

City Service AB 42 

Harju Elekter 43 

Lietuvos jūrų laivininkystė 44 

Merko Ehitus 45 

Nordecon International AS 46 

Panevėžio statybos trestas 47 

Tallink Grupp 48 

Valmieras stikla šķiedra 49 

Apranga 50 

Baltika 51 

Ekspress Grupp 52 

Olympic Entertainment Group 53 

Silvano Fashion Group 54 

Snaigė 55 

Tallinna Kaubamaja 56 

Utenos trikotažas 57 

Viisnurk 58 

Vilniaus baldai 59 

Linas Agro Group 60 

Pieno žvaigždės 61 

Premia Foods AS 62 

Rokiškio sūris 63 

Žemaitijos pienas 64 

Vilkyškių pieninė 65 

Grindeks 66 

Olainfarm 67 

Sanitas 68 

Arco Vara 69 

Invalda 70 

Latvijas Krājbanka 71 

Snoras 72 

Šiaulių bankas 73 

Trigon Property Development 74 

Ūkio bankas 75 

SAF Tehnika 76 

TEO LT 77 

Lietuvos elektrinė 78 

Lietuvos energija 79 

Rytų skirstomieji tinklai 80 

Tallinna Vesi 81 

Company profiles 

35

36 

Klaipėdos nafta 

Company in brief 

Klaipėdos nafta is a Lithuanian enterprise 

offering oil cargo transit services. The oil 

terminal controlled by the company is one 

of the most up-to-date in Europe. It handles 

about one-third of all cargoes coming 

through Klaipeda Seaport. The Terminal is of 

major importance to the economy of Lithuania, 

not only because of earnings, but also 

because it allows for independent delivery of 

oil products from the West. In this way, the 

company is a strategic enterprise owned by 

the state. Its function is not only to transship 

exported oil products, but also to supply 

Lithuania with fuels imported by sea from 

the West. Moreover, the government of Lithuania 

has authorized Klaipėdos nafta to 

make preparations to build an LNG terminal – 

another strategic project of the state. Thus, 

the role of the company in safeguarding the 

energy security of the whole country by supplying 

it with fuels, as well as with natural 

gas, has become even more important. 

Klaipėdos nafta manages to keep the oil 

flowing despite furious competition. Longterm 

relations with clients and up-to-date 

technology, which allow for effective operation, 

play a decisive role in the company’s 

effective performance. Close everyday cooperation 

with Lithuanian Railways ensures 

efficient delivery of its cargoes. The tanker 

arrival schedule is strictly controlled. 

Qualifications, technological discipline and 

the honest labor of Klaipėdos nafta’s employees 

guarantee reliable protection of the 

environment, the stable operation of the 

terminal, and the high quality of the services 

rendered. 

Klaipėdos nafta was named as a finalist in two 

nominations, “Best Engineering and Technological 

Capacity” and “Most Environmentally 

Safe Terminal”, at the international competition 

“Oil Terminal – 2006”, held for the 

first time in Moscow. In 2009 the company 

won two awards, “Successfully Performing 

Enterprise 2009” and “Lithuanian Exporter of 

the Year – 2009”, arranged by the Lithuanian 

Confederation of Industrialists. 

Company profiles: Klaipėdos nafta 

Contact information 


Secondary list 

Energy 

Address: Burių str. 19, Klaipėda 91003, Lithuania 

Telephone: +370 4639 1700 / Fax: +370 4631 1399 

E-mail: info@oil.lt / Webpage: www.oil.lt 

IR contact: Mantas Bartuška / Finance Director 

Company information 

Listing date: January 16, 1996 

Total number of shares: 342 000 000 

Free float: 29.37% 

Main shareholders: 

State represented by the Ministry of Energy of the Republic of Lithuania 70.63% 

Achema Group UAB 9.33% 

Financial information 

2006 2007 2008 2009 2010 H1 

Sales (MEUR) 20.66 22.78 34.64 33.70 18.23 

Profit / Loss (MEUR) 3.71 2.53 8.28 10.89 5.11 

Total assets (MEUR) 132.60 129.28 131.93 134.95 134.33 

Dividend per share (EUR) 0.01 0.01 0.01 0.01 - 

Auditor in 2009: KPMG Baltics UAB 

Main subsidiaries with results consolidated into corporate: none. 

Share information 

0.40 

0.35 

0.30 

0.25 

0.20 

0.15 

Share price (EUR) 

Jan 

2006 

Jan 

2007 

Jan 

2008 

Jan 

2009 

Trading Code: KNF1L 

Jan 

2010 


Market capitalization (MEUR) 113.91 99.05 86.17 93.11 121.83 

As % of total Baltic equity cap 0.82 0.76 1.66 1.46 2.24 

Turnover (MEUR) 15.64 14.80 11.20 7.86 2.69 

As % of total Baltic equity turnover 0.64 0.62 1.14 1.59 1.06 

Number of deals 2 741 2 892 4 455 5 589 2 009

Latvijas Gāze 


Latvijas Gāze is the only natural-gas transmission, 

storage, distribution, and sales 

operator in Latvia. The company ensures the 

supply of natural gas to 442,000 customers 

in Latvia; and during the heating season, 

the company also supplies natural gas 

from the Inčukalns Underground Gas Storage 

Facility to Estonia, northwestern Russia, and 

Lithuania. 

The company was established in 1991 after 

the collapse of the Soviet Union, when the 

Government of Latvia took over all gas supply 

companies and facilities in Latvia and 

consolidated them into the state-owned 

company, Latvijas Gāze. In 1994 the stateowned 

company Latvijas Gāze became a 

state joint-stock company and was slated 

for privatization. After the privatization, lasting 

from 1997 to 2002, E.ON Ruhrgas International 

GmbH, OJSC Gazprom and ITERA Latvia 

LLC became the largest shareholders of the 

company. 

The company’s objective is to strengthen 

Latvijas Gāze’s position as a leader in the 

Latvian fuel market, by increasing the availability 

of natural gas, promoting the variety 

of its consumption, and ensuring Latvia with 

one of the most stable natural gas supplies 

in Europe, continuing the long-term modernization 

of infrastructure and the improvement 

of security. The mission of Latvijas 

Gāze is to contribute to the Baltic region’s 

economy, by ensuring the safety of energy 

supply, the development of the sector, and 

competitive pricing. 




Energy 

Address: Vagonu street 20, Riga LV-1009, Latvia 

Telephone: +371 6736 9144 / Fax: +371 6736 9165 

E-mail: ir@lg.lv / Webpage: www.lg.lv 

IR contact: Vinsents Makaris / PR Specialist 


Listing date: February 15, 1999 




E.ON Ruhrgas International AG 47.20% 

Gazprom AS 34.00% 

Itera Latvija SIA 16.00% 



Sales (MEUR) 259.45 340.69 499.44 469.13 252.89 




Auditor in 2009: PricewaterhouseCoopers SIA 



20 

16 

12 

8 

4 


Jan 

2006 

Jan 

2007 

Jan 

2008 

Jan 

2009 

Trading Code: GZE1R 

Jan 





Turnover (MEUR) 1.87 2.28 0.45 0.39 0.15 


Number of deals 1 066 1 074 1 711 1 267 342 

Company profiles: Latvijas Gāze 

37

38 

Latvijas kuģniecība 


JSC Latvijas kuģniecība (Latvian Shipping 

Company - LASCO) is one of the leading 

companies in the global shipping industry 

with operations focused on handy-size 

and medium-range product tanker segments, 

providing clients with highly qualified 

services that comply with international 

safety standards. Following the best Latvian 

maritime traditions, LASCO carries out safe 

and qualitative cargo shipments as well as 

offering technical management for international 

cargo shipping. Along with the above 

mentioned services, LASCO also offers professional 

education for its seamen, providing 

training and crewing in compliance with 

international conventions for both its own 

vessels and vessels owned by other shipping 

companies. 

The current optimism surrounding LASCO is 

based on a decision taken several years ago 

to renew the fleet, which has been implemented 

tirelessly. Over a three-year period, 

14 vessels were launched from the “3.Maj” 

shipyard in Croatia and “Hyundai Mipo Dockyard 

Co., Ltd” in Korea. This is an important 

signal to all of our business partners, demonstrating 

LASCO’s focus on development 

and increased service quality standards. The 

constant updating of the fleet has allowed 

the company to reduce the average age of 

its ships by more than half – from 17.5 years 

in 2005, to 6 years now. In accordance with 

LASCO’s development strategy for its tanker 

fleet, agreements to build four new ships 

have been signed. 

In order to diversify its financial risks, LASCO 

has invested in liquid and exclusive real 

estate projects in some of the most valuable 

areas of Latvia. The management and 

development of this new investment sphere 

is handled by LASCO’s fully-owned subsidiary, 

LASCO Investment. 

Company profiles: Latvijas kuģniecība 



Main list 

Energy 

Address: Elizabetes street 1, Riga LV-1807, Latvia 

Telephone: +371 6702 0100 / Fax: +371 6702 0104 

E-mail: ir@lscgroup.lv / Webpage: www.lk.lv 

IR contact: Ģirts Apsītis/ Adviser of Chairman of the Management Board 


Listing date: June 26, 2002 




The list of shareholders can be found at www.lk.lv 



2.5 

2.0 

1.5 

1.0 

0.5 

0 


Jan 

2006 

Jan 

2007 

2006 2007 2008 2009* 2010 H1 

Sales (MEUR) 164.96 165.19 172.05 117.05 36.97 

Profit / Loss (MEUR) 25.73 46.15 40.06 -75.98 -20.57 


Dividend per share (EUR) - - - - - 

Auditor in 2009: n/a 

Main subsidiaries with results consolidated into corporate: LASCO Investment Ltd. (100%), 

LSC Shipmanagement Ltd.(100%), LSC Marine Training Ltd. (100%). 

* Figures for 2009 are non-audited 

Jan 

2008 

Jan 

2009 

Trading Code: LSC1R 

Jan 





Turnover (MEUR) 18.96 29.37 12.27 2.72 1.56 


Number of deals 7 970 6 251 3 297 2 591 1 066

Lietuvos dujos 


AB Lietuvos Dujos’ major business activities 

include: the import and sale of natural gas, 

gas transmission and distribution services, 

as well as the balanced and economically 

justified development of the natural gas 

supply infrastructure. The company controls 

assets worth EUR 0.72 billion. AB Lietuvos 

Dujos operates 1 900km of gas transmission 

pipelines, 8 100 km of gas distribution pipelines, 

65 M&R stations, three GM-stations, 

and one gas compressor station. The company 

supplies around 40% of all gas consumed 

in Lithuania to a range of customers: 

energy, industrial, and agricultural companies, 

small commercial ventures, and households. 

AB Lietuvos Dujos also transits natural 

gas to the Kaliningrad region of the Russian 

Federation. AB Lietuvos Dujos employs 1 800 

employees; serving 550 000 consumers. 

Every year, AB Lietuvos Dujos invests in 

the modernization of its infrastructure and 

new projects. In 2009, these investments 

amounted to EUR 40.49 million (in 2008: EUR 

35.71 million, in 2007: EUR 34.29 million, in 

2006: EUR 35.57 million). 

The company develops the country’s natural 

gas infrastructure, ensures a reliable 

and secure supply of gas to consumers, 

enhances its relationship with consumers, 

effectively implements management procedures, 

rationally consumes resources, and 

ensures compliance with the highest quality 

and environmental protection standards. 



Main list 

Energy 

Address: Aguonų str. 24, Vilnius LT-03212, Lithuania 

Telephone: +370 5236 0210 Fax: +370 5236 0200 

E-mail: ld@lietuvosdujos.lt / Webpage: www.dujos.lt 

IR contact: Jolita Butkienė, Sigita Petrikonytė - Jurkūnienė 


Listing date: April 23, 1996 




E.ON Ruhrgas International GmbH 38.9% 

Gazprom OAO 37.1% 

Ministry of Energy of the Republic of Lithuania 17.7% 



Sales (MEUR) 225.79 296.65 450.47 366.17 278.88 




Auditor in 2009: Ernst & Young Baltic UAB 

Main subsidiaries with results consolidated into corporate: UAB Palangos Perlas 100%. 


1.6 

1.2 

0.8 

0.4 

0 


Jan 

2006 

Jan 

2007 

Jan 

2008 

Jan 

2009 

Trading Code: LDJ1L 

Jan 





Turnover (MEUR) 6.19 8.45 3.35 3.61 2.64 


Number of deals 1 876 2 599 3 091 5 256 2 378 

Company profiles: Lietuvos dujos 

39

40 

Ventspils nafta 


JSC Ventspils nafta is the central holding 

company in a transit-oriented group whose 

task is to manage investments in its subsidiaries, 

promoting the group’s joint values 

and encouraging growth in the value of each 

subsidiary. The Ventspils nafta Group is working 

in the following areas: transshipment of 

crude oil and petroleum products; transportation 

of crude oil and petroleum products 

by pipelines. The history of Ventspils nafta 

dates back 50 years. 

Within the Ventspils nafta Group, the crude 

oil and petroleum product reloading and 

storage at Ventspils port is handled by the 

Ventspils nafta subsidiary, Ventspils nafta 

termināls Ltd. In year 2010 Ventspils nafta 

termināls has made significant investments 

in the diversification of its services and 

modernization. 

The owner and operator of the crude oil 

and petroleum product pipelines is another 

subsidiary of Ventspils nafta, LatRosTrans 

Ltd. JSC Ventspils nafta also owns a significant 

share (49.94%) of the publicly-listed 

JSC Latvian Shipping Company (Latvijas 

kuģniecība). 

The operations of Ventspils nafta’s business 

and management systems accord with the 

highest international standards in the fields 

of environmental protection, quality assurance 

and safety. They are further strengthened 

by the significant presence of a foreign 

investor, the international oil and gas company 

Vitol Group, which holds equity in the 

company. 

In addition to contributing positively to 

the Latvian economy, the main ambition 

of Ventspils nafta is to create long-term 

shareholder value, while meeting all necessary 

international safety and environmental 

standards in all its operations. 

Company profiles: Ventspils nafta 



Main list 

Energy 

Address: Vaļņu street 3-18, Riga LV-1050, Latvia 

Telephone: +371 6771 5911 / Fax: +371 6771 5920 

E-mail: office@vnafta.lv / Webpage: www.vnafta.lv 

IR contact: Solvita Masule / Lawyer 


Listing date: October 20, 1998 




Euromin Holdings (Cyprus) Limited 49.50% 

Latvijas Naftas Tranzīts, AS 39.11% 


2006 2007 2008 2009* 2010 H1 

Sales (MEUR) 99.58 94.28 89.81 94.43 41.40 




Auditor in 2009: n/a 

Main subsidiaries with results consolidated into corporate: 

LatRosTrans Ltd. (66%), Ventspils nafta termināls Ltd. (51%). 

* Figures for 2009 are non-audited 


4 

3 

2 

1 

0 


Jan 

2006 

Jan 

2007 

Jan 

2008 

Jan 

2009 

Trading Code: VNF1R 

Jan 





Turnover (MEUR) 9.39 10.52 3.94 1.27 2.97 


Number of deals 3 360 3 201 2 344 2 487 606

Grigiškės 


AB Grigiškės is a rapidly growing company 

and a leading manufacturer of paper and 

paper products in Lithuania and the Baltic 

States. The paper mill, operating since 1823, 

produces high quality products that meet 

customer expectations. These include toilet 

paper, paper towels, paper napkins, corrugated 

cardboard, corrugated cardboard 

boxes, and hardboard and painted hard 

fibreboard. AB Grigiškės employs around 440 

professional employees. 

Around 50% of the toilet paper produced is 

exported to Latvia, Estonia, Sweden, and 

other countries. AB Grigiškės fibreboard, 

which is used to manufacture furniture, is 

highly rated among Lithuanian buyers. 65% 

of the company’s hard fibreboard is exported 

to Sweden, Great Britain, Germany, Poland, 

Finland, Denmark, Holland, Switzerland, Belgium, 

the USA, and other countries. 

The strength of the company lays in its regular 

investments in new technologies and equipment, 

the reduction of its energy costs and 

its ecologically-friendly production. All the 

main raw materials are sourced fom renewable 

timber and wood-pulp resources. 

AB Grigiškės is the first paper manufacturer 

in Lithuania to hold an EN ISO 9001 quality 

management system certification. The 

company also complies with the requirements 

of the LST EN ISO 9001:2008 quality 

management system, and is a member of the 

Lithuanian Timber association and the European 

Federation of Fibreboard Manufacturers 

(FEROPA). 

Since 1 July 2010, AB Grigiškės has been 

included on the Main List of NASDAQ OMX 

Vilnius. The company seeks to become a 

leader in the markets of the Baltic States, 

the Scandinavian countries, Belarus, and 

the Kaliningrad Region of the Russian Federation, 

complying with the highest quality 

requirements and exporting 50-70% of its 

products. 



Main list 

Materials 

Address: Vilniaus g. 10, Grigiškės, Vilnius LT-27101, Lithuania 

Telephone: +370 5243 5801 / Fax: +370 52435802 

E-mail: info@grigiskes.lt / Webpage: www.grigiskes.lt 

Investor relations contact: Evaldas Burneika / Head of Finance Division 






UAB Ginvildos investicija 48.79% 

Irena Ona Mišeikienė 14.55% 

Rosemount Holding LLC 9.40% 



Sales (MEUR) 34.75 41.71 42.13 34.44 29.98 

Profit / Loss (MEUR) 1.56 1.49 -1.13 0.76 1.56 


Dividend per share (EUR) 0.01 0.01 - 0.01 - 

Auditor in 2009: Tezaurus Auditas UAB 


Klaipėdos kartonas AB (96,18 %), Baltwood UAB (100 %), Ekotara UAB (100 %), 

Naujieji Verkiai UAB (100 %), Mena Pak OAO (83.72 %), AGR Prekyba UAB (100%), 

Avesko UAB (100%), Klaipėda Recycling UAB (100%). 


0.8 

0.6 

0.4 

0.2 

0 


Jan 

2006 

Jan 

2007 

Jan 

2008 

Jan 

2009 

Trading Code: GRG1L 

Jan 





Turnover (MEUR) 3.76 1.88 0.78 1.58 1.57 



Company profiles: Grigiškės 

41

42 

City Service 


AB City Service, together with its subsidiaries, 

has been the facility management market 

leader in the Baltic States since 1999. 

At present, the City Service group operates 

in Lithuania, as well as in Latvia, St. Petersburg 

and the Leningrad Oblast of the Russian 

Federation. The Group manages more 

than 18m sq.m of building area. 

The company provides facility management 

administration; management of utility 

systems (heat and hot water supply, water 

supply and sewerage, ventilation and air 

conditioning, electric power supply, etc.); 

management of energy resources; provision 

of technical audit services and consultations 

on maintenance and energy resource 

use issues; supervision of various subcontractors 

(premise and territory management, 

protection, repairs and renovation, maintenance 

of gas supply systems, elevators, 

etc.); management of heating facility projects 

and renovation of energy facilities. The 

company is ISO 9001 quality management, 

ISO 14001 environmental management 

and BS OHSAS 18001 health management 

certified. 

In November 2009 City Service was named 

the “Discovery of the Year” at an awards ceremony 

hosted by East Capital Fund in Stockholm, 

Sweden. The award recognised the 

group’s effective strategy of expansion in 

the Baltic States and Russia, as well as the 

results achieved this year. 

The long-term goal of City Service is to 

expand the area of its managed facilities to 

27m sq.m. and to operate in six countries by 

2011–2012. 

Company profiles: City Service AB 

Baltic Market 

Awards 2009 



Main list 

Industrials 

Address: Smolensko str. 12, Vilnius LT-03201, Lithuania 

Telephone: +370 5239 4900, Fax: +370 5239 4848 

E-mail: info@cityservice.lt / Webpage: www.cityservice.lt 

IR contact: Jonas Janukėnas / Director of Finance and Administration 





ICOR UAB 61.09% 

East Capital Asset Management AB 9.60% 


Sales (MEUR) 32.90 57.73 76.42 108.46 76.37 



Dividend per share (EUR) - 0.05 0.03 0.02 - 



Žaidas UAB (99%), Ąžuolyno valda UAB (100%), UAB Namų priežiūros centras (100%), 

City Service OAO (100%), City Service ZAO (100%), Riga City Service SIA (100%), Lazdynų 

būstas UAB (100%), Zhylkomservis goroda Lomonosov OOO (80%), Zhylkomservis No. 3 

Frunzenskogo rayona OOO (80%), Zhylkomservis No. 2 Nevskogo rayona OOO (80%). 

5 

4 

3 

2 

1 

0 

Most Visible Improvement over the Year 





Jun 

2007 

Jun 

2008 

Jun 

2009 

Trading Code: CTS1L 

Jun 



Market capitalization (MEUR) - 73.61 18.76 35.75 81.48 

As % of total Baltic equity cap - 0.56 0.36 0.56 1.50 

Turnover (MEUR) - 12.43 3.94 4.99 10.82 

As % of total Baltic equity turnover - 0.52 0.40 1.01 4.27 

Number of deals - 3 199 2 060 6 668 7 394

Harju Elekter 


Harju Elekter was established in 1968 and 

has become one of the biggest manufacturers 

of electrical equipment and materials 

in the Baltic region. Its main business area 

is the design, production and marketing of 

various electrical engineering and telecommunication 

systems. Harju Elekter has been 

listed on NASDAQ OMX Tallinn since 1997. 

Harju Elekter is comprised of the following 

subsidiaries manufacturing electrical 

equipment in Estonia, Finland and Lithuania: 

AS Harju Elekter Elektrotehnika, Satmatic 

Oy and UAB Rifas, as well as AS Eltek, which 

manufactures sheet metal products, and a 

sales organization, Harju Elekter AB, in Sweden. 

In addition, Harju Elekter has shareholdings 

in an associated company, AS Darka 

Keila Cables (34%), and long-term financial 

investments in the Latvian sales organization, 

SIA Energokomplekss (14%), and in the 

publicly traded Finnish company, PKC Group 

Oyj (8%). 

The production activities of all Harju Elekter’s 

subsidiaries meet the requirements of international 

quality standards, ISO 9001 and ISO 

14001. 

Harju Elekter fulfills clients’ needs with competence 

and quality, offering greater value 

and reliability. The company aims to attain 

its future goals through research, development 

and expansion into other markets in 

the Baltics. 



Main list 

Industrials 

Address: Paldiski Rd. 31, Keila 76606, Estonia 

Telephone: +372 674 7400 / Fax: +372 674 7401 

E-mail: he@he.ee / Webpage: www.harjuelekter.ee 

IR contact: Moonika Vetevool / Corp. Communications Manager 


Listing date: September 30, 1997 




AS Harju KEK 32.14% 

ING Luxembourg S.A. 11.31% 

Lembit Kirsme 8.33% 

Endel Palla 5.95% 



Sales (MEUR) 39.76 46.78 55.71 40.44 16.91 




Auditor in 2009: KPMG Baltics AS 


AS Harju Elekter Elektrotehnika (100%), AS Eltek (100%), Satmatic Oy (100%), 

Harju Elekter AB (90%), UAB Rifas (51%). 


5 

4 

3 

2 

1 

0 


Jan 

2006 

Jan 

2007 

Jan 

2008 

Jan 

2009 

Trading Code: HAE1T 

Jan 





Turnover (MEUR) 17.74 21.44 11.39 2.14 1.92 



Company profiles: Harju Elekter 

43

44 

Lietuvos jūrų laivininkystė 


Lietuvos jūrų laivininkystė AB (LJL) was 

established on 27 June 2001 after the reorganisation 

of the Lithuanian Shipping Company 

(LISCO), established since 1969. About 

61% of the company’s shares belong to 

the Republic of Lithuania while the rest of 

the shares (39%) belong to other smaller 

shareholders. 

The core activity of LJL is cargo carriage by 

ships on international sea and ocean routes. 

At present, the company has 11 bulk carriers 

shipping general and bulk cargoes all over 

the world. The average age of the vessels is 

14.8 years, while their general deadweight 

amounts to 134 500 tons. LJL itself performs 

technical and commercial management as 

well as operating vessels in accordance 

with long-term hire agreements. LJL actively 

participates in the work of shipping associations 

and public activities. 

All vessels of Lietuvos jūrų laivininkystė AB 

sail under the flag of the Republic of Lithuania 

and are certified by the IACS (International 

Association of Classification Societies). All 

vessels and LJL have valid and regularly 

updated Safety Management System Certificates 

(fully comply with the ISM Code). 

LJL is well known in the shipping market and 

is considered a reliable partner. To continue 

functioning effectively, LJL is planning to 

renew its fleet and to purchase vessels of 

a larger cargo capacity. Due to the global 

crisis, LJL aims to stabilize its financial situation 

by concluding long-term hire agreements 

of vessels that ensure constant 

revenues. In the next 12 months, LJL plans 

to raise its income by extending its contracts 

with the existing charterers at higher rates. 

Further LJL development plans will depend 

on the global economy and the recovery of 

the freight market, as well as on the decisions 

taken by the government regarding LJL 

future operations. 

Company profiles: Lietuvos jūrų laivininkystė 




Industrials 

Address: Malūnininkų str. 3, Klaipėda LT-92264, Lithuania 

Telephone: +370 4639 3105 / Fax: +370 4639 3119 

E-mail: gp@ljl.lt / Webpage: www.ljl.lt 

IR contact: Arvydas Bogočionkas / Director General 


Listing date: July 9, 2001 




Ministry of Transport and Communications of the Republic of Lithuania 56.66% 

Achema Group UAB 6.15% 

DFDS TOR LINE A/S (Denmark) 5.53% 

Swedbank AS (Estonia) 5.51% 



Sales (MEUR) 29.60 26.56 25.38 17.15 7.34 

Profit / Loss (MEUR) 3.28 8.73 -5.71 -8.36 -10.88 


Dividend per share (EUR) 0.00165 0.00072 - - - 

Auditor in 2009: Moore Stephens Vilnius UAB 



0.25 

0.20 

0.15 

0.10 

0.05 

0 


Jan 

2006 

Jan 

2007 

Jan 

2008 

Jan 

2009 

Trading Code: LJL1L 

Jan 





Turnover (MEUR) 3.83 3.27 2.47 4.20 2.01 


Number of deals 3 166 2 023 2 218 5 539 3 351

Merko Ehitus 


Merko Ehitus is the construction company 

established at the beginning of 1990 

which operates in Estonia, Latvia and Lithuania 

and which shares are quoted at Tallinn 

Stock Exchange from the year 1997. As 

at the moment group employs more than 800 

persons. 

Long-term experience from different markets, 

wide scope of construction services, 

flexibility, reliability and meeting of deadlines 

and foremost quality have helped 

Merko Ehitus to achieve and maintain during 

the years the position of market leader in 

the Baltics. Depending on the expectations 

of the clients, the group companies perform 

both small-scale construction works as well 

as large scale, complicated and innovative 

projects. 

International quality, environmental protection 

and occupational safety certificates ISO 

9001, ISO 14001 and OHSAS 18001 have been 

assigned to the company. 

We operate on the wide scale in the construction 

sector: we build hotels, museums, 

cultural centres, business centres, 

service institutions, schools, kindergartens, 

dwellings, offices, production buildings, 

sport complexes. In the engineering sector 

we build the port facilities, waste management 

facilities, bridges, viaducts, water and 

sewerage networks, wastewater purifiers 

and other environmental protection facilities. 

In the road construction we perform 

all road maintenance works, we build roads, 

carry out maintenance repairs of roads and 

supervision of the extracting works and road 

status, produce the traffic signs and provide 

the repair services for the machinery. In the 

sector of electrical works we foremost deal 

with planning, adjustment and construction 

of the medium and high voltage substations 

and cable lines. 



Main list 

Industrials 

Address: Järvevana tee 9G, Tallinn 11314, Estonia 

Telephone: +372 680 5105 / Fax: +372 680 5106 

E-mail: merko@merko.ee / Webpage: www.merko.ee 

IR contact: Alar Lagus / CFO, Member of the Management Board 


Listing date: August 11, 2008 




AS Riverito 71.99% 




Sales (MEUR) 282.13 352.20 297.44 203.32 70.85 



Dividend per share (EUR) 0.45 - 0.22 0.70 - 

Auditor in 2009: PricewaterhouseCoopers AS 

Main subsidiaries with results consolidated into corporate: SIA Merks (100%), UAB Merko 

Statyba (100%), Tallinna Teede AS (100%), AS Gustaf (75%), OÜ Gustaf Tallinn (80%), 

AS Merko Tartu (66%), OÜ Woody (100%), AS Merko Infra (100%), OÜ Fort Ehitus (75%), 

OÜ Tähelinna Kinnisvara (100%). 


10 

8 

6 

4 

2 

0 


Aug 

2008 

Jun 

2009 

Trading Code: MRK1T 

Jun 



Market capitalization (MEUR) - - 49.56 88.85 130.98 

As % of total Baltic equity cap - - 0.96 1.39 2.41 

Turnover (MEUR) - - 3.08 9.38 7.71 

As % of total Baltic equity turnover - - 0.31 1.90 3.04 

Number of deals - - 1 046 3 862 2 693 

Company profiles: Merko Ehitus 

45

46 

Nordecon International 


Nordecon International is a group of companies 

offering general contracting and construction 

management services currently in 

Estonia, Ukraine and Finland. The competencies 

of these companies are broadly divided 

between superstructures (e.g. commercial, 

industrial and public buildings, residential 

development) and infrastructures (e.g. road 

construction and maintenance, environmental 

engineering and concrete works). 

The group has a balanced revenue mix in all 

main segments of the construction market, 

coupled with experienced personnel and 

a strong reputation for service quality. The 

group holds an ISO 9001 quality management 

certificate (1999) and an ISO 14001 environmental 

management certificate (2002). It 

has won several awards from construction 

industry associations. 

Nordecon International is a construction 

market leader in Estonia in several fields 

of work, and has a well-established presence 

in the Ukraine since 1996. The group 

consists of more than 15 subsidiaries and 

employs more than 700 people. 

The recent slump in the construction markets 

in the Baltic States and Ukraine has 

forced the group to focus its attention on the 

Estonian market. Still, the group is preparing 

to resume more activities in foreign markets 

as soon as the situation improves, including 

those where Nordecon International has 

had prior experience (Latvia and Lithuania) 

as well as newer ones (Belarus and concrete 

works in Finland). 

The leitmotif of the strategy for 2010-2013 

is: “To respond to market changes swiftly 

and flexibly and to enter the next economic 

growth cycle successfully”. By the 

end of 2013, Nordecon International aims 

to become the leading construction group 

in Estonia, earning half of its revenues from 

infrastructure and the other half from building 

construction. 

Company profiles: Nordecon International AS 



Main list 

Industrials 

Address: Pärnu mnt 158/1, Tallinn 11317, Estonia 

Telephone: +372 615 4400 / Fax: +372 615 4401 

E-mail: nordecon@nordecon.com / Webpage: www.nordecon.com 

IR contact: Raimo Talviste / Head of Investor Relations 


Listing date: May 18, 2006 




AS Nordic Contractors 53.67% 

Skandinaviska Enskilda Banken Ab Clients 9.36% 



Sales (MEUR) 160.03 239.80 247.21 154.59 37.40 



Dividend per share (EUR) 0.19 0.19 0.06 - - 


Main subsidiaries with results consolidated into corporate: Nordecon Ehitus AS* (100%), 

Nordecon Infra AS* (100%), AS Eston Ehitus (98%), Nordecon Betoon OÜ (52%), 

OÜ Kaurits (66%), AS Järva Teed (100%), OÜ Hiiu Teed (100%), Eurocon OÜ (63%), 

TOV Eurocon Ukraine (63%). For the complete list see www.nordecon.com. 

* Subsidiaries will be merged with parent company Nordecon International AS as of January 1, 2011. 


8 

6 

4 

2 

0 


May 

2006 

May 

2007 

May 

2008 

May 

2009 

Trading Code: NCN1T 

May 





Turnover (MEUR) 36.02 54.01 20.05 12.03 6.25 


Number of deals 3 785 6 071 3 073 5 264 3 393

Panevėžio statybos trestas 


Founded in 1957, Panevėžio statybos trestas 

SC (PST) is the largest construction company 

in Lithuania. The company operates 

in the following areas: project management, 

general contracting, design of buildings 

and structures, general construction 

work, building decoration, outdoor engineering 

systems and landscaping, production 

of timber frame houses, production of 

metal structures, electrical installations, 

real estate development, analysis and testing 

of construction materials, and modernizing 

apartment houses. 

Our capacities and capabilities are demonstrated 

by attestations, licenses and 

certificates, corroborating our company’s 

high standards, which comply with European 

standards. Over many years we have 

acquired valuable experience in the construction 

of complex objects, adhering to 

the following values: integrity, responsibility, 

professionalism, quality performance 

and effective solutions. 

Our goal is to remain the largest construction 

company in Lithuania. We are continuing 

with on-going projects and are looking 

for new opportunities to pursue. 

Clients trust PST and appreciate our experience 

in developing large and technologically 

complicated projects. We strive to 

please our customers with our professionalism 

and determination, enabling us to implement 

technologically complex projects of a 

large scope. 

PST is now the largest construction company 

in Lithuania with 1,080 employees and 

a turnover of EUR 170 million (2008). In 2009 

turnover was lower, but the company was 

able to maintain a high profitability level. 



Main list 

Industrials 

Address: P.Puzino str. 1, Panevėžys LT-35173, Lithuania 

Telephone: +370 4550 5503 / Fax: +370 4550 5520 

E-mail: pst@pst.lt / Webpage: www.pst.lt 

Investor relations contact: Dalė Bernotaitienė / Finance Manager 






Panevėžio keliai AB 49.78% 

Skandinaviska Enskilda Banken (clients) 7.92% 

Bank of New York as custodian or trustee for ING B 6.74% 



Sales (MEUR) 98.33 149.73 164.53 53.49 24.48 

Profit / Loss (MEUR) 3.90 8.84 7.00 -4.48 5.42 




Main subsidiaries with results consolidated into corporate: Skydmedis UAB (100%), 

Metalo meistrai UAB (100%), Vekada UAB (96%), Vilniaus papėdė TŪB (69%), 

Alinita UAB (100%), PS Trests SIA (100%), Baltilstroij OOO (100%), PST investicijos UAB (67%). 


8 

6 

4 

2 

0 


Jan 

2006 

Jan 

2007 

Jan 

2008 

Jan 

2009 

Trading Code: PTR1L 

Jan 





Turnover (MEUR) 51.83 60.43 12.47 9.82 3.23 



Company profiles: Panevėžio statybos trestas 

47

48 

Tallink Grupp 


Tallink is the leading short cruise and ferry 

operator in the Baltic Sea, offering highquality 

mini-cruise, passenger transport 

services and ro-ro cargo services. The company 

owns a fleet of 19 vessels, including 

cruise ferries, fast ro-pax ferries, ro-ro cargo 

vessels and a high-speed ferry. These services 

are provided under the brand names 

“Tallink” and “Silja Line” on routes between 

Estonia - Finland, Finland - Sweden, Estonia 

- Sweden, Finland - Germany and Latvia 

– Sweden. Tallink maintains its leading market 

position on all of its main routes. 

Tallink is growing quickly and has invested 

actively in a modern fleet, new routes and 

in acquiring other market players – in total, 

about EUR 1.8bn in the last seven years. 

As a result of these investments, Tallink 

owns one of the most modern fleets in 

the Baltic Sea. This enables passengers 

to choose between more routes, departure 

times and different services and has 

brought the region’s standard of shipping to 

a whole new level. The company’s management 

believes that it has created a strong 

basis for the sustainable growth of business 

volumes and for further strengthening of its 

leading position. 

Tallink complies strictly with international 

safety regulations and with the requirements 

of the ISO 14001 environmental management 

standard. Each year, the safety management 

system is audited by Lloyds Register, 

and by the Estonian, Latvian, Swedish and 

Finnish maritime administrations. 

Tallink has also extended its services along 

the customer’s travel chain to include four 

hotels in Tallinn. The fifth hotel in Riga, 

which was opened in 2010, makes the company 

one of the largest hotel operators in the 

region. 

A strong market position, flexible fleet, 

broad product offering, strong brands and 

an experienced management team with a 

proven track record are the main strengths 

of the company. 

Company profiles / Tallink Grupp 



Main list 

Industrials 

Address: Sadama 5/7, Tallinn 10111, Estonia 

Telephone: +372 640 9800 / Fax: +372 640 9810 

E-mail: investor@tallink.com / Webpage: www.tallink.com 

IR contact: Harri Hanschmidt / Head of Investor Relations 


Listing date: December 9, 2005 




AS Infortar 40.01% 

Nordea Bank Finland PLC / Non-resident legal entities 10.18% 


Citigroup Venture Capital International Jersey Limited 7.31% 


05/06* 06/07* 07/08* 08/09* 09/10* 

Sales (MEUR) 404.62 760.76 785.86 791.86 813.87 


Total assets (MEUR) 1 657.33 1 698.19 1 898.29 1 947.24 1 871.32 


Auditor in 2009/2010: KPMG Baltics AS 


The consolidating group consists of 48 companies. 

* Financial year starts September 1st ends August 31st 


2.0 

1.6 

1.2 

0.8 

0.4 

0 


Jan 

2006 

Jan 

2007 

Jan 

2008 

Jan 

2009 

Trading Code: TAL1T 

Jan 





Turnover (MEUR) 195.26 362.67 93.48 54.36 31.12 


Number of deals 14 598 25 408 14 754 15 769 10 022

Valmieras stikla šķiedra 


JSC Valmieras stikla šķiedra is the only enterprise 

in the Baltic states that produces fiberglass 

and is one of the largest chemical and 

textile companies within the Baltic states. 

Valmieras stikla šķiedra was founded in 

1963. By investing in new technologies, it 

has retained its position as an experienced 

and reliable partner in Europe and the rest of 

the world. The company has an ISO 9001:2000 

certificate. 

The company produces and sells various 

fiberglass products – „E” glass yarns, textured 

wovings, fabrics, nettings, nonwovens; 

high silica glass fiber fabrics, nettings, 

nonwovens for: 

• the automotive industry; 

• the building industry; 

• shipbuilding; 

• electronics; 

• the aerospace industry; 

• household appliances; 

• medical appliances; 

• the chemical industry. 

Valmieras stikla šķiedra exports more than 

95% of its production. 

The company’s main advantage is its wide 

range of products; we can deliver everything 

the client could possibly need, starting 

from the raw material all the way through 

to impregnated materials. 

Our company has: skilled employees; production 

up to traditions and a stable position 

in the market. 

Valmieras stikla šķiedra operates on a relatively 

low cost base and, in the future, 

intends to reduce this further. We aim to 

assume a leading position in the glass fibre 

market, and set a good example for other 

manufacturers to follow. 




Industrials 

Address: Cempu street 13, Valmiera LV-4201, Latvia 

Telephone: +371 6420 2216 / Fax: +371 6428 1216 

E-mail: glassfibre@vss.lv / Webpage: www.vss.lv 

IR contact: Dainis Šēnbergs / CFO, Member of the Management Board 






Vitrulan International GmbH 36.20% 

P-D Glasseiden GmbH Oschatz 26.00% 

P-D Management Industries – Tehnologies GmbH 23.93% 



Sales (MEUR) 49.78 52.93 53.80 43.05 27.14 

Profit / Loss (MEUR) 1.02 -0.61 0.72 0.03 0.33 


Dividend per share (EUR) 0.01 - - - - 

Auditor in 2009: Deloitte Audits Latvia SIA 



4 

3 

2 

1 

0 


Jan 

2006 

Jan 

2007 

Jan 

2008 

Jan 

2009 

Trading Code: VSS1R 

Jan 





Turnover (MEUR) 6.29 5.76 0.45 0.42 0.11 


Number of deals 1 095 745 1 265 1 175 220 

Company profiles: Valmieras stikla šķiedra 

49

50 

Apranga 


Apranga group is one of the leading clothing 

retailers in the Baltic States. The group 

develops its own distinctive retail concepts: 

Apranga, Aprangos galerija, City 

men&women, Mados Linija, and also operates 

under franchising agreements with 

Zara, Hugo Boss, Emporio Armani, Ermenegildo 

Zegna, Max Mara, Mango, Bershka, 

Pull and Bear, Stradivarius, Mexx, S.Oliver, 

Tommy Hilfiger and Promod. At the end of 

2009, Apranga group operated a chain of 109 

stores in the Baltic States: 74 in Lithuania, 29 

in Latvia, 6 in Estonia, with a total sales area 

more then 63 000 sq.m. 

The company can trace its history to 1945, 

when it started business as a clothing and 

footwear wholesaler. In 1993, the retail chain 

was established and in 2004, Apranga group 

became a partner of Inditex Group in the Baltic 

States. Presently, the group consists of 

the main company, Apranga APB, and 14 

subsidiaries. 

In 2009, the retail turnover of the chain operated 

by Apranga Group amounted to LTL 

392.6 million (VAT incl.), 22.9% less than in 

2008. That same year, the Lithuanian market’s 

share of total turnover was 66.7%, with 

foreign markets accounting for 33.3%. 

Due to the rapidly worsening economic situation 

and a sharp decrease in consumption, 

in 2009, Apranga Group focused on restructuring 

its stores, optimising its operations 

and reducing expenses in the Baltic States. 

These actions sought to mitigate the influence 

of the economic crisis, creating the 

preconditions for a stronger performance in 

2010 and beyond, as the economy starts to 

recover. 

Company profiles: Apranga 



Main list 

Consumer Discretionary 

Address: Kirtimų str.51, Vilnius LT-02244, Lithuania 

Telephone: +370 5239 0808 / Fax: +370 5239 0800 

E-mail: s.bacauskas@apranga.lt / Webpage: www.apranga.lt 

IR contact: Saulius Bačauskas / Finance and Economy Director 






MG Baltic Investment UAB 53.67% 

Swedbank AS (Estonia) clients 10.89% 

Minvista UAB 6.50% 

SEB AB clients 5.92% 



Sales (MEUR) 73.42 106.84 121.24 91.20 37.05 




Auditor in 2009: PricewaterhouseCoopers UAB 

Main subsidiaries with results consolidated into corporate: UAB Apranga LT (100%), 

UAB Apranga BPB LT (100%), UAB Apranga PLT (100%), UAB Apranga SLT (100%), 

SIA Apranga (100%), SIA Apranga LV (100%), SIA Apranga BPB LV (100%), 

SIA Apranga PLV (100%), SIA Apranga SLV (100%), OÜ Apranga* (100%), 

OÜ Apranga Estonia (100%), OÜ Apranga BEE (100%), OÜ Apranga PB Trade (100%), 

OÜ Apranga ST Retail (100%). 

* The company directly owns 53.85% shares and indirectly through its subsidiary owns the rest 46.15% of shares. 


6 

5 

4 

3 

2 

1 

0 


Jan 

2006 

Jan 

2007 

Jan 

2008 

Jan 

2009 

Trading Code: APG1L 

Jan 





Turnover (MEUR) 18.52 53.90 15.94 6.21 7.48 


Number of deals 7 823 16 972 16 465 10 669 5 432

Baltika 


Baltika, one of the biggest vertically integrated 

fashion groups in the Baltics and 

CEE region, owns and runs four retail concepts: 

Monton, Mosaic, Baltman and Ivo Nikkolo. 

The group currently operates over 120 

stores in Estonia, Latvia, Lithuania, Ukraine, 

Russia and Poland. The biggest brands in 

the portfolio are Monton and Mosaic and the 

biggest markets Estonia, Russia and Lithuania. 

Up to 10% of sales come from wholesaling, 

including eastern and central European 

markets, together with Scandinavia and 

western Europe. 

Baltika’s roots can be traced back to 1928. 

From the 1960s until the 1990s, Baltika was 

one of the biggest producers of tailored garments 

in the region. From 2002-2005, the 

company underwent a radical turnaround, 

from a production company to a fashion 

retailer. 

Baltika uses a vertically integrated business 

model, which means that the company controls 

all stages of the production-to-sales 

process. The company is responsible for the 

design, manufacturing (partly), supply chain 

management, marketing of brands’ collections, 

distribution/logistics, creating the 

store concepts and operating its premises. 

Such a model establishes a flexible structure 

for the business and enables Baltika to 

quickly update its products according to the 

latest fashion trends and customer needs. 

The company’s portfolio of brands serves 

a broad customer base, offering stability in 

the fast-moving fashion business. 

Main subsidiaries: OÜ Baltman 100%, SIA Baltika 

Latvija 100%, UAB Baltika Lietuva 100%, 

Baltika Ukraina Ltd 99%, OOO Kompania “Baltman 

RUS” 100%, Baltika Poland Sp.z.o.o. 

100%, OÜ Baltika Tailor 100%, OÜ Baltika TP 

100%. 



Main list 


Address: Veerenni 24, Tallinn 10135, Estonia 

Telephone: +372 630 2731 / Fax: +372 630 2814 

E-mail: baltika@baltikagroup.com / Webpage: www.baltikagroup.com 

IR contact: Triin Palge / Head of Investor Relations 






BMIG OÜ 16.82% 


E.Miroglio S.A 10.91% 


Svenska Handelsbanken Clients Account 7.17% 



Sales (MEUR) 57.49 73.60 76.33 56.25 23.64 







10 

8 

6 

4 

2 

0 


Jan 

2006 

Jan 

2007 

Jan 

2008 

Jan 

2009 

Trading Code: BLT1T 

Jan 





Turnover (MEUR) 72.75 53.55 23.62 7.57 3.61 



Company profiles: Baltika 

51

52 

Ekspress Grupp 


Ekspress Grupp is the leading media company 

in the Baltic States. The group plays 

a prominent role in newspaper and magazine 

publishing and is a leading online media 

company in the Baltic States. The company 

is active in Estonia, Latvia, Lithuania and 

Ukraine and is also looking for opportunities 

in other Eastern European countries. 

Ekspress Grupp started operations in 1992, 

publishing the first edition of the popular 

weekly newspaper Eesti Ekspress. Since 

then, it has added daily newspapers, magazines 

and online websites to its portfolio. 

The company also owns a modern printing 

facility and distributes magazines in the 

Lithuanian market. In 2007, Ekspress Grupp 

became a public company and its shares 

were listed on Tallinn Stock Exchange (now 

NASDAQ OMX Tallinn). The IPO was more than 

seven times oversubscribed. 

The main strength of Ekspress Grupp is its 

very strong market position, with the company’s 

brands being the most popular among 

consumers. Ekspress Grupp owns the leading 

online media portals in the Baltics and 

publishes Estonia’s most widely read daily 

and weekly newspapers, in addition to seven 

out of the top ten magazines in Estonia. The 

group is vertically integrated with everything 

from content to printing and distribution carried 

out by its own companies. 

In the near future, Ekspress Grupp expects 

the share of revenues from online media to 

increase significantly, as well as the share of 

revenues coming from Lithuania, Latvia and 

Ukraine. The company’s goal is to be a truly 

modern media company with a strong foothold 

in all markets where actively present, 

with a leading position in online media. 

Company profiles: Ekspress Grupp 



Main list 


Address: Narva mnt 11e, Tallinn 10151, Estonia 

Telephone: +372 669 8381 / Fax: +372 669 8181 

E-mail: egrupp@egrupp.ee / Webpage: www.egrupp.ee 

IR contact: Gunnar Kobin 






HHL Rühm OÜ 27.82% 

Hans Luik 26.72% 



Nordea Bank Finland PLC / Non-resident legal entities 5.42% 



Sales (MEUR) 59.49 73.50 80.20 62.86 25.19 






Eesti Ajalehed AS (Estonia) (100%), UAB Ekspress Leidyba (Lithuania) (100%), SIA Delfi 

Holding (Latvia) (100%), AS Delfi (Estonia) (100%), AS Delfi (Latvia) (100%), 

UAB Delfi (Lithuania) (100%), TOV Delfi (Ukraine) (100%), SIA Mango.lv (Latvia) (100%), 

AS Printall (Estonia) (100%). For the complete list please see www.egrupp.ee. 


8 

6 

4 

2 

0 


Jun 

2007 

Jun 

2008 

Jun 

2009 

Trading Code: EEG1T 

Jun 





Turnover (MEUR) - 44.50 8.56 2.18 1.27 


Number of deals - 9 686 1 938 2 233 1 456

Olympic Entertainment Group 


Olympic Entertainment Group’s (OEG) operations 

cover a range of activities centered 

on managing casinos and hotels. OEG is the 

largest provider of casino entertainment in 

the region. The company is a full member of 

the European Casino Association (ECA) and 

employs more than 2 100 people across 

eastern and central Europe: in Estonia, Latvia, 

Lithuania, Belarus, Romania, Poland 

and Slovakia. OEG’s shares are listed on the 

main lists of the Tallinn and Warsaw Stock 

Exchanges. 

OEG AS is the holding company which carries 

out the strategic management and financing 

of the group. National casino operations 

are handled by local entities. Non-core 

operations, such as bar management, are 

separated from casino operations and are 

managed by specialized legal entities. 

The group’s first company was established 

in September 1993 under the name, AS Benetreks 

(now Olympic Casino Eesti AS). Olympic 

Entertainment Group AS was established 

in November 1999 (previously called OÜ 

Mecom Grupp). 

The company’s main competitive advantages 

are a very strong concept and unique 

business model. Other factors contributing 

to its success include diversity of services, 

prime casino locations and a professional 

team. The work procedures of Olympic Casinos 

in Estonia, Latvia and Lithuania are certified 

according to international ISO 9001 

quality requirements. 

OEG aims to become a global casino and 

resort operator with a passion for service 

excellence. 



Main list 


Address: Pronksi 19, Tallinn 10124, Estonia 

Telephone: +372 667 1250 / Fax: +372 667 1270 

E-mail: info@oc.eu / Webpage: www.olympic-casino.com 

IR contact: Kristi Ojakäär 






OÜ Hansa Assets 45.87% 

OÜ Hendaya Invest 19.28% 



Sales* (MEUR) 106.01 158.97 156.86 108.09 52.54 





Main subsidiaries with results consolidated into corporate: Olympic Casino Eesti AS (95%), 

Kungla Investeeringu AS (100%), Olympic Casino Latvia SIA (100%), Olympic Casino Group 

Baltija UAB (100%), Olympic Casino Bel IP (100%), Casino Polonia-Wroclaw Sp. Z.O.O. (80%), 

Olympic Casino Bucharest S.R.L. (100%), Olympic Entertainment Slovakia S.R.O. (100%). 

* Sales for 2006 and 2007 include sales from discontinued business areas. 


8 

6 

4 

2 

0 


Oct 

2006 

Jun 

2007 

Jun 

2008 

Jun 

2009 

Trading Code: OEG1T 

Jun 





Turnover (MEUR) 84.53 216.19 73.11 36.83 41.00 



Company profiles: Olympic Entertainment Group 

53

54 

Silvano Fashion Group 


AS Silvano Fashion Group (SFG) is an international 

manufacturer and retailer of lingerie, 

vertically integrated fashion group (design, 

manufacturing, retail). The company is 

located in Russia, Belarus, CIS, and Baltics 

and has a strong focus on developing its 

own retail capacity through its own and franchised 

stores network. The holding company 

is headquartered in Tallinn, Estonia. SFG 

operates the top lingerie brands in Russia, 

Ukraine and Belarus, including “Milavitsa” – 

one of the region’s most recognized brands. 

The company’s strengths include in-house 

design, supported by experienced foreign 

designers; the company’s own regional production 

facilities, which allow for a cost 

efficient and flexible production supply; selfowned 

and franchised retail chain in Russia, 

Belarus, Ukraine and the Baltic; favorable 

trends in consumption habits in major target 

markets – a shift from open-air shopping to 

branded stores; a large potential customer 

base – 252 million people in their target 

markets and well-recognized and reputable 

trademarks – the “Milavitsa”, “Lauma”, 

“Alisee”, “Hidalgo”, “Laumelle” trademarks 

which are among the best-known lingerie 

brands in Russia, CIS and the Baltic. 

The group’s overall strategy primarily 

focuses on the simultaneous expansion of 

its own retail and franchised operations and 

the continued development of its lingerie 

manufacturing operations. Plans to expand 

its distribution network through controlled 

regional representative offices and wholesale 

distributors in core markets, like Russia, 

Belarus and Ukraine, are also important 

strategic decisions. The Group will also promote 

marketing activities that promote 

brand awareness and brand loyalty. The 

group will continue to operate stores under 

the “Lauma”, brand in the Baltic. 

Company profiles: Silvano Fashion Group 



Main list 


Address: Tulika 15/17, Tallinn 10613, Estonia 

Telephone: +371 716 1400 / Fax: +371 716 1410 

E-mail: info@silvanofashion.com / Webpage: www.silvanofashion.com 

IR contact: Baiba Gegere 






Toomas Tool 24.77% 

Krajowy Depozyt Papierow Wartošciowych S.A. [J] 23.60% 

SEB Pank AS / Non-Resident Retail Clients 20.20% 

UniCredit Bank Austria AG 7.67% 




Sales (MEUR) 27.01 98.58 101.00 74.04 46.76 

Profit / Loss (MEUR) 3.97 15.60 -6.41 -0.91 7.77 


Dividend per share (EUR) - - - 0.05 - 




8 

6 

4 

2 

0 


Jan 

2006 

Jan 

2007 

Jan 

2008 

Jan 

2009 

Trading Code: SFGAT 

Jan 





Turnover (MEUR) 13.81 64.29 15.53 2.85 4.92 


Number of deals 2 145 7 456 2 395 2 080 1 480

Snaigė 


Established in 1963, Snaigė is the only manufacturer 

of refrigerators in the Baltics. The 

company produces a variety of high quality 

domestic refrigerators, showcase-refrigerators, 

mini-bars, wine-storage, freezers and 

spare parts. Snaigė exports 95% of its products 

to more than 30 countries. 

The Snaigė Group owns plants in Alytus 

(Lithuania), with a capacity of 550 000 units 

per year and in Kaliningrad (Russia), with 

a capacity of 350 000 units per year. Also 

Snaigė has subsidiaries in Russia, Ukraine 

and Lithuania. 

Snaigė owns two brands: Snaigė and General 

Frost. The company also produces refrigerators 

under other brand names for trade 

partners, retail networks, as well as other 

producers: SMEG (Italy), Whirlpool (Italy), 

Electrolux (Sweden), SEVERIN (Germany), 

Alaska METRO, Far - CONFORAMA (France), 

others. 

The company has certified its quality management 

system in compliance with ISO 9001. 

In 2005, Snaigė re-certified its environmental 

management system in compliance with 

ISO 14001 international standards. Snaigė 

holds six golden medals from the annual 

competition, Lithuanian Product of the Year, 

and has twice won the prize for innovation 

in the Lithuanian Innovative Company of the 

Year competition. 

Snaigė is capable of competing with manufacturers 

in Eastern and Western markets 

in terms of a high quality, modern approach, 

combined with flexibility. The company’s 

strengths include: excellent geographic 

location, application of ecological standards 

and continuous modernization of production 

processes, good managerial standards, and 

the usage of state-of-the-art technologies. 

At the beginning of 2010, Snaigė presented 

refrigerators with A++ standards of energy 

efficiency, according to the highest European 

quality standards. Only a few manufacturers 

produce refrigerators to this 

standard. 





Address: Pramonės str.6, Alytus LT-62175, Lithuania 

Telephone: +370 3155 6206 / Fax: +370 3155 6207 

E-mail: snaige@snaige.lt / Webpage: www.snaige.lt 

IR contact: Gediminas Čeika / CEO 






Swedbank AS (Estonia) 48.88% 


Hermis Capital UAB 9.76% 



Sales (MEUR) 101.90 118.78 98.14 35.09 12.81 

Profit / Loss (MEUR) -3.07 -3.40 -6.98 -11.06 -0.33 




Main subsidiaries with results consolidated into corporate: Techprominvest OOO (100%), 

Moroz Trade OOO (100%), Liga - Service OOO (100%), Snaigė-Ukraina OOO (99%), 

Almecha UAB (100%). 


5 

4 

3 

2 

1 

0 


Jan 

2006 

Jan 

2007 

Jan 

2008 

Jan 

2009 

Trading Code: SNG1L 

Jan 





Turnover (MEUR) 17.86 9.26 1.72 6.38 3.32 


Number of deals 1 637 925 643 12 810 6 688 

Company profiles: Snaigė 

55

56 

Tallinna Kaubamaja 


Tallinna Kaubamaja is a leading Estonian 

retail group operating across the Baltic 

states. The group operates two Kaubamaja 

department stores, 35 Selver super- and 

hypermarkets, a chain of 30 footwear stores 

(ABC and Shu), 4 I.L.U. cosmetics stores, and 

a shopping mall. The group also acts as the 

importer and distributor of KIA motor vehicles 

in the three Baltic states, with three 

car centers in each of the Baltic capitals and 

owns 50% of a car parking operation in Tallinn, 

Estonia. 

Tallinna Kaubamaja dates back to 1960, 

when the landmark department store in Tallinn 

was opened. After the Soviet occupation 

ended, the company was privatized and 

turned into a modern retail operation, opening 

its first supermarket in 1995. In 2005, the 

company’s real estate business expanded 

with a 14 500 sq.m shopping mall, half of 

which is operated under the Kaubamaja 

brand. 

Today, the company’s business operations 

are strong, despite the recent turmoil 

in the global economy. Organic growth 

turned into a single-digit decrease in 2009, 

with the recession hitting Baltic retail sales 

hard. Due to the extensive expansion of the 

previous years, the company has still been 

able maintain its position among the leading 

retailers of the Baltic region. In 2009, the 

group’s share of the Estonian retail market 

was 11%. 

Kaubamaja’s main strengths lie in its established 

retail brands, the excellent locations 

of its different retail formats, strong supply 

channels, business diversification and an 

exciting, yet balanced portfolio of brands. 

Company profiles: Tallinna Kaubamaja 



Main list 


Address: Gonsiori 2, Tallinn 10143, Estonia 

Telephone: +372 667 3200 / Fax: +372 667 3205 

E-mail: kaubamaja@kaubamaja.ee / Webpage: www.kaubamaja.ee 

IR contact: Raul Puusepp / Chairman of the Board 






OÜ NG Investeeringud 67.00% 





Sales (MEUR) 270.93 376.59 417.43 408.28 192.36 





Main subsidiaries with results consolidated into corporate: A-Selver AS (100%), 

Tallinna Kaubamaja Kinnisvara OÜ (100%), Tartu Kaubamaja Kinnisvara OÜ (100%), 

KIA Auto AS (100%), Ülemiste Autokeskus OÜ (100%), KIA Auto UAB (100%), 

KIA Automobiles SIA (100%), OÜ TKM Beauty Eesti (100%), OÜ Suurtüki NK (100%), 

AS ABC King (100%) and others. 


12 

10 

8 

6 

4 

2 

0 


Jan 

2006 

Jan 

2007 

Jan 

2008 

Jan 

2009 

Trading Code: TKM1T 

Jan 





Turnover (MEUR) 24.63 67.79 56.27 18.58 12.16 


Number of deals 5 069 15 636 4 499 5 774 4 192

Utenos trikotažas 


Established in 1967, Utenos trikotažas is the 

largest vertical manufacturer of knitwear 

fabrics and garments in Lithuania and one of 

the most innovative apparel manufacturers 

in central and eastern Europe. The main production 

facility in Lithuania, together with a 

subsidiary plant in Ukraine, covers the full 

production cycle. 

About 90% of the company’s production is 

exported, mostly to the large retail chains 

in western Europe, reaching end customers 

in more than 50 countries. The company 

succeeded in developing its organic cotton 

products, which account for approximately 

a quarter of sales. 10% of production 

is sold domestically under Utenos trikotažas’ 

brands. 

The company’s strengths are long lasting 

relationships with its clients, reliability, 

rapid response time, flexibility, experience 

and know-how. The company is committed 

to fulfilling the highest quality requirements, 

which are reflected in the ISO 9001 certification 

of its quality management system, the 

ISO 14001 certification of its environmental 

management system and the OEKO-TEX 

100, EU-Flower, Organic Exchange 100 and 

GOTS certification of its production systems 

for organic products. Utenos trikotažas was 

the first company in Lithuania to be certified 

by SA 8000, proving its social accountability 

system complied with best practice 

standards. 

The Utenos trikotažas’ group comprises the 

parent company and three subsidiaries: 

Mrija, Šatrija (producer of complex, specific 

garments, www.satrija.lt) and Gotija (retail 

shop). After strategic investments in Mrija in 

2005, the company developed its production 

capacities in Ukraine, increasing its flexibility 

and cost-efficiency. The company’s strategic 

direction is to stay close to its clients, 

deliver excellent service, focus on products 

with high added value (e.g. organic products) 

and expand the sales of products under its 

own brand. 



Main list 


Address: J. Basanavičiaus str. 122, Utena LT-28214, Lithuania 

Telephone: +370 3895 1445 / Fax: +370 3896 9358 

E-mail: utenos.trikotazas@ut.lt / Webpage: www.utenostrikotazas.lt 

IR contact: Nerijus Vilūnas / Managing director 






Koncernas SBA UAB 51.12% 

Amber Trust S.C.A.(SCA) 13.61% 

East Capital Asset Management 10.63% 



Sales (MEUR) 47.29 39.83 31.84 20.37 10.20 

Profit / Loss (MEUR) 0.61 -2.32 -5.08 -0.03 1.05 





Šatrija AB (89.78%), Gotija UAB (90.50%), MTF Mrija OAO (98.95%). 


3 

2 

1 

0 


Jan 

2006 

Jan 

2007 

Jan 

2008 

Jan 

2009 

Trading Code: UTR1L 

Jan 





Turnover (MEUR) 0.70 0.47 0.08 0.13 0.06 


Number of deals 583 436 343 235 152 

Company profiles: Utenos trikotažas 

57

58 

Viisnurk 


Viisnurk AS retails furniture and furnishings, 

in addition to producing furniture and 

building materials. The Furniture and Building 

Materials Divisions are the business units 

of Viisnurk AS. 

The Skano furniture store chain, operating 

in Ukraine and the Baltics, and a plant producing 

original home furniture made of timber 

belong to the Furniture Division. 

The building materials division manufactures 

and distributes two product categories 

based on soft-boards: insulation and 

wind protection board under the Isoplaat 

brand name, and interior finishing boards 

for walls and ceilings, which are distributed 

under the Isotex brand name. 

Viisnurk dates back to 1945 when the 

state enterprise, Pärnumaa Tööstuskombinaat, 

was founded. In 1996 the Isotex production 

line was launched in the building 

material division. And in 1997 the shares of 

AS Viisnurk were listed on the Tallinn Stock 

Exchange. The company’s retail business 

started in 2003 when the first Skano furniture 

store was opened in Tallinn. In 2007 AS 

Viisnurk was divided into a real estate company 

and manufacturing company, with both 

of them listed on NASDAQ OMX Tallinn. 

The competitive strengths of the furniture 

division include a focus on a limited number 

of product ranges, allowing for greater efficiency 

and saving on product development. 

Vertical integration with Skano, provides the 

company with full access to demand-driven 

market information and direct feedback from 

end-customers. The competitive strengths 

of the building material division include client 

diversification in different markets, 

allowing the company to re-organize sales 

to a market where the construction cycle is 

currently peaking. 

Viisnurk holds an ISO 9001 quality certificate 

for management systems. 

Company profiles: Viisnurk 



Main list 


Address: Suur-Jõe 48, Pärnu 80042, Estonia 

Telephone: +372 447 8323, +372 447 8331 / Fax: +372 447 8368 

E-mail: mail@viisnurk.ee / Webpage: www.viisnurk.ee 

IR contact: Einar Pähkel / CFO 






OÜ Trigon Wood 59.62% 




Sales (MEUR) 14.50 15.95 17.93 13.15 6.36 





Main subsidiaries with results consolidated into corporate: OÜ Skano. 


4 

3 

2 

1 

0 


Sep 

2007 

Jul 

2008 

Jul 

2009 

Trading Code: VSN1T 

Jul 





Turnover (MEUR) - 0.52 0.29 0.79 0.59 


Number of deals - 676 568 1 316 649

Vilniaus baldai 


Vilniaus Baldai AB is a global leader in producing 

flat-pack furniture, with a core 

competence in BOF production. Originally 

established in 1883 as small sawmill, today 

the company is one of the most modern furniture 

manufacturers in Lithuania. 

The company manufactures bedrooms, living-rooms 

and playroom furniture, made of 

wood particle boards, using the most modern 

and popular technology as well as honeycomb 

substrate technology that helps 

reduce the weight. 

Modern equipment from well-known manufacturers 

enables the company to manufacture 

different types of furniture, finished on 

HDF (high density fiberboard); a minor portion 

of the production includes the furniture 

made of laminated wood particle boards. 

Vilniaus Baldai is ISO certified, with the ISO 

9001 quality system enacted in 2001. The 

company systematically strives for improvements 

in furniture quality, analyzes consumer 

demand and looks for methods and 

instruments to make the production process 

more effective and flexible. Furthermore, 

the company tries to ensure that their 

customers receive not only high quality, but 

also eco-friendly furniture, and have therefore 

become certified in compliance with the 

ISO 14001 standard requirements. 

Vilniaus Baldai will continue to improve 

its development of new products, find 

new materials, save costs and increase 

efficiency. 



Main list 


Address: Savanorių ave. 178, Vilnius LT-03154, Lithuania 

Telephone: +370 5252 5700 / Fax: +370 5231 1130 

E-mail: info@vilniausbaldai.lt / Webpage: www.vilniausbaldai.lt 

IR contact: Aidas Mackevičius / CEO 






Invalda AB 72.01% 

Swedbank (clients) 9.32% 



Sales (MEUR) 31.94 43.85 39.83 43.14 25.11 

Profit / Loss (MEUR) -1.54 0.52 2.20 4.52 3.64 




Main subsidiaries with results consolidated into corporate: Ari-Lux UAB (100%). 


12 

10 

8 

6 

4 

2 

0 


Jan 

2006 

Jan 

2007 

Jan 

2008 

Jan 

2009 

Trading Code: VBL1L 

Jan 





Turnover (MEUR) 1.42 1.70 0.83 0.32 0.50 


Number of deals 647 645 374 337 350 

Company profiles: Vilniaus baldai 

59

60 

Linas Agro Group 


Linas Agro Group, an integrated agribusiness 

company and competitive European 

player, has subsidiaries and joint ventures 

located in Lithuania, Latvia, Denmark and 

Ukraine. The group is engaged in producing 

and marketing agricultural products, feedstuffs 

and other agriculture related supplies, 

as well as farming. 

The company sells around 1.3 million tons of 

agricultural and related products per year on 

the international market and has business 

relations in over 40 countries. The companies 

of the group are leaders in almost all of 

its business segments in the Baltics: grain 

and oilseed sourcing, grain elevator services, 

agricultural inputs supply and farming. 

The group started its activities in 1991 

by exporting rapeseeds. It then gradually 

expanded its activities towards supplying 

and farming agricultural products, trading 

these internationally, and finally became a 

vertically-integrated agribusiness company 

holding a “European Good Trading Practice“ 

certificate. 

The company’s main strengths in international 

trading are its own grain storage facilities 

in Lithuania, long-term partnerships 

on sourcing markets, a diversified product 

portfolio and dispersed sales markets. 

Meanwhile, its advantages on the agricultural 

supply market include being a pioneer 

in agricultural contracting and having an 

attractive product portfolio as well as close 

cooperation with the farmers in the Baltics. 

The vision of the company is to be the Baltic 

agribusiness leader with integrated and 

diversified businesses and to focus on 

growth on neighboring markets, such as 

Belarus and Ukraine. 

Company profiles: Linas Agro Group 



Main list 

Consumer Staples 

Address: Smėlynės g. 2C, Panevėžys LT-35143, Lithuania 

Telephone: +370 4550 7303 / Fax: +370 4550 7304 

E-mail: group@linasagro.lt / Webpage: www.linasagro.lt 

IR contact: Agnė Barauskaitė / Investor Relations Specialist 


Listing date: February 17, 2010 




Akola ApS 55.14% 

Darius Zubas 10.73% 


06/07* 07 /08* 08/09* 09/10* 

Sales (MEUR) 191.55 262.69 322.60 241.58 

Profit / Loss (MEUR) 5.22 11.95 9.20 9.71 

Total assets (MEUR) 90.09 125.76 112.15 129.84 

Dividend per share (EUR) - - - 0.006** 


Main subsidiaries with results consolidated into corporate: AB Linas Agro (100%), 

Rosenkrantz A/S (60%), SIA Linas Agro (100%), UAB Linas Agro Grūdų centras (100%), 

UAB Linas Agro Grūdų centras KŪB (100%), UAB Gerera (100%), UAB Lignineko (100%), 

UAB Linas Agro Konsultacijos (100%), Aukštadvario ŽŪB (65.35%), Sidabravo ŽŪB (55.90%), 

Lukšių ŽŪB (93.93%), Medeikių ŽŪB (96.54%), ŽŪB Landvesta 1 (100%), ŽŪB Landvesta 2 (100%), 

ŽŪB Landvesta 3 (100%), ŽŪB Landvesta 4 (100%), ŽŪB Landvesta 5 (100%), 

ŽŪB Landvesta 6 (100%), ŽŪK Kupiškio grūdai*** (72.53%). 

* Financial year starts July 1st ends June 30th 

** To be approved by AGM on October 28, 2010 

*** As of August 27, 2010 


0.7 

0.6 

0.5 


Feb 


Mar 


Apr 


May 


Trading Code: LNA1L 

Jun 



Market capitalization (MEUR) - - - - 85.62 

As % of total Baltic equity cap - - - - 1.58 

Turnover (MEUR) - - - - 5.21 

As % of total Baltic equity turnover - - - - 2.06 

Number of deals - - - - 3 280

Pieno žvaigždės 


Established through the merger of a few 

specialized dairy processors in 1998, Pieno 

žvaigždės has benefited from the consolidation 

of the Lithuanian dairy sector and has 

quickly grown into one of the leading dairies 

in the Baltic States. The company’s primary 

focus is on fresh dairy products, while maintaining 

a sound export record. 

Over the years Pieno žvaigždės has established 

itself as a reliable dairy processor able 

to consistently produce premium quality 

products at competitive prices. The company’s 

product mix covers whole milk products, 

such as fresh milk, cream, butter, a variety 

of curds, yogurts and milk based desserts. 

Pieno žvaigždės maintains an approximate 

30% share of the domestic market. A consistent 

focus on quality has given Pieno 

žvaigždės the operational direction necessary 

to meet strict international requirements 

through ISO, HALAL and KOSHER 

certification. Most of the company’s product 

range - yellow cheeses, butter, whey 

and milk powder - are exported following the 

company’s adherence to standards in sales 

markets. Modern processing facilities, strict 

quality control and innovative marketing 

strategies backed by professional management 

have helped the company to become 

the largest Baltic dairy, with sales of EUR 

180m in 2009. 

Pieno žvaigždės will continue to strengthen 

its leading position and exploit opportunities 

for further growth. By continually updating 

its already modern facilities, which have 

set new standards locally, the company 

will build on its competitive advantage and 

deliver excellent value to its shareholders 

and stakeholders. 



Main list 


Address: Perkūnkiemio str. 3, Vilnius LT-12127, Lithuania 

Telephone: +370 5246 1414 / Fax: +370 5246 1415 

E-mail: info@pienozvaigzdes.lt / Webpage: www.pienozvaigzdes.lt 

Investor relations contact: Linas Sasnauskas / Executive Director 


Listing date: January 11, 1999 





Agrolitas Imeks Lesma UAB 14.77% 

J. Kvaraciejus 13.06% 

Smilgelė ŽŪKB 10.58% 

Swedfund International 8.67% 



Sales (MEUR) 157.85 192.13 192.97 180.28 79.19 

Profit / Loss (MEUR) 5.36 9.65 -1.25 4.51 -0.22 






2.0 

1.6 

1.2 

0.8 

0.4 


Jan 

2006 

Jan 

2007 

Jan 

2008 

Jan 

2009 

Trading Code: PZV1L 

Jan 





Turnover (MEUR) 18.81 12.44 3.49 2.41 0.53 



Company profiles: Pieno žvaigždės 

61

62 

Premia Foods 


AS Premia Foods is a dynamic and diversified 

consumer goods group involved in ice cream 

production, fish production and farming, frozen 

food and food products distribution. The 

foundation of our group companies is built 

on decades of dedication by founders and 

its current shareholders. Some of our group 

companies have been in business for more 

than fifty years. 

AS Premia Foods was established in December 

2008 by merging previously separate 

legal entities who shared common ownership 

and operational and management control 

under single holding company. Today, 

the group is among the most advanced food 

processing and distribution companies in 

the Baltic and Nordic region and is unique for 

its ability to expand and adapt to new product 

and geographic markets. 

We believe that the team of AS Premia Foods 

is one of the most valuable assets of our 

company. Different cultural backgrounds 

enable us to maximize the best experiences 

of those people and continue to develop 

products for today´s and tomorrow´s customers 

tastes. Although great teamwork 

and team spirit are values that cannot be 

directly expressed on income or balance 

sheet statements, it is the hard work and 

dedication of all of our employees that has 

allowed us to demonstrate exceptional 

financial performance. 

The core of our business are brands that are 

well recognised and liked by our customers, 

whether they are kids or adults. We at 

AS Premia Foods pride ourselves to steadily 

live up to our consumers’ expectations by 

strengthening our existing and future brands 

and products. 

AS Premia Foods AS Premia Foods has been 

listed on the NASDAQ OMX Tallinn Stock 

Exchange since May 5th, 2010. 

Company profiles: Premia Foods AS 



Main list 


Address: Betooni 4, Tallinn 11415, Estonia 

Telephone: +372 603 3800 / Fax: +372 603 3801 

E-mail: premia@premia.ee / Webpage: www.premiafoods.eu 

IR contact: Katre Kõvask / Marketing Director, Member of the Board 


Listing date: May 5, 2010 







Sales (MEUR) - - - 68.70 36.26 

Profit / Loss (MEUR) - - - 0.69 1.83 

Total assets (MEUR) - - 65.72 62.83 74.55 


Auditor in 2009: Alliott Kangust OÜ 

Main subsidiaries with results consolidated into corporate: Saaremere Kala AS (100%), 

AB Premia KPC (100%), AS Premia TKH (100%), Heimon Kala OY (100%), Vettel OÜ (100%), 

GourmetHouse OÜ (100%), OOO Khladokombinat No 1 (100%), AS Premia FFL (100%). 


0.95 

0.90 

0.85 

0.80 

0.75 


May 


Jun 


Jul 


Trading Code: PRF1T 

Aug 



Market capitalization (MEUR) - - - - 32.11 

As % of total Baltic equity cap - - - - 0.59 

Turnover (MEUR) - - - - 1.53 

As % of total Baltic equity turnover - - - - 0.60 

Number of deals - - - - 1 116

Rokiškio sūris 


Rokiškio sūris is one of the largest and most 

modern dairy production companies both in 

Lithuania and the Baltics. The main activity 

of the company is producing and selling fermented 

cheese, fresh dairy products, butter, 

milk powders, and by-products from 

whey. The company produces around 30 000 

tons of fermented cheese per year, of which 

80% is exported to other countries. 

The company was first established in 1964 

as a specialized cheese manufacturing 

company. In a couple of years, it became one 

of the leading creameries in Lithuania, with 

its high quality products being well-known 

outside the country’s borders. 

In 1992, Rokiskio sūris was one of the first 

Lithuanian companies to become a jointstock 

company. 

To secure a constant supply of raw materials 

and to strengthen its position in the local 

market, Rokiškio sūris affiliated several dairies 

and formed the Rokiškio sūris AB group. 

Currently, there are three sites of production: 

Rokiškis, where fermented cheese, 

milk sugar (lactose) and liquid whey protein 

concentrate are produced; Utena, which 

specializes in the production of fresh dairy 

products, butter and milk powders; while 

Ukmerge focuses on the production of quark 

and quark products. 

Every year the company undergoes significant 

renovation and reconstruction, boldly 

introducing advanced technologies. 

In 1998, the company was granted an EU veterinary 

number, enabling it to export its production 

there. Rokiškio sūris was the first 

dairy company in Lithuania to be certified 

as a safe food manufacturer. In 2001, the 

company was awarded an HACCP certificate, 

providing it with international recognition. In 

2002, the HACCP system was introduced in 

the subsidiaries as well. The international 

certification company, BVQI, awarded the 

company and its subsidiaries with the quality 

certificate, ISO 9001, and the environmental 

management certificate, ISO 14001. 



Main list 


Address: Pramonės str.3, Rokiškis LT-42150, Lithuania 

Telephone: +370 4585 5200 / Fax: +370 4585 5300 

E-mail: rokiskio.suris@rokiskio.com / Webpage: www.rokiskio.com 

IR contact: Antanas Kavaliauskas / Finance Director 






Pieno Pramonės Investicijų Valdymas UAB 39.90% 

Antanas Trumpa 14.38% 

Skandinaviska Enskilda Banken AB (clients) 10.60% 

Swedbank AB (clients) 7.07% 



Sales (MEUR) 147.78 192.59 197.47 162.30 65.97 





Main subsidiaries with results consolidated into corporate: Rokiskio pienas UAB (100%), 

Žalmargė PK (100%), Skirpstas UAB (100%), Batėnai UAB (100%), Jekabpils piena 

kombinats SIA (50.05%), Pieno upės UAB (50.00%). 


2.5 

2.0 

1.5 

1.0 

0.5 

0 


Jan 

2006 

Jan 

2007 

Jan 

2008 

Jan 

2009 

Trading Code: RSU1L 

Jan 





Turnover (MEUR) 17.26 18.94 4.90 2.59 2.40 



Company profiles: Rokiškio sūris 

63

64 

Žemaitijos pienas 


Žemaitijos pienas, one of the region’s largest 

milk processing companies, was established 

in 1924 in Telsiai. Almost 3 000 employees 

work at the company. Today, the company 

produces more than 200 new and popular 

dairy products, including a new group of 

eco-friendly dairy products, fermented and 

melted cheeses, the only unripened cheese 

sticks in Lithuania, milk, sour milk, yogurt, 

sour cream, cream, curd, coated sweet curd 

cheeses, natural and flavored butter as well 

as many other products. 

Žemaitijos pienas, operating on a system of 

self-control, strictly monitors the raw materials 

and production processes used by the 

company. The company’s laboratory, which 

has been accredited under international 

standards, analyses the finished products, 

following the latest methodologies. 

In 1998, Žemaitijos pienas received EU certification, 

which confirms the high quality of 

the products. 

Žemaitijos pienas’ products are being 

exported to the EU, Russia, USA, Canada, etc. 

The high quality of the products is proved not 

only by their popularity, but also by an abundance 

of awards in national and international 

exhibitions and contests. Constantly 

increasing sales of Žemaitijos pienas’ products 

prove that the company has a strong 

and stable position in the dairy products 

market and is capable of keeping ahead of 

the competition. 

Žemaitijos pienas applies a modern and 

extremely reliable method of treating milk, 

known as bactocatch. 

The company also produces whey powder, 

which is exported around the world. 

The powder is packed in a new packing line, 

meeting strong quality requirements. 

Company profiles: Žemaitijos pienas 





Address: Sedos str. 35, Telšiai LT-87101, Lithuania 

Telephone: +370 4442 2201 / Fax: +370 4447 4897 

E-mail: info@zpienas.lt / Webpage: www.zpienas.lt 

IR contact: Ligita Šniaukaitė / Management Secretary 






Algirdas Pažemeckas 44.15% 

Skandinaviska Enskilda Banken (clients) (Sweden) 10.52% 

Klaipėdos pienas AB 7.45% 

Danutė Pažemeckienė 6.25% 



Sales (MEUR) 111.00 134.45 136.65 107.99 56.68 




Auditor in 2009: Nepriklausomas auditas UAB 


Tarpučių Pienas ŽUK (10.80%), Šilutės Rambynas ABF (87.82%). 


0.8 

0.6 

0.4 

0.2 

0 


Jan 

2006 

Jan 

2007 

Jan 

2008 

Jan 

2009 

Trading Code: ZMP1L 

Jan 





Turnover (MEUR) 1.81 4.82 1.15 3.34 2.12 


Number of deals 904 2 485 1 627 6 314 3 333

Vilkyškių pieninė 


Founded in 1993, Vilkyškių pieninė AB is currently 

one of the most up-to-date cheese 

factories in Lithuania, holding 17% of that 

country’s cheese production market. 

In January 2005, Vilkyškių pieninė AB was 

restructured from a private limited company 

into a public limited company and started a 

new stage of activity. 

Today, the Vilkyškių pieninė AB group consists 

of three companies: Vilkyškių pieninė 

AB, Modest AB and Kelmės pieninė AB. The 

main activity of the mother company is 

production and sales of various kinds of 

cheese. The company also produces and 

sells whey products, raw milk and cream. 

Modest AB produces cheeses and various 

kinds of non-traditional cheese products, 

such as blue cheese, feta cheese, ricotta 

and various kinds of mozzarellas. Kelmės 

pieninė AB produces fresh dairy products: 

milk, kefir, yogurt, sour cream and cottage 

cheese products. This wide assortment of 

dairy products allows successful competition 

with other dairy processors. The main 

markets of Vilkyškių pieninė AB group are 

in Lithuania, EU, Russia, and other Baltic 

countries. 

From the very start, Vilkyškių pieninė AB has 

strived to improve the quality and variety of 

its products. Over the past seven years, the 

company has invested more than EUR 12m 

into modern production technologies to 

increase automation and boost efficiency. 

After implementing a quality management 

program in 2000, Vilkyškių pieninė 

AB received an export license for EU countries. 

In 2008, the company got ISO 9001 and 

ISO22000 certificates. 

The base of Vilkyškių pieninė’s success is 

formed from reliable relationships with business 

partners tested over time, rapid reactions 

to the needs of customers and the 

market, and the competence of employees. 

Equally important are its circle of reliable 

suppliers, established long-term sales relationships 

and attractive pricing policy. 



Main list 


Address: Vilkyškiai, Pagėgiai municipality LT-99254, Lithuania 

Telephone: +370 4415 5330 / Fax: +370 4415 5242 

E-mail: centras@cheese.lt / Webpage: www.cheese.lt 

IR contact: Vilija Milaševičiutė / Finance Director 






Gintaras Bertašius 50.38% 

Orion Securities (clients) FMĮ UAB 14.62% 

Linas Strėlis 8.50% 

Skandinaviska Enskilda Banken AB 8.37% 

Finasta Group of Companies 6.57% 

Skandinaviska Enskilda Banken AB (clients) 5.33% 



Sales (MEUR) 33.51 39.47 44.02 46.14 31.16 






Modest AB (97%), Kelmės pieninė (AB 99%). 


2.0 

1.6 

1.2 

0.8 

0.4 

0 


May 

2006 

May 

2007 

May 

2008 

May 

2009 

Trading Code: VLP1L 

May 





Turnover (MEUR) 0.60 3.81 1.93 1.06 0.81 



Company profiles: Vilkyškių pieninė 

65

66 

Grindeks 


Based in Latvia, Grindeks is the leading pharmaceutical 

companies in the Baltic states, 

with extensive know-how and experience in 

research, development, manufacture, registration 

and sales of original cardiovascular 

and anti-cancer products, generics and 

active pharmaceutical ingredients. Grindeks’ 

products are exported to more than 40 countries; 

exports account for more than 96% of 

the company’s total turnover. The main markets 

are the Baltic states, Russia and other 

CIS countries, Japan, the USA. 

Grindeks’ origins date back to 1946. Since 

then it has grown considerably and is developing 

into a pharmaceutical company of 

European significance. The Grindeks Group 

consists of four subsidiaries in Latvia, Estonia 

and Russia, as well as representatives 

and representative offices in fourteen 

countries. 

In developing its business, Grindeks focu-ses 

on expanding its pharmaceutical holdings 

by acquiring other pharmaceutical companies, 

spreading its international sales 

network and developing new markets 

(China, Vietnam, Turkey, Eastern Europe 

etc.). Grindeks continuously develops its 

product portfolio and registers its medications 

worldwide, in addition to increasing its 

production capacities. 

Grindeks constantly modernizes its manufacturing 

infrastructure, introducing modern 

technologies and ensuring their compliance 

with international quality standards 

– GMP, GLP, GDP, FDA, TGA, MHLW, 

ISO 9001:2008, ISO 14001:2004. 

In 2008 and 2009, Grindeks received the Baltic 

Corporate Excellence Award as the best 

Latvian company listed on the NASDAQ OMX 

Baltic exchange. 

Company profiles: Grindeks 


Awards 2009 



Main list 

Health Care 

Address: 53 Krustpils Street, Riga LV-1057, Latvia 

Telephone: +371 6708 3500 / Fax: +371 6708 3505 

E-mail: grindeks@grindeks.lv / Webpage: www.grindeks.lv 

IR contact: Vadims Rabša / Finance and Administrative director 





Kirovs Lipmans 33.29% 

Anna Lipmane 16.69% 

Pharmstandard OAO 11.38% 

Skandinavisa Enskilda Banker Nominal account 10.04% 

Swedbank AS Nominal account 6.57% 


Sales (MEUR) 60.09 73.24 88.37 76.23 45.69 




Auditor in 2009: BDO Invest Riga 

Main subsidiaries with results consolidated into corporate: JSC Kalceks, Latvia (98.7%), 

Namu apsaimniekosanas projekti Ltd., Latvia (100%), JSC Tallinn Pharmaceutical Plant, 

Estonia (100%), Grindeks Rus Ltd., Russia (100%). 

14 

12 

10 

8 

6 

4 

2 

Jan 

2006 

Best Investor Relations Online 





Jan 

2007 

Jan 

2008 

Jan 

2009 

Trading Code: GRD1R 

Jan 





Turnover (MEUR) 23.02 22.46 5.47 4.22 2.13 


Number of deals 1 881 2 624 2 240 2 607 577

Olainfarm 


JSC “Olainfarm” is one of the leading manufacturers 

of ready-made medications and 

chemical pharmaceutical ingredients in the 

Baltic States. The company’s product portfolio 

consists of more than 70 final dosage 

forms and 50 active pharmaceutical ingredients 

and chemical intermediates. Olainfarm 

exports its production to more than 30 countries 

worldwide. 

The company’s predecessor was the stateowned 

Olaine Chemical-Pharmaceutical 

Plant, established in 1972. Olainfarm was 

formed following Olaine’s privatization in 

1997. 

The production activities of Olainfarm meet 

the requirements of Good Manufacturing 

Practice (GMP), the Food and Drug Administration 

(FDA) and ISO 14001. 

Olainfarm has significantly diversified both 

markets and products, so no single country 

accounts for more than 50% of the total 

sales, and no one product makes up more 

than 18%. In the last five years, Olainfarm’s 

sales have more than doubled. 

The company’s strategy is to develop and 

produce products with higher value added 

and strengthen the company’s position in 

existing and new markets. Currently the 

company is in the process of launching a 

series of new products including: Olvazol ® , 

R-Fenibut and R-Fenotropil. Meldonium and 

Memantine, announced earlier, have already 

been launched and are being sold to several 

markets, including Russia, Australia 

and Canada. When fully launched they are 

expected to boost Olainfarm’s sales by 30% 

per annum. 



Main list 

Health Care 

Address: Rūpnīcu street 5, Olaine LV-2114, Latvia 

Telephone: +371 6701 3700 / Fax: +371 6701 3777 

E-mail: olainfarm@olainfarm.lv / Webpage: www.olainfarm.lv 

IR contact: Salvis Lapiņš / Member of the Management Board 




Free float: 27,43% 


SIA Olmafarm 42,56% 

HB-19 Investments Limited 26,17% 



Sales (MEUR) 23.77 26.98 28.58 31.93 17.83 




Auditor in 2009: Ernst & Young Baltic SIA 

Main subsidiaries with results consolidated into corporate: SIA Reinolds (100%). 


20 

16 

12 

8 

4 


Jan 

2006 

Jan 

2007 

Jan 

2008 

Jan 

2009 

Trading Code: OLF1R 

Jan 





Turnover (MEUR) 3.87 6.84 1.18 1.92 2.46 



Company profiles: Olainfarm 

67

68 

Sanitas 


AB Sanitas (hereinafter - Sanitas or Company) 

is the oldest and largest pharmaceutical 

company in Lithuania. Sanitas group 

includes Sanitas, the Polish company Jelfa 

SA and its subsidiaries Laboratorium Farmaceutyczne 

Homeofarm sp.z.o.o and Sanitas 

Pharma a.s. Jelfa SA has representative 

offices in Slovakia, Hungary, Bulgaria, Russia 

and Ukraine. 

The main activities of Sanitas group’s companies 

are the manufacture and sale of various 

generic drugs, the development of 

new products, and toll manufacturing. The 

group’s main markets are Poland, Russia, 

the Baltics and other Central and Eastern 

European countries. Today, Sanitas focuses 

on the least competitive segments, regularly 

renewing its product portfolio and strengthening 

its position in the Central European 

market. 

Sanitas group has two production sites, 

located in Kaunas (Lithuania) and Jelenia 

Gora (Poland). Both of them have “Good Manufacturing 

Practice” certification. In order to 

increase the efficiency of its production, 

Sanitas sold its site located in Martin (Slovakia) 

in July 2010. After this sale, the Sanitas 

group’s total productive capacity is 1 350m 

units of tablets and capsules, 150m units of 

solutions for injections, 50m units of ointments, 

15m bottles of eye drops and 15m 

units of syringes. 

Sanitas’ mission is to be a fast growing, multinational 

pharmaceutical company with a 

strong focus on Central and Eastern Europe. 

It also aims to be one of the best in terms 

of efficiency and customer confidence. Over 

the next 3–5 years, Sanitas is planning to 

focus on its own product portfolio and continue 

its roll-out of new branded generic 

pharmaceuticals in its targeted therapeutic 

niches. 

Company profiles: Sanitas 



Main list 

Health Care 

Address: Veiverių 134 B, Kaunas LT-46352, Lithuania 

Telephone: +370 3722 6725 / Fax: +370 3722 3696 

E-mail: sanitas@sanitas.lt / Webpage: www.sanitas.lt 

IR contact: Rūta Milkuvienė / Director of Legal and Corporate Affairs 






Invalda AB 23.32% 

Baltic Pharma Limited 20.30% 

Citigroup Venture Capital International Jersey Limited 17.56% 

Amber Trust II S.C.A 12.71% 



Sales (MEUR) 46.84 97.14 110.78 93.47 51.34 

Profit / Loss (MEUR) -2.12 10.80 -0.55 5.17 5.01 


Dividend per share (EUR) - 0.17 - - - 

Auditor in 2009: Deloitte Lietuva UAB 


Jelfa SA (100%), HBM Pharma s.r.o. (100%) 


12 

10 

8 

6 

4 

2 

0 


Jan 

2006 

Jan 

2007 

Jan 

2008 

Jan 

2009 

Trading Code: SAN1L 

Jan 





Turnover (MEUR) 5.98 18.46 8.02 3.57 1.80 


Number of deals 3 125 4 986 4 781 3 303 1 718

Arco Vara 


Arco Vara is one of the leading real estate 

developers in the Baltics. Supported by its 

brokerage network, construction arm and 

service division, Arco Vara Group is able to 

cover all services related to a property, from 

its cost-benefit analysis, brokerage, valuations, 

development, construction and facility 

management. 

The company was established in 1992 as a 

real estate agency. In 1996 its first development 

project was launched in Tallinn and 

1997, the group expanded into Latvia. Arco 

Vara has operations and assets in Estonia, 

Latvia, Bulgaria and Ukraine. The group currently 

has branches in 17 different regions 

and employs more than 160 people. 

Arco Vara has long held experience in the 

real estate business and the highest professional 

competence. The company’s successful 

track record has enabled it to build 

up a significant land bank in addition to its 

existing developments portfolio. This gives 

the company the flexibility to carry through 

developments on its own. 



Main list 

Financials 

Address: Jõe 2B, Tallinn 10151, Estonia 

Telephone: +372 614 4600 / Fax: +372 614 4601 

E-mail: info@arcovara.ee / Webpage: www.arcorealestate.com 

IR contact: Rein Rätsep / CFO 






Freier Projekt OÜ 23.58% 

OÜ Toletum 21.89% 

OÜ HM Investeeringud 21.90% 

Gamma Holding OÜ 6.47% 


2006 2007 2008 2009 2010 H1* 

Sales (MEUR) 30.91 46.48 42.17 25.87 8.71 




Auditor in 2009: Ernst & Young Baltic AS 

Main subsidiaries with results consolidated into corporate: Arco Investeeringute AS (100%), 

Arco Ehitus OU (100%), Arco Real Estate AS (100%). 

* Rules for consolidating Group results have changed in 2010. 


50 

40 

30 

20 

10 

0 


Jun 

2007 

Jun 

2008 

Jun 

2009 

Trading Code: ARC1T 

Jun 





Turnover (MEUR) - 80.15 36.79 11.69 3.24 


Number of deals - 10 327 6 769 11 549 3 596 

Company profiles: Arco Vara 

69

70 

Invalda 


Invalda AB, an investment company, was 

established in 1992 and has been listed 

on the NASDAQ OMX Vilnius exchange since 

1995. Invalda AB actively manages its investments, 

with the largest part of its assets 

currently allocated to Poland and Lithuania. 

The main portfolio companies with most 

interests in Poland are in the road and bridge 

construction (Kauno Tiltai, Tiltra Group and 

Poldim) and pharmaceutical (Sanitas, Jelfa) 

sectors. Invalda group’s companies are also 

involved in furniture manufacturing (Vilniaus 

Baldai), various real estate projects and 

facilities management services (Invalda Real 

Estate Fund, Invalda Service and other companies), 

IT infrastructure (Baltic Amadeus 

Infrastructure Services) and several other 

smaller businesses. 

Main investments of Invalda are: 

• Road and bridge construction companies 

Kauno Tiltai, Tiltra Group and Poldim group, 

with combined (pro-forma) sales in 2009 

of 291.4 MEUR, EBITDA of 28.8 MEUR and 

net profit of 17.4 MEUR. Invalda’s stake is 

about 44%, the companies are unlisted; 

• Generic pharmaceuticals producer Sanitas, 

with sales in 2009 of 93.5 MEUR, 

EBITDA of 21.5 MEUR and net profit of 5.2 

MEUR. Invalda’s stake is about 26%, the 

company is listed; 

• FurnituremanufacturingcompanyVilniaus 

Baldai, with sales in 2009 of 43.1 MEUR, 

EBITDA of 7.7 MEUR and net profit of 4.5 

MEUR. Invalda’s stake is72%, the company 

is listed. 

Company profiles: Invalda 



Main list 

Financials 

Address: Šeimyniškių str. 1A, Vilnius LT-09312, Lithuania 

Telephone: +370 5279 0601 / Fax: +370 5279 0530 

E-mail: info@invalda.lt / Webpage: www.invalda.lt 

IR contact: Vytautas Plunksnis / Investment manager 


Listing date: December 19, 1995 




Irena Ona Mišeikienė 26.69% 

Vytautas Bučas 18.56% 

Algirdas Bučas 9.02% 

Alvydas Banys 6.16% 

Darius Šulnis 5.70% 



Sales (MEUR) 64.98 73.45 89.62 62.94 33.31 





Main group companies: Kauno Tiltai AB, Tiltra Group AB and Poldim S.A., Sanitas AB, 

Jelfa SA, Vilniaus Baldai AB, Invalda nekilnojamojo turto fondas AB, Invalda Service UAB, 

Baltic Amadeus infrastruktūros paslaugos UAB. 


6 

5 

4 

3 

2 

1 

0 


Jan 

2006 

Jan 

2007 

Jan 

2008 

Jan 

2009 

Trading Code: IVL1L 

Jan 





Turnover (MEUR) 11.47 23.27 13.64 4.11 2.48 


Number of deals 8 808 11 508 9 162 8 443 4 527

Latvijas Krājbanka 


JSC Latvijas Krājbanka is the oldest commercial 

bank in Latvia. It started operations 

in 1924 as the Latvian Postal Service Savings 

Bank during the first period of Latvian 

independence. In 2009 Latvijas Krājbanka 

celebrated its 85th anniversary. Its biggest 

shareholder is AB Bankas Snoras (85.19%). 

Krājbanka is a universal network of commercial 

banks offering a full-range of services 

to businesses and private individuals, both 

residents and non-residents. The bank has 

the widest client service network in Latvia, 

thus providing a convenient service for its 

clients throughout the state. It ranks first 

among Latvian commercial banks in terms 

of the number of client service centers it 

operates (113 – 30.06.2010). While, with 

regards to ATMs, Krajbanka ranks third with 

190 machines. 

The bank retains stable numbers of clients 

and deposit accounts; Krājbanka has the 

third largest amount of deposits by private 

persons. Its activity is also directed towards 

attracting corporate clients. 

For the fourth time in 2010, Krājbanka 

received the “Deutsche Bank’s STP Excellence 

Award”, confirming the processing 

quality of the bank’s outgoing payments. At 

the same time, the SNORAS group received 

the World Finance Banking Award for the 

best Banking Group in the Baltics from the 

World Finance organization. 

In order to maintain the loyalty of Latvia’s 

residents and its small-and-medium enterprises, 

the bank will continue to prioritize its 

clients’ needs, keeping up with all the latest 

developments. 




Financials 

Address: Jana Dalina street 15, Riga LV-1013, Latvia 

Telephone: +371 6709 2020 / Fax: +371 6709 2070 

E-mail: info@lkb.lv / Webpage: www.lkb.lv 

IR contact: Kristīne Ozolniece / Expert of public relations 


Listing date of ordinary shares: October 27, 2004 

Listing date of preferance shares: April 17, 2007 

Total number of ordinary shares: 19 321 414 

Total number of preference shares: 2 834 



AB Bankas Snoras 85.19% 

Ratto Holdings Limited 6.28% 


Market capitalization (MEUR) 

As % of total Baltic equity cap 

Turnover (MEUR) 

As % of total Baltic equity turnover 

Number of deals 


Net interest income (MEUR) 16.30 22.41 27.63 13.98 -0.08 



Dividend per share LKB1R (EUR) 0.28 0.30 - - - 

Dividend per share LKB2R (EUR) 0.58 0.60 0.35 - - 

Auditor in 2009: Ernst & Young Baltic SIA 

Main subsidiaries with results consolidated into corporate: SIA LKB Līzings (100%), 

AS Ieguldījumu pārvaldes sabiedrība LKB Krājfondi (100%), AS LKB LIFE (99,79%), 

SIA Krājinvestīcijas (100%), SIA LKB Drošība (100%), SIA LKB Collect (100%), SIA LKB Rīgas 

īpašumi (100%), SIA Jēkaba 2 (100%), SIA LKB property (100%), SIA Brīvības 38 (100%). 


16 

12 

8 

4 

0 


Jan 

2006 

Jan 

2007 

Jan 

2008 


LKB1R 

LKB2R 

63.49 

- 

0.46 

- 

0.86 

- 

0.04 

- 

1 331 

- 

LKB1R 

LKB2R 

89.87 

0.03 

0.69 

0.00 

4.71 

0.00 

0.20 

0.00 

3 779 

6 

Trading Code: LKB1R / LKB2R 

Jan 

2009 

LKB1R 

LKB2R 

14.00 

0.03 

0.27 

0.00 

0.84 

0.00 

0.09 

0.00 

1 973 

26 

LKB1R 

LKB2R 

21.44 

0.02 

0.34 

0.00 

0.18 

0.00 

0.06 

0.00 

631 

5 

Jan 


LKB1R 

LKB2R 

32.99 

0.03 

0.61 

0.00 

0.07 

0.00 

0.03 

0.00 

221 

2 

Company profiles: Latvijas Krājbanka 

71

72 

Snoras 


During its eighteen years of activity (since 

1992), AB Bank SNORAS has become one of 

the largest banks in Lithuania, with the most 

expansive and modern customer service 

network in Lithuania: ten regional branches, 

fourteen branch outlets, 230 territorial divisions 

and 339 ATMs. The bank has successfully 

strengthened its position in Lithuania’s 

retail and corporate banking market. AB Bank 

SNORAS owns branches in Estonia and Latvia, 

as well as representative offices in the 

United Kingdom, Belgium, the Czech Republic, 

Ukraine and Belarus. 

On 1st July 2010, AB Bank SNORAS was the 

third largest bank in Lithuania in terms of 

total deposits collected, the fourth largest 

by capital and the fifth largest by total 

assets. Over a million clients use the services 

of the Bank. 

AB Bank SNORAS directly manages eight 

subsidiary companies in Lithuania, Latvia 

and Estonia. The SNORAS Group consolidates 

thirty one companies, which provide 

retail, corporate, investment banking, asset 

management and other services for market 

participants in the Baltic States and abroad. 

In July 2010 AB bank SNORAS was named 

the best financial group in the Baltic States 

in 2010 (“Best Banking Group Baltics 2010”) 

by “World Finance” and the users of www. 

worldfinance.com. This is the first award of 

its kind to be given to a bank operating in the 

Baltic States. 

The shares of AB Bank SNORAS have been 

listed on the Secondary list of NASDAQ OMX 

Vilnius since 24 January 1994. Since 1 July 

2009, the registered ordinary shares of AB 

Bank SNORAS have been included in OMX Baltic 

10 index. 

Company profiles: Snoras 




Financials 

Address: A.Vivulskio str. 7, Vilnius LT-03221 , Lithuania 

Telephone: +370 5239 2239 / Fax: +370 5232 7300 

E-mail: info@snoras.com / Webpage: www.snoras.com 

IR contact: Vladimir Streckij / Director of Brokerage Department 


Listing date of ordinary shares: January 24, 1994 

Listing date of preferance shares: December 28, 2006 

Total number of ordinary shares: 474 217 107 

Total number of preference shares: 2 000 000 

Free float*: 6.6% 

Main shareholders*: 

Vladimir Antonov 68.10% 

Raimondas Baranauskas 25.31% 

* Free float and Main shareholders are shown as of August 17, 2010 after increase of the authorized capital. 



6 

5 

4 

3 

2 

1 

0 


Jan 

2006 

Market capitalization (MEUR) 

As % of total Baltic equity cap 

Turnover (MEUR) 

As % of total Baltic equity turnover 

Number of deals 

Jan 

2007 

2006 2007 2008 2009 2010 H1* 

Net interest income (MEUR) 43.80 56.88 63.82 18.49 10.68 


Total assets (MEUR) 1 893.96 2 605.71 2 447.79 2 615.95 2 806.04 

Dividend per share SRS1R (EUR) 0.03 0.03 - - - 

Dividend per share SRS2R (EUR) 0.29 0.29 - - - 


Main subsidiaries with results consolidated into corporate: AS Latvijas Krajbanka, 

JSC Finasta Holdig, JSC SNORO lizingas, JSC SNORAS Investment Management, 

JSC SNORAS Media. 

* Data for Snoras Financial Group only. 

Jan 

2008 


SRS1L 

SRS2L 

153.27 

10.57 

1.10 

0.08 

10.35 

0.62 

0.42 

0.03 

6 360 

352 

SRS1L 

SRS2L 

248.03 

7.15 

1.89 

0.05 

29.67 

2.39 

1.25 

0.10 

10 206 

1 155 

Trading Code: SRS1L / SRS2L 

Jan 

2009 

SRS1L 

SRS2L 

43.13 

2.90 

0.83 

0.06 

8.66 

1.18 

0.89 

0.12 

12 334 

982 

SRS1L 

SRS2L 

113.51 

2.68 

1.78 

0.04 

17.08 

0.44 

3.45 

0.09 

24 027 

962 

Jan 


SRS1L 

SRS2L 

104.43 

3.19 

1.92 

0.06 

4.75 

0.17 

1.87 

0.07 

6 644 

366

Šiaulių bankas 


Šiaulių bankas was established in 1992. 

Since 1994, when the first territorial subdivisions 

of the Bank started their operation, 

Šiaulių bankas has expanded its network 

to 51 territorial subdivisions operating in 31 

towns of the country. 

Šiaulių bankas provides all the traditional 

services of commercial bank. It has a strong 

position in the sector providing credit for 

small and medium-sized enterprises. A priority 

for the bank is financing municipal and 

regional projects, also expanding its services 

to individuals. Šiaulių bankas actively 

participates in state-supported credit programs 

as well as suggesting new banking 

products and sources of finance to its 

customers. 

In 2010 Šiaulių bankas started implementing 

the JEREMIE initiative, financed by the 

European Investment Fund (EIF), according 

to which the bank will extend more than 

EUR 40m to small and medium-sized enterprises. 

Seeking to improve crediting conditions, 

Šiaulių bankas has also participated 

in a state-supported program to modernize 

multi-apartment buildings - the bank 

became the first financial partner of the 

European Investment Bank (EIB) in Lithuania, 

using the JESSICA financial instrument. 

The major shareholder of the bank is the 

European Bank for Reconstruction and 

Development (EBRD), which currently possesses 

22.44% of the authorized capital. The 

largest part of Šiaulių bankas’ capital is comprised 

of Lithuanian capital - 71.44% of the 

Bank’s shares are owned by residents and 

individuals of Lithuania. 

The fact that the bank actively participates in 

the credit market contributes to the increasing 

popularity in Lithuania of new models of 

fostering business, paying particular attention 

to public, cultural and social projects. 

This leads to favorable conditions for the 

implementation of the Bank’s strategy – to 

grow organically and develop its activity in 

Lithuania. 



Main list 

Financials 

Address: Tilžės str. 149, Šiauliai LT-76348, Lithuania 

Telephone: +370 4159 5602 / Fax: +370 4143 0774 

E-mail: info@sb.lt / Webpage: www.sb.lt 

IR contact: Donatas Savickas / Deputy CEO 


Listing date: November 29, 1994 




European Bank for Reconstruction and Development 22.44% 

Gintaras Kateiva 7.28% 

Algirdas Butkus 5.17% 



Net interest income* (MEUR) 8.79 10.88 12.38 7.99 3.48 

Profit / Loss* (MEUR) 3.95 7.89 5.08 -8.72 -3.22 

Total assets* (MEUR) 390.42 583.05 593.63 596.41 625.45 

Dividend per share* (EUR) 0.006 0.006 - - - 



* All figures are non-consolidated 


1.2 

1.0 

0.8 

0.6 

0.4 

0.2 

0 


Jan 

2006 

Jan 

2007 

Jan 

2008 

Jan 

2009 

Trading Code: SAB1L 

Jan 





Turnover (MEUR) 14.53 71.25 24.33 5.54 1.97 



Company profiles: Šiaulių bankas 

73

74 

Trigon Property Development 


Trigon Property Development was established 

on Feburary 17, 1945. It was listed on 

the main list of the Tallinn Stock Exchange 

in June 1997. 

Trigon Property Development has evolved as 

a result of the division of AS Viisnurk on September 

19, 2007, when the property development 

and the furniture and building material 

divisions were divided into separate companies. 

Since then, the core business activity 

of Trigon Property Development is property 

development in central and eastern Europe. 

Currently Trigon Property Development owns 

one property development project, which is 

a 40ha land-area in Pärnu city, Estonia. The 

company is developing this site for logistics, 

warehousing and light industrial purposes. 

Company profiles: Trigon Property Development 



Main list 

Financials 

Address: Viru Väljak 2, Tallinn 10111, Estonia 

Telephone: +372 667 9200 / Fax: +372 667 9201 

E-mail: info@trigonproperty.com / Webpage: www.trigonproperty.com 

IR contact: Ülo Adamson 






OÜ Trigon Wood 59.62% 




Sales (MEUR) 0.03 0.02 0.03 0.04 0.01 





Main subsidiaries with results consolidated into corporate: VN Niidu Kinnisvara OÜ. 


4 

3 

2 

1 

0 


Jan 

2006 

Jan 

2007 

Jan 

2008 

Jan 

2009 

Trading Code: TPD1T 

Jan 





Turnover (MEUR) 2.55 3.74 0.27 0.29 0.12 


Number of deals 1 708 1 582 444 553 210

Ūkio bankas 


Established in 1989 as the first private commercial 

bank in Lithuania, Ūkio bankas is 

now operating a countrywide retail banking 

network of 12 branches and 47 client service 

units. Ūkio bankas has representative 

offices in Kiev and Almaty. 

Ūkio bankas is primarily focused on domestic 

commercial banking activities, followed 

by retail customer banking. The bank offers 

a full range of financial services for both 

corporate and private clients: retail banking, 

commercial and corporate banking, securities 

brokerage and investment banking, 

international banking, foreign exchange and 

money market operations as well as internet 

banking. The company’s subsidiaries, Ūkio 

banko lizingas, Ūkio Banko Investicijų Valdymas 

and Ūkio Banko Rizikos Kapitalo Valdymas, 

supplement the range of its financial 

services with lease, investment management 

and venture capital management 

services. 

In 2006, Ūkio bankas became the first financial 

company to be included on the Baltic 

Main List. 

In May 2010 the international capital and 

financial market magazine, Euromoney, 

honored Ūkio bankas with two prestigious 

awards. Ūkio bankas was named the best 

local bank in Lithuania’s private banking and 

wealth management survey for 2010 and the 

best provider of private banking services in 

Lithuania. 

Ūkio bankas plans to achieve further growth 

by expanding its range of services and products, 

leading to an increase in the number of 

clients and activity. 



Main list 

Financials 

Address: Maironio str. 25, Kaunas LT-44250, Lithuania 

Telephone: +370 3730 1301 / Fax: +370 3732 3188 

E-mail: ub@ub.lt / Webpage: www.ub.lt 

IR contact: M. Arlauskas / Head of Financial Institutions and Fund Raising 


Listing date: August 2, 1994 




Vladimir Romanov 32.95% 

Universal Business Investment Group Management UAB 9.99% 

Zinaida Romanova 8.73% 

FIRST Partneriai UAB 7.76% 



Net interest income (MEUR) 22.59 34.02 37.87 18.11 1.13 


Total assets (MEUR) 927.50 1 251.88 1 152.72 1 244.38 1 364.67 



Main subsidiaries with results consolidated into corporate: UAB Ūkio Banko Lizingas (100%), 

UAB GD Bonum Publicum (100%), UAB Ūkio Banko Investicijų Valdymas (100%), UAB Ūkio 

Banko Rizikos Kapitalo Valdymas (100%), RAB Ūkio Bank Lizing* (100%), UAB Investicinio 

turto valdymas (100%), UAB Turto valdymo paslaugos (100%). 

* UAB Ūkio Banko Rizikos Kapitalo Valdymas owns 100% of the shares of RAB Ūkio Bank Lizing 


1.6 

1.2 

0.8 

0.4 

0 


Jan 

2006 

Jan 

2007 

Jan 

2008 

Jan 

2009 

Trading Code: UKB1L 

Jan 





Turnover (MEUR) 75.28 136.04 64.81 33.56 12.55 



Company profiles: Ūkio bankas 

75

76 

SAF Tehnika 


JSC SAF Tehnika is a Latvian designer, manufacturer 

and distributor of digital microwave 

data transmission equipment. SAF Tehnika 

products provide wireless backhaul solutions 

for digital voice and data transmission 

to mobile and fixed network operators, data 

service providers, governments and private 

companies. 

Located in Northern Europe, SAF Tehnika 

managed to acquire and consolidate 

the region’s microelectronics industry and 

spread its presence to almost 100 countries, 

covering all relevant market segments 

worldwide within just a decade. 

SAF was first registered as an enterprise in 

1994, with SAF Tehnika registered in 1999. 

In 2002 the company obtained ISO 9001 certification 

and in 2004 launched a successful 

IPO on the Riga Stock Exchange (NASDAQ 

OMX Riga). In 2006, SAF Tehnika launched its 

CFQ product line - high capacity radio equipment; 

in 2008 the new CFIP product line 

- SAF’s Next Generation Microwave Radio 

System was presented. 

The strengths of SAF Tehnika are highly 

reliable and durable products produced in 

Europe, strong research and development 

capabilities, a flexible business approach, 

professional pre and after-sales support, 

fast warranty service and a worldwide partners 

network. 

By reinvesting its profits into its research 

and development, the company aims to better 

meet the needs of its customers. 

The main targets for the company in the 

coming years are to achieve steady growth, 

maintaining high production quality and 

customer satisfaction levels and to regain a 

1% share of the world’s microwave market. 

The total number of employees on June 30, 

2009 was 143. 

Company profiles: SAF Tehnika 


Awards 2009 

Best Investor Relations among Small Cap Companies 

Best Investor Relations in NASDAQ OMX Riga 




Main list 

Information Technology 

Address: Ganību dambis 24a, Riga LV-1005, Latvia 

Telephone: +371 6704 6840 / Fax: +371 6704 6809 

E-mail: info@saftehnika.com / Webpage: www.saftehnika.com 

IR contact: Aira Loite / CFO, Member of the Management Board 






Didzis Liepkalns 17.05% 

Maleks S, SIA 10.72% 

Andrejs Grišāns 10.03% 

Skandinavisa Enskilda Banker Nominal account 9.98% 

Normunds Bergs 9.74% 

Juris Ziema 8.71% 

Swedbank AS Nominal account 8.50% 

Vents Lācars 6.08% 


05/06* 06/07* 07/08* 08/09* 09/10* 

Sales (MEUR) 18.87 19.01 15.15 12.56 14.55 



Dividend per share (EUR) 0.28 - - 0.33 - 

Auditor in 2009/2010: Potapoviča un Andersone, SIA 


* Financial year starts July 1st ends June 30th 


20 

16 

12 

8 

4 

0 


Jan 

2006 

Jan 

2007 

Jan 

2008 

Jan 

2009 

Trading Code: SAF1R 

Jan 





Turnover (MEUR) 8.91 10.53 0.99 0.69 0.46 


Number of deals 259 1 482 1 911 1 642 699

TEO LT 



Awards 2009 

TEO LT, AB is the largest integrated telecommunication, 

IT and television services 

provider in Lithuania. TEO Group is a part 

of TeliaSonera Group, which provides telecommunications 

services in 20 markets in 

Europe and Asia. 

TEO has the largest share of the markets for 

fixed voice telephony, internet, data communication 

and leased lines in Lithuania. The 

company is also a leading provider of internet 

and digital terrestrial television services 

in the country. TEO’s subsidiary, Lintel, has 

the largest share of the directory inquiry services 

market in Lithuania and another subsidiary, 

Baltic Data Center, is a leader in the 

data center business in the Baltic States. 

In terms of revenue, TEO has 95% of the fixed 

voice telephony and 40% of the broadband 

internet market in Lithuania. At the end of 

2009, the company had 722 000 telephone 

lines, 313 000 broadband internet connections 

and 102 000 TV services users. TEO 

Group employs more than 3 200 people. 

Since 2005 the company has been implementing 

the Corporate Social Responsibility 

(CSR) concept in business and was one of 

the first to publish a CSR Report in 2006. 

The company’s vision states that TEO is your 

best partner in communication, with the 

constantly changing world. The company’s 

mission is to create value for shareholders 

and customers by providing professional, 

high-quality telecommunications, TV and IT 

services. 

TEO’s awards in 2009: 

• Lithuania’s most successful listed 

company (Baltic Corporate Excellence 

Awards) 

• Innovative Company (Innovation Award) 

• The “greenest” enterprise (The Ministry of 

Environment Awards) 

• Socially Responsible Enterprise 2009 

(National Responsible Business Awards) 

Best Investor Relations in the Baltic Countries 

Best Investor Relations in NASDAQ OMX Vilnius 




Main list 

Telecommunication Services 

Address: Lvovo str. 25, Vilnius LT-03501, Lithuania 

Telephone: +370 5262 1511 / Fax: +370 5212 6665 

E-mail: darius.dziaugys@teo.lt / Webpage: www.teo.lt 

IR contact: D. Džiaugys / Head of Information Sector, Corporate Communication 






Amber Teleholding A/S (subsidiary of TeliaSonera AB) 62.94% 

East Capital Asset Managment AB 5.82% 

TeliaSonera AB 5.14% 

* Free float and Main shareholders are shown as of September 9, 2010 after cancellation of the Company’s treasury stocks. 



Sales (MEUR) 212.82 229.80 239.30 236.20 112.08 





Main subsidiaries with results consolidated into corporate: UAB Lintel (100%), UAB Baltic 

Data Center (100%), UAB Interdata (100%). For the complete list see www.teo.lt. 


1.0 

0.8 

0.6 

0.4 

0.2 


Jan 

2006 

Jan 

2007 

Jan 

2008 

Jan 

2009 

Trading Code: TEO1L 

Jan 





Turnover (MEUR) 92.19 145.80 75.64 79.56 25.50 



Company profiles: TEO LT 

77

78 

Lietuvos elektrinė 


Lietuvos elektrinė was established on 

December 31, 2001, following the reorganization 

of Lietuvos Energija. In 1972, the company 

finished building the biggest thermal 

energy plant in Lithuania, with four energy 

blocks each generating 150 MW and four 

more producing 300 MW, in total 1,800 MW 

of installed power. 

Lietuvos elektrinė manufactures, supplies 

and distributes electricity and thermal 

energy. 

After the decommissioning of the first block 

of the Ignalina nuclear power plant, Lietuvos 

elektrinė became the main producer of 

electricity in the country. In meeting growing 

demand and in order to reduce the cost 

of electricity, a new 445 MW combined gas 

cycle turboblock is being built. The value of 

this project totals EUR 329m. The new turbo 

block is scheduled to be ready for 2012. The 

company’s technology allows for the burning 

of other liquid fuels, like fuel oil and other 

cheaper emulsions in line with eco requirements. 

This makes the company independent 

from any single fuel source. To ensure 

a reliable performance in the future, a number 

of modernizations and repair works have 

been completed. Having invested about EUR 

289m (LTL 1 bn) into its modernization during 

the last ten years, the company will serve as 

a reliable source of energy and power over 

the next ten years. 

In 2010 the reorganization of the Lithuanian 

electricity sector was launched, aiming 

to organize the country’s electricity 

infrastructure along EU lines. The reorganization 

plan comprises the establishment 

of four functional blocks of transmission, 

generation, distribution and maintenance. 

The goals in forming the generation block 

are: to purify and concentrate the activity 

of generation in one company –Lietuvos 

energija (achieved by incorporating Lietuvos 

elektrinė into Lietuvos energija); to reorganize 

and centralize generation capacities, 

necessary to ensure the energy independence 

of Lithuania. 

Company profiles: Lietuvos elektrinė 




Utilities 

Address: Elektrinės str. 21, Eelektrėnai LT-26108, Lithuania 

Telephone: +370 5283 9066 / Fax: +370 5283 9733 

E-mail: info@lelektrine.lt / Webpage: www.lelektrine.lt 

IR contact: Rolandas Jankauskas / CFO 






Visagino Atominė Elektrinė UAB 95.54% 



Sales (MEUR) 55.25 75.95 112.30 120.17 109.65 



Dividend per share (EUR) - 0.004 - 0.02 - 




2.5 

2.0 

1.5 

1.0 

0.5 


Jan 

2006 

Jan 

2007 

Jan 

2008 

Jan 

2009 

Trading Code: LEL1L 

Jan 





Turnover (MEUR) 0.91 0.75 0.34 0.23 0.11 


Number of deals 594 690 308 484 217

Lietuvos energija 


Lietuvos Energija AB, established in March 

1991, is the owner of a high-voltage electricity 

transmission (330 – 110 kV) grid and, 

through its daughter companies, performs 

the activities of an electricity transmission 

operator, a market operator and other activities 

in the field of electric power. The company 

owns a dispatch center, two hydro 

power plants – Kaunas HPP and Kruonis PSP 

(ensuring the balance between generation, 

consumption and regulating power flows), 

230 transformer substations and switchyards, 

over 6 000 km of high voltage electricity 

lines, and an information technology 

and telecommunications center. 

In 2010 the reorganization of Lithuania’s 

electricity sector was launched with the 

aim to organize its infrastructure under EU 

requirements: to separate and purify activities, 

improve the efficiency of the electricity 

system, promote energy independence, 

interconnect with the European continental 

grid and integrate into the EU’s electricity 

market. 

The reorganization plan comprises the 

establishment of four functional (transmission, 

generation, distribution and maintenance) 

blocks. After the transfer of the 

company’s functions as a transmission 

system operator and market operator, the 

remainder of Lietuvos Energija AB will form 

the basis of the electricity generation block. 

Auxiliary functions will be transferred to 

maintenance companies. Lietuvos Energija 

AB will be the Lithuania’s largest electricity 

generation and supply company and will 

consolidate the country’s major electricity 

generating capacities, ensuring the electricity 

independence of Lithuania. 

The key changes in the sector are expected 

to be implemented by the end of 2010, with 

all legal and business processes completed 

by the end of the first quarter of the year 

2011. 




Utilities 

Address: Elektrinės str. 21. Elektrėnai LT-26108, Lithuania 

Telephone: +370 5278 2082 / Fax: +370 5212 6736 

E-mail: info@lietuvosenergija.lt / Webpage: www.lietuvosenergija.lt 

IR contact: Linas Vinciūnas / Head of Legal Unit 







* Free float and Main shareholders are shown as of September 15, 2010 after increase of the authorized capital. 



Sales (MEUR) 290.22 347.62 443.20 454.34 242.95 



Dividend per share (EUR) 0.003 - - 0.02 - 


Main subsidiaries and joint venture with results consolidated into corporate: 

LITGRID UAB (100%), Energijos Tiekimas UAB (100%), Inter Links UAB (100%), 

Kruonio Investicijos UAB (100%), Energetikos Pajėgos UAB (100%), Kauno Energetikos 

Remontas UAB (100%), LitPol Link Sp. z o. o. (50%), Lietuvos elektrinė (91.27%)*. 

* As of August 18, 2010 


2.5 

2.0 

1.5 

1.0 

0.5 

0 


Jan 

2006 

Jan 

2007 

Jan 

2008 

Jan 

2009 

Trading Code: LEN1L 

Jan 





Turnover (MEUR) 3.01 5.94 1.75 1.50 0.48 



Company profiles: Lietuvos energija 

79

80 

Rytų skirstomieji tinklai 


AB ‘Rytų skirstomieji tinklai’ (RST) is a rapidly 

developing company that distributes electricity 

in the eastern part of Lithuania. The 

company provides services to 705 000 private 

customers and 25 000 business clients. 

RST owns and maintains the electricity distribution 

system in eastern Lithuania, and is 

responsible for the reliability and quality of 

the electricity supply to end users, as well 

as developing, maintaining and modernizing 

the network, ensuring adequate safety 

standards. In recent years RST has been 

among the top twenty largest companies in 

Lithuania. 

RST was founded in 2001 after the reorganization 

of Lietuvos energija AB. 

Apart from distributing electricity through 

its subsidiary companies, RST also provides 

other services in the Lithuanian market, 

including the repair and maintenance of 

the power network, and renting out special 

transport. 

Providing a reliable electricity supply is one 

of the major objectives of the company. The 

priority remains improving customer satisfaction 

as well as introducing state-of-theart 

technologies, developing client service 

channels and improving the quality of customer 

service. 

RST aims to contribute to the welfare of the 

population, not only by securing uninterrupted 

supplies of electricity and taking care 

of its employees, but also by highlighting the 

issues of electricity safety and rational consumption, 

and by initiating various social 

and environmental projects. 

In 2011, AB ‘Rytų skirstomieji tinklai’ will be 

merged with AB ‘VST’. Together, both companies 

will supply and distribute electricity to 

the whole of Lithuania. This merger will boost 

the combined entity’s performance, reducing 

the numbers of administrative staff and 

premises, cutting costs and improving the 

efficiency of public procurement. 

Company profiles: Rytų skirstomieji tinklai 



Main list 

Utilities 

Address: Žvejų str. 14, Vilnius LT-09310, Lithuania 

Telephone: +370 5277 7524 / Fax: +370 5277 7514 

E-mail: info@rst.lt / Webpage: www.rst.lt 

IR contact: Arvydas Zakalskis / Finance Director 







E.ON Ruhrgas International GmbH 20.28% 



Sales (MEUR) 64.98 73.45 89.62 62.94 33.31 





Main subsidiaries with results consolidated into corporate: Rytra UAB (100%), 

Elektros tinklo paslaugos UAB (100%), Tetas UAB (100%). 


2.0 

1.5 

1.0 

0.5 

0 


Jan 

2006 

Jan 

2007 

Jan 

2008 

Jan 

2009 

Trading Code: RST1L 

Jan 





Turnover (MEUR) 10.66 13.19 10.85 3.45 3.14 


Number of deals 4 868 7 265 4 617 5 375 4 475

Tallinna Vesi 



Awards 2009 

Tallinna Vesi is the largest water utility 

company in Estonia, providing drinking water 

and wastewater disposal services to over 

400 000 people in Tallinn and in several of the 

neighboring municipalities. It has exclusive 

rights to run this service until 2020. The company 

operates a 2 000 sq.km catchment area 

to collect raw water, and owns and operates 

the full range of assets required to treat and 

supply water and collect and dispose of 

wastewater and stormwater. Tallinna Vesi is 

IS09001, ISO14000, ISO 17025, OHSAS18001 

and EMAS accredited. 

In textbook fashion, Tallinna Vesi has transformed 

itself from a 100% owned municipal 

water company, through a privatization 

in 2001, to a listed company on the Tallinn 

Stock Exchange in 2005. The company is at 

present owned 35.30% by UU Tallinn B.V and 

34.70% by the city of Tallinn, with 30% traded 

publicly. 

The company’s main strengths are visibility 

of earnings due to the fact that tariffs 

are agreed. 

Best Investor Relations in NASDAQ OMX Tallinn 

Best Annual Report 



Main list 

Utilities 

Address: Ädala 10, Tallinn 10614, Estonia 

Telephone: +372 626 2209 / Fax: +372 626 2300 

E-mail: priit.koff@tvesi.ee / Webpage: www.tallinnavesi.ee 

IR contact: Priit Koff / PR Manager 




Total number of preference shares: 1 



United Utilities (Tallinn) B.V. 35.30% 

Tallinna Linnakantselei Finantsteenistus 34.70% 



Sales (MEUR) 37.66 41.44 46.01 49.37 24.73 





Main subsidiaries with results consolidated into corporate: AS Watercom (100%). 


20 

16 

12 

8 

4 


Jan 

2006 

Jan 

2007 

Jan 

2008 

Jan 

2009 

Trading Code: TVEAT 

Jan 





Turnover (MEUR) 58.37 82.83 92.87 14.48 14.89 



Company profiles: Tallinna Vesi 

81

82 

NASDAQ OMX Baltic Secondary List 

TOP 30 companies by turnover 

Period for trading statistics: August 1, 2009 –July 31, 2010 

Company Ticker GICS Industry 

Home 

Exchange FF2 (%) 

1 Snoras SRS1L 40101010 Commercial Banks VLN 6.604 Snoras SRS2L1 VLN 45.00 

2 Snaigė SNG1L 25201010 Household Durables VLN 90.24 

3 Klaipėdos nafta KNF1L 10102040 Oil, Gas & Consumable Fuels VLN 29.37 

4 Žemaitijos pienas ZMP1L 30202010 Food Products VLN 44.71 

5 Lietuvos jūrų laivininkystė LJL1L 20303010 Marine VLN 38.56 

6 Limarko laivininkystės kompanija LLK1L 20303010 Marine VLN 10.12 

7 Lietuvos energija LEN1L 55105010 Independent Power Prod.&Energy Traders VLN 2.503 8 Stumbras STU1L 30201010 Beverages VLN 4.91 

9 Järvevana JRV1T 20103010 Construction & Engineering TLN 27.82 

10 Rīgas kuģu būvētava RKB1R 20106010 Machinery RIG 52.47 

11 Linas LNS1L 25203010 Textiles, Apparel & Luxury Goods VLN 48.80 

12 Liepājas metalurgs LME1R 15104050 Metals & Mining RIG 7.89 

13 Valmieras stikla šķiedra VSS1R 20102010 Building Products RIG 94.93 

14 Latvijas Gāze GZE1R 10102040 Oil, Gas & Consumable Fuels RIG 4.34 

15 Latvijas tilti LTT1R 20103010 Construction & Engineering RIG 10.04 

16 Lietuvos elektrinė LEL1L 55101010 Electric Utilities VLN 4.46 

17 Latvijas balzams BAL1R 30201010 Beverages RIG 13.55 

18 Latvijas Krājbanka LKB1R 40101010 Commercial Banks RIG 14.81 

Latvijas Krājbanka LKB2R1 RIG 100.00 

19 Klaipėdos baldai KBL1L 25201010 Household Durables VLN 27.65 

20 VST VST1L 55101010 Electric Utilities VLN 1.79 

21 Anykščių vynas ANK1L 30201010 Beverages VLN 5.10 

22 Latvijas Jūras medicīnas centrs LJM1R 35102010 Health Care Providers & Services RIG 34.29 

23 Olaines kūdra OLK1R 15101030 Chemicals RIG 38.17 

24 Ditton pievadķēžu rūpnīca DPK1R 20106010 Machinery RIG 46.35 

25 Kauno energija KNR1L 55105010 Independent Power Prod.&Energy Traders VLN 7.18 

26 Rīgas farmaceitiskā fabrika FRM1R 35202010 Pharmaceuticals RIG 52.30 

27 Liepājas autobusu parks LAP1R 20304020 Road & Rail RIG 39.46 

28 Vilniaus degtinė VDG1L 30201010 Beverages VLN 21.71 

29 Kurzemes CMAS KCM1R 30202010 Food Products RIG 48.45 

30 Rīgas juvelierizstrādājumu rūpnīca RJR1R 25203010 Textiles, Apparel & Luxury Goods RIG 40.94 

1 Preference shares 

2 Free Float as of April 30, 2010 for NASDAQ OMX Riga and as of June 30, 2010 for 

NASDAQ OMX Tallinn and Vilnius listed companies. 

3 Free float as of September 15, 2010, after increase of the authorized capital 

4 Free float as of August 17, 2010, after increase of the authorized capital 

Secondary List TOP 30

Max 

(EUR) 

Min 

(EUR) 

Change 

(%) 

Deals Turnover 

(EUR) 

Average 


(MEUR) 

For the complete list of Baltic Secondary List companies, 

see www.nasdaqomxbaltic.com. 

Sales/ Profit/ 

Total 

Turnover loss assets 

MEUR (Audited annual report for 2009) 

Dividend per 

share 2009 

(EUR) 

0.48 0.17 91.23 20093 14769898.67 119.58 18.49 -12.78 2615.95 - 

2.08 1.07 69.46 856 416174.15 3.18 - 

0.34 0.11 70.00 15677 8146000.50 5.59 35.09 -11.52 30.46 - 

0.4 0.27 37.89 4283 5892512.53 108.60 33.70 10.89 134.95 0.01 

0.52 0.18 143.48 7596 4221818.93 17.29 107.98 3.26 52.77 - 

0.18 0.07 -28.95 5025 2739697.04 22.44 59.21 -28.86 289.43 - 

0.26 0.12 -21.82 4591 2396636.24 19.88 37.65 -3.60 90.64 - 

0.98 0.49 -7.32 3051 1897443.94 476.19 454.34 5.96 927.52 0.02 

1.77 1.23 11.36 1400 906982.15 57.75 34.49 6.71 35.34 0.14 

0.45 0.26 7.69 1088 593701.09 6.26 - -0.13 16.00 - 

0.5 0.23 52.38 1203 567058.84 3.67 30.38 -0.38 77.78 - 

0.11 0.03 150.00 1514 549951.36 1.83 9.61 -0.52 6.33 - 

2.7 1.12 39.29 693 455314.51 29.31 240.69 -17.37 200.46 

0.91 0.46 73.53 990 412208.72 16.40 43.05 0.03 83.94 - 

8.54 5.76 38.27 1104 399933.62 283.17 469.13 27.27 656.65 0.57 

52.63 5.55 746.15 569 345914.49 11.09 32.62 6.40 19.79 9.53 

1.83 1.16 12.22 641 303050.64 211.09 120.17 26.23 617.05 0.02 

4.41 1.72 35.38 1007 253575.26 20.94 79.11 5.10 114.62 - 

1.92 1.01 28.00 633 220476.53 24.79 13.98 -2.75 806.44 - 

11.38 7.11 33.33 5 2251.69 0.03 - 

1.01 0.38 140.80 376 170976.45 5.63 49.24 1.49 28.09 - 

122.51 57.63 -24.14 355 140998.23 309.88 328.30 1.34 765.98 0.61 

0.19 0.07 3.70 595 120289.57 4.96 7.56 -2.07 12.80 - 

2.99 1.78 28.00 50 107052.46 1.87 6.49 -0.08 5.00 - 

0.6 0.24 36.84 164 88034.90 0.72 1.47 0.04 2.91 - 

0.3 0.16 53.85 388 85124.60 1.45 6.98 -1.48 15.25 - 

0.92 0.55 19.05 207 60074.15 28.97 81.21 1.85 109.98 0.02 

1.95 1.04 -13.33 114 44634.41 1.00 2.54 -1.40 2.27 - 

2.76 1.24 52.94 123 35960.82 1.19 10.01 0.35 5.99 - 

0.44 0.26 37.08 118 32891.16 9.28 15.41 0.21 22.32 - 

2.63 1.64 -0.63 68 28239.44 0.90 0.92 0.15 1.47 0.10 

0.13 0.06 0 182 22254.53 0.37 0.37 -0.08 1.54 - 

Secondary List TOP 30 

83

84 

Baltic Fund List As 

Fund manger Fund Name Market Currency NAV Date 

of July 31, 2010 

Return 

6 months 

AB.LV Asset Management IPAS AB.LV Global USD ETF Fund LV EUR 30.07.2010 3.74 16.3 

AB.LV Global EUR ETF Fund LV EUR 30.07.2010 5.56 16.22 

AB.LV Emerging Markets USD Bond Fund LV EUR 30.07.2010 7.72 20.41 

AB.LV Emerging Markets EUR Bond Fund LV EUR 30.07.2010 3.63 16.89 

AB.LV High Yield CIS Bond Fund LV EUR 30.07.2010 6.32 29.36 

Avaron Asset Management Avaron Emerging Europe Small Cap Fund A EE EUR 30.07.2010 2.77 27.27 

Avaron Emerging Europe Small Cap Fund B EE EUR 30.07.2010 3.03 27.92 

Avaron Emerging Europe Small Cap Fund C EE EUR 30.07.2010 2.5 

Investment Fund Avaron Private Portfolio B EE EUR 30.07.2010 2.67 11.25 

Baltikums Asset Management Baltikums Short-term Investment Strategy bond fund LV EUR 30.07.2010 2.51 

Barclays Capital SEB Guarantee Fund 80 MT EUR 30.07.2010 -4.07 -2 

Carlson Fund Management Company S.A. Carlson Fund - BRIC LU EUR 30.07.2010 15.04 34.73 

Carlson Fund - China LU EUR 30.07.2010 14.98 19.06 

Carlson Fund - China Micro Cap LU EUR 30.07.2010 3.25 17.56 

Carlson Fund - Global Emerging Markets LU EUR 30.07.2010 5.28 19.11 

Carlson Fund - Scandinavia LU EUR 30.07.2010 12.12 36.73 

Carlson Fund - India LU EUR 30.07.2010 17.68 40.79 

Carlson Fund - American Small Cap LU EUR 30.07.2010 9.81 15.88 

Carlson Fund - Asian Small Cap LU EUR 30.07.2010 12 29.35 

Carlson Fund - Far East LU EUR 30.07.2010 14.69 29.96 

Carlson Fund - Global LU EUR 30.07.2010 8.7 23.31 

Carlson Fund - Europe LU EUR 30.07.2010 5.57 18.54 

Carlson Fund - North America LU EUR 30.07.2010 -2.58 9.56 

Carlson Fund - DnB NOR Nordic Technology LU EUR 30.07.2010 13.18 39.67 

Carlson Fund - DnB NOR Navigator LU EUR 30.07.2010 -7.22 17.42 

Carlson Fund - DnB NOR Private Equity LU EUR 30.07.2010 12.15 37.28 

Carlson Fund - DnB NOR Renewable Energy LU EUR 30.07.2010 0.17 7.93 

Carlson Fund SEK Short Bond A LU EUR 30.07.2010 0.14 0.34 

Carlson Fund SEK Long Bond A LU EUR 30.07.2010 1.99 4.6 

Citadele Asset Management Citadele Ukrainian Equity Fund LV EUR 30.07.2010 19.67 83.33 

Citadele Caspian Sea Equity fund LV EUR 30.07.2010 -4.55 32.12 

Citadele Russian Equity Fund LV EUR 30.07.2010 5.46 40.8 

Citadele Eastern European Balanced Fund LV EUR 30.07.2010 6.06 25.06 

Citadele Baltic High Yield Fund LV EUR 30.07.2010 -64.62 -77.49 

Citadele Eastern European Bond Fund LV EUR 30.07.2010 9.02 29.27 

Citadele Active Strategy Fund - EUR LV EUR 30.07.2010 7.62 20.03 

Citadele Active Strategy Fund - USD LV EUR 30.07.2010 1.24 11.5 

Citadele Balanced Strategy Fund - EUR LV EUR 30.07.2010 4.92 15.61 

Citadele Balanced Strategy Fund - USD LV EUR 30.07.2010 -0.22 9.27 

Citadele Universal Strategy Fund - EUR LV EUR 30.07.2010 4.24 10.63 

Citadele Universal Strategy Fund - USD LV EUR 30.07.2010 3.12 8.12 

Citadele Baltic Real Estate fund - II LV EUR 30.07.2010 -0.35 -13.48 

DnB NORD Fondi DnB NORD Target Fund LV EUR 30.07.2010 1.11 2.31 

DnB NORD Investicijų Valdymas UAB DnB NORD Money Market Fund LT EUR 30.07.2010 2.65 6.91 

DnB NORD Investicijų Valdymas UAB DnB NORD Equity Fund of Funds LT EUR 30.07.2010 7.62 21.42 

Finasta Asset Management Baltic Index fund LV EUR 30.07.2010 3.24 51.52 

Finasta Asset Management UAB JT Baltic Equity Fund I LT EUR 30.07.2010 0.3 14.95 

JT Baltic Equity Fund II LT EUR 30.07.2010 3.8 17.37 

JT Baltic Equity Fund III LT EUR 30.07.2010 0.12 23.57 

JT Banks Fund LT EUR 30.07.2010 9.96 18.49 

Finasta Central and Eastern Europe fund for Investment in 

Transferable Securities 

LT EUR 30.07.2010 8.14 39.09 

Finasta Future Harmonized Investment Fund LT EUR 30.07.2010 4.11 29.86 

Finasta Infrastructure Harmonized Investment Fund LT EUR 30.07.2010 3.49 22.93 

Finasta New Europe Harmonized Investment Fund LT EUR 30.07.2010 2.62 24.83 

Finasta Russian Harmonized Investment Fund LT EUR 30.07.2010 13.71 38.53 

Finasta Bond Harmonized Investment Fund LT EUR 30.07.2010 9.19 17.73 

SNORAS Balanced Fund of Funds LT EUR 30.07.2010 7.14 9.64 

SNORAS Global Equity fund of Funds LT EUR 30.07.2010 7.85 17.02 

GE Money Asset Management GE Money Eastern Europe Equity fund LV EUR 30.07.2010 6.46 39.47 

GE Money European Bond fund LV EUR 30.07.2010 1.11 2.47 

Hipo Fondi IPS Hipo Global total return fund LV EUR 30.07.2010 

Hipo Global bond investment fund LV EUR 30.07.2010 

Investicijų portfelių valdymas UAB NSEL 30 Index Fund LT EUR 30.07.2010 1.56 52.13 

ZPR US Small Cap Fund LT EUR 30.07.2010 6.53 22.64 

Kawe Kapital Kawe Investment Fund A-unit EE EUR 30.07.2010 -0.15 36.66 

Kawe Investment Fund D-unit EE EUR 30.07.2010 -6.24 26.47 

Kawe Investment Fund E-unit EE EUR 30.07.2010 -0.1 36.38 

Baltic Funds List 

Return 

1 year

Fund manger Fund Name Market Currency NAV Date 

For the up to date list of funds visit www.nasdaqomxbaltic.com/balticfunds 

Return 

6 months 

LHV Asset Management LHV Emerging Europe Alpha Fond A EE EUR 30.07.2010 3.55 25.08 

LHV Emerging Europe Alpha Fund B EE EUR 30.07.2010 3.55 25.08 

LHV Persian Gulf Fund A EE EUR 30.07.2010 7.83 3.01 

LHV Persian Gulf Fund B EE EUR 30.07.2010 7.83 3.01 

LHV World Equities Fund B EE EUR 30.07.2010 3.97 11.03 

LHV World Equities Fund A EE EUR 30.07.2010 3.97 11.03 

LKB Krājfondi LKB Balanced Fund LV EUR 30.07.2010 5.25 16.14 

LKB Bond Fund LV EUR 30.07.2010 4.01 13.26 

Citadele investicijų valdymas Citadele Baltic Sea Equity Fund LT EUR 30.07.2010 5.78 27.32 

Prudentis UAB Prudentis Baltic Fund LT EUR 30.07.2010 4.03 49.8 

RB Asset Management AS IPS RB Opportunity Fund - 1 LV EUR 31.07.2010 -0.58 -9.29 

SEB Asset Management S.A. SEB Choice Asia Small Caps ex. Japan Fund LU EUR 30.07.2010 6.85 25.29 

SEB Eastern Europe Small Cap Fund LU EUR 30.07.2010 1.75 56.49 

SEB Europe Chance/Risk Fund LU EUR 30.07.2010 4.4 16.56 

SEB Global Chance/Risk Fund LU EUR 30.07.2010 6.51 18.3 

SEB High Yield C LU EUR 30.07.2010 5.41 

SEB Choice Japan Chance/Risk Fund LU EUR 30.07.2010 2.57 5.34 

SEB Choice Asia ex. Japan Fund LU EUR 30.07.2010 13.48 22.75 

SEB Nordic Small Cap Fund C LU EUR 30.07.2010 2.39 36 

SEB Russia Fund LU EUR 30.07.2010 5.04 59.38 

SEB Ethical Europe Fund LU EUR 30.07.2010 2.59 13.29 

SEB Biotechnology Fund LU EUR 30.07.2010 2.7 9.49 

SEB Choice Emerging Markets Fund LU EUR 30.07.2010 10.44 25.8 

SEB Eastern Europe Fund ex Russia LU EUR 30.07.2010 3.62 31.99 

SEB Europe Fund LU EUR 30.07.2010 3.79 15.44 

SEB Global Fund LU EUR 30.07.2010 -2.62 6.18 

SEB Choice Japan Fund LU EUR 30.07.2010 5.99 6.72 

SEB Medical Fund LU EUR 30.07.2010 -0.98 10.1 

SEB Choice North America Chance/Risk Fund LU EUR 30.07.2010 7.61 17.4 

SEB Nordic Focus Fund LU EUR 30.07.2010 10.76 30.81 

SEB Nordic Fund LU EUR 30.07.2010 8.92 27.12 

SEB Strategy Aggressive Fund LU EUR 30.07.2010 6.25 

SEB Technology Fund LU EUR 30.07.2010 9.02 19.06 

SEB deLuxe - Multi Asset Balance LU EUR 30.07.2010 3.54 12.65 

SEB deLuxe - Multi Asset Defensive Plus LU EUR 30.07.2010 2.5 6.58 

SEB Corporate Bond Fund EUR LU EUR 30.07.2010 2.8 10.63 

SEB Short Bond Fund EUR LU EUR 30.07.2010 -0.09 -0.21 

SEB Short Bond Fund USD LU EUR 30.07.2010 -0.34 -0.57 

SEB Asset Selection Fund LU EUR 30.07.2010 2.82 1.6 

SEB Listed Private Equity Fund C LU EUR 30.07.2010 2.14 31.52 

SEB Investicijų Valdymas UAB SEB Fund of Funds - Equity LT EUR 30.07.2010 5.18 22.53 

SEB Fund of Funds - Global LT EUR 30.07.2010 4.27 16.21 

SEB Varahaldus SEB Generic Pharma Fund EE EUR 30.07.2010 5.85 27.76 

SEB Growth Fund EE EUR 30.07.2010 0.97 31.14 

SEB High Yield Bond Fund EE EUR 30.07.2010 20.74 24.04 

SEB Eastern Europe Bond Fund EE EUR 30.07.2010 8.08 13.35 

SEB Liquidity Fund EE EUR 30.07.2010 0.31 3.47 

SEB Active Fund of Funds EE EUR 30.07.2010 2.94 20.18 

SEB Balanced Fund of Funds EE EUR 30.07.2010 2.27 11.86 

SEB Dynamic Fund of Funds EE EUR 30.07.2010 2.02 15.55 

SEB Wealth Management The Lat Reserve Fund LV EUR 30.07.2010 1.29 5.92 

The Real Estate Fund LV EUR 31.07.2010 14.41 

Swedbank Investeerimisfondid Swedbank Eastern Europe Equity Fund EE EUR 30.07.2010 7.86 35.4 

Swedbank Eastern Europe Real Estate Equity Fund EE EUR 30.07.2010 2.62 22.54 

Swedbank Central Asia Equity Fund EE EUR 30.07.2010 -0.92 41.42 

Swedbank Russian Equity Fund EE EUR 30.07.2010 6.06 55.46 

Swedbank Fund of Funds 100 EE EUR 30.07.2010 7.58 26.66 



Trigon Alternative Funds Trigon Active Alpha Fund EE EUR 30.07.2010 10.09 50.55 

Trigon Funds Trigon Emerging Financials Fund EE EUR 30.07.2010 8.24 44.75 

Trigon Agri-Sector Fund EE EUR 30.07.2010 -0.39 34.43 

Trigon Top Picks Fund EE EUR 30.07.2010 28.02 104.56 

Trigon New Europe Value Fund EE EUR 30.07.2010 9.03 32.94 

Trigon Balkan Fund EE EUR 30.07.2010 6.1 33.19 

Trigon New Europe Small Cap Fund EE EUR 30.07.2010 0.33 30.37 

Ūkio banko investicijų valdymas UAB Ūkio bankas Opportunities Fund China Sub-fund LT EUR 30.07.2010 9.07 

Ūkio bankas Opportunities Fund Europe Sub-fund LT EUR 30.07.2010 3.61 

Ūkio bankas Opportunities Fund Russia Sub-fund LT EUR 30.07.2010 1.14 

Ūkio bankas Opportunities Fund USA Sub-fund LT EUR 30.07.2010 1.86 

Ūkio bankas Rational Investment Fund LT EUR 30.07.2010 7.6 12.72 

Ūkio bankas bond fund LT EUR 30.07.2010 3.93 13.59 

Ūkio bankas Opportunities Fund Money Market Sub-fund LT EUR 30.07.2010 0.06 

World Investment Opportunities Funds (SICAV) WIOF Eastern Mediterranean Performance Fund LU EUR 30.07.2010 -22.77 -33.07 

WIOF Russia and CIS Performance Fund LU EUR 30.07.2010 -0.24 32.39 

WIOF Conservative Risk 3 % Portfolio LU EUR 30.07.2010 1.73 5.88 

WIOF Global Strategy Alpha Portfolio LU EUR 30.07.2010 9.68 15.02 

Return 

1 year 

Baltic funds list 

85

86 

Baltic Bond List 

ISSUER Note ISIN Market Coupon 

rate (%) 

As of July 31, 2010 

Excluding bonds with maturity before December 1, 2010 

Listing date Maturity date Issue size Security 

nominal 

Currency 

Corporate bonds 

DnB NORD Bankas AB LT0000405052 VLN 5.00 22.07.2010 7.05.2015 150 000 100.00 LTL 

DnB NORD Bankas AB LT0000402489 VLN - 26.04.2010 5.03.2012 150 000 100.00 LTL 

GE Money Bank AS LV0000800316 RIG 4.63 1.08.2006 10.01.2011 22 108 100.00 LVL 

Parex banka AS LV0000800696 RIG 11.00 7.11.2008 8.05.2018 53 500 100.00 EUR 

Šiaulių Bankas AB LT1000401299 VLN - 15.12.2009 2.12.2010 41 187 100.00 EUR 

Snaigė AB LT1000401315 VLN 10.00 26.04.2010 11.04.2011 61 372 100.00 EUR 

Technikabank OJSC 

Government and Central/European Banks bonds 

LV0000800746 RIG 13.50 24.02.2009 15.08.2011 100 000 100.00 USD 

Latvian Government 12 months T-bills LV0000541472 RIG - 26.07.2010 22.07.2011 50 000 100.00 LVL 





















Latvian Government 12 months T-bills LV0000541274 RIG - 21.12.2009 17.12.2010 50 000 100.00 LVL 


Latvian Government 6 months T-bills LV0000532778 RIG - 21.06.2010 17.12.2010 50 000 100.00 LVL 

Latvian Government 6 months T-bills LV0000532760 RIG - 7.06.2010 3.12.2010 50 000 100.00 LVL 


Latvian Government 3 year bond LV0000560043 RIG 5.88 26.04.2010 23.04.2013 267 950 100.00 LVL 

Latvian Government 11 year bond LV0000590024 RIG 6.75 7.07.2008 4.07.2019 21 500 100.00 LVL 


Latvian Government 2 year bond LV0000550093 RIG 6.00 1.03.2010 26.02.2012 500 000 100.00 LVL 






Lithuanian Governmnet 12 months T-bills LT0000601999 VLN - 5.05.2010 4.05.2011 800 000 100.00 LTL 

Lithuanian Governmnet 12 months T-bills LT0000601981 VLN - 21.04.2010 20.04.2011 2 900 000 100.00 LTL 



Lithuanian Governmnet 3 year bond LT0000603227 VLN 7.60 29.10.2009 29.10.2012 4 050 000 100.00 LTL 



Lithuanian Governmnet 5 year bond LT0000605107 VLN 4.90 29.04.2010 29.04.2015 1 900 000 100.00 LTL 


Lithuanian Governmnet 1096 days bond LT1000600254 VLN - 9.02.2010 1.02.2013 100 000 100.00 EUR 


Lithuanian Governmnet 727 days bond LT0000602138 VLN - 19.02.2010 9.02.2012 551 000 100.00 LTL 



Lithuanian Governmnet 534 days bond LT1000600221 VLN - 22.01.2010 7.07.2011 200 1 000 000.00 EEK 


Mortgage bonds (asset-backed bonds) 

GE Money Bank LV0000800373 RIG 1.88 21.11.2006 1.10.2011 50 000 100.00 EUR 

Latvijas Hipotēku un Zemes Banka LV0000800340 RIG 1.25 20.07.2006 15.02.2012 200 000 100.00 EUR 

Latvijas Hipotēku un Zemes Banka LV0000800217 RIG 1.13 30.08.2004 15.08.2011 60 000 100.00 USD 

Latvijas Hipotēku un Zemes Banka LV0000800100 RIG 7.50 5.11.2001 15.08.2011 11 500 100.00 LVL 


Latvijas Hipotēku un Zemes Banka LV0000800688 RIG 5.70 21.05.2008 15.02.2011 127 390 100.00 EUR 


PrivatBank LV0000800381 RIG 2.63 17.04.2007 15.12.2011 70 000 100.00 EUR 

Trasta komercbanka LV0000800415 RIG 2.00 26.10.2007 1.12.2012 50 000 100.00 EUR 

Baltic Bond List

NASDAQ OMX Baltic members 

Member Membership Contact 

Bankas Finasta T / R / V Maironio g. 11, LT- 01124, Vilnius, Lithuania, +370 5278 6833, info@finasta.lt 

Carnegie Investment Bank, Finland branch T / V Eteläesplanadi 12, FI-00130, Helsinki, Finland, +358 961 8711, info@carnegie.fi 

Credit Suisse Securities T One Cabot Square, E14 4QJ, London, UK, +4420 7888 8888 

Cresco Väärtpaberid T / R / V Tartu mnt. 2, EE-10145, Tallinn, Estonia, +372 640 5880, cresco@cresco.ee 

Danske Bank T / R / V Holmen Kanal 2-12, DK-1092, Copenhagen, Denmark, +45 3344 0000 

Danske Bank AS Estonia branch T Narva mnt. 11, 15015, Tallinn, Estonia, +372 675 2104, bank@sampopank.ee 

Danske Bank Lithuania branch V 

Saltoniškių g. 2, LT-08500, Vilnius, Lithuania, +370 5215 6185, 

kestutis.celiesius@danskebankas.lt 

DnB NORD T / R / V Skanstes iela 12, LV-1013, Riga, Latvia, +371 6707 7157, info@dnbnord.lv 

DnB NORD Bankas T / R / V J.Basanavičiaus g. 26, LT-03601, Vilnius, Lithuania, +370 5239 3776, info@dnbnord.lt 

Evli Bank Plc T / R / V Aleksanterinkatu 19 A PL 1081, 00100, Helsinki, Finland, +358 947 6690, info@evli.com 

Finasta T / R / V Maironio g. 11, LT- 01124, Vilnius, Lithuania, +370 5278 6833, info@finasta.lt 

Finbaltus V 

Konstitucijos pr. 23-660, LT- 08105, Vilnius, Lithuania, +370 5272 5861, 

finbaltus@vilnius.omnitel.net 

GE Money Bank T / R / V 13. janvara iela 3, LV-1050, Riga, Latvia, +371 6700 1878, info@gemoneybank.lv 

Hipotēku banka T / R / V Doma laukums 4, LV-1977, Riga, Latvia, +371 6777 4053, 80000100@hipo.lv 

Instinet Europe Limited T / R / V Canada Square 25, E14 5LB, London, UK, +4420 7154 8400 

Latvijas Krājbanka T / R / V Jana Dalina iela 15, LV-1013, Riga, Latvia, +371 6709 2990, info@lkb.lv 

LHV Pank T / R / V Tartu mnt. 2, EE-10145, Tallinn, Estonia, +372 627 0420, brokers@lhv.ee 

Marfin Pank Eesti T / R / V Pärnu mnt 12, EE-10148, Tallinn, Estonia, +372 680 2500, info@marfinbank.ee 

MP Bank hf. T / R / V Skipholti 50d, 105, Reykjavík, Iceland, +35 4540 3233, mp@mp.is 

Nordea Bank Finland Plc T / R / V Aleksis Kiven katu 9, FIN-00020, Helsinki, Finland, +358 91 651 

Norvik banka T / R / V E.Birznieka-Upisa iela 21, LV-1011, Riga, Latvia, +371 6704 1100, welcome@norvik.lv 

Orion Securities T / R / V A.Tumėno 4, corp.B, floor 9, LT-01109, Vilnius, Lithuania, +370 5231 3833, info@orion.lt 

Citadele banka T / R / V Republikas laukums 2A, LV -1010, Riga, Latvia, +371 6701 0000, info@citadele.lv 

Citadele bankas V K.Kalinausko g. 13, LT-03107, Vilnius, Lithuania, +370 5266 4622, broker@citaldele.lt 

RB Securities R Vesetas iela 7, LV-1013, Riga, Latvia, +371 6702 5584, securities@rietumu.lv 

Rietumu banka R Vesetas iela 7, LV-1013, Riga, Latvia, +371 6702 5555, info@rietumu.lv 

Regionala investiciju banka T / R / V J. Alunana iela 2, LV-1010, Riga, Latvia, +371 6750 8982 

SEB banka T / R / V Unicentrs, Ķekavas pagasts, LV-1076, Rīgas rajons, Latvia, +371 6721 5587, sekretars@seb.lv 

SEB bankas T / R / V Gedimino pr. 12, LT-01103, Vilnius, Lithuania, +370 5268 2370, virgilijus.mirkes@seb.lt 

SEB Pank T / R / V Tornimäe 2, EE-15010, Tallinn, Estonia, +372 665 5100, postkast@seb.ee 

Skandinaviska Enskilda Banken AB T / R / V Kungsträdgårdsgatan 4, SE-10640, Stockholm, Sweden, sepa@seb.se 

SMP Bank R Elizabetes iela 57, LV-1772, Riga, Latvia, +371 6701 9153, info@smpbank.lv 

Swedbank T / V Liivalaia 8, EE-15040, Tallinn, Estonia, +372 613 1670, info@swedbank.ee 

Swedbank T / R / V Balasta dambis 1a, LV-1048, Riga, Latvia, +371 6744 4444, info@swedbank.lv 

Swedbank V Konstitucijos pr. 20A, LT-03502, Vilnius, Lithuania, +370 5258 2513, info@swedbank.lt 

Svenska Handelsbanken AB T Kungsträdgårdsgatan 2, 10670, Stockholm, Sweden, +468 411 2122 

Šiaulių bankas V Tilžės g. 149, LT-76348, Šiauliai, Lithuania, +370 4159 5654, vp.prekyba@sb.lt 

Trasta komercbanka T / R / V Miesnieku iela 9, LV-1050, Riga, Latvia, +371 702 7777, info@tkb.ee 

Ūkio bankas T / R / V Maironio g. 25, LT-44250, Kaunas, Lithuania, +370 3730 1432, makleriai@ub.lt 

T - NASDAQ OMX Tallinn / R - NASDAQ OMX Riga / V - NASDAQ OMX Vilnius 

NASDAQ OMX Baltic members 

87

88 

Market data vendors 

International 

ABN Amro Bank www.abnamro.com 

Activ Financial Systems Inc www.activfinancial.com 

Blackrock Investment 

Management (UK) Ltd 

www.blackrock.co.uk 

Bloomberg Finance L.P www.bloomberg.com 

Capco Reference Data Services www.capco.com 

Danske Bank A/S www.danskebank.com 

DnBNOR Asset Management AB www.dnbnor.com 

Dow Jones & Company www.dowjones.com 

Exchange Data International www.exchange-data.com 

Factset Research Systems Inc. www.factset.com 

Fidessa plc. www.fidessa.com 

FT Interactive Data (Europe) Ltd www.ftinteractivedata.com 

GL Trade S.A. www.gltrade.com 

Infront www.infront.no 

Instinet Europe Limited www.instinet.co.uk 

Investis Flife Oy www.investisflife.com 

JPMorgan Chase Bank www.jpmorganchase.com 

Knight Capital Group www.knight.com 

Liquidnet Holdings www.liquidnet.com 

Markit Equities www.markit.com 

Morgan Stanley & Co.Int.Ltd www.morganstanley.com 

Nordea Bank Danmark www.nordea.com 

Options IT www.options-it.com 

Principal Global Investors www.principalglobal.com 

Reuters www.reuters.com 

RiskMetrics Group www.riskmetrics.com 

SEB Wealth Management www.seb.se 

Standard & Poor's www.standardandpoors.com 

SIX Telekurs Ltd www.telekurs-financial.com 

Tele Trader Software www.teletrader.com 

TGS Management Corporation www.tgsmc.com 

Thomson Reuters www.thomsonreuters.com 

VWD Vereinigte 

Wirtschaftsdienste AG 

www.vwd.com 

Xignite, Inc. www.xignite.com 

Estonia 

Äripäev Online www.aripaev.ee 

BNS www.bns.ee 

ETV www.etv.ee 

LHV Pank www.lhv.ee 

Marfin Pank Eesti www.marfinbank.ee 

SEB Pank www.seb.ee 

Swedbank AS www.swedbank.ee 

Latvia 

Dienas bizness www.db.lv 

Latvijas Hipotēku un zemes banka www.hipo.lv 

Latvijas Krājbanka www.lkb.lv 

LHV Pank www.lhv.lv 

Citadele banka www.citadele.lv 

SEB banka www.seb.lv 

Swedbank AS ib.swedbank.lv 

Ziņu aģentūra LETA www.leta.lv 

TV24 www.tv24.lv 

Lithuania 

Bankas Finasta www.finasta.lt 

DnB NORD bankas www.dnbnord.lt 

Finasta www.finasta.lt 

LHV Pank www.lhv.lt 

MP Investment Bank www.mp.is 

Nomura International www.nomura.com 

Orion Securities www.orion.lt 

SEB bankas www.seb.lt 

Swedbank, AB ib.swedbank.lt 

Terra Octo (Spekuliantai.lt) www.spekuliantai.lt 

Ūkio bankas www.ub.lt 

Verslo žinios.lt www.vz.lt

Contacts 


Tartu mnt 2, Tallinn 10145, Estonia 

Telephone: +372 640 8800 

Fax: +372 640 8801 

E-mail: tallinn@nasdaqomx.com 


Vaļņu iela 1, Rīga LV 1050, Latvia 

Telephone: + 371 6721 2431 

Fax: + 371 6722 9411 

E-mail: riga@nasdaqomx.com 


Konstitucijos pr. 7, LT-08501 Vilnius, Lithuania 

Telephone: + 370 5 272 3871 

Fax: + 370 5 272 4894 

E-mail: vilnius@nasdaqomx.com 

© Copyright 2010, The NASDAQ OMX Group, Inc. 

While every reasonable care has been taken to ensure the accuracy of data 

contained in this publication, the NASDAQ OMX GROUP, Inc., its subsidiaries 

and affiliates disclaim any liability for any expenses, losses, damages or costs 

which might be incurred as a result of the data being inaccurate or incomplete 

in any way and for any reason. Further, nothing herein is intended to constitute 

legal, tax or other professional advice.

Guide to NASDAQ OMX Baltic Securities Market 2010

Create successful ePaper yourself

Delete template?

Save as template?