Baltic, Good for Business, Lithuania, Markets and Companies

Viada LT, which is controlled by the family of former Lukoil Baltija CEO Ivan Paleicik, says its annual sales revenue rose by 7.9% to 561.357 mln euros.  

The company's preliminary 2019 financial results were made available along with other documents for its new 5-mln-euro bond issue. 

Viada Baltija, Viada LT's Latvian subsidiary, saw its net profit slump down to 100,700 euros last year, although sales revenue rose by 5.7% to 174.979 mln euros, according to the preliminary results. 

Viada LT invested 1.65 mln euros in fixed assets last year, down 24.6% from 2.19 mln euros in 2018.

This year, the company plans to increase investments to 3.05 mln euros, with 2.62 mln euros likely to be invested in Lithuania and 0.43 mln euros in Latvia. It plans to upgrade the equipment and furniture of its filling stations and car wash facilities.

Viada LT expects to raise up to 5 mln euros in a three-year public bond offering that will close on March 30 and will pay 5% interest. The company expects the bonds to be admitted to trading on Nasdaq Vilnius' alternative market First North within a month from the placement date.

Vaizga, a company controlled by the Paleicik family, holds 59.8% of shares in Viada LT. 

Russia's Lukoil in the spring of 2016 sold around 230 filling stations in Lithuania, Latvia and Poland to Austria's Amic Energy Management.

Viada LT became the operator of the stations in Lithuania and Latvia. Currently, Viada LT operates 124 stations in Lithuania, and Viada Baltija operates 75 stations in Latvia. The company employed a workforce of 1,220 on average last year, up from 1,059 in 2018.