Manufacturing in Lithuania. Machinery. Raminta Lukosiute Finpro Lithuania January Source:
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1 Manufacturing in Lithuania Machinery Raminta Lukosiute Finpro Lithuania January 2011 Source: Finpro 1
2 Lithuania - Introduction Quick facts: - Population 3.3 mil. - Labour force 1.4 mil. - Area: 65,3 thousand sq km - Biggest cities: Vilnius , Kaunas GDP 26.5 bn. EUR (2009) - Inflation 0.5 % (09/2010) - EU 2004 / euro est Avg.(gross) wages: 603 EUR (2010 3rdQ). - Social costs for employer 31% Main roads ndQ Nominal GDP (EUR, bn) Per capita GDP (EUR) Real GDP, yoy (%) Inflation (CPI), yoy, avg. (%) Unemployment rate (%) Current account balance/gdp (%) * FDI/GDP (%) *2010 2ndQ Converted in EUR with average yearly exchange rates. Key Industries: - Food and beverages - Wood and paper products, furniture - Chemicals and petrochemicals - Engineering and electronics Materials: Production of iron or non-alloy steel wire amounted to tons and of cast iron tons in 2009 Key producers: Alga, Astra, Arginta, Metalistas, Vienybe, Ruukki Lietuva, etc. Plastics production: Indorama, Retal Europe, Neo Group, etc. Sources: Bank Austria CEE Quarterly, Lithuanian Department of Statistics Finpro 2
3 Logistics and infrastructure Lithuania is an important transport hub linking EU with the Russia and CIS countries: companies in the transportation & storage (2011) - 2 trans European road transport corridors (the motorway Via Baltica connecting Finland with Central Europe, and the East-West route that connects the vast Eastern markets with the rest of Europe) - Direct rail routes link Lithuania with Russia, Belarus, Latvia - Wide and well-developed national road system - The northernmost ice-free port on the Eastern coast of the Baltic Sea with the capacity to handle up to 35 million tons of cargo a year - 3 international airports - Cost of a full truck from capital Vilnius to Helsinki is approximately 1050 EUR mobile subscriptions per 100 inhabitants (2009) - 55% of households with internet access (2010 1Q) (88% of the accesses connectable by broadband). In the Broadband Quality Study 2009, conducted by Oxford s Said Business School, Lithuania ranks 4th out of 66 countries analyzed for its quality of a broadband connection - From 2011 regulated electricity tariffs are not applicable for electricity users exceeding 100 kw - they can choose an independent electricity supplier (59 suppliers in Q). Electricity prices are set at the NordPool exchange. Electricity market will be fully liberalized by Infrastructure Broadband coverage 3
4 Key manufacturing industries Ship building Shipbuilding is the main subsector of transport equipment manufacturing industry - 34% of industry s turnover in 2009 Manufacture of steel superstructures and hull components, ship repair are also developed Players: Western Shipyard, Shipbuilding Yard Baltija (belongs to Estonian BLRT Grupp) These are the biggest and the most up-to-date shipbuilding and ship repair companies in the Baltic region, with an annual turnover in 2009 of 167MEUR and 41MEUR respectively Active enterprises in Manufacturing: 7,004 (6,830 of SMEs) Automotive industry Largely oriented toward component production, with a particular focus on wiring devices Around 95% of components produced in Lithuania are exported Within the components sector the main segment is the wire and cables industry (77% of output) Various transport parts for Volkswagen, Johnson Controls, GAZ, Renault, Volvo, SAAB, Dacia etc. 37 manufacturers of components, as well as trailers and semi-trailers (2009), mostly SME Players: CIE LT Forge, Stansefabriken, Yazaki, Schmitz Cargobul Engineering industry output: 315 MEUR (2009), of which basic metals = 50 MEUR, fabricated products = 265 MEUR. 55% of the production of metal Industry s is exported; mach.& eq. not elsewhere classified = 190 MEUR 81 % exported; computers, optical devices, electrical and electronic goods = 504 MEUR 75 % exported; Export of machinery & equipment: 554 MEUR (2009) = 4.7 % of the total exports. Other export products: Food 1,300 MEUR (11%), Chemicals and related products, not elsewhere classified 1,290 MEUR (11%). Motor vehicles, trailers and semitrailers 659 MEUR (5.6%), Furniture 593 MEUR (5%) Electronic, optical and laser equipment Manufacturing of lasers, optical components, modems, electricity meters, switchgear, televisions, electronic wiring systems. Created added value 193 MEUR (2009) 77% of production exported 88 companies (2010), mostly SME Companies supply major international brands in the automotive, agricultural machinery, defense, medical equipment, offshore, shipbuilding and aviation industries. Players: Kitron, Ekspla, Fima, Teltonika The world's largest gas-powered ferry built for the Norwegian company Fjord1 by Western Shipyard 4
5 Change in [%] Impact of economical slow down State Figures: - A rapid expansion of lending volume together with the availability of EU funds during the pre-crisis period led to the emergence of real estate and stock market bubble -> construction sector has since undergone a 45% contraction - The government has chosen to maintain the local currency (LTL) fixed to the EUR - Internal devaluation through salary and expenditure cuts has been chosen over currency devaluation - The government has not applied for an IMF bailout, opting to finance the deficit by borrowing on international capital markets-> high interest rates on government debt - Slow recovery is mainly supported by exports. In 2010, exports have exceeded 2008 levels by 2% (the decrease of 27 % in 2009) - Private consumption continues to edge down -> low domestic demand - Government spending has been cut vigorously. The target is to reduce deficit to 5.8% of GDP by the end of 2011 and to 3% in (8% of GDP in 2010) - Unemployment rose up to 13.7%, inflation dropped to 1.3% in Increased emigration and brain drain Business Figures : Major hurdle to economic recovery - the constrained availability of credit to private sector - Bankruptcy rose by 93% in The construction sector was most affected by crisis - the value added of this sector in Q contracted by 45% compared to Q and amounted to 2003 levels - The manufacturing sector in Q contracted by 8% compared to pre-crisis levels (2008 1Q) Industry production compared to 2005 average
6 Availability of labour force Recruitment General manager - cost: 12-20% annual salary*, time: 4-6 weeks. Blue-collar worker - cost: 12-15% annual salary*, time: 2-4 weeks Lithuanian people are not willing to relocate, unless single *Prices of international recruitment agencies. Local companies offer their services for much lower rates Source: recruitment agencies Unemployment by region (2009) % Vilnius 14.3 Kaunas 13.1 Klaipeda 14.1 South-West 12.8 North-East 12.2 North-West 14.2 Labor Productivity: Gross value added per actual hour worked, at current prices, LTL 16,2 18,6 17,8 20,1 24, ,2 31,5 34, Years converted in EUR with average yearly exchange rates. Source: Lithuanian Department of Statistics 6
7 Education Technical education -2 technical universities. Kaunas University of Technology (KTU) one the largest technical universities in the Baltic States. Scientists of KTU carry out more than 70% of researches conducted for businesses by higher education institutions -12 colleges with some technical branches -Graduates from vocational schools 3758;from colleges 1554; from universities 2375* -Every third Lithuanian speaks English, 8 out of 10 Russian. *with a degree in Engineering/Manufacturing & Processing (2009) Business, Education and Science working together in Sunrise Valley (Vilnius) Valleys will be complex infrastructures which will reinforce the strengths of regionally concentrated research and innovation networks with clear and long-term commitments by universities, state institutes and companies. By 2013 the government envisages to launch five valleys: 2 in Vilnius (one is already open); 2 in Kaunas and 1 in Klaipeda 7
8 Wages, taxation, social cost Wages Social costs & taxation Type Avg. salary (gross EUR)* Type % Welder CNC programmer Metal worker Labourer Project manager Social cost for employer 31% Corporate tax 15% Personal Income tax 15% VAT 21% *Some salaries, such as those of Project manager, vary widely depending on industry, scale of project and company. Regional differences in salaries Vilnius +13% Kaunas -4% Klaipeda 0 % South-West -17% North-East -11% North-West -15% Source: Ministry of Finance of the Republic of Lithuania Comments & additional info Minimum monthly salary: 232 EUR Minimum hourly salary: 1.4 EUR The average gross monthly salary in manufacturing sector in the Q was 597 EUR Source: Lithuanian Department of Statistics 8
9 Investments -The leading FDI sectors are Financial Services, Textiles, Tobacco & Food which accounted for 12%, 11% and 11% of all investment projects respectively ( ). Industrial Machinery, Equipment & Tools accounted for 3% -In , major international companies such as Barclay s, Western Union and IBM have located their service centres in Lithuania -Kesko is among top investors in Lithuania ( MEUR) -The top three destination cities for inward investment are Vilnius, Kaunas and Klaipeda -Invest Lithuania investment promotion agency of Lithuania -EUR 7.4 billion of EU structural funding is has been allocated in Source: : fdi Markets from Financial Times Ltd Q 2011F FDI flow in Lithuania Net FDI (EUR bn) FDI % GDP EUR thousands Q Poland 20,375 1,776, ,063 34, , ,899 Sweden 50,419 96, , , ,375-59,572 Denmark 145, , , , ,906-30,923 Germany 121,073 64,976 61, ,380 59,013 85,279 Russia 308,888-1,086, , ,741 6,514 46,585 The Netherlands 24,789 7, , , ,193 55,691 Estonia 77,948 36,139 91, ,593-72,379 48,141 Finland 71, ,251-31,117-42,884-93,779 49,855 Total FDI EUR bn Source: Bank of Lithuania 9
10 Investments Incentives MANUFACTURING RESEARCH & DEVELOPMENT SERVICES Types of projects: There are no particular requirements for the types of the projects, however, priority is given to the investments that are connected to the development of high-tech sectors (biotechnology, cleantech, information technology and telecommunications, etc.), creation of highly skilled and long-term jobs, development and export of high value-added products, establishment/expansion of R&D centres, reduction of regional differences of Lithuania Forms of subsidy: Covering construction, equipment, salary, personnel training costs % of the total investment into assets up to 60% of training costs Eligibility criteria for the company: Annual revenues greater than MEUR Experience of operating in high valueadded manufacturing field for 5 years or more At least one production plant Forms of subsidy: Covering construction, equipment, salary, personnel training costs 20-30% of the gross salaries paid during 24-month period for each fulltime position within 36 months or 20-30% of the total investment into assets up to 60% of training costs Eligibility criteria for the company: Investment in R&D amounting to at least 1% of company s annual revenue Experience of operating in R&D sector for 3 years or more Forms of subsidy: Covering construction, equipment, salary, personnel training costs % of the gross salaries paid during 24-month period for each fulltime position within 36 months up to 60% of training costs Eligibility criteria for the company: Annual revenues are greater than MEUR Experience of operating in the services field for 3 years or more NOTE: There are 2 Free Economic Zones (in Klaipeda and Kaunas) and 4 industrial sites in Lithuania that offer tax incentives for the investors The intensity of the support varies depending on the parameters of the project (number of jobs created, size of investment, size of the average salaries, size of exports, etc.) Maximum support million EUR. Estimated ending of the program Source: Invest Lithuania, Seimas of the Republic of Lithuania 10
11 Major finish Investors Alma Media Fazer Bakeries Ingman Ice Cream Itella corporation Lemminkainen Kuusakoski Nordeabank Finland Onninen Onvest Paroc Group Holding Pekkaniska Olvi Rautakesko Tiimari 11
12 Machinery producers 12
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