1. Patrick Vandaele CEO

2. Who is Virtus First steps on the Lithuanian market …. experiences First conclusions … do’s and don’ts

3. Core business and values Virtus realizes “custom made” interiors mainly for the retail sector We try to achieve an optimal balance between design, functionality, production efficiency and choice of materials in combination with a flexible and cost-effective implementation.

4. Our strengths….end to end project management Technical (drawings) preparation Projectmanagement Sector knowledge Flexibility Modern and performant production lines Ambitious and skilled production and assembling teams

5. Location Situated in Mechelen since 2002 800 m² offices and showroom 7000 m² production space 7000 m² storage 75 collaboraters Turn-over of 11,0 Mio€ in 2014

6. A few of our customers.. Brantano, JBC, Damart, Krëfel,… Telenet, Base, Pizza Hut, lunch Garden, Leonidas,,, Q8,…., Fun, Brico Press shop, Sweet paradise, Colruyt,….. Elewijt center, Bulo,.. ING,

9. WWHY Why Lithuania ? Competitive offer to one of our key customers

10. WWHY First steps in LT our competitor(s)…. Visit companies specialized in wood and/or metal production The right local contact(s)…Agent…

11. WWHY First steps in LT Visit our competitor(s)…. companies specialized in wood and/or metal production The right local contact(s)…Agent…

12. WWHY First steps in LT Visit our competitor(s)…. Visit companies specialized in wood and/or metal production The right local contact(s)…Agent…

13. First steps in LT A lot of potential partners for metal or wood productions, but …., Do we speak the same (technical) language ? What is their speciality, what are they good at ? Prices ? Production capacity ? Quality norms ? ->Proto-types

14. First steps in LT Production partners around main cities as Vilnius and Kaunas, and other regions… Distance from the airport… Purchase price… Company structure… Communication,quality,follow-up..

16. WWHY First steps in LT Production split B & LT ….. Flexibility…………………………..N Wood & Metal……………………..Y “laminates,massive wood,(hand made) metal parts” Custom made Y/N “Recurrent orders” Today 5% of wood and metal production of Virtus is outsourced to LT

17. WWHY First steps in LT Accessories & side products Textile Furniture fittings Glass / Plexy 15% of these articles are purchased in LT

18. A few examples

19. WWHY First steps in LT purchase prices …………. production : raw material + 1/3 manhour side products : 30 to 70% cost price advantage Paiement conditions…. 50 % prepaiement – 50% before delivery

20. WWHY First steps in LT Transport (cost)…… Van : +/- 400 € Truck (trailer) : +/- 1200 to 1700 €

21. WWHY First steps in LT a local agent / projectmanager Research / Visits Be very specific Presence Respect of planning Proto-types Quality control

22. WWHY First steps in LT Own production company or working with partners ? Volumes Standard / custom made / recurrency Frequency … Today…Working with LT partners is the best option for Virtus

23. WWHY First steps in LT Company typeLiabilitycapital Shareholders or membersRemarks Private limited liability company(UAB)Limited Minimum (€2896.20)Divided into shares Up to 250 shareholders. Shareholders are natural persons or legal entitiesMost common company type. Creation of a company (costs, what form, ….) Among many different company forms the most popular one is : Private limited liability company(UAB)..

24. VILIT-Solutions – trading company with office in Vilnius 2 independent contractors : Administration / Project manager Total cost : 25K€ / y First steps in LT

25. Lithuania is the easiest place for business among the Baltic states. Lithuania is strategically located as the gateway between important markets. Transport center with links to Europe and Scandinavian countries The Lithuanian market…Key advantages For Virtus

26. Lithuania imposes low corporate taxes Labor and secondary costs such as accountancy and office space, are among the lowest in Europe Production opportunities and partnerships Good conditions also for lower volumes Proximity and low transport costs

27. Thanks….. Questions ?