Avulis explains that this measure has been taken due to more favorable and stable taxation regime in Estonia.
“A holding company in Estonia was established by the same people who managed Hanner. The environment for accumulation and redistribution of capital is more favorable in Estonia than in Lithuania. The legislative base there is much simpler and clearer and much more reliable. We may be certain with 99 percent confidence that taxes in Estonia next year will be the same as the year before. And Lithuania’s budget is always short of funds and the authorities are looking for new objects and methods of taxation persistently. This situation is vexing,” Avulis told the business news portal vz.lt.
Until now Avulis held 80 percent of Hanner’s shares. His daughters Gintarė and Ieva held a 10 percent stake each.
Hanner reported 22.792 million litas (EUR 6.6m) in revenues for 2011, down 1.3 percent from 2010. It also posted 76.895 million litas in net profit reversing the year-earlier net loss of 4.384 million litas.