INVL Technology

Net Asset Value • Aug 28, 2023

Company	INVL Technology
Legal Status	Special closed-end type private capital investment company INVL Technology
Company Code	300893533
Start of CEF Activities	14-07-2016
Period of Activity	10 years (+ 2 years)
Management Company	INVL Asset Management UAB

INVL Technology operates as a closed-end investment company (CEF) which invests in and develops European IT businesses. The company is headquartered in Vilnius and is listed on the Nasdaq Vilnius stock exchange.

INVL Technology owns 3 company groups: Novian (a Baltic IT company), NRD Companies (a GovTech company), and NRD Cyber Security (a cybersecurity company).

On 14 July 2016, the Bank of Lithuania granted INVL Technology a permit to operate as a CEF for 10 years with a possible extention for 2 more years.

Legal structure on 30 June 2023

NET ASSET VALUE (NAV), EUR			31-12-2022	30-06-2023
NAV		38,270,309	37,906,286
NAV per share		3.1711	3.1409
KEY FIGURES OF INVL TECHNOLOGY, THOUSAND EUR			6 months of 2022 6 months of 2023
Change in the fair value of financial assets		(1,504)	(719)
Dividends, interest and other incomes			841	632
Operating expenses			1,9401	(353)
Net profit (loss)			1,2771	(440)
THOUSAND EUR			31-12-2022	30-06-2023
Financial assets value			34,941	34,222
Cash and cash equivalents			733	285
Loans			2,773	3,234
Other assets			-	306
Total assets			38,447	38,047
Other liabilities			177	141
Equity			38,270	37,906
TOTAL EQUITY AND LIABILITIES			38,447	38,047
FINANCIAL ASSETS, THOUSAND EUR COMPANIES			31-12-2022	30-06-2023
NRD CS (includes NRD Bangladesh)			9,876	9,697
NRD Companies AS (includes ETRONIKA UAB, Norway Registers Development AS, NRD Systems UAB, Infobank Uganda)		7,289	7,547
Novian (includes Novian Technologies UAB, Novian Systems UAB, Novian Ees ti OÜ, Andmevara AS, Andmevara SRL, Zissor AS, Elsis PRO UAB, NRD Rwanda)		17 618	16,831
FINtime		158	147
Total			34,941	34,222
		CHANGE IN FAIR VALUE OF FINANCIAL ASSETS, THOUSAND EUR
Opening balance (01-01-2023)				34,941
Revaluation after elimination of dividends			(219)
Dividends awarded2				(500)
Closing balance (30-06-2023)				34,222
		DYNAMICS OF THE VALUE OF FINANCIAL ASSETS, THOUSAND EUR
COMPANY	31-12-20163	Dividends (-)/	30-06-2023	Internal rate
NRD CS	1,908	Investments (+) (1,900)	9,697	of return4 34.5%
NRD Companies	2,870	-	7,547	16.0%
Novian	11,665			8.1%
Of which			(2,020) 16,831
Technology and digitization area	6,691	(2,409)	13,922
Software services area	3,955	(724)	2,714	-2.5%
	253	(39)	147	-5.3%
FINtime

3 The companies managed by INVL Technology are grouped according to the structure as of 30-06-2023, including the companies that were in the portfolio at that time.

4 Initial investment value – evaluation result of 31-12-2016 (INVL Technology as a closed-end investment company started operating on 14-07-2016); dividends paid during the period and additional investments made are evaluated.

Aggregated Indicators of INVL Technology, thous. EUR

Aggregated Indicators of INVL Technology managed companies, thous. EUR

Thousand EUR INVL Technology Revenue by Country	2019 H1	2020 H1	2021 H1	2022 H1	2023 H1
Revenue	15,778	16,514	18,142	21,681	29,097
Gross profit	4,200	4,604	5,919	5,723	8,149
EBITDA	622	1,333	1,701	113	1,036
EBIT	12	674	1,008	(601)	308
NET profit (loss)	(163)	475	698	(718)	(209)

INVL Technology revenue by country

6 MONTHS OF 2022

Thousand EUR	6 months of 2022	6 months of 2023	Change
Lithuania	14,809 (68%)	16,775 (58%)	1,966
Other countries	6,872 (32%)	12,322 (42%)	5,450
Total	21,681	29,097	7,416

INVL Technology Portfolio Companies

NRD COMPANIES

NRD Companies is a global information technology and consulting group of companies specialized in governance and economic digital infrastructure development.

Key Profit (Loss) Items, thousand EUR

NRD Companies5			NRD AS6		NRD Systems6		Etronika6
	2022 H1	2023 H1	2022 H1	2023 H1	2022 H1	2023 H1	2022 H1	2023 H1
Revenue	3,139	6,222	2,094	4,039	1,157	1,610	1,110	1,839
Gross profit	1,098	2,482	700	1,481	170	534	406	867
EBITDA	(359)	567	(76)	236	(297)	67	36	191
EBIT	(458)	450	(80)	233	(347)	15	(11)	130
Net profit (Loss)	(399)	394	(60)	230	(331)	(34)	1	124

Key Balance Sheet Items, thousand EUR

NRD Companies5			NRD AS6		NRD Systems6		Etronika6
	31-12-2022	30-06-2023	31-12-2022	30-06-2023	31-12-2022	30-06-2023	31-12-2022	30-06-2023
Tangible assets	537	591	3	2	237	193	297	395
Intangible assets	44	18	22	18	-	-	23	-
Other non-current assets	614	555	535	477	63	63	16	16
Current assets	4,972	5,058	3,463	3,615	1,358	1,544	1,387	1,894
Of which cash	264	816	114	427	104	176	28	211
Total assets	6,167	6,222	4,023	4,112	1,658	1,800	1,723	2,305
Equity "NRD Companies" pajamos pagal šalis	1,505	1,795	865	999	(17)	(51)	797	921
Non-current liabilities	474	597	1	1	210	210	263	386
Of which financial debt	433	556	1	1	210	210	223	346
Current liabilities	4,188	3,830	3,157	3,112	1,465	1,641	663	998
Of which financial debt	358	90	1	1	558	620	63	44
Total liabilities and equity	6,167	6,222	4,023	4,112	1,658	1,800	1,723	2,305

5 The unaudited consolidated results of NRD Companies are presented, which includes the results of the companies submitted and the results of NRD Companies. ⁶The standalone financial statements for 2022 of NRD Systems, Etronika are audited. The audit of standalone financial statements for 2022 of NRD Companies, NRD AS are in progress.

NRD Companies Group revenue by country

6 MONTHS OF 2022

Lithuania Belize Estonia Finland Barbados Somalia Latvia Mauritius Cayman islands Tanzania North Macedonia

Others (18 countries)

6 MONTHS OF 2023

-

• North Macedonia
• Trinidad and Tobago
• Others (17 countries)

NOVIAN

"Novian" pajamos pagal šalis

Novian is a group of programming and IT infrastructure services companies that provides IT services to create a digital advantage for organizations: digitalize and improve the quality of services, optimize IT resources and ensure high reliability of critical IT infrastructure. Novian's main areas of focus are digital transformation services, data empowerment, artificial intelligence and robotics solutions.

Key Profit (Loss) Items, thousand EUR

			Technologies				Software services					Media monitoring and digitization
Novian7		Novian Technologies		Novian Eesti OU/ Andmevara SRL8		Novian Systems		Andmevara AS		Elsis PRO		Zissor
	2022 H1	2023 H1	2022 H1	2023 H1	2022 H1	2023 H1	2022 H1	2023 H1	2022 H1	2023 H1	2022 H1	2023 H1	2022 H1	2023 H1
Revenue		14,497 18,494	9,594	12,975	887	786	1,917	2,379	141	35	1,541	1,898	416	337
Gross profit	3,131	3,368	1,272	1,824	686	586	255	122	76	21	501	416	340	316
EBITDA	162	204	341	686	157	(97)	(155)	(413)	(39)	(63)	28	171	(23)	(24)
EBIT	(344)	(336)	84	396	134	(129)	(225)	(493)	(48)	(63)	(115)	35	(26)	(26)
Net profit (Loss)	(500)	(782)	22	156	105	(185)	(168)	(632)	(75)	(63)	(122)	17	(26)	(24)

Key Balance Sheet Items, thousand EUR

			Technologies				Software services					Media monitoring and digitization
Novian7				Novian Technologies		Novian Eesti OU/ Andmevara SRL8		Novian Systems		Andmevara AS		Elsis PRO		Zissor
	31-12- 2022	30-06- 2023	31-12- 2022	30-06- 2023	31-12- 2022	30-06- 2023	31-12- 2022	30-06- 2023	31-12- 2022	30-06- 2023	31-12- 2022	30-06- 2023	31-12- 2022	30-06- 2023
Tangible assets	2,538	2,278	1,563	1,414	185	186	471	412	-	-	310	262	7	3
Intangible assets	2,229	2,116	59	45	3	2	1,905	1,894	-	-	262	175	-	-
Other non-current assets	3,806	3,195	702	102	60	60	2,123	2,123	-	-	165	165	100	89
Current assets		11,591 12,830	6,749	7,092	511	602	1,495	2,650	16	4	1,754	2,119	213	168
Of which cash	2,051	1,056	695	269	84	261	86	124	5	-	254	224	102	38
Total assets		20,164 20,419 9,073		8,653	759	850	5,994	7,079	16	4	2,491	2,721	320	260
Equity	4,398	3,527	2,531	2,687	184	3	2,163	1,531	(924)	(987)	330	347	209	164
Non-current liabilities	5,367	5,374	786	786	115	121	2,350	2,350	-	-	221	222	-	-
Of which financial debt	5,181	5,188	766	766	115	121	2,184	2,184	-	-	221	222	-	-
Current liabilities		10,399 11,518	5,756	5,180	460	726	1,481	3,198	940	991	1,940	2,152	111	96
Of which financial debt	1,321	3,323	384	1,516	20	63	89	1,320	909	949	281	518	-	-
Total liabilities and equity		20,164 20,419 9,073		8,653	759	850	5,994	7,079	16	4	2,491	2,721	320	260

7 Unaudited aggregated operating results of the Novian group are presented, which include the results of the presented companies and the results of UAB Novian and NRD Rwanda. The aggregation of balance sheet items eliminates the value of investments in subsidiaries and the aggregation of income statement data eliminates dividend income. The standalone financial statements for 2022 of Novian Technologies, Novian Systems, Elsis PRO and Zissor AS are audited. 8 Includes results of Novian Eesti OU and Andmevara SRL.

Novian group revenue by country

NRD CYBER SECURITY

NRD Cyber Security is a cybersecurity consulting, security incident response and technology implementation company. Through its activities, the company aims to create a secure digital environment for countries, governments, businesses, and citizens and have conducted projects of various scale and scope around the world.

Key Profit (Loss) Items, thousand EUR⁹

	6 months of 2022	6 months of 2023
Revenue	2,421	2,752
Gross profit	1,160	1,676
EBITDA	260	397
EBIT	217	329
Net profit (loss)	215	321

Key Balance Sheet Items, thousand EUR9

	31-12-2022	30-06-2023
Tangible assets	401	386
Intangible assets	23	23
Other non-current assets	199	140
Current assets	3,226	2,561
Of which cash	1,332	442
Total assets	3,849	3,110
Equity	1,509	1,332
"NRD Cyber Security" pajamos pagal šalis Non-current liabilities	606	372
Of which financial debt	196	196
Current liabilities	1,734	1,406
Of which financial debt	54	27
Total liabilities and equity	3,849	3,110

9 The unaudited consolidated results of the NRD Cyber Security group are presented. The results of NRD CS and NRD Bangladesh are included in the results of the NRD Cyber Security group. The companies' standalone financial statements for 2022 are audited.

NRD CS revenue by country