Invalda INVL

Earnings Release • Nov 29, 2019

INVALDA INVL 2019 Q3 RESULTS' FACTSHEET

Invalda INVL is an asset management group whose companies have been entrusted with the management of assets of over EUR 1 billion by more than 200 thousand clients.

Companies in the Invalda INVL group manage pension and mutual funds, alternative investments (private equity, private debt and other financial instruments), individual portfolios and other financial instruments.

Founded in 1991 by a group of academics to accumulate funds and carry out investment activities. Over its history Invalda INVL has executed deals worth more than EUR 1.4 bln.

Listed on the stock exchange since 1995.

Changes in Invalda INVL share price and OMX Vilnius index over 10 years

Shareholders of Invalda INVL

	Group's		Company's
	9 months	9 months	9 months	9 months
EUR thousand	2018*	2019	2018*	2019
Non-current assets	55,552	73,852	58,676	73,516
Current assets	13,096	11,315	8,592	7,657
Equity	65,409	79,668	65,409	79,424
Non-current liabilities	1,484	2,982	1,360	1,307
Current liabilities	1,755	2,517	499	442
Result before taxes	289	14,227	307	14,128
Net result	289	13,652	289	13,632

Calculation of the net asset value of Invalda INVL

EUR thousand	Evaluation criteria	30.09.2018*	30.09.2019
Investment into asset management	Equity method	8,682	11,137
Investments into INVL Baltic Sea Growth Fund (commitment to invest is excluded)	Fair value of net assets	-	3,547
Investments into INVL Baltic Real Estate	Market price	10,508	11,010
Investments into Moldova Agroindbank	Comparative method of multipliers	4,721	6,857
Investments into INVL Technology	Market price	2,589	2,836
Subsidiary cash and investment into investment fund	Fair value of net assets	6,449	5,684
Investments into Litagra (including loans granted)	Comparative method of multipliers	9,898	15,985
Investments into Šiauliai Bank	Market price	18,450	16,804
Investments into Inservis (including loans granted)	Comparative method of multipliers	2,592	3,921
Investments into other subsidiary companies (including loans granted)	Fair value of net assets	690	550
Other loans, other assets	Book value	1,121	950
Cash and cash equivalents	Book value	1,568	1,892
Total assets	Book value	67,268	81,173
Liabilities	Book value	1,859	1,749
Net asset value	Book value	65,409	79,424
Net asset value per share	Book value	5.66	6.84

*The figures have been recalculated taking into account the impact of IFRS 15 on the final figures in the annual audited financial accounts for 2018

More information www.invaldainvl.com

INVALDA INVL 2019 Q3 RESULTS' FACTSHEET

INVALDA INL
				GENERAL PARTNER
	ASSET MANAGEMENT			INVESTMENTS		OTHER INVESTMENTS
100% J INVL Asset Management	1 3 (NI) MUNDUS	100% J INVL Farmland INL Management	100% J INVL Finasta	13.50% INVL Baltic Sea Other investors 2115% EIF_66.25% BALL Growth Fund private and institutional	6.14% 1	AB Šiaulių bankas	STANCE TO RANKAS
TRADITIONAL ASSET MANAGEMENT	ALTERNATIVE INVESTMENTS			Investies 32.45% INVL Baltic Other = 67.55%. Real Estate Liesed on Nastiag AL	48.87%	UAB Litagra	100 -----
	V	V	>	Baltic esthange 18.56%	100%	UAB Inservis	inservis
2" PILLAR PRIVATE EQUITY PENSION FUNDS FUNDS	PRIVATE DEBT ASSET	MANAGEMENT OF INVESTMENTS IN AGRICULTURAL LAND	WEALTH MANAGEMENT	INVL Emerging Other - BLAIN Europe Bond certuatio acul- Subfund and buttonal invisidirs	88.7%	AB Informacinio versio paslaugų įmonė	MP=
3 PILLAR REAL ESTATE PENSION FUNDS FUNDS				7.9% & 75% INVL Special 4 MAIB Opporturilles Ford. Together with Elfith and Horizon Croitet Moldovis Agrolindbank cornrolled uses -	100%	UAB Kelio ženklai	KEUG ZENKLAI
PORTFOLIO ALTERNATIVE MANAGEMENT INVESTMENT FUNDS				49.27% 16.30% INVL Other = 83.7% Listed on Nastiag Technology	11.06%	AB Vernitas	Verpilas
INVESTMENT FUNDS				Baltic exchange 6.92% INVL Baltic Other - 83 OR1
				privata and Forests Fund I Institutional invince
MANAGEMENT
OWNERSHIP. DIRECTLY AND INDIRECTLY OWNED VOTES							30.09.2019

ASSET MANAGEMENT

ASSET MANAGEMENT	ASSET MANAGEMENT		FMĮ INVL FINASTA	FARMLAND MANAGEMENT
EUR million		2018			30.09.2019
(if not stated otherwise)	Lithuania	Latvia	Total	Lithuania	Latvia	Total
Number of clients, thousand	150.4	51.9	202.3	178.4	51.9	230.3
Amount earned to clients			(21.9)			89.3
Asset under management**	600.3	75.1	675.4	904.9	89.7	994.6*
2nd pillar pension funds	353.3	69.3	422.6	480.3	88.3	568.6
3rd pillar pension funds	23.9	1.2	25.1	32.6	1.4	34.0
Investment funds	66.3	-	66.3	57.4	-	57.4
Portfolios	52.0	-	52.0	73.9	-	73.9
Alternative assets	104.8	4.6	109.4	260.7	-	260.7
Revenues (January – September)	5.0	0.5	5.5	7.07	0.35	7.42
Profit before tax (January – September)*** (EUR thousand)	(193)	48	(145)	1,212	(200)	1,012

* Assets under management exceed EUR 1 billion as of 31.10.2019.

** Eliminated investments into own products, for which management fee is not charged.

*** According to accounting data of Invalda INVL. The figures have been recalculated considering the impact of IFRS 15 on the final figures in the annual audited accounts for 2018

OTHER MAJOR INVESTMENTS AS OF 30.09.2019

Company	Activity	Directly owned share, %	Value of the owned shares 30.09.19, mln. EUR	Profit from investment mln. EUR
General partner investments
INVL Baltic Sea Growth Fund bsgf.invl.com	The largest private equity investment fund in the Baltic countries. The fund is intended for professional investors.	13.50%	3.5	0.1
www.invlbalticrealestate.com	Investments in commercial real estate company, acting as a closed-end investment company.	32.45%	11.0	1.2
https://www.maib.md/	The largest commercial bank in Moldova providing a full range of financial services	7.9%	6.9	3.3
www.invltechnology.com	Investments in information technology company, acting as a closed-end investment company.	14.46%	2.8	0.3
Other historical investments
www.litagragroup.lt	Primary agricultural production company that concentrates on agriculture - the cultivation of grain, milk and feed production.	48.81%	16.0	3.8
www.sb.lt	Lithuanian commercial bank providing financial services for business and private clients.	5.48%	16.8	4.5
www.inservis.lt	Facility management companies' group	100%	3.9	0.1