Invalda INVL

Earnings Release • Apr 8, 2019

INVALDA INVL 2018 RESULTS' FACTSHEET

Invalda INVL, operating since 1991, is one of the leading asset management groups in the Baltic region. Invalda INVL group currently manages pension funds (2 nd and 3 rd pillar) and mutual funds, alternative investments (private equity, private debt and real estate funds), individual portfolios and other financial instruments. Companies in the group manage more than EUR 675 million of assets entrusted to them by over 200 thousand clients in Lithuania and Latvia as well as international investors.

The shares of Invalda INVL have traded on the Nasdaq Baltic exchange since 1995.

Turnover and share price (EUR) of Invalda INVL

EUR thousand	Evaluation criteria			2017	2018
Investment into asset management	Equity method		7,996		10,247
Investments into INVL Baltic Real Estate	Market price		10,036		10,276
Investments into Moldova Agroindbank	Comparative method of multipliers		-		5,314
Investments into INVL Technology	Market price			2,521	2,512
Investment into investment fund through subsidiary	Fair value of net assets			8,498	6,399
Investments into Litagra, UAB (including loans granted)	Comparative method of multipliers		9,972		12,223
Investments into Šiauliai Bank	Market price		18,111		13,212
Investments into Inservis, UAB (including loans granted)	Comparative method of multipliers		3,579		3,996
Other listed shares	Market price		1,560		-
Investments into other subsidiary companies (including loans granted)	Fair value of net assets		1,917		834
Other loans, other assets		Book value		940	990
Cash and cash equivalents	Book value	1,050			670
Total assets	Book value			66,180	66,673
Liabilities	Book value		2,184		1,169
Net asset value Net asset value per share	Book value Book value		63,996		65,504
			5,53		5,67
	Company's				Group's
EUR thousand	2017	2018		2017	2018
Non-current assets	63,301	59,278		59,511	58,301
Current assets	2,879	7,395		7,513	10,315
Equity	63,996	65,504		63,996	65,504
Non-current liabilities	1,316		695	1,316	897
Current liabilities	868		474	1,712	2,215
Result before taxes	12,750	(303)	12,644		(296)
Net result	11,307		11,307 343		343
Net result attributable to holders of the parent Company	-		-	11,307

INVALDA INVL 2018 RESULTS' FACTSHEET

ASSET MANAGEMENT							OTHER MAJOR INVESTMENTS AS OF 31.12.2018
ASSET MANAGEMENT	ASSET MANAGEMENT		FMĮ INVL FINASTA	FARMLAND	MANAGEMENT
EUR million 2017 2018			Company Activity
(if not stated otherwise)	Lithuania	Latvia	Total	Lithuania	Latvia	Total
Number of clients, units	139.2	51.4	190.6	150.4	51.9	202.3	General partner investments
Asset under management*	533.7	77.8	611.5	600.3	75.1	675.4
2nd pillar pension funds	312.0	62.0	374	353.3	69.3	422.6	Investments in commercial real estate
3rd pillar pension funds	21.1	1.2	22.3	23.9	1.2	25.1	company, acting as a www.invlbalticrealestate.com
Investment funds	87.4	-	87.4	66.3	-	66.3	closed-end investment company.
Portfolios	43.7	0.2	43.9	52.0	-	52.0
Alternative assets	69.5	14.4	83.9	104.8	4.6	109.4	The largest commercial bank in Moldova
Revenues	6.0	1.1	7.1	6.9	0.5	7.4	providing a full range of
Profit (loss) before tax, EUR thousand**	253	226	479	(648)	(32)	(680)	www.maib.md financial services

* Eliminated investments into own products for which management fee is not charged ** According to accounting data of Invalda INVL

Company	Activity	Owned shares, %	Value of the owned shares 31.12.2018, thous. EUR	Profit (loss) from investment during 2018, mln. EUR
General partner investments
www.invlbalticrealestate.com	Investments in commercial real estate company, acting as a closed-end investment company.	32.29	10.3	0.7
www.maib.md	The largest commercial bank in Moldova providing a full range of financial services	7.9	5.3	0.6
www.invltechnology.com	Investments in information technology company, acting as a closed-end investment company.	14.33	2.5	(0.09)

Other historical investments

www.litagragroup.lt	Primary agricultural production company that concentrates on agriculture - the cultivation of grain, milk and feed production.	40.98	12.2	2.25
www.sb.lt	Lithuanian commercial bank providing financial services for business and private clients.	5.48	13.2	(3.1)
www.inservis.lt	Facility management companies group	100	4.0	0.95

More information www.invaldainvl.com