Invalda INVL

Earnings Release • Aug 31, 2018

INVALDA INVL 2018 H1 RESULTS FACTSHEET

Invalda INVL, operating since 1991, is one of the leading asset management groups in the Baltic region. The companies it owns in Lithuania and Latvia manage more than 20 mutual, real estate and pension funds (2nd and 3rd pillar), alternative investments, individual portfolios, private debt assets, private equity and other financial instruments. Companies in the group manage more than EUR 650 million of assets entrusted to them by over 190 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.

Net assets of the Company, thousand EUR	Evaluation criteria	30-06-2017	30-06-2018
Investment into asset management	Equity method	7,627	9,325
Cash and cash equivalents	Book value	853	3,543
Investments into INVL Baltic Real Estate	Market price	8,958	9,761
Investments into INVL Technology	Market price	2,707	2,712
Other listed shares	Market price	1,532	-
Investments into Litagra UAB	Comparative method of multipliers	17,798	10,168
Investments into Šiauliai Bank	Market price	15,129	18,597
Investments into Inservis UAB (including loans granted)	Comparative method of multipliers	4,912	2,251
Subsidiary cash and investment into investment fund	Fair value of net assets	-	9,209
Investments into other subsidiary companies (including loans granted)	Fair value of net assets	984	865
Other loans, other assets	Book value	1,279	1,355
Liabilities	Book value	1,388	2,336
Net asset value		60,391	65,450
Net asset value per share, EUR		5.21	5.66

	Company's		Group's
Main items of financial statements, thousand EUR	6 months of 2017	6 months of 2018	6 months of 2017	6 months of 2018
Non-current assets	58,612	56,364	55,264	52,681
Current assets	3,167	11,422	7,039	15,787
Equity	60,391	65,450	60,391	65,450
Non-current liabilities	496	1,439	576	1,439
Current liabilities	892	897	1,336	1,579
Result before taxes	8,400	111	8,326	102
Net result	7,740	14	7,740	14

Turnover and share price (EUR) of Invalda INVL

ASSET MANAGEMENT							OTHER INVESTMENTS
ASSET MANAGEMENT	ASSET MANAGEMENT		FMĮ INVL FINASTA	FARMLAND MANAGEMENT
EUR million	2017		30-06-2018
(if not stated otherwise)	Lithuania	Latvia	total	Lithuania	Latvia	total
Number of clients, thousands	139.2	51.4	190.6	143.6	51.1	194.7
Asset under management*	533.7	77.8	611.5	585.9	73.7	659.6
2nd pillar pension funds	312.0	62.0	374	343.7	66.2	409.9
3rd pillar pension funds	21.1	1.2	22.3	22.5	1.2	23.7	www.invltechnology.com
Investment funds	87.4	-	87.4	81.5	-	81.5
Portfolios	43.7	0.2	43.9	46.4	-	46.4
Alternative assets	69.5	14.4	83.9	91.8	6.3	98.1
Revenues (January – June)	2.7	0.5	3.2	3,2	0.3	3.5
Profit before tax (EUR thousand)** (January – June)	75	75	150	(198)	(1)	(199)	www.invlbalticrealestate.com

More information on the services and activity of asset management sector is provided on www.invl.com. * 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 owned shares. mln EUR	Profit (loss) from investments during 1H 2018, mln EUR
www.invltechnology.com	Closed-ended type investment company investing in IT businesses	14.10	2.7	0.15
www.invlbalticrealestate.com	Closed-ended type investment company investing in commercial real estate	32.27	9.8	0.23
www.litagragroup.lt	Primary agricultural production company concentrating on the cultivation of grain, as well as milk and feed production	36,9	10.2	0.2
www.sb.lt	Lithuanian commercial bank providing financial services to business and private clients	6.79	18.6	0.64
www.inservis.lt	Facilities management company	100	2.25	(0.79)