Invalda INVL

Earnings Release • Aug 31, 2016

Key information for 6 months of 2016

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 equity and other financial instruments. Companies in the group manage more than EUR 370 million of assets entrusted to them by over 170,000 clients in Lithuania and Latvia as well asinternational investors.

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

Net assets of the Company, thousand EUR	Evaluation criteria		31.12.2015	30.06.2016
Investment into asset management	Acquisition cost price		6,955	7,942
Cash and cash equivalents	Book value		1,238	444
Deferred income tax asset	Book value		137	131
Investments into INVL Baltic Real Estate, AB	Market price		1,985	8,225
Investments into INVL Technology, AB	Market price		3,831	3,437
Other listed shares and investment funds' units		Market price		635
Investments into Litagra (including loans granted)	Comparative method of multipliers		14,897	11,998
Investments into Siauliu Bankas	Market price		6,363	8,405
Investments into Inservis(including loans granted)	Comparative method ofmultipliers		4,828	5,943
Investments into other subsidiary companies (including loans granted)	Fair value of net assets		1,121	1,093
Loans to group companies of INVL Baltic Real Estate	Book value		6,862	-
Other assets, other investments	Book value		602	875
Liabilities	Book value		(858)	(919)
NET ASSET VALUE			48,473	48,209
Balance sheet of the Group, thousand EUR	31.12.2015		30.06.2016
Non-current assets	44,467		43,879
Current assets	5,099		5,120
TOTAL ASSETS	49,566		48,999
Non-current liabilities	76		75
Current liabilities	1,367		1,419
TOTAL LIABILITIES	1,443		1,494
EQUITY	48,123		47,505
Equity per share, EUR	4.11		4.10
Profit (loss), thousand EUR	Company		Group
	1 half of 2015	1 half of 2016	1 half of 2015	1 half of 2016
Revenue	-	-	1,754	2,146
Net changes in fair value of financial assets	3,668	(252)	3,677	(232)
Profit before income tax	3,853	118	4,196	(210)
Net profit	3,813	141	4,139	(213)

Key information for 6 months of 2016

ASSET MANAGEMENT
ASSET ASSET MANAGEMENT	MANAGEMENT	FMĮ INVL FINASTA		FARMLAND MANAGEMENT
	31.12.2015			30.06.2016
EUR million	Lithuania	Latvia	Lithuania	Latvia
Number of clients, thousand	118.2	48.5	120.2	51
Asset under management*	265.2	63.0	308.7	65.6
2nd pillar pension funds	179.0	45.7	195.3	50.4
3rd pillar pension funds	10.6	1.2	11.8	1.1
Investment funds	32.5	14.8	42.7	12.8
Portfolios	33.6	1.3	49.3	1.3
Alternative assets	9.5	-	9.6	-
Revenues (for January – June period)	1.4	0.4	1.7	0.4
Profit before tax (for January – June period, EUR thousand)	(92)	79	(261)	(9)

More information on the services and activity of asset management sector is provided on http://www.invl.com * Eliminated investments into own products, for which the management fee is not charged More information about companies are provided on websites: www.invltechnology.lt http://bre.invl.com www.sb.lt/

FACILITY MANAGEMENT AGRICULTURE

During the reporting period in the agricultural sector Invalda INVL, AB owned 36.9 percent of Litagra, UAB (one of the largest groups of agriculture companies in the Baltic states) shares through the company CedusInvest. At the end of 1 st half of 2016, Litagra shares were valued at EUR 12 million.

EURmillion	2014	2014/ 2015	2015/2016
Sales	134.2	131.6	155.5
EBITDA	5.1	5.6	5.0
Net profit	0.8	1.55	1.4

More information on the listed companies is provided on the website of stock exchange www.nasdaqbaltic.com

Invalda INVL, AB owns facility management companies Inservis, Priemiestis and Jurita. At the end of 1st half of 2016 facility management companies were valued at EUR 5.5 million.

EURmillion	6 months 2014	6 months of 2015	6 months of 2016
Sales	2.7	3.5	3.4
EBITDA	0.4	0.4	0.3
Net profit	0.3	0.3	0.2

More information on the services and activity of the Litagra is provided on http://www.litagragroup.lt More information on the services and activity of the facility management companies is provided on: http://www.inservis.lt