Invalda INVL

Annual Report • Apr 7, 2016

Key information about Invalda INVL, AB for 2015

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 300 million of assets entrusted to them by over 150,000 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		31.12.2015	31.12.2014
Investment into asset management	Acquisition cost	price	6,955	5,789
Cash and cash equivalents	Book value		1,238	3,292
Deferred income tax asset	Book value		137	402
Investmentsinto INVL Baltic Real Estate, AB	Market price		1,985	1,628
Investmentsinto INVL Technology, AB	Market price		3,831	743
Other listed shares and investment funds' units	Market price		512	1,143
Investmentsinto Litagra, UAB (including loans granted)	Comparative method of multipliers		14,897	14,909
Investments into Siauliu Bankas	Market price		6,363	-
Investmentsinto bank Finasta and FMĮ Finasta	Acquisition cost price		-	4,284
Investments into Inservis, UAB (including loans granted)	Comparative method of multipliers		4,828	3,952
Investmentsinto other subsidiary companies (including loans granted)	Fair value of net assets		1,121	1,434
Loans to group companies of INVL Baltic Real Estate, AB	Book value		6,862	5,212
Loans to group companies of INVL Technology, AB	Book value		-	2,037
Other assets, other investments	Book value		602	977
Liabilities	Book value		(858)	(1,260)
NET ASSET VALUE			48,473	44,542
Balance sheet of the Group, thousand EUR	31.12.2015		31.12.2014
Non-current assets	44,467		35,565
Current assets	5,099		10,219
TOTAL ASSETS	49,566		45,784
Non-current liabilities	76		-
Current liabilities	1,367		1,299
TOTAL LIABILITIES	1,443		1,299
EQUITY	48,123		44,485
Equity per share, EUR	4.11		3.75
	Group		Company
Profit (loss), thousand EUR	2015	2014	2015	2014
Revenue	3.593	2.591	-	-
Net changes in fair value of financial assets	4,712	3,446	4,709	17,691
Profit before income tax	4,430	2,928	4,746	22,346
Net profit	4,188 4,010		4,481	20,498

Key information about Invalda INVL, AB for 2015

ASSET MANAGEMENT					LISTED COMPANIES
ASSET ASSET MANAGEMENT	MANAGEMENT	FMĮ INVL FINASTA		FARMLAND MANAGEMENT
EUR million		2015		2014
(unless otherwise stated)	Lithuania	Latvia	Lithuania	Latvia	160%
Number of clients, units	118.2	48.5	113.7	48.0
Asset under management	265.2*	63.0	230.2*	45.1	140%
2nd pillar pension funds	179.0	45.7	155.2	40.5	120%
3rd pillar pension funds	10.6	1.2	8.3	1.2
Investment funds	32.5	14.8	38.4	2.2	100%
Portfolios	33.6	1.3	28.3	1.2	80%
Alternative assets	9.5	-	-	-
Revenues	2.9	0.7	2.4	0.6	60%
Profit before tax (EUR thousand)	(709)	30	(10)	150

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 2015 Litagra shares were valued at EUR 14.9 million.

EURmillion	2015	2014	2013
Sales	131.4	134.2	131.3
EBITDA	6.5	5.1	8.1
Net profit	2.4	0.8	3.8

Invalda INVL, AB owns facility management companies – Inservis, Priemiestis and Jurita. The facility management companies allocated EUR 0.5 million of dividends for 2015. In November 2015 Inservis, UAB group sold 100 percent of Naujosios Vilnios Market shares for EUR 290 thousand. At the end of 2015 facility management companies were valued at EUR 4.6 milion.

EURmillion	2015	2014	2013
Sales	7.6	5.9	4.5
EBITDA	0.8	0.7	0.3
Net profit	0.6	0.5	0.1

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