Invalda INVL

Earnings Release • Nov 30, 2016

Key information for 9 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 440 million of assets entrusted to them by over 170,000 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	30.09.2016
Investment into asset management		Acquisition cost price 6,955		7,942
Cash and cash equivalents	Book value		1,238	377
Deferred income tax asset	Book value		137	147
Investments into INVL Baltic Real Estate, AB		Market price	1,985	8,478
Investments into INVL Technology, AB		Market price	3,831	3,369
Other listed shares and investment funds' units		Market price	512	676
Investments into Litagra (including loans granted)	Comparative method of multipliers		14,897	13,978
Investments into Siauliu Bankas	Market price		6,363	9,071
Investments into Inservis (including loans granted)	Comparative method of multipliers		4,828	4,280
Investments into other subsidiary companies (including loans granted)	Fair value of net assets		1,121	1,110
Loans to group companies of INVL Baltic Real Estate	Book value		6,862	-
Other assets, other investments	Book value		602	893
Liabilities	Book value		(858)	(901)
NET ASSET VALUE			48,473	49,420
Balance sheet of the Group, thousand EUR	31.12.2015			30.09.2016
Non-current assets	44,467		44,996
Current assets	5,099		5,085
TOTAL ASSETS	49,566		50,081
Non-current liabilities	76		89
Current liabilities	1,367		1,210
TOTAL LIABILITIES	1,443		1,299
EQUITY	48,123		48,782
Equity per share, EUR	4.11		4.21
	Company		Group
Profit (loss), thousand EUR	9 months of 2015	9 months of 2016	9 months of 2015	9 months of 2016
Revenue	-	-	2,495	3,411
Net changes in fair value of financial assets	5,090	949	5,095	1,000
Profit (loss) before income tax	5,224	1,313	5,268	1,076
Net profit (loss)	5,078	1,352	5,126	1,064

Key information for 9 months of 2016

ASSET MANAGEMENT					LISTED COMPANIES
ASSET ASSET MANAGEMENT	MANAGEMENT	FMĮ INVL FINASTA		FARMLAND MANAGEMENT
EUR million	31.12.2015		30.09.2016
	Lithuania	Latvia	Lithuania	Latvia
Number of clients, thousand	118.2	48.5	122.7	51.1
Asset under management*	265.2	63.0	380.5	68.5
2nd pillar pension funds	179.0	45.7	213.7	53.1
3rd pillar pension funds	10.6	1.2	12.7	1.1
Investment funds	32.5	14.8	55.0	13.4
Portfolios	33.6	1.3	66.4	0.9
Alternative assets	9.5	-	32.7	-
Revenues (for January – September period)	2.0	0.4	2.7	0.7
Profit before tax (for January – September period, EUR thousand)	(288)	(31)	(321)	138

More information on the services and activity of asset management sector is provided on http://www.invl.com

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 Cedus Invest. At the end of 9 months of 2016, Litagra shares were valued at EUR 14 million.

EUR million	July – September 2014	July - September 2015	July – September 2016
Sales	43.5	45.6	46.5
EBITDA	2.4	1.6	2.2
Net profit	0.8	0.5	0.9

AGRICULTURE FACILITY MANAGEMENT

Invalda INVL, AB owns facility management companies Inservis, Priemiestis and Jurita. At the end of 9 months of 2016 facility management companies were valued at EUR 3.8 million.

EUR million	9 months 2014	9 months of 2015	9 months of 2016
Sales	4.1	5.5	5.1
EBITDA	0.6	0.7	0.5
Net profit	0.4	0.5	0.4

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