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Invalda INVL — Earnings Release 2022
Apr 8, 2023
2247_fs_2023-04-08_bdb9be6a-eaad-4b44-92c6-00826fedd157.pdf
Earnings Release
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INVALDA INVL: Y2022 RESULTS' FACTSHEET
Changes in Invalda INVL share price and OMX Vilnius index over 10 years
Shareholders of Invalda INVL
- UAB LJB investments (a company controlled by A.Banys) Alvydas Banys
- Irena Ona Mišeikienė
- Indrė Mišeikytė
- UAB Lucrum Investicija (a company controlled by D.Šulnis)
- Company's own shares
- Other shareholders (> 3400)
Invalda INVL is a leading Baltic investment management and life insurance group with an open approach, growing and developing, and creating well-being for people through its activities.
The Group's companies, operating across Lithuania, Latvia and Estonia, service over 300,000 private and institutional clients from both the Baltic region and abroad. These clients have entrusted the Invalda INVL Group with the management of about EUR 1.9 billion covering a variety of asset classes including pension, mutual funds and life insurance commitments as well as individual portfolios, private equity and other alternative investment activities.
Founded in 1991 by a group of academics to create value and contribute to the country's economy. Over its history Invalda INVL has executed deals worth more than EUR 2 bln.
Listed on the stock exchange since 1995.
Index/Shares 01.01.2012 01.01.2022 30.12.2022 Change (%) since Jan. 2012 Change (%) in 12 months 2022 OMX Vilnius 298.78 966.13 947.14 217 -1.97 Invalda INVL EUR 1.943 EUR 17.00 EUR 11.40 486.72 -32.94
MAIN ITEMS OF FINANCIAL STATEMENTS OF INVALDA INVL
| Company's | Group's | |||
|---|---|---|---|---|
| EUR thousand | 2021 | 2022 | 2021 | 2022 |
| Non-current assets | 120,933 | 134,263 | 115,961 | 121,358 |
| Current assets | 4,796 | 3,155 | 16,064 | 22,668 |
| Equity | 121,207 | 130,790 | 121,355 | 130,927 |
| Non-current liabilities | 2,978 | 2,413 | 5,678 | 3,599 |
| Current liabilities | 1,544 | 4,215 | 4,992 | 9,500 |
| Result before taxes | 38,879 | 16,119 | 39,595 | 15,918 |
| Net result | 37,453 | 16,666 | 37,479 | 16,714 |
| Net result attributable to holders of the parent Company |
- | - | 37,453 | 16,666 |
CALCULATION OF THE NET ASSET VALUE OF INVALDA INVL
| EUR thousand | Evaluation criteria | 2021 | 2022 |
|---|---|---|---|
| Investment into management business and life insurance |
Equity method & fair value |
27,473 | 79,325 |
| Other investments | Fair value | 96,974 | 54,858 |
| Receivables | Amortised cost |
433 | 2,582 |
| Other assets | Residual value | 133 | 281 |
| Cash and cash equivalents | Amortised cost |
716 | 372 |
| Total assets | Book value | 125,729 | 137,418 |
| Liabilities | Cost | 4,522 | 6,628 |
| Net asset value | Book value | 121,207 | 130,790 |
| Net asset value per share | Book value | 10.32 | 11.07 |
INVALDA INVL: Y2022 RESULTS' FACTSHEET
INVESTMENT MANAGEMENT AND LIFE INSURANCE
NUMBER OF CLIENTS, MANAGED ASSETS AND INCOME OF INVALDA INVL GROUP
| EUR million (if not stated otherwise |
2021 | 2022 | Change, % |
|---|---|---|---|
| Number of clients, thousands |
260.6 | 303.9 | 16.6 |
| Amount earned (loss incurred) for clients |
210.5 | (92.3) | - |
| Assets under management* |
1,608.6 | 1,902.5 | 18.3 |
| Investment life insurance | - | 140.9 | - |
| 2nd pillar pension funds | 995.6 | 1,022.2 | 2.7 |
| 3rd pillar pension funds | 82.0 | 90.9 | 10.9 |
| Investment funds | 53.9 | 53.1 | -1.5 |
| Portfolios | 89.0 | 135.0 | 51.7 |
| Alternative assets | 388.1 | 460.4 | 18.6 |
| Revenues* investment management business |
15.83 | 15.18 | -4.1 |
* Investments in own products, for which no management fee is charged, have been eliminated
INVESTMENTS (direct and indirect), EUR mln. 31.12.2022
| Investment group |
Investments included |
Consolidated value of owned investments, EUR mln. |
Consolidated profit (loss) from the investment before the impact of income tax, EUR mln. |
|---|---|---|---|
| Investment management business (operational part), investment into life insurance business and investments in collective investment undertakings managed by INVL |
Includes value and result from the management of money entrusted by clients, change in value of investment in life insurance business and INVL Baltic Sea Growth Fund, INVL Sustainable Timberland and Farmland Fund II, INVL Renewable Energy Fund I, INVL Baltic Real Estate, INVL Technology, other products of INVL |
58.8 | 13.5 |
| Investments into banking sector |
AB Šiaulių bankas*, Moldova-Agroindbank (maib) |
51.0 | (1.8) |
| Historical investments |
UAB Litagra, AB Vernitas, Inservis group companies (sold in May 2022), UAB Kelio ženklai (loan) |
24.3 | 5.6 |
* The positive or negative value of the forward (future acquisition from the EBRD) is included
KEY CHANGES IN 2022
Invalda INVL had significant transactions in the asset management area in 2022:
- at the start of July, the acquisition of Mandatum Life's life insurance business in the Baltics was completed,
- late in the year, we signed an agreement on merging part of the retail businesses of Invalda INVL and Šiaulių Bankas.
These are fundamental steps in the development of a retail business geared towards a more mature society that seeks stable financial grounding and investment income.
As a result of the transactions, we carry out the transformations necessary for further successful operations and growth in the field of asset management and investments.