Invalda INVL — Fund Information / Factsheet 2024

Apr 8, 2024

INVALDA

IML

GROUP OVERVIEW

31 December 2023

Invalda INVL is an asset management group with an open approach, which grows and develops, and creates well-being for people through its activities.

• Founded in 1991
• Private equity pioneers in the Baltics
• Listed on Nasdaq Baltic since 1995
• Executed deals worth more than €2.0 billion
• 35 investment professionals; more than 100 employees

€142.9m
Capitalisation

€178m
Net Asset Value

INVALDA IML GROUP

ASSET MANAGEMENT
ALTERNATIVES	TRAIDITIONAL
Private equity	Pension funds (Latvia)
Real assets: timberland and farmland, renewables, real estate	Portfolio management
Private debt
Third party funds
MULTI-FAMILY OFFICE	OWN INVESTMENTS
---	---
General Partner investments	ŠIAULIŲ BANKAS
maib
LITAGNA

EXECUTIVES OF INVALDA INVL

Alvydas Banys
Chairman of the Board

Indrė Mišeikytė
Member of the Board

Tomas Bubinas
Member of the Board
INDEPENDENT MEMBER

Darius Šulnis
CEO

Raimondas Rajeckas
CFO

ASSET MANAGEMENT

€ 963.7 m
Total AuM

€192.7m
Earned for clients in 2023

- Private equity
- Real assets
- Private debt
- Third party funds

- Pension funds (Latvia)
- Discretionary portfolios

ALTERNATIVES
Top funds AuM	Portfolio companies of Alternative investment funds
€165m	PAL BALTIC SEA GROWTH FUND
>€750m
€94m	PAL SUSTAINABLE TIMBERLAND AND FARMLAND FUND II
RENEWABLE ENERGY FUND I
>€170m
€58m	PAL NORMALIZED EBITDA
>11,000 EMPLOYEES

---

INVALDA

IPI

GROUP OVERVIEW

31 December 2023

KEY FINANCIALS OF INVALDA INVL					NET ASSET VALUE BREAKDOWN
€ thousand	Company		Group		€ thousand	Evaluation criteria	2022	2023	Δ
	2022	2023	2022	2023
Non-current assets	134,263	237,507	121,358	208,087	Investments into core businesses	Equity method	17,460	41,185	23,725
Current assets	3,155	4,342	22,668	10,377	Other own investments	Fair value	116,723	196,261	79,538
Equity	130,790	178,030	130,927	178,030	Cash & cash equivalents	Amortized cost	372	1,305	933
Non-current liabilities	2,413	2,931	3,599	3,815	Other assets	Amortized cost / residual value	2,863	3,098	235
Current liabilities	4,215	60,888	9,500	36,619	Total assets	Book value	137,418	241,849	104,431
Result before taxes	16,119	46,204	15,918	50,322	Total liabilities	Cost	-6,628	-63,819	-57,191
Net profit	16,666	45,816	16,714	45,816	NET ASSET VALUE	Book value	130,790	178,030	47,240
Net result attributable to holders of the parent Company	-	-	16,666	45,816	NET ASSET VALUE PER SHARE	Book value	11.07	14.83	3.76

OVERVIEW OF KEY OWN INVESTMENTS

GENERAL PARTNER INVESTMENTS				OTHER OWN INVESTMENTS
INVL Asset Management managed products				ŠIAULIŲ 8 BANKAS #4 bank in Lithuania 18.45%	maib Largest bank in Moldova 7.92%	Leading agricultural group in Lithuania 48.81%
BALTIC SEA GROWTH FUND	SUSTAINABLE TIMBERLAND AND FARMLAND FUND II	RENEWABLE ENERGY FUND I	BALTIC REAL ESTATE
2022	2023			2022	2023	2022	2023	2022	2023
TOTAL VALUE				VALUE OF INVESTMENT
€43.0m	€57.7m			€34.2m	€85.4m	€16.8m	€22.2m	€21.9m	€19.3m
NET GAIN (LOSS) OF INVESTMENT				NET GAIN (LOSS) OF INVESTMENT
+€9.4m	+€11.9m			-€2.9m	+€4.8m	+€1.1m	+€6.1m	+€3.9m	-€2.6m

INVALDA INVL SHAREHOLDERS, SHARE PRICE AND NET ASSET VALUE (NAV) DYNAMICS
NAV per share and market price per share historical dynamics

LJB Investments UAB (controlled by A. Banys)
Alvydas Banys
Irena Ona Mišeikiené
Indré Mišeikyté
Lucrum Investicija UAB (controlled by D. Šulnis)
Own shares
Other

NAV per share 10Y CAGR (incl. dividends): +19%