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Invalda INVL Interim / Quarterly Report 2017
2247_rns_2017-08-31_1f793666-ddac-49c4-9ff8-b6a1363323f5.pdf
Interim / Quarterly Report
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INVALDA
INVL
Key information about Invalda INVL for 6 months of 2017
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 540 million of assets entrusted to them by over 180,000 clients in Lithuania and Latvia as well as international investors.
IVL1L
Nasdaq Baltic Listrd
The shares of Invalda INVL have traded on the Nasdaq Baltic exchange since 1995.
| Net assets of the Company, thousand EUR | Evaluation criteria | 30-06-2016 | 30-06-2017 |
|---|---|---|---|
| Investment into asset management | Equity method | 7,238 | 7,627 |
| Cash and cash equivalents | Book value | 444 | 853 |
| Deferred income tax asset | Book value | 131 | - |
| Investments into INVL Baltic Real Estate | Market price | 8,225 | 8,958 |
| Investments into INVL Technology | Market price | 3,437 | 2,707 |
| Other listed shares | Market price | 635 | 1,532 |
| Investments into Litagra, UAB (including loans granted) | Comparative method of multipliers | 11,998 | 17,798 |
| Investments into Šiauliai Bank | Market price | 8,405 | 15,129 |
| Investments into Inservis, UAB (including loans granted) | Comparative method of multipliers | 5,943 | 4,912 |
| Investments into other subsidiary companies (including loans granted) | Fair value of net assets | 1,093 | 984 |
| Other loans, other assets | Book value | 875 | 1,279 |
| Liabilities | Book value | 919 | 1,388 |
| Net asset value | 47,505 | 60,391 | |
| Net asset value per share, EUR | 4.10 | 5.21 | |
| Main items of financial statements, thousand EUR | Company's | Group's | |
| --- | --- | --- | --- |
| 2016 H1 | 2017 H1 | 2016 H1 | |
| Non-current assets | 46,543 | 58,612 | 43,879 |
| Current assets | 1,881 | 3,167 | 5,120 |
| Equity | 47,505 | 60,391 | 47,505 |
| Non-current liabilities | - | 496 | 75 |
| Current liabilities | 919 | 892 | 1,419 |
| Result before taxes | -236 | 8,400 | -210 |
| Net result | -213 | 7,740 | -213 |
Turnover and share price of Invalda INVL
INVALDA
INVL
Key information about Invalda INVL for 6 months of 2017
ASSET MANAGEMENT
| EUR million
(if not stated otherwise) | 2016 | | 30-06-2017 | |
| --- | --- | --- | --- | --- |
| | Lithuania | Latvia | Lithuania | Latvia |
| Number of clients, thousands | 126.2 | 52.2 | 132.7 | 51.1 |
| Asset under management | 422.4 | 86.3 | 461 | 84.9 |
| 2nd pillar pension funds | 238.5 | 55.9 | 272.3 | 57.0 |
| 3rd pillar pension funds | 15.5 | 1.2 | 17.2 | 1.2 |
| Investment funds | 71.5 | - | 65.2 | 0.0 |
| Portfolios | 39.2 | 0.6 | 41.5 | 0.6 |
| Alternative assets | 57.7 | 28.6 | 64.8 | 26.1 |
| Revenues (January – June) | 1.7 | 0.4 | 2.7 | 0.5 |
| Profit before tax (EUR thousand)*
(January – June) | (261) | (9) | 75 | 75 |
More information on the services and activity of asset management sector is provided on www.invl.com.
* Eliminated investments into own products, for which management fee is not charged
** According to accounting data of Invalda INVL
SHARE PRICE CHANGE OF GROUP'S LISTED COMPANIES
OTHER INVESTMENTS
| Company | Activity | Owned shares, % | Value of owned shares min EUR |
|---|---|---|---|
| TECHNOLOGY | |||
| www.invltechnology.com | • Investments in IT businesses; | ||
| >200 clients served each year; | |||
| >50 countries projects were implemented in; | |||
| • Closed-ended type investment company license obtained 14.07.2016. Management transferred to INVL Asset Management; | |||
| • Equity of the company amounted to EUR 19.7 million as of 30.06.2017. Investments of the Company amounted to EUR 16.6 million at the end of June 2017. | |||
| • Accounted loss of the change in shares' value amounted to EUR 0.3 million. | 13.9 | 2.71 | |
| BALTIC REAL ESTATE | |||
| www.invlbalticrealestate.com | • Investments in commercial real estate; | ||
| • EUR 54 mln investment assets value; | |||
| • Consolidated net profit for the first half of 2017 was of EUR 1.5 million. The company's consolidated equity value per share increased 20% from a year earlier to EUR 0.48 per share at the end of June 2017 | |||
| • Closed-ended type investment company license obtained 22.12.2016. Management transferred to INVL Asset Management; | |||
| • In 6 months of 2017 EUR 1 mln earned from this investment (included dividends received). | 32.13 | 8.96 | |
| LITAGRA | |||
| www.litagragroup.lt | • Crop and livestock (milk) production, grain processing and services for agriculture | ||
| • On February 2017 share purchase – sale agreement was signed with Achema Group regarding sale of Litagra group trading business and grain elevators network, i.e. Litagros Prekyba AB, with its Latvian subsidiary Litagra SIA. | 36.9 | 17.8 | |
| ŠIAULIŲ BANKAS | |||
| www.sb.lt | >70 bank branches; | ||
| >20 years of banking sector experience; | |||
| • In the first half of the year the bank group earned EUR 19.2 mln unaudited net profit, the bank's 6 month profit amounted to EUR 19.8 mln | 6.79 | 15.13 | |
| inservis | |||
| www.inservis.lt | • Facility management company; | ||
| • 2 mln sq. m. of premises managed by 300 certified professionals in 8 Lithuanian cities. | 100 | 4.91 | |
| KELIO ŽENKLAI | |||
| www.keliozenklai.lt | • Solid wood, metal and road maintenance equipment manufacturing company; | ||
| • 35 years of road sign production experience. | 100 | 0.97 |
More information www.invaldainvl.com