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INVL Technology Annual Report 2021
2265_rns_2022-04-06_c045c8e3-2973-47ea-ac6e-942e592cc144.pdf
Annual Report
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INL TECHNOLOGY
RESULTS OF 2021
06.04.2022
PM TECHNOLOGY
INVL TECHNOLOGY OVERVIEW
INVL Technology is a closed-end investment company which invests in IT businesses and is listed on the Nasdaq Vilnius exchange (INC1L).
The strategy of INVL Technology is to invest in national-level European IT businesses with high globalization potential and grow them into global players by utilizing the sales channels and intellectual capital of the managed companies.
On 14 July 2016, the Bank of Lithuania issued a closed-end investment company (CEF) licence to INVL Technology. INVL Technology will operate until 14 July 2026, with extension possible for two more years.
Key investments and development areas: Cyber Security - NRD Cyber Security; Gov-tech and Fintech - NRD Companies; IT services and software Novian group
The management of the closed-end investment company has been assumed by INVL Asset Management, a part of asset management group Invalda INVL.
Headquartered in Lithuania, managed companies operate in the Baltics, Norway, Moldova, Bangladesh, Rwanda.
Implemented projects in 70+ countries.
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TECHNOLOGY
STRUCTURE OF THE PORTFOLIO COMPANIES OF INVL TECHNOLOGY
TM TECHNOLOGY
MEMBERS OF INVL TECHNOLOGY INVESTMENT COMMITTEE
Kazimieras Tonkūnas
Co-founder & managing partner of INVL Technology Chairman of the Investment Committee
Vida Tonkūnė
Partner of INVL Technology Member of the Investment Committee
Vytautas Plunksnis
Member of the Board and Head of the Private Equity Unit of INVL Asset Management Member of the Investment Committee
Nerijus Drobavičius
Member of the Board of INVL Asset Management Member of the Investment Committee
PML TECHNOLOGY
INVL TECHNOLOGY SHAREHOLDER STRUCTURE
31 December 2021, a total of 3 621 shareholders owned shares of INVL Technology
Shareholders who held title to more than 5% of INVL Technology's authorized capital and/or votes as of 31 December 2021
| Name of the shareholder or company | Number of shares held by the right of ownership, units | Share of the authorised capital held, % |
|---|---|---|
| LJB investments UAB | ||
| Code 300822575, A. Juozapavičiaus str. 9A, Vilnius | 2 424 152 | 19,91 |
| Invalda INVL AB | ||
| Code 121304349, Gynėjų St. 14, Vilnius | 1 873 678 | 15,39 |
| Irena Ona Mišeikienė | 1 466 421 | 12,04 |
| Lietuvos draudimas AB | ||
| Code 110051834, J. Basanavičiaus St. 12, Vilnius | 909 090 | 7,47 |
| Kazimieras Tonkūnas | 675 452 | 5,55 |
| Alvydas Banys | 618 745 | 5,08 |
TM TECHNOLOGY
INVL TECHNOLOGY TIMELINE
| PERIOD OF INVESTMENT
2016-2021 | PERIOD OF VALUE CREATION
2021 – 2024 | | PERIOD OF EXIT
2024-2026 | |
| --- | --- | --- | --- | --- |
| 2015 | 2016 | 2019-2021 | 2024 | 2026 |
| • INVL Technology AB was merged into BAIP Group. UAB and continued operations under the new name INVL Technology AB.
• On 3 July 2015, INVL Technology placed a new issue of 6 060 607 shares at a price of 1.65 euros per share and raised 10 million euros. On 8 June 2015, the net asset value was 20,089 thous. EUR.
• Norway Registers Development AS acquired 80 per cent of the shares of ETRONIKA.
• Formed NRD Cyber Security. | On 14 July 2016, INVL Technology obtained a CEF license.
• Inventio acquired Algoritmq Sistemos.
• INVL Technology acquired Andmevara AS with its subsidiary Andmevara SRL | • Completed the formation of the NRD Companies and Novian group.
• 2019 Novian acquired Zissor AS.
• 2021 Novian acquired Elsis PRO | Start of exit | INVL Technology ends its operation |
Possibility of INVL Technology extension for 2 years.
7
TECHNOLOGY
NET VALUE ASSET AND STOCK INFORMATION
| Title | 08.07.2015* | 31.12.2015 ** | 14.07.2016 *** | 31.12.2016 *** | 31.12.2017 | 31.12.2018 | 31.12.2019 | 31.12.2020 | 31.12.2021 |
|---|---|---|---|---|---|---|---|---|---|
| Net asset value of the company, EUR | 20,089 | 24,243 | 23,906 | 19,728 | 23,812 | 28,025 | 28,958 | 33,725 | 36,125 |
| Net asset value per share, EUR | 1,65 | 1,99 | 1,96 | 1,62 | 1,96 | 2,30 | 2,38 | 2,77 | 2,99 |
During the secondary public offering (SPO), finalised on 8 July 2015, the Company has issued 6,060,607 new Shares with the final offer price of EUR 1,65 each, the Company has raised over EUR 10 million. Net asset value as of 2015-07-08 equals offer price times shares outstanding as at 2015-07-08.
The total equity of the Company of 31 December 2015 was EUR 24,243 thousand.
**Start of CEF activities. The total equity of the Company of 14 June 2016 was EUR 23,906 thousand. Net asset value is equals to the total equity of the Company.
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TECHNOLOGY
SHARE INFORMATION
| Price | 2019 | 2020 | 2021 |
|---|---|---|---|
| Open price € | 1,44 | 1,76 | 2,12 |
| High price € | 2,10 | 2,14 | 2,90 |
| Low price € | 1,44 | 1,50 | 2,06 |
| Average price € | 1,64 | 1,92 | 2,49 |
| Last price € | 1,76 | 2,08 | 2,74 |
| Turnover, shares | 418 385 | 245 739 | 329 883 |
| Turnover, Eur | 679 400,88 | 468 515 | 780 927 |
| Total number of trades | 605 | 891 | 1576 |
TM TECHNOLOGY
KEY FIGURES OF INVL TECHNOLOGY
| INVL Technology | 31.12.2019 | 31.12.2020 | 31.12.2021 |
|---|---|---|---|
| NAV | 28 958 136 | 33 725 239 | 36 125 378 |
| NAV per share | 2,3784 | 2,7700 | 2,9936 |
| Key figures, thous. EUR | 12 months of 2019 | 12 months of 2020 | 12 months of 2021 |
| Change in the fair value of financial assets | 1 279 | 6 740 | 2 713 |
| Dividends, interest and other incomes | 185 | 150 | 1 440 |
| Operating expenses | (531) | (2 123)* | (1 532)** |
| Net profit (loss) | 933 | 4 767 | 2 621 |
| Key balance sheet items, thous. EUR | 31.12.2019 | 31.12.2020 | 31.12.2021 |
| Financial assets value | 25 192 | 32 652 | 35 365 |
| Cash and Cash equivalents | 1 401 | 2 191 | 2 097 |
| Bonds | 920 | 405 | - |
| Loans | 808 | 150 | 1 189 |
| Other assets | 39 | 2 | - |
| Total assets | 29 080 | 35 404 | 38 651 |
| Other liabilities | 122 | 1 679* | 2 526** |
| Equity | 28 958 | 33 725 | 36 125 |
| Total equity and liabilities | 29 080 | 35 404 | 38 651 |
- INVL Technology in 2020 has calculated a provision for success and accrued management fees of EUR 1 075 thousand and EUR 460 thousand respectively.
*INVL Technology has calculated a provision for success and accrued management fees equal to EUR 1 805 thousand and EUR 534 thousand respectively as of 31 December 2021. The impact of the provisions was EUR 730 thousand and EUR 74 thousand on the 2021 results.
TM
TECHNOLOGY
FINANCIAL ASSETS OF MANAGED COMPANIES, THOUS. EUR
Financial asset, thous. EUR
| COMPANY | 31.12.2020 | 31.12.2021 |
|---|---|---|
| NRD Companies (includes ETRONIKA, Norway Registers Development AS, „NRD Systems, NRD Rwanda, Infobank Uganda) | 7 144 | 6 561 |
| Novian (includes Novian Technologies, UAB, „Novian Systems, UAB, Andmevara Services OU, Andmevara AS, Andmevara SRL, Zissor, Elsis PRO)* | 19 740 | 19 599 |
| NRD CS (includes NRD Bangladesh)** | 5 535 | 8 971 |
| FinTime | 233 | 234 |
| Total | 32 652 | 35 365 |
Change in fair value of financial assets, thous. EUR
| Opening balance (31.12.2020) | 32 652 |
|---|---|
| Revaluation, excluding dividends | 4 128 |
| Dividends awarded*** | - 1 415 |
| Closing balance (31.12.2021) | 35 365 |
The acquisition transaction of UAB Elsis PRO was completed on 22 October 2021. A part of the share price has been paid, the final share price will be determined and paid according to the audited financial statements of UAB Elsis PRO for 2021 financial results. The value of Novian as of 31 December 2021 includes the projected final price payable for Elsis PRO shares.
NRD Companies AS transferred control of NRD Bangladesh to NRD CS in 2021, therefore the values of NRD Bangladesh were included in NRD Companies AS on 31 December 2020 and in NRD CS on 31 December 2021.
**Novian UAB declared and paid 2021 dividends of EUR 915 000; NRD CS declared and paid 2021 dividends of EUR 500 000.
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TECHNOLOGY
AGGREGATED REVENUE OF INVL TECHNOLOGY PORTFOLIO COMPANIES
Aggregated revenue
Aggregated EBITDA
| Thous. EUR | 2017 | 2018 | 2019 | 2020 | 2021 |
|---|---|---|---|---|---|
| Revenue* | 27 751 | 32 723 | 34 529 | 36 634 | 40 297 |
| Gross profit** | NA | 9 935 | 9 349 | 10 258 | 11 981 |
| EBITDA*** | 1 974 | 2 152 | 2 181 | 2 969 | 2 929 |
| EBIT | 1 395 | 1 591 | 949 | 1 623 | 1 597 |
| Net profit (loss)*** | 1 237 | 1 120 | 493 | 1 104 | 1 164 |
- The annual results of Elsis PRO are included in the data (revenue EUR 2 992 thousand, EBITDA EUR 298 thousand).
** As of 2018, the method for calculating gross profit was changed to include direct labour costs in the cost of goods sold. Information of that type was not gathered prior to 2018 and thus, for lack of comparable figures, data for 2017 is not provided.
*** As of 2019, IFRS 16 was adopted, impacting the size of EBITDA. As a result, EBITDA figures for 2017-2018 and those for 2019-2021 are not directly comparable.
***Net profit (loss) is presented without including dividend income and elimination of one-off and atypical impairments of investments in subsidiaries recognized in standalone company reports.
P4 TECHNOLOGY
PROJECT GEOGRAPHY OF INVL TECHNOLOGY'S BUSINESSES
In 2021 INVL Technology companies carried out projects in 58 countries around the world.
New countries: Somali, Qatar, Belize, Israel, Palestine, Ukraine.
PML
TECHNOLOGY
REVENUE BY COUNTRY, THOUS. EUR
| Thous. EUR | 2020 | 2021 | Change |
|---|---|---|---|
| Lithuania | 22 615 (62%) | 25 611 (64%) | 2 996 |
| Other countries | 14 019 (38%) | 14 686 (36%) | 667 |
| Total | 36 634 | 40 297 | 3 663 |
PML TECHNOLOGY
REVENUE OF THE MANAGED COMPANIES DISTRIBUTION IN LITHUANIA AND ABROAD, THOUS. EUR
TOTAL: 40 297
2015
TOTAL: 24 668
2016
TOTAL: 23 125
2017
TOTAL: 27 751
2018
TOTAL: 32 723
2019
TOTAL: 34 529
2020
TOTAL: 36 634
TM TECHNOLOGY
RESULTS OF MANAGED COMPANIES IN 2021
FM TECHNOLOGY
NRD Companies
Norway
Lithuania
NRD COMPANIES GROUP
TM TECHNOLOGY
KEY PROFIT (LOSS) ITEMS, THOUS. EUR
| Key profit (loss) item | NRD Companies* | |||||||
|---|---|---|---|---|---|---|---|---|
| NRD AS** | NRD Systems** | Etronika** | ||||||
| 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | |
| Revenue | 6 989 | 6 347 | 4 247 | 3 477 | 2 430 | 2 597 | 1 926 | 1 934 |
| Gross profit | 2 603 | 2 590 | 1 216 | 1 262 | 906 | 774 | 617 | 775 |
| EBITDA | 602 | 368 | 144 | 78 | 342 | 113 | 131 | 196 |
| EBIT | 324 | 104 | 136 | 71 | 235 | 9 | 6 | 78 |
| Net profit (loss) | 152 | 40 | 68 | 55 | 152 | (25) | (26) | 75 |
Unaudited consolidated results of NRD Companies are presented, which includes the results of the companies submitted and the results of NRD Rwanda and NRD Bangladesh (before the transfer of control).
*The results of Etronika UAB and NRD Systems UAB and NRD AS are included into results of NRD Companies. The audit of standalone financial statements of these entities are in progress.
PML TECHNOLOGY
KEY BALANCE SHEET ITEMS, THOUS. EUR
| Balance sheet item, thous. EUR | NRD Companies* | |||||||
|---|---|---|---|---|---|---|---|---|
| NRD AS** | NRD Systems** | Etronika** | ||||||
| 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | |
| Tangible assets | 259 | 233 | 9 | 4 | 142 | 164 | 106 | 66 |
| Intangible assets | 220 | 85 | 14 | 14 | 1 | - | 171 | 70 |
| Other non-current assets | 343 | 503 | 307 | 470 | 14 | 16 | 23 | 18 |
| Current assets | 6 293 | 6 274 | 4 107 | 3 911 | 2 075 | 2 357 | 1 175 | 1 326 |
| of which cash | 927 | 1 359 | 67 | 30 | 534 | 788 | 218 | 515 |
| Total assets | 7 115 | 7 095 | 4 437 | 4 399 | 2 232 | 2 537 | 1 475 | 1 480 |
| Equity | 1 635 | 1 704 | 701 | 796 | 369 | 344 | 602 | 677 |
| Non-current liabilities | 558 | 257 | - | - | 215 | 177 | 338 | 80 |
| Of which financial debt | 277 | 190 | - | - | 215 | 177 | 62 | 14 |
| Current liabilities | 4 922 | 5 134 | 3 736 | 3 603 | 1 648 | 2 016 | 535 | 723 |
| of which financial debt | 782 | 546 | 490 | - | 244 | 494 | 48 | 52 |
| Total liabilities and equity | 7 115 | 7 095 | 4 437 | 4 399 | 2 232 | 2 537 | 1 475 | 1 480 |
Unaudited consolidated results of NRD Companies are presented, which includes the results of the companies submitted and the results of NRD Rwanda and NRD Bangladesh (before the transfer of control).
*The results of Etronika UAB and NRD Systems UAB and NRD AS are included into results of NRD Companies. The audit of standalone financial statements of these entities are in progress.
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TECHNOLOGY
NRD COMPANIES KEY FINANCIAL RESULTS, THOUS. EUR
Consolidated revenue
Consolidated EBITDA
As NRD Companies is focusing more on their own projects, the volume of services and goods resold is declining, so the revenue graph does not reveal business growth trends.
| Thous. EUR | 2017 | 2018 | 2019 | 2020 | 2021 |
|---|---|---|---|---|---|
| Revenue | 7 232 | 7 161 | 6 596 | 6 989 | 6 347 |
| EBITDA* | 557 | 504 | 166 | 602 | 368 |
*IFRS 16 was implemented in 2019 with an impact on the size of EBITDA, thus the EBITDA indicators for 2017-2018 and 2019-2021 are not directly comparable.
TM TECHNOLOGY
NRD COMPANIES INCOME BY COUNTRY, THOUS. EUR
2020
Lithuania
- Zanzibar
- Barbados
- Mauritius
- Estonia
- Samoa
- Anguilla
- Uganda
- Finland
- Latvia
- Other (18 countries)
2021
Lithuania
- Barbados
- Estonia
- Anguilla
- Tanzania
- Palestine
- Cayman Islands
- North Macedonia
- Mauritius
- Finland
- Kenia
- Other (17 countries)
| Thous. EUR* | 2020 | 2021 | Change |
|---|---|---|---|
| Lithuania | 2 140 (31%) | 2 020 (32%) | -120 |
| Other countries | 4 849 (69%) | 4 327 (68%) | -522 |
| Total | 6 989 | 6 347 | -642 |
*Consolidated data is provided.
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TECHNOLOGY
NRD COMPANIES REVENUE BY SECOTR. NUMBER OF COUNTRIES
2019 m.
2020 m.
2021 m.
Number of countries
The geography of the company's operations is constantly expanding, during the reporting period it covered 28 countries in Africa and Europe, the Caribbean and others. 2021 The decline in revenue in the tax administration sector was offset by higher revenues from customers in the registries, financial sector and government sectors
PML TECHNOLOGY
NOVIAN GROUP
Offices operate in 5 countries
NOVIAN
TM TECHNOLOGY
KEY PROFIT (LOSS) ITEMS, THOUS. EUR
| Novian* | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Technologies area | Software services area | Media monitoring and digitization area | ||||||||||||
| Novian Technologies | Andmevara Services OU/ Andmevara SRL** | Novian Systems*** | Andmevara AS | Elsis PRO | Zissor | |||||||||
| 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | |
| Revenue | 24 113 | 25 859 | 18 223 | 16 523 | 651 | 979 | 3 739 | 3 971 | 789 | 508 | 2 632 | 2 992 | 711 | 886 |
| Gross profit | 5 737 | 6 479 | 2 850 | 2 679 | 651 | 876 | 1 394 | 1 076 | 190 | 234 | 865 | 907 | 652 | 708 |
| EBITDA | 1 788 | 1 641 | 1 628 | 1 267 | 65 | 157 | 394 | 291 | (256) | (81) | 274 | 298 | 108 | 105 |
| EBIT | 996 | 834 | 1 065 | 875 | 49 | 147 | 264 | 148 | (318) | (142) | 76 | 100 | 88 | 103 |
| Net profit (loss)*** | 596 | 476 | 774 | 593 | 30 | 117 | 225 | 145 | (374) | (219) | 1 | 86 | 68 | 102 |
Unaudited aggregated operating results of the Novian Group are presented, which include the results of the presented companies and the results of Novian UAB. Elsis PRO UAB was acquired in 2021, therefore the results of this company are aggregated only in 2021. The value of investments in subsidiaries has been eliminated in aggregating the balance sheet items. The audit of standalone financial statements of Novian Technologies UAB, Novian Systems UAB, Elsis PRO UAB and Zissor AS are in progress.
** Includes results of Andmevara Services OU and Andmevara SRL.
Acena, UAB was merged into Novian systems UAB on 31 December 2020. Aggregated merged information of these two companies are shown for 2020.
*Adjusted net profit is represented after eliminating one-off impairments of investments in subsidiaries. In 2020 Novian Systems UAB eliminated the impairment of Andmevara AS EUR - 64 thousand (additional deferred income tax income EUR 10 thousand) and impairment of Acena, UAB EUR - 27 thousand (income from additional deferred income tax - EUR 4 thousand). The aggregated net profit of the Novian group was adjusted accordingly.
TECHNOLOGY
KEY BALANCE SHEET ITEMS, THOUS. EUR
| Novian* | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Technologies area | Software service area | Media monitoring and digitization | ||||||||||||
| Novian Technologies | Andmevara Services OU/ Andmevara SRL** | Novian Systems | Andmevara AS | Elsis PRO | Zissor | |||||||||
| 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | |
| Tangible assets | 1 006 | 1 419 | 611 | 1 124 | 19 | 28 | 233 | 146 | 138 | 78 | 34 | 28 | 3 | 12 |
| Intangible assets | 1 969 | 2 368 | 62 | 48 | 3 | 4 | 1 902 | 1 882 | 1 | - | 609 | 434 | - | - |
| Other non-current assets | 711 | 1 590 | 512 | 234 | - | - | 151 | 1 242 | - | - | 18 | 33 | 104 | 110 |
| Current assets | 9 820 | 9 524 | 7 021 | 5 667 | 134 | 295 | 2 491 | 2 814 | 248 | 95 | 1 121 | 1 089 | 426 | 397 |
| of which cash | 2 344 | 2 643 | 1 323 | 1 440 | 37 | 111 | 496 | 424 | 21 | 36 | 1 | 357 | 274 | 259 |
| Total assets | 13 506 | 14 901 | 8 206 | 7 073 | 156 | 327 | 4 777 | 6 084 | 387 | 173 | 1 782 | 1 584 | 533 | 519 |
| Equity | 5 836 | 4 524 | 3 365 | 2 456 | (19) | 104 | 2 892 | 3 037 | (592) | (811) | 246 | 332 | 365 | 391 |
| Non-current liabilities | 751 | 3 353 | 175 | 279 | - | - | 450 | 1 389 | 86 | 27 | 200 | 483 | 40 | - |
| Of which financial debt | 360 | 2 622 | 147 | 262 | - | - | 87 | 1 158 | 86 | 27 | - | - | 40 | - |
| Current liabilities | 6 919 | 7 024 | 4 666 | 4 338 | 175 | 223 | 1 435 | 1 658 | 893 | 957 | 1 336 | 769 | 128 | 128 |
| of which financial debt | 1 042 | 1 065 | 209 | 420 | 50 | 50 | 495 | 829 | 729 | 876 | - | - | - | - |
| Total liabilities and equity | 13 506 | 14 901 | 8 206 | 7 073 | 156 | 327 | 4 777 | 6 084 | 387 | 173 | 1 782 | 1 584 | 533 | 519 |
*Unaudited aggregated operating results of the Novian Group are presented, which include the results of the presented companies and the results of Novian UAB. The value of investments in subsidiaries has been eliminated in aggregating the balance sheet items. Elsis PRO UAB was acquired in 2021, therefore the results of this company are aggregated only in 2021. The value of investments in subsidiaries has been eliminated in aggregating the balance sheet items. The audit of standalone financial statements of Novian Technologies UAB, Novian systems UAB, Elsis Pro UAB and Zissor AS are in progress.
** Includes results of Andmevara Services OU and Andmevara SRL.
M
TECHNOLOGY
KEY FINANCIAL FIGURES, THOUS. EUR
Aggregated revenue
Acquisition of UAB Elsis Pro in 2021 ensured Novian Group's revenue growth for another year in a row.
Aggregated EBITDA
| Thous. EUR | 2017 | 2018 | 2019 | 2020 | 2021 |
|---|---|---|---|---|---|
| Revenue | 15 776 | 20 317 | 23 492 | 24 113 | 25 859 |
| EBITDA* | 791 | 1 138 | 1 556 | 1 788 | 1 641 |
*IFRS 16 was implemented in 2019 with an impact on the size of EBITDA, thus the EBITDA indicators for 2017-2018 and 2019-2021 are not directly comparable.
TM TECHNOLOGY
REVENUE BY COUNTRY, THOUS. EUR
Lithuania
Estonia
United Kingdom
Norway
Rwanda
Burundi
Latvia
Kyrgyzstan
Botswana
Other (22 countries)
2021
Lithuania
Austria
Estonia
Rwanda
United Kingdom
Norway
Moldova
Kenia
Denmark
Other (25 countries)
| Thous. EUR | 2020 | 2021 | Change |
|---|---|---|---|
| Lithuania | 17 186 (71%) | 18 068 (70%) | 882 |
| Other | 6 927 (29%) | 7 791 (30%) | 864 |
| Total | 24 113 | 25 859 | 1 746 |
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TECHNOLOGY
REVENUE BY SECOTR. NUMBER OF COUNTRIES
TM TECHNOLOGY
TECHNOLOGIES
Novian Technologies (Lithuania)
Andmevara OU (Estonia)
Andmevara SRL (Moldova)
PK TECHNOLOGY
KEY PROFIT (LOSS) AND BALANCE SHEET ITEMS, THOUS. EUR
| Key profit (loss) items, thous. Eur | Novian Technologies | Andmevara Services OU/ Andmevara SRL | ||
|---|---|---|---|---|
| 2020 | 2021 | 2020 | 2021 | |
| Revenue | 18 223 | 16 523 | 651 | 979 |
| Gross profit | 2 850 | 2 679 | 651 | 876 |
| EBITDA | 1 628 | 1 267 | 65 | 157 |
| EBIT | 1 065 | 875 | 49 | 147 |
| Net profit (loss) | 774 | 593 | 30 | 117 |
| Key balance sheet item, thous. EUR | Novian Technologies | Andmevara Services OU/ Andmevara SRL | ||
| 2020 | 2021 | 2020 | 2021 | |
| Tangible assets | 611 | 1 124 | 19 | 28 |
| Intangible assets | 62 | 48 | 3 | 4 |
| Other non-current assets | 512 | 234 | - | - |
| Current assets | 7 021 | 5 667 | 134 | 295 |
| of which cash | 1 323 | 1 440 | 37 | 111 |
| Total assets | 8 206 | 7 073 | 156 | 327 |
| Equity | 3 365 | 2 456 | ( 19) | 104 |
| Non-current liabilities | 175 | 279 | - | - |
| Of which financial debt | 147 | 262 | - | - |
| Current liabilities | 4 666 | 4 338 | 175 | 223 |
| of which financial debt | 209 | 420 | 50 | 50 |
| Total liabilities and equity | 8 206 | 7 073 | 156 | 327 |
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TECHNOLOGY
KEY FINANCIAL FIGURES, THOUS. EUR
Aggregated revenue
Aggregated EBITDA
| Thous. Eur | 2017 | 2018 | 2019 | 2020 | 2021 |
|---|---|---|---|---|---|
| Revenue | 10 065 | 14 111 | 17 745 | 18 874 | 17 502 |
| EBITDA* | 730 | 839 | 1 351 | 1 693 | 1 424 |
*From 2019 IFRS 16 was adopted, which affected the amount of EBITDA, therefore the EBITDA for the periods 2017-2018 and 2019-2021 are not directly comparable.
TM TECHNOLOGY
REVENUE BY COUNTRY, THOUS. EUR
2020
Lithuania
Estonia
- Burundi
Norway
Rwanda
United Kingdom
Latvia
Other (23 countries)
2021
Lithuania
Estonia
Rwanda
- Moldova
- Kenia
United Kingdom
Norway
Latvia
Austria
Denmark
- Other (23 countries)
| Thous. EUR | 2020 | 2021 | Change |
|---|---|---|---|
| Lithuania | 13 561 (72%) | 13 490 (77%) | -71 |
| Other countries | 5 313 (28%) | 4 012 (23%) | -1 301 |
| Total | 18 874 | 17 502 | -1 372 |
m
TECHNOLOGY
REVENUE BY SECTOR. NUMBER OF COUNTRIES
Share of revenue of the Novian group technologies companies in Lithuania in 2021 increased to 77 percent (this share of revenue was 72% in 2020). In terms of revenue by sector, the share of revenues from the corporate sector reached 48% in 2021 and in 2020 it was 37 percent.
TM TECHNOLOGY
SOFTWARE SERVICES
Novian Systems (Lithuania)
Elisis PRO (Lithuania)
Andmevara AS (Estonia)
TM TECHNOLOGY
KEY PROFIT (LOSS) ITEMS, THOUSAND EUR
| Key profit (loss) item | Novian Systems* | Andmevara AS | Elvis PRO | |||
|---|---|---|---|---|---|---|
| 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | |
| Revenue | 3 739 | 3 971 | 789 | 508 | 2 632 | 2 992 |
| Gross profit | 1 394 | 1 076 | 190 | 234 | 865 | 907 |
| EBITDA | 394 | 291 | (256) | (81) | 274 | 298 |
| EBIT | 264 | 148 | (318) | (142) | 76 | 100 |
| Net profit (loss)** | 225 | 145 | (374) | (219) | 1 | 86 |
Acena, UAB was merged into Novian systems UAB on 31 December 2020. Aggregated merged information of these two companies are shown for 2020.
*Adjusted net profit is represented after eliminating one-off impairments of investments in subsidiaries. In 2020 Novian Systems UAB eliminated the impairment of Andmevara AS EUR - 64 thousand (additional deferred income tax income EUR 10 thousand) and impairment of Acena, UAB EUR - 27 thousand (income from additional deferred income tax - EUR 4 thousand).
TM TECHNOLOGY
KEY BALANCE SHEET ITEMS, THOUS. EUR
| Key (balance) sheet item, thous. Eur | Novian Systems | Andmevara AS | Elisis PRO | |||
|---|---|---|---|---|---|---|
| 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | |
| Tangible assets | 233 | 146 | 138 | 78 | 34 | 28 |
| Intangible assets | 1 902 | 1 882 | 1 | - | 609 | 434 |
| Other non-current assets | 151 | 1 242 | - | - | 18 | 33 |
| Current assets | 2 491 | 2 814 | 248 | 95 | 1 121 | 1 089 |
| of which cash | 496 | 424 | 21 | 36 | 1 | 357 |
| Total assets | 4 777 | 6 084 | 387 | 173 | 1 782 | 1 584 |
| Equity | 2 892 | 3 037 | ( 592) | ( 811) | 246 | 332 |
| Non-current liabilities | 450 | 1 389 | 86 | 27 | 200 | 483 |
| Of which financial debt | 87 | 1 158 | 86 | 27 | - | - |
| Current liabilities | 1 435 | 1 658 | 893 | 957 | 1 336 | 769 |
| of which financial debt | 495 | 829 | 729 | 876 | - | - |
| Total liabilities and equity | 4 777 | 6 084 | 387 | 173 | 1 782 | 1 584 |
TM TECHNOLOGY
KEY FINANCIAL ITEMS, THOUS. EUR
Aggregated revenue
Aggregated EBITDA
| Thous. Eur | 2017 | 2018 | 2019 | 2020 | 2021 |
|---|---|---|---|---|---|
| Revenue | 5 711 | 6 206 | 5 039 | 4 528 | 7 471 |
| EBITDA* | 103 | 392 | 219 | 138 | 508 |
- From 2019 IFRS 16 was adopted, which affected the amount of EBITDA, therefore the EBITDA for the periods 2017-2018 and 2019-2021 are not directly comparable. The figures of 2021 include the annual results of Elsis Pro UAB (revenue EUR 2 992 thousand, EBITDA EUR 298 thousand).
TM TECHNOLOGY
REVENUE BY COUNTRY, THOUS. EUR
| Thous. Eur | 2020 | 2021 | Change |
|---|---|---|---|
| Lithuania | 3 606 (80%) | 4 507 (60%) | 901 |
| Other countries | 922 (20%) | 2 964 (40%) | 2 042 |
| Total | 4 528 | 7 471 | 2 943 |
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TECHNOLOGY
REVENUE BY SECTOR. NUMBER OF COUNTRIES
The Novian group's software services companies generated a majority of their revenue (60%) from operations in Lithuania. Revenue from clients abroad increased to 40% (versus 20% in 2020). The revenue structure of the software services companies also changed in terms of client segment: the revenue share from the public sector contracted from 60% in 2020 to 47% in 2021, while the portion of revenue from the corporate sector correspondingly increased from 24% to 43%. The changes were mainly due to the acquisition of Elsis PRO, whose operations are included in the financial statements as of 2021.
TM TECHNOLOGY
MEDIA MONITORING AND DIGITAZATION
Zissor, Norway
TM TECHNOLOGY
ZISSOR REVENUE BY COUNTRY, THOUS. EUR
2020
2021
| Thous. Eur | 2020 | 2021 | Change |
|---|---|---|---|
| Lithuania | 19 (3%) | 70 (8%) | 51 |
| Other countries | 692 (97%) | 816 (92%) | 124 |
| Total | 711 | 886 | 175 |
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TECHNOLOGY
NRD CS GROUP
PML TECHNOLOGY
KEY PROFIT (LOSS) AND BALANCE SHEET ITEMS, THOUS. EUR
| Profit (loss) items | NRD CS* | |
|---|---|---|
| 2020 | 2021 | |
| Revenue | 3 229 | 5 365 |
| Gross profit | 1 519 | 2 347 |
| EBITDA | 434 | 784 |
| EBIT | 250 | 615 |
| Net profit (loss) | 321 | 603 |
| Balance sheet items | NRD CS | |
| 2020 | 2021 | |
| Tangible assets | 181 | 122 |
| Intangible assets | 46 | 1 |
| Other non-current assets | 140 | 209 |
| Current assets | 2 079 | 3 007 |
| of which cash | 654 | 1 618 |
| Total assets | 2 446 | 3 339 |
| Equity | 1 390 | 1 493 |
| Non-current liabilities | 57 | 37 |
| Of which financial debt | 57 | 12 |
| Current liabilities | 999 | 1 809 |
| of which financial debt | 44 | 48 |
| Total liabilities and equity | 2 446 | 3 339 |
*The audit of the financial statements of NRD CS UAB are in progress.
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TECHNOLOGY
KEY FINANCIAL ITEMS, THOUS. EUR
NRD CS revenue grew 66% in 2021 compared to 2020. Significant revenue growth was driven by the growing demand for cyber security services and technologies, the number of new and regular customers, and the number of long-term contracts in progress.
| 2017 | 2018 | 2019 | 2020 | 2021 | |
|---|---|---|---|---|---|
| Revenue | 3 493 | 3 876 | 2 836 | 3 229 | 5 365 |
| EBITDA* | 603 | 559 | 341 | 434 | 784 |
*IFRS 16 was implemented in 2019 with an impact on the size of EBITDA, thus the EBITDA indicators for 2017-2018 and 2019-2021 are not directly comparable.
TECHNOLOGY
REVENUE BY COUNTRY, THOUS. EUR
| Thous. Eur | 2020 | 2021 | Change |
|---|---|---|---|
| Lithuania | 2 490 (77%) | 4 479 (83%) | 1 989 |
| Other countries | 739 (23%) | 886 (17%) | 147 |
| Total | 3 229 | 5 365 | 2 136 |
TECHNOLOGY
REVENUE BY SECTOR. NUMBER OF COUNTRIES
2021 NRD CS sales revenue from Lithuania grew by 80% and from foreign customers by 20% compared to 2020. Although the number of countries where NRD CS implements projects has doubled, the growth of income from foreign clients was still lower than in Lithuania. 2021 the geography of operations expanded due to the technical training provided by the CSIRT in conjunction with the Northern Ireland Co-operation Overseas.
Recent years have seen a decline in the share of public sector revenue; the share of public sector customer revenue in 2021 increased. Compared to previous years, the share of income from the financial sector continues to grow.
The TECHNOLOGY
INFORMATION ON THE INFLUENCE OF COVID-19 ON INVL TECHNOLOGY ACTIVITIES
The Company and its group were not significantly affected by the COVID-19 virus pandemic. Since INVL Technology and its subsidiaries are able to conduct operations remotely, their work was not disrupted by the quarantine during the reporting year which lasted until 30 of June 2021. However, the COVID-19 pandemic has reduced the revenues of certain managed companies from work in foreign markets, since demand for IT services has declined in more remote global markets.
TECHNOLOGY
IMPORTANT INFORMATION FOR CLOSED-END INVESTMENT COMPANY (UTIB) INVL TECHNOLOGY
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Investments in the shares of closed-end investment companies (hereinafter may be referred as "CEF") are associated with investment risk and others risks specified in the Articles of Association and Prospectus of the closed-end investment company. The value of a company's shares can both rise and fall, and you may recover less than you invested or even lose the entire invested amount. Past results only show the changes in the value of a company's shares over a past period. Past results do not guarantee future performance.
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The information provided does not encompass all the information disclosed by the company and should be read together with the company's publicly announced financial and other information. The financial data provided should be evaluated together with the financial statements. The data presented reflect the situation for a past period of time and results for a past period are not a reliable indicator of future performance.
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The closed-end investment company and (or) the Management Company of the closed-end investment company does not guarantee the profitability of investments. The latest values of the shares of the closed-end investment company are available on the website www.invltechnology.com.
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Before making a decision to invest, you should personally or with the help of investment advisors assess the selected closed-end investment company's investment strategy, applicable fees and all investment-related risks. You should also carefully read closed-end investment company's Prospectus, Rules and Key Investor Information Document and other share distribution documents. These documents are available for review on the website www.invltechnology.com.
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All the information presented is of a promotional-informative nature and cannot be construed as a recommendation, offer or invitation to invest in the shares of the closed-end investment company. The closed-end investment company and (or) the Management Company of the closed-end investment company is not responsible for any decisions taken by third parties on the basis of information provided in this website alone and assumes no responsibility for expenses or direct or indirect losses experienced when using only this information. The information provided cannot be the basis for any subsequently concluded agreement. Although the content of this information of a promotional nature is based on sources considered to be reliable, the closed-end investment company and (or) the Management Company of the closed-end investment company is not responsible for inaccuracies or changes in the information, or for losses that may arise when investments are based on this information.
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The right of investors in the closed-end investment company to demand redemption of shares which they hold is restricted.
TECHNOLOGY
THANK YOU FOR ATTENTION
INVL TECHNOLOGY
Gynėjų str. 14, 01109
Vilnius, Lithuania
www.invltechnology.lt
[email protected]