INVL Technology

Earnings Release • Apr 27, 2018

INVL Technology is a closed-end investment company (CEF) which invests in IT businesses. It is listed on the Nasdaq Vilnius exchange. A strategy of INVL Technology is to invest in national-level European IT businesses with high globalisation potential and grow them into global players by utilizing the sales channels and intellectual capital of the managed companies.

Name of the company	Special closed-end type private capital investment company INVL Technology
Company code	300893533
CEF licence issued	14-07-2016
Period of activity	10 years (+ 2 years)
Management company	INVL Asset Management UAB

15 operating companies form a portfolio of INVL Technology directly and indirectly managed companies. The classification of companies into 4 areas of activity, as used until now, is replaced by 3 new functional groups

BUSINESS CLIMATE IMPROVEMENT AND E-GOVERNANCE. NRD

digital licences.

IT SERVICES AND SOFTWARE group was formed

Companies working in this area combine legal, consultancy and IT skills to address governance and economic digital infrastructure development challenges effectively. They develop national state-of-art registries and provide digital and mobile signature, digital platforms, by joining the areas of IT infrastructure and IT intensive industries' solutions. Companies, operating in this functional group provide digital transformation, critical IT infrastructure architecture, installation and maintenance services, implement large scale digitisation projects, develop tax and local tax administration systems, election management systems.

CYBERSECURITY

companies provide technology consulting, incident response and National Computer Incident Response Teams (CIRTs/SOCs) establishment services. They are focused on the services to law enforcement, national communication regulators, CERTs, and corporate information security departments.

| RESULTS FOR 3 MONTHS OF 2018

KEY FIGURES OF INVL TECHNOLOGY
THOUSAND. EUR	3 months 2017	3 months 2018
Change in the fair value of financial assets	(365)	(328)
Profit (loss) before taxes	(468)	(460)
Net profit (loss)	(468)	(460)
THOUSAND. EUR	31-12-2017	31-12-2018
Financial assets value	20,808	20,480
Cash and Cash equivalents	5,030	4,891
Other assets	39	51
TOTAL ASSETS	25,877	25,422
Other liabilities	2,065	2,070
of which financial debt	1,953	1,953
Equity	23,812	23,352
TOTAL EQUITY AND LIABILITIES	25,877	25,422
NET ASSET VALUE
EUR	31-12-2017	31-12-2018
Net asset value, EUR	23,811,753	23,351,694
Net asset value per share, EUR	1.9557	1.9180
FINANCIAL ASSETS, THOUSAND EUR
COMPANIES	31-12-2017	31-12-2018
NRD Companies (includes Etronika UAB, NRD UAB, Norway Registers Development AS and others)	3,624	3,704
Novian group (includes both BAIP UAB and Acena UAB)	7,497	7,291
Algoritmų sistemos UAB	3,821	3,779
Andmevara AS	525	454
NRD CS UAB	5,067	4,975
FINtime UAB	274	277
TOTAL	20,808	20,480
CHANGE IN FAIR VALUE OF FINANCIAL ASSETS THOUSAND. EUR

Opening balance	20,808
Revaluation	(328)
CLOSING BALANCE	20,480

THE RESULTS OF INVL TECHNOLOGY PORTFOLIO COMPANIES FOR 3 MONTHS OF 2018

KEY PROFIT (LOSS) ITEMS, THOUSAND EUR

	NRD companies		UAB1 Etronika		UAB1 NRD		AS ANDMEVARA		BAIP and ACENA		ALGORITMŲ SISTEMOS		NRD CS
	2017 3 months	2018 3 months	2017 3 months	2018 3 months	2017 3 months	2018 3 months	2017 3 months	2018 3 months	2017 3 months	2018 3 months	2017 3 months.	2018 3 months	2017 3 months	2018 3 months
Revenue	968	1,443	348	450	414	610	308	266	2 457	1,955	346	525	232	303
Gross profit	917	1,086	335	421	394	488	245	240	421	307	268	437	146	199
EBITDA	(99)	105	(38)	62	(20)	47	(23)	(61)	104	(46)	(86)	(36)	(69)	(80)
EBIT	(149)	61	(45)	60	(31)	37	(29)	(70)	(7)	(169)	(91)	(42)	(74)	(85)
Net Profit (Loss)	(177)	56	(48)	59	(32)	35	(29)	(71)	(15)	(188)	(90)	(42)	(104)	(92)

KEY BALANCE SHEET ITEMS, THOUSAND EUR

	NRD companies		1 Etronika UAB		UAB1 NRD		AS ANDMEVARA		BAIP and ACENA		ALGORITMŲ SISTEMOS		NRD CS
	31-12-2017	31-12-2018	31-12-2017	31-12-2018	31-12-2017	31-12-2018	31-12-2017	31-12-2018	31-12-2017	31-12-2018	31-12-2017	31-12-2018	31-12-2017	31-12-2018
Tangible assets	257	254	9	6	305	302	10	55	1,005	972	40	70	34	37
Intangible assets	599	568	402	402	4	5	6	6	361	357	1,916	1,920	5	4
Other non-current assets	50	56	15	23	22	23	-	-	37	37	308	309	8	8
Current assets	3,608	3,993	464	439	1,014	1,306	298	268	4,146	3,471	1,532	1,605	2,215	2,145
of which cash	297	158	130	65	-	-	51	21	430	38	284	6	383	327
Total assets	4,514	4,871	890	870	1,345	1,636	314	329	5,549	4,837	3,796	3,904	2,262	2,194
Equity	1,441	1,508	297	356	654	688	(86)	(97)	2,032	1,846	3,152	3,110	787	695
Non-current liabilities	103	99	81	81	-	-	-	-	18	18	-	-	-	-
Of which financial debt	-	-	-	-	-	-	-	-	18	18	-	-	-	-
Current liabilities	2,970	3,264	512	433	691	948	400	426	3,499	2,973	644	794	1,475	1,499
of which financial debt	130	301	60	30	70	271	-	-	231	912	-	-	366	-
Total liabilities and equity	4,514	4,871	890	870	1,345	1,636	314	329	5,549	4,837	3,796	3,904	2,262	2,194

¹ The results of Etronika UAB and NRD UAB are included into results of NRD Companies