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INVL Technology Interim / Quarterly Report 2018
2265_rns_2018-10-29_1e31ea68-7a4c-4c62-bdc7-8e405bbec2aa.pdf
Interim / Quarterly Report
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INL
TECHNOLOGY
RESULTS FOR 9 MONTHS OF 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 |
17 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 functional groups
KEY FIGURES OF INVL TECHNOLOGY
| THOUSAND. EUR | 9 months 2017 | 9 months 2018 |
|---|---|---|
| Change in the fair value of financial assets | 5,215 | (801) |
| Profit (loss) before taxes | 214 | 103 |
| Net profit (loss) | 214 | 103 |
| THOUSAND. EUR | 31-12-2017 | 30-09-2018 |
| Financial assets value | 20,808 | 20,007 |
| Cash and Cash equivalents | 5,030 | 2,645 |
| Other assets | 39 | 1,371 |
| TOTAL ASSETS | 25,877 | 24,023 |
| Other liabilities | 2,065 | 108 |
| of which financial debt | 1,953 | - |
| Equity | 23,812 | 23,915 |
| TOTAL EQUITY AND LIABILITIES | 25,877 | 24,023 |
| NET ASSET VALUE | ||
| EUR | 31-12-2017 | 30-09-2018 |
| Net asset value, EUR | 23,811,753 | 23,914,762 |
| Net asset value per share, EUR | 1.9557 | 1.9642 |
| FINANCIAL ASSETS, THOUSAND EUR | ||
| COMPANIES | 31-12-2017 | 30-09-2018 |
| NRD Companies (includes Etronika UAB, NRD Systems UAB, Norway Registers Development AS and others) | 3,624 | 4,040 |
| Novian group (includes both BAIP UAB and Acena UAB) | 7,497 | 6,813 |
| Algoritmų sistemos UAB | 3,821 | 3,776 |
| Andmevara (includes Andmevara AS and Andmevara SRL) | 525 | 450 |
| NRD CS UAB | 5,067 | 4,688 |
| FINtime UAB | 274 | 240 |
| TOTAL | 20,808 | 20,007 |
CHANGE IN FAIR VALUE OF FINANCIAL ASSETS
THOUSAND. EUR
| Opening balance | 20,808 |
|---|---|
| Dividends declared | (1,319) |
| Revaluation | 518 |
| CLOSING BALANCE | 20,007 |
INL
TECHNOLOGY
RESULTS FOR 9 MONTHS OF 2018
THE RESULTS OF INVL TECHNOLOGY PORTFOLIO COMPANIES FOR 9 MONTHS OF 2018
KEY PROFIT (LOSS) ITEMS, THOUSAND EUR¹
| NRD companies | Etronika UAB² | NRD UAB² | ANDMEVARA³ | BAIP and ACENA | ALGORITMU SISTEMOS | NRD CS | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2017 9 months | 2018 9 months | 2017 9 months | 2018 9 months | 2017 9 months | 2018 9 months | 2017 9 months | 2018 9 months | 2017 9 months | 2018 9 months | 2017 9 months. | 2018 9 months | 2017 9 months | 2018 9 months | |
| Revenue | 4,272 | 5,094 | 1,166 | 1,296 | 1,424 | 1,696 | 839 | 963 | 8,136 | 8,024 | 1,601 | 2,002 | 1,784 | 1,859 |
| Gross profit | 3,055 | 3,218 | 1,102 | 1,204 | 1,360 | 1,374 | 620 | 924 | 2,410 | 2,479 | 1,349 | 1,719 | 933 | 944 |
| EBITDA | 213 | 483 | 56 | 147 | 115 | 111 | (173) | (43) | 491 | 467 | 154 | 161 | 235 | 68 |
| EBIT | 89 | 510 | 35 | 141 | 83 | 83 | (189) | (51) | 151 | 96 | 141 | 95 | 222 | 51 |
| Net Profit (Loss) | 186 | 486 | 25 | 139 | 77 | 72 | (190) | (76) | 74 | 53 | 169 | 98 | 202 | 42 |
KEY BALANCE SHEET ITEMS, THOUSAND EUR
| NRD companies | Etronika UAB² | NRD UAB² | ANDMEVARA | BAIP and ACENA | ALGORITMU SISTEMOS | NRD CS | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 31-12-2017 | 30-09-2018 | 31-12-2017 | 30-09-2018 | 31-12-2017 | 30-09-2018 | 31-12-2017 | 30-09-2018 | 31-12-2017 | 30-09-2018 | 31-12-2017 | 30-09-2018 | 31-12-2017 | 30-09-2018 | |
| Tangible assets | 257 | 247 | 9 | 3 | 305 | 290 | 63 | 29 | 1,005 | 737 | 40 | 67 | 34 | 47 |
| Intangible assets | 599 | 524 | 402 | 402 | 4 | 4 | 6 | 5 | 361 | 431 | 1,688 | 1,659 | 5 | 14 |
| Other non-current assets | 50 | 55 | 15 | 22 | 23 | 23 | - | - | 37 | 18 | 76 | 76 | 8 | 8 |
| Current assets | 3,606 | 4,137 | 464 | 587 | 1,042 | 1,500 | 235 | 592 | 4,146 | 4,326 | 1,440 | 2,158 | 2,215 | 1,213 |
| of which cash | 297 | 235 | 130 | 114 | - | - | 51 | 53 | 430 | 439 | 284 | 56 | 383 | 165 |
| Total assets | 4,512 | 4,963 | 890 | 1,014 | 1,374 | 1,817 | 304 | 626 | 5,549 | 5,512 | 3,244 | 3,960 | 2,262 | 1,282 |
| Equity | 1,404 | 1,790 | 297 | 436 | 654 | 580 | (27) | (101) | 2,032 | 2,047 | 2,500 | 2,418 | 787 | 408 |
| Non-current liabilities | 131 | 90 | 81 | 81 | - | - | - | - | 18 | 896 | 111 | 104 | - | - |
| Of which financial debt | - | - | - | - | - | - | - | - | 18 | 896 | - | - | - | - |
| Current liabilities | 2,977 | 3,083 | 512 | 497 | 720 | 1,237 | 331 | 727 | 3,499 | 2,569 | 633 | 1,438 | 1,475 | 874 |
| of which financial debt | 130 | 440 | 60 | 73 | 70 | 377 | 50 | 411 | 231 | 3 | - | 185 | 366 | - |
| Total liabilities and equity | 4,512 | 4,963 | 890 | 1,014 | 1,374 | 1,817 | 304 | 626 | 5,549 | 5,512 | 3,244 | 3,960 | 2,262 | 1,282 |
¹ Unaudited figures. Given the fact that INVL Technology prepares financial statements in accordance with IFRS, as the case of significant discrepancies with the local accounting standards, figures of group companies are adjusted
² The results of Etronika UAB and NRD UAB are included into results of NRD Companies
³ Results of both Andmevara AS and Andmevara SRL included. Andmevara Services OU was established on 28 August 2018, the period is too short for the calculation of results.