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INVL Technology Interim / Quarterly Report 2019
2265_rns_2019-08-26_58826e81-7987-49f6-bb0c-c419a5358c28.pdf
Interim / Quarterly Report
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INL
TECHNOLOGY
RESULTS FOR 6 MONTHS OF 2019
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 |
| Start of CEF activities | 14-07-2016 |
| Period of activity | 10 years (+ 2 years) |
| Management company | INVL Asset Management UAB |
INVL Technology directly and indirectly managed portfolio companies are classified into 3 areas of activity:
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, digital licences.
IT SERVICES AND SOFTWARE group was formed 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.
| NET ASSET VALUE (EUR) | |||
|---|---|---|---|
| 31/12/2017 | 31/12/2018 | 31/03/2019 | |
| NAV | 23,811,753 | 28,024,654 | 27,694,139 |
| NAV per share | 1.9557 | 2.3018 | 2.2746 |
| KEY FIGURES OF INVL TECHNOLOGY (THOUSAND EUR) | |||
| 6 months of 2017 | 6 months of 2018 | 6 months of 2019 | |
| Change in the fair value of financial assets | (101) | (1,143) | (157) |
| Profit (loss) before taxes | 21 | (306) | (370) |
| Net profit (loss) | 21 | (306) | (370) |
| 31/12/2017 | 31/12/2018 | 30/06/2019 | |
| Financial assets value | 20,808 | 24,229 | 24,691 |
| Cash and Cash equivalents | 5,030 | 2,230 | 1,117 |
| Other assets | 39 | 439 | 263 |
| TOTAL ASSETS | 25,877 | 28,150 | 27,774 |
| Other liabilities | 2,065 | 125 | 119 |
| Equity | 23,812 | 28,025 | 27,655 |
| TOTAL EQUITY AND LIABILITIES | 25,877 | 28,150 | 27,774 |
| FINANCIAL ASSETS (THOUSAND EUR) | |||
| COMPANIES | 31/12/2018 | 30/06/2019 | |
| NRD Companies (includes Etronika UAB, NRD UAB, Norway Registers Development AS and others) | 5,458 | 5,317 | |
| Novian (includes BAIP UAB, Acena UAB and Zissor AS¹) | 7,537 | 8,216 | |
| Algoritmų sistemos UAB | 4,078 | 3,963 | |
| Andmevara (includes Andmevara AS, Andmevara Services and Andmevara SRL) | 470 | 317 | |
| NRD CS UAB | 6,455 | 6,630 | |
| FINtime UAB | 231 | 248 | |
| TOTAL | 24,229 | 24,691 | |
| CHANGE IN FAIR VALUE OF FINANCIAL ASSETS (THOUSAND EUR) | |||
| Opening balance (31/12/2018) | 24,229 | ||
| Increase of authorised capital² | 619 | ||
| Revaluation | (157) | ||
| CLOSING BALANCE (30/06/2019) | 24,691 |
1.Zissor AS acquired in IIQ 2019
2. Increase of authorised capital of UAB Novian
INL TECHNOLOGY
RESULTS FOR 6 MONTHS OF 2019
THE RESULTS OF INVL TECHNOLOGY PORTFOLIO COMPANIES FOR 6 MONTHS OF 2019
KEY PROFIT (LOSS) ITEMS, THOUSAND EUR³
| NRD companies⁴ | Etronika, UAB⁵ | NRD Systems UAB⁵ | ANDMEVARA⁶ | BAIP and ACENA | Zissor AS⁷ | ALGORITMŲ SISTEMOS | NRD CS | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 6 months of 2018 | 6 months of 2019 | 6 months of 2018 | 6 months of 2019 | 6 months of 2018 | 6 months of 2019 | 6 months of 2018 | 6 months of 2019 | 6 months of 2018 | 6 months of 2019 | 6 months of 2018 | 6 months of 2019 | 6 months of 2018 | 6 months of 2019 | 6 months of 2018 | 6 months of 2019 | |
| Revenue | 3,536 | 3,263 | 871 | 1,190 | 1,256 | 1,094 | 657 | 652 | 4,749 | 8,193 | N/A | 348 | 1,189 | 1,064 | 1,462 | 1,353 |
| Gross profit | 2,180 | 2,185 | 810 | 1,057 | 991 | 984 | 623 | 566 | 763 | 1,213 | N/A | 253 | 1,032 | 983 | 630 | 925 |
| EBITDA | 295 | 18 | 96 | 251 | 143 | (28) | 2 | (67) | 58 | 424 | N/A | 35 | 17 | (52) | 65 | 236 |
| EBIT | 208 | (110) | 90 | 191 | 124 | (75) | (23) | (106) | (189) | 136 | N/A | 17 | 4 | (99) | 55 | 184 |
| Net Profit (Loss) | 192 | (150) | 89 | 173 | 117 | (100) | (37) | (153) | (223) | 90 | N/A | 18 | 1 | (115) | 48 | 176 |
KEY BALANCE SHEET ITEMS, THOUSAND EUR³
| NRD companies⁴ | Etronika UAB⁵ | NRD Systems UAB⁵ | ANDMEVARA⁶ | BAIP and ACENA | Zissor AS⁷ | ALGORITMŲ SISTEMOS | NRD CS | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 31/12/18 | 30/06/19 | 31/12/18 | 30/06/19 | 31/12/18 | 30/06/19 | 31/12/18 | 30/06/19 | 31/12/18 | 30/06/19 | 31/12/18 | 30/06/19 | 31/12/18 | 30/06/19 | 31/12/18 | 30/06/19 | |
| Tangible assets | 58 | 430 | 2 | 189 | 29 | 210 | 25 | 88 | 678 | 1,077 | N/A | 2 | 85 | 279 | 48 | 159 |
| Intangible assets | 481 | 418 | 369 | 325 | 3 | 2 | 4 | 3 | 420 | 398 | N/A | 180 | 1,738 | 1,735 | 140 | 116 |
| Other non-current assets | 35 | 35 | 21 | 21 | 15 | 15 | 0 | 0 | 361 | 39 | N/A | 0 | 86 | 88 | 164 | 22 |
| Current assets | 4,610 | 4,955 | 635 | 1,027 | 1,688 | 1,515 | 900 | 687 | 9,018 | 5,900 | N/A | 161 | 1,913 | 1,777 | 2,311 | 1,562 |
| of which cash | 458 | 740 | 61 | 226 | 193 | 176 | 213 | 210 | 4 676 | 168 | N/A | 46 | 468 | 138 | 920 | 330 |
| Total assets | 5,184 | 5,838 | 1,027 | 1,562 | 1,735 | 1,742 | 929 | 778 | 10,477 | 7,414 | N/A | 343 | 3,822 | 3,879 | 2,663 | 1,859 |
| Equity | 1,602 | 1,432 | 433 | 607 | 509 | 408 | (72) | (229) | 2,231 | 2,307 | N/A | 306 | 2,685 | 2,555 | 840 | 1,010 |
| Non-current liabilities | 110 | 550 | 81 | 367 | 0 | 152 | 0 | 0 | 1,253 | 1,755 | N/A | 0 | 0 | 390 | 0 | 166 |
| Of which financial debt | 0 | 452 | 0 | 300 | 0 | 152 | 0 | 0 | 1,253 | 1,755 | N/A | 0 | 0 | 196 | 0 | 104 |
| Current liabilities | 3,472 | 3,856 | 513 | 588 | 1,226 | 1,182 | 1,001 | 1,007 | 6,993 | 3,352 | N/A | 37 | 1,137 | 934 | 1,823 | 683 |
| of which financial debt | 560 | 867 | 90 | 100 | 307 | 346 | 530 | 683 | 11 | 92 | N/A | 0 | 0 | 25 | 0 | 15 |
| Total liabilities and equity | 5,184 | 5,838 | 1,027 | 1,562 | 1,735 | 1,742 | 929 | 778 | 10,477 | 7,414 | N/A | 343 | 3,822 | 3,879 | 2,663 | 1,859 |
3 Unaudited figures.
4 Result for the 6 months to 30 June 2019 of the part of group companies were positively impacted by the reversal of the receivables impairment (EUR 8 thousand) initially recorded in 2018. During calculations of the fair value of the financial assets as of 30th June 2019 in the financial statements of INVL Technology CEF impact to the fair value of the reversal was eliminated.
5 The results of Etronika UAB and NRD Systems UAB are included into results of NRD Companies.
6 Represent results of Andmevara AS, Andmevara Services and Andmevara SRL.
7 Zissor AS acquired in IIQ 2019, as a result, comparative figures are not provided. Data presented from January, 2019.