INVL Technology — Interim / Quarterly Report 2020

Aug 26, 2020

INVL TECHNOLOGY

INVL TECHNOLOGY

6 months of 2020

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INL TECHNOLOGY

INVL TECHNOLOGY

KEY FIGURES

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INL

STRUCTURE OF THE PORTFOLIO COMPANIES OF INVL TECHNOLOGY

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INVL

KEY FIGURES OF INVL TECHNOLOGY (THOUSAND EUR)

INVL Technology	31-12-2018	31-12-2019	31-03-2020	30-06-2020
NAV	28,024,654	28,958,136	28,839,349	29,221,994
NAV per share	2.3018	2.3784	2.3687	2.4001
THOUSAND EUR	6 months of 2018	6 months of 2019	6 months of 2020
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Change in the fair value of financial assets	(1 143)	(157)	470
Dividends, interest and other incomes	1 151	79	92
Operating expenses	(280)	(292)	(298)
Net profit (loss)	(306)	(370)	264
THOUSAND EUR	31-12-2018	31-12-2019	30-06-2020
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Financial assets value	24 229	25 912	26 382
Cash and Cash equivalents	2 230	1 401	1 375
Bonds	1 252	920	875
Loans	-	808	588
Other assets	439	39	129
TOTAL ASSETS	28 150	29 080	29 349
Other liabilities	125	122	127
Equity	28 025	28 958	29 222
TOTAL EQUITY AND LIABILITIES	28 150	29 080	29 349

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INVL

INVL TECHNOLOGY FINANCIAL ASSETS (THOUSAND EUR)

COMPANIES	31-12-2018	31-12-2019	30-06-2020
NRD Companies
(includes Etronika UAB, NRD Systems UAB, Norway
Registers Development AS and others)	5,458	5,511	5,731
Novian
(includes BAIP UAB, Acena UAB, Algoritmų sistemos UAB,
Andmevara Services OU, Andmevara AS, Andmevara SRL,
Zissor AS)	12,085	15,295	15,608
NRD CS UAB	6,455	4,880	4,823
FINtime UAB	231	226	220
TOTAL	24,229	25,912	26,382

CHANGE IN FAIR VALUE OF FINANCIAL ASSETS (THOUSAND EUR)

INVL Technology	30-06-2020
Opening balance (31-12-2019)	25,912
Revaluation	470
Closing balance (30-06-2020)	26,382

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INVL

AGGREGATED REVENUE OF INVL TECHNOLOGY PORTFOLIO COMPANIES

AGGREGATED REVENUE OF INVL TECHNOLOGY PORTFOLIO COMPANIES (THOUS. EUR)

EBITDA OF INVL TECHNOLOGY PORTFOLIO COMPANIES (THOUS. EUR)

	INVL TECHNOLOGY COMPANIES
	6 months of 2017	6 months of 2018	6 months of 2019	6 months of 2020
Revenue	10,895	12,426	15,778	16,542
EBITDA	427	402	624	1,328
EBIT	155	241	12	667
Net profit (loss)	243	186	(163)	475

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INVL

REVENUE OF INVL TECHNOLOGY FOR BY COUNTRY (THOUSAND EUR)

REVENUE OF INVL TECHNOLOGY FOR 6 MONTHS OF 2019 BY COUNTRY

Lithuania
Norway
Estonia
Bangladesh
Kyrgyzstan
Burkina Faso
Rwanda
The United Kingdom
Others

REVENUE OF INVL TECHNOLOGY FOR 6 MONTHS OF 2020 BY COUNTRY

THOUSAND EUR	6 months of 2019	6 months of 2020	Change
Lithuania	8,373	9,397	1,024
Others	7,405	7,145	(260)
Total	15,778	16,542	764

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INVL

PROJECT GEOGRAPHY OF INVL TECHNOLOGY'S BUSINESSES

In 2020, INVL Technology companies carried out projects in 50 countries.

New countries: Portugal, Serbia, Anguilla, Afghanistan, Saint Lucia, Senegal.

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INL TECHNOLOGY

MANAGED COMPANIES

RESULTS FOR 6 MONTHS OF 2020

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S

NRD Companies

2020

H1 overview

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NRD Companies is a global information technology and consulting group of companies, specialising in the governance and development of the economic digital infrastructure for Governments, Registries, Tax Administrations, Financial Institutions, Retailers and National Postal Services.

Team of 110+ professionals and experts in the subject matter

Projects in over 50 countries.

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Strategic Focus Areas for 2020 - 2021

Accelerating technology innovations

Strengthening the global consultancy business line

Expanding the sales geography

Scaling and profitability

Through retaining and growing our professional talent base and continuing to focus on developing industry leading solutions and system integration business streams.

Through expanding our subject competencies in National ID, Civil, Business Registries and Tax Administration.

Through continued partnerships with Global Governance Consultancy and the FinTech market leaders.

Accelerating business growth and efficiency gains through a unified Group approach, to achieve and beat the industry CAGR of 10-14% (Gartner) over the next 5 years.

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NRD Companies offerings

• Smart Retail
• KASU Post

• Digital Loans
• Digital Banking/Banktron
• Open Banking (PSD2)

• Civil Registries
• National ID
• Business Registries
• Business Reforms

• PUBLIC SECTOR

• Tax Administration System
• Business Register
• Secured Transaction Register
• One-Stop-Shops and Single Window
• Intellectual Property Rights Register
• Civil Register
• URP - Unified Registry Platform
• GxP E-Gov Service delivery platform
• Virtual Fiscal Device Management System

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Public sector Offerings

Unified Registry Platform (URP)
The URP automates standard registration processes and is highly adaptable to the changing needs of clients. It is quickly deployed and easily adjusted to the specific needs of each country.

GxP – The Customer-Centric Service Delivery Platform is designed for modern governments, to proactively support citizens and businesses throughout their customer journey and for their lifetime events.

The Virtual Fiscal Device Management System improves VAT collection through out the country. It is used for issuing fiscal digital receipts to taxpayers for every sales transaction completed online and is signed by the server in real-time.

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Finance and Retail Offerings

DIGITAL Loans is a platform for SME and Retail loans used by banks and other financial services providers to increase their loan portfolio in a shorter time, keep the lending management and related costs under control and excel in their operational risk management.

BANKTRON – an award-winning secure and intuitive digital banking platform. It is easily integrated with the latest FinTech solutions

KASU RETAIL – An omnichannel solution to manage and accelerate your retail business.

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Sustainability

We embrace the United Nations and World Bank Sustainability Initiatives through our contribution to:

• Enabling the business environment & job creation
• Increasing the efficiency of government services
• Facilitating financial inclusion and access to finances
• Supporting domestic resource mobilisation
• Improving the accessibility of social and business services
• Facilitating environmental sustainability
• Securing the digital environment

SUNRD Companies

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Business Results

2020 H1

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PROJECTS

Consultancy

• Senegal: Civil registration system (2019-2020)
• Guyana: E-public service delivery infrastructure assessment (2020-2021)
• Kenya: Collateral registry assessment and maintenance (2020-2021)
• Eastern Caribbean States: Unique ID infrastructure assessment (2020-2021)
• Samoa: Civil Registry and National ID infrastructure assessment (2020-2021)
• Uganda: Digital transformation plan for the creation of microfinancing (2020)
• Zanzibar: Consultancy services for a business registry system expansion (2020-2021)

Solutions implemented

• Zanzibar: VFD - Virtual fiscal device management system (2019-2020)
• Cayman Islands: E-registry system creations (2018-2020)
• Anguilla: BUSREG implementation (2020-2021).
• Barbados: GxP - Public e-service delivery platform implementation (2020-2021)
• Latvia: Digital banking platform for Baltic International Bank (2018-2020)
• Kyrgyzstan: Kyrgyz Post development and implementation (2018-2020)
• Lithuania: Insurance policies management system - Beesure (2019-2020)

Support & maintenance services

• Uganda:
• BUSREG maintenance (2019-2020-2021).
• Investor e-registry system maintenance (2020-2020)
• Zanzibar:
• Civil registry support and maintenance (2020-2021)
• Business registry system maintenance (2020-2021)
• Lithuania:
• E-customs system maintenance (ongoing)
• National E-registry system maintenance services (finished)
• VAT collection system development works (new)
• Digital banking migration for Luminor Bank (finished)
• COVID-19 loan origination process for Siauliu Bank.
• Mauritius:
• BUSREG support and maintenance (2020-2021)
• E-registry system monitoring services (2020-2021)
• E-registry migration services (2020)

Subcontracting

• Kenya: Cyber security (2019-2020)
• Ecuador: Cyber security (2019-2020)
• Egypt: Cyber security (2020)
• Bangladesh: Cyber security (2018-2020)
• New Caledonia: Cyber security (2020)

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Visibility & Recognition

NRD Companies

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Webinars and Conferences

Hosted events

• April 29 Webinar hosted by ETRONIKA AND W.UP. "Reimagining Digital Banking During and After COVID-19"
• May 28 Webinar "Catalysing Local Economic Recovery"
• July 14 Webinar "How to Easily Climb Up in Business Rankings"
• July 21-22, Two-day webinar "Digital Identity Management System" for the Samoa Government, businesses and citizen communities

Participated

• March 5-6 Prague. "LendingUP 2020" - sponsor, booth and speaker
• May 18-20 "E-Governance Conference" - virtual booth
• June 15-18 Conference "FinTech Week Lithuania" - virtual booth, speaker in a panel discussion and networking
• June 10 "FinTech Talents Virtual Spring 2020"
• August 5 "FinTech Junction Summer 2020" - virtual event, networking and pitches

Upcoming

• Kęstutis Gardžiulis, Founder & Chief Innovation Officer at ETRONIKA joined the FINOVATE AWARDS 2020 Judging Panel

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Opinion Statements / Articles

AFRICAN EYE REPORT
Reporting happenings in Africa

HOME NEWS > BANKING & FINANCE > ECONOMY > MINI

AUGUST 2017 - 12:09:04 PM

Helping Emerging Economies Thrive: How Business Registries Can Facilitate Faster Economic Growth

Webinar "How to Climb up in Ease of Doing Business Rankings"

July 22nd, 2020//- An effective business registration system plays a crucial role in economic well-being and its advancement, especially emerging economies.

However, it also needs a strong leadership backbone behind it to drive the process forward. Full leadership support and full-fledged business registrars are the key factors that help a country climb the Ease of Doing Business rankings, which enables it to attract more foreign capital, thus accelerating its economic growth.

How Improving Business Registry Facilitate Economic Growth

Published on July 7, 2020

Sara Tarahana
Vice of Registry Practice

Today it is clear that the economy cannot prosper without a healthy private and local businesses create jobs and generate income that later brings immense national level. Therefore, any government, concerned with economic well-being, should have a good experience to know and work through effective business registries.

Winning the lending race

Published on October 10, 2020

Michela Tandau
Senior Worked Gene in IFRONA

Winning the Lending Race in the Post COVID-19 World

Published on June 10, 2020

Michela Tandau
Senior Worked Gene in IFRONA

How business registries can facilitate faster economic growth

Improved registries streamline nation-wide reforms that help climb the ranks in the World Bank's Ease of Doing business index – an international standard to measure a country's appeal for foreign investment

A traffic line business registries promote a wide range of business registries that can be used to improve the business. This is a standard tool for building business registries, which is a standard tool for building business registries that can be used to improve the business.

In addition to its ability to provide a better business, it is also a standard tool for building business registries that can be used to improve the business.

In addition to its ability to provide a better business, it is also a standard tool for building business registries that can be used to improve the business.

How business registries can facilitate faster economic growth

Improved registries streamline nation-wide reforms that help climb the ranks in the World Bank's Ease of Doing business index – an international standard to measure a country's appeal for foreign investment

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Awards

National representatives for selecting the best solutions for the WORLD SUMMIT AWARDS WSA and awarded "Personal Income Tax Return Wizard" as

"THE BEST SOLUTION FOR THE COUNTRY" and "THE FAVOURITE OF THE PUBLIC"

The competition was organised by the Information Society Development Committee together with the Communications Regulatory Authority of the Republic of Lithuania.

NRD Companies

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Financial Results

2020 H1

NRD Companies

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Key profit (loss) items* (thous. eur)

	NRD Companies
			„NRD AS“		UAB „NRD Systems“		UAB „Etronika“
	6 months of 2019	6 months of 2020	6 months of 2019	6 months of 2020	6 months of 2019	6 months of 2020	6 months of 2019	6 months of 2020
Revenue	3,263	3,847	1,248	2,462	1,094	1,173	1,190	1,011
Gross profit	896	1,358	202	616	236	459	516	319
EBITDA	18	420	(116)	221	(28)	157	251	43
EBIT	(110)	292	(117)	218	(75)	102	191	(8)
Net Profit (Loss)	(150)	211	(126)	184	(100)	69	173	(33)

*Unaudited consolidated results of NRD Companies are presented. Financial statements for the year ended 31 Dec 2019 of Etronika UAB, NRD Systems UAB and NRD AS are audited, financial results of 6 months of 2020 are unaudited.

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Key balance sheet items* (thous. eur)

	NRD Companies
			„NRD AS“		UAB „NRD Systems“		UAB „Etronika“
	31-12-2019	30-06-2020	31-12-2019	30-06-2020	31-12-2019	30-06-2020	31-12-2019	30-06-2020
Tangible assets	434	330	14	13	246	194	171	120
Intangible assets	370	306	15	14	2	2	281	238
Other non-current assets	77	76	-	-	57	57	21	20
Current assets	5,079	6,028	3,057	4,082	1,244	1,492	1,396	1,132
of which cash	478	654	65	165	273	127	107	188
Total assets	5,960	6,740	3,086	4,109	1,549	1,745	1,869	1,510
Equity	1,417	1,715	682	796	217	286	628	598
Non-current liabilities	460	426	-	13	135	135	314	266
Of which financial debt	395	361	-	-	135	135	260	226
Current liabilities	4,083	4,599	2,404	3,300	1,197	1,324	927	646
of which financial debt	1,288	1,053	676	655	359	483	362	20
Total liabilities and equity	5,960	6,740	3,086	4,109	1,549	1,745	1,869	1,510

*Unaudited consolidated results of NRD Companies are presented. Financial statements for the year ended 31 Dec 2019 of Etronika UAB, NRD Systems UAB and NRD AS are audited, financial results of 6 months of 2020 are unaudited.

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Revenue* (thous. EUR)

*Aggregated revenue of NRD companies are represented.

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EBITDA (thous. EUR)

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Revenue of NRD Companies for 6 months of 2019 by country

• Lithuania 45 %
• Bangladesh 16 %
• Norway 7 %
• Tanzania 6 %
• Estonia 4 %
• Mauritius 4 %
• The Cayman Islands 4 %
• Others 14 %

Revenue of NRD Companies for 6 months of 2020 by country

• Lithuania 27 %
• The Cayman Islands 3 %
• Zanzibar 33 %
• Estonia 2 %
• Norway 16 %
• Barbados 2 %
• Mauritius 4 %
• Others 12 %

THOUSAND EUR	6 months of 2019	6 months of 2020	Change
Lithuania	1,613	1,281	(332)
Others	1,957	3,431	1,474
Total	3,570	4,712	1,142

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NOVIAN

The Novian group

Review of results for the first half of 2020

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About the Novian group

The companies in the IT infrastructure services and software group Novian provide a wide range of services for companies and public sector institutions – from IT resource optimization and digital transformation opportunities to ensuring the high reliability of critical infrastructure and building national-scale systems.

The group includes the IT service providers BAIP (Lithuania), Andmevara Services OU* (Estonia) and Andmevara SRL (Moldova). Software services are provided by the group companies Algoritmu Sistemos, Acena (Lithuania) and Andmevara AS (Estonia). Norway-based Zissor focuses on digitalization services.

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Main strategic directions

• To expand the geography of group companies' activities giving priority to the markets of the Baltic and Scandinavian countries;
• To increase the companies' competencies in the fields of high-performance computing devices, digital transformation, big data, and artificial intelligence.

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Novian group financial indicators

Revenues, thousands of EUR

EBITDA, thousands of EUR

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Novian group financial indicators (thousands of EUR)

	Novian
		IT infrastructure services				Software services						Zissor AS
			BAIP, UAB		Andmevara Services OU/ Andmevara SRL		Algoritmų sistemos, UAB		Andmevara AS		Acena, UAB
	6 months of 2019	6 months of 2020	6 months of 2019	6 months of 2020	6 months of 2019	6 months of 2020	6 months of 2019	6 months of 2020	6 months of 2019	6 months of 2020	6 months of 2019	6 months of 2020	6 months of 2019	6 months of 2020
Revenue	10,502	10,547	7,863	7,822	369	297	1,064	1,241	517	533	341	361	348	293
Gross profit	2,276	2,553	1,091	1,265	368	297	244	386	197	239	124	99	253	268
EBITDA	294	808	483	760	23	23	(52)	108	(90)	10	(58)	(65)	35	22
EBIT	(101)	407	196	475	15	13	(99)	46	(121)	(21)	(61)	(67)	17	13
Net Profit (Loss)	(208)	313	151	420	(8)	5	(115)	39	(146)	(43)	(62)	(67)	18	12

Presented unaudited aggregated Novian group results. Financial statements for the year ended 31 Dec 2019 of BAIP UAB, Algoritmų sistemos UAB and Zissor AS are audited, financial results of 6 months of 2020 are unaudited.

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Novian group financial indicators (thousands of EUR)

	Novian
		IT infrastructure services				Software services						Zissor AS
			BAIP, UAB		Andmevara Services OU/ Andmevara SRL		Algoritmų sistemos, UAB		Andmevara AS		Acena, UAB
	31-12-2019	30-06-2020	31-12-2019	30-06-2020	31-12-2019	30-06-2020	31-12-2019	30-06-2020	31-12-2019	30-06-2020	31-12-2019	30-06-2020	31-12-2019	30-06-2020
Tangible assets	1,251	1,300	897	841	12	25	296	257	34	169	9	8	1	-
Intangible assets	1,861	1,841	65	65	4	4	1,768	1,758	2	1	1	-	20	9
Other non-current assets	681	572	812	421	-	-	177	472	-	-	-	-	132	119
Current assets	11,404	9,885	7,793	7,031	153	197	1,818	1,679	456	395	875	349	273	291
of which cash	3,540	1,288	2,016	956	29	16	595	90	218	16	596	118	70	85
Total assets	15,197	13,598	9,567	8,358	169	226	4,059	4,166	492	565	885	357	426	419
Equity	5,122	5,404	2,591	3,011	(47)	(42)	2,745	2,784	(218)	(261)	139	72	318	299
Non-current liabilities	687	1,149	336	344	-	-	351	646	-	113	-	-	-	46
of which financial debt	483	651	328	337	-	-	155	155	-	113	-	-	-	46
Current liabilities	9,388	7,045	6,640	5,003	216	268	963	736	710	713	746	285	108	74
of which financial debt	1,746	1,708	1,205	1,110	130	130	66	34	345	424	-	-	-	-
Total liabilities and equity	15,197	13,598	9,567	8,358	169	226	4,059	4,166	492	565	885	357	426	419

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Revenue of Novian group by country (thousands of EUR)

REVENUE OF NOVIAN FOR 6 MONTHS OF 2019 BY COUNTRY

REVENUE OF NOVIAN FOR 6 MONTHS OF 2020 BY COUNTRY

Lithuania
Estonia
Norway
Burundi
Rwanda
United Kingdom
Others

THOUSANDS OF EUR	6 months of 2019	6 months of 2020	Change
Lithuania	5,944 (57%)	7,193 (68%)	1,249
Others	4,558 (43%)	3,354 (32%)	(1,204)
Total	10,502	10,547	45

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IT infrastructure services

BAIP (Lithuania), Andmevara Services OU (Estonia) and Andmevara SRL (Moldova)

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Main financial figures

Revenues, thousands of EUR

EBITDA, thousands of EUR

baip

Critical IT infrastructure

ANDMEVARA

3 YEAR UNIVERSITY

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Companies' revenues by country (thousands of EUR)

REVENUE OF BAIP, ANDMEVARA SERVICES IR ANDMEVARA SRL FOR 6 MONTHS OF 2019 BY COUNTRY

REVENUE OF BAIP, ANDMEVARA SERVICES IR ANDMEVARA SRL FOR 6 MONTHS OF 2020 BY COUNTRY

THOUSANDS OF EUR	6 months of 2019	6 months of 2020	Change
Lithuania	4,574 (56%)	5,660 (70%)	1,086
Others	3,658 (42%)	2,459 (30%)	(1,199)
Total	8,232	8,118	(113)

baip

Critical IT infrastructure

ANDMEVARA

10000000000000000000000000000000000000000000000000000000000000000000

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Long-term priorities

• Geography of services: focus on development in the Baltic and Norwegian markets
• Service portfolio:
• High performance computing devices and clusters;
• Continuous services that require high qualifications;
• Open source cloud technologies;
• Data archiving solutions.

baip

Critical IT infrastructure

ANDMEVARA

IT INVESTMENTS & RESEARCH

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Empowering businesses through technologies

• Critical IT infrastructure services:
• consulting on digital transformation strategy preparation and implementation;
• high availability solutions,
• high performance computing and cloud computing design, installation and control services,

• IT infrastructure support and resilience assurance.

• Modern digital workplace strategy preparation and implementation:

• workplace as a service,
• Internet of Things,
• information kiosks,

• printing/copying managed services.

• Complete supply chain and equipment life cycle management:

• architectural design, selection, delivery and deployment of equipment, professional maintenance, warranty and post-warranty services.

baip

Critical IT infrastructure

ANDMEVARA

1

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N

Main projects

HIGH PERFORMANCE COMPUTING

• Botswana's South Africa Development Community Climate Services Centre (SADC CSC): implementation of climate change and weather forecasting solutions in 14 African countries.
• Vilnius University Faculty of Math & Informatics (VU MIF): cluster of high-performance computing devices.

DATA CENTER SOLUTIONS

• Burundi revenue authority (Office Burundais des Recettes, OBR): critical IT infrastructure development.
• Zanzibar Revenue Board (ZRB): infrastructure delivery and implementation.
• National Bank of Rwanda (BNR): IT infrastructure development project.
• Ambergrid: IT infrastructure migration and reorganization.
• Mauritius Registrar-General's Department: eRegistry system - "MeRP" system renewal and migration to new infrastructure.
• Lithuanian GovCloud implementation and integration (Oracle virtualisation, information system monitoring and backup solution integration).

CONTINUOUS SERVICES

• Bank of the Republic of Burundi (BRB): critical IT infrastructure maintenance for 2 years.
• Conexus: IT infrastructure maintenance and development in Singapore.
• Swedbank: iKiosk & workstations delivery & maintenance.
• National Land Service: IT infrastructure development and maintenance.
• Norfa: IT infrastructure maintenance and development.
• Susisiekimo paslaugos: maintenance services in public transport stops.
• Luminor: NetKiosks delivery and maintenance.
• Kesko Senukai: IT infrastructure maintenance.

baip

Critical IT infrastructure

ANDMEVARA

1

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Software services

Algoritmu Sistemos, Acena (Lithuania) and Andmevara AS (Estonia)

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N

Main financial indicators

Revenues, thousands of EUR

EBITDA, thousands of EUR

algorítmú

acena

ANDMEVARA

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N

Companies' revenues by country (thousands of EUR)

REVENUE OF ALGORITMŲ SISTEMOS, ACENA AND ANDMEVARA FOR 6 MONTHS OF 2019 BY COUNTRY

THOUSANDS OF EUR	6 months of 2019	6 months of 2020	Change
Lithuania	1,369 (71%)	1,533 (72%)	164
Others	553 (29%)	602 (28%)	49
Total	1,922	2,135	213

algoritmu

acena

ANDMEVARA

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N

Long-term priorities

• Services geography: to expand sales geography to Estonia and Norway.
• Competence development in these areas:
• Big Data,
• Artificial Intelligence,
• Robotic process automation,
• Data lakes.

algorithmu

acena

ANDMEWARA

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N

Portfolio of services and solutions

Activities: creation of complex information systems for state institutions and large and medium-sized enterprises, business process digitalization, business intelligence solutions.

algorítmu

acena

ANDMEVARA

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Main projects

Development of 2021 census software for the Lithuanian Department of Statistics	Bangladesh Computer Council: Development of cybersecurity strategy, assessment of critical infrastructure, provision of self-assessment toolkit, and basic cybersecurity package for agencies	Zanzibar Revenue Board: Consulting services for the development and implementation of an EFD based on a virtual fiscal devices management system	Development and implementation of unified product, packaging and waste accounting IS for the Ministry of Environment	Development of a Personal Income Tax Information System for the State Tax Inspectorate
Development and maintenance of the information system of the State Tax Inspectorate for the exchange of value added tax information between countries of the European Union	Development and maintenance of the integrated tax information system of the State Tax Inspectorate	Development of IS for calculation of rent for state land in municipalities	Development and modernization project for the Labor Inspectorate for continuous monitoring of working conditions at workplaces	Development of electronic speech-managed services for a Vilnius University project
Maintenance and development of the waste management information system for the Vilnius waste system administrator	Lithuanian National e-establishment of a health contact center and a cross-border information system	BI projects: Philip Morris International Baltic, Altas, Viešųjų pirkimų tarnyba, Infrastruktūra, Energus Group, INVL Asset Management	Process automation: INVEGA, Drogas, Eugesta, Viada, Cgates, Energus Group, Barbora, Stansefabrikken, NRD AS	Development of Estonian Patient Office IS and register

algorítmu

acena

ANDMEVARA

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Media monitoring and digitization

Zissor (Norway)

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N

Zissor revenues by country (thousands of EUR)

FOR 6 MONTHS OF 2019

The United Kingdom
Sweden
Finland
Germany
Greece
Norway
Others

FOR 6 MONTHS OF 2020

The United Kingdom
Sweden
Germany
Greece
Others

Thousands of EUR	6 months of 2019	6 months of 2020	Change
Lithuania	-	-	-
Others	348 (100%)	293 (100%)	(55)
Total	348	293	(55)

Zissor

a Novian company

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N

Long-term priorities

• Expansion of current portfolio of clients in the field of media monitoring and digitization;
• Expansion of portfolio of services with offerings of other group companies: IT infrastructure and software services.

20+

Years on the international market.

1,000,000+

Newspaper and magazine pages digitized using our software every week.

Zissor
a Novian company

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N

Main services

Archive Digitization Software

PDF-to-Article Conversion

Digitization Services

Media Monitoring Software

The company launched its new website in the first half of 2020.

Zissor

a Novian company

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N

Main clients and services

Zissor Media System clients

• Cision (UK)
• Pressrelations (Germany)
• ClipNews (Greece)
• Magnolia Clipping and Broadcast Monitoring Service (US)

Zissor Content System clients and service

• Riksarkivet Sweden
• Zissor Service Norway (Digitizing archives for Scandinavian newspapers and magazines)
• Zissor Service Norway (Conversion of PDF to XML for Danish newspapers)

Zissor
a Novian company

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NRD Cyber Security

Let's cooperate on securing digital environment!

NRD Cyber Security establishes cybersecurity capacity building practices and enhances cyber resilience to nations and organizations.

The company specializes in the establishment and modernization of cybersecurity teams (CSIRTs) and security operations centers (SOCs) as well as cyber threat intelligence and managed security services.

NRDCS.LT

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NRD Cyber Security

FOCUS

Cybersecurity operations build-out, incident detection and handling, establishment and support of Computer Security Incident Response Teams (CSIRTs) and cyber capacity enhancement at organizational and national levels

CUSTOMERS

Governments, public and private sector organizations

KEY MARKETS

• Central governments
• Critical infrastructure
• Enterprise security
• Intelligence and law enforcement

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NRD Cyber Security

NRD CYBER SECURITY LONG TERM GOALS

NRD Cyber Security's value creating strategy is to expand the activities of consulting and integration projects with repetitive services and developed products.

• Development of NRD CIRT and CyberSOC in Baltic and Scandinavian regions;
• Development of geographical and sectoral sales;
• Development of own products and R&D
• Development of NRD CS products.

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NRD Cyber Security

REVENUE (THOUS. EUR)

Starting from the end of 2018, NRD Cyber Security is actively investing into R&D activity. Until June 30, 2020 the total amount of investment has reached 1.2M EUR (539 k EUR - Company's own funds). The aim of this activity is to create own products (IntEye and CySystem) that will be dedicated for current and potential clients in the global and local markets. During the first half of 2020 NRD Cyber Security has invested 480 thousand EUR in R&D activities of which 276 thousand EUR - ES funds, 204 thousand EUR- company's own share. R&D costs in the company were not capitalized.

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NRD Cyber Security

EBITDA (THOUS. EUR)

Focus on creating own products and related to that investment into R&D has a significant effect on decreasing EBITDA ratio of the Company. Expenses incurred during research and early prototypes creation stages are not capitalized. It is planned that EBITDA ratio will surge when products will be introduced to the market.

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NRD Cyber Security

NRD CYBER SECURITY REVENUE BY COUNTRY (THOUSAND EUR)

REVENUE OF NRD CYBER SECURITY FOR 6 MONTHS OF 2019 BY COUNTRY

REVENUE OF NRD CYBER SECURITY FOR 6 MONTHS OF 2020 BY COUNTRY

THOUSAND EUR	6 months of 2019	6 months of 2020	Change
Lithuania	506	615	109
Others	847	347	(500)
Total	1,353	962	(391)

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NRD Cyber Security

KEY PROFIT (LOSS) ITEMS* (THOUS. EUR)

	NRD CS, UAB
	6 months of 2019	6 months of 2020
Revenue	1,353	962
Gross profit	844	496
EBITDA	237	39
EBIT	184	(54)
Net Profit (Loss)	176	(57)

*Financial statements for the year ended 31 Dec 2019 are audited, financial results of 6 months of 2020 are unaudited.

KEY BALANCE SHEET ITEMS* (THOUS. EUR)

	NRD CS, UAB
	2019-12-31	2020-06-30
Tangible assets	292	243
Intangible assets	92	68
Other non-current assets	213	212
Current assets	1,156	1,407
of which cash	465	198
Total assets	1,753	1,930
Equity	1,069	1,012
Non-current liabilities	101	101
Of which financial debt	101	101
Current liabilities	583	817
Of which financial debt	42	21
Total liabilities and equity	1,753	1,930

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NRD Cyber Security

NRD CYBER SECURITY PROJECTS

CSIRT/SOC ESTABLISHMENT

NATIONAL CYBER CAPACITY BUILDING

ORGANIZATIONAL CYBER CAPACITY BUILDING

TECHNOLOGY SOLUTIONS

• Peru
  SOC assessment
• Egypt
  Fin-CIRT set-up

• Afghanistan
  CERT maturity assessment

• ENISA
  Revising CSIRT/SOC establishment methodoly

• Serbia
  Cybersecurity ecosystem assessment

• European Investment Bank(EIB)
  Development of cybersecurity project qualification methodology

• Lithuania

• IT Security Assessment for Vičiūnai Group
• Security Risk assessment for EPSO-G
• IT Security Assessment for Regitra
• Responsible disclosure policy for Vilnius City Municipality

• CyberSOC service for Telecommunication company, bank

• Cyprus
  Cyber sensor technology

• Egypt
  CollectiveSight platform
• Lithuania
  Various Technological Solutions

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NRD Cyber Security

NRD CYBER SECURITY PORTFOLIO: ORGANIZATIONAL CYBERSECURITY

Comprehensive security check

• Security risk assessment
• Compliance assessment and assurance*
• Cybersecurity maturity assessment
• Cloud infrastructure security assessment
• Penetration and vulnerability assessment
• Business and IT continuity check

Implementation of Security Solutions

• Security software/hardware
• CSIRT/SOC stacks
• Fraud investigation and analytical platforms
• Implementation of ISMS based on ISO 27001
• Information and cyber security strategy, policies and procedures

CyberSOC managed security

• CISO advisory services
• Security incident analysis and threat hunting
• Network intrusion detection
• Log monitoring
• Vulnerability monitoring
• Compliance monitoring*

Training courses

• Cybersecurity essentials
• Information and cyber security risk management
• Open source intelligence
• Intelligence analysis
• Digital forensics
• Incident response
• Internal audit

Emergency security assistance

• Security incident handling
• Digital forensics services

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*We use CIS-CSC, NIST CSF, GDPR, ISO 27001, SOC-CMM, SIM3, COBIT, etc.

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NRD Cyber Security

NRD CYBER SECURITY PORTFOLIO: NATIONAL CYBERSECURITY

Cybersecurity capacity building	· National, governmental and sectorial CSIRT/SOC establishment · National cybersecurity strategy and legislative framework development · Development of frameworks for Critical Information Infrastructure(CII) protection · National cybersecurity maturity capacity assessment
Technology solutions	· Sensors for national Critical Infrastructure (CI) · Intelligence automation and data modelling · Open Source Intelligence (OSINT) · Cyberlabs for digital forensics investigations
Training courses	· Governing cybersecurity at the national level: best practices and lessons learned

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INVL

COVID-19 PANDEMIJOS POVEIKIO ATSKLEIDIMAS

Assessing the impact of the coronavirus pandemic on the company's operations in the first half of this year, the pandemic's restrictions and closing of national borders had a negative impact on the signing of new projects, settlements and the performance of existing projects, and in seeking to ensure future orders and implement existing projects, businesses' internal processes were reorganised. As forecast, the impact on results was not big. It is judged that if conditions do not change fundamentally, the impact will remain the same until the year-end.

The change in circumstances or with clearer consequences, the Company will provide the information in a separate notice.

The Company's management company INVL Asset Management, UAB does not foresee any malfunction in the management of the Company due to COVID-19.

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INL

IMPORTANT INFORMATION FOR CLOSED-END INVESTMENT COMPANY (UTIB) INVL TECHNOLOGY

• 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.

• 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.

• 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.

• 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.

• 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.

• The right of investors in the closed-end investment company to demand redemption of shares which they hold is restricted.

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INVL TECHNOLOGY

THANK YOU.

INVL TECHNOLOGY
Gynėjų str. 14, 01109
Vilnius, Lithuania
www.invltechnology.lt
info@invltechnology.lt