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INVL Technology Interim / Quarterly Report 2020
2265_rns_2020-08-26_2aeaf81d-e74e-46c0-8bd8-d681acc8b270.pdf
Interim / Quarterly Report
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INVL
TECHNOLOGY
Special Closed-Ended Type Private Capital Investment Company's
INVL Technology
Interim Report for 6 months of 2020
INVL TECHNOLOGY
INTERIM REPORT 6 MONTHS OF 2020
Translation note:
This version of the Interim Report for the 6 months of 2020 is a translation from the original, which was prepared in Lithuanian language. All possible care has been taken to ensure that the translation is an accurate representation of the original. However, in all matters of interpretation of information, views or opinions, the original language version takes precedence over this translation.
Contents
Foreword of the Managing Partner of INVL Technology...4
I. GENERAL INFORMATION...5
1. Reporting period for which the report is prepared...5
2. General information about the Issuer and other companies comprising the group...5
2.1. Information about the Issuer...5
2.2. Information on company's goals, philosophy and strategy...5
2.3. Information about the Issuer's group of companies...6
2.3.1. Structure of the portfolio companies of INVL Technology:...7
2.3.2. Geography of INVL Technology portfolio companies:...8
II. INFORMATION ABOUT THE ISSUER'S AND ITS GROUP COMPANIES' ACTIVITY...9
3. KEY FIGURES AND EVENTS OF INVL TECHNOLOGY AND GROUP COMPANIES...9
3.1. Key figures of INVL Technology...9
3.2. Financial assets, thous. EUR...9
3.3. Change in fair value of financial assets, thous. eur...10
3.4. Key figures of INVL Technology portfolio companies...10
4. Significant Issuer's events during the reporting period...11
5 Significant events of portfolio companies during reporting period...13
5.1. BUSINESS CLIMATE IMPROVEMENT AND E-GOVERNANCE...13
5.2. IT INFRASTRUCTURE SERVICES AND SOFTWARE...18
5.3. CYBERSECURITY...26
III. INFORMATION ABOUT SECURITIES...30
6. The order of amendment of Issuer's Articles of Association...30
7. Structure of the authorized capital...30
8. Trading in Issuer's securities...30
9. Shareholders...32
9.1. Information about Company's shareholders...32
IV. ISSUER'S MANAGING BODIES...33
10. Structure, authorities, the procedure for appointment and replacement...33
11. Information about members of the Board, Company providing accounting services...33
11.1. The managing bodies of the issuer...33
11.2. Information about the Audit Committee of the company...34
11.3. The Audit Committee bodies...34
11.4. Information about accounting services company...35
12. Information on the amounts calculated by the Issuer, other assets transferred and guarantees granted to the Members of the Board, director and company providing accounting services...35
V. OTHER INFORMATION...36
13. References to and additional explanations of the data presented in the annual financial statements and consolidated financial statements...36
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INVL TECHNOLOGY
INTERIM REPORT 6 MONTHS OF 2020
- Agreements with intermediaries on public trading in securities ... 36
- Information on Issuer's branches and representative offices ... 36
- Information about agreements of the Company and the members of the Board, or the employees' agreements providing for compensation in case of the resignation or in case they are dismissed without a due reason or their employment is terminated in view of the change of the control of the Company ... 36
- A description of the principal advantages, risks and uncertainties ... 36
- Significant investments made during the reporting period ... 36
- Information about significant agreements to which the issuer is a party, which would come into force, be amended or cease to be valid if there was a change in issuer's controlling shareholder ... 36
- Information on the related parties' transactions ... 36
- Disclosure of the impact of the COVID-19 pandemic ... 37
- Information regarding transactions with related parties ... 37
- Employees ... 38
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INVL TECHNOLOGY
INTERIM REPORT 6 MONTHS OF 2020
Foreword of the Managing Partner of INVL Technology
"Global events in the first half of this year impacted the companies' results unequally. Despite the challenges that arose, they adapted to the changed conditions," says INVL Technology's managing partner Kazimieras Tonkūnas.
INVL Technology, a company that invests in IT businesses, had equity of EUR 29.2 million at the end of the first half of this year, or EUR 2.40 per share. The latter figure increased by 0.9% from the end of 2019.
The value of the company's financial assets at the end of the reporting period was EUR 26.4 million and grew 1.8% from the start of the year. INVL Technology had a net profit of EUR 0.3 million in the first half of this year compared to a net loss of EUR 0.4 million in the same period last year.
After completing the formation of a three-company group structure last year, this year we are further focusing on increasing the value of the companies. We're pursuing that goal by expanding the sales geography and new technologies as well as by developing new services and products, especially in the area of cybersecurity. We are also open to new acquisitions.
The aggregated revenues of the businesses owned by INVL Technology increased 4.8% in the first half of this year compared to the same period of 2019, to EUR 16.5 million, while the aggregated EBITDA increased 2.1 times to EUR 1.3 million.
Global events in the first half of this year impacted the companies' results unequally. Despite the challenges that arose, they adapted to the changed conditions.
Compared to the same period last year, the biggest contributor to the increase of EUR 0.76 million in the businesses' sales was projects implemented in Lithuania, the revenue from which accounted for 57% of all the companies' revenues, or EUR 9.4 million, and compared to last year grew by EUR 1 million, or 12%.
The biggest contribution to revenue growth in Lithuania was from the Novian group, which this year increased such revenue by EUR 1.25 million, or 21% to EUR 7.2 million. It was NRD Companies that increased sales in foreign markets the most. Its revenues from the foreign markets in the first half of the year reached EUR 3.4 million, up EUR 1.5 million or 75% from the same period last year.
Overall in 2020, INVL Technology's businesses conducted projects in 50 countries. New countries where activities were carried out include Portugal, Serbia, Anguilla, Afghanistan, Saint Lucia and Senegal.
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.
Kazimieras Tonkūnas
INVL Technology Managing Partner
INVL TECHNOLOGY
INVL TECHNOLOGY
INTERIM REPORT 6 MONTHS OF 2020
I. GENERAL INFORMATION
1. Reporting period for which the report is prepared
This Interim Report is prepared for the period from 1 January 2020 until 30 June 2020. The report also includes important events of the company and group occurring after the end of the reporting period. The report was not audited.
2. General information about the Issuer and other companies comprising the group
2.1. INFORMATION ABOUT THE ISSUER
| Name of the Issuer | Special closed-ended type private capital investment company INVL Technology |
|---|---|
| Code | 300893533 |
| Address | Gynéjú str. 14, LT01109 Vilnius, Lithuania |
| Telephone | +370 5 279 0601 |
| [email protected] | |
| Website | www.invltechnology.lt |
| Legal form | Public joint-stock company |
| Type of the company | Closed-ended type investment company |
| Date and place of registration | 27 June 2007. Register of Legal Entities |
| Date on which the supervisory authority approved the documents on the formation of the collective investment undertaking | 14 July 2016 |
| Period of activity of the Company | Till 14 July 2026 (+2 years) |
| Register in which data about the Company are accumulated and stored | Register of Legal Entities |
| Management company | INVL Asset Management UAB, code 126263073, licence No. VJK-005 |
| The depository | SEB Bank, AB, code 112021238, bank licence No. 2 |
2.2. INFORMATION ON COMPANY'S GOALS, PHILOSOPHY AND STRATEGY
INVL Technology is a specialized company which invests in IT businesses. With investment and development of information technology businesses, INVL Technology contributes to innovations in countries, sectors and companies, as well as the advancement of the society.
INVL Technology is managed by the company INVL Asset Management which adheres to the Principles for Responsible Investment. The PRI, founded in 2006 and supported by the UN, aims to assess the investment implications of environmental, social and governance (ESG) factors.
A 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.
INVL Technology's management aims to reduce constraints on the value growth of the managed companies by lowering entry barriers to new markets, accelerating product development, and shortening the learning curve.
INVL Technology finances, controls and supports responsible development of intangible assets in the managed companies. It considers companies' products, experience, research and development projects, project companies' knowledge, expertise in fast growing markets and customer relationships as strategically important for the growth of the value of financial assets.
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INVL TECHNOLOGY
INTERIM REPORT 6 MONTHS OF 2020
Intellectual capital is the property of the managed companies. Its commercialization is a principal part of the companies' transformation strategy.
Managed companies have to operate efficiently and grow faster than the sector. Their cooperation is based on market relations. However, managed companies have priority access to each other's know-how and experience.
2.3. INFORMATION ABOUT THE ISSUER'S GROUP OF COMPANIES
INVL Technology operates as a cluster of IT businesses working with large corporate and government entities. The classification of companies into 3 functional groups:
NRD Companies
Companies working in the area of Business climate improvement and e-governance combine legal, consultancy and information technology 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 for finance and retail sectors, state taxes, information distribution, digital licences, digital documents and other economic digital infrastructure solutions.
Companies:
- NRD Companies: Norway Registers Development AS with its subsidiaries NRD UAB, ETRONIKA UAB, Norway Registers Development East Africa Ltd, Norway Registers Development Rwanda Ltd, NRD Bangladesh Ltd, and the associated company Infobank Uganda Ltd.;
NOVIAN
IT infrastructure 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 digitization projects, develop tax and local tax administration systems, election management systems.
Companies:
- Novian UAB;
- IT infrastructure services: BAIP UAB with its subsidiary Andmevara Services OU which with its subsidiary Andmevara SRL;
- Software services: Algoritmu Sistemos with its subsidiaries with Acena UAB and Andmevara AS;
- Media monitoring and digitization services: Zissor AS
NRD Cyber Security
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.
Companies:
- NRD CS UAB.
FIN T\ME
The group also owns the business process outsourcing firm FINtime UAB which provides centralized financial management and accounting services as well as provides front-office services and operates premises of the main office of INVL Technology companies.
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INVL TECHNOLOGY
INTERIM REPORT 6 MONTHS OF 2020
2.3.1. STRUCTURE OF THE PORTFOLIO COMPANIES OF INVL TECHNOLOGY:
INVL TECHNOLOGY
INVL TECHNOLOGY
INTERIM REPORT 6 MONTHS OF 2020
2.3.2. GEOGRAPHY OF INVL TECHNOLOGY PORTFOLIO COMPANIES:
Geography of INVL Technology companies (countries written light blue colour, where INVL Technology managed companies implemented projects)
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INTERIM REPORT 6 MONTHS OF 2020
II. INFORMATION ABOUT THE ISSUER'S AND ITS GROUP COMPANIES' ACTIVITY
3. KEY FIGURES AND EVENTS OF INVL TECHNOLOGY AND GROUP COMPANIES
3.1. KEY FIGURES OF INVL TECHNOLOGY
Net Asset Value
| EUR | 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 |
Key figures of INVL Technology, thous. EUR
| 6 months of 2018 | 6 months of 2019 | 6 months of 2020 | |
|---|---|---|---|
| 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 |
| 31.12.2018 | 31.12.2019 | 30.06.2020 | |
| Financial assets value | 24,229 | 25,912 | 26,382 |
| Cash and Cash equivalents | 2,230 | 1,401 | 1,375 |
| Bonds | 1,235 | 920 | 974 |
| Loans | - | 808 | 618 |
| Other assets | 439 | 39 | - |
| 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 |
Equity of the Company as of 30 June 2020 was EUR 29.22 million or EUR 2.40 per share The Company's investments into portfolio companies amounted to EUR 26.38 million at the end of June, 2020.
INVL Technology, the net asset value of the Company was EUR 29,221,994.32 or EUR 2.4001 per share on 30 June 2020.
The priority for the managed companies is new product development as well as increasing their capacity for international operations. Experts of the managed companies also actively organised and took part as presenters and lecturers in various events both in Lithuania and elsewhere in Europe, East Africa and South Asia, cooperated with various international organisations and created new products. That reinforced the intellectual capital of the companies and laid foundation for growth in value.
3.2. FINANCIAL ASSETS, THOUS. EUR
| Companies | 31.12.2019 | 30.06.2020 |
|---|---|---|
| NRD Companies | ||
| (includes Etronika UAB, NRD Systems UAB, Norway Registers Development AS and others) | 5,511 | 5,731 |
| Novian | 15,295 | 15,608 |
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INTERIM REPORT 6 MONTHS OF 2020
(includes BAIP UAB, Acena UAB, Algoritmş sistemas UAB, Andmevara Services OU, Andmevara AS, Andmevara SRL, Zissor AS)
| NRD CS UAB | 4,880 | 4,823 |
|---|---|---|
| FINtime UAB | 226 | 220 |
| TOTAL | 25,912 | 26,382 |
3.3. CHANGE IN FAIR VALUE OF FINANCIAL ASSETS, THOUS. EUR
| Opening balance (31.12.2019) | 25,912 |
|---|---|
| Revaluation | 470 |
| CLOSING BALANCE (30.06.2020) | 26,382 |
3.4. KEY FIGURES OF INVL TECHNOLOGY PORTFOLIO COMPANIES
AGGREGATED INDICATORS OF INVL TECHNOLOGY PORTFOLIO COMPANIES
| INVL TECHNOLOGY IMONES | ||||
|---|---|---|---|---|
| 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 |
AGGREGATED REVENUE OF INVL TECHNOLOGY PORTFOLIO COMPANIES (THOUS. EUR)
EBITDA OF INVL TECHNOLOGY PORTFOLIO COMPANIES (THOUS. EUR)
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INTERIM REPORT 6 MONTHS OF 2020
REVENUE OF INVL TECHNOLOGY FOR 6 MONTHS OF 2019 BY COUNTRY
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 |
4. Significant Issuer's events during the reporting period
FINANCIAL REPORTS
- 8 April 2020 INVL Technology announced that on 31 December 2019 the Net Asset Value of the Company was EUR 28.96 mln or EUR 2.38 per share. Moreover, the audited results were announced. Audited net profit of INVL Technology for 2019, taking into account a revaluation of financial assets, was EUR 933 thousand.
- 29 April 2020 INVL Technology reported preliminary operating results for 3 months of 2020. Equity of the Company and the Company's net asset value as of 31 March 2020 was EUR 28.84 mln or EUR 2.37 per share (in the end of 2019 - EUR 28.96 mln and EUR 2.38 respectively). Investments of the Company into managed companies amounted to EUR 25.91 million at the end of March 2020 (EUR 25.91 mln - at the end of 2019). The net loss of the Company for 3 months of 2020 was EUR 119 thousand (net loss for the same period in 2019 was EUR 331 thousand).
AGREEMENTS
- 11 February 2020 INVL Technology has consolidated companies in the Novian group that provide software services. At the completion of an internal transaction, Algoritmy Sistemos has acquired the business analytics and process automation company Acena from BAIP. Following this acquisition, software services within the Novian group will be provided by Algoritmy Sistemos, Andmevara AS and Acena. In the initial stage of formalising the transaction, Acena UAB's fair value at 30 September 2019 of EUR 427 thousand is being used.
GENERAL SHAREHOLDERS MEETING
- 8 April 2020 the Company announced about the convocation of the General Shareholders Meeting on 30 April 2020. The Meeting was held at the premises of the Company, located at Gyneju str. 14, Vilnius. The draft agenda of the General Shareholders Meeting of INVL Technology was announced - including questions regarding the presentation of the annual report for 2019 and independent auditor's report on the financial statements and annual report of the Company. Also, approval of the and stand-alone financial statements for 2019 and profit distribution of INVL Technology and approval of the Remuneration policy.
- 30 April 2020 it was announced about resolutions of the General Shareholders Meeting of INVL Technology. The shareholders of the Company were introduced with the annual report for 2019 and an independent auditor's report on the financial statements and annual report of the Company. The consolidated and stand-alone financial statements for 2019 and the profit distribution of INVL Technology was approved as well as approval of the Remuneration policy.
INVL TECHNOLOGY
INVL TECHNOLOGY
INTERIM REPORT 6 MONTHS OF 2020
INVEST
LEGAL REGULATION
- 9 June 2020 INVL Technology informs that taking into account provisions of the Law on Collective Investment Undertakings of the Republic of Lithuania (hereinafter - CIU), the Company operating under the CIU is under an obligation to have a valid prospectus (hereinafter - the Prospectus) prepared in accordance with the requirements of the CIU or of the Law on Securities of the Republic of Lithuania (hereinafter - LS). The Prospectus prepared by the Company according to CIU was approved by INVL Asset Management, UAB in August 2019. The Company's management company INVL Asset Management UAB approved the Prospectus and approved its publication.
Information regarding Significant events of the issuer during the reporting period is published on the Company's web site – „For Investors“ → „Regulated information“. The link to the Company's website: https://www.invltechnology.lt/lit/en/news-center?categories=26&years=2020&months=00
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5 Significant events of portfolio companies during reporting period
5.1. BUSINESS CLIMATE IMPROVEMENT AND E-GOVERNANCE
NRD COMPANIES
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.
GROUP COMPANIES*
"Norway Registers Development" (NRD AS) is an international consulting company, which supports institutions to build their organizations for higher efficiency of operation and public service in a large number of countries in Asia, Africa, Europe and Central America. NRD AS is based in Sandvika, Norway.
NRD Systems is an information system development and project delivery company with core competences in state tax systems and state registry modernization. NRD Systems specializes in business, state, property, mortgage, licenses, citizen's and other registries and tax information systems design and development. Integrated services provided by NRD Systems include full development cycle of state of art registry systems, organization capacity building and critical operations support. NRD Systems is based in Vilnius and Kaunas, Lithuania.
Etronika is among the top 100 most innovative FinTech companies in Europe, offering digital platforms for finance and retail sectors, digital and mobile signature, mobile payments, digital services for point-of-sales terminals and other services. Company is based in Vilnius, Lithuania.
NRD Bangladesh is a regional sale, project leadership, project support and maintenance company for group projects in South Asia.
NRD Rwanda is a regional sales, project leadership, project support and maintenance company for group projects in Rwanda, Burundi and Democratic Republic of the Congo.
NRD COMPANIES STRATEGIC FOCUS AREAS FOR 2020 - 2021
- Accelerating technology innovation - Through retaining and growing our professional talent base and continued focus on industry leading solution development and system integration business streams.
- Strengthening global consultancy business line - Through expanding our subject matter competencies in National ID, Civil, Business registries and Tax Administration.
- Expanding sales geography - Through continued partnership with Global Governance Consultancy and Fintech market leaders.
-
Scaling and profitability - Accelerating business growth and efficiency gains through a unified Group approach to achieve and beat industry CAGR of 10-14% (Gartner) over the next 5 years.
-
Norway Registers Development East Africa Limited has been suspended in March 2020; Infobank Uganda - currently does not perform any activities.
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NRD COMPANIES 2020 RESULTS FOR 6 MONTHS OF 2020
KEY PROFIT (LOSS) ITEMS, THOUSAND EUR¹
| NRD Companies | ||||||||
|---|---|---|---|---|---|---|---|---|
| NRD AS | NRD Systems, UAB | Etronika, 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 | |
| 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) |
KEY BALANCE SHEET ITEMS, THOUSAND EUR¹
| NRD Companies | ||||||||
|---|---|---|---|---|---|---|---|---|
| NRD AS | NRD Systems, UAB | Etronika, 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 | |
| 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 |
¹ 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.
NRD COMPANIES REVENUE (THOUS. EUR)*
NRD COMPANIES EBITDA (THOUS. EUR)
*Aggregated revenue of NRD companies are represented.
PROJECTS
In 2020, NRD Companies implemented projects in Lithuania, Zanzibar, Norway, Mauritius, Barbados, the Cayman Islands, Guyana and other countries.
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REVENUE OF NRD COMPANIES FOR 6 MONTHS OF 2019 BY COUNTRY
REVENUE OF NRD COMPANIES FOR 6 MONTHS OF 2019 BY COUNTRY
| 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 |
This foreign market development strategy and focused sales efforts allowed revenue to grow by 18% in the first half of 2020 compared to the same period in 2019 and, at the same time, mitigate the possible negative effects of CIVID-19.
The group uses proven project management methodologies which have been recently upgraded to allow efficient work with clients. This ensured smooth cooperation with customers across the World and countries with limited IT resources.
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 microfinancing creation (2020)
- Zanzibar – Consultancy services for business registry system expansion (2020-2021)
TECHNOLOGICAL SOLUTIONS FOR GOVERNMENT, FINANCIAL INSTITUTIONS AND RETAIL
- Zanzibar – VFD (Virtual fiscal device management system) (2019-2020)
- The 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)
- 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)
INVL TECHNOLOGY
INVL TECHNOLOGY
INTERIM REPORT 6 MONTHS OF 2020
Lithuania:
- E-customs system maintenance (ongoing)
- National E-registry system maintenance services (finished)
- VAT collection system development works (new)
- Digital banking migration 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)
Kenya – Cyber Security (2019-2020)
Ecuador – Cyber Security (2019-2020)
Egypt – Cyber Security (2020)
Bangladesh – Cyber Security (2018-2020)
New Caledonia – Cyber Security (2020)
SIGNIFICANT PROJECTS
ETRONIKA launched a new internet banking platform for the client Baltic International Bank (Latvia). The new internet banking is based on ETRONIKA digital banking platform BANKTRON. The project was started in 2019. In it's press release Baltic International bank states that the new internet banking offering comes with improved functionality and user experience, as well as updated security solutions. Head of Digital Channel Development, Product Development Department, Baltic International Bank, Jānis Osis told: "We have introduced new platform that allows us to be more efficient, faster in our further development, introducing modern and innovative solutions. Project focuses on two important factors: security that has become essential in today's world, second, user-friendliness that to a large extent sets the rules in the digital environment allowing the User to work intuitively, comfortably, using the device that is available at the particular moment whether it is a phone, computer or tablet."
Together with other companies of the NRD Companies and INVLT Technology groups, NRD Systems, Etronika, NRD East Africa and Algorithm Systems continue to provide consulting services for the development, implementation, deployment and launch of a virtual fiscal device management system in Zanzibar. The main goal of this project is to create a virtual technology-based management system for electronic fiscal devices, which will be used to issue fiscal digital receipts to taxpayers for each sales transaction. The client is the Zanzibar Revenue Authority.
The government of Barbados has signed a contract for a progressive e-Services platform implementation to help citizens and business representatives apply for needed services online. The Ministry of Innovation, Science & Smart Technology has signed a contract with NDR AS for e-Services Platform development as part of the Public Sector Modernization Programme for the Government of Barbados. It will serve as a gateway platform for the government administrative bodies to design and deliver e-services to its citizens and businesses. The platform will onboard both public and private institutions encouraging cooperation and data exchange, which, in turn, will streamline their service delivery and improve overall efficiency. The e-Services platform is being developed be developed by ETRONIKA and NRD AS. The project will be of nationwide importance, as by offering interoperability to a great deal of institutions, including those currently working in silos, it will bridge the gap between the government and public sector.
NRD AS has developed AfDB supported Civil Registration Modernization Program for Senegal that builds solid basis for modern CRVS system in the country. Program partner - the Civil Status Department (Département l'État Civil) of Senegal.
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A new product was launched: GxP Customer-Centric Service Delivery Platform. It is designed to proactively support citizens and businesses throughout their customer journey and for their life-time events. GxP provides data insights to redesign public e-services for addressing changing citizens' needs and behavioral patterns.
OTHER EVENTS
Hosted events (webinars): "Reimagining Digital Banking During And After COVID-19"; "Catalysing local economic recovery", Webinar "How to climb up in ease of doing business rankings", "Digital Identity management system" for Samoa Government, business and citizens communities.
Participated: "LendingUP 2020" (Prague); "E-Governance conference".
"Fintech Week Lithuania"; "Fintech Talents Virtual Spring 2020"; "FinTech Junction Summer 2020".
Awards
National representatives for selecting the best solutions for the WORLD SUMMIT AWARDS WSA awarded "Personal Income Tax Return Wizard" as "THE BEST SOLUTION FOR THE COUNTRY" and "THE FAVORITE OF THE PUBLIC". The competition was organized by the Information Society Development Committee together with the Communications Regulatory Authority of the Republic of Lithuania.
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5.2. IT INFRASTRUCTURE SERVICES AND SOFTWARE
NOVIAN
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). Programming services are provided by the group companies Algoritmu Sistemos, Acena (Lithuania) and Andmevara AS (Estonia). Norway-based Zissor focuses on digitalization services
Group companies
IT infrastructure services
BAIP - critical IT infrastructure services: consulting services for the establishment and implementation of digital transformation strategy, high-availability solutions, high performance computing and cloud computing solutions, design, implementation and management of solutions, maintenance and resilience services for critical IT infrastructure. As a business and service partner of the leading global hardware and software manufacturers, BAIP provides its customers with complete supply chain and equipment life cycle management – from architectural design, selection, delivery and implementation of the IT equipment, professional maintenance, warranty and post-warranty services. BAIP also provides its clients with consultations on the design of modern, digital workplace strategy and its implementation, workplace as a service, Internet of things, information kiosks and copying–printing managed services. More information–www.baip.lt.
Andmevara Services OÜ – an information technology company based in Estonia providing digital transformation services, managed IT cloud services, information system maintenance and development services for commercial organizations and state bodies.
Software services
Algoritmq sistemos UAB develops high quality, effective and reliable information systems and business process facilitating programs for large and medium-sized public organizations and enterprises. Main fields of company activity include: e-governance, e-health, finance, social security, environmental protection and education. More information – www.algoritmusistemos.lt.
Acena UAB is an IT solutions company, specialized in business analytics and process automation solutions. More information. – www.acena.lt.
Andmevara AS is a highly reliable information technology company engaged in software development, digitization and a variety of IT solutions for local governments. The company also provides maintenance and customer support. More information – www.andmevara.ee.
Media monitoring and digitization services
Zissor AS, established in the year 2000, is based in Drammen, nearby Norway's capital city Oslo. The company, which operates on an international scale, provides services to clients working in the areas of media monitoring and digitization. More information – www.zissor.com/
Companies of Novian are certified according to ISO 9001, ISO 14001, ISO 20000 and ISO 27001. Additionally they use the ITIL methodology and ISKE.
NOVIAN 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 2020 RESULTS FOR 6 MONTHS OF 2020
KEY PROFIT (LOSS) ITEMS, THOUSAND EUR²
| Novian | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| IT infrastructure services | Software services | Zissor AS | |||||||||||
| BAIP, UAB | Andmevara Services OU/ Andmevara SRL | Algoritmq sistemas, 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 | |
| Revenue | 10,502 | 10,547 | 7,863 | 7,822 | 369 | 297 | 1,064 | 1,241 | 517 | 533 | 341 | 361 | 348 |
| Gross profit | 2,276 | 2,553 | 1,091 | 1,265 | 368 | 297 | 244 | 386 | 197 | 239 | 124 | 99 | 253 |
| EBITDA | 294 | 808 | 483 | 760 | 23 | 23 | (52) | 108 | (90) | 10 | (58) | (65) | 35 |
| EBIT | (101) | 407 | 196 | 475 | 15 | 13 | (99) | 46 | (121) | (21) | (61) | (67) | 17 |
| Net Profit (Loss)³ | (208) | 313 | 151 | 420 | (8) | 5 | (115) | 39 | (146) | (43) | (62) | (67) | 18 |
KEY BALANCE SHEET ITEMS, THOUSAND EUR²
| Novian | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| IT infrastructure services | Software services | Zissor AS | |||||||||||
| BAIP, UAB | Andmevara Services OU/ Andmevara SRL | Algoritmq sistemas, 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 | |
| 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 |
| Other non-current assets | 681 | 572 | 812 | 421 | - | - | 177 | 472 | - | - | - | - | 132 |
| Current assets | 11,404 | 9,885 | 7,793 | 7,031 | 153 | 197 | 1,818 | 1,679 | 456 | 395 | 875 | 349 | 273 |
| of which cash | 3,540 | 1,288 | 2,016 | 956 | 29 | 16 | 595 | 90 | 218 | 16 | 596 | 118 | 70 |
| Total assets | 15,197 | 13,598 | 9,567 | 8,358 | 169 | 226 | 4,059 | 4,166 | 492 | 565 | 885 | 357 | 426 |
| Equity | 5,122 | 5,404 | 2,591 | 3,011 | (47) | (42) | 2,745 | 2,784 | (218) | (261) | 139 | 72 | 318 |
| 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 |
| 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 |
²Presented unaudited aggregated Novian group results. Financial statements for the year ended 31 Dec 2019 of BAIP UAB, Algoritmq sistemas UAB and Zissor AS are audited, financial results of 6 months of 2020 are unaudited.
NOVIAN REVENUE (THOUS. EUR)
NOVIAN EBITDA (THOUS. EUR)
The consolidation of the Novian group was completed in the end of 2019. BAIP UAB and Acena UAB were a part of this group, additionally Algoritmq sistemas UAB and Andmevara were incorporated to the Novian group (these two entities were directly controlled by INVL Technology), as well as the newly acquired Zissor AS. The comparative figures of both 2019 and previous periods were calculated as the sum of standalone figures of the companies, that now are in the Novian group.
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PROJECTS
In 2019 Novian Group has implemented and signed new projects in the Baltic States, Norway, Burundi, Rwanda, United Kingdom and other countries.
REVENUE OF NOVIAN FOR 6 MONTHS OF 2019 BY COUNTRY
REVENUE OF NOVIAN FOR 6 MONTHS OF 2020 BY COUNTRY
| THOUSAND EUR | 6 months of 2019 | 6 months of 2020 | Change |
|---|---|---|---|
| Lithuania | 5,944 | 7,193 | 1,249 |
| Others | 4,558 | 3,354 | (1,204) |
| Total | 10,502 | 10,547 | 45 |
IT INFRASTRUCTURE SERVICES
BAIP, ANDMEVARA SERVICES IR ANDMEVARA SRL LONG-TERM PRIORITIES
- Geography of services: focus on development in the Baltic and Norwegian markets;
- Service portfolio:
- high performance computing devices and clusters;
- Countinues services that require high qualifications;
- open source cloud technologies;
- data archiving solutions.
BAIP, ANDMEVARA SERVICES, ANDMEVARA SRL REVENUE (THOUS.EUR)
BAIP, ANDMEVARA SERVICES OU, ANDMEVARA SRL EBITDA (THOUS.EUR)
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PRODUCTS AND SERVICES
| CRITICAL IT INFRASTRUCTURE SERVICES | DIGITAL TRANSFORMATION | SOLUTIONS FOR USERS |
|---|---|---|
| Design, implementation, management and development of critical IT infrastructure. | Digital transformation strategy & consulting services. | Digital workplace strategy: consulting and recommendations. |
| HPC (high performance computing): design, supply of IT equipment, implementation, maintenance and development. | Implementation of digital transformation strategy recommendations. | Implementation of digital workplace strategy. |
| IT infrastructure and information systems migration services | Enterprise mobility management solutions. | |
| Data archiving solutions. | Documents digitization. | Confidential data storage solutions. |
| Business continuity planning. | Meta data capture service. | Copying and printing solutions. |
| Data back-up and recovery solutions. | Professional trainings.. | Maintenance and outsourcing services. |
| Application performance monitoring, application maintenance & support. | I-Kiosk and other fully managed services. | |
| Disaster recovery solutions. | ||
| Professional trainings. | ||
| General contracting services |
PROJECTS
During the reporting period BAIP, Andmevara Services ir Andmevara SRL implemented projects the Baltic States, Norway, Burundi. Rwanda, Botswana, the United Kingdom and other countries.
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
| THOUSAND EUR | 6 months of 2019 | 6 months of 2020 | Change |
|---|---|---|---|
| Lithuania | 4,574 | 5,660 | 1,086 |
| Others | 3,658 | 2,459 | (1,199) |
| Total | 8,232 | 8,119 | (113) |
SIGNIFICANT PROJECTS
The main directions of BAIP business development - HPC clusters (Al / ML / DL); design, development, implementation and maintenance of complex hybrid high availability solutions; digital transformation strategy; cloud management solutions; remote workplaces; data archiving.
BAIP has been providing IT infrastructure maintenance services for the Central Bank of Burundi since 2016, after designing and implementing the solutions required to support the national payment and settlement system together with the joint venture partners in the bank's IT infrastructure. The services provided by BAIP at the Central Bank of Burundi include
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hardware warranty and post-warranty service, software licensing services, organization and provision of training services, and maintenance of all critical infrastructure, including databases, in accordance with the bank's service level requirements.
The South African Development Community (SADC), a organization uniting 15 South African countries, has set up the Climate Services Centre (SADC CSC) which, in partnership with the Global Trade Centre and African universities, carries out a project called "South Africa climate change information services to increase resilience to natural disasters in fifteen SADC member states". There are four stages to this project. At the initial stage, BAIP, a Lithuanian-based critical IT infrastructure technology solutions company, will implement high performance computing solutions in fourteen African capitals. BAIP implements at least several significant projects every year on the African continent. This project will extend the geography of BAIP's operations in Africa to six more new countries.
A subsidiary of BAIP, Andmevara Services OÜ, continue to provide professional digitization services for public and private sectors in Baltics and Nordics. During the reporting period Andmevara is working on another digitalisation project in Estonia: cultural heritage documents (books, posters, works of art, other paper documents) from 12 Estonian museums are being digitalised, creating metadata for 2.7 million paper documents in total. At a time when museums across the globe are generously sharing access to digitalised archives, thus aiming to reduce the pitfalls of social isolation, this project has become particularly important and pressing in Estonia. The project is expected to be finished on schedule, by the end of this year. This example shows how an organisation can adapt to new work safety requirements during the pandemic, continuing to operate at full possible capacity, according to government safety recommendations.
| HIGH PERFORMANCE COMPUTING | DATA CENTER SOLUTIONS | MAINTENANCE |
|---|---|---|
| • Botswana – South Africa Development Community Climate Services Centre (SADC CSC): climate change and weather forecasting solutions implementation in 14 African countries. | ||
| • Vilnius University Faculty of Math & Informatics (VU MIF): cluster of high-performance computing devices | • Burundi revenue authority (Office Burundais des Recettes, OBR): critical IT infrastructure development. | |
| • Zanzibar Revenue Board (ZRB): infrastructure delivery & implementation. | ||
| • National bank of Rwanda (BNR): | ||
| • IT infrastructure development project. | ||
| • Ambergrid: IT infrastructure migration & reorganization. | ||
| • Mauritius Registrar-General’s Department: eRegistry system - "MeRP" system renewal & migration to new infrastructure. | ||
| • Lithuanian GovCloud implementation & integration (Oracle virtualisation, information system monitoring & backup solution integration) | • Bank of the Republic of Burundi (BRB): critical IT infrastructure maintenance for 2 years. | |
| • Conexus: IT infrastructure maintenance & development in Singapore. | ||
| • Swedbank: iKiosk & workstations delivery & maintenance. | ||
| • National Land Service (NŽT): IT infrastructure development & maintenance. | ||
| • Norfa: IT infrastructure maintenance & development. | ||
| • Susisiekimo paslaugos: maintenance services in public transport stops. | ||
| • Luminor: NetKiosks delivery and maintenance. | ||
| • Kesko Senukai: IT infrastructure maintenance. |
OTHER EVENTS
BAIP has become the official supplier of LENOVO professional services and warranty and post-warranty maintenance of LENOVO data center equipment.
Hosted events (webinar): "How to unite the forces of software developers and IT infrastructure engineers?".
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SOFTWARE SERVICES
ALGORITMŲ SISTEMOS, ACENA AND ANDMEVARA LONG-TERM PRIORITIES
"Algoritmų sistemos", "Acena" and Andmevara activities: creation of complex information systems for state institutions and large and medium-sized enterprises, business process digitalization, business intelligence solutions. Portfolio of services and solutions: e-health; e-tax; Smart City: mTransport, mTicket; Environmental protection; Strategic and risk management; Self-service portals; Business intelligence; Election IS; Statistics; IS for licenses, guarantees, financing; Business process digitalization; e-government solutions.
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.
ALGORITMŲ SISTEMOS, ACENA ,ANDMEVARA REVENUE (THOUS. EUR)
ALGORITMŲ SISTEMOS, ACENA ,ANDMEVARA EBITDA (THOUS. EUR)
PROJECTS
During the reporting period Algoritmų sistemos, Acena and Andmevara implemented projects the Baltic States, Norway, and other countries.
REVENUE OF ALGORITMŲ SISTEMOS, ACENA AND ANDMEVARA FOR 6 MONTHS OF 2019 BY COUNTRY
REVENUE OF ALGORITMŲ SISTEMOS, ACENA AND ANDMEVARA FOR 6 MONTHS OF 2020 BY COUNTRY
| THOUSAND EUR | 6 months of 2019 | 6 months of 2020 | Change |
|---|---|---|---|
| Lithuania | 1,369 | 1,533 | 164 |
| Others | 553 | 602 | 49 |
| Total | 1,922 | 2,135 | 213 |
SIGNIFICANT PROJECTS
- Development of the 2021 census software of the Lithuanian Department of Statistics;
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- Bangladesh Computer Council “Development of cyber security strategy, assessment of critical infrastructure, provision of self-assessment toolkit, and basic cyber security package for agencies”;
- Zanzibar Revenue Board Consultancy services for the development and implementation of EFD based on virtual fiscal devices management system;
- Development and implementation of unified product, packaging and waste accounting IS in the Ministry of Environment;
- Development of the Personal Income Tax Information System of 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 the 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 of the Labor Inspectorate for continuous monitoring of working conditions at workplaces;
- Development of electronic Speech-managed services of the Vilnius University project;
- Maintenance and development of the waste management information system of 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 Assett Management
- Process automation: INVEGA, Drogas, Eugesta, Viada, Cgates, Energus Group, Barbora, Stansefabrikken, NRD AS
- Development of Information System and Register of the Estonian Patient office.
OTHER EVENTS
Hosted events (webinars): “Automation of the Holiday Process”, “Changes in the Law on Tolls”; Financial Management Analytics; “Automation of robotic processes”.
Participated: Hackathon "Hack the Crisis".
MEDIA MONITORING AND DIGITIZATION SERVICES
ZISSOR
Zissor 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.
Main services:
- Archive Digitization Software;
- PDF-to-Article Conversion;
- Digitization Services;
- Media Monitoring Software.
PROJECTS
During the reporting period, Zissor implemented projects in Great Britain, Sweden, Germany, Greece, and other countries.
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ZISSOR REVENUES BY COUNTRY FOR 6 MONTHS OF 2019
ZISSOR REVENUES BY COUNTRY FOR 6 MONTHS OF 2020
| THOUSAND EUR | 6 months of 2019 | 6 months of 2020 | Change |
|---|---|---|---|
| Lithuania | 0 | 0 | 0 |
| Others | 348 | 293 | (55) |
| Total | 348 | 293 | (55) |
SIGNIFICANT PROJECTS
Zissor implementing a long term agreement with Cision's UK-based media monitoring subsidiary. The aim of the project - to increase the integrity of the Zissor Media System and to extend the functionality of Cision's daily operations. Cision has been a Zissor customer for more than 20 years, so it is a long-term collaboration that aims to improve the software portfolio which Zissor deliver to meet customer expectations.
Zissor executes the agreement with the National Library and Spraakbanken at the University of Gothenburg in Sweden to enhance the Zissor digitization process which aims to fully automate the organization's digitization process.
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5.3. CYBERSECURITY.
NRD CYBER SECURITY (NRD CS)
NRD Cyber Security (NRD CS) establishes cybersecurity capacity 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. Also, company's experts actively participate in international cybersecurity community, develop and improve methodologies for strengthening cyber resilience.
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
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.
Long term goals:
- 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.
NRD CYBER SECURITY 2020 RESULTS FOR 6 MONTHS OF 2020
KEY PROFIT (LOSS) ITEMS, THOUSAND EUR³
| NRD CS, UAB | ||
|---|---|---|
| 6 months of 2019 | 6 months of 2019 | |
| Revenue | 1,353 | 962 |
| Gross profit | 844 | 496 |
| EBITDA | 237 | 39 |
| EBIT | 184 | (54) |
| Net Profit (Loss) | 176 | (57) |
KEY BALANCE SHEET ITEMS, THOUSAND EUR³
| NRD CS, UAB | ||
|---|---|---|
| 31-12-2019 | 30-06-2020 | |
| 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 |
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| 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 |
³ Financial statements for the year ended 31 Dec 2019 are audited, financial results of 6 months of 2020 are unaudited.
NRD CYBER SECURITY REVENUE (THOUS. EUR)
NRD CYBER SECURITY EBITDA (THOUS. EUR)
The decline of company revenue and EBITDA was significantly impacted development activities and related R&D investments by the company's own product. Costs incurred in the research and prototyping stages are not capitalized. The company plans to significantly increase its EBITDA from 2021, when new products will be launched.
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 - EU funds, 204 thousand - company's own share. *R&D costs in the company were not capitalized.
| CSIRT/SOC ESTABLISHMENT AND MODERNISATION | NATIONAL CYBER CAPACITY BUILDING | ORGANIZATIONAL CYBER CAPACITY BUILDING | TECHNOLOGY SOLUTIONS |
|---|---|---|---|
| Security risk assessment | |||
| Compliance assessment and assurance* | |||
| Cybersecurity maturity assessment | |||
| Cloud infrastructure security assessment | |||
| Penetration and vulnerability assessment | |||
| Business and IT continuity check | 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 | |||
| Cybersecurity capacity review for nations with Oxford CMM | Security incident handling | ||
| Digital forensics services | Sensors for national Critical Infrastructure (CI) | ||
| Intelligence automation and data modelling | |||
| Open Source Intelligence (OSINT) | |||
| Cyberlabs for digital forensics investigations |
PROJECTS
During the reporting period, NRD Cyber Security implemented projects and signed new contracts in Baltic countries, Egypt, Norway, Denmark, Peru, Ecuador, Serbia, Greece other countries.
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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 | 508 | 615 | 109 |
| Others | 847 | 347 | (500) |
| Total | 1,353 | 962 | (301) |
These charts show a comparison of 2019 and 2020 the first half of the year, there is a different distribution of income between countries. This change was determined by the cyclicality of projects: some projects ended - others began. The first half of 2020 reflects positive changes in the Lithuanian market, NRD cyber security has started actively offer Cybersecurity Management Service CyberSOC, which has made them more visible in Lithuania.
| CSIRT/SOC ESTABLISHMENT AND MODERNISATION | NATIONAL CYBER CAPACITY BUILDING | ORGANIZATIONAL CYBER CAPACITY BUILDING | TECHNOLOGY SOLUTIONS |
|---|---|---|---|
| Peru. SOC assessment Egypt. Fin-CIRT set-up Afghanistan. CSIRT maturity assessment | ENISA. Revising CSIRT/SOC establishment methodoly Serbia. Cyber Security 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 |
SIGNIFICANT PROJECTS
"Vičiūnai group"– the aim of the project was to identify the most important risks related to information security and to develop a plan of risk management with measures of specific steps and recommendations. The results of the project provided the Vičiūnai group of companies - a detailed picture of the current situation, which will enable efficient planning and development of the IT area and proper allocation of resources.
Egypt - we have developed the EG-FinCIRT infrastructure, which is cybersecurity incident management in the banking sector, incident management includes 40 local banks.
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European Investment Bank (EIB) - Danish Energy Management has a framework agreement with the European Investment Bank. NRD Cyber Security ran the project as subcontractors. The project took place in Luxembourg and aims to help the EIB identify investment projects / initiatives that can be classified as cybersecurity. The EIB also seeks to contribute to the EU's cybersecurity initiative agenda. We developed criteria for defining the scope of cybersecurity projects, developed an evaluation methodology and validated it.
NRD CYBER SECURITY PRODUCTS AND RESEARCH ACTIVITIES
NRD Cyber Security invests in research activities and is currently developing 2 research and experimental development projects:
SECURITY COMPUTING SOLUTION CYSYSTEM – Solution CySystem, which will help monitor cyber space, promptly identify and alert about abnormalities in networks. It will combine multiple network monitoring and analysis as well as automated cyber sensor technology management
Version 1 sold (CollectiveSight): Bangladesh, Cyprus, Egypt.
Version 2 under development (CySystem) will be available from 2021;
IntEye open source intelligence tool is a unique solution for more efficient and high-volume data processing and faster decision-making. IntEye marketed for law enforcement and defense organizations
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.
NRD CYBER SECURITY CYBERSOC
- NRD CIRT is the first private Lithuanian cyber incident response team established in 2014. The team is providing managed cybersecurity service – CyberSOC.
- NRD Cyber Security experts and analysts proactively monitor an organization's IT infrastructure to identify potential cyber threats.
OTHER EVENTS
Hosted events (webinars): Cyber incident management webinar for Lithuanian market; Cyber incident management webinar for Lithuanian market; three technology solution-oriented webinars; webinar-training for Bangladesh; webinar on modernizing CSIRT/SOC for Nigeria market; webinar „CSIRT/SOC maturity assessment“ for foreign markets.
Participated: Fraud prevention conference by UNCCT in Kenya; Cybersecurity conference in Lesotho; virtual e-Governance Academy conference; Fintech Week virtual conference.
New Partnership: NRD Cyber Security partnered up with Backbone Connectivity Network Nigeria Ltd and are available for talks about creating security teams and building security operations at both national and sectoral levels.
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III. INFORMATION ABOUT SECURITIES
6. The order of amendment of Issuer's Articles of Association
The Articles of Association of INVL Technology may be amended by resolution of the General Shareholders' Meeting, passed by more than 3/4 of votes (except in cases provided for by the Law on Companies of the Republic of Lithuania).
During the reporting period the Articles of Association were not amended. Currently actual wording of the Articles of Association of INVL Technology is dated as of 5 June 2019. The Articles of Association is available on the Company's website. e (Section in the website For investors → Legal documents → Articles of Association. Link: https://invltechnology.lt/lit/en/for-investors/articles-of-association).
7. Structure of the authorized capital
Structure INVL Technology authorised capital as of 30 June 2020.
| Type of shares | Number of shares, units | Total voting rights granted by the issued shares, units | Nominal value, EUR | Total nominal value, EUR | Portion of the authorised capital, % |
|---|---|---|---|---|---|
| Ordinary registered shares | 12,175,321 | 12,175,321 | 0.29 | 3,530,843.09 | 100 |
All shares are fully paid-up and no restrictions apply on their transfer.
Information about the Issuer's treasury shares
INVL Technology or its subsidiary has not acquired shares in INVL Technology directly or indirectly under the order of subsidiary by persons acting by their name.
Company used no services of liquidity providers during the reporting period. Starting 8 August 2016 Šiaulių bankas acts as market maker for INVL Technology shares. Under the agreement, Šiaulių bankas will provide liquidity on both bid and ask sides around the INVL Technology spread at least 85 percent of the trading time on the stock exchange, increasing market depth in this way.
8. Trading in Issuer's securities
Main characteristics of INVL Technology shares admitted to trading
INC1L
Nasdaq Baltic Lnited
| Shares issued, units | 12,175,321 |
|---|---|
| Shares with voting rights, units | 12,175,321 |
| Nominal value, EUR | 0.29 |
| Total nominal value, EUR | 3,530,843.09 |
| ISIN code | LT0000128860 |
| LEI code | 5299006UHD9X339RUR46 |
| Name | INC1L |
| Exchange | AB Nasdaq Vilnius, XLIT |
| List | Baltic Secondary list |
| Listing date | 4 June 2014 |
INVL TECHNOLOGY
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INTERIM REPORT 6 MONTHS OF 2020
Trading in shares 2018 - 2020
| Price, EUR | 1H 2018 | 1H 2019 | 1H 2020 |
|---|---|---|---|
| - open | 1.49 | 1.44 | 1.76 |
| - high | 1.70 | 2.10 | 1.99 |
| - low | 1.49 | 1.44 | 1.50 |
| - medium | 1.58 | 1.61 | 1.85 |
| - last | 1.58 | 1.72 | 1.94 |
| Turnover, units | 208,209 | 265,627 | 158,327 |
| Turnover, EUR | 329,017,10 | 428,753,01 | 293,296 |
| Traded volume, units | 191 | 305 | 502 |
Turnover and share price of INVL Technology
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9. Shareholders
9.1. INFORMATION ABOUT COMPANY'S SHAREHOLDERS
Shareholders who held title to more than 5% of INVL Technology authorised capital and/or votes as of 30 June 2020.
| Name of the shareholder or company | Number of shares held by the right of ownership, units | Share of the authorised capital held, % | Share of the votes, % | ||
|---|---|---|---|---|---|
| Share of votes given by the shares held by the right of ownership, % | Indirectly held votes, % | Total, % | |||
| LJB investments UAB, code 300822575, A.Juozapavičiaus str. 9A, Vilnius | 2,424,152 | 19.91 | 19.91 | - | 19.91 |
| Invalda INVL AB, code 121304349, Gynėjų str. 14, Vilnius | 1,810,626 | 14.87 | 14.87 | 1.83^{4} | 16.70 |
| Irena Ona Mišeikienė | 1,466,421 | 12.04 | 12.04 | - | 12.04 |
| Lietuvos draudimas AB, Code 110051834, J.Basanavičiaus str. 12, Vilnius | 909,090 | 7.47 | 7.47 | - | 7.47 |
| Kazimieras Tonkūnas | 675,452 | 5.55 | 5.55 | 1.53^{4} | 7.08 |
| Alvydas Banys | 618,745 | 5.08 | 5.08 | 19.91^{5} | 24.99 |
The total number of shareholders in INVL Technology was more than 3,404 on 30 June 2020. There are no shareholders entitled to special rights of control.
Shareholders as of 30 June 2020
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IV. ISSUER'S MANAGING BODIES
10. Structure, authorities, the procedure for appointment and replacement
In its activities the Company follows the Law on Companies, the Law on Securities, the Law relating to collective investment undertakings, Articles of Association of the Company and other legal acts of the Republic of Lithuania.
The management of INVL Technology was assumed by the management company INVL Asset Management on 14 July 2016, when the Bank of Lithuania issued the closed-ended type investment company licence (CEF) and the rights and duties of the Board and the head of the Company transferred to the Management Company. The Management Company shall be responsible for convocation and organisation of the general meeting of shareholders of the Company, giving notices about Material Events under the procedure set by legal acts, organisation of activities of the Company, proper management of information about activities of the Company and performance of other functions assigned to the Management Company. The Management Company can be replaced by a reasoned decision of the general meeting of shareholders of the Company. The Management Company shall be replaced after receipt of a prior permission of the Supervisory Authority.
Investment Committee was established for operational efficiency and investment control by the decision of the Board of the Management Company INVL Asset Management. Investment Committee is the collegial investment and management decision-making body responsible for adopting decisions on the management of the Company's assets and for the representation and protection of the Company's interests. The Investment Committee consists of four members: Kazimieras Tonkūnas (Chairman), Vytautas Plunksnis (member), Vida Tonkūné (member), Nerijus Drobavičius (member). The Investment Committee members are appointed and removed by resolution of the board of the Management Company. The Investment Committee conducts its activities in accordance with the Rules of the Investment Committee.
11. Information about members of the Board, Company providing accounting services
11.1. THE MANAGING BODIES OF THE ISSUER
The management of INVL Technology was assumed by the management company INVL Asset Management on 14 July 2016, when the Bank of Lithuania issued the closed-ended type investment company licence (CEF) and the rights and duties of the Board and the head of the Company transferred to the Management Company.
Darius Šulnis (the chairman), Nerijus Drobavičius and Vytautas Plunksnis are members of the Board of the Management company since 19 January 2015.
CEO of the Management Company INVL Asset Management is Laura Križinauskienė.
Under INVL Technology's Articles of Association, INVL Asset Management, which has assumed the management of the company, forms investment and advisory committees which also participate in the company's management in keeping with the mandates they are given.
Investment Committee operates from 14 July 2016. Members of the Investment Committee:
Kazimieras Tonkūnas
Chairman of the
Investment Committee
Vytautas Plunksnis
Member of the
Investment Committee
Vida Tonkūne
Member of the
Investment Committee
Nerijus Drobavičius
Member of the
Investment Committee
The task of the Advisory Committee is to provide the investment committee with a reasoned and factual opinion, thereby expressing an independent position on the investment decision, thus ensuring the interests and protection of the shareholders.
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At the time of the release of the report, the Advisory Committee members are listed below
Alvydas Banys
Member of the Advisory Committee
Indré Mišeikytė
Member of the Advisory Committee
Gintaras Rutkauskas
Member of the Advisory Committee
11.2. INFORMATION ABOUT THE AUDIT COMMITTEE OF THE COMPANY
The Audit Committee consists of 2 (two) independent members. The members of the Audit Committee are elected by the decision of the General Shareholders' Meeting. The members of the Audit Committee are proposed by the Management company and the shareholders of the company. The Audit Committee is elected for a four-year term of office.
The main functions of the Audit Committee are the following:
- provide recommendations to the Management company with selection, appointment, reappointment and removal of an external audit company of the Company as well as the terms and conditions of engagement with the audit company;
- monitor the process of external audit of the Company;
- monitor how the external auditor and audit company follow the principles of independence and objectivity;
- observe the process of preparation of financial reports of the Company;
- monitor the efficiency of the internal control and risk management systems of the Management company directly related to the management of the Company. Once a year review the need of the dedicated internal audit function for the Company within the Management company;
- monitor if the Management company gives due consideration to the recommendations or comments provided by the audit company regarding management of the Company;
- The Audit Committee reports its activities to the Company's ordinary General Shareholders Meeting by submitting a written report on Audit Committee activities during the last financial year.
Any member of the Audit Committee should have the right to resign upon submitting a 14 (fourteen) days written notice to the Management company. When the Management company receives the notice of resignation of a member of the Audit Committee and considers all circumstances related to the resignation, it may decide - either to convene an Extraordinary General Shareholders Meeting to elect new member of the Audit Committee, or to postpone the question on the election of the new member of the Audit Committee till the next General Shareholders Meeting of the Company. The new member is elected till the end of term of office of the operating Audit Committee.
11.3. THE AUDIT COMMITTEE BODIES
During the General Shareholders Meeting held on 27 April 2017, Dangutė Pranckėnienė, partner and auditor of Moore Stephens Vilnius, UAB and Tomas Bubinas, CFO at Biotechpharma UAB, were elected for the Audit Committee for the 4 (four) years of office term.
Dangutė Pranckėnienė
Audit Committee member
Tomas Bubinas
Audit Committee member
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INTERIM REPORT 6 MONTHS OF 2020
11.4. INFORMATION ABOUT ACCOUNTING SERVICES COMPANY
14 July 2016 the Bank of Lithuania issued the closed-ended type investment company licence. Accounting services from this date are provided by the management company INVL Asset management (code 126263073, address Gyneju str. 14, Vilnius) and FINtime, UAB (code 304192355, address Gyneju str. 14, Vilnius).
12. Information on the amounts calculated by the Issuer, other assets transferred and guarantees granted to the Members of the Board, director and company providing accounting services
Since 14 July 2016 the management of INVL Technology was assumed by INVL Asset Management. The management fee will be payable to the management company. The management fee during investment period for a full quarter shall be 0.625 percent while after its end it shall be 0.5 percent of the weighted average capitalisation of the company. In addition, a Success fee may be paid to the management company in accordance with the Articles of Association. During the reporting period EUR 194 thousand management fee was calculated for the management company. Success fee has not been calculated.
The members of the Board of the Management Company and the members of the Investment Committee do not receive remuneration for these duties. They are paid the salary according to the employment contract with the Management Company. During 6 months of 2020 company's management bodies did not receive dividends or bonuses from the company. There were no assets transferred. no guarantees granted, no bonuses paid and no special payouts made by the company to company's management. No special benefits were also provided to the management bodies of the company.
In 6 months of 2020, the company paid no remuneration to the Management Company for accounting services, these services are included in the management fee.
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V. OTHER INFORMATION
- References to and additional explanations of the data presented in the annual financial statements and consolidated financial statements
All data is presented in the explanatory notes of the company's financial statements for 6 months of 2020.
- Agreements with intermediaries on public trading in securities
INVL Technology has the agreement with Šiaulių bankas AB (Seimyniskiu str. 1, Vilnius, Lithuania, tel. +370 5 203 2233) – on management of securities accounting and the agreement on dividends payment.
The company has the agreement with SEB Bank (Gedimino av. 12, Vilnius, Lithuania, tel. +370 5 268 2800) regarding depository services. This agreement came into force 14 July 2016.
- Information on Issuer's branches and representative offices
INVL Technology has no branches or representative offices.
- Information about agreements of the Company and the members of the Board, or the employees' agreements providing for compensation in case of the resignation or in case they are dismissed without a due reason or their employment is terminated in view of the change of the control of the Company
There are no agreements of the Management company and the Members of the Investment and Advisory Committees, providing for compensation in case of the resignation or in case they are dismissed without a due reason or their employment is terminated in view of the change of the control of the company.
- A description of the principal advantages, risks and uncertainties
The main risk factors associated with the activity and securities of INVL Technology were described in the annual report for 2019 and they didn't change.
- Significant investments made during the reporting period
When the reorganisation is complete, the Novian IT services and software group will operate in two areas in the Baltic countries – IT infrastructure and software development, while the company Zissor, which it owns, will continue and further develop its regular operations while also contributing to the group's expansion and offering combined group-company services in Norway and other Nordic countries. The company is interested in specialized IT companies working in robotics, analytics and other fields. INVL Technology will seek to implement new investments through its currently managed companies.
There are no significant agreements of the company which would come into force, be amended or cease to be valid if there was a change in issuer's controlling shareholder.
- Information about significant agreements to which the issuer is a party, which would come into force, be amended or cease to be valid if there was a change in issuer's controlling shareholder
There are no significant agreements of the company which would come into force, be amended or cease to be valid if there was a change in issuer's controlling shareholder.
- Information on the related parties' transactions
Information on the related parties' transactions is disclosed in Clause 13 of explanatory notes of financial statements for 6 months of 2020.
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21. Disclosure of the impact of the COVID-19 pandemic
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.
22. Information regarding transactions with related parties
In accordance with Article $37^{2}$ of the Law on Companies of the Republic of Lithuania, we provide information on the transactions concluded by INVL Technology with related parties:
| Susijusios šalies duomenys | Bendrovés ryšys su kita sandorio šalimi | Sandorio data ir vertě | Kita informacija |
|---|---|---|---|
| Andmevara AS Company code 10264823, Parnu mnt 158 Tallinn Harjumaa 11317, Estonia Estonian Centre of Registers and Information Systems | Novian UAB is 100% controlled by INVL Technology and controls 100% of Algoritmų sistemas UAB which controls 100% of Andmevara AS | 15 October 2018 INVL Technology acquired bonds of Andmevara AS for the amount of EUR 320,000. Maturity date – 1 September 2020. | - |
| UAB FINtime Company code 304192355, Gynėjų 14, LT-01109, Vilnius, Lithuania Register of Legal Entities of Lithuania | 100% controlled company by INVL Technology | 8 November 2018 INVL Technology acquired bonds of Fintime UAB for the amount of EUR 160,000. Maturity date – 31 October 2020. | - |
| NRD Systems UAB code 111647812 address Gynėjų 14, LT-01109, Vilnius, Lithuania Register of Legal Entities of Lithuania | NRD Companies AS is 100% controlled by INVL Technology and controls 89.2% of NRD Systems UAB | 27 March 2019 INVL Technology acquired bonds of NRD Systems UAB for the amount of EUR 150,000. Maturity date – 30 September 2020. | - |
| UAB FINtime code 304192355 address Gynėjų 14, LT-01109, Vilnius, Lithuania Register of Legal Entities of Lithuania | 100% controlled company by INVL Technology | 10 May 2019 INVL Technology acquired bonds of FINtime UAB for the amount of EUR 75,000. Maturity date 30 April 2020. | - |
| UAB FINtime code 304192355 address Gynėjų 14, LT-01109, Vilnius, Lithuania Register of Legal Entities of Lithuania | 100% controlled company by INVL Technology | 24 May 2019 INVL Technology acquired bonds of FINtime UAB for the amount of EUR 50,000. Maturity date – 31 October 2020. | - |
| UAB FINtime code 304192355 address Gynėjų 14, LT-01109, Vilnius, Lithuania Register of Legal Entities of Lithuania | 100% controlled company by INVL Technology | 5 May 2019 INVL Technology acquired bonds of FINtime UAB for the amount of EUR 120,000. Maturity date – 31 October 2020. | - |
| UAB „Etronika“ code 125224135 address Gynėjų 14, LT-01109, Vilnius, Lithuania Register of Legal Entities of Lithuania | NRD Companies AS is 100% controlled by INVL Technology and controls 100% of Etronika UAB | 26 June 2019 INVL Technology signed loan agreement with „Etronika“ UAB for the amount of EUR 123,000. Repayment date – 31 January 2021. | - |
| „Andmevara Services OÜ“ code 14552803 address Harju maakond, Tallinn, Kesklinna linnaosa, Narva mnt 5, 10117 Estonian Centre of Registers and Information Systems | Novian UAB is 100% controlled by INVL Technology and and controls 100% of BAIP UAB which controls 100% Andmevara Services OÜ | 30 December 2019 INVL Technology signed loan agreement with Andmevara Services OÜ for the amount of EUR 130,000. Repayment date - 1 September 2020 |
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INTERIM REPORT 6 MONTHS OF 2020
| NRD Systems UAB
code 111647812
address Gynéju 14, LT-01109,
Vilnius, Lithuania
Register of Legal Entities of
Lithuania | NRD Companies AS is 100%
controlled by INVL Technology and
controls 89.2% of NRD Systems UAB | 13 March 2020 INVL Technology
signed loan agreement with NRD
Systems UAB for the amount of EUR
150,000.
Repayment date – 30 September 2020. | - |
| --- | --- | --- | --- |
| Zissor AS
code 986 845 550
address Bragernes Torg 6°, 3017
Drammen, Norway
Brønnøysund Register Centre | Novian UAB is 100% controlled by
INVL Technology and and controls
100% of Zissor AS | 19 March 2020 INVL Technology
signed loan agreement with Zissor AS
for the amount of EUR 40,000. Repaid
30 April 2020. | - |
| Norway Registers Development AS
Lithuanian branch
code 304897486
address Gynéju 14, LT-01109,
Vilnius, Lithuania
Register of Legal Entities of
Lithuania | NRD Companies AS is 100%
controlled by INVL Technology and
and controls 100% of Norway
Registers Development AS
Lithuanian branch | 18 June 2020 INVL Technology signed
loan agreement with Norway Registers
Development AS Lithuanian branch for
the amount of EUR 185,000.
Repayment date - 31 July 2020. | - |
23. Employees
At the end of 30 June 2020, as well as in 2019 INVL Technology did not have any employees because after the Bank of Lithuania issued the closed-ended type investment company operating license for Company on 14 July 2016, the management and all the functions earlier performed by the Company's employees were transferred to the Management Company.
INVL Technology Managing Partner
Kazimieras Tonkūnas
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