INVL

TECHNOLOGY

RESULTS FOR 3 MONTHS OF 2020

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

NAME OF THE COMPANY	Special closed-end type private capital investment company INVL Technology
COMPANY CODE	300893533
START OF CEF ACTIVITIES	14-07-2016
PERIOD OF ACTIVITY	10 years (+ 2 years)
MANAGEMENT COMPANY	INVL Asset Management UAB

INVL Technology directly and indirectly managed portfolio companies are classified into 3 areas of activity:

NET ASSET VALUE (EUR)	EUR	31-12-2019
NAV	28,958,136	28,839,350
NAV per share	2.3784	2.3687
KEY FIGURES OF INVL TECHNOLOGY
THOUSAND EUR	3 months of 2019	3 months of 2020
Change in the fair value of financial assets	(212)	0
Dividends, interest and other incomes	36	47
Operating expenses	(154)	(166)
Net profit (loss)	(331)	(119)
THOUSAND EUR	31-12-2019	31-03-2020
Financial assets value	25,912	25,912
Cash and Cash equivalents	1,401	1,179
Bonds	920	950
Loans	808	895
Other assets	39	39
TOTAL ASSETS	29,080	28,975
Other liabilities	122	136
Equity	28,958	28,839
TOTAL EQUITY AND LIABILITIES	29,080	28,975

INVL Technology corporate structure

INVL Technology

FINANCIAL ASSETS (THOUSAND EUR)
COMPANIES	31-12-2019	31-03-2020
NRD Companies (includes Ktronika UAB, NRD Systemic UAB, Norway Registrini Development AS and others)	5,511	5,659
Novian¹ (includes BAIP UAB, Acena UAB, Algoritmy, sistemas UAB, Andmevara Servizio OU, Andmevara AS, Andmevara SRL, Zissor AS)	15,295	15,247
NRD CS UAB	4,880	4,781
FINtime UAB	226	225
TOTAL	25,912	25,912
CHANGE IN FAIR VALUE OF FINANCIAL ASSETS, THOUS. EUR
Opening balance (31-12-2019)		25,912
Revaluation		0
Increase of authorised capital of portfolio companies		-
Sale of directly managed portfolio companies to other portfolio companies		-
Opening balance (31-03-2020)		25,912
¹The consolidation of the Novian group was completed in 2019. BAIP UAB and Acena UAB were a part of this group, additionally Algoritmy, 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.

INL

TECHNOLOGY

RESULTS FOR 3 MONTHS OF 2020

THE RESULTS OF INVL TECHNOLOGY PORTFOLIO COMPANIES FOR 3 MONTHS OF 2020

NRD Companies is a global information technology and consulting group of companies specialized in governance and economic digital infrastructure development.

KEY PROFIT (LOSS) ITEMS, THOUSAND EUR²

	NRD Companies
			NRD AS³		NRD Systems, UAB³		Etronika, UAB³
	3 months of 2019	3 months of 2020	3 months of 2019	3 months of 2020	3 months of 2019	3 months of 2020	3 months of 2019	3 months of 2020
Revenue	1,659	1,667	518	1,086	545	557	639	506
Gross profit⁴	470	690	74	341	102	215	301	147
EBITDA	(3)	241	(83)	195	(34)	52	164	(8)
EBIT	(67)	178	(83)	194	(58)	25	133	(34)
Net Profit (Loss)	(84)	139	(86)	182	(68)	13	124	(49)

KEY BALANCE SHEET ITEMS, THOUSAND EUR²

	NRD Companies
			NRD AS³		NRD Systems, UAB³		Etronika, UAB³
	31-12-2019	31-03-2020	31-12-2019	31-03-2020	31-12-2019	31-03-2020	31-12-2019	31-03-2020
Tangible assets	434	400	14	11	246	222	171	163
Intangible assets	370	339	15	15	2	2	281	259
Other non-current assets	77	77	-	-	57	57	21	20
Current assets	5,095	5,496	3,070	3,419	1,244	1,308	1,396	1,361
of which cash	478	734	65	364	273	76	107	125
Total assets	5,976	6,312	3,099	3,445	1,549	1,589	1,869	1,803
Equity	1,433	1,596	698	748	217	230	628	578
Non-current liabilities	460	472	-	16	135	135	314	310
Of which financial debt	395	398	-	-	135	135	260	263
Current liabilities	4,083	4,244	2,401	2,681	1,197	1,224	927	915
of which financial debt	1,288	1,430	676	695	359	591	362	337
Total liabilities and equity	5,976	6,312	3,099	3,445	1,549	1,589	1,869	1,803

² Unaudited consolidated results of NRD Companies are presented.
³ The results of Etronika UAB and NRD Systems UAB and NRD AS are included into results of NRD Companies. The audit of annual standalone financial statements of these entities are in progress.
⁴ Direct labour costs are included in gross profit.

REVENUE OF NRD COMPANIES OF 2019 BY COUNTRY

REVENUE OF NRD COMPANIES FOR 3 MONTHS OF 2020 BY COUNTRY

INL

TECHNOLOGY

RESULTS FOR 3 MONTHS OF 2020

Novian is a group of IT services and software companies, helping public and private sector companies to digitize and increase efficiency of their services, optimise their IT resources and ensure their critical IT availability at all times.

KEY PROFIT (LOSS) ITEMS, THOUSAND EUR

	Novian^{5}
	IT infrastructure services					Software services						Zissor AS^{7}
	BAIP, UAB		Andmevara Services OU/Andmevara SRL^{6}		Algoritmų sistemos, UAB		Andmevara AS		Acena, UAB
	3 mos. of 2019	3 mos. of 2020	3 mos. of 2019	3 mos. of 2020	3 mos. of 2019	3 mos. of 2020	3 mos. of 2019	3 mos. of 2020	3 mos. of 2019	3 mos. of 2020	3 mos. of 2019	3 mos. of 2020	3 mos. of 2019
Revenue	5,171	5,166	4,126	3,849	202	145	478	554	235	277	130	184	-
Gross profit^{8}	859	1,143	419	534	202	145	93	142	89	132	56	44	-
EBITDA	(5)	196	164	286	4	9	(63)	(13)	(55)	6	(35)	(59)	-
EBIT	(191)	(1)	24	146	(2)	5	(87)	(44)	(70)	(9)	(37)	(60)	-
Net Profit (Loss)	(245)	(48)	2	118	(14)	1	(95)	(47)	(81)	(20)	(37)	(60)	-

KEY BALANCE SHEET ITEMS, THOUSAND EUR

	Novian^{5}
	IT infrastructure services					Software services						Zissor AS^{7}
	BAIP, UAB		Andmevara Services OU/Andmevara SRL^{6}		Algoritmų sistemos, UAB		Andmevara AS		Acena, UAB
	31-12-2019	31-03-2020	31-12-2019	31-03-2020	31-12-2019	31-03-2020	31-12-2019	31-03-2020	31-12-2019	31-03-2020	31-12-2019	31-03-2020	31-12-2019
Tangible assets	1,251	1,202	897	865	12	30	296	278	34	19	9	9	1
Intangible assets	1,861	1,844	65	58	4	4	1,768	1,764	2	2	1	-	20
Other non-current assets	533	806	813	812	-	-	178	473	-	-	-	-	132
Current assets	11,404	9,281	7,793	6,572	153	162	1,818	1,564	456	317	875	392	273
of which cash	3,540	1,665	2,016	1,299	29	17	595	130	218	13	596	147	70
Total assets	15,049	13,133	9,568	8,307	169	196	4,060	4,079	492	338	885	401	426
Equity	4,973	4,876	2,591	2,709	(47)	(47)	2,746	2,699	(218)	(237)	139	79	318
Non-current liabilities	687	1,031	336	344	-	-	351	646	-	-	-	-	41
Of which financial debt	483	533	328	337	-	-	155	155	-	-	-	-	41
Current liabilities	9,389	7,226	6,641	5,254	216	243	963	734	710	575	746	322	108
of which financial debt	1,746	1,673	1,205	1,163	130	130	66	50	345	330	-	-	-
Total liabilities and equity	15,049	13,133	9,568	8,307	169	196	4,060	4,079	492	338	885	401	426

The consolidation of the Novian group was completed in 2019. BAIP UAB and Acena UAB were a part of this group, additionally Algoritmų sistemos 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. Presented unaudited aggregated Novian group results, that consist of the results of mentioned companies and Novian results. Investments in subsidiaries are eliminated while aggregating balance sheet items. The audit of annual standalone financial statements of BAIP UAB, Algoritmų sistemos UAB and Zissor AS are in progress.
Represents results of Andmevara Services OU and Andmevara SRL.
As Zissor AS was acquired in 2019 Q2, the results of 2019 are not disclosed nor included in the aggregate group results.
Direct labour costs are included in gross profit.

REVENUE OF NOVIAN OF 2019 BY COUNTRY

REVENUE OF NOVIAN FOR 3 MONTHS OF 2020 BY COUNTRY

INL

TECHNOLOGY

RESULTS FOR 3 MONTHS OF 2020

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.

KEY PROFIT (LOSS) ITEMS, THOUSAND EUR

	NRD CS, UAB⁹
	3 months of 2019	3 months of 2020
Revenue	756	352
Gross profit¹⁰	429	182
EBITDA	143	(51)
EBIT	116	(97)
Net Profit (Loss)	114	(99)

KEY BALANCE SHEET ITEMS, THOUSAND EUR

	NRD CS, UAB⁹
	31-12-2019	31-03-2020
Tangible assets	292	277
Intangible assets	92	80
Other non-current assets	213	215
Current assets	1,156	1,002
of which cash	465	244
Total assets	1,753	1,574
Equity	1,069	970
Non-current liabilities	101	101
Of which financial debt	101	101
Current liabilities	583	503
of which financial debt	42	32
Total liabilities and equity	1,753	1,574