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INVL Technology Interim / Quarterly Report 2021
2265_rns_2021-08-31_d29c4ce9-6bef-45c6-a884-d50b31728293.pdf
Interim / Quarterly Report
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INVL TECHNOLOGY
INVL TECHNOLOGY
6 MONTHS OF 2021 RESULTS
31.08.2021
2
INVL TECHNOLOGY OVERVIEW
| INVL Technology is a closed-end investment company which invests in IT businesses and is listed on the Nasdaq Vilnius exchange (INC1L). | On 14 July 2016, the Bank of Lithuania issued a closed-end investment company (CEF) licence to INVL Technology. INVL Technology will operate until 14 July 2026, with extension possible for two more years. | The management of the closed-end investment company has been assumed by INVL Asset Management, a part of asset management group Invalda INVL. | |
|---|---|---|---|
| The 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. | Key investments and development areas: Cyber Security - NRD Cyber Security, Gov-tech and Fintech - NRD Companies (8 companies), IT services and software Novian group (7 companies). | Headquartered in Lithuania, managed companies operate in the Baltics, Norway, Moldova, Bangladesh, Rwanda. Implemented projects in 70+ countries. |
INVL TECHNOLOGY
INVL TECHNOLOGY OWNER STRUCTURE
INVL
TECHNOLOGY
4
MEMBERS OF INVL TECHNOLOGY INVESTMENT COMMITTEE
| | | Kazimieras Tonkūnas
CEO, co-founder & managing partner of INVL Technology
Chairman of the Investment Committee | | Vida Tonkūnė
INVL Technology Partner
of INVL Technology
Member of the Investment Committee |
| --- | --- | --- | --- | --- |
| | | | | |
| | | Vytautas Plunksnis
Member of the Board and Head of the Private Equity Unit
of INVL Asset Management
Member of the Investment Committee | | Nerijus Drobavičius
Member of the Board of INVL Asset Management
Member of the Investment Committee |
| | | | | |
| | INVL | TECHNOLOGY | | |
INVL TECHNOLOGY SHAREHOLDER STRUCTURE
Company shareholders (≥ 5%)
| Name of the shareholder or company | Number of shares held by the right of ownership, units | Share of the authorised capital held, % |
|---|---|---|
| LIB investments UAB, code 300822575, A. Jussapas-Glaus str. 9A, Vilnius | 2 424 152 | 19,91 |
| Invalda INVL AB, code 121304349, Gynėjų str. 14, Vilnius | 1 873 675 | 15,39 |
| Irena Ona Mišeikienė | 1 466 421 | 12,04 |
| Lietuvos draudimas AB, code 110051834, J. Basanas-Glaus str. 12, Vilnius | 909 090 | 7,47 |
| Kazimieras Tonkūnas | 675,452 | 5,55 |
| Álvydas Banys | 618,745 | 5,08 |
Others
LIB investments UAB (300822575)
Invalda INVL AB (121304349)
Irena Ona Mišeikienė
Lietuvos draudimas AB (110051834)
Kazimieras Tonkūnas
Álvydas Banys
The total number of shareholders in INVL Technology was 3,530 on 30 June 2021 (3,438 was 31 December 2020).
INVL TECHNOLOGY
INVL TECHNOLOGY TIMELINE
| Period of investment | Period of value creation | Period of business exit |
|---|---|---|
| 2016-2021 | 2021-2024 | 2024-2026 |
| 2015 | 2016 | 2019-2020 |
| --- | --- | --- |
| • INVL Technology AB was merged into BAIP Group UAB and continued operations under the new name INVL Technology AB. | ||
| • On 3 July 2015, INVL Technology placed a new issue of 6 060 607 shares at a price of 1.65 euros per share and raised 10 million euros. On 8 June 2015, the net asset value was 20,089 thous. EUR. | ||
| • Norway Registers Development AS acquired 80 per cent of the shares of ETRONIKA. | ||
| • Formed NRD Cyber Security. | • On 14 July 2016, INVL Technology obtained a CEF licence. | |
| • Inventio acquired Algoritmy Sistemos. | ||
| • INVL Technology acquired Andmevara AS with its subsidiary Andmevara SRL. | • Completed the formation of the NRD Companies and Novian group. | |
| • 2019 Novian acquired Zissor AS. | • Start of exit. | • INVL Technology ends of operation.* |
*Possibility of INVL Technology extension for 2 years.
INVL TECHNOLOGY
NET ASSET VALUE AND STOCK PRICE INFORMATION
| Title | 08.07.2015* | 31.12.2015 2* | 14.07.2016 22* | 31.12.2016 23* | 31.12.2017 | 31.12.2018 | 31.12.2019 | 31.12.2020 | 30.06.2021 |
|---|---|---|---|---|---|---|---|---|---|
| Net asset value of the company, EUR | 20,089 | 24,243 | 23,906 | 19,728 | 23,812 | 28,025 | 28,958 | 33,725 | 35,037 |
| Net asset value per share, EUR | 1.65 | 1.99 | 1.96 | 1.62 | 1.96 | 2.30 | 2.38 | 2.77 | 2.88 |
During the secondary public offering (SPO), finalised on 8 July 2015, the Company has issued 6,060,607 new Shares with the final offer price of EUR 1,65 each, the Company has raised over EUR 10 million. Net asset value as of 2015-07-08 equals offer price times shares outstanding as at 2015-07-08.
The total equity of the Company of 31 December 2015 was EUR 24,343 thousand.
**Start of CEF activities. The total equity of the Company of 14 June 2016 was EUR 23,906 thousand. Net asset value is equals to the total equity of the Company.
INL
TECHNOLOGY
| 8 SHARE INFORMATION* | |||||
|---|---|---|---|---|---|
| Price | 2017 | 2018 | 2019 | 2020 | 2021** |
| Open price € | 1.76 | 1.49 | 1.44 | 1.76 | 2.12 |
| High price € | 1.76 | 1.70 | 2.10 | 2.14 | 2.90 |
| Low price € | 1.49 | 1.43 | 1.44 | 1.50 | 2.06 |
| Last price € | 1.49 | 1.44 | 1.76 | 2,08 | 2.82 |
| Traded volume | 101,324 | 367,226 | 418,385 | 245,739 | 269,376 |
| Turnover mln € | 0.16 | 0.58 | 0.68 | 0.47 | 0.62 |
| Capitalization mln € | 18,14 | 17,53 | 21,43 | 25,32 | 34,33 |
| INL | TECHNOLOGY | ||||
| *https://nasdaqbaltic.com/statistics/lt/instrument/LT0000128860/historical?date=2020-05-05 | |||||
| **Data for August 16, 2021 are provided |
KEY FIGURES OF INVL TECHNOLOGY (THOUSAND EUR)
| INVL Technology | 31.12.2019 | 31.12.2020 | 30.06.2020 |
|---|---|---|---|
| NAV | 28,958,136 | 33,725,239 | 35,037,213 |
| NAV per share | 2.3784 | 2.7700 | 2.8777 |
| KEY FIGURES (THOUS. EUR) | 6 months of 2019 | 6 months of 2020 | 6 months of 2021 |
| Change in the fair value of financial assets | (157) | 470 | (847) |
| Dividends, interest and other incomes | 79 | 92 | 1,422 |
| Operating expenses | (292) | (298) | 7371 |
| Net profit (loss) | (370) | 264 | 1,3121 |
| KEY BALANCE SHEET ITEMS (THOUS. EUR) | 31.12.2019 | 31.12.2020 | 30.06.2021 |
| Financial assets value | 25,912 | 32,652 | 31,805 |
| Cash and Cash equivalents | 1,401 | 2,191 | 2,421 |
| Bonds | 920 | 408 | - |
| Loans | 808 | 151 | - |
| Other assets | 39 | 2 | 1,415 |
| TOTAL ASSETS | 29,080 | 35,404 | 35,641 |
| Other liabilities | 122 | 1,679 | 604 |
| Equity | 28,958 | 33,725 | 35,037 |
| TOTAL EQUITY AND LIABILITIES | 29,080 | 35,404 | 35,641 |
INVL TECHNOLOGY
1 Decrease of success fee provision had an impact of 1,095 thousand EUR for 6 months of 2021 results.
INVL TECHNOLOGY FINANCIAL ASSETS (THOUSAND EUR)
| COMPANIES | 31.12.2020 | 30.06.2021 |
|---|---|---|
| NRD Companies (includes Etronika UAB, NRD Systems UAB, Norway Registers Development AS and others) | 7,144 | 7,165 |
| Novian (includes Novian Technologies UAB, Novian Systems UAB, Andmevara Services OU, Andmevara AS, Andmevara SRL, Zissor AS) | 19,740 | 18,923² |
| NRD CS UAB | 5,535 | 5,467² |
| „FINtime“ UAB | 233 | 250 |
| TOTAL | 32,652 | 31,805 |
| CHANGE IN FAIR VALUE OF FINANCIAL ASSETS (THOUSAND EUR) | ||
| Opening balance (2020-12-31) | 32,652 | |
| Dividends declared² | (1,415) | |
| Revaluation (excluding effect of dividends) | 568 | |
| OPENING BALANCE (2021-06-30) | 31,805 |
² During the year of 2021 the following companies have declared dividends: Novian UAB – 915 thousand and NRD CS UAB – 500 thousand. On 30 June 2021 there were 1,415 thousand of receivables dividends.
INVL TECHNOLOGY
AGGREGATED REVENUE OF INVL TECHNOLOGY PORTFOLIO COMPANIES
AGGREGATED REVENUE OF INVL TECHNOLOGY PORTFOLIO COMPANIES (THOUS.EUR)
AGGREGATED EBITDA OF INVL TECHNOLOGY PORTFOLIO COMPANIES (THOUS.EUR)
| (THOUS. EUR) | 2017 H1 | 2018 H1 | 2019 H1 | 2020 H1 | 2021 H1 |
|---|---|---|---|---|---|
| Revenue | 10,895 | 12,426 | 15,808 | 16,518 | 16,470 |
| Gross profit* | ND1 | ND1 | 4,200 | 4,604 | 5,244 |
| EBITDA** | 427 | 402 | 623 | 1,341 | 1,458 |
| EBIT | 155 | 241 | 12 | 674 | 863 |
| Net profit (loss)*** | 243*** | 186 | (163) | 475 | 568 |
From 2019 the methodology for calculating gross profit has been changed: by including direct labor costs in the cost. Until 2018, the information was not collected in this section, therefore, due to the lack of comparable data, the data for 2016 - 2017 are not provided.
*From 2019 IFRS 16 was adopted, which affected the amount of EBITDA, therefore the EBITDA for the periods 2016-2018 and 2019-2021 is not directly comparable.
*** - Net profit (loss) is presented after elimination of dividend income and elimination of one-off and atypical impairments of investments in subsidiaries recognized in standalone company reports.
*** - in that number 135 thousand. EUR - income tax revenue in NRD AS.
INVL
TECHNOLOGY
12
PROJECT GEOGRAPHY OF INVL TECHNOLOGY'S BUSINESSES
In the first half of 2021, INVL Technology companies carried out projects in 52 countries.
| INVL | TECHNOLOGY |
|---|---|
13
REVENUE OF INVL TECHNOLOGY BY COUNTRY
REVENUE OF INVL TECHNOLOGY 6 MONTHS OF 2020 BY COUNTRY
Lithuania
Tanzania
Norway
Estonia
Burundi
United Kingdom
Rwanda
Botswana
Latvia
Mauritius
Egypt
Cayman Islands
Barbados
Others (38 countries)
REVENUE OF INVL TECHNOLOGY 6 MONTHS OF 2021 BY COUNTRY
Lithuania
Norway
Estonia
Kenya
Rwanda
United Kingdom
Barbados
Anguilla
Palestine
Tanzania
Latvia
Mauritius
Moldova
Others (39 countries)
| (THOUS. EUR) | 6 months of 2020 | 6 months of 2021 | Change | |
|---|---|---|---|---|
| Lithuania | 9,397 | 9,769 | 372 | |
| Others | 7,121 | 6,701 | (420) | |
| Total | 16,518 | 16,470 | (48) | |
| INL | TECHNOLOGY |
14
REVENUE OF THE MANAGED COMPANIES DISTRIBUTION IN LITHUANIA AND ABROAD (THOUSAND EUR)
| 2014
5845;
35% | 2015
8841;
36% | 2016
8680;
38% | 2017
11167;
40% | 2018
11268;
34% | 2019
15052;
44% | 2020
19477;
56% |
| --- | --- | --- | --- | --- | --- | --- |
INL TECHNOLOGY
15
INL
MANAGED COMPANIES RESULTS FOR 6 MONTHS OF 2021
16
INL
NRD COMPANIES GROUP RESULTS FOR 6 MONTHS OF 2021
NRD COMPANIES KEY PROFIT (LOSS) ITEMS, THOUSAND EUR³
| NRD Companies | ||||||||
|---|---|---|---|---|---|---|---|---|
| NRD AS⁴ | NRD Systems, UAB⁴ | Etronika, UAB⁴ | ||||||
| 6 months of 2020 | 6 months of 2021 | 6 months of 2020 | 6 months of 2021 | 6 months of 2020 | 6 months of 2021 | 6 months of 2020 | 6 months of 2021 | |
| Revenue | 3,847 | 3,342 | 2,462 | 1,803 | 1,173 | 1,332 | 1,011 | 895 |
| Gross profit | 1,358 | 1,331 | 616 | 669 | 459 | 416 | 319 | 366 |
| EBITDA | 420 | 204 | 221 | 82 | 157 | 47 | 43 | 72 |
| EBIT | 292 | 71 | 218 | 79 | 102 | (4) | (8) | 14 |
| Net Profit (Loss) | 211 | 6 | 184 | 34 | 69 | (13) | (33) | 6 |
¹Unaudited consolidated results of NRD Companies are presented.
⁴The results of Etronika UAB and NRD Systems UAB and NRD AS are included into results of NRD Companies. The annual standalone financial statements for 2020 of Etronika UAB and NRD Systems UAB are audited, the audit of NRD AS is in progress.
INL
TECHNOLOGY
NRD COMPANIES KEY BALANCE SHEET ITEMS, THOUSAND EUR³
| NRD Companies | ||||||||
|---|---|---|---|---|---|---|---|---|
| NRD AS⁴ | NRD Systems, UAB⁴ | Etronika, UAB⁴ | ||||||
| 31-12-2020 | 30-06-2021 | 31-12-2020 | 30-06-2021 | 31-12-2020 | 30-06-2021 | 31-12-2020 | 30-06-2021 | |
| Tangible assets | 259 | 187 | 9 | 7 | 142 | 93 | 106 | 85 |
| Intangible assets | 220 | 151 | 14 | 15 | 1 | 1 | 171 | 120 |
| Other non-current assets | 343 | 423 | 307 | 391 | 14 | 14 | 23 | 18 |
| Current assets | 6,293 | 5,933 | 4,107 | 3,651 | 2,075 | 1,963 | 1,175 | 1,158 |
| of which cash | 927 | 549 | 67 | 109 | 534 | 204 | 218 | 184 |
| Total assets | 7,115 | 6,694 | 4,437 | 4,064 | 2,232 | 2,071 | 1,475 | 1,381 |
| Equity | 1,635 | 1,663 | 701 | 759 | 369 | 356 | 602 | 608 |
| Non-current liabilities | 558 | 807 | - | - | 215 | 480 | 338 | 325 |
| Of which financial debt | 277 | 543 | - | - | 215 | 480 | 62 | 63 |
| Current liabilities | 4,922 | 4,224 | 3,736 | 3,305 | 1,648 | 1,235 | 535 | 448 |
| of which financial debt | 782 | 468 | 490 | 100 | 244 | 444 | 48 | 24 |
| Total liabilities and equity | 7,115 | 6,694 | 4,437 | 4,064 | 2,232 | 2,071 | 1,475 | 1,381 |
| ¹Unaudited consolidated results of NRD Companies are presented. | ||||||||
| ²The results of Etronika UAB and NRD Systems UAB and NRD AS are included into results of NRD Companies. The annual standalone financial statements for 2020 of Etronika UAB and NRD Systems UAB are audited, the audit of NRD AS is in progress. |
TECHNOLOGY
19
REVENUE OF NRD COMPANIES BY COUNTRY
REVENUE OF NRD COMPANIES FOR 6 MONTHS OF 2020 BY COUNTRY
REVENUE OF NRD COMPANIES FOR 6 MONTHS OF 2021 BY COUNTRY
| (THOUS, EUR) | 6 months of 2020 | 6 months of 2021 | Change |
|---|---|---|---|
| Lithuania | 1,562 | 1,125 | (437) |
| Others | 2,285 | 2,217 | (68) |
| Total | 3,847 | 3,342 | (505) |
INL
TECHNOLOGY
NRD COMPANIES MAIN FINANCIAL FIGURES
CONSOLIDATED REVENUE OF NRD COMPANIES (THOUS.EUR)
CONSOLIDATED EBITDA OF NRD COMPANIES (THOUS.EUR)
| (THOUS. EUR) | 2017 | 2018 | 2019 | 2020 | 2021 H1 |
|---|---|---|---|---|---|
| Revenue | 7,232 | 7,161 | 6,596 | 6,989 | 3,342 |
| EBITDA* | 557 | 504 | 166 | 602 | 204 |
- From 2019 IFRS 16 was adopted, which affected the amount of EBITDA, therefore the EBITDA for the periods 2017-2018 and 2019-2021 is not directly comparable.
INL TECHNOLOGY
21
NRD COMPANIES REVENUE BY SECTOR AND NUMBER BY COUNTRIES
REVENUE OF NRD COMPANIES OF 2019 BY SECTOR
Registers (business, civil)
Government
Tax administration
Finance
Retail
REVENUE OF NRD COMPANIES OF 2020 BY SECTOR
Registers (business, civil)
Government
Tax administration
Finance
Retail
Registers (business, civil)
Government
Tax administration
Finance
Retail
NUMBER COUNTRIES OF OPERATION OF NRD COMPANIES
Revenues in the government and registries sectors increased significantly in the first half of this year. The group's income was negatively affected by the falling USD exchange rate. Compared to the same period in 2020, the USD exchange rate was lower by ~ 9% and this had a significant impact on the company's revenue and results of operations.
INL
TECHNOLOGY
| 22 | INL | |
|---|---|---|
| NOVIAN GROUP | ||
| RESULTS FOR 6 MONTHS OF 2021 | ||
23
NOVIAN GROUP KEY PROFIT (LOSS) ITEMS, THOUSAND EUR
Novian 5
| Technology area | Software services area | Media monitoring and digitization area | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Novian Technologies, UAB | Andmevara Services OU/ Andmevara SRL® | Novian Systems, UAB 7 | Andmevara AS | Zissor AS | ||||||||
| 6 months of 2020 | 6 months of 2021 | 6 months of 2020 | 6 months of 2021 | 6 months of 2020 | 6 months of 2021 | 6 months of 2020 | 6 months of 2021 | 6 months of 2020 | 6 months of 2021 | 6 months of 2020 | 6 months of 2021 | |
| Revenue | 10,547 | 9,881 | 7,822 | 7,158 | 297 | 334 | 1,602 | 1,544 | 533 | 362 | 293 | 484 |
| Gross profit | 2,553 | 2,526 | 1,265 | 1,309 | 297 | 334 | 485 | 339 | 239 | 181 | 268 | 364 |
| EBITDA | 813 | 642 | 763 | 694 | 23 | 29 | 45 | 2 | 10 | (9) | 22 | 102 |
| EBIT | 412 | 315 | 478 | 476 | 13 | 24 | (19) | (70) | (21) | (40) | 13 | 102 |
| Net Profit (Loss) | 313 | 98 | 420 | 297 | 5 | 14 | (28) | (63) | (43) | (74) | 12 | 102 |
INN
TECHNOLOGY
Officialised consultant aggregated Novian group results. The income of dividends was eliminated by aggregating Net profit (loss). The annual translations financial statements for 2020 of Novian Technologies UAB, Novian Systems UAB and Zissor AS are audited.
Alloponents results of Andmevara Services OU and Andmevara SRL
7 Acena UAB was merged into Novian systems UAB on 31 December 2020. Aggregated Profit (loss) statement are presented of 2020
24
NOVIAN GROUP KEY BALANCE SHEET ITEMS, THOUSAND EUR
| Novian 5 | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Technology area | Software services area | Media monitoring and digitization area | ||||||||||
| Novian Technologies, UAB | Andmevara Services OU/ Andmevara SRL6 | Novian Systems, UAB 7 | Andmevara AS | Zissor AS | ||||||||
| 31-12-2020 | 30-06-2021 | 31-12-2020 | 30-06-2021 | 31-12-2020 | 30-06-2021 | 31-12-2020 | 30-06-2021 | 31-12-2020 | 30-06-2021 | 31-12-2020 | 30-06-2021 | |
| Tangible assets | 1,006 | 754 | 611 | 443 | 19 | 17 | 233 | 179 | 138 | 108 | 3 | 3 |
| Intangible assets | 1,969 | 1,937 | 62 | 44 | 3 | 3 | 1,902 | 1,890 | 1 | - | - | - |
| Other non-current assets | 711 | 499 | 512 | 329 | - | - | 151 | 144 | - | - | 104 | 107 |
| Current assets | 9,820 | 10,171 | 7,021 | 5,984 | 134 | 177 | 2,491 | 2,602 | 248 | 258 | 426 | 404 |
| of which cash | 2,344 | 757 | 1,323 | 421 | 37 | 24 | 496 | 27 | 21 | 8 | 274 | 251 |
| Total assets | 13,506 | 13,361 | 8,206 | 6,800 | 156 | 197 | 4,777 | 4,815 | 387 | 366 | 533 | 514 |
| Equity | 5,836 | 5,032 | 3,365 | 2,161 | (19) | (5) | 2,892 | 2,829 | (592) | (666) | 365 | 382 |
| Non-current liabilities | 751 | 688 | 175 | 154 | - | - | 450 | 415 | 86 | 86 | 40 | 33 |
| Of which financial debt | 360 | 353 | 147 | 147 | - | - | 87 | 87 | 86 | 86 | 40 | 33 |
| Current liabilities | 6,919 | 7,641 | 4,666 | 4,485 | 175 | 202 | 1,435 | 1,571 | 893 | 946 | 128 | 99 |
| of which financial debt | 1,042 | 906 | 209 | 98 | 50 | 50 | 495 | 591 | 729 | 810 | - | - |
| Total liabilities and equity | 13,506 | 13,361 | 8,206 | 6,800 | 156 | 197 | 4,777 | 4,815 | 387 | 366 | 533 | 514 |
(Preceded by another aggregated Novian group results. The value of handwritten in-subsidiaries was eliminated by aggregating balance sheet. Items, income of dividends was eliminated by aggregating Net profit (loss). The annual distribution financial statements for 2020 of Novian Technologies UAB, Novian Systems UAB and Zissor AS are audited. (Represents results of Andmevara Services OU and Andmevara SRL. 7 Assets UAB was charged into Novian systems UAB on 31 December 2020.)
INL TECHNOLOGY
25
NOVIAN GROUP MAIN FINANCIAL FIGURES
AGGREGATED REVENUE OF NOVIAN GROUP (THOUS.EUR)
AGGREGATED EBITDA OF NOVIAN GROUP (THOUS.EUR)
| (THOUS. EUR) | 2017 | 2018 | 2019 | 2020 | 2021 H1 |
|---|---|---|---|---|---|
| Revenue | 15,776 | 20,317 | 23,492 | 24,113 | 9,881 |
| EBITDA* | 791 | 1,138 | 1,556 | 1,788 | 642 |
- From 2019 IFRS 16 was adopted, which affected the amount of EBITDA, therefore the EBITDA for the periods 2017-2018 and 2019-2021 is not directly comparable.
INL
TECHNOLOGY
26
REVENUE OF NOVIAN GROUP BY COUNTRY
REVENUE OF NOVIAN GROUP FOR 6 MONTHS OF 2020 BY COUNTRY
Lithuania
Estonia
Norway
Burundi
Rwanda
United Kingdom
Botswana
Latvia
Others (23 countries)
REVENUE OF NOVIAN GROUP FOR 6 MONTHS OF 2021 BY COUNTRY
Lithuania
Estonia
Rwanda
United Kingdom
Kenya
Norway
Moldova
Austria
Others (24 countries)
| (THOUS, EUR) | 6 months of 2020 | 6 months of 2021 | Change | |
|---|---|---|---|---|
| Lithuania | 7,193 | 6,684 | (509) | |
| Others | 3,354 | 3,197 | (157) | |
| Total | 10,547 | 9,881 | (666) | |
| INL | TECHNOLOGY |
27
NOVIAN GROUP REVENUE BY SECTOR AND NUMBER OF COUNTRIES
REVENUE OF NOVIAN GROUP OF 2019 BY SECTOR
REVENUE OF NOVIAN GROUP OF 2020 BY SECTOR
REVENUE OF NOVIAN GROUP OF 2021 BY SECTOR
REVENUE OF NOVIAN GROUP FOR 6 MONTHS OF 2021 BY SECTOR
NOVIAN GROUP OPERATION COUNTRIES
Growth of the Novian group's revenue from the corporate and financial sectors is the result of focused efforts by Novian companies to diversify revenue.
INL
TECHNOLOGY
28
NOVIAN TECHNOLOGIES AREA MAIN FINANCIAL FIGURES
AGGREGATED REVENUE OF NOVIAN TECHNOLOGIES AREA (THOUS.EUR)
AGGREGATED EBITDA OF NOVIAN TECHNOLOGIES AREA (THOUS.EUR)
| (THOUS. EUR) | 2017 | 2018 | 2019 | 2020 | 2021 H1 |
|---|---|---|---|---|---|
| Revenue | 10,065 | 14,111 | 17,745 | 18,874 | 7,492 |
| EBITDA* | 730 | 839 | 1,351 | 1,693 | 723 |
- From 2019 IFRS 16 was adopted, which affected the amount of EBITDA, therefore the EBITDA for the periods 2017-2018 and 2019-2021 is not directly comparable.
INL
TECHNOLOGY
29
REVENUE OF NOVIAN TECHNOLOGIES AREA BY COUNTRY
REVENUE OF NOVIAN TECHNOLOGIES AREA FOR 6 MONTHS OF 2020 BY COUNTRY
Lithuania
Norway
Estonia
Burundi
Rwanda
Botswana
United Kingdom
Others (22 countries)
REVENUE OF NOVIAN TECHNOLOGIES AREA FOR 6 MONTHS OF 2021 BY COUNTRY
Lithuania
Rwanda
Estonia
Kenya
United Kingdom
Moldova
Kyrgyzstan
Others (25 countries)
| (THOUS. EUR) | 6 months of 2020 | 6 months of 2021 | Change |
|---|---|---|---|
| Lithuania | 5,660 | 5,195 | (465) |
| Others | 2,459 | 2,297 | (161) |
| Total | 8,119 | 7,492 | (626) |
INL TECHNOLOGY
30
NOVIAN TECHNOLOGIES AREA REVENUE BY SECTOR AND NUMBER OF COUNTRIES
REVENUE OF NOVIAN TECHNOLOGIES AREA OF 2019 BY SECTOR
REVENUE OF NOVIAN TECHNOLOGIES AREA OF 2020 BY SECTOR
REVENUE OF NOVIAN TECHNOLOGIES AREA FOR 6 MONTHS OF 2021 BY SECTOR
NUMBER COUNTRIES OF OPERATION OF NOVIAN TECHNOLOGIES AREA
The growth of Novian Technologies' business area revenue in 2020 and the public sector's smaller share show increased attention to large and mid-size corporates paid off. That trend continues in 2021 as well, with even more focus on the big business sectors of finance, insurance and wholesale and retail trade.
INL
TECHNOLOGY
31
NOVIAN SOFTWARE SERVICES AREA MAIN FINANCIAL FIGURES
AGGREGATED REVENUE OF NOVIAN SOFTWARE SERVICES AREA (THOUS.EUR)
AGGREGATED EBITDA OF NOVIAN SOFTWARE SERVICES AREA (THOUS.EUR)
| (THOUS. EUR) | 2017 | 2018 | 2019 | 2020 | 2021 H1 |
|---|---|---|---|---|---|
| Revenue | 5,711 | 6,206 | 5,039 | 4,528 | 1,906 |
| EBITDA* | 103 | 392 | 219 | 138 | (7) |
- From 2019 IFRS 16 was adopted, which affected the amount of EBITDA, therefore the EBITDA for the periods 2017-2018 and 2019-2021 is not directly comparable.
INL TECHNOLOGY
32
REVENUE OF NOVIAN SOFTWARE SERVICES AREA BY COUNTRY
| REVENUE OF NOVIAN SOFTWARE SERVICES AREA
FOR 6 MONTHS OF 2020 BY COUNTRY | | | REVENUE OF NOVIAN SOFTWARE SERVICES AREA
FOR 6 MONTHS OF 2021 BY COUNTRY | |
| --- | --- | --- | --- | --- |
| Lithuania | | 19% | Lithuania | 20% |
| Estonia | | 76% | Estonia | 75% |
| Norway | | | Others (5 countries) | |
| Others (5 countries) | | | | |
| (THOUS. EUR) | | 6 months of 2020 | 6 months of 2021 | Change |
| Lithuania | | 1,533 | 1,449 | (84) |
| Others | | 602 | 457 | (145) |
| Total | | 2,135 | 1,906 | (229) |
| INL | TECHNOLOGY | | | |
33
NOVIAN SOFTWARE SERVICES AREA REVENUE BY SECTOR AND NUMBER OF COUNTRIES
REVENUE OF NOVIAN SOFTWARE SERVICES AREA OF 2019 BY SECTOR
REVENUE OF NOVIAN SOFTWARE SERVICES AREA OF 2020 BY SECTOR
REVENUE OF NOVIAN SOFTWARE SERVICES AREA FOR 6 MONTHS OF 2021 BY SECTOR
NUMBER COUNTRIES OF OPERATION OF NOVIAN SOFTWARE SERVICES AREA
Revenue has been affected in recent times by slowdowns or later starts in some public sector projects. The impact of this has largely been offset by revenue from the corporate and financial sectors.
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REVENUE OF ZISSOR BY COUNTRY
REVENUE OF ZISSOR 6 MONTHS OF 2020 BY COUNTRY
REVENUE OF ZISSOR 6 MONTHS OF 2021 BY COUNTRY
| (THOUS, EUR) | 6 months of 2020 | 6 months of 2021 | Change |
|---|---|---|---|
| Lithuania | - | 40 | 40 |
| Others | 293 | 444 | 151 |
| Total | 293 | 484 | 191 |
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INL
NRD CYBER SECURITY RESULTS FOR 6 MONTHS OF 2021
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NRD CYBER SECURITY KEY PROFIT (LOSS) AND KEY BALANCE SHEET ITEMS (THOUS. EUR)⁸
| NRD CYBER SECURITY | ||
|---|---|---|
| 6 months of 2020 | 6 months of 2021 | |
| Revenue | 962 | 1,979 |
| Gross profit | 496 | 1,087 |
| EBITDA | 41 | 534 |
| EBIT | (52) | 441 |
| Net Profit (Loss) | (57) | 432 |
| NRD CYBER SECURITY | ||
| 31-12-2020 | 30-06-2021 | |
| Tangible assets | 181 | 136 |
| Intangible assets | 46 | 22 |
| Other non-current assets | 140 | 145 |
| Current assets | 2,079 | 3 207 |
| of which cash | 654 | 770 |
| Total assets | 2,446 | 3,510 |
| Equity | 1,390 | 1,322 |
| Non-current liabilities | 57 | 86 |
| Of which financial debt | 57 | 57 |
| Current liabilities | 999 | 2,102 |
| of which financial debt | 44 | 22 |
| Total liabilities and equity | 2,446 | 3,510 |
⁸ Financial statements for the year ended 31 Dec 2020 are audited.
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NRD CYBER SECURITY (NRD CS) MAIN FINANCIAL FIGURES
AGGREGATED REVENUE OF NRD CS (THOUS.EUR)
AGGREGATED REVENUE OF NRD CS (THOUS.EUR)
| (THOUS. EUR) | 2017 | 2018 | 2019 | 2020 | 2021 H1 |
|---|---|---|---|---|---|
| Revenue | 3,493 | 3,876 | 2,836 | 3,229 | 1,979 |
| EBITDA* | 603 | 559 | 341 | 434 | 534 |
- From 2019 IFRS 16 was adopted, which affected the amount of EBITDA, therefore the EBITDA for the periods 2017-2018 and 2019-2021 is not directly comparable.
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REVENUE OF NRD CYBER SECURITY BY COUNTRY
REVENUE OF NRD CS FOR 6 MONTHS OF 2020 BY COUNTRY
Lithuania
Egypt
Denmark
Norway
Greece
United Kingdom
Serbia
Others (7 countries)
REVENUE OF NRD CS FOR 6 MONTHS OF 2021 BY COUNTRY
Lithuania
Egypt
United Kingdom
Qatar
Nigeria
Serbia
Norway
Croatia
Others (8 countries)
| (THOUS. EUR) | 6 months of 2020 | 6 months of 2021 | Change | |
|---|---|---|---|---|
| Lithuania | 615 | 1,468 | 853 | |
| Others | 347 | 511 | 164 | |
| Total | 962 | 1,979 | 1,017 | |
| INL | TECHNOLOGY |
NRD CYBER SECURITY REVENUE BY SECTOR AND NUMBER OF COUNTRIES
REVENUE OF NRD CS OF 2019 BY SECTOR
REVENUE OF NRD CS OF 2020 BY SECTOR
REVENUE OF NRD CS FOR 6 MONTHS OF 2021 BY SECTOR
NUMBER COUNTRIES OF OPERATION OF NRD CS
Compared to the previous years, the share of revenue generated by NRD Cyber Security from the financial and private sectors increased in the first half of 2021, while the share of revenue from the public sector shrank. In the first half of this year, the geography of operations increased significantly due to the technical trainings of CSIRT provided together with Northern Ireland Co-operation Overseas.
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IMPORTANT INFORMATION FOR CLOSED-END INVESTMENT COMPANY (UTIB) INVL TECHNOLOGY
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INVL Technology
Gynėjų st. 14, 01109
Vilnius, Lithuania
www.invltechnology.lt