INVL Technology — Interim / Quarterly Report 2021

Aug 31, 2021

INVL	TECHNOLOGY			RESULTS FOR 6 MONTHS OF 2021
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	NET ASSET VALUE (EUR)
EUR
31-12-2020
30-06-2021
NAV
33,725,239
35,037,213
NAV per share
2.7700
2.8777
	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:
IT SERVICES AND SOFTWARE
group was formed by joining the areas of IT infrastructure and IT intensive industries' solutions. Companies, operating in this functional group provide digital transformation, critical IT infrastructure architecture, installation and maintenance services, implement large scale digitisation projects, develop tax and local tax administration systems, e-lection management systems.	BUSINESS CLIMATE IMPROVEMENT AND E-GOVERNANCE
NRD Companies working in this area combine legal, consultancy and IT skills to address governance and economic digital infrastructure development challenges effectively. They develop national state-of-art registries and provide digital and mobile signature, digital platforms, digital licences.	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.	KEY FIGURES OF INVL TECHNOLOGY
THOUSAND EUR
6 months of 2020
6 months of 2021
Financial assets value
Cash and Cash equivalents
Bonds
Loans
Other assets
TOTAL ASSETS
Other liabilities
Equity
TOTAL EQUITY AND LIABILITIES	6 months of 2021
(847)
32,652
31,805
2,191
2,421
408
-
151
-
32,652
35,404
35,641
604
35,037
35,037
35,641
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, THOUS. 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
¹ Decrease of success fee provision had an impact of 1,095 thousand EUR for 6 months of 2021 results.
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.

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INL

TECHNOLOGY

RESULTS FOR 6 MONTHS OF 2021

THE RESULTS OF INVL TECHNOLOGY PORTFOLIO COMPANIES FOR 6 MONTHS OF 2021

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 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

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.

REVENUE OF NRD COMPANIES FOR 6 MONTHS OF 2020 BY COUNTRY

• Tanzania
• Lithuania
• Mauritius
• Cayman Islands
• Estonia
• Barbados
• Finland
• Latvia
• Others (15 countries)

REVENUE OF NRD COMPANIES FOR 6 MONTHS OF 2021 BY COUNTRY

• Lithuania
• Barbados
• Anguilla
• Palestine
• Kenya
• Tanzania
• Estonia
• Mauritius
• Uganda
• Others (14 countries)

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INL

TECHNOLOGY

RESULTS FOR 6 MONTHS OF 2021

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

	Novian5
		Technologies area				Software services area				Media monitoring and digitization area
			Novian Technologies, UAB		Andmevara Services OU/ Andmevara SRL^{6}		Novian Technologies, UAB		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

KEY BALANCE SHEET ITEMS, THOUSAND EUR

	Novian5
		Technologies area				Software services area				Media monitoring and digitization area
			Novian Technologies, UAB		Andmevara Services OU/ Andmevara SRL^{6}		Novian Technologies, UAB		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

1 Presented unaudited aggregated Novian group results. The value of investments in subsidiaries was eliminated by aggregating balance sheet items, income of dividends was eliminated by aggregating Net profit (loss). The annual standalone financial statements for 2020 of Novian Technologies UAB, Novian Systems UAB and Zissor AS are audited.
2 Represents results of Andmevara Services OU and Andmevara SRL.
3 Acena UAB was merged into Novian systems UAB on 31 December 2020. Aggregated Profit (loss) statement are presented of 2020.

REVENUE OF NOVIAN FOR 6 MONTHS OF 2020 BY COUNTRY

REVENUE OF NOVIAN FOR 6 MONTHS OF 2021 BY COUNTRY

• Lithuania
• Estonia
• Norway
• Burundi
• Rwanda
• United Kingdom
• Botswana
• Latvia

• Others (23 countries)

• Lithuania

• Estonia
• Rwanda
• United Kingdom
• Kenya
• Norway
• Moldova
• Austria
• Others (24 countries)

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INL

TECHNOLOGY

RESULTS FOR 6 MONTHS OF 2021

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, UAB
	6 months of 2020	6 months of 2020
Revenue	962	1,979
Gross profit	496	1,087
EBITDA	41	534
EBIT	(52)	441
Net Profit (Loss)	(57)	432

KEY BALANCE SHEET ITEMS, THOUSAND EUR

	NRD CS, UAB
	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

Financial statements for the year ended 31 Dec 2020 are audited.

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