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INVL Technology Interim / Quarterly Report 2022
2265_rns_2022-08-26_0296208b-6412-4aa3-9a4b-71323ecc3c76.pdf
Interim / Quarterly Report
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INL TECHNOLOGY
RESULTS OF 6 MONTHS 2022
26.08.2022
IM
TECHNOLOGY
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).
The 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.
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.
Key investments and development areas: Cyber Security - NRD Cyber Security; Gov-tech and Fintech - NRD Companies; IT services and software - Novian group
The management of the closed-end investment company has been assumed by INVL Asset Management, which is a part of the investment management and life insurance group Invalda INVL.
Headquartered in Lithuania, managed companies operate in the Baltics, Norway, Moldova, Bangladesh, Rwanda.
Implemented projects in 70+ countries.
INL
TECHNOLOGY
STRUCTURE OF THE PORTFOLIO COMPANIES OF INVL TECHNOLOGY
PML TECHNOLOGY
MEMBERS OF INVL TECHNOLOGY INVESTMENT COMMITTEE
Kazimieras Tonkūnas
Co-founder & managing partner of INVL Technology Chairman of the Investment Committee
Vida Tonkūnė
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
IML
TECHNOLOGY
INVL TECHNOLOGY SHAREHOLDER STRUCTURE
30 June 2022, a total of 3,615 shareholders owned shares of INVL Technology
Shareholders who held title to more than 5% of INVL Technology's authorized capital and/or votes as of 30 June 2022
| Name of the shareholder or company | Number of shares held by the right of ownership, units | Share of the authorised capital held, % |
|---|---|---|
| LJB investments, UAB, code 300822575, A. Juozapavičiaus St. 9A, Vilnius | 2,424,152 | 19.91 |
| INVL Life, UADB, code 305859887, Gynėjų St. 14, Vilnius | 1,873,678 | 15.39 |
| Irena Ona Mišeikienė | 1,466,421 | 12.04 |
| Lietuvos draudimas, AB, code 110051834, J. Basanavičiaus St. 12, Vilnius | 909,090 | 7.47 |
| Kazimieras Tonkūnas | 675,452 | 5.55 |
| Alvydas Banys | 618,745 | 5.08 |
IMU TECHNOLOGY
INVL TECHNOLOGY TIMELINE
| PERIOD OF INVESTMENT
2016-2021 | PERIOD OF VALUE CREATION
2021 – 2024 | | PERIOD OF EXIT
2024-2026 | |
| --- | --- | --- | --- | --- |
| 2015 | 2016 | 2019-2021 | 2024 | 2026* |
| • 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 EUR 20,089 thousand.
• 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 license.
• Inventio acquired Algoritmų Sistemas.
• 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.
• 2021 Novian group company Novian Systems acquired Elsis PRO. | Start of exit | INVL Technology ends its operation |
- Possibility of INVL Technology extension for 2 years.
IM
TECHNOLOGY
NET VALUE ASSET AND STOCK INFORMATION
| Title | 08.07.2015* | 31.12.2015 ** | 14.07.2016 *** | 31.12.2016 *** | 31.12.2017 | 31.12.2018 | 31.12.2019 | 31.12.2020 | 31.12.2021 | 30.06.2022 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net asset value of the company, EUR | 20,089 | 24,243 | 23,906 | 19,728 | 23,812 | 28,025 | 28,958 | 33,725 | 36,125 | 37,432 |
| Net asset value per share, EUR | 1.65 | 1.99 | 1.96 | 1.62 | 1.96 | 2.30 | 2.38 | 2.77 | 2.99 | 3.10 |
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 24,243 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.
PML TECHNOLOGY
SHARE INFORMATION
| Share Price | 2020 H1 | 2021 H1 | 2022 H1 |
|---|---|---|---|
| Open price, EUR | 1.76 | 2.12 | 2.76 |
| High price, EUR | 1.99 | 2.74 | 2.80 |
| Low price, EUR | 1.50 | 2.06 | 2.30 |
| Average price, EUR | 1.85 | 2.26 | 2.59 |
| Last price, EUR | 1.94 | 2.52 | 2.50 |
| Turnover, shares | 158,327 | 243,256 | 111,197 |
| Turnover, EUR | 293,296 | 549,374.86 | 288,128.78 |
| Total number of trades | 502 | 811 | 637 |
PML TECHNOLOGY
KEY FIGURES OF INVL TECHNOLOGY
| INVL Technology | 31-12-2020 | 31-12-2021 | 30-06-2022 |
|---|---|---|---|
| NAV | 36,125,378 | 36,125,378 | 37,431,916 |
| NAV per share | 2.7700 | 2.9936 | 3.1017 |
| Key figures, thous. EUR | 6 months of 2020 | 6 months of 2021 | 6 months of 2022 |
| Change in the fair value of financial assets | 470 | (847) | (1,504) |
| Dividends, interest and other incomes | 92 | 1,422 | 841 |
| Operating expenses | (298) | 737* | 1,940** |
| Net profit (loss) | 264 | 1,312* | 1,277** |
| Key balance sheet items, thous. EUR | 31-12-2020 | 31-12-2021 | 30-06-2022 |
| Financial assets value | 32,652 | 35,365 | 33,861 |
| Cash and Cash equivalents | 2,191 | 2,097 | 948 |
| Bonds | 408 | - | - |
| Loans | 151 | 1,189 | 2,500 |
| Other assets | 2 | - | 300 |
| Total assets | 35,404 | 38,651 | 37,609 |
| Other liabilities | 1,679 | 2,526 | 177 |
| Equity | 33,725 | 36,125 | 37,432 |
| Total equity and liabilities | 35,404 | 38,651 | 37,609 |
- Decrease of success fee provision had an impact of EUR 1,095 thousand for 6 months of 2021 results.
** Decrease of success fee provision had an impact of EUR 2,339 thousand for 6 months of 2022 results.
PML TECHNOLOGY
FINANCIAL ASSETS OF MANAGED COMPANIES, THOUS. EUR
Financial asset, thous. EUR
| COMPANY | 31-12-2021 | 30-06-2022 |
|---|---|---|
| NRD Companies (includes ETRONIKA, Norway Registers Development AS, NRD Systems, NRD Rwanda, Infobank Uganda) | 6,561 | 6,162 |
| Novian (includes Novian Technologies, UAB, Novian Systems UAB, Novian Eesti OÜ, Andmevara AS, Andmevara SRL, Zissor, Elsis PRO UAB)* | 19,599 | 18,799 |
| NRD CS UAB (includes NRD Bangladesh)** | 8,971 | 8,685 |
| FINtime UAB | 234 | 215 |
| Total | 35,365 | 33,861 |
Change in fair value of financial assets, thous. EUR
| Opening balance (31.12.2021) | 35,365 |
|---|---|
| Revaluation, excluding dividends | (704) |
| Dividends awarded* | (800) |
| Closing balance (30.06.2022) | 33,861 |
- Novian UAB declared dividends of EUR 300 thousand in 2022; NRD CS declared and paid dividends of EUR 500 thousand in 2022.
PML
TECHNOLOGY
AGGREGATED REVENUE OF INVL TECHNOLOGY PORTFOLIO COMPANIES. THOUS. EUR.
Aggregated revenue
Aggregated EBITDA
| Thous. EUR | 2018 H1 | 2019 H1 | 2020 H1 | 2021 H1*** | 2022 H1 |
|---|---|---|---|---|---|
| Revenue | 12,426 | 15,778 | 16,514 | 18,142 | 21,681 |
| Gross profit* | ND¹ | 4,200 | 4,604 | 5,919 | 5,723 |
| EBITDA** | 402 | 622 | 1,333 | 1,701 | 113 |
| EBIT | 71 | 12 | 674 | 1,008 | (601) |
| Net profit (loss)*** | 15 | (163) | 475 | 698 | (718) |
*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 2018 are not provided.
2 From 2019 IFRS 16 was adopted, which affected the amount of EBITDA, therefore the EBITDA for the periods 2018 and 2019-2022 is not directly comparable.
3 Net profit (loss) is presented after elimination of dividend income.
4 2021 H1 data includes UAB „Elis PRO“ that was acquired in 2021 (revenue EUR 1,672 thousand, EBITDA EUR243 thousand).
PML
TECHNOLOGY
PROJECT GEOGRAPHY OF INVL TECHNOLOGY'S BUSINESSES
In 2022 IH INVL Technology companies carried out projects in 54 countries around the world.
New countries: Trinidad and Tobago, Sint Maarten, Peru.
*- Countries where the companies belonging to the group implemented projects during the reporting period are highlighted in blue
IM
TECHNOLOGY
REVENUE BY COUNTRY OF INVL TECHNOLOGY
2021 H1
Lithuania
Austria
Norway
Estonia
Kenya
Rwanda
United Kingdom
Barbados
Anguilla
Palestine
Tanzania
Denmark
Latvia
Others (40 countries)
2022 H1
Lithuania
Estonia
North Macedonia
Belize
Austria
Norway
Moldova
United Kingdom
Denmark
Germany
Latvia
Finland
Mauritius
Others (41 countries)
| Thous. EUR | 2021 H1 | 2022 H1 | Change |
|---|---|---|---|
| Lithuania | 10,032 (55%) | 14,809 (68%) | 4,777 |
| Other countries | 8,110 (45%) | 6,872 (32%) | (1,238) |
| Total | 18,142 | 21,681 | 3,539 |
IM TECHNOLOGY
REVENUE OF THE MANAGED COMPANIES DISTRIBUTION IN LITHUANIA AND ABROAD, THOUS. EUR
TOTAL: 40,297
TOTAL: 21,681
2015
TOTAL: 24,668
2016
TOTAL: 23,125
2017
TOTAL: 27,751
2018
TOTAL: 32,723
2019
TOTAL: 34,529
2020
TOTAL: 36,634
TM TECHNOLOGY
RESULTS OF MANAGED COMPANIES IN 6 MONTHS OF 2022
IML TECHNOLOGY
NRD Companies
Norway
Lithuania
NRD COMPANIES GROUP
Uganda
Rwanda
IML
TECHNOLOGY
KEY PROFIT (LOSS) ITEMS, THOUS. EUR
| Key profit (loss) item | NRD Companies* | |||||||
|---|---|---|---|---|---|---|---|---|
| NRD AS** | NRD Systems** | Etronika** | ||||||
| 2021 H1 | 2022 H1 | 2021 H1 | 2022 H1 | 2021 H1 | 2022 H1 | 2021 H1 | 2022 H1 | |
| Revenue | 3,342 | 3,139 | 1,803 | 2,094 | 1,332 | 1,157 | 895 | 1,110 |
| Gross profit | 1,331 | 1,098 | 669 | 700 | 416 | 170 | 366 | 406 |
| EBITDA | 204 | (359) | 82 | (76) | 47 | (297) | 72 | 36 |
| EBIT | 71 | (458) | 79 | (80) | (4) | (347) | 14 | (11) |
| Net profit (loss) | 6 | (399) | 34 | (60) | (13) | (331) | 6 | 1 |
*Unaudited consolidated results of NRD Companies are presented, which includes the results of the companies submitted and the results of NRD Companies and NRD Rwanda.
** The standalone financial statements of Etronika UAB and NRD Systems UAB are audited. The standalone annual financial statements of NRD AS of 2021 are audited.
PML TECHNOLOGY
KEY BALANCE SHEET ITEMS, THOUS. EUR
| Balance sheet item, thous. EUR | NRD Companies* | |||||||
|---|---|---|---|---|---|---|---|---|
| NRD AS** | NRD Systems** | Etronika** | ||||||
| 31.12.2021 | 30.06.2022 | 31.12.2021 | 30.06.2022 | 31.12.2021 | 30.06.2022 | 31.12.2021 | 30.06.2022 | |
| Tangible assets | 233 | 163 | 4 | 3 | 164 | 115 | 66 | 45 |
| Intangible assets | 85 | 70 | 14 | 23 | - | - | 70 | 46 |
| Other non-current assets | 503 | 484 | 470 | 452 | 16 | 16 | 17 | 16 |
| Current assets | 6,274 | 4,120 | 3,911 | 3,140 | 2,357 | 947 | 1,326 | 1,172 |
| of which cash | 1,359 | 449 | 30 | 200 | 788 | 64 | 515 | 165 |
| Total assets | 7,095 | 4,837 | 4,399 | 3,618 | 2,537 | 1,078 | 1,479 | 1,279 |
| Equity | 1,704 | 1,267 | 784 | 703 | 344 | 13 | 672 | 673 |
| Non-current liabilities | 257 | 258 | - | - | 177 | 177 | 80 | 80 |
| Of which financial debt | 190 | 192 | - | 1 | 177 | 177 | 14 | 14 |
| Current liabilities | 5,134 | 3,312 | 3,615 | 2,915 | 2,016 | 888 | 727 | 526 |
| of which financial debt | 546 | 75 | - | 206 | 494 | 48 | 52 | 27 |
| Total liabilities and equity | 7,095 | 4,837 | 4,399 | 3,618 | 2,537 | 1,078 | 1,479 | 1,279 |
*Unaudited consolidated results of „NRD Companies“ are presented, which includes the results of the companies submitted and the results of NRD Companies and NRD Rwanda.
** The standalone financial statements of „Etronika“ UAB and „NRD Systems“ UAB are audited. The standalone annual financial statements of NRD AS of 2021 are audited.
IML
TECHNOLOGY
NRD COMPANIES KEY FINANCIAL RESULTS, THOUS. EUR
Consolidated revenue
Consolidated EBITDA
| Thous. EUR | 2018 H1 | 2019 H1 | 2020 H1 | 2021 H1 | 2022 H1 |
|---|---|---|---|---|---|
| Revenue | 3,536 | 3,263 | 3,847 | 3,342 | 3,139 |
| EBITDA* | 295 | 18 | 420 | 204 | (359) |
*IFRS 16 was implemented in 2019 with an impact on the size of EBITDA, thus the EBITDA indicators for 2018 and 2019-2022 are not directly comparable.
IML
TECHNOLOGY
NRD COMPANIES INCOME BY COUNTRY
Lithuania
Barbados
Anguilla
Palestine
Kenya
Tanzania
Estonia
Mauritius
Uganda
North Macedonia
Finland
Samoa
Latvia
Others (10 countries)
2022 H1
Lithuania
Belize
Estonia
Finland
Barbados
Somalis
Latvia
Mauritius
Cayman Islands
Tanzania
North Macedonia
Gayana
Switzerland
Other (16 countries)
| Thous. EUR* | 2021 H1 | 2022 H1 | Change |
|---|---|---|---|
| Lithuania | 1,125 (34%) | 1,111 (35%) | (14) |
| Other countries | 2,217 (66%) | 2,028 (65%) | (189) |
| Total | 3,342 | 3,139 | (203) |
*Consolidated data is provided.
PML TECHNOLOGY
NRD COMPANIES REVENUE BY SECTOR AND NUMBER OF COUNTRIES
2020
- Registers
- Government
- Tax administration
- Finance
- Retail
2021
- Registers
- Government
- Tax administration
- Finance
- Retail
2022 H1
Number of countries
IML TECHNOLOGY
NOVIAN GROUP
Offices operate in 5 countries
NOVIAN
NOVIAN
PML
TECHNOLOGY
KEY PROFIT (LOSS) ITEMS, THOUS. EUR
| Novian* | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Technologies area | Software services area | Media monitoring and digitization area | ||||||||||||
| Novian Technologies | Novian Eesti/Andmevara SRL** | Novian Systems*** | Andmevara AS | Elsis PRO | Zissor | |||||||||
| 2021 H1*** | 2022 H1 | 2021 H1 | 2022 H1 | 2021 H1 | 2022 H1 | 2021 H1 | 2022 H1 | 2021 H1 | 2022 H1 | 2021 H1 | 2022 H1 | 2021 H1 | 2022 H1 | |
| Revenue | 11,553 | 14,497 | 7,158 | 9,594 | 334 | 887 | 1,544 | 1,917 | 362 | 141 | 1,672 | 1,541 | 484 | 416 |
| Gross profit | 3,201 | 3,131 | 1,309 | 1,272 | 334 | 686 | 376 | 255 | 181 | 76 | 638 | 501 | 364 | 340 |
| EBITDA | 885 | 162 | 694 | 341 | 29 | 157 | 2 | (155) | (9) | (39) | 243 | 28 | 102 | (23) |
| EBIT | 460 | (344) | 476 | 84 | 24 | 134 | (70) | (225) | (40) | (48) | 145 | (115) | 102 | (26) |
| Net profit (loss) | 228 | (500) | 297 | 22 | 14 | 105 | (63) | (168) | (74) | (75) | 130 | (122) | 102 | (26) |
Unaudited aggregated operating results of the Novian group are presented. When aggregating the profit (loss) statement, dividend income was eliminated. The standalone annual financial statement items of Novian Technologies UAB, Novian Systems UAB, Elsis Pro UAB and Zissor AS UAB of 2021 are audited.
Includes results of Novian Eesti OÜ (former Andmevara Services OÜ) and Andmevara SRL.
**2021 H1 results include the results of UAB „Elsis PRO" which was acquired in 2021 (revenue EUR 1,672 thousand, EBITDA EUR 243 thousand)
iML
TECHNOLOGY
KEY BALANCE SHEET ITEMS, THOUS. EUR
| Novian* | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Technologies area | Software service area | Media monitoring and digitization | ||||||||||||
| Novian Technologies | Novian Eesti/Andmevara SRL** | Novian Systems | Andmevara AS | Elsis PRO | Zissor | |||||||||
| 31-12-2021 | 30-06-2022 | 31-12-2021 | 30-06-2022 | 31-12-2021 | 30-06-2022 | 31-12-2021 | 30-06-2022 | 31-12-2021 | 30-06-2022 | 31-12-2021 | 30-06-2022 | 31-12-2021 | 30-06-2022 | |
| Tangible assets | 1,640 | 1,867 | 1,124 | 1,082 | 28 | 210 | 149 | 116 | 78 | - | 246 | 446 | 12 | 10 |
| Intangible assets | 2,426 | 2,306 | 48 | 77 | 4 | 4 | 1,882 | 1,875 | - | - | 492 | 350 | - | - |
| Other non-current assets | 1,987 | 3,082 | 441 | 139 | - | - | 1,368 | 2,088 | - | - | 97 | 97 | 110 | 84 |
| Current assets | 9,218 | 10,792 | 5,459 | 5,634 | 295 | 470 | 1,994 | 2,593 | 95 | 17 | 994 | 1,520 | 397 | 266 |
| of which cash | 2,687 | 1,605 | 1,484 | 662 | 111 | 104 | 424 | 443 | 36 | 10 | 357 | 217 | 259 | 158 |
| Total assets | 15,271 | 18,047 | 7,072 | 6,932 | 327 | 684 | 5,393 | 6,672 | 173 | 17 | 1,829 | 2,413 | 519 | 360 |
| Equity | 4,669 | 3,847 | 2,458 | 1,978 | 104 | 209 | 2,342 | 2,174 | (811) | (877) | 353 | 131 | 391 | 253 |
| Non-current liabilities | 2,994 | 4,552 | 286 | 278 | - | 135 | 1,389 | 1,295 | 27 | - | 117 | 949 | - | - |
| Of which financial debt | 2,834 | 3,760 | 262 | 261 | - | 135 | 1,253 | 1,158 | 27 | - | 117 | 311 | - | - |
| Current liabilities | 7,608 | 9,648 | 4,328 | 4,676 | 223 | 340 | 1,662 | 3,203 | 957 | 894 | 1,359 | 1,333 | 128 | 107 |
| of which financial debt | 1,373 | 2,749 | 418 | 1,339 | 50 | 38 | 832 | 1,744 | 876 | 859 | 307 | 61 | - | - |
| Total liabilities and equity | 15,271 | 18,047 | 7,072 | 6,932 | 327 | 684 | 5,393 | 6,672 | 173 | 17 | 1,829 | 2,413 | 519 | 360 |
Unaudited aggregated operating results of the Novian group are presented. When aggregating balance sheet items, the value of investments in subsidiaries was eliminated. The standalone annual financial statements of Novian Technologies UAB, Novian Systems UAB, Elsis Pro UAB, and Zissor AS of 2021 are audited.
*Includes results of Novian Eesti OÜ (former Andmevara Services OÜ) and Andmevara SRL.
IML
TECHNOLOGY
NOVIAN GROUP MAIN FINANCIAL FIGURES, THOUS. EUR
Aggregated revenue
Aggregated EBITDA
| Thous. EUR | 2018 H1 | 2019 H1 | 2020 H1 | 2021 H1 | 2022 H1 |
|---|---|---|---|---|---|
| Revenue | 6,679 | 10,502 | 10,547 | 11,553 | 14,497 |
| EBITDA* | 28 | 294 | 808 | 885 | 162 |
*IFRS 16 was implemented in 2019 with an impact on the size of EBITDA, thus the EBITDA indicators for 2018 and 2019-2022 are not directly comparable.
IM TECHNOLOGY
REVENUE OF NOVIAN GROUP BY COUNTRY
2021 H1
Lithuania
Austria
Estonia
Rwanda
United Kingdom
Kenya
Norway
Denmark
Belgium
Others (23 countries)
2022 H1
Lithuania
Estonia
Austria
Moldova
Denmark
Germany
United Kingdom
Norway
Other (24 countries)
| Thous. EUR | 2021 H1 | 2022 H1 | Change |
|---|---|---|---|
| Lithuania | 6,947 (60%) | 11,010 (76%) | 4,063 |
| Other | 4,606 (40%) | 3,487 (24%) | (1,119) |
| Total | 11,553 | 14,497 | 2,944 |
PML TECHNOLOGY
NOVIAN GROUP REVENUE BY SECTOR AND NUMBER OF COUNTRIES
*- excluding revenue from the finance and aviation, aeronautics sectors.
Number of countries
IML
TECHNOLOGY
NOVIAN TECHNOLOGIES AREA MAIN FINANCIAL FIGURES, THOUS. EUR
Aggregated revenue
Aggregated EBITDA
| Thous. Eur | 2018 H1 | 2019 H1 | 2020 H1 | 2021 H1 | 2022 H1 |
|---|---|---|---|---|---|
| Revenue | 4,227 | 8,232 | 8,118 | 7,492 | 10,481 |
| EBITDA* | 118 | 506 | 783 | 723 | 498 |
*From 2019 IFRS 16 was adopted, which affected the amount of EBITDA, therefore the EBITDA for the periods 2018 and 2019-2022 are not directly comparable.
PML TECHNOLOGY
REVENUE OF NOVIAN TECHNOLOGIES AREA BY COUNTRY
Lithuania
Rwanda
Estonia
Kenya
United Kingdom
Moldova
Kyrgyzstan
Austria
Denmark
Latvia
Others (22 countries)
| Thous. EUR | 2021 H1 | 2022 H1 | Change |
|---|---|---|---|
| Lithuania | 5,195 (69%) | 8,403 (80%) | 3,208 |
| Other countries | 2,297 (31%) | 2,078 (20%) | (219) |
| Total | 7,492 | 10,481 | 2,989 |
PML TECHNOLOGY
NOVIAN TECHNOLOGIES AREA REVENUE BY SECTOR AND NUMBER OF COUNTRIES
*- excluding revenue from the finance sector.
PML TECHNOLOGY
NOVIAN SOFTWARE SERVICES AREA MAIN FINANCIAL FIGURES, THOUS. EUR
Aggregated revenue
Aggregated EBITDA
| Thous. Eur | 2018 H1 | 2019 H1 | 2020 H1 | 2021 H1 | 2022 H1 |
|---|---|---|---|---|---|
| Revenue | 2,452 | 1,922 | 2,135 | 3,578 | 3,599 |
| EBITDA* | (37) | (199) | 53 | 236 | (166) |
- From 2019 IFRS 16 was adopted, which affected the amount of EBITDA, therefore the EBITDA for the periods 2018 and 2019-2022 are not directly comparable. The figures of 2021 include the annual results of Elsis Pro UAB (revenue EUR 1,672 thousand, EBITDA EUR 243 thousand).
IM TECHNOLOGY
REVENUE OF NOVIAN SOFTWARE SERVICES AREA BY COUNTRY
Lithuania
Austria
Estonia
Belgium
Norway
Denmark
Netherlands
Germany
Others (2 countries)
Lithuania
Austria
Denmark
Estonia
Germany
France
Norway
Others (5 countries)
| Thous. Eur | 2021 H1 | 2022 H1 | Change |
|---|---|---|---|
| Lithuania | 1,712 (48%) | 2,520 (70%) | 808 |
| Other countries | 1,866 (52%) | 1,079 (30%) | (787) |
| Total | 3,578 | 3,599 | 21 |
IM
TECHNOLOGY
NOVIAN SOFTWARE SERVICES AREA REVENUE BY SECTOR AND NUMBER OF COUNTRIES
*- excluding revenue from the finance and aviation, aeronautics sectors.
IM TECHNOLOGY
REVENUE OF ZISSOR BY COUNTRY
| Thous. Eur | 2021 H1 | 2022 H1 | Change |
|---|---|---|---|
| Lithuania | 40 (8%) | 87 (21%) | 47 |
| Other countries | 444 (92%) | 329 (79%) | (115) |
| Total | 484 | 416 | (68) |
PML TECHNOLOGY
NRD Cyber Security
NRD CS GROUP
PML TECHNOLOGY
NRD CYBER SECURITY KEY PROFIT (LOSS) AND KEY BALANCE SHEET ITEMS (THOUS. EUR)
| Profit (loss) items | NRD CS* | |
|---|---|---|
| 2021 IH | 2022 IH | |
| Revenue | 1,979 | 2,421 |
| Gross profit | 1,087 | 1,160 |
| EBITDA | 534 | 260 |
| EBIT | 441 | 217 |
| Net profit (loss) | 432 | 215 |
| Balance sheet items | NRD CS | |
| 31-12-2021 | 30-06-2022 | |
| Tangible assets | 124 | 105 |
| Intangible assets | 1 | 17 |
| Other non-current assets | 160 | 160 |
| Current assets | 2,966 | 2,613 |
| of which cash | 1,745 | 733 |
| Total assets | 3,251 | 2,895 |
| Equity | 1,480 | 1,195 |
| Non-current liabilities | 37 | 551 |
| Of which financial debt | 12 | 12 |
| Current liabilities | 1,734 | 1,149 |
| of which financial debt | 48 | 24 |
| Total liabilities and equity | 3,251 | 2,895 |
*The unaudited consolidated results of the NRD CS Group are presented. The results of NRD CS UAB and NRD Bangladesh are included in the results of the NRD CS group. The standalone annual financial statements of the companies of 2021 are audited.
IML TECHNOLOGY
NRD CYBER SECURITY (NRD CS) MAIN FINANCIAL FIGURES
Consolidated revenue
Consolidated EBITDA
| 2018 H1 | 2019 H1 | 2020 H1 | 2021 H1 | 2022 H1 | |
|---|---|---|---|---|---|
| Revenue | 1,462 | 1,353 | 962 | 1,979 | 2,421 |
| EBITDA* | 65 | 236 | 39 | 534 | 260 |
*IFRS 16 was implemented in 2019 with an impact on the size of EBITDA, thus the EBITDA indicators for 2018 and 2019-2022 are not directly comparable.
IM TECHNOLOGY
REVENUE OF NRD CYBER SECURITY BY COUNTRY
Lithuania
Egypt
United Kingdom
Qatar
Nigeria
Serbia
Norway
Croatia
Others (8 countries)
Lithuania
Norway
Croatia
Bangladesh
Switzerland
Uganda
Peru
United Kingdom
Others (8 countries)
| Thous. Eur | 2021 H1 | 2022 H1 | Change |
|---|---|---|---|
| Lithuania | 1,468 (74%) | 2,047 (85%) | 579 |
| Other countries | 511 (26%) | 374 (15%) | (137) |
| Total | 1,979 | 2,421 | 442 |
IM
TECHNOLOGY
NRD CYBER SECURITY REVENUE BY SECTOR AND NUMBER OF COUNTRIES
2020
Public
Private
Finance
Academic
2021
Public
Private
Finance
Academic
2022 H1
Public
Private
Finance
-
- excluding revenue from the finance and academic sectors.
Number of countries
The TECHNOLOGY
IMPORTANT INFORMATION FOR CLOSED-END INVESTMENT COMPANY (UTIB) INVL TECHNOLOGY
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Investments in the shares of closed-end investment companies (hereinafter may be referred as "CEF") are associated with investment risk and others risks specified in the Articles of Association and Prospectus of the closed-end investment company. The value of a company's shares can both rise and fall, and you may recover less than you invested or even lose the entire invested amount. Past results only show the changes in the value of a company's shares over a past period. Past results do not guarantee future performance.
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The information provided does not encompass all the information disclosed by the company and should be read together with the company's publicly announced financial and other information. The financial data provided should be evaluated together with the financial statements. The data presented reflect the situation for a past period of time and results for a past period are not a reliable indicator of future performance.
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The closed-end investment company and (or) the Management Company of the closed-end investment company does not guarantee the profitability of investments. The latest values of the shares of the closed-end investment company are available on the website www.invltechnology.com.
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Before making a decision to invest, you should personally or with the help of investment advisors assess the selected closed-end investment company's investment strategy, applicable fees and all investment-related risks. You should also carefully read closed-end investment company's Prospectus, Rules and Key Investor Information Document and other share distribution documents. These documents are available for review on the website www.invltechnology.com.
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All the information presented is of a promotional-informative nature and cannot be construed as a recommendation, offer or invitation to invest in the shares of the closed-end investment company. The closed-end investment company and (or) the Management Company of the closed-end investment company is not responsible for any decisions taken by third parties on the basis of information provided in this website alone and assumes no responsibility for expenses or direct or indirect losses experienced when using only this information. The information provided cannot be the basis for any subsequently concluded agreement. Although the content of this information of a promotional nature is based on sources considered to be reliable, the closed-end investment company and (or) the Management Company of the closed-end investment company is not responsible for inaccuracies or changes in the information, or for losses that may arise when investments are based on this information.
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The right of investors in the closed-end investment company to demand redemption of shares which they hold is restricted.
IMU TECHNOLOGY
THANK YOU FOR ATTENTION
INVL TECHNOLOGY
Gynėjų str. 14, 01109
Vilnius, Lithuania
www.invltechnology.lt
[email protected]