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INVL Technology Investor Presentation 2021
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INVL TECHNOLOGY
INVL TECHNOLOGY - LITHUANIAN ICT INVESTMENT FUND
06.04.2021
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
KEY EXECUTIVES
| | 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 |
| --- | --- | --- | --- |
| | 20+ years' executive experience in ICT sector M&A, spin-offs, frontier markets | | 20+ years' executive experience in ICT sector M&A, spin-offs, frontier markets |
| | Vytautas Plunksnis
Head of the Private Equity Unit of INVL Asset Management
Member of the Investment Committee | | Nerijus Drobavičius
Member of the Investment Committee
Member of the Board of Invalda INVL |
| | 15+ years' experience in capital markets and M&A | | 15+ years' experience in M&A, financial analysis and setting up management controls |
| INVL | More information: https://www.invlttechnology.lt/lit/en/about-us/investment-committee | | |
INVL TECHNOLOGY SHAREHOLDER STRUCTURE
Company shareholders ( $\geq 5\%$ )
| 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 str. 9A. Vilnius | 2,424,152 | 19.91 |
| Invalda INVL AB, code 121304349, Gynėjų str. 14. Vilnius | 1,830,947 | 15.04 |
| Irena Ona Mišeikienė | 1,466,421 | 12.04 |
| Lietuvos draudimas AB, code 110051834, J. Basanavičiaus str. 12. Vilnius | 909,090 | 7.47 |
| Kazimieras Tonkūnas | 675,452 | 5.55 |
| Alvydas Banys | 618,745 | 5.08 |
Free float – 4 659 425 shares. The total number of shareholders exceeded 3,438 on 31 December 2020.
Others
LJB investments, UAB (300822575)
Invalda INVL, AB (121304349)
Irena Ona Mišeikienė
Lietuvos draudimas, AB (110051834)
Kazimieras Tonkūnas
Alvydas Banys
INVL
More information:
https://www.invtechnology.lt/lit/en/for-investors/shareholders
OWNERSHIP STRUCTURE
INNL
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 Algoritmş 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.
7
NET ASSET VALUE AND STOCK PRICE INFORMATION
Stock price in the market
Net asset value per share, EUR
| 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 |
|---|---|---|---|---|---|---|---|---|
| Net asset value of the company, EUR | 20,089 | 24,243 | 23,906 | 19,728 | 23,812 | 28,025 | 28,958 | 33,725 |
| Net asset value per share, EUR | 1.65 | 1.99 | 1.96 | 1.62 | 1.96 | 2.30 | 2.38 | 2.77 |
*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.
IN&L
SHARE INFORMATION*
12,175,321
Number of shares, units
| Price | 2017 | 2018 | 2019 | 2020 | 2021** |
|---|---|---|---|---|---|
| Open price € | 1.76 | 1.49 | 1.44 | 1.76 | 2.12 |
| High price € | 1.76 | 1.7 | 2.1 | 2.14 | 2.42 |
| Low price € | 1.49 | 1.43 | 1.44 | 1.5 | 2.06 |
| Last price € | 1.49 | 1.44 | 1.76 | 2.08 | 2.26 |
| Traded volume | 101,324 | 367,226 | 418,385 | 245,739 | 177,386 |
| Turnover mln € | 0.16 | 0.58 | 0.68 | 0.47 | 0.39 |
| Capitalization mln € | 18.14 | 17.53 | 21.43 | 25.32 | 27.52 |
INNL
*Source: https://nasdaqbaltic.com/statistics/en/instrument/LT0000128860/historical?date=2020-05-05
**Data for April 12, 2021 are provided
KEY FIGURES OF INVL TECHNOLOGY (THOUSAND EUR)
| INVL Technology | 31-12-2018 | 31-12-2017 | 31-12-2018 | 31-12-2019 | 31-12-2020 |
|---|---|---|---|---|---|
| NAV | 19,727,654 | 23,811,753 | 28,024,654 | 28,958,136 | 33,725,239 |
| NAV per share | 1.6203 | 1.9557 | 2.3018 | 2.3784 | 2.7700 |
| 12 months of 2018 | 12 months of 2019 | 12 months of 2020 | |||
| Change in the fair value of financial assets | 3,421 | 1,279 | 6,740 | ||
| Dividends, interest and other incomes | 1,360 | 185 | 150 | ||
| Operating expenses | (533) | (531) | (2,123)* | ||
| Net profit (loss) | 4,213 | 933 | 4,767 | ||
| 31-12-2018 | 31-12-2019 | 31-12-2020 | |||
| Financial assets value | 24,229 | 25,912 | 32,652 | ||
| Cash and Cash equivalents | 2,230 | 1,401 | 2,191 | ||
| Bonds | 1,252 | 920 | 408 | ||
| Loans | - | 808 | 151 | ||
| Other assets | 439 | 39 | 2 | ||
| TOTAL ASSETS | 28,150 | 29,080 | 35,404 | ||
| Other liabilities | 125 | 122 | 1,679 | ||
| Equity | 28,025 | 28,958 | 33,725 | ||
| TOTAL EQUITY AND LIABILITIES | 28,150 | 29,080 | 35,404 | ||
| INVL | *INVL Technology calculated a provision for success and accrued management fee EUR 1,075 thousand and EUR 460 thousand. |
10
INVL TECHNOLOGY FINANCIAL ASSETS (THOUSAND EUR)
| Companies | 31-12-2018 | 31-12-2019 | 31-12-2020 |
|---|---|---|---|
| NRD Companies (includes Etronika UAB, NRD Systems UAB, Norway Registers Development AS and others) | 5,458 | 5,511 | 7,144 |
| Novian¹ (includes Novian Technologies UAB, Novian Systems UAB², Andmevara Services OU, Andmevara AS, Andmevara SRL, Zissor AS) | 12,085 | 15,295 | 19,740 |
| NRD CS UAB | 6,455 | 4,880 | 5,535 |
| „FINtime“ UAB | 231 | 226 | 233 |
| TOTAL | 24,229 | 25,912 | 32,652 |
| Change in fair value of financial assets, thous. EUR | 31-12-2020 | ||
| Opening balance (2020-01-01) | 25,912 | ||
| Revaluation | 6,740 | ||
| Closing balance (2020-12-31) | 32,652 |
¹ In 2019, the Novian Group was completed. In addition to UAB Novian, UAB Novian Technologies (former name UAB BAIP) and UAB Acena, in 2019 this group included UAB Novian systems (former name UAB Algoritmij sistemas) and Andmevara group of companies, owned directly by INVL Technology, as well as the newly acquired Zissor AS. The comparative value of Novian on 31.12. 2018 has been calculated by summing the individual Novian on 31.12. 2018 (includes UAB Novian, UAB BAIP and UAB Acena). UAB Algoritmij sistemas and Andmevara (includes Andmevara AS, Andmevara SRL and Andmevara Services OU).
² Acena, UAB has been merged into Novian Systems and ceased its operations at the end of 2020.
INVL
KEY FIGURES 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) | 2019 | 2017 | 2018 | 2019 | 2020 |
|---|---|---|---|---|---|
| Revenue | 23,125 | 27,751 | 32,723 | 34,529 | 36,634 |
| Gross profit* | NA | NA | 9,935 | 9,349 | 10,246 |
| EBITDA** | 857 | 1,974 | 2,152 | 2,181 | 2,988 |
| EBIT | 273 | 1,395 | 1,591 | 949 | 1,641 |
| Net profit (loss)*** | (52) | 1,237 | 1,120 | 493 | 1,097 |
From 2018 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 2019-2020 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.
INVL
12
INVL TECHNOLOGY MANAGED COMPANIES GROWTH
Groups of aggregated revenue of INVL Technology portfolio companies 2014-2020
Initial income level
Organic growth
Change due to acquisition
Total
Aggregated revenue of INVL Technology portfolio companies 2014-2020
Increase
Decrease
Total
INVL
13
REVENUE OF THE MANAGED COMPANIES DISTRIBUTION IN LITHUANIA AND ABROAD (THOUSAND EUR)
| 
Total: 142 582
Total: 79 975
■ Lithuania
■ Others | 
Total: 36 634
2020 |
| --- | --- |
| 
Total: 16 700
2014 | 
8 841
36 %
15 827
64 %
10 855
65 %
Total: 24 668
2015 | 
8 680
38 %
14 445
62 %
11 167
40 %
16 584
60 %
Total: 27 751
2017 | 
11 268
34 %
16 584
60 %
11 455
66 %
Total: 32 723
2018 | 
15 052
44 %
19 477
56 %
15 052
44 |
| --- | --- | --- | --- | --- |
INNL
14
REVENUE OF INVL TECHNOLOGY FOR BY COUNTRY (THOUSAND EUR)
Revenue of INVL Technology of 2019 by country
Revenue of INVL Technology of 2020 by country
| (Thous. EUR) | 2019 | 2020 | Change |
|---|---|---|---|
| Lithuania | 19,477 | 22,615 | 3,138 |
| Others | 15,052 | 14,019 | (1,033) |
| Total | 34,529 | 36,634 | 2,105 |
INVL
INL
GLOBAL TECHNOLOGY AND CONSULTING GROUP
WITH PROPRIETARY PRODUCTS IN GOV-TECH AND FINTECH
NRD Companies
NRD Companies is a global information technology and consulting group of companies, specializing in the governance and development of the economic digital infrastructure for Governments, Registries, Tax Administrations, Financial Institutions, Retailers and National Postal Services.
Headquartered in Norway, serve customers from Norway, Lithuania, Bangladesh, Rwanda, Uganda and Tanzania.
The Group employs more than 110 professionals and is controlled by INVL Technology UTIB.
More information:
https://www.nrd.no/
https://www.linkedin.com/company/norway-registers-development-as
Bangladesh
Sustainability
We embrace the United Nations and World Bank Sustainability Initiatives through our contribution to:
- Enabling the business environment & job creation
- Increasing the efficiency of government services
- Facilitating financial inclusion and access to finances
- Supporting domestic resource mobilisation
- Improving the accessibility of social and business services
- Facilitating environmental sustainability
- Securing the digital environment
SUNRID Companies
Global Footprint
NRD Companies implement products and projects in more than 50 countries worldwide.
NRD Companies
Solutions and products
Consultancy
Doing Business Reforms, Public Sector Reforms, National ID, Digital ID, Civil Registration, Digital Banking, E-service delivery.
ETRONIKA UAB
VILNIUS, LITHUANIA
etronika
NRD Systems UAB
VILNIUS, LITHUANIA
NRD Companies
Norway Registers Development AS
OSLO, NORWAY
NRD Companies
NRD Bangladesh Ltd
DHAKA, BANGLADESH
NRD Companies
Norway Registers Development Rwanda Ltd
KIGALI, RWANDA
NRD Companies
NRD Companies aggregated income according countries (Thousand. EUR)
2019 Y AGGREGATED INCOME ACCORDING COUNTRIES
2020 Y. AGGREGATED INCOME ACCORDING COUNTRIES
| Thousand. EUR | 2019 Y. | 2020 Y. | Difference |
|---|---|---|---|
| Lithuania | 2 736 | 2 295 | (441) |
| Other countries | 4 859 | 6 352 | 1 493 |
| Total | 7 595 | 8 647 | 1 052 |
NRD Companies
NRD Companies key financial indicators (thousands of EUR)
| Thousand. EUR | 2016 | 2017 | 2018 | 2019 | 2020 |
|---|---|---|---|---|---|
| Aggregated income | 6 809 | 8 172 | 7 918 | 7 595 | 8 647 |
| Aggregated EBITDA* | (42) | 565 | 448 | 171 | 613 |
- From 2019 IFRS 16 was adopted, which affected the amount of EBITDA, therefore the EBITDA for the periods 2016-2018 and 2019-2020 is not directly comparable.
NRD Companies
Key profit (loss) items (Thousand. EUR)²
| NRD Companies | ||||||||
|---|---|---|---|---|---|---|---|---|
| NRD AS³ | NRD Systems³ | Etronika³ | ||||||
| 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | |
| Revenue | 6,597 | 6,989 | 3,127 | 4,247 | 1,994 | 2,430 | 2,360 | 1,926 |
| Gross profit | 2,031 | 2,603 | 850 | 1,216 | 354 | 906 | 955 | 618 |
| EBITDA | 166 | 610 | 126 | 144 | (179) | 354 | 349 | 128 |
| EBIT | (68) | 332 | 121 | 136 | (273) | 247 | 253 | 3 |
| Net Profit (Loss) | (119) | 160 | 102 | 68 | (288) | 163 | 193 | (29) |
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 stand-alone financial statements of these entities are in progress
NRD Companies
Key profit (loss) items (Thousand. EUR)²
| "NRD Companies" | ||||||||
|---|---|---|---|---|---|---|---|---|
| NRD AS³ | NRD Systems³ | Etronika³ | ||||||
| 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | |
| Tangible assets | 434 | 259 | 14 | 9 | 246 | 142 | 171 | 106 |
| Intangible assets | 370 | 220 | 15 | 14 | 2 | 1 | 281 | 171 |
| Other non-current assets | 77 | 343 | - | 307 | 57 | 14 | 21 | 23 |
| Current assets | 5,079 | 6,305 | 3,057 | 4,107 | 1,244 | 2,087 | 1,396 | 1,175 |
| of which cash | 478 | 939 | 65 | 67 | 273 | 545 | 107 | 218 |
| Total assets | 5,960 | 7,127 | 3,086 | 4,437 | 1,549 | 2,244 | 1,869 | 1,475 |
| Equity | 1,417 | 1,646 | 682 | 701 | 217 | 380 | 628 | 602 |
| Non-current liabilities | 460 | 558 | - | - | 135 | 215 | 314 | 338 |
| Of which financial debt | 395 | 277 | - | - | 135 | 215 | 260 | 62 |
| Current liabilities | 4,083 | 4,923 | 2,404 | 3,736 | 1,197 | 1,649 | 927 | 535 |
| of which financial debt | 1,288 | 782 | 676 | 490 | 359 | 244 | 362 | 48 |
| Total liabilities and equity | 5,960 | 7,127 | 3,086 | 4,437 | 1,549 | 2,244 | 1,869 | 1,475 |
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 standalone financial statements of these entities are in progress
NRD Companies
NRD Companies business sectors and countries
BUSINESS SECTORS 2016
BUSINESS SECTORS 2017
BUSINESS SECTORS 2018
BUSINESS SECTORS 2019
BUSINESS SECTORS 2020
COUNTRIES OF OPERATION
Revenue in the area of national tax administration systems, civil and business registers have grown significantly over the last three years. The geography of projects has expanded.
NRD Companies
INL
BALTIC AND NORDIC MANAGED SERVICES AND DEVOPS COMPANY
Novian companies act in 3 areas
NOVIAN
- NOVIAN | Systems
- Andmevara AS
-
Tallinn, Estonia
-
NOVIAN | Technologies
- Andmevara Services OÜ
- Tallinn, Estonia
- Andmevara SRL
-
Chișinău, Moldova
-
Zissor
a Novian company - Drammen, Norway
Novian group is strengthening its international presence and increasing value for its clients by offering integrated services.
For that purpose, Novian has refined its operational competencies – the group’s companies operate in three areas.
The market is also being offered integrated services under the shared name of Novian:
At the end of 2020, BAIP became Novian Technologies and Algoritmy Sistemos – Novian Systems.
NOVIAN
26
Focus on regional markets and technological advances
Main directions of the Novian group:
- Expand the geography of the activities of the group’s companies giving priority to the Baltic and Nordic markets.
- Increase the companies’ competencies in the areas of high-performance computing devices, digital transformation, big data and artificial intelligence.
NOVIAN
27
The geography of Novian's companies and projects
Offices operate in 5 countries
The companies' projects in 2016-2020 took place in 50 countries
NOVIAN
Clients benefit from over 80 solutions and services
NOVIAN
29
Services and solutions integrated for unique needs
30
Business
Public sector
- Fast implementation combining the Novian companies’ experience, capacity and services.
Novian group companies' financial indicators (thousands of EUR)
| Novian4 | Technologies area | Software services area | Media monitoring and digitization area | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Novian Technologies UAB | Andmevara Services OU/ „Andmevara SRL“5 | Novian Systems UAB | Andmevara AS | Acena UAB6 | „Zissor AS“ | |||||||||
| 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | |
| Revenue | 23,492 | 24,113 | 17,072 | 18,223 | 673 | 651 | 2,759 | 2,824 | 1,023 | 789 | 1,257 | 915 | 708 | 711 |
| Gross Profit | 5,591 | 5,725 | 2,549 | 2,838 | 672 | 651 | 993 | 1,144 | 450 | 190 | 347 | 250 | 580 | 652 |
| EBITDA | 1,556 | 1,798 | 1,258 | 1,628 | 93 | 65 | 339 | 473 | (108) | (256) | (12) | (69) | 78 | 108 |
| EBIT | 755 | 1,006 | 684 | 1,066 | 76 | 49 | 234 | 348 | (171) | (318) | (18) | (74) | 43 | 88 |
| Net Profit (loss)7 | 385 | 580 | 462 | 761 | 41 | 30 | 190 | 297 | (229) | (374) | (20) | (74) | 34 | 68 |
4 The unaudited aggregated results of the Novian group are presented, which include the results of the companies and the results of Novian UAB. The audit of standalone financial statements of Novian Technologies UAB, Novian Systems UAB and Zissor AS is in progress.
5 Represents results of Andmevara Services OU and Andmevara SRL.
6 Acena UAB was merged into Novian Systems UAB on 31 December 2020. The Acena UAB merge has completed the liquidation procedures, and all the rights and obligations of Acena have been assumed by Novian Systems UAB, which will continue Acena UAB activities after the reorganization. The standalone financial statements of Acena UAB will not be prepared and published. The information in this report is presented separately for both companies in order to disclose the actual activities of the companies in 2020 and ensure comparability of data with 2019.
7 Adjusted net profit is represented after eliminating one-off impairments of investments in subsidiaries recognized in standalone reports of Novian Technologies UAB and Novian Systems UAB. In 2019 Novian Technologies UAB eliminated the impairment of Acena UAB EUR -117 thousand (additional deferred income tax income- EUR 18 thousand), Novian Systems UAB eliminated the impairment of Andmevara AS EUR -150 thousand (additional deferred income tax income - EUR 23 thousand). In 2020 Novian Systems UAB eliminated the impairment of Andmevara AS EUR-64 thousand (additional deferred income tax income EUR 10 thousand) and impairment of Acena UAB EUR -27 thousand (additional deferred income tax income of EUR 4 thousand). The aggregated net profit of the Novian group was adjusted accordingly.
NOVIAN
Novian group companies' financial indicators (thousands of EUR)
| Novian⁴ | Technologies area | Software services area | Media monitoring and digitization area | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Novian Technologies UAB | Andmevara Services OU / Andmevara SRL⁵ | Novian Systems UAB | Andmevara AS | Acena UAB⁶ | Zissor AS | |||||||||
| 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | |
| Tangible Assets | 1,251 | 1,008 | 897 | 611 | 12 | 19 | 296 | 228 | 34 | 138 | 9 | 7 | 1 | 3 |
| Intangible Assets | 1,861 | 1,840 | 65 | 62 | 4 | 3 | 1,768 | 1,773 | 2 | 1 | 1 | - | 20 | - |
| Other non-current assets | 681 | 454 | 812 | 287 | - | - | 177 | 386 | - | - | - | - | 132 | 104 |
| Current assets | 11,404 | 10,064 | 7,793 | 7,228 | 153 | 134 | 1,818 | 2,236 | 456 | 248 | 875 | 292 | 273 | 426 |
| Of which cash | 3,540 | 2,242 | 2,016 | 1,221 | 29 | 37 | 595 | 377 | 218 | 21 | 596 | 119 | 70 | 274 |
| Total assets | 15,197 | 13,366 | 9,567 | 8,188 | 169 | 156 | 4,059 | 4,623 | 492 | 387 | 885 | 299 | 426 | 533 |
| Equity | 5,122 | 5,693 | 2,591 | 3,352 | (47) | (19) | 2,745 | 2,964 | (218) | (592) | 139 | 65 | 318 | 365 |
| Non-current liabilities | 687 | 730 | 336 | 154 | - | - | 351 | 450 | - | 86 | - | - | - | 40 |
| of which financial debt | 483 | 360 | 328 | 147 | - | - | 155 | 87 | - | 86 | - | - | - | 40 |
| Current liabilities | 9,388 | 6,943 | 6,640 | 4,682 | 216 | 175 | 963 | 1,209 | 710 | 893 | 746 | 234 | 108 | 128 |
| Of which financial debt | 1,746 | 1,042 | 1,205 | 209 | 130 | 50 | 66 | 495 | 345 | 729 | - | - | - | - |
| Total liabilities and equity | 15,197 | 13,366 | 9,567 | 8,188 | 169 | 156 | 4,059 | 4,623 | 492 | 387 | 885 | 299 | 426 | 533 |
⁴ The unaudited aggregated results of the Novian group are presented, which include the results of the companies and the results of Novian UAB. The value of investments in subsidiaries was eliminated by aggregating balance sheet items. The audit of standalone financial statements of Novian Technologies UAB, Novian Systems UAB and Zissor AS is in progress.
⁵ Represents results of Andmevara Services OU and Andmevara SRL.
⁶ Acena UAB was merged into Novian Systems UAB on 31 December 2020. The Acena UAB merge has completed the liquidation procedures, and all the rights and obligations of Acena have been assumed by Novian Systems UAB, which will continue Acena UAB activities after the reorganization. The standalone financial statements of Acena UAB will not be prepared and published. The information in this report is presented separately for both companies in order to disclose the actual activities of the companies in 2020 and ensure comparability of data with 2019.
NOVIAN
Novian group main financial indicators (thousands of EUR)
| Thousands of EUR | 2016 | 2017 | 2018 | 2019 | 2020 |
|---|---|---|---|---|---|
| Revenue | 14,555 | 15,776 | 20,317 | 23,492 | 24,113 |
| EBITDA* | 774 | 791 | 1,138 | 1,556 | 1,798 |
- The Novian group's revenue and EBITDA mainly grew organically. In the 2016-2020 period there was an additional acquisition of the company Zissor, whose impact is not material (annual revenue of approx. EUR 700,000).
- Most of the Novian group's growth is due to the recent more successful development of Novian Technologies. Strong attention is being given to Novian Systems' area of operations as well, which it is hoped will also start to demonstrate stable growth in coming periods.
- The activities of Novian Technologies are diversified between the public and private sector, while most of Novian Systems' activities are concentrated in the public sector.
NOVIAN
- IFRS 16 was implemented in 2019 with an impact on the size of EBITDA, thus the EBITDA indicators for 2016-2018 and 2019-2020 are not directly comparable.
Revenue of Novian group by country (thousands of EUR)
| Thousands of EUR | 2019 | 2020 | Change |
|---|---|---|---|
| Lithuania | 14,330 | 17,186 | 2,856 |
| Other countries | 9,162 | 6,927 | (2,235) |
| Total | 23,492 | 24,113 | 621 |
NOVIAN
Revenue of Novian group according to the sectors. Number of the countries
Revenue of Novian group according to the sectors
Novian group: countries of operations
Over the last three years, the Novian group's earnings in the financial and private sectors have grown.
In 2020, revenues in the private and financial sectors made up 56% of all the Novian group's revenues.
NOVIAN
Technologies business area*: key income statement and balance sheet items (thousands of EUR)
| Novian Technologies UAB | Andmevara Services OU / Andmevara SRL** | |||
|---|---|---|---|---|
| 2019 | 2020 | 2019 | 2020 | |
| Revenue | 17,072 | 18,223 | 673 | 651 |
| Gross profit | 2,549 | 2,838 | 672 | 651 |
| EBITDA | 1,258 | 1,628 | 93 | 65 |
| EBIT | 684 | 1,066 | 76 | 49 |
| Net profit (loss)*** | 462 | 761 | 41 | 30 |
| Novian Technologies UAB | Andmevara Services OU / Andmevara SRL** | |||
| 2019 | 2020 | 2019 | 2020 | |
| Tangible Assets | 897 | 611 | 12 | 19 |
| Intangible Assets | 65 | 62 | 4 | 3 |
| Other non-current assets | 812 | 287 | - | - |
| Current assets | 7,793 | 7,228 | 153 | 134 |
| Of which cash | 2,016 | 1,221 | 29 | 37 |
| Total assets | 9,567 | 8,188 | 169 | 156 |
| Equity | 2,591 | 3,352 | (47) | (19) |
| Non-current liabilities | 336 | 154 | - | - |
| Of which financial debt | 328 | 147 | - | - |
| Current liabilities | 6,640 | 4,682 | 216 | 175 |
| Of which financial debt | 1,205 | 209 | 130 | 50 |
| Total liabilities and equity | 9,567 | 8,188 | 169 | 156 |
Includes Novian Technologies (Lithuania), Andmevara Services OU (Estonia) and Andmevara SRL (Moldova).
*Includes the results of Andmevara Services OU and Andmevara SRL.
*** Adjusted net profit is represented after eliminating one-off impairment of investment in subsidiaries. Impairment of UAB Acena EUR -117 thousand (additional deferred income tax income- EUR 18 thousand) is eliminated in 2019 Novian Technologies, UAB.
NOVIAN
Technologies business area: main financial indicators (thousands of EUR)
| Thousands of EUR | 2016 | 2017 | 2018 | 2019 | 2020 |
|---|---|---|---|---|---|
| Revenue | 9,736 | 10,065 | 14,111 | 17,745 | 18,874 |
| EBITDA* | 341 | 730 | 839 | 1,351 | 1,693 |
Novian Technologies business area shows stable growth due to its ability to operate in Lithuanian and foreign markets, allowing it to choose the most favorable operating scenario based on market conditions.
NOVIAN
*IFRS 16 was implemented in 2019 with an impact on the size of EBITDA, thus the EBITDA indicators for 2016-2018 and 2019-2020 are not directly comparable.
Technologies business area: revenue by country (thousands of EUR)
| Thousands of EUR | 2019 | 2020 | Change |
|---|---|---|---|
| Lithuania | 10,447 | 13,561 | 3,114 |
| Other countries | 7,298 | 5,313 | (1,985) |
| Total | 17,745 | 18,874 | 1,129 |
NOVIAN
Technologies business area: revenue according to the sectors. Number of the countries
Over the last three years, the companies of Novian technologies business area have significantly increased revenues in the private and financial sectors.
NOVIAN
Software services business area*: key income statement and balance sheet items (thousands of EUR)
| Novian Systems UAB | Andmevara AS | Acena UAB** | ||||
|---|---|---|---|---|---|---|
| 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | |
| Revenue | 2,759 | 2,824 | 1,023 | 789 | 1,257 | 915 |
| Gross profit | 993 | 1,144 | 450 | 190 | 347 | 250 |
| EBITDA | 339 | 473 | (108) | (256) | (12) | (69) |
| EBIT | 234 | 348 | (171) | (318) | (18) | (74) |
| Net profit (loss)*** | 190 | 297 | (229) | (374) | (20) | (74) |
| Novian Systems UAB | Andmevara AS | Acena UAB** | ||||
| 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | |
| Tangible assets | 296 | 228 | 34 | 138 | 9 | 7 |
| Intangible assets | 1,768 | 1,773 | 2 | 1 | 1 | - |
| Other non-current assets | 177 | 386 | - | - | - | - |
| Current assets | 1,818 | 2,236 | 456 | 248 | 875 | 292 |
| Of which cash | 595 | 377 | 218 | 21 | 596 | 119 |
| Total assets | 4,059 | 4,623 | 492 | 387 | 885 | 299 |
| Equity | 2,745 | 2,964 | (218) | (592) | 139 | 65 |
| Non-current liabilities | 351 | 450 | - | 86 | - | - |
| Of which financial debt | 155 | 87 | - | 86 | - | - |
| Current liabilities | 963 | 1,209 | 710 | 893 | 746 | 234 |
| Of which financial debt | 66 | 495 | 345 | 729 | - | - |
| Total liabilities and equity | 4,059 | 4,623 | 492 | 387 | 885 | 299 |
Includes Novian Systems (Lithuania), Andmevara AS (Estonia), Acena (Lithuania).
*Acena UAB was merged into Novian Systems UAB on 31 December 2020. The Acena UAB merge has completed the liquidation procedures, and all the rights and obligations of Acena have been assumed by Novian Systems UAB, which will continue Acena UAB activities after the reorganization. The standalone financial statements of Acena UAB will not be prepared and published. The information in this report is presented separately for both companies in order to disclose the actual activities of the companies in 2020 and ensure comparability of data with 2019.
*** Adjusted net profit is represented after eliminating one-off impairments of investments in subsidiaries recognized in standalone reports of Novian Systems, UAB. In 2019 Novian Systems, UAB eliminated impairment of Andmevara AS EUR -150 thousand (additional deferred income tax income - EUR 23 thousand). In 2020 eliminated the impairment of Andmevara AS EUR-64 thousand (additional deferred income tax income EUR 10 thousand) and impairment of Acena,UAB EUR -27 thousand (additional deferred income tax income of EUR 4 thousand).
NOVIAN
Software services business area: main financial indicators (thousands of EUR)
| Thousands of EUR | 2016 | 2017 | 2018 | 2019 | 2020 |
|---|---|---|---|---|---|
| Revenue | 4,819 | 5,711 | 6,206 | 5,037 | 4,528 |
| EBITDA* | 435 | 103 | 392 | 219 | 149 |
The area's main company, Novian Systems, is operating stably (CAGR 2016-2020: revenue 6.3%, EBITDA 2.4%), through the group's revenue has been negatively affected by a significant reduction in the revenue of Acena UAB in 2019-2020. The drop in EBITDA was mainly due to a loss-making project at Andmevara AS and Acena's negative operating results for 2019-2020.
NOVIAN
- IFRS 16 was implemented in 2019 with an impact on the size of EBITDA, thus the EBITDA indicators for 2016-2018 and 2019-2020 are not directly comparable.
Software services business area: revenue by country (thousands of EUR)
| Thousands of EUR | 2019 | 2020 | Change |
|---|---|---|---|
| Lithuania | 3,883 | 3,606 | (277) |
| Other countries | 1,154 | 922 | (232) |
| Total | 5,037 | 4,528 | (509) |
NOVIAN
Software services business area: revenue according to the sectors. Number of the countries
NOVIAN
Revenue of Zissor by country (thousands of EUR)
| Thousands of EUR | 2019 | 2020 | Change |
|---|---|---|---|
| Lithuania | - | 19 | 19 |
| Other countries | 708 | 692 | (16) |
| Total | 708 | 711 | 3 |
NOVIAN
| INL | |
| CYBER SECURITY | |
| COMPANY | |
NRD Cyber Security
Let's cooperate on securing digital environment!
NRD Cyber Security establishes cybersecurity capacity building practices 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.
NRDCS.LT
S
NRD Cyber Security
FOCUS
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
CUSTOMERS
Governments, public and private sector organizations
KEY MARKETS
- Central governments
- Critical infrastructure
- Enterprise security
- Intelligence and law enforcement
8
NRD Cyber Security
MAIN ITEMS OF THE INCOME STATEMENT
| UAB NRD CS | ||
|---|---|---|
| 2019 | 2020 | |
| Revenue | 2,836 | 3,229 |
| Gross profit | 1,345 | 1,519 |
| EBITDA | 341 | 434 |
| EBIT | 218 | 250 |
| Net Profit (Loss) | 232 | 321 |
MAIN BALANCE SHEET ITEMS
| UAB NRD CS | ||
|---|---|---|
| 2019 | 2020 | |
| Tangible assets | 292 | 181 |
| Intangible assets | 92 | 46 |
| Other non-current assets | 213 | 140 |
| Current assets | 1,156 | 2,079 |
| Of which cash | 465 | 654 |
| Total assets | 1,753 | 2,446 |
| Equity | 1,069 | 1,390 |
| Non-current liabilities | 101 | 57 |
| Of which financial debt | 101 | 57 |
| Current liabilities | 583 | 999 |
| Of which financial debt | 42 | 44 |
| Total liabilities and equity | 1,753 | 2,446 |
48 | nrdcs.lt
8 The audit of the financial statements of NRD CS UAB are in progress.
8
NRD Cyber Security
NRD CYBER SECURITY KEY FINANCIAL DATA
Revenue
EBITDA
| Thous. Eur | 2016 | 2017 | 2018 | 2019 | 2020 |
|---|---|---|---|---|---|
| Revenue | 1,577 | 3,493 | 3,876 | 2,836 | 3,229 |
| EBITDA* | 110 | 603 | 559 | 341 | 434 |
- IFRS 16 was implemented in 2019 with an impact on the size of EBITDA, thus the EBITDA indicators for 2016-2018 and 2019-2020 are not directly comparable.
49 | nrdcs.lt
NRD Cyber Security
NRD CYBER SECURITY REVENUE BY COUNTRY
| Thous. Eur | 2019 | 2020 | Change |
|---|---|---|---|
| Lithuania | 1,801 | 2,490 | 689 |
| Other countries | 1,035 | 739 | (296) |
| Total | 2,836 | 3,229 | 393 |
50 | nrdcs.lt
8
NRD Cyber Security
NRD CYBER SECURITY REVENUE BY SECTOR AND NUMBER BY COUNTRIES
2018
2019
2020
NUMBER COUNTRIES OF OPERATION OF NRD CYBER SECURITY *
Over the past three years, NRD Cyber Security has been able to diversify its operations more, increasing the number of customers in the private sector. Revenues from financial sector customers have also increased over the past two years as more and more government and commercial banks decide to purchase the services and products provided by NRD Cyber Security (Cyber SOC, CSIRT services, own products).
51 | nrdcs.lt
*number of countries in which projects have been implemented.
INL
NRD CYBER SECURITY PARNERSHIPS
MEMBER OF
ECS
FIRST
infobalt
ISACA
CIS
Center for
Internet Security
eGA
FORDING SCIENCE CENTRE OF
INTELLIGENCE
52
8
NRD Cyber Security
NRD CYBER SECURITY PROJECTS
CSIRT/SOC ESTABLISHMENT
NATIONAL CYBER CAPACITY BUILDING
TECHNOLOGY SOLUTIONS
- Egypt
Fin-CIRT set-up - Afghanistan
CERT maturity assessment -
Nigeria
Fin-CIRT set-up -
ENISA
Revising CSIRT/SOC establishment methodoly - Serbia
Cybersecurity ecosystem assessment -
European Investment Bank(EIB)
Development of cybersecurity project qualification methodology -
Cyprus
Cyber sensor technology - Egypt
CollectiveSight platform - Lithuania
Various Technological Solutions
53 | nrdcs.lt
INN
NRD CYBER SECURITY PROPRIETARY PRODUCTS
SECURITY COMPUTING SOLUTION
CollectiveSight
Solution helps monitor cyber space, promptly identify and alert about abnormalities in networks. It combines multiple network monitoring and analysis as well as automated cyber sensor technology management. Kam skirtas – sektoriniams ir nacionaliniams CSIRT/SOC'ams. Kuriama 2 versija. Pirma jau eksploatuojama
TECHNOLOGIES FOR MANAGED SECURITY SERVICE PROVIDERS (MSSP)
CyberSet
Set of technologies and operational procedures which enables the integration and automation of typical Security Operations Center (SOC) functions for Managed Security Service Providers (MSSP). Kam skirtas, kada bus pradetas pardavineti.
OSINT SOFTWARE MODULE
IntEye
Purpose: to reduce informational clutter and automate intelligence gathering. NRD Cyber Security has created OSINT software module, which empowers users to gather and monitor information in open sources and report on any relevant topic. Kam skirtas, pardavinejamas.
55
CONTACTS
HQ CONTACTS:
Gynėjų Street 14, Vilnius
LT-01109, Lithuania
E-mail: [email protected]
The person authorized to provide additional information:
Kazimieras Tonkūnas
INVL Technology Managing Partner
[email protected]
Follow us:
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Company legal documents
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INL
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56
FINANCIAL REPORTING INFORMATION
| Company | Financial year | Auditor |
|---|---|---|
| NRD companies AS | 2020 | PricewaterhouseCoopers AS |
| Norway Registers Development AS | 2020 | PricewaterhouseCoopers AS |
| NRD systems | 2020 | BDO auditas ir apskaita, UAB |
| Etronika | 2020 | BDO auditas ir apskaita, UAB |
| Novian Technologies | 2020 | BDO auditas ir apskaita, UAB |
| Novian Systems | 2020 | BDO auditas ir apskaita, UAB |
| Zissor | 2020 | Revisorkollegiet AS |
| NRD CS | 2020 | BDO auditas ir apskaita, UAB |
The Company's financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union (EU).
Presented Audited results of INVL Technology for 2020:
- INVL Technology 2020 Auditor – PricewaterhouseCoopers UAB
- INVL Technology 2020 Independent evaluator – Deloitte verslo konsultacijos UAB
INVL
| INL | |
|---|---|
| THANK YOU |