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INVL Technology Investor Presentation 2024
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Investor Presentation
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RESULTS FOR 6 MONTHS OF 2024
27/08/2024
"INVL Technology" overview
INVL Technology operates as a closed-
end fund (CEF) which invests in and develops European IT businesses. The company is headquartered in Vilnius and is listed on the Nasdaq Vilnius stock exchange.
INVL Technology owns 3 company
groups: Novian (a Baltic IT company), NRD Companies (a GovTech company), and NRD Cyber Security (a cybersecurity company).
On 14 July 2016, the Bank of Lithuania granted INVL Technology a permit to operate as a CEF for 10 years with a possible extension for 2 more years. The company is managed by INVL Asset Management.
Structure of the portfolio companies of INVL Technology (30 June 2024)
Members of INVL Technology Investment Committee
Kazimieras Tonkūnas Vida Tonkūnė
Co-founder & managing partner of INVL Technology
Chairman 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 of INVL Technology
Partner of INVL Technology, Member of the Investment Committee of INVL Technology
Nerijus Drobavičius
Member of the Investment Committee of INVL Technology
INVL Technology shareholder structure
30 June 2024, a total of 3,761 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 2024
| Name of the shareholder or company |
Number of shares held by the right of ownership, units |
Share of the authorized capital held, % |
|---|---|---|
| LJB investments, UAB |
||
| Code 300822575, |
2,424,152 | 19.91 |
| A. Juozapavičiaus Str. 9A, Vilnius | ||
| INVL Life, UADB |
||
| Code 305859887 |
1,873,678 | 15.39 |
| Gynėjų Str. 14, Vilnius | ||
| Irena Ona Mišeikienė | 1,466,421 | 12.04 |
| Lietuvos draudimas, UAB |
||
| Code 110051834, |
909,090 | 7.47 |
| Basanavičiaus Str. 12, Vilnius | ||
| Kazimieras Tonkūnas | 675,452 | 5.55 |
| Alvydas Banys | 618,745 | 5.08 |
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 14 July 2016, INVL Technology obtained a CEF license. |
• | Completed the formation of the NRD Companies and Novian group. |
Start of exit |
INVL Technology ends its operation |
|
| • • • |
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. NRD Cyber Security was formed |
• • |
Inventio acquired Algoritmų Sistemos. INVL Technology acquired Andmevara AS with its subsidiary Andmevara SRL |
• • |
2019 Novian acquired Zissor AS. 2021 Novian group company Novian Systems acquired Elsis PRO. |
Net asset value and stock information of INVL Technology
| 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 | 31-12-2022 | 31-12-2023 | 30-06-2024 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net asset value of the company (thous. EUR) |
20,089 | 24,243 | 23,906 | 19,728 | 23,812 | 28,025 | 28,958 | 33,725 | 36,125 | 38,270 | 43,529 | 43,951 |
| Net asset value per share, EUR |
1.65 | 1,99 | 1.96 | 1.62 | 1.96 | 2.30 | 2.38 | 2.77 | 2.99 | 3.17 | 3.61 | 3.67 |
* During the secondary public offering (SPO), finalized 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 July 2016 was EUR 23,906 thousand. Net asset value is equals to the total equity of the Company.
History of shares trading
| Share price, Eur | 6 months of 2022 | 6 months of 2023 | 6 months of 2024 |
|---|---|---|---|
| Open price, EUR | 2.50 | 2.16 | 1.90 |
| High price, EUR | 2.80 | 2.24 | 2.90 |
| Low price, EUR | 2.30 | 1.97 | 1.80 |
| Average price, EUR | 2.59 | 2.04 | 2.19 |
| Last price, EUR | 2.76 | 1.99 | 2.60 |
| Turnover, units | 111,197 | 154,417 | 135,178 |
| Turnover, EUR | 288,128.78 | 314,955.28 | 295,408.42 |
| Total number of trades | 637 | 718 | 784 |
Key financial figures of INVL Technology
| NAV, EUR | 31-12-2022 | 31-12-2023 | 30-06-2024 |
|---|---|---|---|
| NAV | 38,270,309 | 43,528,832 | 43,951,275 |
| NAV per share | 3.1711 | 3.6052 | 3.6658 |
| Key figures, thous. EUR | 6 months of 2022 | 6 months of 2023 | 6 months of 2024 |
| Change in the fair value of financial assets | (1,504) | (719) | (446) |
| Dividends, interest and other incomes | 841 | 632 | 1,576 |
| Operating expenses | 1,9401 | (353)2 | (495)3 |
| Finance cost | - | - | (11) |
| Net profit (loss) | 1,2771 | (440)2 | 6243 |
| Thous. EUR | 2022-12-31 | 2023-12-31 | 30-06-2024 |
| Financial assets value | 34,941 | 44,890 | 44,444 |
| Cash and Cash equivalents | 733 | 749 | 878 |
| Loans | 2,773 | 3,249 | 3,823 |
| TOTAL ASSETS | 38,447 | 48,888 | 49,145 |
| Other liabilities | 177 | 5,059 | 5,194 |
| Borrowings | - | 300 | - |
| Equity | 38,270 | 43,529 | 43,951 |
1 Decrease of success fee provision had an impact of 2,339 thousand EUR for 6 months of 2022 results.
2 The result for the first 6 months of 2023 was not affected by provisions for success and accrued management fees.
3 Increase of success fee provision had an impact of 106 thousand EUR for 6 months of 2024 results.
Financial assets of managed companies
Financial asset, thous. Eur
| Company | 31-12-2023 | 30-06-2024 |
|---|---|---|
| NRD Cyber Security (includes NRD Bangladesh) |
14,104 | 13,211* |
| NRD Companies (includes Norway Registers Development AS, NRD Systems, ETRONIKA, Infobank Uganda) |
10,986 | 11,295 |
| Novian (includes Novian Technologies, Novian Systems, Novian Eesti OU, Andmevara SRL, Zissor AS, Novian Pro, NRD Rwanda) |
19,679 | 19,815 |
| FINtime | 121 | 123 |
| Total | 44,890 | 44,444 |
Change in fair value of financial, thous. Eur
| Opening balance (01-01-2024) | 44,890 | |||
|---|---|---|---|---|
| Revaluation, excluding dividends | 954 | |||
| Dividends awarded* | (1,400) | |||
| Closing balance (30-06-2024) | 44,444 |
* NRD CS declared and paid a dividends of EUR 1,400 thousand in 2024.
Dynamics of financial assets, thous. EUR
| Bendrovė | 31-12-2016* | Dividends(-)/ Investments (+) |
30-06-2024 | Internal rate of return** | |
|---|---|---|---|---|---|
| NRD CS | 1,908 | (3,300) | 13,211 | 36.3% | |
| NRD Companies | 2,870 | - | 11,295 | 20.0% | |
| Novian | 11,665 | (2,020) | 19,815 | 9.3% | |
| Of which | |||||
| Technology and digitization area | 6,691 | (2,909) | 15,594 | 15.5% | |
| Software services area | 3,955 | (724) | 5,044 | 5.8% | |
| FINtime | 253 | (39) | 123 | -6.8% | |
| Total | 16,696 | (5,359) | 44,444 | 16.5% |
* The companies managed by INVL Technology are grouped according to the current structure, including the companies that were in the portfolio at that time.
** Initial investment value – evaluation result of 31-12-2016 (INVL Technology as a closed-end investment company started operating on 14-07-2016); dividends paid during the period and additional investments made are evaluated.
Aggregated financial indicators of INVL Technology portfolio companies, thous. EUR
Aggregated revenue
H1 H2
H1 H2
| Thous. Eur | 2020 H1 | 2021 H1 | 2022 H1 | 2023 H1 | 2024 H1 |
|---|---|---|---|---|---|
| Revenue | 16,514 | 18,142 | 21,681 | 29,097 | 27,338 |
| Gross profit | 4,604 | 5,919 | 5,723 | 8,149 | 8,737 |
| EBITDA | 1,333 | 1,701 | 113 | 1,036 | 2,282 |
| EBIT | 674 | 1,008 | (601) | 308 | 1,490 |
| Net profit (loss)* | 475 | 698 | (718) | (209) | 979 |
* Net profit (loss) is presented without including dividend income and elimination of one-off and atypical impairments of investments in subsidiaries and the results of intercompany shares transactions recognized in standalone company reports.
INVL Technology companies' activities geography
In first half of 2024 INVL Technology companies carried out projects in 53 countries around the world
Revenue by country of INVL Technology
| Thous. EUR | 6 months of 2023 | 6 months of 2024 | Change |
|---|---|---|---|
| Lithuania | 16,775 (58%) | 17,474 (64%) | 699 |
| Other countries | 12,322 (42%) | 9,864 (36%) | (2,458) |
| Total | 29,097 | 27,338 | (1,759) |
Revenue of managed companies: in Lithuania and abroad, thous. EUR
Financial results of managed companies for 6 months of 2024
NRD Companies Group
Key profit (loss) items, thous. Eur
* Unaudited consolidated results of NRD Companies are presented, which includes the results of the companies submitted and the results of NRD Companies.
** The standalone financial statements for 2023 of NRD Systems UAB, Etronika UAB are audited. The audit of standalone financial statements for 2023 of NRD Companies, NRD AS are in progress.
Key balance sheet items, thous. Eur
| NRD Companies* | NRD AS** | NRD Systems** | Etronika** | |||||
|---|---|---|---|---|---|---|---|---|
| 31-12-2023 | 30-06-2024 | 31-12-2023 | 30-06-2024 | 31-12-2023 | 30-06-2024 | 31-12-2023 | 30-06-2024 | |
| Tangible assets | 643 | 619 | 3 | 8 | 283 | 305 | 357 | 307 |
| Intangible assets | 280 | 234 | 17 | 15 | 263 | 219 | - | - |
| Other non-current assets | 337 | 401 | 296 | 358 | 25 | 25 | 17 | 17 |
| Current assets | 5,273 | 5,760 | 3,911 | 4,007 | 1,809 | 1,488 | 1,790 | 1,418 |
| of which cash | 1,303 | 1,132 | 151 | 226 | 247 | 283 | 898 | 592 |
| Total assets | 6,533 | 7,014 | 4,227 | 4,388 | 2,380 | 2,037 | 2,164 | 1,742 |
| Equity | 2,017 | 2,391 | 826 | 889 | 279 | 281 | 1,083 | 888 |
| Non-current liabilities | 496 | 546 | 18 | 1 | 200 | 267 | 278 | 278 |
| Of which financial debt | 464 | 531 | 1 | 1 | 200 | 267 | 263 | 263 |
| Current liabilities | 4,020 | 4,077 | 3,383 | 3,498 | 1,901 | 1,489 | 803 | 576 |
| of which financial debt | 199 | 98 | 2 | 1 | 636 | 458 | 91 | 46 |
| Total liabilities and equity | 6,533 | 7,014 | 4,227 | 4,388 | 2,380 | 2,037 | 2,164 | 1,742 |
*Unaudited consolidated results of NRD Companies are presented, which includes the results of the companies submitted and the results of NRD Companies.
**The standalone financial statements for 2023 of NRD Systems UAB, Etronika UAB are audited. The audit of standalone financial statements for 2023 of NRD Companies, NRD AS are in progress.
NRD Companies key financial results, thous. Eur
Consolidated revenue
| Thous. EUR | 2020 H1 | 2021 H1 | 2022 H1 | 2023 H1 | 2024 H1 |
|---|---|---|---|---|---|
| Revenue | 3,847 | 3,342 | 3,139 | 6,222 | 5,015 |
| EBITDA | 420 | 204 | (359) | 567 | 589 |
Consolidated EBITDA
NRD Companies revenue by country
6 MONTHS OF 2023
6 MONTHS OF 2024
| Thous. Eur | 2023 H1 | 2024 H1 | Change |
|---|---|---|---|
| Lithuania | 2,151 (35%) | 1,421 (28%) | (730) |
| Other countries |
4,071 (65%) | 3,594 (72%) | (477) |
| Total | 6,222 | 5,015 | (1,207) |
NRD Companies revenue by sector
NOVIAN Group
Offices operate in 6 countries
Key profit (loss) items, thous. EUR
| Novian | Novian | Eesti OU |
Technologies | Novian Systems** Andmevara SRL Zissor |
Software | development Novian Pro |
|||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Novian* | 6 months of 2023 |
6 months of 2024 |
6 months of 2023 |
Technologies 6 months of 2024 |
6 months of 2023 |
6 months of 2024 |
6 months of 2023 |
6 months of 2024 |
6 months of 2023 |
6 months of 2024 |
6 months of 2023 |
6 months of 2024 |
6 months of 2023 |
6 months of 2024 |
|
| Revenue | 18,494 | 16,434 | 12,975 | 9,910 | 409 | 545 | 378 | 293 | 337 | 348 | 2,379 | 2,420 | 1,898 | 2,803 | |
| Gross profit | 3,368 | 3,749 | 1,824 | 1,543 | 266 | 394 | 320 | 246 | 316 | 300 | 122 | 717 | 416 | 434 | |
| EBITDA | 204 | 1,121 | 686 | 517 | (85) | 15 | (12) | 6 | (24) | 67 | (413) | 100 | 171 | 447 | |
| EBIT | (336) | 563 | 396 | 197 | (114) | (28) | (15) | (3) | (26) | 65 | (493) | 15 | 35 | 349 | |
| Net profit (loss)* |
(782) | 136 | 156 | 61 | (121) | (33) | (64) | (54) | (24) | 65 | (632) | (112) | 17 | 339 |
*Unaudited aggregated operating results of the Novian group are presented, which include the results of the presented companies and the results of UAB Novian, Andmevara AS and NRD Rwanda. The aggregation of profit (loss) statement data eliminates dividend income and the results of intercompany shares transactions. The standalone financial statements of Novian Technologies, Novian systems, Novian PRO and Zissor AS are audited.
Key balance sheet items, thous. EUR
| Technologies | Software development | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Novian* | Novian Technologies |
Novian | Eesti OU |
Andmevara SRL |
Zissor | Novian Systems | Novian Pro |
||||||||
| 31-12- 2023 |
30-06- 2024 |
31-12- 2023 |
30-06- 2024 |
31-12- 2023 |
30-06- 2024 |
31-12- 2023 |
30-06- 2024 |
31-12- 2023 |
30-06- 2024 |
31-12- 2023 |
30-06- 2024 |
31-12- 2023 |
30-06- 2024 |
||
| Tangible assets | 2,242 | 1,923 | 1,388 | 1,170 | 125 | 93 | 42 | 33 | 2 | - | 398 | 328 | 287 | 298 | |
| Intangible assets | 2,027 | 2,020 | 33 | 20 | 24 | 21 | - | - | - | - | 1,883 | 1,935 | 87 | 44 | |
| Other non-current assts | 2,328 | 1,744 | 1,605 | 739 | 60 | 60 | - | - | 64 | 121 | 339 | 625 | 157 | 157 | |
| Current assets | 16,372 | 16,170 | 9,221 | 7,113 | 179 | 248 | 611 | 555 | 138 | 290 | 3,250 | 3,304 | 2,153 | 3,479 | |
| Of which cash | 3,428 | 1,498 | 1,746 | 425 | 9 | 57 | 251 | 196 | 21 | 61 | 798 | 368 | 533 | 374 | |
| Total assets | 22,969 | 21,857 | 12,247 | 9,042 | 388 | 422 | 653 | 588 | 204 | 411 | 5,870 | 6,192 | 2,684 | 3,978 | |
| Equity | 3,780 | 3,933 | 2,978 | 2,537 | (204) | ( 237) | 281 | 230 | 33 | 156 | 1,572 | 1,452 | 391 | 730 | |
| Non-current liabilities | 3,228 | 3,257 | 739 | 737 | 1 | 1 | - | - | - | 31 | 416 | 416 | 177 | 177 | |
| Of which financial debt | 3,007 | 3,036 | 688 | 686 | 1 | 1 | - | - | - | 31 | 246 | 246 | 177 | 177 | |
| Current liabilities | 15,961 | 14,667 | 8,530 | 5,768 | 591 | 658 | 372 | 358 | 171 | 224 | 3,882 | 4,324 | 2,116 | 3,071 | |
| Of which financial debt | 3,045 | 3,660 | 528 | 537 | 78 | 78 | - | - | - | - | 2,261 | 2,671 | 92 | 330 | |
| Total liabilities and equity |
22,969 | 21,857 | 12,247 | 9,042 | 388 | 422 | 653 | 588 | 204 | 411 | 5,870 | 6,192 | 2,684 | 3,978 |
*Unaudited aggregated operating results of the Novian group are presented, which include the results of the presented companies and the results of UAB Novian, Andmevara AS and NRD Rwanda. The aggregation of balance sheet items eliminates the value of investments in subsidiaries. The standalone financial statements of Novian Technologies, Novian systems, Novian PRO and Zissor AS are audited.
Novian group main financial figures, thous. EUR
| Thous. EUR | 2020 H1 | 2021 H1 | 2022 H1 | 2023 H1 | 2024 H1 |
|---|---|---|---|---|---|
| Revenue | 10,547 | 11,553 | 14,497 | 18,494 | 16,434 |
| EBITDA | 808 | 885 | 162 | 204 | 1,121 |
Novian group revenue by country
| Thous. EUR | 2023 H1 | 2024 H1 | Change |
|---|---|---|---|
| Lithuania | 12,313 (67%) | 12,573 (77%) | 260 |
| Other countries |
6,181 (33%) | 3,861 (23%) | (2,320) |
| Total | 18,494 | 16,434 | (2,060) |
Novian group revenue by sector
* Excluding revenue from the finance and aviation, aeronautics sectors.
Key financial figures of Novian group technologies area, thous. EUR*
| Thous. EUR | 2020 H1 | 2021 H1 | 2022 H1 | 2023 H1 | 2024 H1 |
|---|---|---|---|---|---|
| Revenue | 8,118 | 7,492 | 10,481 | 13,762 | 11,115 |
| EBITDA | 783 | 723 | 498 | 584 | 612 |
* The data is presented based on the group structure at that time (Zissor AS was assigned to the technology sector in the second half of 2023).
Revenue by country of Novian group technologies area*
* The data is presented based on the group structure at that time (Zissor AS was assigned to the technology sector in the second half of 2023).
Revenue by sector of Novian group technologies area*
* The data is presented based on the group structure at that time (Zissor AS was assigned to the technology sector in the second half of 2023).
** Excluding revenue from the finance sector.
Key financial figures of Novian group software development area, thous. EUR
| Thous. EUR | 2020 H1 | 2021 H1 | 2022 H1 | 2023 H1 | 2024 H1 |
|---|---|---|---|---|---|
| Revenue | 2,135 | 3,578 | 3,599 | 4,312 | 5,223 |
| EBITDA | 53 | 236 | (166) | (305) | 547 |
Revenue by country of Novian group software development area
Number of countries
Revenue by sector of Novian group software development area
* Excluding revenue from the finance and aviation, aeronautics sectors.
NRD Cyber Security
Key profit (loss) and key balance sheet items, thous. EUR
| Key profit (loss) item, thous. Eur | NRD CS* | |||
|---|---|---|---|---|
| 6 months of 2023 | 6 months of 2024 | |||
| Revenue | 2,752 | 3,643 | ||
| Gross profit |
1,676 | 1,909 | ||
| EBITDA | 397 | 565 | ||
| EBIT | 329 | 490 | ||
| Net profit (loss) |
321 | 507 | ||
| NRD CS* | ||||
| Key balance sheet item, thous. Eur | 31-12-2023 | 30-06-2024 | ||
| Tangible assets | 350 | 287 | ||
| Intangible assets | 19 | 15 | ||
| Other non-current assets | 49 | 49 | ||
| Current assets | 5,748 | 3,210 | ||
| Of which cash | 3,640 | 2,047 | ||
| Total assets | 6,166 | 3,561 | ||
| Equity | 1,824 | 931 | ||
| Non-current liabilities | 924 | 924 | ||
| Of which financial debt | 149 | 149 | ||
| Current liabilities | 3,418 | 1,706 | ||
| Of which financial debt | 60 | 30 | ||
| Total liabilities and equity | 6,166 | 3,561 |
* The unaudited consolidated results of the NRD Cyber Security group are presented. The results of NRD CS and NRD Bangladesh are included in the results of the NRD Cyber Security group. The companies' standalone annual financial statements for 2023 are audited.
Key financial figures of NRD Cyber Security, thous. EUR
Consolidated revenue
| Thous. EUR | 2020 H1 | 2021 H1 | 2022 H1 | 2023 H1 | 2024 H1 |
|---|---|---|---|---|---|
| Revenue | 962 | 1,979 | 2,421 | 2,752 | 3,643 |
| EBITDA | 39 | 534 | 260 | 397 | 565 |
Revenue by country of NRD Cyber Security
| Thous. Eur | 6 months of 2023 |
6 months of 2024 |
Change |
|---|---|---|---|
| Lithuania | 1,566 (57%) | 2,810 (77%) | 1,244 |
| Other countries | 1,186 (43%) | 833 (23%) | (353) |
| Total | 2,752 | 3,643 | 891 |
Number of countries
38
Revenue by sector of NRD Cyber Security
* Excluding revenue from the finance and academic sectors.
Important information for closed-end investment company (CEF) INVL Technology
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.
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.
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.
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 '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.
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.
The right of investors in the closed-end investment company to demand redemption of shares which they hold is restricted.
THANK YOU FOR YOUR ATTENTION INVL TECHNOLOGY Gynėjų Str. 14, 01109 Vilnius, Lithuania www.invltechnology.lt [email protected]
