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INVL Technology results for 9 months of 2022

INVL Technology
INVL Technology

Equity of the Company and the Company's net asset value as of 30 September 2022 was EUR 37.35 million or EUR 3.09 per share. At the end of 2021, these figures were EUR 36.13 million and EUR 2.99 respectively.

Investments of the Company into managed companies amounted to EUR 33.91 million at the end of September 2022 and EUR 31.78 million at the end of September 2021.

The net profit of the Company for 9 months of 2022 was EUR 1.19 million, the net profit of the Company for 9 months of 2021 amounted to EUR 1.54 million.

Net asset value of the Company was positively influenced by the management and success fee provision, which decreased by 2,339 EUR thousand EUR during the 9 months of 2022, and by 1,535 thousand EUR during the 9 months of 2021.

Additional information:

INVL Technology, a company that invests in IT businesses, had an equity and net asset value of EUR 37.35 million at the end of the third quarter this year, or EUR 3.0948 per share. The figures were up 3.4% from the start of the year.

INVL Technology’s net profit for the first nine months of 2022 was EUR 1.194 million and compared to the same period last year decreased by 22.4%.

Performance of INVL Technology’s business holdings

The companies that INVL Technology owns and manages had aggregated revenues of EUR 32.9 million in the first three quarters of this year, 23.6% more than in the same period of 2021. Their gross profit correspondingly increased 9.6% to EUR 9.2 million, while their aggregated EBITDA was EUR 0.85 million and decreased 56.9%.

With regard to the geographic distribution of earnings, the businesses that INVL Technology owns and manages had revenues of EUR 21.8 million in Lithuania, or 43% more than in nine months of 2021, and EUR 11.1 million abroad, or 2.4% less.

“As we anticipated, the third quarter shows a positive picture – companies’ sales are up from last year. Foreign revenues continued to grow, reaching EUR 4.2 million in the third quarter compared to EUR 6.9 million the first half of the year,” says Kazimieras Tonkūnas, INVL Technology’s managing partner.

This year, he notes, INVL Technology’s business holdings are expected to maintain their fast pace of revenue growth and return to last year’s level of profitability. “We are continuing active sales and expect to ensure revenue growth in 2023 as well,” Tonkūnas says.

INVL Technology’s companies operate in three strategic directions. The company NRD Cyber Security works in cyber security, the Novian group of companies works in software and IT infrastructure services, and the NRD Companies businesses work in business climate improvement and e-governance.

INVL Technology began to operate as a closed-end investment company in July 2016. Its management was assumed by INVL Asset Management – a part of the leading Baltic investment management and life insurance group INVL. INVL Technology will operate as a closed-end investment company until 14 July 2026.

The person authorized to provide additional information:
Kazimieras Tonkūnas
INVL Technology Managing Partner