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Unaudited information of Invalda INVL group for 3 months of 2022
Invalda INVL announces its first quarter (Q1’2022) results that saw equity levels amounting to EUR 113.1 million or EUR 9.63 per share. The level recorded is 6.7% lower than at the end of 2021.
Invalda INVL made a loss of EUR 8.1 million in the first quarter of 2022, compared with a net profit of EUR 2.8 million in the same period last year.
Clients’ assets under management of the Group’s companies totalled EUR 1.591 billion at the end of the first quarter 2022, which is 1% lower than at the beginning of 2022 (EUR 1.609 billion). However, the number of clients that have entrusted their funds to the Invalda INVL Group increased by 0.6% to 262,100.
"Negative economic headwinds across the financial markets, influenced by the threat of recession, inflationary pressure, market pricing and the valuation of assets, combined with geopolitical instability including the war in Ukraine, have all contributed to a depreciation of the majority of assets on global markets. The reality of this overall situation unfortunately affects all investors, INVL clients’ overall loss was EUR 51.2 million. This fall in the value of investments has also led to losses for Invalda INVL in the first quarter of this year," commented Darius Šulnis, President of Invalda INVL.
Asset management and life insurance business
Invalda INVL's revenues from the operational part of its asset management business (the management of funds entrusted by clients) totalled EUR 3.4 million in the first quarter of this year, an overall increase of 19% compared to the corresponding period in 2021.
The operational asset management business generated a loss of EUR 0.5 million in the first quarter of 2022, compared to a loss of EUR 24,000 in the same period last year. The overall asset management business, including the investments in collective investment undertakings managed by INVL, generated a profit of EUR 1.1 million, although almost 39% lower than in the first quarter of 2021.
This result was mainly driven by an increase in the value of the INVL Baltic Sea Growth Fund. The Fund successfully completed the merger of InMedica and MediCA Group at the end of March this year. As a result of this activity, it has created a leading private network providing both medical and healthcare services to the public across Lithuania.
INVL Life, a subsidiary established by Invalda INVL received its life insurance licence in March this year. INVL Life, with a share capital of EUR 48 million, the largest among Baltic life insurance companies, will soon take over the Baltic business operations of Mandatum Life, a Finnish life insurance company. This transaction will give INVL Life more than 30,000 customers in Lithuania, Latvia and Estonia, together with the highly valued employees of these branches.
Equity investments
Other own investments of Invalda INVL , excluding the asset management and life insurance business, generated a loss of EUR 9.9 million. This was mainly (EUR 10.8 million) due to a decrease in the value of Šiaulių Bankas and Moldova-Agroindbank (“maib”), the largest bank in Moldova. These losses reflect a recent and general decline in the value of banks listed on the public markets.
The value of Invalda INVL investments was positively (EUR 0.8 million) affected by the successful performance of Litagra, one of the largest agricultural business groups in Lithuania. In these challenging times, the company's activities, contributing to the global food supply chain are even more important.
At the end of the first quarter, Invalda INVL sold the profitable but small group business Inservis for EUR 7.2 million.
"The difficult current forecasting environment means there are a number of legitimate uncertainties for the outlook across financial markets which will ultimately affect the value of investments in the short term. Our team, the largest grouping of investment professionals in the Baltics, is working hard to both preserve and enhance the value of the assets entrusted to us. The current environment also opens up a number of new opportunities for investing, transforming and growing managed businesses to further meet the needs of our clients and the changing world," commented Darius Šulnis, President of Invalda INVL.
Invalda INVL, which generated a net profit of EUR 37.5 million last year, paid a dividend of EUR 7.68 million to shareholders for 2021, at EUR 0.65 per share. On the day of the shareholders' meeting when the decision to pay this dividend was agreed and taken, the dividend yield was 5.2% based on Invalda INVL's share price on the stock exchange.
The person authorized to provide additional information is:
Darius Sulnis, President of Invalda INVL
E-mail Darius.Sulnis@invl.com
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