Audited net profit of INVL Technology for 2017, taking into account a revaluation of financial assets, was EUR 4.08 million (in 2016 the Company had EUR 4.515 million loss).

The audited result of the company increased by more than 10% compared with preliminary results (profit of EUR 3.418 million) announced on 28 February 2018, due to adjusted value of portfolio companies.

Additional information:
INVL Technology, a company that invests in IT businesses, published its audited financial results for 2017. The company’s equity at the end of 2017 was EUR 23.812 million, while equity per share was EUR 1.96 and increased 20.7% during the year.

The company’s investments in the businesses it owns totalled EUR 20.8 million at the end of 2017 and increased by EUR 4.11 million from the start of the year.The company’s net profit for 2017, also taking into account a revaluation of financial assets, was EUR 4.08 million.

INVL Technology also published its net asset value at the end of 2017, which was EUR 23.8 million. Net asset value per share was EUR 1.9557.

“This year we’ll scale up and combine companies we own, which will enable INVL Technology to expand operations in countries of Northern Europe and make its businesses more attractive for potential investors. Meanwhile, our companies will also give more attention and financial resources to creating intellectual capital and products of their own,” said Kazimieras Tonkūnas, INVL Technology’s managing partner.

He said that INVL Technology is continuing this year to actively seek new investment opportunities, giving priority to acquisitions in Norway, Sweden or Lithuania.
The valuation of INVL Technology’s assets was performed by Deloitte Verslo Konsultacijos, and its financial statements were audited by PricewaterhouseCoopers UAB.

INVL Technology has invested in the Norwegian company Norway Registers Development AS with subsidiaries NRD UAB and Etronika UAB in Lithuania, Norway Registers Development East Africa Ltd in Tanzania, Norway Registers Development Rwanda Ltd in Rwanda, NRD Bangladesh Ltd in Bangladesh, and the associate company Infobank Uganda Ltd in Uganda. It has also invested in BAIP UAB with its subsidiary Acena UAB as well as NRD CS UAB, Algoritmu Sistemos UAB and Novian UAB, all in Lithuania, and Estonia’s Andmevara AS with its subsidiary Andmevara SRL in Moldova.

On its receipt of a closed-end investment company license in July 2016, INVL Technology’s management was assumed by INVL Asset Management – a part of Invalda INVL, one of the leading asset management groups in the Baltics. INVL Technology will operate as a closed-end investment company until 14 July 2026.

Attached:
Audited annual information of INVL Technology for 2017 and management confirmation 

The person authorized to provide additional information:
Kazimieras Tonkūnas
INVL Technology Managing Partner
E-mail [email protected]