Financial Information And Reports

Reports

Interim information					Annual information
	3 months	6 months	9 months	12 months
2023	FSH	IR FSH
2022	FSH	IR FSH	FSH	–	FSH AAI AAI (pdf) RR
2021	FSH	IR FSH	FSH	–	FSH AAI² RR
2020	FSH	FS FSH MS IR	FSH	–	FSH AAI² RR
2019	FSH	FS FSH MS IR	FSH		FSH AAI² MS
2018	FS FSH MS	IR-FS FSH MS	FS FSH MS	FS FSH MS	AAI² FSH MS
2017	FSH	IR-FS MS	FSH	FSH	AAI² MS
2016	FSH	IR FS MS	FSH	FSH	AAI² MS
2015	FS MS	IR FS MS	FS MS	FSH	MS AAI²
2014	–	IR-FS FSH MS	FS FSH MS	FS FSH (EUR) FSH (LTL) MS	_AAI¹ MS AAI²

IR – interim result (together with financial statements, interim report and management statement)
FS – financial statements
MS – management statement
IR – interim report
AAI¹ – annual audited information (code 303299817)
AAI²– annual audited information (code 300893533)
FSH – fact sheet
RR – remuneration report

Net asset value

Date	Net asset value per share, EUR	Net asset value of the company, EUR
13-07-2016*	1.9635	23,906,150.00
30-09-2016	1.9425	23,650,988.20
31-12-2016	1.6203	19,727,654.99
31-03-2017	1.5819	19,259,953.53
30-06-2017	1.6220	19,748,704.83
30-09-2017	1.6379	19,941,795.21
31-12-2017	1.9557	23,811,752.53
31-03-2018	1.9180	23,351,694.00
30-06-2018	1.9306	23,505,653.11
30-09-2018	1.9642	23,914,761.87
31-12-2018	2.3018	28,024,654.44
31-03-2019	2.2746	27,694,139.15
30-06-2019	2.2714	27,654,929.18
30-09-2019	2.2541	27,444,705.03
31-12-2019	2.3784	28,958,136.53
31-03-2020	2.3687	28,839,349.71
30-06-2020	2.4001	29,221,994.32
30-09-2020	2.4533	29,870,274.97
31-12-2020	2.7700	33,725,238.88
31-03-2021	2.8230	34,371,343.54
30-06-2021	2.8777	35,037,213.09
30-09-2021	2.8964	35,264,312.70
31-12-2021	2.9936	36,125,378.00
31-03-2022	3.0509	36,818,072.00
30-06-2022	3.1017	37,431,916.00
30-09-2022	3.0948	37,349,070.00
31-12-2022	3.1711	38,270,309.00
31-03-2023	3.1402	37,897,611.00
30-06-2023	3.1409	37,906,286

Change in net asset value per share

Date	From inception	Quarter
30-09-2016	-1.07%	–
31-12-2016	-17.48%	-16.59%
31-03-2017	-19.43%	-2.37%
30-06-2017	-17.39%	2.53%
30-09-2017	-16.58%	0.98%
31-12-2017	-0.40%	19.40%
31-03-2018	-2.32%	-1.93%
30-06-2018	-1.68%	0.66%
30-09-2018	0.04%	1.74%
31-12-2018	17.23%	17.19%
31-03-2019	15.84%	-1.18%
30-06-2019	15.68%	-0.14%
30-09-2019	14.80%	-0.76%
31-12-2019	21.13%	5.51%
31-03-2020	20.64%	-0.41%
30-06-2020	22.24%	1.33%
30-09-2020	24.95%	2.22%
31-12-2020	41.07%	12.91%
31-03-2021	43.78%	1.92%
30-06-2021	46.56%	1.94%
30-09-2021	47.51%	0.65%
31-12-2021	52.46%	3.36%
31-03-2022	55.38%	1.91%
30-06-2022	57.97%	1.67%
30-09-2022	57.62%	-0.22%
31-12-2022	61.50%	2.47%
31-03-2023	59.93%	-0.97%
30-06-2023	59.96%	0.02

_{*Initial net asset value per share: EUR 1.9635.}

Information about the company’s net asset value is updated every quarter: data for the first and third quarters are provided within a month of the end of the period, while half-year data is provided within two months and full-year data within four months of the end of the period.

Formulas of performance indicators

Book value per share

The book value per share shows the share of the owner’s equity in the company’s balance sheet per share. It is calculated by dividing the total book value of the company (i.e. its equity, excluding the value of the preferred shares) by the number of ordinary shares. The total book value of the company is equal to the company’s assets minus its liabilities.

                                                                              Assets – Liabilities
Book value per share = ——————————————————————————————

                                                     Issued shares at the end of the reporting period

Hypothetically, this indicator can be interpreted as the amount that can be recovered by the shareholder if the company suddenly ceases activities. Usually the price of a share is higher than the book value. This is because buying a share the company’s future cash flows are purchased rather than just past and present performance.

Total Net Asset Value

Net Asset Value (NAV) is the difference between the value of the assets owned by the investment company and the long-term and short-term liabilities of the investment company. The Net Asset Value (or Equity) is calculated by subtracting the liabilities (including management fee liabilities and success fee liabilities) from the assets. The Company’s NAV may be equal to the Company’s Equity.

NAV = Assets – Liabilities

Return on Equity (ROE)

Return on equity is an indicator for measuring how a company earns profits compared to its equity (book value). Thus, this indicator shows how effectively the equity of the company (money and assets invested by the owners of the company) is used.

                              Net profit
ROE = ———————————————
                                Equity

The higher the return on equity is, the more effective the company is, the more profit it earns for its shareholders. However, the size of the ROE is highly dependent on the company’s capital structure and the owner’s equity of the company. If a company is profitable, by increasing the debts of the company and thus reducing ownership, it can “rise” return on equity. Looking as purely asymmetric, the fewer shareholders’ equity, the higher the ROE rate. For this reason, the ROE indicator should be considered in conjunction with the ROA.

Earnings per share (EPS)

Earnings per share (EPS) is an indicator attributed to a set of investment (value) indicators. This indicator shows the share of the company’s profits per ordinary share. When evaluating the indicator, the rule is the higher its value is the better. It should be noted, however, that in different sectors of activity, the EPS indicators may vary considerably.

                            Net profit
EPS = ———————————————
——————Number of shares

Debt ratio

The debt ratio is calculated by comparing the company’s debts (liabilities) with the assets of the company, so we can also call this indicator a structural indicator that compares the amounts on different sides of the balance sheet. The debt ratio reflects what part of the company’s assets are acquired for borrowed funds. It is important for creditors because it shows how much their funds are protected. The higher the index, the lower the security level. All debts of the company are divided by the total assets of the company, thus obtaining the value, the value of which says the debt of the assets of the company at the euro. Thus, the proportion between debts and assets is revealed.

                                Debts
Debt ratio = —————————
                                Assets

Change in fair value

Fair value change – an indicator that shows the change in the fair value of an asset in absolute or percentage terms over the period.

The ratio of liquid assets to total assets

Liquid assets to total assets ratio – an indicator that shows the proportion of the company’s assets in cash and cash equivalents and assets that can be sold quickly and without significant costs at market price.

The ratio of investment to one operating company to net asset value

Investing in the operating company and the ratio of net assets is an indicator of the proportion (percentage) of the net asset company invested in one company.

Related parties transactions

According to Article 37² part 10, sub-clause 3 of the Law on Companies of the Republic of Lithuania, the provisions of Article 37 are not applicable to the transactions concluded with a subsidiary company, if the owner of all shares is this joint-stock company. In addition, the provisions of Article 37 is not applicable when the transaction or the total amount of such transactions per financial year do not exceed 1/10 of a joint stock company whose shares are allowed to be traded on the regulated market, the value of the assets specified in the latest balance sheet. Therefore, we provide information on the transactions concluded by INVL Technology with related parties taking into account the provisions mentioned above.

Related party	Company‘s relationship with the other counterparty	Date and value of the transaction
NRD Systems, UAB Registration number 111647812 Gynėjų St. 14, LT-01109, Vilnius, Lithuania Register of Legal Entities	NRD Systems, UAB is 89.2 percent owned by Norway Registers Development AS, which is 100 percent controlled by INVL Technology	On 10 October 2018, INVL Technology acquired EUR 150,000 of NRD Systems, UAB bonds. Maturity date: 31 March 2019. Redemption date: 27 March 2019.
Andmevara AS Registration number 10264823 Parnu mnt 158 Tallinn Harjumaa 11317, Estonia Centre of Registers and Information Systems of Estonia	Andmevara AS is 100 percent owned by Novian Systems, UAB, which is 100 percent controlled by Novian, UAB, which is 100 percent controlled by INVL Technology	On 15 October 2018, INVL Technology acquired EUR 320,000 of Andmevara AS bonds. Maturity date: 31 December 2019, extended to 30 June 2020 and 30September 2020. Redemption dates: 28 September 2020, 29 September 2020, and 30 September 2020.
NRD Systems, UAB Registration number 111647812 Gynėjų St. 14, LT-01109, Vilnius, Lithuania Register of Legal Entities	NRD Systems, UAB is 89.2 percent owned by Norway Registers Development AS, which is 100 percent controlled by INVL Technology	On 9 November 2018, INVL Technology acquired EUR 150,000 of NRD Systems, UAB bonds. Maturity date: 30 April 2019. Redemption date: 24 April 2019.
NRD Systems, UAB Registration number 111647812 Gynėjų St. 14, LT-01109, Vilnius, Lithuania Register of Legal Entities	NRD Systems, UAB is 89.2 percent owned by NRD Companies AS, which is 100 percent controlled by INVL Technology	On 27 March 2019, INVL Technology acquired EUR 150,000 of NRD Systems, UAB bonds. Maturity date: 30 September 2020, extended to 31 December 2020. Redemption date: 31 December 2020.
NRD Systems, UAB Registration number 111647812 Gynėjų St. 14, LT-01109, Vilnius, Lithuania Register of Legal Entities	NRD Systems, UAB is 89.2 percent owned by NRD Companies AS, which is 100 percent controlled by INVL Technology	On 17 April 2019, INVL Technology acquired EUR 250,000 of NRD Systems, UAB bonds. Maturity date: 31 August 2019. Partial redemption (EUR 100,000) on 19 June 2019. Final redemption on 30 December 2019.
Andmevara AS Registration number 10264823 Parnu mnt 158 Tallinn Harjumaa 11317, Estonia Centre of Registers and Information Systems of Estonia	Andmavera AS is 100 percent owned by Algoritmų Sistemos, UAB, which is 100 percent controlled by Novian, UAB, which is 100 percent controlled by INVL Technology	On 29 May 2019, INVL Technology acquired EUR 100,000 of Andmevara AS bonds. Maturity date: 31 December 2019. Redemption date: 31 December 2019.
ETRONIKA, UAB Registration number 125224135 Gynėjų St. 14, LT-01109, Vilnius, Lithuania Register of Legal Entities	Etronika, UAB is 90 percent owned by NRD Companies AS, which is 100 percent controlled by INVL Technology	On 27 June 2019, INVL Technology signed a EUR 123,000 loan agreement with Etronika, UAB. Part of the loan was repaid on 23 July 2020. The remainder was repaid on 16 September 2020.
Lithuanian branch of Norway Registers Development AS Registration number 304897486 Gynėjų St. 14, LT-01109, Vilnius, Lithuania Register of Legal Entities	The Lithuanian branch of Norway Registers Development AS is 100 percent owned by Norway Registers Development AS, which is 100 percent controlled by NRD Companies, which is 100 percent controlled by INVL Technology	On 27 August 2019, INVL Technology signed a EUR 40,000 loan agreement with the Lithuanian branch of Norway Registers Development AS. The loan was repaid on 4 June 2020.
Norway Registers Development AS Reg. no. NO-985 221 405 MVA Løkketangen 20 B, 1337 Sandvika, Norway	Norway Registers Development AS is 100 percent controlled by NRD Companies, which is 100 percent controlled by INVL Technology	On 27 August 2019, INVL Technology signed a EUR 225,000 loan agreement with Norway Registers Development AS. The loan was repaid on 4 June 2020.
Andmevara AS Registration number 10264823 Parnu mnt 158 Tallinn Harjumaa 11317, Estonia Centre of Registers and Information Systems of Estonia	Andmevara AS is 100 percent owned by Algoritmų Sistemos, UAB, which is 100 percent controlled by Novian, UAB, which is 100 percent controlled by INVL Technology	On 5 September 2019, INVL Technology signed a EUR 85,000 loan agreement with Andmevara AS. The loan was repaid in parts on 31 December 2019 and 2 January 2020.
Lithuanian branch of Norway Registers Development AS Registration number 304897486 Gynėjų St. 14, LT-01109, Vilnius, Lithuania Register of Legal Entities	The Lithuanian branch of Norway Registers Development AS is 100 percent owned by Norway Registers Development AS, which is 100 percent controlled by NRD Companies, which is 100 percent controlled by INVL Technology	On 1 October 2019, INVL Technology signed a EUR 130,000 loan agreement with the Lithuanian branch of Norway Registers Development AS. The loan was repaid on 4 June 2020.
ETRONIKA, UAB Registration number 125224135 Gynėjų St. 14, LT-01109, Vilnius, Lithuania Register of Legal Entities	Etronika, UAB is 90 percent owned by NRD Companies AS, which is 100 percent controlled by INVL Technology	On 1 October 2019, INVL Technology signed a EUR 20,000 loan agreement with Etronika, UAB. The loan was repaid on 3 April 2020.
NRD Systems, UAB Registration number 111647812 Gynėjų St. 14, LT-01109, Vilnius, Lithuania Register of Legal Entities	NRD Systems, UAB is 95.91 percent owned by NRD Companies AS, which is 100 percent controlled by INVL Technology	On 5 November 2019, INVL Technology signed a EUR 145,000 loan agreement with NRD Systems, UAB. The loan was repaid in parts on 31 December 2019 (EUR 50,000) and 27 May 2020 (EUR 95,000).
Lithuanian branch of Norway Registers Development AS Registration number 304897486 Gynėjų St. 14, LT-01109, Vilnius, Lithuania Register of Legal Entities	The Lithuanian branch of Norway Registers Development AS is 100 percent owned by Norway Registers Development AS, which is 100 percent controlled by NRD Companies, which is 100 percent controlled by INVL Technology	On 5 November 2019, INVL Technology signed a EUR 55,000 loan agreement with the Lithuanian branch of Norway Registers Development AS. The loan was repaid on 4 June 2020.
Andmevara AS Registration number 10264823 Parnu mnt 158 Tallinn Harjumaa 11317, Estonia Centre of Registers and Information Systems of Estonia	Andmevara AS is 100 percent owned by Algoritmų Sistemos, UAB, which is 100 percent controlled by Novian, UAB, which is 100 percent controlled by INVL Technology	On 5 November 2019, INVL Technology signed a EUR 25,000 loan agreement with Andmevara AS. The loan was repaid on 2 January 2020.
ETRONIKA, UAB Registration number 125224135 Gynėjų St. 14, LT-01109, Vilnius, Lithuania Register of Legal Entities	Etronika, UAB is 90 percent owned by NRD Companies AS, which is 100 percent controlled by INVL Technology	On 13 November 2019, INVL Technology signed a EUR 80,000 loan agreement with Etronika, UAB. Part of the loan was repaid on 3 April 2020, the remainder on 16 September 2020.
Andmevara Services OÜ Registration number 14552803 Harju maakond, Tallinn, Kesklinna linnaosa, Narva mnt 5, 10117, Estonia Centre of Registers and Information Systems of Estonia	Andmevara Services OÜ is 100 percent owned by Novian Technologies, UAB, which is 100 percent controlled by Novian, UAB, which is 100 percent controlled by INVL Technology	On 30 December 2019, INVL Technology signed a EUR 130,000 loan agreement with Andmevara Services OÜ. The loan was repaid on 29 September 2020.
NRD Systems, UAB Registration number 111647812 Gynėjų St. 14, LT-01109, Vilnius, Lithuania Register of Legal Entities	NRD Systems, UAB is 95.91 percent owned by NRD Companies AS, which is 100 percent controlled by INVL Technology	On 13 March 2020, INVL Technology signed a EUR 150,000 loan agreement with NRD Systems, UAB. The loan was repaid on 1 January 2021.
Zissor AS Registration number 986 845 550 Bragernes Torg 6, 3017 Drammen, Norway Brønnøysund Register Centre	Zissor AS is 100 percent owned by Novian, UAB, which is 100 percent controlled by INVL Technology	On 19 March 2020, INVL Technology signed a EUR 40,000 loan agreement with Zissor AS. The loan was repaid on 30 April 2020.
Lithuanian branch of Norway Registers Development AS Registration number 304897486 Gynėjų St. 14, LT-01109, Vilnius, Lithuania Register of Legal Entities	The Lithuanian branch of Norway Registers Development AS is 100 percent owned by Norway Registers Development AS, which is 100 percent controlled by NRD Companies, which is 100 percent controlled by INVL Technology	On 18 June 2020, INVL Technology signed a EUR 185,000 loan agreement with the Lithuanian branch of Norway Registers Development AS. Part of the loan was repaid on 24 July 2020, the remainder on 30 July 2020.
Andmevara AS Registration number 10264823 Parnu mnt 158 Tallinn Harjumaa 11317, Estonia Centre of Registers and Information Systems of Estonia	Andmevara AS is 100 percent owned by Algoritmų Sistemos, UAB, which is 100 percent controlled by Novian, UAB, which is 100 percent controlled by INVL Technology	On 28 September 2020, INVL Technology reclassified accrued interest on a loan into a EUR 40,000 loan agreement with Andmevara AS with a maturity date of 31 December 2020. The loan was repaid on 31 December 2020.
NRD Systems, UAB Registration number 111647812 Gynėjų St. 14, LT-01109, Vilnius, Lithuania Register of Legal Entities	NRD Systems, UAB is 95.91 percent owned by NRD Companies AS, which is 100 percent controlled by INVL Technology	On 13 March 2020, INVL Technology 150,000 loan agreement with NRD Systems, UAB. The loan was repaid on 1 January 2021.
Norway Registers Development AS Registration number NO-985 221 405 MVA Løkketangen 20 B, 1337 Sandvika, Norway	Norway Registers Development AS is 100 percent controlled by NRD Companies, which is 100 percent controlled by INVL Technology	On 17 November 2021, INVL Technology signed a EUR 500,000 loan agreement with Norway Registers Development AS with a maturity date of 31 December 2021. The loan was repaid on 16 December 2021.
NRD Systems, UAB Registration number 111647812 Gynėjų St. 14, LT-01109, Vilnius, Lithuania Register of Legal Entities	NRD Systems, UAB is 95.91 percent owned by NRD Companies AS, which is 100 percent controlled by INVL Technology	On 29 September 2022, INVL Technology signed a EUR 400,000loan agreement with NRD Systems, UAB with a maturity date on 31 May 2023. The loan was repaid on 25 May 2023.