INVL Technology reports preliminary operating results

INVL Technology, a company, investing in IT businesses, during 2015 had a net profit of EUR 2,490 thousand. Fair value of investments managed by the company reached EUR 16,931 thousand by the 31 December 2015, increase in fair value on revaluation was EUR 2,223 thousand.


Fair value measurement is based on preliminary independent appraisal. The company performs independent appraisal annually while preparing annual financial statements. INVL Technology, AB is listed on NASDAQ Vilnius stock exchange (Nasdaq Vilnius: INC1L).


During 2015, the Company also received EUR 598 thousands dividends from the managed companies. Equity of the company as of 31 December 2015 was EUR 24,324 thousand.


“2015 was a significant year for INVL Technology. The company issued shares worth EUR 10 million, signed an agreement to acquire 100 per cent shares of information system development company Algoritmu sistemos. INVL Technology managed company Norway Registers Development AS acquired 80 per cent shares of ETRONIKA UAB, signed Infobank Uganda Limited shareholders agreement and established Norway Registers Development Rwanda Ltd. in Kigali, Rwanda on the 22 February 2016. Another company managed by INVL Technology – BAIP UAB – began permanent operations in Latvia and Estonia”, commented the director of INVL Technology Kazimieras Tonkunas.


INVL Technology operates as a cluster of IT businesses working with large corporates and government entities with a focus in four key areas: business climate improvement and e-governance, IT infrastructure, cyber security and IT intensive industries’ solutions.




In 2015, revenue of NRD group (Norway Registers Development AS with subsidiaries), working in the field of business climate improvement and e-governance, was EUR 5,929 thousand while in 2014 it was EUR 3,276 thousand in 2014). EBITDA of NRD group in 2015 reached EUR 873 thousand, while in 2014 it was EUR 74 thousand. ETRONIKA UAB is included from the month the control was transferred – 1 July 2015.


BAIP UAB with subsidiary Acena UAB, working in the area of IT infrastructure, had revenue of EUR 12,425 thousand in 2015, while in 2014 it amounted to EUR 14,234 thousand. EBITDA of the companies last year was EUR 1,259 thousand, while in 2014 it reached EUR 1,722 thousand.


The revenue of specialised cyber defence company NRD CS in 2015 increased by 75 per cent from previous year and reached EUR 1,523 thousand (in 2014 it was EUR 870 thousand). EBITDA was EUR 191 thousand. In 2014, NRD CS EBITDA was EUR 37 thousand.


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