INVL Technology results for 6 months of 2018

Equity of the Company and the Company's net asset value as of 30 June 2018 was EUR 23,5 mln or EUR 1.9306 per share.

Investments of the Company into managed companies amounted to EUR 19.7 million at the end of June 2018.

The net loss of the Company for 6 months of 2018 was EUR 306 thousand.

Additional information:

INVL Technology, a company that invests in IT businesses, had equity of EUR 23.51 million, or EUR 1.93 per share, at the end of the first half of this year. Equity per share was down 1.3% from the start of the year but rose 0.7% during the second quarter.

The company’s investments in the businesses it owns totalled EUR 19.7 million at the end of June, which is EUR 1.1 million less than at the start of the year mainly due to dividends paid out by some of the businesses. 
INVL Technology’s net loss in the reporting period was EUR 306 thousand, while in the same period last year it had a profit of EUR 21 thousand.

“In the first half of this year most of the business holdings grew their incomes and profit and also signed many new contracts, especially in Bangladesh, a market that Algoritmų Sistemos has also entered. At the same time, the companies enlarged their palette of proprietary products,” said Kazimieras Tonkūnas, INVL Technology’s managing partner.

In Lithuania, the INVL Technology-owned business Etronika contributed to the creation of a mobile payment platform MoQ, while NRD Systems (UAB NRD) signed a new contract on further development of the State Tax Inspectorate’s Electronic Declaration System (EDS) and Algoritmų Sistemos signed a contract on the census of 2020. The companies also signed other agreements on the development and maintenance of information systems, IT infrastructure management and modernization, and cybersecurity enhancement.  

In Bangladesh, meanwhile, NRD CS signed a new contract on capacity building of the government’s cybersecurity incident response team (BGD e-GOV CIRT), and BAIP and Norway Registers Development AS signed one on the modernization of Bangladesh’s National Data Centre. NRD CS’s experts together with Oxford University’s Global Cyber Security Capacity Centre conducted a cybersecurity maturity assessment for Bangladesh.

Algoritmų Sistemos signed its first contract in Bangladesh, together with Norway Registers Development AS and NRD CS. They will advise on the country’s national cybersecurity strategy and create a critical information infrastructure protection strategy as well as a cyber-risk assessment framework for critical infrastructure. INVL Technology’s businesses were active in East Africa, especially Zanzibar, and in other countries.

Also, at the end of June this year INVL Technology repaid a loan from Luminor Bank together with the accrued interest. The loan was granted to the company last year to finance a business acquisition. In addition, INVL Technology, which continually assesses the value of its investment assets, plans to announce a tender for the purchase of such valuation services.

Performance of businesses

NRD Companies had revenue of EUR 3.56 million in the first half of this year, or 33% more than in the same period last year, while its EBITDA was EUR 295 thousand and increased 88% versus the comparative period.

The revenues of BAIP and Acena in the first half of this year shrank 8.8% from the same period last year to EUR 4.7 million. Their EBITDA was EUR 58 thousand and compared to the first half of 2017 decreased by more than five times (from EUR 329 thousand).

Algoritmų Sistemos’s revenue, meanwhile, grew 35% in the first half of this year compared to the same period of 2017 to EUR 1.2 million. Its EBITDA was EUR 17 thousand (versus a negative EUR 14 thousand last year).

Andmevara AS’s half-year revenue, compared to the same period last year, grew 17.3% to EUR 671 thousand, while its EBITDA was EUR 2 thousand (versus a negative EUR 120 thousand last year).

NRD CS’s first-half revenue this year more than doubled to EUR 1.5 million (compared to EUR 705 thousand in the first half of last year). Its EBITDA increased 23% compared with the first half last year to EUR 65 thousand.

INVL Technology 2018 half-yearly report
INVL Technology factsheet
Management statement


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

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