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INVL Technology’s net asset value rose to EUR 38.27 million

2023 / 04 / 06

The equity and the net asset value of INVL Technology, a company that invests in IT businesses, amounted to EUR 38.27 million at the end of 2022 and grew 5.9% during the year. Equity per share, which increased the same percentage in the year, was EUR 3.17 at the end of 2022. The company had a net profit of EUR 2.1 million last year, which is 19.3% less than in 2021.

From 14 July 2016, when it began to operate as a closed-end investment company, through the end of 2022, INVL Technology’s equity per share rose 61.5% (also taking own-share purchases in 2021 into account), from EUR 1.96 to EUR 3.17 per share. The indicator’s compound annual growth rate for the period was 7.7%.

Calculating from the completion of INVL Technology’s secondary share offering in 2015 through the end of 2022, equity per share increased 92.2% from EUR 1.65, with a CAGR of 9.1% for the period.

“The fall in the value of technology companies worldwide and increased cost of capital in 2022 also had a negative impact on INVL Technology’s asset holdings. On the other hand, the outlook for the businesses owned is positive. With increased sales of products and services in international markets, we believe their revenues will continue to grow faster than labour costs,” says Kazimieras Tonkūnas, INVL Technology’s managing partner.

During 2022, accounting for the effect of dividends that were paid, the value of the cyber-security company NRD Cyber Security grew 16% to EUR 9.9 million, the value of NRD Companies, which works in in business climate improvement and e-governance, increased 11% to EUR 7.3 million, and the value of the Novian group of IT service businesses decreased 9% to EUR 17.6 million.

Regarding long-term plans, INVL Technology has begun to prepare for the sale of the businesses it owns and the wind-down of the fund in 2026.

Performance of business holdings

Based on unaudited figures, the businesses that INVL Technology owns and manages had aggregated revenues of EUR 50.2 million in 2022, which is 24.7% more than in 2021. Their gross profit grew 22.4% in the period of comparison to EUR 14.7 million, while their aggregated EBITDA decreased 14.1% to EUR 2.5 million.

“Labour costs, which had been rising sharply, stabilised in the second half of 2022. Moreover, the businesses’ earnings outside Lithuania started to grow significantly and profitability recovered,” Kazimieras Tonkūnas notes.

NRD Cyber Security’s consolidated revenue grew 13.3% last year to EUR 6.1 million compared to 2021. Its EBITDA was EUR 653,000, or 16.7% less compared to 2021. Since the end of 2021, NRD Bangladesh also operates in this business area.

Novian had EUR 33.04 million of revenue in 2022, 27.9% more than in 2021. The Novian group’s EBITDA last year was EUR 1.56 million and, compared to 2021, decreased 9.3%. The Novian group consists of Novian in Lithuania with the technology-area businesses Novian Technologies, Novian Eesti in Estonia and Andmevara in Moldova, the software services businesses Novian Systems and Elsis PRO in Lithuania and Estonia’s Andmevara, and the digitization and media monitoring software supplier Zissor in Norway.

NRD Companies’ businesses last year had EUR 8.46 million of consolidated revenues, up 33.2% compared to 2021. This group’s EBITDA in 2022 was EUR 213,000, or 28.3% smaller than in 2021. Operating in this business area is the Norwegian company NRD Companies and its subsidiaries Norway Registers Development in Norway with a branch in Lithuania, Lithuania’s NRD Systems and Etronika, Norway Registers Development Rwanda in Rwanda, and the associate company Infobank Uganda in Uganda.

INVL Technology is a closed-end investment company listed on the Secondary List of the Nasdaq Vilnius stock exchange (INC1L). It is managed by INVL Asset Management. INVL Technology’s investments will be realised by 14 July 2026, the proceeds will be paid out to shareholders, and the fund will wind down.

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