INVL Technology's equity and net asset value amounted to 43.53 million euros, or 3.6052 euros per share, at the end of 2023, an increase of 13.7% year-on-year.
The company's net profit last year was 5.2 million euros.
The annual information is published in European Single Electronic Format (ESEF) in accordance with the requirements of the European Commission Delegated Regulation (EU) 2019/815 of 17 December 2018 (xhtml file format attached). This is the official format for annual information approved at the annual general meeting. Annual information (without audit reports) is additionally provided in PDF format as a copy of the published ESEF information.
Additional Information:
The capital and net asset value of INVL Technology, which invests in IT businesses, amounted to 43.53 million euros (3.6052 euros per share) at the end of 2023, an increase of 13.7% in the same year.
The company's net profit last year was 5.17 million euros, 2.4 times higher than in 2022 (net profit of 2.11 million euros). Last year's results were positively influenced by an increase in the value of portfolio companies by his €9.95 million. Provisions for performance and unpaid management fees reduced the 2023 result by €4.91 million.
The value of INVL Technology's portfolio companies increased from €34.9 million to €44.9 million during 2023. INVL Technology owns cybersecurity company NRD Cyber Security, GovTech and FinTech company NRD Companies, and Baltic IT company Novian.
NRD Cyber Security's average internal rate of return (IRR) from the end of 2016 to the end of 2023 was 38.2%. The average internal rate of return (IRR) for NRD companies was 21.1%. Novian Software Services and IT Infrastructure Group's IRR for the period was 9.8%, of which his IRR for Technology and Digitalization Services was 16.5% and his IRR for Software Services was 5.6%.
“In 2024, we will begin the sale of portfolio companies. NRD Cyber Security, Novian, and NRD Companies are competent in the fields of cybersecurity, artificial intelligence, supercomputing, and information systems development and implementation. These businesses serve important international customers, have developed unique technology and know-how and are leaders in their niches. Talented and successful companies is in demand around the world and we look forward to expressions of interest from international and regional investors,” said Kazimieras Tonkunas, Managing Partner of INVL Technology.
In mid-March of this year, the company announced that it had entered into an agreement with the Zurich branch of Corum Group International, the Luxembourg-based division of Corum Group, which provides M&A brokerage services, to provide advice on the sale of the company's portfolio and mediate M&A. business.
INVL Technology, managed by INVL Asset Management, a leading alternative asset management company in the Baltics, is a closed-end investment company that is required to close investments and distribute funds to shareholders by mid-July 2026 at the latest.
INVL Technology’s business ownership record
INVL Technology's portfolio companies had total sales of EUR 62.57 million in 2023, an increase of 24.6% compared to 2022. Gross profit for the year increased by 22.3% to 17.96 million euros, and total EBITDA increased by 43.8% to 3.56 million euros.
Last year, INVL Technologies portfolio companies operated in 63 countries around the world, including Brazil as a new market. Revenues from international operations increased by 40.2% in the same year to €23.39 million and accounted for 37% of total revenues (up 4 percentage points compared to the previous year). In the Lithuanian market, portfolio companies' revenues amounted to EUR 39.18 million, an increase of 16.8% over 2022 and accounted for 63% of total revenues.
Novian's total revenue in 2023 was 40.27 million euros, an increase of 21.9% over 2022, and the operating profit was 137,000 euros. Novian Group's EBITDA last year decreased by 18.4% to 1,242 million euros. The group consists of Lithuania's Novian and its technology sector business Novian Technologies, Estonia's Novian Eesti, Norway's Zissor, Moldova's Andmevara, Rwanda's Norway Registers Development Rwanda, and Lithuanian software services businesses Novian Systems and Elsis PRO. There is.
NRD Companies' consolidated revenue last year was 10,985,000 euros, an increase of 36% over 2022, and the consolidated operating profit was 1,135,000 euros (2022: 0.002 million euros). His EBITDA for the NRD Companies group was 1.36 million euros, 6.4 times higher than the previous year. NRD Companies, based in Norway, has a subsidiary in Norway, Norway Registers Development, a branch in Lithuania, and his NRD Systems and Etronika in Lithuania.
NRD Cyber Security, which is also owned by NRD Bangladesh, had consolidated sales of 7.411 million euros in 2023, an increase of 21.9% compared to 2022. Operating profit increased by 73.8% last year to €980,000, and EBITDA increased by 71.5% to €1.12 million.
Persons authorized to provide additional information:
Casimieras Tonkunas
INVL Technology Managing Partner
Email k.tonkunas@invltechnology.lt
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