Notification on material event
INVL Technology preliminary operating results for the 3 months of 2017
Vilnius, Lithuania, 2017-04-28 08:40 CEST (GLOBE NEWSWIRE) --
Equity of INVL Technology as of 31 March 2017 was EUR 19.26 million or EUR 1.58 per share.
Investments of the Company amounted to EUR 17.9 million at the end of March 2017, which comprised of the bonds with value of EUR 1.57 million as of 31 March 2017 and investments into managed companies with amount of EUR 16.33 million. During three months the Company invested EUR 1.55 million into the short term bonds issued by BAIP UAB. Decrease in fair value of investments amounted to EUR 0.37 million.
The cash and cash equivalents of the Company decreased from EUR 3.1 million to EUR 1.4 million during the 1st quarter of 2017. Net loss of the Company for the first quarter of 2017 was EUR 468 thousand.
The equity capital of INVL Technology, a company that invests in IT businesses, was EUR 19.26 million, or EUR 1.58 per share, at the end of the first quarter of this year. The latter figure decreased 2.4 per cent from the start of the year. The company’s investments totalled EUR 17.9 million at the end of March 2017: the value of investments in business holdings was EUR 16.33 million, while the value of the short-term bonds from BAIP UAB in which INVL Technology invested to ensure the participation of INVL Technology group companies in a foreign tender, including accumulated interest, was EUR 1.57 million.
The value of the company’s investments fell EUR 0.37 million in the first quarter of this year. INVL Technology’s cash balance decreased from EUR 3.1 million to EUR 1.4 million during the quarter on account of the investments in the BAIP bonds. The company’s net loss for the same period was EUR 468 000. INVL Technology, which plans to complete its phase of active acquisitions this year, continued looking for new opportunities to expand its business holdings portfolio.
“In the first quarter we concluded the companies’ active geographic expansion creating access to Asian and African markets, which will enable the further globalisation of the operations of INVL Technology’s businesses. The companies owned are actively working in the areas of sales and marketing – NRD Companies, NRD CS and Andmevara AS introduced renewed brands. The companies actively participated in local and international tenders. We think likely recovery of demand in Lithuania’s public sector in the second half of the year and the groundwork laid in countries of Asia will positively influence the companies’ results,” said Kazimieras Tonkūnas, Managing Partner for UTIB INVL Technology at INVL Asset Management.
With the establishment last year in Rwanda of Norway Registers Development Rwanda Ltd and the start of activities in Bangladesh this February of NRD Bangladesh, INVL Technologies’ businesses have offices in total in nine countries: that includes Lithuania, Latvia, Estonia, Norway, Moldova, Tanzania, Rwanda, Uganda and Bangladesh. The new company NRD Bangladesh is representing the services of NRD Companies and other businesses owned by INVL Technology and is helping to implement projects of NRD Companies in the regions of South and Southeast Asia.
To date INVL Technology has invested in the Norwegian company Norway Registers Development AS with subsidiaries NRD UAB and Etronika UAB in Lithuania, Norway Registers Development East Africa Ltd in Tanzania, Norway Registers Development Rwanda Ltd in Rwanda, NRD Bangladesh Ltd in Bangladesh, and the associated company Infobank Uganda Ltd in Uganda. It has also invested in BAIP UAB with its subsidiary Acena UAB as well as NRD CS UAB and Algoritmu Sistemos UAB, all in Lithuania, and Estonia’s Andmevara AS with its subsidiary Andmevara SRL in Moldova.
On its receipt of a closed-end investment company (UTIB) license in July 2016, INVL Technology’s management was assumed by INVL Asset Management – a part of Invalda INVL, one of the leading asset management groups in the Baltics. UTIB INVL Technology will operate until 14 July 2026.
The person authorized to provide additional information:
INVL Technology Managing Partner