Slide 1: Presentation of INVL Technology, AB
Presentation of INVL Technology, AB Vilnius, 3 June 2014
Slide 2: Table of contents
Table of contents • INVL Technology, AB 3-10 – About INVL Technology, AB 3 – Current INVL Technology portfolio 4 – INVL Technology management 5 – Planned management structure 6 – Data on shares 7 – Comparative evaluation of companies 8 – Possible valuation 9 • BAIP Group 10-20 – BAIP Group 10 – Cons
Slide 3: About INVL Technology, AB
About INVL Technology, AB • INVL Technology, AB – company, investing in IT services and industries. • The first investment – 80 % of BAIP group, UAB, shares. • Shares will be listed at NASDAQ OMX Vilnius Stock Exchange since 4 June. • INVL Technology will apply for a closed-end investment company li
Slide 4: Current INVL Technology portfolio
Current INVL Technology portfolio • The first investment – 80% of BAIP group shares. – Other shareholders of BAIP group can acquire a new issue of shares of BAIP group – 11.265% of shares for LTL 1.25 million. Depending on the 2014 results, additional issue of shares, equal to 4.11% of capital, coul
Slide 5: INVL Technology management
INVL Technology management Company intends to pursue closed-end investment company status. It is planned that after the license is granted, INVL Technology will be managed by Invalda LT Investments – company controlled by Invalda LT and consisting of professionals in various fields. Therefore, the c
Slide 6: Planned management structure of INVL Technology
Planned management structure of INVL Technology 6
Slide 7: Security information
Security information Amount of shares, units 592,730 Total number of voting rights granted by shares, units 592,730 Nominal value of one share, LTL 1 Total nominal value of shares, LTL 592,730 ISIN code LT0000128738 Acronym INC1L Exchange NASDAQ OMX Vilnius Trading list Baltic Secondary List Date of
Slide 8: Comparative evaluation of the companies
Comparative evaluation of the companies EV/Sales EV/EBITDA Dividend yield (%) 2012 2013e 2014e 2015e 2012 2013e 2014e 2015e 2012 2013e 2014e 2015e AB SA 0.1 0.1 0.1 0.1 6.1 7.2 6.9 5.9 0.0 0.0 0.0 0.0 Action SA 0.1 0.2 0.2 0.1 5.8 9.6 8.4 7.8 6.7 3.5 4.7 8.2 AMG 2.8 3.2 3.2 2.7 9.2 12.1 10.5 8.3 1.8
Slide 9: Possible valuation
Possible valuation Multiplier 6 7 8 9 10 INVL Technology capitalization, LTL 13,544 16,466 19,387 22,308 25,229 thousand Value of one share, LTL 22.84 27.77 32.70 37.62 42.55 • The fair value of shares will be determined by the market. The table shows possible price of shares at 6-10 EV/EBITDA, base
Slide 10: BAIP Group
BAIP Group www.baipgrupe.lt A group of specialized companies, working in the field of IT and legal informatics, established in 2007. • Specializes in the field of business climate improvement reforms, integrated national information system design, critical IT infrastructure resilience, national cybe
Slide 11: Consolidated BAIP group Financial results 2009-2013
Consolidated BAIP group Financial results (thousand LTL) 2009-2013 BAIP group financial statements are kept in accordance to International Financial Reporting Standards (IFRS) as adopted by the European Union. 11
Slide 12: BAIP group consolidated balance
BAIP group consolidated balance Thousands LTL Year 2009 2010 2011 2012 2013 Fixed assets 11,981 12,692 18,343 17,430 16,203 Current assets 3,808 6,607 12,559 15,650 16,801 Total assets 15,789 19,299 30,902 33,080 33,004 Equity capital 4,021 4,764 7,167 7,182 7,898 Long-term liabilities 3,547 2,748 7
Slide 13: BAIP Group structure
/ BAIP Group structure baip GROUP BAIP group, UAB BAIP, UAB ACENA, UAB NRD CS, UAB Vilnius, Lithuania Vilnius, Lithuania Vilnius, Lithuania Norway Registers Development AS “ a» Y/ wana’ 13 / INVL Technology
Slide 14: BAIP Group history
/ BAIP Group history 1988-1998 /1988/ Joint USSR-Austrian company Baltic Amadeus is established /1991/ Baltic Amadeus becomes a joint Lithuanian-German company /1995/ Baltic Amadeus becomes a Lithuanian JSC /1995/ Norway Registers Development AS is established 199: /1998/ Norway Registers Developmen
Slide 15: BAIP Group project geography
BAIP Group project geography
Slide 16: BAIP Group Board
BAIP Group Board Darius Sulnis President and Member of the Board of Kazimieras Tonkunas Invalda LT, AB CEO and Member of the Board of BAIP group Director and Member of the Board of INVL Chairman of the Board of Norway Registers Technology, AB Development AS and NRD, UAB Chairman of the Board of BAIP
Slide 17: Intellectual capital (1)
Intellectual capital (1) • More than 10 scientists, experts in the fields of organizational psychology, intellectual capital, behavioral science and cyber security work in BAIP group companies. • Number of employees (31 December) • Systems, processes, methodologies: Based on ISO/IEC 20000-1:2011, LS
Slide 18: Intellectual capital (2)
Intellectual capital (2) • Strategic organisational competencies, products and services: prepared methodology and model for identification and evaluation of Lithuanian Internet infrastructure‘s critical elements and their monitoring; established first commercial Cybersecurity Incident Response Team
Slide 19: Intellectual capital (3)
Intellectual capital (3) • Recognition: in the fields of legal and organizational reforms of the national "framework" of business, property, mortgages, licenses and population registry systems. • Partnerships and cooperation with academia: Vilnius university – establishment of VU DiSCC in Lithuania,
Slide 20: Companies
/ Companies TT / INVL Technology
Slide 21: BAIP, UAB
BAIP, UAB www.baip.lt CEO Gytis Umantas Critical IT infrastructure services company, since 2007 belongs to BAIP group. • Roots: In 1988 Joint USSR-Austrian company Baltic Amadeus is established. In 2007 infrastructure projects and services business spun off into a separate company - Baltic Amadeus I
Slide 22: BAIP, UAB, areas of operation
BAIP, UAB, areas of operation • Works and implements projects in the Baltic countries, Eastern Europe and supports BAIP group initiatives in other parts of the world. • Clients: Bank of Lithuania, Liberia Ministry of Commerce and Industry, Danske Bank A/S Lithuania Branch, bank Finasta, AB, Lithuani
Slide 23: Acena, UAB
Acena, UAB www.acena.lt CEO Marius Lescinskas Specialized Microsoft licensing and solutions company, a part of BAIP group since 2008. • Provides IT infrastructure development and maintenance services based on Microsoft technologies as well as Microsoft software licensing, software asset management,
Slide 24: Norway Registers Development AS
Norway Registers www.nrd.no Development AS Managing director Director Rimantas Zylius Jon Birger Fjalestad Consulting company, helping governments and institutions in all continents to build vital economy facilitating infrastructure and achieving relevant, measurable results, a part of BAIP group si
Slide 25: Areas of operation
www.nrd.no Areas of operation • Central, East and West Africa, South East Asia and Central America. • Implemented more than 140 projects in more than 40 countries: Liberia Ministry of Commerce and Industry. Rwanda Office of the Registrar General (ORG), Rwanda Development Board (RDB), Zanzibar Office
Slide 26: NRD, UAB
NRD, UAB www.nrd.lt CEO Alvydas Arnoldas Sidlauskas NRD, UAB, and Norway Registers Development AS member of the boards NRD, UAB, was incorporated in October 1998. NRD is a daughter company and information system design and development excellence center of Norway Registers Development AS. • NRD speci
Slide 27: Areas of operation
Areas of operation www.nrd.lt • Directly operates in the Baltic countries, Eastern Europe and supports BAIP group initiatives in other parts of the world. • Experience and competence: NRD experience has been gained in more than 100 successful projects delivered in Europe, OECD and developing countri
Slide 28: Norway Registers Development East Africa Limited
Norway Registers Development East Africa Limited www.nrd.co.tz CEO Sebastian Marondo Norway Registers Development AS daughter company in East Africa, established in April 2013. • Provides on-site delivery of NRD services, supports Tanzanian companies in the delivery of information security technolog
Slide 29: NRD CS, UAB
NRD CS, UAB www.nrdcs.lt CEO – Dr. Vilius Benetis Specialized cyber security company and a cyber security center of excellence for other group companies. BAIP spin-off in January 2014. • Assists in creating a secure digital environment for states, governments, corporations and citizens via technolog
Slide 30: NRD CS, UAB
NRD CS, UAB www.nrdcs.lt • Main clients: National CERTs, cyberpolice, national security services, enterprises, ISPs, government, courts, forensic science center, banks. • NRD CS territories: Lithuania and Europe, Caucasus region and supports BAIP group initiatives in East Africa. • Active member in
Slide 31: Disclaimer
Disclaimer • Presentation was prepared by INVL Technology, AB, and BAIP Group, UAB. • Management company and closed-end investment companies need licences from the Bank of Lithuanian. There is no guarantee they will be granted. • Information acquired from the third parties is perceived to be correct
Slide 32: Contact information
Contact information: INVL Technology, AB Seimyniskiu str. 1A, LT-09312, Vilnius, Lithuania Tel. +370 5 279 0601 technology@invaldalt.com www.invlTechnology.lt 32