Slide 1: Results for 6 months of 2023
RESULTS FOR 6 MONTHS OF 2023 28-08-2023
Slide 2: INVL Technology overview
2 „INVL Technology“ overview INVL Technology operates as a closed- On 14 July 2016, the Bank of Lithuania end fund (CEF) which invests in and INVL Technology owns 3 company granted INVL Technology a permit to develops European IT businesses. The groups: Novian (a Baltic IT company), NRD operate as a
Slide 3: Structure of the portfolio companies (30 June 2023)
3 Structure of the portfolio companies of INVL Technology (30 June 2023)
Slide 4: Structure of the portfolio companies (28 August 2023)
4 Structure of the portfolio companies of INVL Technology (28 August 2023)
Slide 5: Members of INVL Technology Investment Committee
Members of INVL Technology Investment Committee Kazimieras Tonkūnas Vytautas Plunksnis Vida Tonkūnė Nerijus Drobavičius Co-founder & managing Member of the Board and Head Partner of INVL Technology, Member of the Board of partner of INVL Technology of the Private Equity Unit of Member of the Investm
Slide 6: INVL Technology shareholder structure
6 INVL Technology shareholder structure 30 June 2023, a total of 3,746 shareholders owned shares of INVL Technology. Shareholders who held title to more than 5% of INVL Technology’s authorized capital and/or Own shares votes as of 30 June 2023 0.88% LJB investments, UAB (300822575) Share of the Othe
Slide 7: INVL Technology timeline
7 INVL Technology timeline Period of investment Period of value creation Period of exit 2016-2021 2021-2024 2024-2026 2015 2016 2019-2021 2024 2026 • INVL Technology AB was merged into • On 14 July 2016, • Completed the Start of exit INVL Technology BAIP Group UAB and continued INVL Technology forma
Slide 8: Net asset value and stock information
8 Net asset value and stock information 31-12-2015 14-07-2016 31-12-2016 Title 08-07-2015* 31-12-2017 31-12-2018 31-12-2019 31-12-2020 31-12-2021 31-12-2022 30-60-2023 ** *** *** Net asset value of the company 20,089 24,243 23,906 19,728 23,812 28,025 28,958 33,725 36,125 38,270 37,906 (thous. EUR)
Slide 9: History of shares trading
History of shares trading Share price, Eur 6 months of 2021 6 months of 2022 6 months of 2023 Open price, EUR 2.52 2.50 2.16 High price, EUR 2.74 2.80 2.24 Low price, EUR 2.06 2.30 1.97 Average price, EUR 2.26 2.59 2.04 Last price, EUR 2.26 2.76 1.99 Turnover, units 243,256 111,197 154,417 Turnover,
Slide 10: Key financial figures of INVL Technology
10 Key financial figures of INVL Technology NAV, EUR 31-12-2021 31-12-2022 30-06-2023 NAV 36,125,378 38,270,309 37,906,286 NAV per share 2.9936 3.1711 3.1409 Key figures, thous. EUR 6 months of 2021 6 months of 2022 6 months of 2023 Change in the fair value of financial assets (874) (1,504) (719) Di
Slide 11: Financial assets of managed companies
11 Financial assets of managed companies Financial asset, thous. Eur Company 31-12-2022 30-06-2023 NRD CS (includes NRD Bangladesh) 9,876 9,697 NRD Companies (includes Norway Registers Development AS, NRD Systems, NRD 7,289 7,547 Rwanda, ETRONIKA, Infobank Uganda) Novian (includes Novian Technologie
Slide 12: Dynamics of financial assets, thous. EUR
12 Dynamics of financial assets, thous. EUR Dividends(-)/ Bendrovė 31-12-2016* 30-06-2023 Internal rate of return** Investments (+) NRD CS 1,908 (1,900) 9,697 34.5% NRD Companies 2,870 - 7,547 16.0% Novian 11,665 (2,020) 16,831 8.1% Of which Technology and digitization area 6,691 (2,409) 13,922 15.5
Slide 13: Aggregated financial indicators of portfolio companies
13 Aggregated financial indicators of INVL Technology portfolio companies, thous. EUR Agregated revenue Aggregated EBITDA 60 000 3 500 50 000 3 000 2 500 40 000 2 000 30 000 1 500 20 000 1 000 10 000 500 0 0 2019 2020 2021 2022 2023 2019 2020 2021 2022 2023 H1 H2 H1 H2 Thous. Eur 2019 H1 2020 H1 202
Slide 14: INVL Technology companies' activities geography
14 INVL Technology companies‘ activities geography In the 1st half of 2023 INVL Technology companies carried out projects in 54 countries around the world
Slide 15: Revenue by country of INVL Technology
15 Revenue by country of INVL Technology 6 MONTHS OF 2022 6 MONTHS OF 2023 1% 1% 2% 1% Lithuania Lithuania 2% 1% 1% Estonia 2% Norway 11% 6% 1% North Macedonia 2% Zimbabwe 1% Belize 2% Botswana 2% 2% Austria Rwanda 2% Norway 3% Estonia 2% Moldova 3% Moldova 2% United Kingdom 58% Malta 2% 68% 4% Denm
Slide 16: Revenue of managed companies: in Lithuania and abroad
Revenue of managed companies’: in Lithuania and abroad, thous. EUR 40 000 35 000 2022 2023 H1 30 000 33 523 16,697 16,775 33,523 12,322 25 000 33 % 58% 67% 42 % 25 579 20 000 22 615 21 455 20 185 15 000 15 827 16 584 16 697 10 000 14 445 14 344 14 019 14 686 11 706 10 855 11 167 11 268 5 000 9 618 8
Slide 17: Financial results of managed companies for 6 months of 23
17 Financial results of managed companies for 6 months of 2023
Slide 18: NRD Companies Group
in| TECHNOLOGY Norway Lithuania ($) NRD Companies ° NRD Companies Group Bangladesh «.
Slide 19: Key profit (loss) items, thous. Eur
Key profit (loss) items, thous. Eur NRD Companies* NRD AS** NRD Systems** Etronika** 2022 H1 2023 H1 2022 H1 2023 H1 2022 H1 2023 H1 2022 H1 2023 H1 Revenue 3,139 6,222 2,094 4,039 1,157 1,610 1,110 1,839 Gross profit 1,098 2,482 700 1,481 170 534 406 867 EBITDA (359) 567 (76) 236 (297) 67 36 191 EB
Slide 20: Key balance sheet items, thous. Eur
20 Key balance sheet items, thous. Eur NRD Companies* NRD AS** NRD Systems** Etronika** 31-12-2022 30-06-2023 31-12-2022 30-06-2023 31-12-2022 30-06-2023 31-12-2022 30-06-2023 Tangible assets 537 591 3 2 237 193 297 395 Intangible assets 44 18 22 18 - - 23 - Other non-current assets 614 555 535 477
Slide 21: NRD Companies key financial results, thous. Eur
21 NRD Companies key financial results, thous. Eur Consolidated revenue Consolidated EBITDA 9 000 800 8 000 600 7 000 400 6 000 5 000 200 4 000 0 3 000 2019 2020 2021 2022 2023 -200 2 000 -400 1 000 0 -600 2019 2020 2021 2022 2023 H1 H2 H1 H2 Thous. EUR 2019 H1 2020 H1 2021 H1 2022 H1 2023 H1 Revenu
Slide 22: NRD Companies revenue by country
22 NRD Companies revenue by country 6 MONTHS OF 2022 6 MONTHS OF 2023 2% 7% Lithuania 2% Lithuania Belize 2% Zimbabwe 2% Estonia Sint Maarten 3% 17% 4% Finland Belize 5% 35% 3% 35% Barbados Estonia Somalia 4% 6% North Macedonia Latvia Norway 5% Mauritius Moldova 7% 28% 5% 8% Cayman islands Anguilla
Slide 23: NRD Companies revenue by sector
23 NRD Companies revenue by sector 2021 2022 2023 H1 5% 7% 4% Registers Registers Registers Government Government 15% 16% 13% Government 33% 33% Tax administration Tax administration Tax administration 13% 50% 17% 14% Finance Finance Finance 20% 30% 30% Retail Retail Retail
Slide 24: NOVIAN Group
Offices operate in 6 countries Norway Estonia Latvia Lithuania Moldova NOVIAN Group Rwanda
Slide 25: Key profit (loss) items, thous. EUR
Key profit (loss) items, thous. EUR Media monitoring and Technologies Software services digitization Novian Novian Eesti OU/ Novian Systems*** Andmevara AS Elsis PRO Zissor Novian* Technologies Andmevara SRL** 2022 2022 2023 2022 2023 2022 H1 2023 H1 2022 H1 2023 H1 2022 H1 2023 H1 2022 H1 2023 H1 2
Slide 26: Key balance sheet items, thous. EUR
26 Key balance sheet items, thous. EUR Media monitoring and Technologies Software services digitization Novian Novian Eesti OU/ Novian* Novian Systems Andmevara AS Elsis PRO Zissor Technologies Andmevara SRL** 31-12- 30-06- 31-12- 30-06- 31-12- 30-06- 31-12- 30-06- 31-12- 30-06- 31-12- 30-06- 31-12-
Slide 27: Novian group main financial figures, thous. EUR
27 Novian group main financial figures, thous. EUR Aggregated revenue Aggregated EBITDA 35 000 2 000 1 800 30 000 1 600 25 000 1 400 20 000 1 200 1 000 15 000 800 10 000 600 400 5 000 200 0 0 2019 2020 2021 2022 2023 2019 2020 2021 2022 2023 H1 H2 H1 H2 Thous. EUR 2019 H1 2020 H1 2021 H1 2022 H1 202
Slide 28: Novian group revenue by country
28 Novian group revenue by country 1% 6 MONTHS OF 2022 2% 6 MONTHS OF 2023 2% 1% 5% 3% 3% 2% Lithuania 3% Lithuania 2% 2% Estonia 3% Botswana 2% Austria Norway 5% 3% Moldova Rwanda 6% Denmark 6% Moldova Germany 67% Germany 76% 6% United Kingdom Austria Norway Estonia Rwanda Bangladesh Others (23 cou
Slide 29: Novian group revenue by sector
29 Novian group revenue by sector 2023 H1 2021 2022 3% 6% 3% 4% 7% 4% Public* Public* Public* 10% 14% Private* Private* 19% 32% Private* 35% 39% Finance Finance Finance Aviation, Aeronautics Aviation, Aeronautics 39% 46% Aviation, Aeronautics 39% Other Other Other * Excluding revenue from the financ
Slide 30: Key financial figures of Novian group technologies area
30 Key financial figures of Novian group technologies area, thous. EUR Aggregated revenue Aggregated EBITDA 30 000 1 800 1 600 25 000 1 400 20 000 1 200 1 000 15 000 800 10 000 600 400 5 000 200 0 0 2019 2020 2021 2022 2023 2019 2020 2021 2022 2023 H1 H2 H1 H2 Thous. EUR 2019 H1 2020 H1 2021 H1 2022
Slide 31: Revenue by country of Novian group technologies area
31 Revenue by country of Novian group technologies area, thous. EUR 1% 6 MONTHS OF 2022 6 MONTHS OF 2023 3% 1% 2% 4% 1% 3% 1% Lithuania Lithuania 3% 1% Estonia 4% 1% Botswana 1% Moldova 6% Norway 3% Norway 6% Rwanda Germany 8% Rwanda Moldova 63% United Kingdom 8% Estonia 80% Bangladesh Bangladesh La
Slide 32: Revenue by sector of Novian group technology area
32 Revenue by sector of Novian group technology area 2021 2022 2023 H1 3% 2% 2% Public* Public* Public* 18% 21% Private* Private* 25% 26% 24% 32% Private* Finance Finance Finance 48% Other 53% 46% Other Other *- excluding revenue from the finance sector.
Slide 33: Key financial figures of Novian software services area
33 Key financial figures of Novian group software services area, thous. EUR Aggregated revenue Aggregated EBITDA 10 000 700 9 000 600 8 000 500 7 000 400 6 000 300 5 000 200 4 000 100 3 000 0 2 000 -100 2019 2020 2021 2022 2023 1 000 0 -200 2019 2020 2021 2022 2023 -300 -400 H1 H2 H1 H2 Thous. EUR 2
Slide 34: Revenue by country of Novian software services area
34 Revenue by country of Novian group software services area 6 MONTHS OF 2022 6 MONTHS OF 2023 1% 1% 1% 1% 1% 2% 1% 3% 1% Lithuania 5% 4% Lithuania Austria Austria 10% 8% Denmark Germany Estonia 10% Belgium Germany France 70% France 81% Estonia Norway Denmark Other (5 countries) Others (2 countries)
Slide 35: Revenue by sector of Novian software services area
35 Revenue by sector of Novian group software services area 2021 2022 2023 H1 2% 8% 15% Public* Public* Public* Private* Private* Private* 24% 18% Finance 14% Finance Finance 48% 48% 9% 56% Aviation, Aeronautics Aviation, Aeronautics 4% Aviation, Aeronautics 14% 3% 17% Other 20% Other Other *- exclu
Slide 36: Revenue by country of Novian media and digitization (Zissor)
36 Revenue by country of Novian group media and digitization (Zissor, Norway) 6 MONTHS OF 2022 6 MONTHS OF 2023 4% 3% 4% 2% 4% 4% United Kingdom United Kingdom 4% 5% Sweeden Lithuania Lithuania 5% Sweden 5% 29% Germany Norway 37% 7% 6% Germany Greece 15% Finland Switzerland 21% 21% 24% Denmark Unite
Slide 37: NRD Cyber Security
in| TECHNOLOGY ($) NRD Cyber Security NRD Cyber Security = ot Se iA=< ~-H= —
Slide 38: Key profit (loss) and key balance sheet items, thous. EUR
38 Key profit (loss) and key balance sheet items, thous. EUR NRD CS* Key profit (loss) item, thous. Eur 2022 H1 2023 H1 Revenue 2,421 2,752 Gross profit 1,160 1,676 EBITDA 260 397 EBIT 217 329 Net profit (loss) 215 321 NRD CS* Key balance sheet item, thous. Eur 2022 H1 2023 H1 Tangible assets 401 38
Slide 39: Key financial figures of NRD Cyber Security, thous. EUR
39 Key financial figures of NRD Cyber Security, thous. EUR Consolidated revenue Consolidated EBITDA 8 000 1 000 900 7 000 800 6 000 700 5 000 600 4 000 500 3 000 400 300 2 000 200 1 000 100 0 0 2019 2020 2021 2022 2023 2019 2020 2021 2022 2023 H1 H2 H1 H2 Thous. EUR 2019 H1 2020 H1 2021 H1 2022 H1 2
Slide 40: Revenue by country of NRD Cyber Security
40 Revenue by country of NRD Cyber Security 6 MONTHS OF 2022 1% 6 MONTHS OF 2023 1% 1% 7% 1% 1% 2% 1% 2% 2% 2% 3% Lithuania Lithuania 5% 3% Malta Norway Coratia 5% United States Bangladesh Egypt Switzerland Belgium 57% Uganda 21% Bangladesh 85% Peru Kyrgystan United Kingdom Germany Others (8 countri
Slide 41: Revenue by sector of NRD Cyber Security
41 Revenue by sector of NRD Cyber Security 2021 2022 2023 H1 3% Public* Public* 13% 20% Public* 15% Private* Private* Private* 22% 55% Finance 18% 25% 64% 65% Finance Finance Akademic *- excluding revenue from the finance and academic sectors.
Slide 42: Important information for closed-end investment company (CEF) INVL Technology
42 Important information for closed-end investment company (CEF) INVL Technology Investments in the shares of closed-end investment companies (hereinafter You should also carefully read closed-end investment company‘s ’s may be referred as “CEF“) are associated with investment risk and others Prospe
Slide 43: Thank you for your attention
THANK YOU FOR YOUR ATTENTION INVL TECHNOLOGY Gynėjų Str. 14, 01109 Vilnius, Lietuva www.invltechnology.lt info@invltechnology.lt