Equity of INVL Technology, entity investing into information technology businesses, was EUR 11.6 million, or EUR 1.9 per share.
The Company’s financial asset items measured at fair value of the financial assets reached EUR 14.8 thousand on the 30th June, 2015. Compared to the 31st December, 2014, the fair value decreased by EUR 60 thousand (compared to the fair value of the financial assets on the 31st December, 2014, acquired during reorganisation which ended on the 9th February 2015). During first half of 2015 the Company had a net loss of EUR 257 thousand, which was incurred mainly due to the aforementioned change in the fair value as well as the interest expenses. During the first half of 2015, the Company did not receive dividends from the managed companies, and it did not sell any of the companies.
“The new share emission of INVL Technology, started in the first half of this year, was successfully completed in July – shares worth EUR 10 million have been issued, each at the value of EUR 1.65. Currently, INVL Technology actively seeks new acquisitions that could generate a significant return to the shareholders”, said the director of INVL Technology, Kazimieras Tonkūnas.
In the first half of 2015, revenue of NRD group, working in the field of business climate improvement and e-governance, was EUR 1.4 million – 16 percent less than last year. However, while implementing more complex and higher value added projects, EBITDA of NRD group in the first half of 2015 reached EUR 150 thousand (in the same period of 2014 EBITDA was negative – minus EUR 57 thousand). Higher value added was also created by an increased share of consultancy tasks in the projects as well as successful NRD, UAB activities both in Lithuania and in NRD group projects in East Africa and Southeast Asia markets.
In the first half of this year, the number of NRD group companies also grew. On the 23rd March, 2015 Norway Registers Development which owns 30 per cent of Infobank Uganda Limited shares signed Infobank Uganda Limited shareholders agreement. After the balance sheet date, on the 24th July, acquisition of electronic banking, mobile signature, electronic transport tickets, and retail software solutions’ developer Etronika, UAB was completed.
“NRD group has a strong portfolio of new clients and agreements – new strategic contracts have been signed in Lithuania, Uganda, Tanzania, Cambodia – therefore this and next year we are expecting to see good results as well as growth in value of the company”, said K. Tonkunas.
INVL Technology managed companies, working in the area of IT infrastructure, had revenue of EUR 5,335 thousand in the first half of 2015.
BAIP in the first half of 2015 reached revenue of EUR 4.7 million – 11 percent less than in the same period last year (EUR 5.2 million), while EBITDA decreased by 52 percent to EUR 357 thousand (in the same period in 2014, EBITDA was EUR 742 thousand).
“In 2014, completion of large data center modernisation projects in the frontier markets significantly influenced the results, while this year, BAIP targeted the development of the services in the Baltics as was planned during first half: BAIP deployed new internet bank terminals for Swedbank customers and agreed on integrated support services in bank’s branches in Lithuania, Latvia and Estonia. It also signed other long-term maintenance contracts with corporate clients in the Baltics. This will allow ensuring good results at the end of 2015, and positively influence the growth of company value in the long term”, commented K. Tonkunas.
Acena, UAB revenue increased by 75 percent to EUR 730 thousand, while EBITDA was equal to zero (compared to EUR 17 thousand in the first half of 2014). In the first half of 2015, Acena was selected as Microsoft country partner of the year for Lithuania.
The results of specialised cyber defence company NRD CS in Lithuania were affected by a postponement of a few planned projects. Furthermore, the company invested in the development in international markets, and therefore, the first half was unprofitable. However, the return on investment is observed in the post-balance sheet period already. The revenue of the company in the first half of 2015 reached EUR 150 thousand – 57 percent less than in 2014, when it reached EUR 349 thousand. EBITDA was negative – EUR 147 thousand. In the same period last year, NRD CS EBITDA was negative – EUR 11 thousand.
In August, the company announced that together with NRD AS it won USD 0.9 million contract for the development of Bangladesh National Computer Incident Response Team (CIRT). This allows the companies to enter a new market with 160 million people, and creates preconditions for further international development.