Unaudited information of Invalda INVL group for 3 months of 2023
30 Mayo 2023 - 8:59AM
Unaudited information of Invalda INVL group for 3 months of 2023
The client assets under management of the
companies that are part of Invalda INVL, the leading investment
management and life insurance group in the Baltics, exceeded EUR
2.0 billion at the end of March this year. That is 28.5% more than
a year earlier and 7.5% more than at the start of 2023 (when the
total was EUR 1.9 billion).
In the first quarter of this year, INVL clients
earned a total of EUR 50.6 million. The number of clients rose to
307,000 at the end of March, up 17.2% from a year earlier and 1.1%
from the start of 2023.
Invalda INVL had a net profit of EUR 1.1 million
in January-March this year, compared to a loss of EUR 8.1 million
in the same period last year.
“The global geopolitical and economic situation
remains uncertain. It is encouraging that in this environment most
of our clients' investments are performing positively, and the
Group's client assets under management have now surpassed EUR 2
billion,” says Darius Šulnis, the President of Invalda INVL.
The company’s equity at the end of March this
year was EUR 131.7 million, or EUR 11.14 per share. The figures
were 0.67% and 0.63% larger, respectively, than at the end of
2022.
The investment management and life
insurance business
Invalda INVL’s revenue from the operational part of its
investment management business, i.e. the management of clients’
assets, was EUR 3.96 million in the first quarter and grew 17.8%
compared to the same period last year.
The investment management and life insurance
business, including investments in collective investment
undertakings managed by INVL, had a pre-tax loss of EUR 0.8 million
in the first quarter of 2023, when a pre-tax profit of EUR 1.1
million was obtained in January-March last year.
“The investment environment is rather complex.
That creates more opportunities and choices in the market but
requires much higher professional abilities to make optimal
decisions as well as effort and creativity to execute them
successfully,” Darius Šulnis says.
“We have continued to see growth in funds raised
from INVL clients for investments in our region and, with special
intensity, for investments in traditional Western markets. We are
also very focused on the upcoming retail business merger and
related internal restructuring,” Invalda INVL’s president adds.
In late February, Invalda INVL’s shareholders’
meeting approved a EUR 40.16 million deal with Šiaulių Bankas,
completion of which is planned at the end of 2023.
In private equity and alternative investments,
the INVL Baltic Sea Growth Fund (INVL BSGF), the INVL Sustainable
Timberland and Farmland Fund II, and the INVL group’s other
specialised funds continue to invest actively.
The INVL BSGF’s portfolio companies made five
add-ons in the first quarter, including InMedica’s acquisition of
the Vilniaus Implantology Centre Clinic. The start of the year was
also highly intense for INVL BSGF-backed Eco Baltia, the largest
environmental and waste management group in the Baltics. The
company held a successful bond offering, with demand exceeding the
supply 3.5 times, and the group’s subsidiary PET Baltija, in
collaboration with Piche, is undertaking a more than EUR 35 million
project for a new PET recycling plant in Latvia. INVL BSGF
portfolio currently consists of seven companies with pro-forma
revenues of around EUR 500 million in 2022, normalised EBITDA of
around EUR 50 million and approximately 8,000 employees.
In the first quarter of 2023, INVL’s private
equity and alternative asset funds raised roughly EUR 20 million
euros.
Equity investments
Invalda INVL’s other equity investments, aside
from the investment management and life insurance business,
generated a pre-tax profit of EUR 2 million. The outstanding
performance of Moldova-Agroindbank (maib), Moldova’s largest bank,
had a positive (EUR 3 million) impact on the value of Invalda
INVL’s investments.
The value of the investments was reduced EUR 0.6
million by the investment in Šiaulių Bankas, reflecting a general
drop in the value of publicly listed banks, and EUR 0.4 million by
the investment in Litagra, one of Lithuania’s largest agribusiness
groups. The Litagra group’s results are being affected by a
significant drop in the market prices of milk and cereals.
The person authorized to provide additional
information is:Darius Sulnis, President of Invalda INVLE-mail
Darius.Sulnis@invl.com
- Invalda INVL factsheet 2023Q1
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