Unaudited information of Invalda INVL group for 6 months of 2023
31 Agosto 2023 - 2:40PM
Unaudited information of Invalda INVL group for 6 months of 2023
The equity of Invalda INVL amounted to EUR 129.8
million or EUR 10.98 per share at the end of June this year, down
by 0.76% and 0.81% respectively from the end of 2022.
The lower investment value generated a loss of
EUR 1.4 million for Invalda INVL in January-June, while the loss
for the same period last year stood at EUR 12.6 million.
The clients’ assets managed by the companies of
the group constituted EUR 2.173 billion at the end of June this
year, up by 40.6% year-on-year and by 14.2% from the beginning of
2023 (EUR 1.902 billion).
In the first half of 2023, INVL earned a profit
of EUR 93 million for its clients, while the number of clients who
have entrusted their funds to the Invalda INVL group grew by 19.2%
to 315 thousand year-on-year (by 3.6% from the beginning of this
year).
“In the first half-year, the profit earned for
INVL’s clients and the additionally attracted funds from them
pushed up the managed assets rapidly. We have been working in a
changing and hardly predictable geopolitical and economic
environment for quite some time, which recently has determined
interest rate growth and changes in the value of separate asset
classes. We are pleased with the development of the most of product
portfolios managed by INVL and the investments balanced for the
economic cycle”, says Darius Šulnis, CEO of Invalda INVL.
For clients only of the second-pillar pension
funds at the INVL group, the gain after all taxes and deductions
amounted to EUR 62.1 million in 6 months of 2023, and compensated
the greater part of the losses incurred in 2022, a negative year
for the markets.
Investment management and life insurance
business
The income of Invalda INVL from the operational
part of the investment management business, i.e. the management of
the funds entrusted by clients, constituted EUR 7.7 million in the
first half of this year, showing a 13.5% increase, compared to the
respective period last year.
In the first half-year 2023, the investment
management and life insurance business, including the share of
investments in collective investment undertakings managed by INVL,
sustained a pre-tax loss of EUR 1.57 million, while the pre-tax
loss in January-June last year amounted to EUR 0.1 million.
The revenue from investment management and life
insurance was on the increase, but the result was negatively
affected to a large extent by the adjustment of the success fee and
the falling value of investments related to this fee.
The funds under INVL’s management continued
their investment operations, including new acquisitions, in
compliance with their strategies.
“The major priority of INVL’s investment
management business this year is the successful implementation of
the transaction with Šiaulių bankas and the preparation for further
growth after this change. Upon completing this transaction and
receiving the approval of the Bank of Lithuania for his duties, the
asset management business of INVL Asset Management will be headed
by Paulius Žurauskas who joined our team in mid-July”, claims the
chief executive of Invalda INVL.
Invalda INVL expects to close the EUR 40.16
million transaction with Šiaulių bankas by the end of 2023, after
the permits of the required authorities are obtained. The
Competition Council and the National Security Commission have
already issued their permits, and at the end of August the Bank of
Lithuania has granted a permit for INVL Asset Management to
transfer the management of the second- and third-pillar pension
funds and the harmonised investment funds to SB Asset Management, a
company of the Šiaulių bankas group, already licensed as an asset
management company.
Own investments
The influence of Invalda INVL’s other own
investments, excluding the investment management and life insurance
business, on the result was insignificant.
In the first half of 2023, both Moldova’s
largest bank Moldova-Agroindbank (maib) and Šiaulių bankas posted
record operating results and paid dividends to their shareholders.
The growing value of maib’s shares and the assigned dividends had a
positive (EUR 4.5 million) effect on the result of Invalda INVL,
which however was pushed down by the investment in Šiaulių bankas
(EUR -2.5 million after evaluating the received dividends), as the
market price of the bank’s shares declined.
“We expect the successful operations of the
banks to be reflected also in the share price growth”, says Mr.
Šulnis.
The value of investments of Invalda INVL was
negatively affected (EUR -2.1 million) also by the investment in
Litagra, one of Lithuania’s largest agribusiness groups. After the
record year 2022, the result of the Litagra group was affected by
the plummeting milk prices, the projected lower than average yields
and the high cost of fertilisers. The new manager of Litagra group
appointed from August is Mr Evaldas Matulis.
The person authorized to provide additional
information is: Darius Sulnis, CEO of Invalda INVL
E-mail Darius.Sulnis@invl.com
- Invalda INVL Interim information for 6 months of 2023
- Invalda INVL factsheet ENG 1H 2023
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