Unaudited information of Invalda INVL group for 9 months of 2023
30 Noviembre 2023 - 10:57AM
Unaudited information of Invalda INVL group for 9 months of 2023
Invalda INVL’s equity at the end of September
this year was EUR 135.6 million, or EUR 11.29 per share. The
figures were 3.7% and 2 % larger, respectively, than at the end of
2022.
Invalda INVL had a net profit of EUR 3.6 million
in January-September, compared to a loss of EUR 12.4 million in the
same period last year.
Client assets under management by the group’s
companies totalled EUR 2.243 billion at the end of September, which
is 27.9% more than a year earlier and 17.9% more than at the start
of 2023 (EUR 1.902 billion).
In three quarters of this year, INVL clients had
gains of EUR 110 million. The number of clients who have entrusted
their assets to the Invalda INVL group grew by 4.9% from a year
earlier to 315,000 (up 3.7% from the start of 2023).
“This year is going very well for most of our
funds, clients’ investments are growing, and thus in the third
quarter of 2023, assets under management reached an all-time high
of EUR 2.243 billion,” Darius Šulnis, the President of Invalda INVL
says.
“A major strategic change for Invalda INVL is
the EUR 41.8 million merger of its retail businesses with Šiaulių
Bankas, which was completed today, 30 November. The integration of
that long-successful and fast-growing part of the group into
Šiaulių Bankas will have a preliminary positive impact of EUR 26.6
million (or about EUR 2.2 per share) on the net profit of the
Invalda INVL group and the parent company, which will be reflected
in the annual results for 2023. This impact will arise because, as
required by international accounting standards, Invalda INVL
accounts for its asset management business (both what is being
separated off and what is remaining) on a historical cost basis
rather than at fair value. The carrying amount of the business
differs significantly from its fair value,” Šulnis
notes.
“I thank the Invalda INVL group's entire team,
which has elevated the business to its current level and will
continue to do so both at Šiaulių Bankas and in Invalda INVL’s work
with alternative and other investments and family office services
in the Baltics,” the head of Invalda INVL says.
After the transaction, the Invalda INVL group’s
assets under management will amount to EUR 1 billion, while more
than 210,000 clients and over EUR 1.2 billion of client assets
under management in the Baltics will be incorporated into the
Šiaulių Bankas group. 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 12.2 million in nine months
of 2023 and grew 17.7% versus the same period of 2022.
The investment management and life insurance
business, including investments in collective investment
undertakings managed by INVL, had a pre-tax profit of EUR 3.1
million in January-September 2023, compared to a pre-tax profit of
EUR 0.9 million in January-September last year.
The funds that INVL manages continued investment
activities in line with their strategies, including new
acquisitions.
Among the more significant developments in the
second half of this year, the private equity INVL Baltic Sea Growth
Fund, together with a portfolio company Eco Baltia, completed the
acquisition of Metal-Plast, Poland's largest PVC recycler, and in
November, signed an agreement to acquire a 100% stake in the
Galinta Group, one of the largest producers of buckwheat groats in
Europe and one of the leading producers and traders of flakes, rice
and other groats in the Baltics. The INVL Renewable Energy Fund I
secured EUR 25 million of financing from Kommunalkredit Austria for
the construction of solar power plants in Romania, and the INVL
Bridge Finance private debt fund agreed to lend EUR 9.5 million to
Green Genius for renewable energy projects.
Equity
investments
Invalda INVL’s other equity investments, aside
from the investment management and life insurance business, had a
EUR 850,000 impact on earnings.
Both Moldova-Agroindbank (maib), Moldova’s
largest bank, and Šiaulių Bankas had record results in the first
three quarters of 2023 and paid dividends. Taking the dividends
that were paid into account, maib’s impact on Invalda INVL’s
earnings was positive, at EUR 4.8 million, while Šiaulių Bankas’s
was a negative EUR 2.6 million.
“Šiaulių Bankas and maib are earning significant
returns for their investors, growing fast and developing
successfully. We expect the returns they bring to Invalda INVL to
steadily grow in the future,” Šulnis says.
There was also a negative impact of EUR 1.8
million on the value of Invalda INVL’s investments (taking
dividends into account) from the investment in Litagra, one of
Lithuania’s largest agribusiness groups. While 2022 was a record
year for the Litagra group, this year has been marked by a sharp
drop in milk purchase prices, lower average cereal yields and high
fertiliser costs.
“Mostly due to market factors, 2023 has been a
bad year for the Litagra group. We realise the cyclical nature of
this business and are working in the areas we can influence and
planning for a successful coming year,” the head of Invalda INVL
says.
The person authorized to provide additional information is:
Darius Sulnis, CEO of Invalda INVL
E-mail Darius.Sulnis@invl.com
- Invalda INVL factsheet 3Q 2023
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