Alternative Investments

Unaudited information of Invalda INVL group for 9 months of

Invalda INVL’s equity at the end of September 2021 was EUR 103.1 million, or EUR 8.78 per share. Equity per share was 23.5% larger than at the end of 2020.

In 9M 2021, Invalda INVL earned a net profit of EUR 19.4 million, whereas  it suffered a loss of EUR 3 million in 9M 2020.

“The good performance was due to the growth of the markets and the successful operations of the companies, we have invested in, even in a highly uncertain global environment,” Invalda INVL President Darius Šulnis said.

The last 12 months brought significant growth in the assets under management of the group’s companies, which reached EUR 1.5 billion at the end of Q3 2021, 35.4% higher than at the same time last year. The number of clients who have entrusted assets to the Invalda INVL group increased to 257,700 – 5.4% more than a year earlier.

Asset management business

Total earnings for clients in the first nine months of this year amounted to EUR 131.7 million.

“In a heightened inflationary environment, successful investment activities are crucial for preserving and growing the real value of the client assets entrusted to us. And the growth of Invalda INVL’s asset business has been driven mainly by the gains earned for clients,  increase of investments by existing clients, and new clients joining, which shows confidence in the INVL group,” Darius Šulnis said.

Invalda INVL’s revenue from the asset management business in 9M 2021 was EUR 10.4 million, increasing by 13.5% compared to 9M 2020. Earnings from the asset management business in 9M 2021 were EUR 2.2 million, which is 2.9 times the amount earned in 9M 2020.

During Q3 2021, the INVL Renewable Energy Fund I held its initial closing with EUR 18.5 million raised from investors. The fund then raised an additional EUR 16.14 million from investors and after the end of the reporting period held a second close at EUR 34.6 million, exceeding half its target size of EUR 60 million. The INVL Renewable Energy Fund I invests in solar and wind power plants, helping to address the climate change issue and seeking to earn a competitive return for investors.

Invalda INVL group adheres to a long-term sustainable strategy and embraces the principles of socially responsible and sustainable investing across its operational and investment activities.

INVL is constantly seeking for new ideas in the alternative investment domain and aims to provide the Baltic investors the opportunity to invest in world-class funds. Thus, in November, INVL Asset Management launched the INVL Partner Global Infrastructure Fund I subfund, which will invest in an infrastructure fund established by an esteemed global fund manager with 26 years of operational experience.

In Q3, Eco Baltia, the largest environmental and waste management group in the Baltics, owned by the INVL Baltic Sea Growth Fund as a private-equity investor and the European Bank for Reconstruction and Development (EBRD), acquired 85% of the shares of Ecoservice, a leading environmental management company in Lithuania, thus strengthening its position in the Baltic region and Eastern Europe.

Invalda INVL’s acquisition of Mandatum Life Insurance Company Limited’s life insurance business in the Baltic countries under the agreement signed in June is proceeding further. As of now, the permission of the Competition Council has already been obtained and work on licensing at the supervisory institutions continues. Once the acquisition process is completed, life insurance will organically complement the existing range of products and make it possible to offer clients additional solutions tailored to their needs.

Invalda INVL foresees continuing to develop its strategic asset management business both organically and through mergers and acquisitions.

Investments

The value of investments in products managed by Invalda INVL group amounted to more than EUR 32 million at the end of 9M 2021, while the value of other historical investment holdings was more than EUR 48 million. Increase in the value of investments in 9M 2021 resulted in a profit of EUR 15 million. The largest positive impact to such result was through investments in Šiaulių Bankas, the actively expanding INVL Baltic Sea Growth Fund, and Moldova’s largest commercial bank Moldova-Agroindbank (MAIB).

The person authorized to provide additional information is:
Darius Sulnis, President of Invalda INVL
E-mail Darius.Sulnis@invl.com


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