Unaudited results of INVL Technology for 9 months of 2015
Vilnius, 2015-11-30 08:49 CET (GLOBE NEWSWIRE) --
INVL Technology, AB – company, investing in IT businesses, listed on NASDAQ Vilnius stock exchange (Nasdaq Vilnius: INC1L) from June 2014. The Company's financial assets measured at fair value was EUR 12,136 thousand on the 30 September, 2015. Compared to the 31 December, 2014, the fair value decreased by EUR 2,766 thousand (compared to the fair value of the financial assets on the 31 December, 2014, acquired during reorganisation which ended on the 9 February 2015). During the first nine months of 2015 the Company had a net loss of EUR 2,440 thousand, which was incurred mainly due to the aforementioned change in the fair value as well as the interest expenses. During the first nine months of 2015, the Company received EUR 598 thousands dividends from the managed companies, and it did not sell any of the companies, except for Acena UAB which was transferred to the subsidiary BAIP UAB.
The Company performs independent appraisal annually while preparing annual financial statements. During preparation of interim condensed financial statements, the Company measures fair value of investments either using EBITDA multiple, using historical EBITDA of last 12 months and multiples of comparable entities, either acquisition cost if the transaction occurred recently. Acena UAB and ETRONIKA UAB were stated at acquisition cost due to the recent transactions. Value of ETRONIKA UAB is not reflected in the value growth of NRD group companies.
The Company is as an investment entity, which was created on 9 February 2015 after INVL Technology AB was merged into BAIP grupė AB. BAIP grupė AB took over all the rights and obligations and continues operations under the new name – INVL Technology AB. As the Company continues activities, which allow the Company to comply with requirements of IFRS 10, applicable to investment entity, the Company's investments are accounted for at fair value and are not consolidated, the comparative figures are provided of the former INVL Technology AB that was merged to BAIP grupė, AB.
The person authorized to provide additional information: