{"id":20373,"date":"2024-04-09T01:24:11","date_gmt":"2024-04-08T22:24:11","guid":{"rendered":"https:\/\/www.invaldainvl.com\/?p=20373"},"modified":"2024-04-09T01:24:13","modified_gmt":"2024-04-08T22:24:13","slug":"audited-results-of-invalda-invl-group-for-2023","status":"publish","type":"post","link":"https:\/\/www.invaldainvl.com\/en\/regulated-information\/audited-results-of-invalda-invl-group-for-2023\/","title":{"rendered":"Audited results of Invalda INVL Group for 2023"},"content":{"rendered":"\n<section  class=\"invl-block invl-block-1-columns invl-columns\">\n\t\t\t\t\t<div class=\"column column-1-of-1 c-white padding-top-00 padding-left-40 padding-right-30\" >\n\t\t\t\t\t\t<p>Invalda INVL, which is the leading asset management group in the Baltics, had equity of EUR 178 million at the end of 2023, or EUR 14.83 per share. The figures were 36.1% and 34% larger, respectively, than a year earlier.<span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">Invalda INVL had record earnings last year. Its audited net profit was EUR 45.82 million, or 2.7 times the 2022 profit of EUR 16.67 million.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">\u201c2023 was a successful and strategically important year for the Invalda INVL group. Sustained and focused efforts to build and grow the business with a favourable economic landscape across the target markets and sectors we invest in led to significant profits being returned to our investors and for the Group,\u201d says Darius \u0160ulnis, the CEO of Invalda INVL.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">\u201cWhile we take the current geopolitical situation extremely seriously, we are continuing with our efforts to the benefit of our investors as we seek to further strengthen our businesses and creating value for the geographies where we operate. In order to provide our client base with the diversification they need, we also invest a significant part of their money outside the region,\u201d \u0160ulnis adds.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">Client assets under management by the companies of the group totalled EUR 963.7 million at the end of 2023. Gains of EUR 192.7 million were earned for the group\u2019s clients during the year.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\"><strong>The Asset Management and Family Office Business\u00a0<\/strong><\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">Invalda INVL\u2019s revenue from the asset management business, i.e. the management of clients\u2019 assets, was EUR <\/span><span data-contrast=\"none\">16,83<\/span><span data-contrast=\"none\"> million in 2023 and grew by 10.9% versus 2022.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">\u201cIn 2023, we also completed an important strategic transaction to merge our long and successfully built retail investment management and life insurance business with \u0160iauli\u0173 Bankas. This will enable its clients to benefit from a product or service solution that is both convenient and creates optimal value-add for them now from a single source. We anticipate continued growth for this business moving forward, leading to an increase in the value of the \u0160iauli\u0173 Bankas share price. Given that our core asset management business is accounted for at a historical cost, the transaction captured a fair value for the retail business,\u201d the CEO says.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">\u201cFollowing the completion of this transaction, we defined a growth and development strategy for the asset management group. This strategy incorporated targets including delivering returns in the top quartile for the funds under management as well as doubling the assets under management over the next 3 years to 2027. We also reinforced the Invalda INVL group\u2019s team as some of our top professionals joined \u0160iauli\u0173 Bankas,\u201c Darius \u0160ulnis says.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">In 2023, the Invalda INVL group successfully grew its asset management business, attracting more than EUR 50 million of new capital investment into the funds under management. The company also offered investors a range of new products that enabled them to invest in private equity, infrastructure and real estate funds of global managers that operate outside the Baltic region.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">The portfolio of the INVL Baltic Sea Growth Fund, the group\u2019s largest fund, got two new investments. One was the acquisition of Metal-Plast, Poland&#8217;s largest PVC recycler, which was completed in November 2023. The other was the acquisition of buckwheat producer and grain trader Galinta, which was completed in February 2024. Existing portfolio investments were also successfully developed. The INVL Baltic Sea Growth Fund&#8217;s portfolio companies had a combined revenues of approximately EUR 570 million at 2023-year end, an EBITDA of approximately EUR 80 million and a workforce of about 8,800 employees.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">The INVL Renewable Energy Fund I issued EUR 16 million of bonds in 2023 for the financing of solar power plants that it is building and developing in Poland and Romania. It also agreed a EUR 25 million bank loan for the construction of solar power plants in Romania.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">The INVL Sustainable Timberland and Farmland Fund II entered a new geographic market with the acquisition of 1,400 hectares of forest land in Romania which completed in January 2024. This investment brought the Fund\u2019s total portfolio of forest and land to over 20,000 hectares.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">\u00a0T<\/span><span data-contrast=\"none\">he acquisition of Mundus, a private debt fund management company, was completed in February 2023 with the purchase of the remaining 49% stake from the former partners. Preparations are also underway to further develop our private debt products.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">The INVL Family Office continues its strong and successful growth trajectory, expanding its activities also beyond Lithuania. In January 2024, it obtained the regulatory approval of Latvia&#8217;s financial markets supervisory authority to establish a branch.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\"><strong>Equity investments<\/strong><\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Invalda INVL\u2019s other equity investments, aside from investment management, had a EUR 9 million impact on earnings.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">As a result of the retail business transaction as well as the successful activities of the group\u2019s funds and the growth of Invalda INVL\u2019s other balance sheet investments, in 2023 the group had a record profit of EUR 45.8 million, with a net asset value of EUR 178 million.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">\u201cInvalda INVL\u2019s performance last year was also positively influenced by the further growth in the value of the\u00a0 investment in Moldova-Agroindbank (maib), Moldova\u2019s largest bank. For \u0160iauli\u0173 Bankas, the strategically important year was marked by steady portfolio growth and a record net profit. Although the value of \u0160iauli\u0173 Bankas\u2019s shares at the end of 2023 remained at the 2022 level, with the strategic transformation that was carried out, we expect further successful development of the bank and growth of its share price,\u201d the head of Invalda INVL says.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Maib, which earned a record profit last year, had a positive impact of EUR <\/span><span data-contrast=\"auto\">6.1 million on Invalda INVL\u2019s result, while that of <\/span><span data-contrast=\"auto\">\u0160iauli\u0173 Bankas was EUR 4.8 million.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">\u201cAfter an especially good year in 2022, 2023 was rather challenging for Litagra, one of Lithuania\u2019s largest agribusiness groups, due to unfavourable market conditions in the crop and dairy sectors, though we believe that as the cycle normalises, the group is poised for further growth and will deliver good results this year,\u201d Darius \u0160ulnis notes.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">Litagra\u2019s operating results had a (EUR 2.6 million) negative impact on the value of Invalda INVL\u2019s investments.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">\u201cIn 2024, we will continue to invest in a number of new opportunities as we look to further strengthen existing businesses and companies under management. We will also work on the exit from specific projects with the aim of maximising the value for our investors. Furthermore, we will expand the activities of the INVL Family Office, including the successful start of operations in both Latvia and Estonia. We will carry out preparatory work for new business lines that meet our objectives for both returns and the growth of assets under management,\u201d Darius \u0160ulnis says.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">\u201cThis year\u2019s top priority is the launch of the INVL Private Equity Fund II. We are ready to be able to adapt to a number of challenging market conditions across multiple geographies, operating actively where we are now and seize new opportunities as they arise,\u201d says the CEO of Invalda INVL.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p>Attached:<\/p>\n<p><label title=\"Files attached to the message.\">Attachments:<\/label><br \/>\n<a href=\"https:\/\/www.invaldainvl.com\/wp-content\/uploads\/2024\/04\/invaldainvl-2023-12-31-en.zip\" target=\"_blank\" rel=\"noopener\">Annual information<\/a><\/p>\n<p><a href=\"https:\/\/www.invaldainvl.com\/wp-content\/uploads\/2024\/04\/INVL-Invalda-AR-2023-EN.pdf\" target=\"_blank\" rel=\"noopener\">Auditors report<\/a><\/p>\n<p><a href=\"https:\/\/www.invaldainvl.com\/wp-content\/uploads\/2024\/04\/Invalda-INVL-Group-overview-31-12-2023.pdf\" target=\"_blank\" rel=\"noopener\">Invalda INVL Group overview 31 12 2023<\/a><\/p>\n<p>&nbsp;<\/p>\n<p>The person authorized to provide additional information is:<\/p>\n<p>Darius Sulnis, CEO of Invalda INVL<\/p>\n<p>E-mail Darius.Sulnis@invl.com<\/p>\n\t\t<\/div>\n\t<\/section>\n","protected":false},"excerpt":{"rendered":"<p>Invalda INVL had record earnings last year. Its audited net profit was EUR 45.82 million, or 2.7 times the 2022 profit<\/p>\n","protected":false},"author":9,"featured_media":19252,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15],"tags":[],"class_list":["post-20373","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-regulated-information"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Audited results of Invalda INVL Group for 2023 - Invalda INVL<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.invaldainvl.com\/en\/regulated-information\/audited-results-of-invalda-invl-group-for-2023\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Audited results of Invalda INVL Group for 2023 - Invalda INVL\" \/>\n<meta property=\"og:description\" content=\"Invalda INVL had record earnings last year. Its audited net profit was EUR 45.82 million, or 2.7 times the 2022 profit\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.invaldainvl.com\/en\/regulated-information\/audited-results-of-invalda-invl-group-for-2023\/\" \/>\n<meta property=\"og:site_name\" content=\"Invalda INVL\" \/>\n<meta property=\"article:published_time\" content=\"2024-04-08T22:24:11+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-04-08T22:24:13+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.invaldainvl.com\/wp-content\/uploads\/2023\/11\/D92A8039.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"800\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Kristina Papinigien\u0117\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Kristina Papinigien\u0117\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.invaldainvl.com\/en\/regulated-information\/audited-results-of-invalda-invl-group-for-2023\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.invaldainvl.com\/en\/regulated-information\/audited-results-of-invalda-invl-group-for-2023\/\"},\"author\":{\"name\":\"Kristina Papinigien\u0117\",\"@id\":\"https:\/\/www.invaldainvl.com\/#\/schema\/person\/332a1488cca9dfd3e382000a842c89ad\"},\"headline\":\"Audited results of Invalda INVL Group for 2023\",\"datePublished\":\"2024-04-08T22:24:11+00:00\",\"dateModified\":\"2024-04-08T22:24:13+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.invaldainvl.com\/en\/regulated-information\/audited-results-of-invalda-invl-group-for-2023\/\"},\"wordCount\":7,\"image\":{\"@id\":\"https:\/\/www.invaldainvl.com\/en\/regulated-information\/audited-results-of-invalda-invl-group-for-2023\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.invaldainvl.com\/wp-content\/uploads\/2023\/11\/D92A8039.jpg\",\"articleSection\":[\"Regulated information\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.invaldainvl.com\/en\/regulated-information\/audited-results-of-invalda-invl-group-for-2023\/\",\"url\":\"https:\/\/www.invaldainvl.com\/en\/regulated-information\/audited-results-of-invalda-invl-group-for-2023\/\",\"name\":\"Audited results of Invalda INVL Group for 2023 - 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