Audited results of Invalda INVL Group for 2023
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.
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.
“2023 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,” says Darius Šulnis, the CEO of Invalda INVL.
“While 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,” Šulnis adds.
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’s clients during the
year.
The Asset Management and Family Office
Business
Invalda INVL’s revenue from the asset management
business, i.e. the management of clients’ assets, was EUR 16,83
million in 2023 and grew by 10.9% versus 2022.
“In 2023, we also completed an important
strategic transaction to merge our long and successfully built
retail investment management and life insurance business with
Šiaulių 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 Šiaulių 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,” the CEO says.
“Following 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’s
team as some of our top professionals joined Šiaulių Bankas,“
Darius Šulnis says.
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.
The portfolio of the INVL Baltic Sea Growth
Fund, the group’s largest fund, got two new investments. One was
the acquisition of Metal-Plast, Poland'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'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.
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.
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’s total portfolio of forest
and land to over 20,000 hectares.
The 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.
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's financial markets supervisory authority to establish a
branch.
Equity investments
Invalda INVL’s other equity investments, aside
from investment management, had a EUR 9 million impact on
earnings.
As a result of the retail business transaction
as well as the successful activities of the group’s funds and the
growth of Invalda INVL’s 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.
“Invalda INVL’s performance last year was also
positively influenced by the further growth in the value of
the investment in Moldova-Agroindbank (maib), Moldova’s
largest bank. For Šiaulių Bankas, the strategically important year
was marked by steady portfolio growth and a record net profit.
Although the value of Šiaulių Bankas’s 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,” the head of Invalda INVL
says.
Maib, which earned a record profit last year,
had a positive impact of EUR 6.1 million on Invalda INVL’s result,
while that of Šiaulių Bankas was EUR 4.8 million.
“After an especially good year in 2022, 2023 was
rather challenging for Litagra, one of Lithuania’s 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,” Darius Šulnis notes.
Litagra’s operating results had a (EUR 2.6
million) negative impact on the value of Invalda INVL’s
investments.
“In 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,” Darius
Šulnis says.
“This year’s 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,” says the CEO of Invalda
INVL.
The person authorized to provide additional information is:
Darius Sulnis, CEO of Invalda INVL
E-mail Darius.Sulnis@invl.com
- invaldainvl-2023-12-31-en
- INVL Invalda AR 2023 EN
- Invalda INVL Group overview 31 12 2023
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