Vilnius, Lithuania, 2014-08-26 07:37 CEST (GLOBE NEWSWIRE) -- Unaudited net profit of INVL Technology amounted to LTL 2.747 million (EUR 0.796 million).
The financial statements cover the first interim financial period of the company, starting from the company’s establishment date 29 April 2014 and ending on 30 June 2014, therefore there are no comparative data.
Additional information: The equity of INVL Technology, AB, which invests into information technology companies, amounted to LTL 19.854 million (EUR 5.75 million) or LTL 33.5 (EUR 9.7) per share at the end of June 2014.
The results of INVL Technology presents only the first two months of activity, as the company started to operate in the market at the end of April 2014, after the split-off from Invalda LT, AB an asset management company. During this period INVL Technology, AB earned LTL 2.747 million (EUR 0,796 million) net profit, which was mainly influenced by the value growth of BAIP group. INVL Technology holds 80 percent shares in BAIP group, a company investing in information technology companies.
“The BAIP group managed to significantly increase its results both in Lithuania and foreign markets, therefore we are expecting that historically 2014 will be the best year for BAIP group. The change in value was influenced by the last twelve months increase in earnings before interests, taxes, depreciation and amortization (EBITDA).” – Darius Sulnis, the director of INVL Technology, AB said.
As it was announced earlier, consolidated revenue of BAIP group in the first half of 2014 compared to the same period in 2013 increased 30 percent and amounted to LTL 24.82 million (EUR 7.188 million) , EBITDA increased to 58 percent and totalled to LTL 2.257 million (EUR 0.654 million).
INVL Technology is presented as an investment company, which does not consolidate its subsidiaries and does not prepare consolidated financial reports (according to tenth International Financial Reporting Standard). The shares of BAIP group was evaluated according to EBITDA of last twelve months using the average multiplier of the Central and Eastern Europe technology companies, which is equal to 7.6.
The reason for the growth of the BAIP group’s shares value is that the EBITDA of the last twelve months changed from LTL 4.462 million (EUR 1.292 million) in March 2014 to LTL 5.111 million (EUR 1.48 million) in June 2014.
The person authorized to provide additional information: Darius Sulnis Director E-mail:Darius@InvaldaLT.com
