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Financial information and reports

Reports

Interim information Annual information
3 months 6 months 9 months 12 months
2022 FSH IR FSH
2021 FSH IR FSH FSH AAI AAI(pdf) RR FSH
2020 FSH FS IRe FSH MS FSH AAI FSH RR ACR
2019 FSH FS IRe FSH MS FSH AAI MS FSH ACR
2018 FSH FS MS FS IRe FSH MS FS FSH MS FS FSH MS AAI MS FSH ACR
2017 FSH FS IRe FSH MS FSH AAI MS FSH ACR
2016 FSH FS IRe FSH MS FSH FSH AAI MS ACR
2015 FS FSH MS FS IRe FSH MS FS FSH MS FSH AAI MS
2014  – IR  FSH   MS FS   FSH   MS FS  FSH (EUR) FSH (LTL) MS AAI MS

IR – interim result (together with financial statements and interim report)

FS – financial statements

MS – management statement

IRe – interim report (since year 2021 interim report for 6 months together with management statement and interim results).  Since year 2021 the annual information is published in the European Single Electronic Format (ESEF) in compliance with the requirements of Commission Delegated Regulation (EU) 2019/815 of 17 December 2018 (zip file attached). This is the official format for the annual information that will be approved by the Ordinary General Shareholders‘ Meeting. The annual information (without the auditor‘s report) is additionally provided in pdf format as a copy of the published ESEF information.

AAI – annual audited information (since year 2020 together with management statement)

FSH – fact sheet

ACR – audit committee report (since year 2016)

RR – remuneration report (since year 2020)

 

Key financial information

Key figures of the Group, EUR million (if not stated otherwise)

 

2019** 2020** 2021
Rental area, sq. m. 46,876 22,600 24,200
The real estate value 71.88 24.13 29.61
Assets 75.38 41.94 33.03
Equity 44.02 28.87 20.29
Borrowings 24.76 9.49 9.14
Other payables 6.60 3.58 3.60
Total equity for one share, EUR* 3.35 2.21 2.52

Results of the Group, EUR million (if not stated otherwise)

2019** 2020** 2021
Revenue 5.90 3.90 2.73
Net operating income from owned properties 2.03 2.20 1.61
Net profit 10.42 5.42 3.40
Earnings per share, EUR* 0.79 0.41 0.37

* Recalculated after the change of the nominal value per share to EUR 1.45.
** The increase of the results in 2019 was mainly influenced by the revaluation of the assets of IBC Business Center at its actual sale price dated 06-03-2020. Financial results of 2020 has influenced by sale transaction of Business Centre Vilniaus Vartai completed on 30-09-2020.

Net asset value

Date Net asset value per share, EUR Net asset value, EUR Recalculated net asset value per share, EUR* Allocated dividends per share, EUR*
30 11 2016**  0.4203 27,633,382 2.1014  
31 12 2016  0.4726 31,072,202 2.3629  
31 03 2017  0.4781 31,431,866 2.3903  
30 06 2017 0.4838 31,811,344 2.4191 0.06
30 09 2017 0.4924 32,374,388 2.4619  
31 12 2017 0.5150 33,860,074 2.5749  
31 03 2018 2.4984 32,853,366 2.4984 0.13
30 06 2018 2.5900 34,058,027 2.5900  
30 09 2018 2.6147 34,382,903 2.6147  
31 12 2018 2.6859 35,319,397 2.6859  
31 03 2019 2.7033 35,548,100 2.7033  
30 06 2019 2.6850 35,307,971 2.6850 0.13
30 09 2019 2.7185 35,748,715 2.7185  
31 12 2019 3.3479 44,024,833 3.3479  
31 03 2020 3.3786 44,428,162 3.3786  
30 04 2020*** 1.8526 24,361,588 1.8526 1.55
30 06 2020 1.8678 24,561,436 1.8678  
30 09 2020 2.2270 23,602,043 2.2270  
30 11 2020****! 2.2103 (reviewed 2.2043) 28,843,807 (reviewed 28,765,348) 2.2103 (reviewed 2.2043)  
31 12 2020 ! 2.2124 (reviewed 2.2095) 28,870,287 (reviewed 28,832,682) 2.2124 (reviewed 2.2095)  
31 03 2021 2.2295 17,972,963 2.2295  
30 06 2021 2.1874 17,633,254 2.1874 0.12
30 09 2021 2.2362 18,027,324 2.2362  
31 12 2021 2.5164 20,285,578 2.5164  
31 03 2022 2.5229 20,337,844 2.5229  
30 06 2022 2.6294 21,196,770 2.6294  

* Net asset value per share and allocated dividends are recalculated taking into account the changed nominal value per share (EUR 1.45).
** Initial net asset value per share: EUR 0.4203
*** Taking into account resolution of the General Shareholders Meeting of the Company that was held on 9th April 2020 on repurchase of own shares of the Company due to material changes in the incorporation documents of the Company, on 25th June 2020 the net asset value as of 30th April 2020 is announced. According to the published net asset value, the shares of the Company will be repurchased from these shareholders of the Company who did not vote at the Meeting regarding material changes in the incorporation documents of the Company and express their wish to do so.
****According to the 23 December 2020 the Company‘s announcement of the convocation of the General Extraordinary Shareholders Meeting, which should be held on 14 January 2021, if the shareholders of the Company will make the decisions provided in the agenda of the Meeting, the process of buy-back of shares of Company due to material changes in the incorporation documents of the Company will take place. According to on 30 December 2020 published net asset value as of 30 November 2020, the shares of the Company will be repurchased from the shareholders of the Company who did not vote at the Meeting regarding the material changes in the incorporation documents of the Company or vote against it.
! The Company’s management company INVL Asset Management, UAB, performing the usual operational control measures, determined that in determining the value of the Company’s net assets of 30 November 2020 and 31 December 2020, the error occurred. Accordingly, the adjusted values ​​of the Company’s net assets are presented: (i) the Company’s net asset value as of 30 November 2020 was EUR 28,765,348, or EUR 2.2043 per share. The difference from the previously announced net asset value is 0.27 percent.(ii) the Company’s net asset value as of 31 December 2020 was EUR 28,832,682, or EUR 2.2095 per share. The difference from the previously announced net asset value is 0.13 percent. This discrepancy in the value of the Company’s net assets did not have any negative consequences for the Company’s shareholders. The Company’s share buy-back, which ran from 25 January 2021 to 25 March 2021 (inclusive), was carried out based on a net asset value of 30 November 2020, that value was 0.27 percent higher than the above revised net asset value of 30 November 2020. The difference between the incorrect and the net asset value applied during the share buy-back process will be compensated by the Management Company.

Change in net asset value per share

Date From inception In quarter From the inception taking into consideration allocated dividends
31 12 2016 12.44% 12.44% 12.44%
31 03 2017 13.75% 1.16% 13.75%
30 06 2017 15.11% 1.19% 17.97%
30 09 2017 17.15% 1.78% 20.01%
31 12 2017 22.53% 4.59% 25.39%
31 03 2018 18.89% -2.97% 27.93%
30 06 2018 23.25% 3.67% 32.29%
30 09 2018 24.43% 0.95% 33.47%
31 12 2018 27.81% 2.72% 36.86%
31 03 2019 28.64% 0.65% 37.68%
30 06 2019 27.77% -0.68% 43.00%
30 09 2019 29.37% 1.25% 44.59%
31 12 2019 59.32% 23.15% 74.55%
31 03 2020 60.78% 0.92% 76.01%
30 04 2020*** -11.84% -45.17% 77.15%
30 06 2020 -11.12% -44.72% 77.87%
30 09 2020 5.98% 19.23% 94.97%
30 11 2020****! 5.18% (reviewed 4.90%) -0.75% (reviewed -1.02%) 94.17% (reviewed 93.89%)
31 12 2021 ! 5.28% (reviewed 5.14%) -0.66% (reviewed -0.79%) 94.27% (reviewed 94.13%)
31 03 2021 6.10% 0.91% 95.08%
30 06 2021 4.09% -1.89% 98.79%
30 09 2021 6.41% 2.23% 101.11%
31 12 2021 19.75% 12.53% 114.45%
31 03 2022 20.06% 0.26% 114.76%
30 06 2022 25.13% 4.22% 125.54%

Information about the company’s net asset value is updated every quarter: data for the first and third quarters are provided within a month of the end of the period, while half-year data is provided within two months and full-year data within four months of the end of the period.

 

Formulas of performance indicators

In according with the guidelines on Alternative Performance Indicators which were published by the European Securities and Markets Authority in 2015 and came into force on 3 July 2016, the Company provide definitions and formulas (below) of the company’s operating and financial indicators.
The Company’s performance and financial indicators are used to evaluate the Company’s financial position or status. For these indicators, the Company’s investor can obtain additional information to help understand the Company’s financial position and strategy.

• Dividend yield – dividends attributable to shareholder paid per share for the last financial year divided by the price per share at the end of a financial period.

Dividend yield = The set value of dividends paid per share for the last financial year / The price per share at the end of a financial period
Dividend yiel ratio is a particularly an important valuation measure for investors seeking regular income. The higher the yield, the higher the payout for the shareholder compared to the price of the share.
• Book value per share – Group‘s equity divided by the number of shares, excluding Company’s own shares, at the end of a financial period.

Book value per share = The Group’s equity / The number of shares, excluding the Company’s own shares, at the end of a financial period
The book value per common share indicates the remaining value for shareholder after all assets are liquidated and all liabilities are covered.
• Price to Book ratio – ratio between the share price at the end of a financial period and book value per share.

Price to Book ratio = The share price at the end of a financial period / The book value per share
Price-to-book ratio compares a companies market value to book value by dividing price per share by book value per share. This shows how the valuation of the company is covered by equity.• Dividends/Net profit – ratio between the dividends allocated at the ongoing year for the year before and ongoing year net profit of the Company.

Dividends/Net profit = The dividends allocated at the ongoing year for the year before / Ongoing year net profit of the Company

The dividend payout ratio is the ratio of the total amount of dividends paid out to shareholders relative to the net income of the company. It is the percentage of earnings paid to shareholders in dividends.

• Return on Equity (ROE) – ratio between net income and average equity of a financial period, measured in percentage terms.

Return on Equity (ROE) (measured in percentage terms) = Net income / Average equity for a financial period
Return on equity excludes debt in the denominator and compares net profit for the period with total average shareholders’ equity. It measures the rate of return on shareholders’ investment.• Average equity is an arithmetical average of the beginning equity and ending equity of a financial period.

Average equity = (The beginning equity for the financial period + The ending equity for the financial period) / 2

• Return on Assets (ROA) – ratio between net income and average total assets of a financial period, measured in percentage terms.

Return on Assets (ROA) (measured in percentage terms) = Net income / Average total assets for a financial period
Return on assets (ROA) is an indicator of how profitable a company is relative to its total assets. ROA indicates how efficient a company is using its assets to generate earnings.• Average total equity is an arithmetical average of the beginning total assets and ending total assets of a financial period.

Average total equity = (The beginning total assets of a financial period + The ending total assets of a financial period) / 2

• Debt ratio – ratio between total liabilities and total assets.

Debt ratio = Total liabilities / Total assets

The debt ratio is a financial ratio that measures the extent of a company’s leverage. It can be interpreted as the proportion of a company’s assets that are financed by debt.
• Debt to Equity ratio – ratio between total liabilities and Shareholders’ equity.

Debt to Equity ratio = Total liabilities / Shareholders’ equity
The debt to Equity ratio is calculated by dividing a company’s total liabilities by its shareholder equity. The ratio is used to evaluate a company’s financial leverage.
• Gearing ratio – ratio between net debt and sum of net debt and equity. Net debt is the difference between borrowings and cash and cash equivalents.

Gearing ratio = Net debt / Net debt + equity
Gearing ratio is analysis ratio of a level of net debt compared to equity capital. Lower gearing ratio means greater financial stability. However, borrowings are a way for companies
to leverage their value to increase profits for shareholders.
• Liquidity ratio – ratio between current assets, including assets classified as held for sale, and current liabilities.

Liquidity ratio = Current assets (including assets classified as held for sale) / Current liabilities
Liquidity ratio is a financial metric used to determine a debtor’s ability to pay off current debt obligations without raising external capital.
• Quick ratio – ratio between current assets (excluding inventories, prepayments and deferred charges and current loans granted) and current liabilities.

Quick ratio = Current assets (excluding inventories, prepayments and deferred charges and current loans granted) / Current liabilities
The quick ratio is an indicator of a company’s short-term liquidity position and measures a company’s ability to meet its short-term obligations with its most liquid assets.
• Normalized operating profit – operating profit excluding interest income, net gains (losses) from fair value adjustments on investment property and other income adding the re-estimation of provision for the Performance Fee.

Normalized operating profit = Operating profit – Interest income – Net gains (losses) from fair value adjustments on investment property – Other income + The re-estimation of provision for the Performance Fee.
Normalized operating profit is measurement of the companies operating profit and allows viewing operating trends and identifying strategies to improve operating performance and assists in comparing performance across reporting periods on a consistent basis by excluding item that are not indicative of the companies core operating performance. 

• Normalized operating profit margin – ratio between normalized operating profit and sales, measured in percentage terms.

Normalized operating profit margin (measured in percentage terms) =  Normalized operating profit / Sales
Normalized operating profit margin is a operating profit margin excluding item that are not indicative of the companies core operating performance.
• Pre-tax profit margin – ratio between pre-tax profit and sales, measured in percentage terms.

Pre-tax profit margin (measured in percentage terms) = Pre-tax profit / Sales
The pretax profit margin is the ratio of a company’s pre-tax earnings to its total sales. The higher the pretax profit margin, the more profitable the company.
• Price earnings ratio (P/E) – share price at the end of a financial period divided by earnings per share (EPS).

Price earnings ratio (P/E) = The share price at the end of a financial period / Earnings per share (EPS)
To determine the P/E value, one simply must divide the current stock price by the earnings per share (EPS). It is used to compare a company against its own historical record or to compare aggregate markets against one another or over time.
• Borrowings to value of investment properties – ratio between borrowings and investment properties.

Borrowings to value of investment properties = Borrowings / Investment properties
This indicator shows the proportion of the investment assets financed by borrowed funds.
• Interest coverage ratio – ratio calculated as normalized operating profit divided by borrowings’ interest expenses. The latter amounted to interest expenses of bank borrowings plus interest expenses of borrowings from related parties.

Interest coverage ratio = Normalized operating profit / Borrowings’ interest expenses*
*Borrowings’ interest expenses = Interest expenses of bank borrowings + Interest expenses of borrowings from related partiesThe purpose of this ratio is to give an indication of the companies general ability to service theinterests of it‘s debts.

• Bank’s Debt Service Coverage Ratio – ratio between normalized operating profit and bank’s debt service costs. Bank’s debt service costs is during reporting period paid interest, commitment fees according to borrowings’ agreements and principal repayments.

Bank’s Debt Service Coverage Ratio = Normalized operating profit / Bank’s debt service cost*
*Bank’s debt service cost = Interest paid during reporting period, commitment fees according to borrowings’ agreements and principal repayments.The purpose of this ratio is to give an indication of the companies general ability to service its debt.

• Net operating income is calculated by deducting from revenue premises rent costs (excluding provision for onerous contract), utilities expenses, repair and maintenance expenses, property management and brokerage costs, taxes on property and insurance costs.

Net operating income = Revenue premises rent costs (excluding provision for onerous contract)  Utilities expenses  Repair and maintenance expenses  Property management and brokerage costs  Taxes on property and insurance costs.

Net operating income is a calculation used to analyze the profitability of real estate investments that generate income. Net operating income equals all revenue from the property minus all reasonably necessary operating expenses.

• Net profit margin – net profit divided by sales, expressed in percentage terms.

Net profit margin (measured in percentage terms) = Net profit / Sales
The net profitability is equal to how much net income or profit is generated as a percentage of revenue. It illustrates how much of each euro in revenue collected by a company translates into profit.