Summus Capital Consolidated Sales Revenue of 2nd Quarter 2022 Increased to 9.7m EUR

According to the consolidated financial statement released by the Baltic real estate investment holding Summus Capital, in the second quarter of 2022 the company’s balance sheet grew to 430m EUR.

In the second quarter of 2022, Summus Capital balance sheet was 430m EUR compared to 404m EUR in the previous quarter. Total assets increased by 26.1m EUR, mainly due to acquisition of shopping centre Damme in Riga in the end of April. In the end of 2nd quarter loan and borrowings increased to 225m EUR (1q2022 206m EUR) that was mainly due to new bank loan for financing shopping centre Damme acquisition. Total liabilities increased to 248m EUR (8.6% increase from 31.03.2022).

Total owner’s equity increased to 182m EUR, out of which 173m EUR was attributable to Summus Capital equity holders.

In the second quarter of 2022, sales revenue increased to 9.66m EUR (+13.7% Q/Q). The main reasons for the increase were adding new property, indexation of rental income and increase in forwarded utility expenses. Half year 2022 sales revenue reached 18.2m EUR (2021 total sales revenue was 29.3m EUR).

“The second quarter of 2022 has been a quarter of regular operational activity complemented with shopping centre Damme addition to our portfolio. On the background the negative influence of COVID restrictions has been passing away, while potential political and macroeconomic turbulences and their possible effect to Summus Group have to be – and will be – carefully followed and monitored,” said Hannes Pihl, member of Management Board of Summus Capital.