Summus Capital OÜ Reaches Record-High Balance Sheet in Third Quarter of 2024

Summus Capital OÜ has released its consolidated financial results for the third quarter of 2024, marking a new record in its balance sheet. By the end of 3Q2024, the balance sheet totaled EUR 452.2 million, an increase from EUR 451.7 million in the previous quarter, reflecting the company’s continued strong performance.

The consolidated cash balance was EUR 42.0 million, ready to be invested in new projects. Consolidated loans and borrowings from financial institutions and bonds stood at EUR 238.4 million, showing steady loan principal repayments. Total consolidated liabilities decreased to EUR 267.5 million, while total consolidated owner’s equity rose to EUR 184.7 million, with EUR 175.1 million attributable to Summus Capital equity holders.

In 3Q2024, consolidated sales revenue increased by 2.1% to EUR 10.2 million, reflecting steady business operations. The increase in interest expenses related to recent refinancing were partially offset by a decrease in Euribor rates. Consolidated operating profit was EUR 6.6 million, comparable to the adjusted EUR 6.7 million in the prior quarter. Net profit was stable at EUR 3.2 million, with EUR 3.0 million attributable to Summus Capital equity holders.

Summus Capital maintained compliance with all financial covenants under its bond terms. The equity-to-total-assets ratio was 41%, exceeding the minimum bond requirement of 30%, and the Debt Service Coverage Ratio (DSCR) on a trailing 12-month basis was 1.31x, comfortably above the bond terms’ requirement of 1.2x.

In September, Scope Ratings GmbH reaffirmed its BB/Stable issuer rating for Summus Capital OÜ and maintained the BB rating for its senior unsecured debt, highlighting Summus’ stable income-generating property portfolio as a key strength.

Aavo Koppel, a member of the board, said, “We’re pleased with our performance and the positive rating from Scope in September, which reinforces our financial stability. Our refinancing efforts and bond issuance reflect our commitment to sustainable growth. With a record-high balance sheet and strong cash reserves, we’re in a great position to pursue new investments in the coming months.”