Summus Capital Reports for Q1 2023 15.2% Increase in Sales Revenue and 5% Increase in Total Assets and compared to Q1 2022

14:06 19.05.2023

At the end of 1Q2023, Summus Capital OÜ’s balance sheet stood at 423.7 million EUR, reflecting an increase compared to 403.6 million EUR in the same period last year. Total assets increased annually by 5.0%. The company’s total liabilities reached 247.3 million EUR (a quarterly drop of 2.4 million EUR and annual increase of 8,5% or 19.4 million EUR).

Cash balance amounted to 10.7 million EUR, reflecting a decrease from the year-end 2022 level of 16.4 million EUR. This reduction was mainly attributed to loan repayments and decreased payables.

Total owner’s equity decreased quarterly slightly to 176.4 million EUR (-1.6%), with 167.4 million EUR attributable to Summus Capital equity holders.

Sales revenue and operative profit growth

During the first quarter of 2023, Summus Capital sales revenue amounted to 9.8 million EUR, achieved a remarkable 15.2% increase compared to 1Q2022. This growth was primarily driven by the acquisition of the Damme shopping centre in Latvia and rental indexation.

While operating profit increased to 6.6 million EUR, representing a 16% growth compared to the same period last year, which was mainly due to the rise in interest expenses due to Euribor increase, the additions of loans related to acquisition of Damme shopping centre and refinancing of bank loans. This impacted also profit before taxation, leaving it at 4.0 million EUR, similar to Q1 2022. Out of this net profit, 3.9 million EUR was attributable to Summus Capital equity holders.

Commitment to sustainability and sponsorship

Summus Capital remains committed to sustainability, evident through the installation of 159 solar panels at Veerenni Tervisekeskus. This solar installation has a total capacity of 64.395 KW, furthering the company’s efforts to promote environmentally friendly practices.

Furthermore, Summus Capital proudly announces its sponsorship of Lithuanian Tennis Union, offering financial support to young tennis players Klaudia Bubelytė (19 years old) and Pijus Reklevičius (16 years old) throughout the 2023 season. The sponsorship agreement will provide a total of EUR 24,000 annually to ensure the training and competition process for these talented athletes.

Summus Capital has also entered into a sponsorship agreement with Latvian Tennis Union, supporting the professional development of young Latvian tennis players Beatrise Zeltiņa (15 years old) and Darja Semeņistaja (20 years old) throughout 2023, with funding of 24,000 euros allocated to training and competition processes.

Similar agreement is in place from 2022 to support through Estonian Tennis Association Grete Gull and Georg Strach.

Aavo Koppel, Member of the Board of Summus Capital, commented on the results, stating, “The portfolio performed as planned: revenues were received, rent payment situation is satisfactory and we have controlled our expenses well. There were no extraordinary events – it was a steady, but productive, quarter. Moving on, Summus Capital continues to demonstrate its commitment to growth, sustainability and supporting local environments.”