Unaudited financial statements for year 2020
In the second quarter of the year Capitalia issued new financing to businesses in the amount of EUR 4.38 million (EUR 4.59 million in the previous quarter). Among the financed businesses during this period where, for example, such companies as Panamir (distribution of coffee beans), Longo Group (trade of used vehicles), Prosport.lt (trade of outdoor cloths and equipment) and Aerodium Technologies (production of wind tunnels). We have completed the transition of financing all of the deals through our own platform minimizing dependence on Mintos. In the long term this will give us benefits in profitability margin as well as decrease dependence on third-party service providers. In the last quarter of the year a number of larger short-term deals were financed that yielded smaller issuance commissions to our historic averages. As a result, despite relatively large volume of issued loans, our profitability decreased. This was influenced also by a number of other factors, including, extra-ordinary collection costs, increase in provisions and costs of annual audit.
Companies continue to be cautious in attraction of new debt financing from businesses as they await how the impact of the pandemic will weight on the regional economy. As a result, we are continuing focusing on development of other services. Among such are advisory on equity finance raising, business sale and business acquisition.
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