Unaudited interim financial statements for Q1, 2023
In the first quarter of 2023 Capitalia reported turnover of EUR 363 thousand and profit of EUR 70 thousand. The operating results improved in the last reporting quarter and a solid profit growth was achieved. While in January activity was still lower it picked up and was very strong in February and March. During the first quarter of 2023 we managed to issue a record monthly funding amount of EUR 2.95m in March and a record quarterly funding amount of EUR 7.43 million.
On key events
In the first quarter of the year Capitalia issued new financing in the amount of EUR 7.43 million (EUR 5.6 million in the previous quarter). Among the financed businesses during this period were, for example, such companies as Silver real-estate (manufacturing), Maudis (manufacturing) and Visual media group (advertising).
In alternative fund management, we have made 4 new investments from our cost-efficient Baltic bond fund and acquired bonds of Eco Baltia (Latvian waste management company), Mainor Ulemiste (Estonian real estate developer), and of two entities of financial services provider Eleving Group - Eleving Group S.A. (Luxembourg) and Mogo, AS (Latvia). Furthermore, we made additional investment in the Baltic Horizon Fund’s bonds.
On plans for the next quarter
We believe that over the second quarter of 2023 the business financing activity will continue strongly despite the ongoing economic concerns. We have identified several industries with high optimism regarding future outlook as well as can observe that companies have started to adjust to working in the current high inflation environment. Our financing is becoming more attractive as commercial banks are increasing their interest rates and we expect to see good projects for financing throughout the year.