In the 3Q2023, Summus Capital's balance sheet stood at 424.5 million EUR, slightly up from the previous quarter's 423.3 million EUR. The cash balance experienced a notable 11.6% rise from 11.2 million EUR in 2Q2023 to 12.6 million EUR in 3Q2023, primarily attributed to operational income.

Loans and borrowings from financial institutions decreased to 218.3 million EUR in 3Q2023, reflecting regular repayment of principal. Total liabilities decreased to 228.0 million EUR, while total owner's equity increased to 183.1 million EUR, with 173.9 million EUR attributable to Summus Capital equity holders.

In terms of income, 3Q2023 proved to be a quarter of regular operational activity. Sales revenue increased by 2.4% to 9.7 million EUR compared to 2Q2023, contributing to a total nine months sales revenue of 29.0 million EUR, aligning with the same period in 2022.

Operating profit in 3Q2023 was 6.5 million EUR, marking a slight decrease of 1.8% from 2Q2023. However, the nine months operating profit surpassed the 2022 figure by more than 11%, reaching 19.7 million EUR. Net profit for 3Q2023 reached 4.3 million EUR, a more than 25% increase compared to 2Q2023, with 3.9 million EUR attributable to Summus Capital equity holders. The total net profit for the nine months of 2023 was 11.7 million EUR.

Financial covenants remained solid, with the consolidated equity to total assets ratio at 41% (exceeding the required 30%) and a consolidated Debt Service Coverage Ratio (DSCR) of 1.43x (above the required 1.2x).

Summus Capital's activity report highlighted achievements such as DEPO store building in Imanta, Riga receiving a BREEAM Very Good sustainability certificate, bringing the certified portfolio to 86.4%. Additionally, new rental agreements were signed in Riga Plaza shopping centre with large tenants New Yorker and HalfPrice, aiming to reduce vacancy by approximately 2% by the end of 1Q2024.

Aavo Koppel, member of the board of Summus Capital, commented on the results, stating, "The operationally stable quarter witnessed continuation of increase in EURIBOR which, thanks to hedging agreements, had a limited effect on our financing cost. Quarterly sales revenue increased by 2.4%, containing a 1.3% increase in rental income and close to 7% growth of forwarded utility expenses while the more than 25% growth in quarterly net profit stemmed from the one-off expenses from IRS termination that were booked in 2q2023".

About Summus Capital

Summus Capital (www.summus.ee) is a real estate investment holding company founded in 2013. The group owns a portfolio of 14 properties in the three Baltic countries, which includes buildings in the retail, office, logistics and medical sectors with a total rental area of more than 218,000 square meters and a value of about 400 million euros. The asset portfolio and ESG for Summus Capital is managed by Green Formula Capital. 

E-mail: info@summus.ee