Published: 2022-05-26 14:53:47 CEST
Summus Capital OÜ
Company Announcement

Summus Capital Sales Revenue of 1st Quarter 2022 Increased to 8.5m EUR

According to the un-audited financial statement released by the Baltic real estate investment holding Summus Capital, in the first quarter of 2022, the balance sheet was 404m EUR.

In the first quarter of 2022, Summus Capital balance sheet was 404m EUR compared to 407m EUR in the previous quarter. Total current assets decreased by 3m EUR, mainly due to final transfers of Depo DIY real estate acquisition transaction. In the end of first quarter Estonian bank loans portfolio was prolonged for 5 years and loan amount was increased. As a result the long-term part of those loans and borrowings were transferred from current to non-current loans and borrowings. All together total current liabilities decrased by 37m EUR and total non-current liabilities increased by 32m EUR. Total liabilities were 228m EUR compared to 233m EUR in fourth quarter of 2021. 

Total owner's equity increased to 176m EUR, of which 167m EUR was attributable to Summus Capital equity holders. Subordinated loans have increased slightly as certain minority owners’ loans were moved to holding level and subordinated. 

In the first quarter of 2022 sales revenue increased to 8.5m EUR (+35% compared to first quarter of 2021). Quarterly operating profit was 5.6m EUR (+60% compared to first quarter of 2021) and net profit increased to 4m EUR, out of which 3.8m EUR was attributable to Summus Capital equity holders. 

The first quarter of 2022 has been a quarter of regular activity, as no new acquisitions took place. The increase compared to the first quarter of 2021 can be attributed to expansion of portfolio and normalisation of daily activities as the negative influence of COVID restrictions has been gradually passing away. Veerenni 2 and Depo DYI were added to portfolio in 2021. 


About Summus Capital 

Summus Capital OÜ (www.summus.ee) is a real estate investment holding established in 2013 that holds 13 properties in all three Baltic countries. The Group has a well-diversified portfolio of cash-flow generating commercial real estate properties in retail, office, logistics and medical segments. Summus Capital has a long-term investment horizon and a strong tenant base with more than 300 tenants. Summus Capital started its operations and is headquartered in Estonia, where it holds Veerenni 1 and Veerenni 2 medical centers, de la Gardie and Auriga shopping centers, Punane 56 multifunctional business complex and a portfolio of warehouse properties. In Latvia, Summus Capital holds Riga Plaza shopping center, DEPO DIY’s store and Damme shopping center, in Lithuania – BOD Group High Technology Centre, Nordika shopping center and Park Town 1 and 2 office buildings. 


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