Capitalia unaudited interim consolidated financial statements for year 2016

27.02.2017

mintosblog

In 2016 AS Capitalia group increased the total turnover to EUR 946 415, which is 65% higher than for the corresponding period of the previous year. Company reported small consolidated losses while the total assets grew to EUR 3 603 370.

Year 2016 in the development of Capitalia can be seen as growth focused period. We have successfully entered new geographic market – Estonia, as well as significantly improved our capacity in loan evaluation and servicing. During this period we have learned many interesting lessons with regards to organizational structure, lending policy and as well as client acquisition. I can safely say that over the last year the board of Capitalia has become significantly wiser as well as a little more grizzled. In 2016 we have doubled our equity capital as well as issued new secured 3 year bonds. In January of 2017 we concluded the last round of our NASDAQ Baltic listed bond issue. These actions have allowed us to strengthen the balance sheet and prepare for future growth of the loan book.  With net profitability results at around zero we have proved that we are capable of generating return to our bondholders.

This year Capitalia aims to make sure that also shareholders gain return on their investment. As a result, company plans to concentrate and strengthen its operation in the current markets without any significant investments for entering new geographies and testing new products. We have developed and gradually started implementation of new marketing strategy that will allow to strengthen our position as leading small business financiers in the Baltic States. To proceed with our aim to act as patrons for small businesses, we have developed a number of tools and prepared studies that provide practical advice and information to entrepreneurs. Furthermore, we plan to activate our mentorship program for support of small business owners. In product development front, we have created a new offer for businesses that want to attract mezzanine financing in the amount from EUR 100 000 to EUR 1 000 000 and aim to launch the product in April of 2017.

This news release was distributed by GlobeNewswire, www.globenewswire.com – a Nasdaq company

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