Sievi Capital Plc’s Business Review for January–March 2023
04 Maio 2023 - 2:00AM
Sievi Capital Plc’s Business Review for January–March 2023
Sievi Capital PlcStock Exchange Release 4 May
2023 at 8:00 am EEST
Sievi Capital Plc’s Business Review for January–March
2023
Focus on operational efficiency and preparation for
strategy
change
This is the summary of the Business Review for January–March
2023. The full Business Review is attached to this release and is
also available on the company’s website at www.sievicapital.fi
January–March 2023
- Operating profit was EUR -2.8 (-2.9) million
- Net profit for the period was EUR -2.4 (-2.4) million
- Earnings per share (undiluted and diluted) were EUR -0.04
(-0.04)
- Net asset value per share at the end of the review period was
EUR 1.42 (1.57)
- Return on equity for rolling 12 months was -9.5% (14.6%)
- Gearing at the end of the review period was 16.8% (10.3%)
- Ville Nikulainen became the interim CEO of Sievi Capital in
March
- After the end of the review period, Lauri Veijalainen was
appointed as the permanent CEO of Sievi Capital and he will start
in the position in August
- After the end of the review period, HTJ made a business
acquisition
Figures in parentheses are figures from the corresponding period
in the previous year, unless indicated otherwise. Information in
the Business Review is unaudited. Sievi Capital does not
consolidate the data of its subsidiaries into Group-level
calculations line item by line item but recognises investments in
the companies at fair value through profit or loss.
CEO Ville Nikulainen:
“I started as the interim CEO of Sievi Capital in March at an
extremely interesting phase. We have made preparations and rolled
up our sleeves for the journey of transformation with the new
strategy published in December. This includes, among other things,
changing the company’s reporting this year. Once the amendments to
the Articles of Association are approved by the Annual General
Meeting, we will consolidate the figures of our target companies
line by line as a conglomerate in the future.
Many of our target companies will continue measures to improve
the efficiency of their operations in 2023. This has also been
partly reflected in the companies’ development, as four out of five
companies managed to improve their profits from the comparison
period. KH-Koneet Group’s profit development was at a strong level,
supported by good demand in the rental market in particular.
Logistikas’ net sales grew substantially and EBITDA improved by as
much as 130% year-on-year. The company’s outlook is favorable and
the demand for services is at a good level. HTJ’s net sales grew
substantially, but EBITDA was slightly lower than in the comparison
period.
For Indoor Group, the beginning of the year was mixed. Sales did
not yet return to the usual level, but the company, nevertheless,
managed to improve its profits from the comparison period. Nordic
Rescue Group’s performance improved after ceasing the loss-making
rescue lift business. The company is now focusing on the business
operations of Saurus and Sala Brand.
Sievi Capital’s result for the first quarter showed a loss due
to unrealised changes in values, particularly as a result of the
negative change in the value of the Indoor Group investment. Over
the past year, there has been no realised income from the target
companies, as a result of which the return on equity for the
rolling 12 months remained negative and was -9.5% at the end of the
review period.
Sievi Capital’s organisation will be strengthened in August with
Lauri Veijalainen starting as the company’s permanent CEO. Lauri is
well-placed to support the target companies in their development
and lead Sievi Capital in its transformational journey towards
being an industrial group.”Future
outlook
As a result of the change in strategy announced on 15 December
2022, Sievi Capital will transform from a private equity investment
company into a conglomerate during 2023. Sievi Capital’s strategy
will no longer include making private equity investments in new
industries. The medium-term objective is to become an industrial
group built around the KH-Koneet Group’s business and to divest
other target companies in line with previous strategy. For Sievi
Capital’s other investments, the active development of the
companies’ business operations will continue. Exit planning for the
other investments will also continue.
Sievi Capital does not consolidate the figures of its
subsidiaries into Group-level calculations line item by line item.
Instead, investments in the companies are recognised at fair value
through profit or loss. Changes in the fair values of the
investments have a material impact on Sievi Capital’s results. In
addition to the target companies’ own development, factors that
influence the development of the fair values of the investments
include, for instance, the general development of different sectors
and national economies as well as changes in their outlooks, the
development of stock market and interest rates and other factors
beyond Sievi Capital’s control. The coronavirus pandemic and
impacts of the war in Ukraine also increase uncertainty in
projections of future development.
The financial target for Sievi Capital’s private equity
investment activities is a return on equity of at least 13%, the
achievement of which the company considers to be realistic in the
long term. Due to the nature of the business, the company’s
short-term result development is subject to volatility that is
difficult to predict. Therefore, Sievi Capital does not provide an
estimate of the development of its result in 2023. Sievi Capital’s
new strategy and financial targets will be discussed in more detail
at the Capital Markets Day to be held in autumn 2023.
SIEVI CAPITAL PLCVille NikulainenCEO
FURTHER INFORMATION: CEO Ville Nikulainen, tel. +358
400 459 343
DISTRIBUTION:Nasdaq Helsinki LtdMajor
mediawww.sievicapital.fi
Sievi Capital is a partner for Finnish entrepreneurs. We are on
a transformation journey from a private equity investment company
into a conglomerate. Our medium-term objective is to become an
industrial group built around the business of our target company
KH-Koneet Group. Sievi Capital’s share is listed on Nasdaq
Helsinki.
- Sievi Capital Q1_23 Business Review
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