Sievi Capital Plc’s Business Review for January–March 2023

Sievi Capital Plc
Stock 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.