In the second quarter, the Group generated stable sales revenues at the level of PLN 8.6 million (-1% y / y) and PLN 17.6 million (+ 1% y / y) in the first half of this year. The costs of developing the distribution network, employee incentive program and transfer to the WSE translated into lower gross profit: PLN 1 million in the second quarter and PLN 3.3 million in the first half of this year. The company in the first half of this year. continued to change its investment strategy, which is effective. The value of assets under management at the end of July increased by over 130 million compared to June this year. The value of all assets under the administration and management of the Caspar Group is over PLN 2.7 billion.
Caspar Asset Management SA summarizes the financial results for the second quarter of 2022.
– The situation in the second quarter of this year. I consider it “stable with a positive”, both in terms of the value of assets under management and the sentiment of our clients, despite the fact that stock markets are currently in a bearish market, so we face significant risks in asset management. In the second quarter of 2022, we continued to focus on companies generating high cash flows, including companies from the energy sector. We can see from the results of July that our changed strategy is working: at the end of the month the value of asset management assets increased by 11.3% to PLN 745.2 million, and the total amount of assets within sub-funds and closed-end funds increased by 4.8% to 1,320, PLN 5 million compared to the end of June. – We are not planning any changes here in the near future, but we are constantly looking for purchasing opportunities and monitoring the industries in terms of attractiveness in the coming quarters. Openness to emerging investment opportunities and efficient implementation of new investment strategies allow us to benefit more from market growth, but also how to protect many of the Company’s clients from significant losses in recent months. – comments Leszek Kasperski, President of the Management Board of Caspar Asset Management SA Currently, the Group looks much better than the market, which was struggling with large outflows for the next quarter. In these paradoxically difficult conditions, already in the third quarter, we launched the Caspar Bond Subfund as part of our FIO, which is successfully launched. We believe that investing some of the client’s funds in equity and mixed products and some in bond products is a good proposition in the era of inflation, allowing for higher rates of return. We also observe the clients’ interest in dedicated closed-end investment funds, which is an expression of trust in Caspar, but above all in the financial markets. We are constantly developing the group. We invest in F-Trust, our own distribution, which from the very beginning gives us a competitive advantage, not only making us independent from other financial institutions, but also building higher margins. We are therefore investing in the Platform, our new Warsaw office and other facilities, and in employees, both current and new, whose work translates into higher sales. We are currently in the process of transferring the Company’s listing to the Main Market. We are implementing a plan for which we have been ready for some time. ” In the first half of 2022, the consolidated revenues from the core business of the Caspar Group amounted to PLN 17 million (+ 1% y / y), with the increase mainly due to the increase in the value of assets under the management and administration of the Group. The company observes, after the more difficult months of the turn of 2021/2022, that customer moods are stabilizing. An additional inflow of funds from existing clients is observed, as well as an inflow of new clients to funds operated by the Caspar Group. Consolidated operating profit amounted to over PLN 3 million (-38% y / y), the decrease was largely due to the costs incurred in connection with the development of the Company’s Warsaw office and other branches, including the employment of new advisors and expenditure on the area IT. These costs are mainly incurred in the area of distribution carried out by F-Trust and the Company expects that in the coming months, new employees should generate additional sales of both Caspar group’s own products and other financial institutions.
In the second quarter, the Company also recorded increased costs related to the preparation of a debut on the WSE Main Market, which are of a one-off nature. In the first half of 2022, the costs of depreciation increased and the costs of the Employee Incentive Program were posted. Consolidated net profit for the first half of 2022 amounted to over PLN 2 million (-45.4% y / y). In Q2 2022 consolidated revenues from core activities amounted to PLN 8.6 million (-1% y / y), profit operating profit was PLN 1 million (-60.8% y / y), and net profit was PLN 0.6 million (-73.7% y / y). In July 2022, under the Caspar FIO, the Company launched the Caspar Bond Subfund, the funds of which will be invested in Treasury bonds and bonds guaranteed by the Treasury, including inflation-indexed bonds. The fund’s units are distributed through TFI, where they can be purchased through the company’s internet platform, as well as through F-Trust SA The Caspar Bonds Subfund is a new offer for clients, complementary to equity and mixed products, and the Company observes the interest in this part of the offer. In the last 9 months, the company has changed its investment strategy focusing on companies from the energy, defense and raw materials sectors. The new strategy has a positive effect on the value of assets under management. According to the current report of August 3, 2022. the value of assets under management of Caspar Asset Management as at 07/31/2022. noticeably increased compared to June 30, 2022: in the asset management segment by 11.3% to PLN 745.2 million, and the total amount of assets under subfunds and closed-end funds by 4.8% to PLN 1,320.5 million .
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