In 2023, the amount of CNL CAPITAL’s investment portfolio increased by 37% compared to 2022 and reached 12,383,373 euros on 31/12/23 (31/12/22: 9,068,090 euros), according to an announcement by the finance company sizes.
In total during 2023, the company covered 29 new SME bond issues (2022: 26 new issues), investing the total amount of €16.3 million (2022: €12.7 million).
Also, during 2023, there were 24 maturities of bond loans (versus 19 in 2022), therefore the Company on 12/31/2023 ended up with a portfolio of 35 active investments (12/31/22: 30).
Even stronger was the rise in the Company’s total revenues, which increased by 62% and reached 1,688,755 euros (2022: 1,043,738 euros).
Total expenses increased by 49% and amounted to 857,230 euros (2022: 574,743 euros).
Consequently, profits before provisions for credit risk were increased by 77% to €831,525, (2022: €468,996).
At the same time, provisions for expected credit losses on 31/12/23 were reduced by 51% to 197,312 euros (31/12/22: 406,461 euros).
As a result of the above, in 2023 CNL CAPITAL presented net profits after taxes of 588,009 euros, multiples of the net profits of the previous year (2022: 34,595 euros). Net earnings per share for the year 2023 are 0.7945 euros (2022: 0.0465 euros).
The internal value of the Company’s share (NAV/Share) on 31 December 2023 amounted to 11.22 euros (31/12/2022: 10.64 euros)
As a result of the above excellent performance, the Board of Directors of CNL CAPITAL intends to propose to the Ordinary General Meeting of Shareholders, to be held on May 22, 2024, the payment of a total net dividend of 0.5008 per share.
Since a net interim dividend of 0.2508 per share has already been paid in December 2023, the payment of the remaining amount of 0.25 euros per share will be made after its approval by the Ordinary General Meeting.
It is worth noting that the strong development course continues in 2024, with CNL CAPITAL having covered from 1/1/24 until today 9 new issues of bond loans amounting to 3.63 million euros.
At the same time, and in order to cover the increased demand, the Company proceeded to raise new loan funds by issuing 4 new bond loans, totaling €3.42 million.
As the Chairman of the Company’s Board of Directors, Panagiotis Lekkas, commented: “2023 was a very good year for CNL CAPITAL and this is reflected in the financial figures that we publish today.
The Company is constantly strengthening its competitive position in the market and last year achieved a challenging combination: to significantly strengthen its revenue per investment and at the same time to substantially increase its investment activity.
This positive course is also translated into the high dividend yield that CNL CAPITAL brings to its shareholders this year.
Our belief is that there are still greater opportunities for growth and we are taking advantage of this favorable momentum in order to shape the next stage of development of CNL CAPITAL”.
The Company’s CEO Nikos Chloros added: “CNL CAPITAL’s investment philosophy has created products and services that have earned their place in the market, offering solutions to Greek small and medium-sized companies and an attractive return/risk ratio to its shareholders.
However, we are not stopping here, but our priority is the further enrichment of these solutions, which in turn will lead to a significant acceleration of our development path”.
