August 31, 2023
The second quarter 2023
(compared to second quarter 2022)
- Revenues amounted to KSEK 4,687.1 (KSEK 8,461.7)
- Operating loss (EBIT) totaled KSEK -12,920.7 (KSEK -17,154.3)
- Result for the period was KSEK -10,178.7 (KSEK -9,609.2)
- Cash flow from operating activities amounted to KSEK -13,883.9 (KSEK -9,925.8)
- Earnings per share before and after dilution amounted to SEK -0.18 (SEK -0.18)
January – June 2023
(compared to January – June 2022)
- Revenues amounted to KSEK 10,666.4 (KSEK 12,227.6)
- Operating profit/loss (EBIT) totaled KSEK -20,959.5 (KSEK -24,319.7)
- Result for the period was KSEK -19,010.4 (KSEK -15,221.3)
- Cash flow from operating activities amounted to KSEK -18,829.1 (KSEK -11,963.8)
- Earnings per share before and after dilution amounted to SEK -0.34 (SEK -0.31
Highlights from the CEO’s address
Year-end AUM target on track
We are on track towards our 2023 firmwide AUM target which is SEK 1.5 billion by year end. During Q2, we added another 3 new institutions as investors in our funds – two Swiss banks and one Japanese asset manager. In addition, there are currently 23 institutions that either have committed capital and/or conducting due diligence for fund investments with Hilbert over the near term.
The large income upside lies on the performance-fee side
Once we reach our year-end AUM target, the firm will break-even based on management fees alone. The reason this is important is that management fees represent the fixed income that a fund manager such as Hilbert will receive, regardless of the performance. The large income upside in a volatile asset class like crypto lies on the performance-fee side, so if you can be sustainable on management fees alone, that is a solid foundation for generating strong net profits going forward.
The crypto winter opens up a whole range of business opportunities
As for the market backdrop, it has continued to be harsh. The crypto winter is not over, and the industry is still suffering from the big fallout in 2022. However, it is worth mentioning that the crypto winter opens up a whole range of business opportunities that we are actively pursuing.
For further information, please contact:
Niclas Sandström
CEO Hilbert Group AB
+46 (0)8 502 353 00
ir@hilbert.group
