Interim report January – June 2020

Due to the pandemic, Numisbing has experienced a significant decline in sales during the second quarter of 2020. Despite this, the company still generated profit during this time. Sales for the company's numismatic assets and participations in the collectibles fund (Cabaritta Funds SPC) increased from SEK 20.44 million to SEK 36.59 million. The company will shortly release its third quarter report – which was delayed due to the lockdown in the second quarter – to show how the company has recovered.

The period January1 – June 30, 2020 in brief (same period prior year):

• Net sales decreased 67.6% and amounted to MSEK 4.35 (MSEK 13.44)
• Operating profit decreased by 73.6% compared to the same period the prior year to MSEK 0.8 (MSEK 3.038), including change in fair value on investment in numismatic assets, MSEK +0.56 (MSEK 1.37).
• Earnings per share amounted to SEK 0.02 (SEK 0.06) based on the weighted average of shares during the period.
• Cash flow amounted to MSEK -0.32 (MSEK 1.23)
• Bank balances amounted to MSEK 0.58 (MSEK 1.74) at the end of the period.
• Value of investments in Collectible funds and numismatics assets amounted to MSEK 36.59 (MSEK 20.44) at the end of the period.
• Change in fair value in investment valued over other comprehensive income was MSEK +0.513 (MSEK 0.200).

 
Significant events during the period

• Continued to generate profit in the first half of 2020
• Collectibles Fund investments generated profit in the same period
• Withdrawal of USD 200,000 from the investments in Collectibles fund for working capital
• Dubai operations closed down completely for 2 months from mid-March to May 2020 due to lockdown

 
CEO Comments

Dear shareholders,

This year has undoubtedly been challenging for everyone, including Numisbing, which has been significantly affected due to Covid-19. The core pillar of our business is buying and selling collectible antiques. This requires physical shipping of goods, and indeed, customers for these items usually prefer to examine them in person before buying. Following the universal closure of borders, both shipping and physical visits by customers have decreased.
On a positive note, both Collectibles Fund and Numisbing still managed to make a small profit during the challenging onset of lockdown. As things continue improving, we are confident that we will come back stronger in the coming months.
Our management is confident in Numisbing’s ability to withstand and overcome the current situation, and we look forward to continuing our track record of generating profits, as we have consistently done since the company’s inception in 2012. 

Stockholm November 3, 2020

Ramkumar Sarangapani
CEO
 

About Numisbing

Numisbing is a leading numismatics business in the Middle East with a nearly 75% market share. The Company is seeking admission to Nasdaq First North to raise its public profile. Currently, there are few publicly listed companies that auction, trade, and invest in rare collectibles such as antique coins and notes. Investment interest in collectible items has increased over recent years, and stock market investors are seeking to diversify their investment portfolios.
Numisbing AB (publ) is based in Stockholm, Sweden, with trading subsidiaries in Dubai, UAE. The Company holds memberships in the Cayman Islands-based Cabaritta Funds SPC. Numisbing seeks listing on Nasdaq First North Growth Market, Stockholm before the end of 2020.

For more information, contact: Ramkumar Sarangapani, CEO of Numisbing AB, Tel. +971 50 588 1838, ramkumar@numisbing.com or CFO Ramesh Chandrasekaran, cramesh64@gmail.com eller Jan Rejdnell Investor Relations (IR) Tel. + 46 (0)708-14 44 00, IR@numisbing.com

Tags: