In the first half of 2017, the INC S.A. Group recorded a net loss of PLN 1.620 million. The value of the investment portfolio listed on the Polish and Romanian stock exchanges amounted to PLN 14.663 million, including 303,097 INC S. A. own shares of PLN 0.932 million and 172,602 Carpathia Capital S.A. own shares of PLN 0.255 million, which are included until sale or redemption in equity with a negative value. At the end of the first half of the year, the INC Group had PLN 8.122 million in cash, with liabilities of PLN 3.849 million, of which PLN 3.448 million were liabilities related to the conducted research and development project, co-financed from EU funds (PLN 1.784 million for the purchase of expenditure on intangible assets and PLN 1.664 million for the received advance payment under the grant). At the end of the first half of 2017, INC S.A. Group’s equity amounted to PLN 28.453 million.
In the first half of 2017, INC S.A. focused its activities on acquiring customers for introduction to the NewConnect market, including on the basis of EU funds under the 4Stock programme. INC S.A. has been selected as an advisor for 7 companies which qualified for co-financing under Sub-measure 3.1.5 “Support for SMEs in access to the capital market – 4 Stock”. In addition, 9 companies applied for funding in the next round of the competition, which will be decided in the autumn. As at the date of submitting this report, two companies have already filed applications for introduction to the WSE at NewConnect, the third company plans to launch an offer in September and then apply for introduction later this year. Higher number of IPOs are expected next year.
INC Rating, a subsidiary of INC S.A., started in 2017 the implementation of two projects co-financed from EU funds, which will broaden the scope of services offered by agency. The total value of the projects amounts to PLN 9.72 million, of which the received co-financing amounts to PLN 6.56 million.
INC Rating has been included in the list of the European Banking Authority (EBA). This means that unsolicited ratings issued by the agency meet the highest criteria and do not differ in quality from those issued on request. EBA confirmed by Decision 2016/C266/05 that the quality of unsolicited ratings issued by INC Rating does not differ from the ratings provided by agency on a fee or contract basis. The credit rating agency continues the process of acquiring new customers – until the date of this report, the credit rating agency has issued a total of 5 new ratings in 2017, and it also has signed 2 agreements with new customers.
In the first half of the year, INC Brokerage House carried out one offer of financial instruments. As at the date of publication of this report, the Company is working on 3 corporate bond offers. The Brokerage House is in the process of proceeding before the Polish Financial Supervision Authority (KNF) to apply for an extension of its scope of the brokerage activity permit.