The publication of semiannual report for the first half of 2017

In the first six months of 2017, the Company reported PLN 162k loss on investments.
The main contributors to result on investments were:
– revaluation of investment portfolio (- PLN 227k),
– interest and dividend (PLN 47k),
– profit on sales of securities (PLN 18k).

In the second quarter of 2017, the largest negative contribution came from revaluation of investment portfolio subject to one-off event impacting valuation of Bittnet Systems S.A. shares as of 30 June 2017 subject to abstaining from share price fluctuations before registering bonus shares on the accounts of the entitled shareholders. As the process of registering bonus shares of Bittnet Systems S.A. on the brokerage account of Carpathia Capital has been completed in June 2017, the results of the operation will be reflected in the financial statements for the third quarter, covering period from 1 January 2017 to 30 September 2017.
In a period under review, Carpathia Capital recognized administrative expenses of PLN 39k and reported operating loss of PLN 202k.

Cash remains the Company’s most significant asset with a share of 56,04% of total assets. However, we expect further deployment of cash in investment projects under review in 3Q-4Q 2017, both in Poland and Romania. Financial assets in other entities constituted the second most important position, representing 42,79% of total assets. Equity as of 30 June 2017 amounted to PLN 8 485k, with share capital of PLN 1 951k.

The Company remained debt free.

The company’s investment objective is to provide long-term capital growth through investing in portfolio of early-stage and early-growth companies operating in Central and Eastern Europe with prospects to become quoted companies as well as already listed high-growth companies.

Semiannual Report First Half of 2017

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