SISU finances (1 Viewer)

Just a heads up really. The SISU Capital 31-03-2017 financials were filed at Companies House today. They should be available for download next week for those of you that are interested.

Will no doubt bring the usual comments about CCFC fund extraction. It will be interesting to see how they are performing given what is going on. CCFC is not their only investment however

My own guess before seeing them is that the figures wont be too bad and no worse than 2016 when they showed net profits after tax of £263k. But that is pure and total speculation.

Will put a few comments up when the accounts are available

SISU CAPITAL LIMITED - Filing history (free information from Companies House)

fernandopartridge said:

OSB - what is the activity of SISU capital? Is it just management and administration of funds?

Click to expand...

pretty much. Its management and administration of other peoples investment monies

Ok figures available and proves how wrong my speculation was.

Briefly
- turnover down £560k to £804k
- loss for year before tax £157k (2016 Profit 270k)
- Cash in hand down by £400k to £128k
- shares issued in 2016 year at premium = £128k - money put in. None in 2017
- one less employee now 8
- Wages costs have increased by £24k to £479k
- administration (running) expenses in total down from £1.093m to £963k
- investments up to £3.4m but this is the employee pension scheme which is equally matched by £3.4m liability. It doesnt mean there were large payments in (nor in 2016) it is just a way of including the current fair value of the fund in the accounts. Debit assets £3.4m Credit Liabilities £3.4m effect £nil. Although pension costs paid in P&L account were £56k compared to 12K in previous year
- there is a going concern policy as there was in previous years, Going Concern relies on the realisation of investments in future
- Net assets are £240k
- No audit qualification - clean report
-directors total remuneration is £241k (2016 £431K) Highest paid director £216K (2016 £301K)
- Corporation tax liability £nil for year
- Income derived from managing clients funds of ARVO and SISU private equity funds per the directors report. Accounting policy says fees from SISU Capital international, Profit share from SISU Capital Private Equity Fund & service charges from SISU Capital Master Fund Limited
- Controlled by Seppala & Coleman.
- No details as to how much, or if any funds at all, come from CCFC directly or indirectly
- still reorganising the business to a principal owned private equity one - ie not a hedge fund

Not the greatest set of figures. But since 2008 SISU Group has never shown great profits. In 2008 SISU Capital employed 32 had a turnover of 19.5m and profits after tax of £313k, and net assets 7.4m. A lot has changed since then


I wonder if Seppala & Coleman have diversified in to other business ventures, it just feels like SISU capital is becalmed. It may of course be that the investments tend to be cyclical. Others will take it as evidence that they have been hard hit by the troubles of their strategy at CCFC

There doesn’t seem to be any cost or accrual for the legal fees, but that would fit in with SISU Capital Ltd acting as agents not claimants in the JR court cases. The costs would be in ARVO, SBS&L or Otium.

Not much else to say really