MCI’s strategy focuses on investments in companies that are benefiting from the accelerated digitization pandemic. Last year was good for our group. It was record-breaking in terms of the value of exits from investments, the total value of which in 2020 exceeded PLN 900 million (including ATM, Netrisk).
We assume exits from investments at a level exceeding PLN 0.5 billion in 2021. We have a strong liquidity position: at the end of 2020, there were over PLN 750 million on the accounts of entities from the MCI group, and at the end of the first quarter of 2021 this amount increased more. At the same time, our debt is systematically falling, and we are also repaying bonds early.
Today we focus on new investments. In 2021, we would like to implement two large investments in digital champions in the CEE region (Central and Eastern Europe – ed.). Of course, we cannot talk about the details yet. We try to be very selective about new investments.
When it comes to plans for this year, it is also worth mentioning that at the end of March 2021, the TV MCI.TechVentures subfund realized its exit from the Pigu investment. It means a potential inflow to the fund in the amount of approximately PLN 145 million. We expect that this exit should trigger an automatic and proportionate payout process for all investors in this sub-fund. The transaction should be settled around May-June. We expect that as a result approximately PLN 77 million will be paid to investors MCI.TechVentures and MCI in proportion to the investment certificates held.
MCI Capital ASI ended the year 2020 with a net profit of PLN 126.7 million (compared to PLN 113.4 million in the previous year), net assets of PLN 1.39 billion and a balance sheet total of PLN 1.7 billion. The NAV / S ratio (net asset value per share) at the end of 2020 amounted to PLN 27.77, which means 16%. increase in relation to the previous year. The market rate is currently around PLN 18.5, which implies a capitalization in excess of PLN 920 million. In the last 12 months, it has more than doubled (at the beginning of May 2020, the price was PLN 9). MCI’s debt to equity ratio at the end of 2020 was – similar to the previous year – 13 percent.