Last year, the consolidated audited revenue of the commercial real estate development and management company Baltisches Haus were EUR 38.74 million and, as compared to 2018, increased by 5.32%. Last year, the Company, together with its subsidiaries, earned a profit of EUR 24.47 million before interest, taxes, depreciation, and amortization (EBITDA), i.e. by 10.53% more than in 2018. Net profit decreased by 32.46% to EUR 12.55 million.
“The increase in the Group’s sales revenue was mainly due to the growth of operating income, i.e., from lease, sublease, and utilities. EBITDA growth was mainly driven by a 16.49% increase in the Company’s operating profit (EBIT). The change in net profit was determined by a significant increase in revenue from investment activities in 2018. The Company did not have such revenue in 2019,” said Baltisches Haus, UAB Director Mr. Audrius Masionis.
In 2019, revenue from lease and sublease increased by 4.35% compared to 2018 and amounted to EUR 29.95 million. Utility revenues increased by 4.94% to EUR 5.59 million.
During the year, the cost of sales increased by 5.03% to EUR 21.09 million, while operating expenses decreased by 9.05% to EUR 2.72 million.
At the end of 2019, the Group’s total assets amounted to EUR 207.96 million and increased by EUR 11.59 million compared to the end of 2018.
Baltisches Haus owns subsidiaries Limada, Megapilė, OGVY, and Terra Regina operating as RE lease companies.
Last year, the average number of employees in the Group was 56.