NEWS

Last year, Baltisches Haus sales revenue fell by 2.48% to EUR 37.77 million, however the level of lease and sublease income remained almost unchanged

2021-05-13

The consolidated audited revenue of the commercial real estate development and management company Baltisches Haus last year amounted to EUR 37.77 million and was lower by 2.48% compared to 2019. The accrued profit of the Company, including its subsidiaries, before interest, taxes, depreciation and amortisation (EBITDA) last year decreased by 1.23% to EUR 24.17 million. In total, the group earned EUR 11.88 million net profit – 5.30% less than in 2019.

“The decrease in sales revenue in 2020 compared to 2019 was mainly due to the decrease in sales revenue for utilities by EUR 0.85 million. The decrease in utility revenues was mainly due to the quarantine introduced in Lithuania on 16 March 2020 and application of restrictions during this period to activities carried out in the buildings managed by the company and its subsidiaries. Despite lease and sublease discounts granted to customers in 2020, the total amount comprised 1.14 million. Compared to 2019, lease and sublease income decreased slightly (-0.2%) and amounted to EUR 29.88 million. The stability of lease and sublease income in 2020 was secured by new development projects completed in previous years, signed or extended lease agreements and an increase in income due to the indexation of lease prices,” said Audrius Masionis, CEO of Baltisches Haus UAB.

The cost of sales of the group of companies decreased by 2.31% during the year and amounted to EUR 20.60 million; operating expenses increased by 13.15% and amounted to EUR 3.08 million.

At the end of 2020, the group’s assets totalled EUR 218.27 million and, compared to the end of 2019, increased by EUR 10.31 million.

Baltisches Haus owns the secondary real estate leasing companies Limada, Megapilė, OGVY and Terra Regina.

Last year, the average number of employees in the group was 56.

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