The Head of Baltisches Haus: despite a difficult year, we managed to maintain a stable performance

The consolidated audited income of commercial real estate development and management company, Baltisches Haus, amounted to €38.69 million last year and was 2.42% higher compared with 2020. Profit before interest, taxes, depreciation and amortisation (EBITDA) earned by the company, together with its subsidiaries, decreased by 1.40 % to €23.83 million last year. In total, the Group generated a net profit of €11.80 million, a decrease of 0.61% compared with 2021.

“Despite another challenging pandemic year and a curtailment of tenant activities, we managed to maintain stable financial results. Last year, as in 2020, we continued our development projects and invested in maintaining our existing assets. We lost some revenue due to concessions given to tenants and subtenants, but we signed contracts with new customers. We believe that the decisions we made in the very difficult and uncertain years 2020-2021 have allowed us to achieve positive results,” says Audrius Masionis, Director of Baltisches Haus.

The decrease in net profit was mainly due to a decrease in gross profit as a result of increased energy and maintenance costs, discounts granted to tenants and subtenants, and an increase in support volumes.

“Last year, we granted concessions to our tenants and subtenants who were unable to operate during the insured period of €1.28 million, or 11% more than in the first year of the pandemic. Despite the concessions, rental and sublease income remained stable compared with 2020 and amounted to €30.07 million. Last year, we also saw the need to allocate more support – the total amount of support was €0.58 million and was 32% higher than in 2020. We granted total discounts to our tenants and subtenants of €2.42 million, and allocated €0.98 million for support during the pandemic years 2020–2021,” says A. Masionis.
The Group’s cost of sales increased by 5.86% over the year and amounted to €21.88 million, while operating costs decreased by 16.61% and amounted to €2.64 million.

At the end of 2021, the Group’s total assets amounted to €213.10 million, a decrease of €5.17 million compared with 2020.
At the end of 2021, Baltisches Haus had acquired the secondary property rental companies Limada, Megapilė, OGVY and Terra Regina.

Last year, the average number of employees within the Group was 55.