Audited results of INVL Baltic Real Estate group of 2023

The audited consolidated net profit of INVL Baltic Real Estate group amounted to EUR 0.7 million, the revenue was EUR 3.6 million for the period of 2023 (for 2022 – consolidated net profit was EUR 4.2 million, revenue was EUR 3.4 million).

The audited net profit of INVL Baltic Real Estate itself amounted to EUR 0.7 million in 2023 and EUR 4.2 million in 2022.

The annual information is published in the European Single Electronic Format (ESEF) in compliance with the requirements of Commission Delegated Regulation (EU) 2019/815 of 17 December 2018 (zip file attached). This is the official format for the annual information that will be approved by the Ordinary General Shareholders‘ Meeting. The annual information (without the auditor‘s report) is additionally provided in pdf format as a copy of the published ESEF information.

Additional information:

The real estate investment company INVL Baltic Real Estate had a consolidated net profit of EUR 0.7 million last year, 83 percent less than in 2022 when the net profit was EUR 4.2 million.

Profit last year was reduced by a marked increase in interest expenses (EUR 1.0 million in 2023 compared to EUR 0.4 million in 2022) as well as by a slight impairment of investment properties (EUR 0.2 million) due to revaluation, whereas in 2022 the revaluation of assets had a positive impact on profit (EUR 4.0 million).

The company’s consolidated equity at the end of 2023 was EUR 23.52 million. Equity per share was EUR 2.92 and compared to a year earlier grew 3%, also taking into account dividends that were paid.

“Last year the company’s properties under management continue to maintain a high level of occupancy and increased their operating income. Although the company’s net profit decreased, the performance indicators that are significant for fund operations, like net operating income, have steadily increased. Last summer the Pramogų Bankas building in Vilnius was added to company’s real estate portfolio,” says Vytautas Bakšinskas, the real estate fund manager at INVL Asset Management, which manages INVL Baltic Real Estate.

The value of INVL Baltic Real Estate’s investment properties at the end of 2023 was EUR 42.1 million and was 15% more than a year earlier (when it was EUR 36.4 million). The growth in value was due to investments in the property at Vilniaus Street 37 in the Lithuanian capital.

The company’s consolidated revenue in 2023 increased 6% to EUR 3.6 million, of which consolidated rent income from own properties increased 16% to EUR 2.2 million. INVL Baltic Real Estate’s consolidated net operating income from its properties was EUR 2.4 million and was 19% more than in 2022.