Vilnius, Lithuania, 2013-02-28 18:00 CET (GLOBE NEWSWIRE) -- City Service announces its unaudited Consolidated Interim Financial Statements for the year 2012, prepared according to International Financial Reporting Standards.
For City Service, 2012 was a very active year both in Lithuania and in foreign markets, stated Žilvinas Lapinskas, General Director of AB City Service.
AB City Service has been reorganized and became a holding company. Commercial real estate management and maintenance activities, also shares of the subsidiaries that are registered in Lithuania and manage residential facilities in Lithuania or perform other activities related with the residential facility management, were transferred to direct control of subsidiary UAB City Service LT. In mid-summer this subsidiary was renamed UAB Mano būstas LT, followed by rebranding process in Lithuania. In St.Petersburg (Russia) AB City Service has disposed of ООО «Жилкомсервис № 2 Невского района», the company that did not match criteria of the Company. Also a very decisive step was taken into Poland with acquisition of Polish largest manager of residential buildings, company Zespół Zarządców Nieruchomości WAM Sp. z o.o.
According to Mr. Lapinskas, earlier mentioned processes and activities in Lithuania, acquisition in Poland and disposal of the company in Russia had a non-recurring negative impact on Company’s annual result – costs mounted to LTL 10.8 million.
After steps taken in 2012 we are very optimistic about following year – we will strive toward efficiency and result improvement, we expect business growth in Russia and active expansion in Poland, highlighted Mr. Lapinskas.
Consolidated revenue of City Service for 2012 was LTL 536.5 million (EUR 156 million). In 2011 revenues were LTL 547.8 million (EUR 159 million).
The consolidated net profit for 2012 reached LTL 15.3 million (EUR 4.4 million). EBITDA for 2012 comprised LTL 41.7 million (EUR 12 million).
City Service controls the largest group of integrated utility service companies in Central and Eastern Europe. The Group acts in Lithuania, Latvia, Russia and Poland. Area of facilities under management by the Group amounts to 24.7 million sq. meters.
| Sales (mln. LTL) | EBITDA (mln. LTL) | EBIT (mln. LTL) | Net profit (mln. LTL) | |
| 2011 (audited) | 547.8 | 47.1 | 34.4 | 29.5 |
| 2012 (unaudited) | 536.5 | 41.7 | 28.6 | 15.3 |
| Comparative Capitalization Ratios* | 0.4 | 5.2 | 7.5 | 14.0 |
*AB City Service market capitalization as of 28 February 2012 to unaudited 2012 sales, EBITDA, EBIT and net profit in each column accordingly.
ENCLUDING: AB City Service unaudited Interim Consolidated Financial Statements for the year 2012 (in LTL).
Vilius Mackonis
Head of Communications
+370 5 2394900
