INVL Baltic Real Estate Interim information for 12 months of 2018


For 12 months of 2018, the unaudited consolidated net profit of the INVL Baltic Real Estate group was EUR 3.17 million, revenue was EUR 5.82 million (for 12 months of 2017 consolidated net profit was EUR 3.58 million, revenue was EUR 6.20 million).

The unaudited net profit of INVL Baltic Real Estate itself amounted to EUR 3,372 thousand for 12 months of 2018 and EUR 3,779 thousand for 12 months of 2017.

Reported financial indicators of the company are preliminary, unaudited and do not represent disclosure of the net asset value of the company. Net asset value of the company will be reported under the terms set in the Articles of Association of the company. If audited net asset value is different from the value calculated based on preliminary financial indicators, provisions on error reporting set by Articles of Association of the company shall not be applied.

Additional information:

The real estate investment company INVL Baltic Real Estate’s consolidated net profit for 2018, according to preliminary unaudited data, was EUR 3.17 million and was 11.4% smaller than in 2017. The company’s consolidated equity at the end of last year was EUR 35.3 million, while equity per share was EUR 2.69 and increased 9.7% from a year earlier (also taking dividend payments into account).

INVL Baltic Real Estate’s consolidated net operating income from its properties totalled EUR 3 million in 2018, or 13% more than in 2017. The company’s consolidated revenue last year was EUR 5.8 million, or 6.1% less than the previous year. Of that, consolidated leasing income from its properties increased 13.5% to EUR 4.5 million.

“We see last year as yet another period of successful growth – as the company’s net operating income from its properties grows, the value of the properties continues to grow. That’s due not just to the excellent location of these assets, but also to work with clients and attention to asset renewal. Over the coming year we’ll seek to continue meeting clients’ expectations and increasing value for investors,” said Vytautas Bakšinskas, the real estate fund manager at INVL Asset Management which manages INVL Baltic Real Estate

Last year the company’s largest property, the IBC Business Centre, continued to maintain a high occupancy rate and increase leasing income, which rose 2.1% compared to 2017, to EUR 1.92 million. The occupancy levels of the company’s properties at the end of 2018 ranged from 67% to 98%.

During 2018 there was also a public offering of shares in the company, during which 22 465 shares were sold for EUR 57 200. In total investors were offered 2.893 million of the company’s shares. “We believe in the future of the real estate portfolio and aim to make the company attractive to investors,” Vytautas Bakšinskas said.

INVL Baltic Real Estate owns real estate in Vilnius and Riga: office and commercial premises at the Vilnius Gates complex in the Lithuanian capital, the IBC Business Centre alongside Konstitucijos Avenue, office buildings in the Old Town on Vilniaus Street and in Šiaurės Miestelis, and the Dommo Business Park manufacturing, warehouse and office complex beside the Riga bypass.

As of 31 December 2018, INVL Baltic Real Estate’s property holdings had a total area of 56 900 square metres and a value of EUR 58.3 million. Of the properties, 80% by asset value are in the central part of the city of Vilnius.

Since 22 December 2016, INVL Baltic Real Estate has operated as a closed-end investment company. Management of the company was assumed by INVL Asset Management, one of Lithuania’s leading asset management firms. The company will operate as a closed-end investment company until 2046, with extension possible for another 20 years.

The person authorized to provide additional information:
         Real Estate Fund Manager of Management Company
         Vytautas Bakšinskas



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