Corrections – additionally added audited annual report and independent auditors report for financial year 2016. The rest of published information has not changed.
In comparison to the previous financial year, Baltic RE Group in financial year 2016 has increased its turnover for 28%, reaching income in amount of EUR 4 144 382. The Group ended the reporting period with a profit of EUR 26 297 respectively and cash and cash equivalent available for 4 366 860 EUR. Investment property comprise 80% (38 833 790 EUR) of the statement of financial position total. Investment property consists of the Baltic RE Group’s real estates, which are leased/rented or will be leased/rented. During the reporting period the Parent company increased the share capital up to EUR 25 000 000 through the equity contributions. The Group’s equity as at 31 December 2016 is positive and amounts to EUR 24 262 165.
Group’s operations during the reporting period were focused on the expansion of courses of action, improvement of work organization, which provides stable and consistent operations across all the Group’s business units and the necessary financial support to them. During the reporting period active work with the Group’s clients was carried out, as well as successful actions were taken in the research, development and implementation of new activities.
AS Baltic RE Group mainly leases premises and provides real estate management services and is engaged in the development of the subsidiaries and cash rational investing. The Group Baltic RE Group includes AS Baltic RE Group and its subsidiaries: Baltic Re S.p.a, SIA KEY 1, SIA Key 2, SIA KEY 6, SIA Key 15, SIA Skunu 19.
The Group companies mainly deals with the lease / rent of premises and real estate management services. The Parent company is also engaged in the strategic development of the subsidiaries.
For the year 2017 the Board of AS Baltic RE Group is planning further activities of development of new real estate research and optimization and development of current business activities. In 2017 the Group’s subsidiaries do not intend to change their core business activity. It is planned to strengthen the companies with loyal customers and reliable partners; continuously improve the quality management system, as well as to find new customers and increase sales; the Group plans to optimize costs. The Group is focused and ready for new opportunities which shall appear on the market, to invest further in landmark properties consistent with the unparalleled quality of the existing portfolio.
In early 2017 AS Baltic RE Group announced reorganization of its subsidiary Baltic Re S.p.a., and
in February 2017 started a process to improve the fiscal and operational efficiency through that the fully owned Italian subsidiary Baltic Re S.p.a, will be reorganized and incorporated in its subsidiary SIA Skunu 19. As a result of the reorganization AS Baltic RE Group will gain direct control of the Baltic Re S.p.a subsidiary SIA Skunu 19.
The merger will have no impact on financial structure and will not cause any capital dilution effect as the companies involved in the process are (directly or indirectly) fully owned by AS Baltic RE Group.
AS Baltic RE Group plans to complete the reorganization till July 31, 2017.
About AS Baltic RE Group
AS Baltic RE Group business lines are purchase and turnaround of high street real estate properties, their lease and management. The holding is the largest lessor of all-purpose high quality commercial areas with state-of-the-art facilities in Old Riga. AS Baltic RE Group is investing in the Baltics with a long-term view, highly specific vision and a non-speculative approach for the creation of sustainable value.
For more information, please visit - www.balticregroup.com
Edīte Kārkliņa
Administrative director
Phone: +371 67227205
E-mail: edite.karklina@balticregroup.com
