In comparison to the previous financial year first 6 month, Baltic RE Group Concern in first 6 month period of financial year 2017 has increased its turnover for 14%, reaching income in amount of EUR 2 310 871. The analysis of the Group’s consolidated financial statement shows, that consolidated statement of financial position total is EUR 63 624 454. Non-current assets comprise 93% of the statement of financial position total, of which 80% (EUR 47 074 083) comprise of investment property (Group’s real estate) . Cash comprise 45% ( EUR 2 055 842) of the current assets. Equity comprises 38% (EUR 24 407 184) of the statement of financial position total. While non-current liabilities comprise 59% (EUR 37 605 993) and current liabilities comprise 3% (EUR 1 611 277).
AS Baltic RE Group and its subsidiaries mainly lease premises and provide estate management services. The Baltic RE Group includes AS Baltic RE Group and its controlled daughter companies: SIA Key 1, SIA Key 2, SIA Key 6, SIA Key 15, SIA Skunu 19, SIA TER Properties and SIA BB 21.
In April 2017 the Parent company AS “Baltic RE Group” acquired 91.11% of the share capital and voting rights of SIA “TER Properties” registered in Latvia. As a result of the acquisition, the Parent company obtained control of SIA “TER Properties” subsidiary SIA “BB 21” which owns real estate at Brīvības boulevard 21, Riga, whose reconstruction works shall be completed during 2H 2017.
In May 2017 AS Baltic RE Group shareholders approved resolutions on the increase of the share capital and approval of the rules for the increase of share capital on the possibility to convert part of the registered shares into bearer shares in the light of facilitating the chances of a potential IPO process. The newly registered share capital of the Parent company after the completion of the capital increase will be EUR 30 000 000.
In June 2017 As Baltic Re Group concluded with ABLV Bank an addendum to the existing portfolio loan agreement for transforming it into a fixed rate loan while increasing the total loan amount to EUR 31 000 000, including in the real estate portfolio perimeter the property at Brivibas Boulevard 21, Riga.
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.
For the 2H 2017 the Board of AS Baltic RE Group is planning further activities expanding its property portfolio and optimizing current business activities, strengthening the companies with loyal customers and reliable partner and continuously improving the quality management system. AS Baltic RE 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.
About AS Baltic RE Group
AS Baltic RE Group business lines are purchase and sale of real estate, its 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 - http://www.balticregroup.com
Dina Abaja
Member of the Board, authorized person
Phone: +371 27832796
E-mail:dina.abaja@balticregroup.com
