| Annual information | |||||
| 3 months | 6 months | 9 months | 12 months | ||
| 2024 | FSH | IR FSH | FSH | ||
| 2023 | FSH | IR FSH | FSH | AAI AAI(pdf) RR FSH | |
| 2022 | FSH | IR FSH | FSH | AAI AAI(pdf) RR FSH | |
| 2021 | FSH | IR FSH | FSH | AAI AAI(pdf) RR FSH | |
| 2020 | FSH | FS IRe FSH MS | FSH | AAI FSH RR ACR | |
| 2019 | FSH | FS IRe FSH MS | FSH | AAI MS FSH ACR | |
| 2018 | FSH FS MS | FS IRe FSH MS | FS FSH MS | FS FSH MS | AAI MS FSH ACR |
| 2017 | FSH | FS IRe FSH MS | FSH | AAI MS FSH ACR | |
| 2016 | FSH | FS IRe FSH MS | FSH | FSH | AAI MS ACR |
| 2015 | FS FSH MS | FS IRe FSH MS | FS FSH MS | FSH | AAI MS |
| 2014 | – | IR FSH MS | FS FSH MS | FS FSH (EUR) FSH (LTL) MS | AAI MS |
IR – interim result (together with financial statements and interim report)
FS – financial statements
MS – management statement
IRe – interim report (since year 2021 interim report for 6 months together with management statement and interim results). Since year 2021 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.
AAI – annual audited information (since year 2020 together with management statement)
FSH – fact sheet
ACR – audit committee report (since year 2016)
RR – remuneration report (since year 2020)
Key figures of the Group, EUR million (if not stated otherwise)
| 2021 | 2022 | 2023 | |
| Rental area, sq. m. | 24,200 | 22,850 | 25,800 |
| The real estate value | 29.62 | 36.43 | 42.06 |
| Assets | 33.03 | 39.02 | 44.56 |
| Equity | 20.29 | 23.54 | 23.52 |
| Borrowings | 9.14 | 12.82 | 18.64 |
| Other payables | 3.60 | 2.66 | 2.4 |
| Total equity for one share, EUR* | 2.52 | 2.92 | 2.92 |
Results of the Group, EUR million (if not stated otherwise)
| 2021 | 2022 | 2023 | |
| Revenue | 2.73 | 3.41 | 3.63 |
| Net operating income from owned properties | 1.69 | 1.92 | 2.22 |
| Net profit | 3.40 | 4.22 | 0.7 |
| Earnings per share, EUR* | 0,37 | 0.52 | 0.09 |
* Recalculated after the change of the nominal value per share to EUR 1.45.
| Date | Net asset value per share, EUR | Net asset value, EUR | Recalculated net asset value per share, EUR* | Allocated dividends per share, EUR* |
| 30 11 2016** | 0.4203 | 27,633,382 | 2.1014 | |
| 31 12 2016 | 0.4726 | 31,072,202 | 2.3629 | |
| 31 03 2017 | 0.4781 | 31,431,866 | 2.3903 | |
| 30 06 2017 | 0.4838 | 31,811,344 | 2.4191 | 0.06 |
| 30 09 2017 | 0.4924 | 32,374,388 | 2.4619 | |
| 31 12 2017 | 0.5150 | 33,860,074 | 2.5749 | |
| 31 03 2018 | 2.4984 | 32,853,366 | 2.4984 | 0.13 |
| 30 06 2018 | 2.5900 | 34,058,027 | 2.5900 | |
| 30 09 2018 | 2.6147 | 34,382,903 | 2.6147 | |
| 31 12 2018 | 2.6859 | 35,319,397 | 2.6859 | |
| 31 03 2019 | 2.7033 | 35,548,100 | 2.7033 | |
| 30 06 2019 | 2.6850 | 35,307,971 | 2.6850 | 0.13 |
| 30 09 2019 | 2.7185 | 35,748,715 | 2.7185 | |
| 31 12 2019 | 3.3479 | 44,024,833 | 3.3479 | |
| 31 03 2020 | 3.3786 | 44,428,162 | 3.3786 | |
| 30 04 2020*** | 1.8526 | 24,361,588 | 1.8526 | 1.55 |
| 30 06 2020 | 1.8678 | 24,561,436 | 1.8678 | |
| 30 09 2020 | 2.2270 | 23,602,043 | 2.2270 | |
| 30 11 2020****! | 2.2103 (reviewed 2.2043) | 28,843,807 (reviewed 28,765,348) | 2.2103 (reviewed 2.2043) | |
| 31 12 2020 ! | 2.2124 (reviewed 2.2095) | 28,870,287 (reviewed 28,832,682) | 2.2124 (reviewed 2.2095) | |
| 31 03 2021 | 2.2295 | 17,972,963 | 2.2295 | |
| 30 06 2021 | 2.1874 | 17,633,254 | 2.1874 | 0.12 |
| 30 09 2021 | 2.2362 | 18,027,324 | 2.2362 | |
| 31 12 2021 | 2.5164 | 20,285,578 | 2.5164 | |
| 31 03 2022 | 2.5229 | 20,337,844 | 2.5229 | |
| 30 06 2022 | 2.6294 | 21,196,770 | 2.6294 | 0.12 |
| 30 09 2022 | 2.6565 | 21,415,199 | 2.6565 | |
| 31 12 2022 | 2.9203 | 23,542,037 | 2.9203 | |
| 31 03 2023 | 2.9454 | 23,744,205 | 2.9454 | |
| 30 06 2023 | 2.8642 | 23,089,203 | 2.8642 | 0.09 |
| 30 09 2023 | 2.8873 | 23,275,355 | 2.8873 | |
| 31 12 2023 | 2.9169 | 23,514,460 | 2.9169 | |
| 31 03 2024 | 2.944 | 23,732,663 | 2.944 | |
| 30 06 2024 | 2.9291 | 23,612,882 | 2.9291 | 0.09 |
| 30 09 2024 | 2.9533 | 23,807,802 | 2.9533 |
* Net asset value per share and allocated dividends are recalculated taking into account the changed nominal value per share (EUR 1.45).
** Initial net asset value per share: EUR 0.4203
*** Taking into account resolution of the General Shareholders Meeting of the Company that was held on 9th April 2020 on repurchase of own shares of the Company due to material changes in the incorporation documents of the Company, on 25th June 2020 the net asset value as of 30th April 2020 is announced. According to the published net asset value, the shares of the Company will be repurchased from these shareholders of the Company who did not vote at the Meeting regarding material changes in the incorporation documents of the Company and express their wish to do so.
****According to the 23 December 2020 the Company‘s announcement of the convocation of the General Extraordinary Shareholders Meeting, which should be held on 14 January 2021, if the shareholders of the Company will make the decisions provided in the agenda of the Meeting, the process of buy-back of shares of Company due to material changes in the incorporation documents of the Company will take place. According to on 30 December 2020 published net asset value as of 30 November 2020, the shares of the Company will be repurchased from the shareholders of the Company who did not vote at the Meeting regarding the material changes in the incorporation documents of the Company or vote against it.
! The Company’s management company INVL Asset Management, UAB, performing the usual operational control measures, determined that in determining the value of the Company’s net assets of 30 November 2020 and 31 December 2020, the error occurred. Accordingly, the adjusted values of the Company’s net assets are presented: (i) the Company’s net asset value as of 30 November 2020 was EUR 28,765,348, or EUR 2.2043 per share. The difference from the previously announced net asset value is 0.27 percent.(ii) the Company’s net asset value as of 31 December 2020 was EUR 28,832,682, or EUR 2.2095 per share. The difference from the previously announced net asset value is 0.13 percent. This discrepancy in the value of the Company’s net assets did not have any negative consequences for the Company’s shareholders. The Company’s share buy-back, which ran from 25 January 2021 to 25 March 2021 (inclusive), was carried out based on a net asset value of 30 November 2020, that value was 0.27 percent higher than the above revised net asset value of 30 November 2020. The difference between the incorrect and the net asset value applied during the share buy-back process will be compensated by the Management Company.
Change in net asset value per share
| Date | From inception | In quarter | From the inception taking into consideration allocated dividends |
| 31 12 2016 | 12.44% | 12.44% | 12.44% |
| 31 03 2017 | 13.75% | 1.16% | 13.75% |
| 30 06 2017 | 15.11% | 1.19% | 17.97% |
| 30 09 2017 | 17.15% | 1.78% | 20.01% |
| 31 12 2017 | 22.53% | 4.59% | 25.39% |
| 31 03 2018 | 18.89% | -2.97% | 27.93% |
| 30 06 2018 | 23.25% | 3.67% | 32.29% |
| 30 09 2018 | 24.43% | 0.95% | 33.47% |
| 31 12 2018 | 27.81% | 2.72% | 36.86% |
| 31 03 2019 | 28.64% | 0.65% | 37.68% |
| 30 06 2019 | 27.77% | -0.68% | 43.00% |
| 30 09 2019 | 29.37% | 1.25% | 44.59% |
| 31 12 2019 | 59.32% | 23.15% | 74.55% |
| 31 03 2020 | 60.78% | 0.92% | 76.01% |
| 30 04 2020*** | -11.84% | -45.17% | 77.15% |
| 30 06 2020 | -11.12% | -44.72% | 77.87% |
| 30 09 2020 | 5.98% | 19.23% | 94.97% |
| 30 11 2020****! | 5.18% (reviewed 4.90%) | -0.75% (reviewed -1.02%) | 94.17% (reviewed 93.89%) |
| 31 12 2021 ! | 5.28% (reviewed 5.14%) | -0.66% (reviewed -0.79%) | 94.27% (reviewed 94.13%) |
| 31 03 2021 | 6.10% | 0.91% | 95.08% |
| 30 06 2021 | 4.09% | -1.89% | 98.79% |
| 30 09 2021 | 6.41% | 2.23% | 101.11% |
| 31 12 2021 | 19.75% | 12.53% | 114.45% |
| 31 03 2022 | 20.06% | 0.26% | 114.76% |
| 30 06 2022 | 25.13% | 4.22% | 125.54% |
| 30 09 2022 | 26.42% | 1.03% | 126.82% |
| 31 12 2022 | 38.97% | 9.93% | 139.38% |
| 31 03 2023 | 40.16% | 0.86% | 140.57% |
| 30 06 2023 | 36.30% | -2.76% | 140.99% |
| 30 09 2023 | 37.40% | 0.81% | 142.09% |
| 31 12 2023 | 38.81% | 1.03% | 143.50% |
| 31 03 2024 | 40.10% | 0.93% | 144.79% |
| 30 06 2024 | 39.39% | -0.51% | 148.36% |
| 30 09 2024 | 40.54% | 0.83% | 149.51% |
Information about the company’s net asset value is updated every quarter: data for the first and third quarters are provided within a month of the end of the period, while half-year data is provided within two months and full-year data within four months of the end of the period.
In according with the guidelines on Alternative Performance Indicators which were published by the European Securities and Markets Authority in 2015 and came into force on 3 July 2016, the Company provide definitions and formulas (below) of the company’s operating and financial indicators.
The Company’s performance and financial indicators are used to evaluate the Company’s financial position or status. For these indicators, the Company’s investor can obtain additional information to help understand the Company’s financial position and strategy.
Dividend yield = The set value of dividends paid per share for the last financial year / The price per share at the end of a financial period.
Dividend yield ratio is a particularly an important valuation measure for investors seeking regular income. The higher the yield, the higher the payout for the shareholder compared to the price of the share.
Book value per share = The Group’s equity / The number of shares, excluding the Company’s own shares, at the end of a financial period.
The book value per common share indicates the remaining value for shareholder after all assets are liquidated and all liabilities are covered.
Price to Book ratio = The share price at the end of a financial period / The book value per share.
Price-to-book ratio compares a companies market value to book value by dividing price per share by book value per share. This shows how the valuation of the company is covered by equity.
Dividends/Net profit = The dividends allocated at the ongoing year for the year before / Ongoing year net profit of the Company.
The dividend payout ratio is the ratio of the total amount of dividends paid out to shareholders relative to the net income of the company. It is the percentage of earnings paid to shareholders in dividends.
Return on Equity (ROE) (measured in percentage terms) = Net income / Average equity for a financial period.
Return on equity excludes debt in the denominator and compares net profit for the period with total average shareholders’ equity. It measures the rate of return on shareholders’ investment.
Average equity = (The beginning equity for the financial period + The ending equity for the financial period) / 2
Return on Assets (ROA) (measured in percentage terms) = Net income / Average total assets for a financial period.
Return on assets (ROA) is an indicator of how profitable a company is relative to its total assets. ROA indicates how efficient a company is using its assets to generate earnings.
Average total assets = (The beginning total assets of a financial period + The ending total assets of a financial period) / 2
Debt ratio = Total liabilities / Total assets.
The debt ratio is a financial ratio that measures the extent of a company’s leverage. It can be interpreted as the proportion of a company’s assets that are financed by debt.
Debt to Equity ratio = Total liabilities / Shareholders’ equity.
The debt to Equity ratio is calculated by dividing a company’s total liabilities by its shareholder equity. The ratio is used to evaluate a company’s financial leverage.
Gearing ratio = Net debt / Net debt + equity
Gearing ratio is analysis ratio of a level of net debt compared to equity capital. Lower gearing ratio means greater financial stability. However, borrowings are a way for companies to leverage their value to increase profits for shareholders.
Liquidity ratio = Current assets (including assets classified as held for sale) / Current liabilities.
Liquidity ratio is a financial metric used to determine a debtor’s ability to pay off current debt obligations without raising external capital.
Quick ratio = Current assets (excluding inventories, prepayments and deferred charges and current loans granted) / Current liabilities.
The quick ratio is an indicator of a company’s short-term liquidity position and measures a company’s ability to meet its short-term obligations with its most liquid assets.
Normalized operating profit = Operating profit – Interest income – Net gains (losses) from fair value adjustments on investment property – Other income + The re-estimation of provision for the Performance Fee.
Normalized operating profit is measurement of the companies operating profit and allows viewing operating trends and identifying strategies to improve operating performance and assists in comparing performance across reporting periods on a consistent basis by excluding item that are not indicative of the companies core operating performance.
Normalized operating profit margin (measured in percentage terms) = Normalized operating profit / Sales.
Normalized operating profit margin is a operating profit margin excluding item that are not indicative of the companies core operating performance.
Pre-tax profit margin (measured in percentage terms) = Pre-tax profit / Sales.
The pretax profit margin is the ratio of a company’s pre-tax earnings to its total sales. The higher the pretax profit margin, the more profitable the company.
Price earnings ratio (P/E) = The share price at the end of a financial period / Earnings per share (EPS)To determine the P/E value, one simply must divide the current stock price by the earnings per share (EPS).
It is used to compare a company against its own historical record or to compare aggregate markets against one another or over time.
Borrowings to value of investment properties = Borrowings / Investment properties.
This indicator shows the proportion of the investment assets financed by borrowed funds.
Interest coverage ratio = Normalized operating profit / Borrowings’ interest expenses*.
*Borrowings’ interest expenses = Interest expenses of bank borrowings + Interest expenses of borrowings/issued bonds from third parties.
The purpose of this ratio is to give an indication of the companies general ability to service the interests of it‘s debts.
Bank’s debt service costs is during reporting period paid interest, commitment fees according to borrowings’ agreements and principal repayments.
Bank’s Debt Service Coverage Ratio = Normalized operating profit / Bank’s debt service cost*
*Bank’s debt service cost = Interest paid during reporting period, commitment fees according to borrowings’ agreements and principal repayments.
The purpose of this ratio is to give an indication of the companies general ability to service its debt.
Net operating income = Revenue premises rent costs (excluding provision for onerous contract) – Utilities expenses – Repair and maintenance expenses – Property management and brokerage costs – Taxes on property and insurance costs.
Net operating income is a calculation used to analyze the profitability of real estate investments that generate income. Net operating income equals all revenue from the property minus all reasonably necessary operating expenses.
Net profit margin (measured in percentage terms) = Net profit / Sales.
The net profitability is equal to how much net income or profit is generated as a percentage of revenue. It illustrates how much of each euro in revenue collected by a company translates into profit.