Real estate investment company INVL Baltic Real Estate’s board proposes paying a total of EUR 789 thousand in dividends, for a dividend per share of EUR 0.012.
It is also proposed to authorise the board to acquire the company’s own shares, setting a minimum price of EUR 0.30 per share for the buy-back of INVL Baltic Real Estate’s own shares and establishing that the maximum price may not exceed the book value of a share. The decision would remain valid for 18 months from the time of its adoption. These proposals are being presented to the shareholders meeting which will take place on 27 April.
“Having assessed INVL Baltic Real Estate’s results, and on the basis of the approved policy, we propose paying out dividends to investors,” says Alvydas Banys, the Chairman of the Board of INVL Baltic Real Estate.
INVL Baltic Real Estate has also published its audited annual financial results. They show that the consolidated net profit of the INVL Baltic Real Estate group in 2015 was EUR 4.096 million, or EUR 0.09 per share, of which EUR 2.17 million was from property revaluation.
Consolidated revenue during the period was EUR 5.7 million, including EUR 3.0 million from the leasing of owned properties. Compared with 2014, when the newly established company operated for 8 months, total revenue grew 62% while revenue from the leasing of owned properties rose 70%.INVL Baltic Real Estate’s consolidated equity capital at the end of last year was EUR 18.587 million, or EUR 0.43 per share, and during the year increased 28%.
Audited annual results have also been published for the company INVL Baltic Real Estate, which manages most of the group’s real estate holdings in Vilnius. They show that that company’s net profit was EUR 3.282 million. Revenue was EUR 5.4 million, of which EUR 2.7 million was from the leasing of owned properties. The company at year-end had equity capital of EUR 17.674 million, or EUR 0.41 per share, for an increase of 58% compared with the end of 2014 (the 12-month period) due to profit earned in and the merger in August with its former parent company.
The difference between the consolidated group equity and that of the company arose due to the transaction completed in July for INVL Baltic Real Estate’s acquisition of the Dommo logistics complex near Riga. In keeping with international financial accounting standards, the profit incurred during this transaction will be recognized in the accounts of the company INVL Baltic Real Estate over 5 years prior to maturity of loans. In the consolidated group financial statements, this profit is recognized immediately.
INVL Baltic Real Estate group manages real estate valued at EUR 52 million comprising 58,000 square metres at strategically attractive locations in Vilnius and Riga: office space at the Vilnius Gates complex, the IBC Business Centre near Konstitucijos Avenue, office buildings in the Old Town on Vilniaus Street and in Šiaurės Miestelis, office and warehouse premises in Kirtimai, and the Dommo Business Park manufacturing, warehouse and office complex beside the Riga bypass. The shares of the company trade on the Nasdaq Vilnius exchange.
