UPDATE: Audited Results of Pillar Capital, AS for the Year 2020
Riga, Latvia, 2021-05-05 18:04 CEST --
(independent auditor’s report in English added)
Following smart business strategy of the Group, Pillar Capital, AS (the Company) in 2020 continues demonstrating good financial performance. According to the audited financial results, the turnover of the Group last year amounted to EUR 27.96 million, while the profit of the Company before taxes last year amounted to EUR 1.42 million. Group’s performance complies with the management’s estimates.
Group’s financial results of 2020 are as follows:
modified EBITDA* as on 31 December 2020 amounted to EUR 784.40 thousand (*earnings before interest, taxes, depreciation and amortisation, investment property revaluation results);
cash flow from principal business activity amounts to EUR 3.21 million;
gross assets amounted to EUR 180.09 million.
In early 2020, the Company sold 100% of shares of its subsidiary NHC 1, SIA with the property owned by it, an office building at 3 Tehnikas Street at Riga International Airport, Mārupe District, and 100% shares of NHC 3, SIA, with the property owned by it, a warehouse building at “Piepilsētas”, Krustkalni, Ķekavas District. The transaction amounted to EUR 15.8 million in total.
In summer 2020, the Company started the construction of logistics park A6 on the land owned by its subsidiary NHC 4, SIA, located at 462 Maskavas Street, Riga. It is planned to complete the construction works by 31 October 2021. The new buildings are aiming to receive BREEAM certificate that would certify their high quality, energy efficiency and compliance with the world standard, thus becoming the first warehouse complex in Latvia with a BREEAM certificate.
Also last year companies of Pillar Group continued development of New Hanza territory, on 29 October 2020 putting in commission two new streets at the territory – Gustava Kluča Street and Roberta Hirša Street. The high quality of the construction works of stage 2 and 3 of New Hanza infrastructure was appreciated by the industry specialists, receiving 2nd prize in nomination “Engineering Construction – New Construction” at the contest “Latvian Construction Annual Award 2020”.
Pillar Capital, AS is a company founded in 2006. The objectives of its operation include investing own and third party funds in commercial and residential real estate objects to achieve sustainable increase in income from renting the premises and enlarging of the value of properties.
Head of Marketing and Communication
Pillar Capital, AS
Tel.: +371 6777 5606