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New Hanza Capital, AS 2017 profits reach EUR 7.99 million
Emitents New Hanza Capital, AS (549300HG3YO0QBYPSM51)
Veids 2.2. Iekšējā informācija
Valoda EN
Statuss Publicēts
Datums 2018-02-26 16:54:33
Versijas komentārs

As a result of a well-planned business strategy, as well as effective risk management, New Hanza Capital, AS was able to achieve extraordinary financial results. According to the unaudited financial statements for the twelve month period ended 31.12.2017 the Group closed the year with an after tax profit of EUR 7.99 million. The above result was mainly driven by rental income growth, as well as growth in portfolio property value.

Unaudited financial results for 2017 financial year:

  • EUR 1.64 million Group revenue – 263% increase compared to the previous year figure of EUR 452 295;
  • EUR 8.44 million EBITDA;
  • EUR 0.38 million cash flow from operating activities.

During the reporting period, the number of investment properties owned by the Group increased by three office buildings in the territory of the former State Electrotechnical Factory (VEF) in Riga, Brīvības gatve 214B, Brīvības gatve 214M and Bērzaunes iela 1 with the total rentable area of over 22 thousand square meters.

Another addition to the investment property portfolio was the logistics complex at Riga, Maskavas iela 462 / 464A. The property consists of 12.55 ha land and buildings, constructed in the past 10 years, with a total rentable area of 27.8 thousand square meters. There are also low-value buildings, which are expected to be demolished in order to free up 7.5 ha of land for further development.

The average occupancy rate in the portfolio properties at the end of the 4th quarter of 2017 was 85.05%. Office premise occupancy was 69%, whereas warehouses and small retail areas achieved nearly 100% occupancy.

On 18 October 2017, the Company received EUR 10 000 000 raised through bond issue. The annual interest rate of the bonds is fixed: 4.9% with coupon payment twice a year. On 19 October 2017, the bonds were admitted to the regulated market by inclusion in the Baltic Bond List of Nasdaq Riga (ISIN LV0000802312).

The recent developments around New Hanza Capital, AS largest shareholder ABLV Bank, AS, particularly payment restrictions imposed by the FCMC, have not had an impact on the bonds issued by the Company. New Hanza Capital, AS ability to meet its obligations under the issued bonds remains unchanged. Tenants in the Group properties are not related to the ABLV group. There was no change in tenant payment discipline. According to secured loan agreements on the Group properties, tenants pay rent fees into Group accounts with banks that issued the respective loans.

New Hanza Capital, AS is a company founded in 2006. New Hanza Capital, AS business objective is to invest its own funds, as well as third party funds in commercial properties, sustainably increase rental income and promote long term property value and capital growth. The biggest shareholder of New Hanza Capital, AS is ABLV Bank AS, owning 88% of the company’s shares. The company’s real estate portfolio includes office buildings in the former State Electrotechnical Factory (VEF) territory, airBaltic central office at the Riga International Airport, logistics centers in Riga and Ķekava Region and other objects. The total lettable area of the premises exceeds 69.8 thousand square meters.

         Jānis Bunte
         PR Specialist
         Tel.: +371 6777 5432