Akropolis Group, a leader in the development and management of shopping and entertainment centers in the Baltic States, based on its audited consolidated financial results, had a turnover of 81 million euros and a profit of 57 .2 million euros EBITDA (earnings before tax, interest, depreciation and amortization) last year, respectively 5% and 6% more than in 2020.
The group announced its audited results from last year and revealed that it had seen a positive development of all key financial indicators in 2021. After the acquisition of the Alfa shopping center in Riga last November, the fair value of the Akropolis Group’s portfolio grew by 28% to reach EUR 1.023 billion in 2021. This year Alfa Shopping Center was fully integrated into the Akropolis Group structure, changing its name to Akropole Alfa.
“For most of the first half of last year, very strict pandemic restrictions were applied to shopping malls – only shops selling basic necessities and service points were operating in the whole Akropolis, which has led to a drop in attendance. The second half of the year was much better – with the easing of restrictions, we achieved a clear recovery in footfall and tenant turnover. In some months of the second half of the year, even record tenant turnovers were achieved,” says Manfredas Dargužis, CEO of Akropolis Group.
Last year’s turnover of Akropolis tenants (including the results of the Akropole Alfa shopping center from December 2021) increased by 7% to 667 million euros, however, due to control measures against the pandemic imposed, visitor footfall was even lower than a year ago – shopping centers welcomed more than 27 million visitors, 9% less than in 2020.
Akropolis Group’s consolidated rental income increased by 3% to reach 57.3 million euros. The occupancy rate of the Akropolis centers managed since the beginning of the year remained very high at 99% last year.
According to Mr. Dargužis, Akropolis centers have passed the test of the coronavirus pandemic by successfully adapting to the restrictions imposed, regularly updating the choice of stores operating in the malls and creating safe conditions for visiting the shopping centers.
“Even in the most restrictive conditions, we remained optimistic and continued to pursue our main objective of maintaining the group’s market leadership. Our results and the resilience of our activities were assessed positively by the financial markets: in June Last, Akropolis Group successfully placed its first €300 million 5-year Eurobond issue, which is listed on the Nasdaq Vilnius and Euronext Dublin exchanges,” said Akropolis Group CEO.
Last year, international credit rating agencies Fitch Ratings and S&P Global Ratings assigned Akropolis Group long-term issuer ratings for the first time – BB+ with a stable long-term outlook and BB+ with a negative outlook. term (changed to stable outlook in October 2021), respectively.
The group, which manages shopping and leisure centers and real estate, last year took over the development of the multifunctional complex Akropolis Vingis in Vilnius. The Vilnius Regional Council of Architects gave a positive assessment of the pre-design proposal of the updated architectural concept.
With a focus on the ESG topic within the group of companies, last August Akropolis in Vilnius, Klaipėda and Šiauliai were certified according to the international BREEAM in-use standard.
Akropolis Group will not pay dividends to the shareholder this year.
Akropolis Group’s full financial reports for 2021 are available on the company’s website.
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AKROPOLIS GROUP, UAB
AKROPOLIS Group Annual Report 2021 FR signed