Regarding UAB Modus Grupė Consolidated annual report and consolidated financial statements for 2019
The audited consolidated revenue (hereinafter, the revenue) of Modus Group, an international group of companies mainly operating in renewable energy, mobility, and automotive areas, rose by nearly 50 percent and exceeded EUR 504 million last year. The fastest growth of revenue was observed in energy and mobility business lines. The revenue of energy companies owned by Modus Group increased by 129 percent up to more than EUR 63 million. The revenue of mobility-related businesses increased by 89 percent, reaching almost EUR 38 million. Automotive business’ revenue grew by 39 percent up to more than EUR 400 million.
Last year Modus Group earned more than EUR 55 million before interest, taxes, depreciation, and amortization (EBITDA): EUR 16.3 million was earned by renewable energy companies, almost EUR 10 million – by automotive business line, EUR 2.3 million – by mobility companies. More than EUR 26 million of EBITDA was earned from other business activities (including revenue from the sale of BMW and MINI automotive business in Lithuania and other side areas, such as real estate). The Group’s audited consolidated operating profit before tax exceeded EUR 43.6 million. The profit earned in 2019 was reinvested in the further growth of business and new projects.
“In 2019, the macroeconomic and investment environment enabled us to continue rapid expansion and increase investments into the main Modus Group business areas, leading to the solid and sustainable growth of revenue. For the first time in the Group’s history, the revenue exceeded half-billion euros. The revenue increased due to Green Genius, a renewable energy company that expanded in the foreign markets, including Poland, Ukraine, and Belarus. The revenue growth was also fueled by successful CityBee’s expansion in the Baltic states, the threefold growth of its customers’ number, and newly launched services,” says Kęstutis Bagdonavičius, Ph.D., Chairman of the Management Board and CEO of Modus Group.
According to him, a number of Modus Group projects developed in foreign markets grew fast last year. Green Genius launched new biogas plants in Belarus, implemented large-scale solar projects in Poland and Ukraine, developed projects in other European countries. Meanwhile, CityBee, a shared mobility company, expanded its services to Latvia and Estonia.
„Just as many other companies across the globe, we will have to realign our plans, due to the changing global situation and the new economic challenges related to the pandemic. Currently, our top priority is our employees’ health and safety, while also ensuring our business continuity. Meanwhile, in the long run, we will stay committed to international growth plans. The changing situation also brings new opportunities for businesses, such as entering new business areas or offering new services to the customers. CityBee has already done that successfully as it has started offering delivery services,” says K. Bagdonavičius.