Pillar Capital, AS
Annual Financial Report
Audited Results of New Hanza Capital, AS for the Year 2019
Riga, Latvia, 2020-06-19 22:39 CEST --
Following smart business strategy of the Group, New Hanza Capital, AS (the Company) in 2019 demonstrated good financial performance. According to the audited financial results, the profit of the Company before taxes last year amounted to 135.57 thousand euros, while the Group (the Company and its subsidiaries) closed the year at profit of EUR 4.75 million. Group’s performance complies with the management’s estimates.
Group’s financial results of 2019 are as follows:
revenue in twelve months of 2019 amounted to EUR 5.89 million;
modified EBITDA* as on 31 December 2019 amounted to EUR 1.99 million (*earnings before interest, taxes, depreciation and amortisation, investment property revaluation results);
operating cash flow amounts to EUR 987.03 thousand;
gross assets in comparison to the end of 2018 have grown by 251% amounting to EUR 196.86 million.
At the end of 2019 the Company merged with the companies of Pillar Group, which will enable the Group to ensure full cycle of real estate development, starting from idea generation, business plan development and fundraising up to project development, management of construction stages, property management and maintenance, attraction of tenants and property sale.
New Hanza Capital, AS is a company founded in 2006. The objectives of its operation include investing own and third party funds in commercial real estate objects to achieve sustainable increase in income from renting the premises and enlarging of the value of properties.
Head of Communications
New Hanza Capital, AS