2022-04-08

Akropolis Group increased its revenue, EBITDA and portfolio value last year

Akropolis Group, leader in the development and management of shopping and entertainment centres in the Baltic States, based on its audited consolidated financial results, has received revenue of EUR 81 million and earned profit of EUR 57.2 million EBITDA (Earnings before tax, interest, depreciation and amortisation) last year, which is, respectively, 5% and 6% more than in 2020.

The group announced its last year’s audited results and revealed that it saw a positive change in all key financial indicators in 2021. After the acquisition of the shopping centre Alfa in Riga last November, the fair value of Akropolis Group portfolio grew by 28% to EUR 1.023 billion in 2021. This year, shopping centre Alfa was fully integrated into the structure of Akropolis Group, changing its name into Akropole Alfa.

“For the most part of the first half of the last year, very strict pandemic restrictions were applied for shopping centres – only stores selling basic necessities and points of services were operating in all Akropolis, which resulted in lower visitor footfall. The second half of the year was far better – as the restrictions were being eased-up, we achieved a clear recovery of visitor footfall and tenants’ turnovers. In some months of the second half, even record turnovers of tenants were reached,” says Manfredas Dargužis, CEO of Akropolis Group.

The last year turnover of Akropolis tenants (including the results of the shopping centre Akropole Alfa from December 2021) grew by 7% to EUR 667 million, however, due to imposed pandemic control measures, the visitor footfall was still smaller than a year ago – the shopping centres had over 27 million visitors, which is 9% less than in 2020.

The consolidated rent income of Akropolis Group increased by 3% to EUR 57.3 million. The occupancy rate at Akropolis centres managed from the beginning of the year remained very high at 99% last year.

According to M. Dargužis, Akropolis centres passed the coronavirus pandemic test by successfully adapting to the restrictions that were imposed, regularly updating the choice of shops operating in the shopping centres and by creating safe conditions for visiting of the shopping centres.

“Even under the most restrictive conditions we remained optimistic and continued to pursue our main goal of maintaining the market leadership of the group. Our results and business resilience have been positively evaluated by the financial markets: last June Akropolis Group successfully placed its debut EUR 300 million 5-year eurobond issue, which is quoted on Nasdaq Vilnius and Euronext Dublin stock exchanges,” the CEO of Akropolis Group says.

Last year, international credit rating agencies Fitch Ratings and S&P Global Ratings have assigned Akropolis Group long-term issuer ratings for the first time – BB+ with a long-term stable outlook and BB+ with a long-term negative outlook (changed into stable outlook in October 2021), respectively.

The group, which manages shopping and entertainment centres and real estate, resumed the development of the multifunctional complex Akropolis Vingis in Vilnius last year. The Vilnius Regional Council of Architects gave a positive assessment of the pre-design proposal of the updated architectural concept.

With focus on ESG topic within the company group, 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.

Full financial reports of Akropolis Group for 2021 can be found on the website of the company.

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