Audited Results of Pillar Capital, AS for the Year 2021

According to the audited financial results, the turnover of the Group last year amounted to EUR 21.56 million, while the losses of the Group before taxes last year amounted to EUR 7.06 million, and the losses of the Company before taxes amounted to EUR 8.45 million. The performance of the Group and the Company complies with the management’s estimates.

Group’s financial results of 2021 are as follows:

  • modified EBITDA* as on 31 December 2021 was negative and amounted to EUR 4.65 million (*earnings before interest, taxes, depreciation and amortisation, investment property revaluation results);
  • cash flow from principal business activity was negative and amounted to EUR 1.09 million;
  • gross assets amounted to EUR 170.04 million.

Key events:

In July 2021, Pillar Capital, AS started construction of a new office building in Riga at 1 Mihaila Tāla Street. The new A-class office building is going to be the first one in the list of many office buildings to be constructed at New Hanza territory. For its development, Pillar Capital, AS has attracted financing in the amount of EUR 18.77 million.

The main section of the building will be 6 floors high, while the tower part will have 12 floors. The leasable are amounts to 12 680 m2, while the total area of the building shall be 16 700 m2. On the ground floor of the building there will be commercial premises, 300 m2 of which will be reserved for caterers.

Having invested more than 20 million euros, at the end of 2021, Pillar Capital, AS has entered into service one of the biggest and most modern logistics centres in Riga – A6 Logistics Park at 462 Maskavas St. The construction works on the new logistics park were started in July 2020, having built a unified logistics and warehouse park with more than 30 000 m2 of new warehouse premises constructed. The total area of the buildings intended to be used as warehouses at the territory exceeds 50 000 m2. A6 is the first logistics park in Latvia that had BREEAM building sustainability standards incorporated already at the design stage. The buildings are constructed in accordance with the highest international energy efficiency standards, as well as using the construction materials produced with the same sustainability principles. The complex is currently undergoing BREEAM certification process

Pillar Capital, AS is a company founded in 2006. The objectives of its operation include investing own and third party funds in commercial and residential real estate objects to achieve sustainable increase in income from renting the premises and enlarging of the value of properties.