AB Tewox Financial Statements for 2024
AB Tewox (the Company) is pleased to share the audited financial statements for the year 2024, reflecting its performance and strategic growth initiatives. The consolidated and separate financial statements, along with the management report, reveal a solid foundation for continued investment and shareholder value.
Overview of Financial Results
The Company’s overarching goal remains to provide returns to shareholders through strategic investments in various income-generating real estate properties. These investments cater to both retail and commercial purposes across various countries bordering the Baltic Sea. Here are key financial indicators as of December 31, 2024:
- Total assets amounted to EUR 75,648 thousand.
- Total equity reached EUR 43,448 thousand, indicating solid financial health.
- Total liabilities stood at EUR 32,200 thousand.
- Investment assets at fair value through profit or loss were reported at EUR 69,908 thousand, showcasing a growth of EUR 4,029 thousand (or 6.21%) compared to the previous year.
- The Company generated EUR 3,344 thousand in total comprehensive income during 2024.
Major Events in 2024
The year 2024 proved to be substantial for AB Tewox, with various strategic moves made to enhance its portfolio:
- Investment in properties totaling approximately EUR 23.9 million, including:
- A commercial building in Jurbarkas, Lithuania.
- A commercial building in Radom, Poland.
- A commercial building in ?ód?, Poland.
- A land plot in Kaunas, Lithuania.
- The issuance of private bonds with a nominal value of EUR 9.974 million, alongside the redemption of private bonds valued at EUR 26.570 million.
- The Group’s bond offering prospectus, amounting to EUR 35 million, was approved, facilitating the issuance of EUR 23.774 million in bonds throughout the year.
Notable Events After the Fiscal Year
As we transitioned into 2025, several significant actions were taken:
- A third tranche of the public bond issuance was completed on January 19, 2025, raising a total nominal value of EUR 11.226 million.
- An early redemption of private bonds valued at EUR 7.474 million took place at the end of January 2025.
- In March 2025, the acquisition of two Lidl store buildings in Panev?žys and Jurbarkas was finalized, with financing of EUR 6.7 million from a credit institution.
Shareholders' Meeting Highlights
Under Lithuanian law, the annual financial statements require approval from the General Shareholders’ meeting. The upcoming shareholders' meeting on April 30, 2025, will focus on approving the 2024 financial statements and discussing proposed profit allocations. Here’s a summary of proposed profit distribution:
- Beginning retained earnings of EUR (4,339,664).
- Changes in accounting policy resulted in an adjustment of EUR 2,979,859.
- Net profit for the current year is recorded as EUR 3,344,405.
- Retained earnings at the end of the financial year are projected to be EUR 1,584,300.
Important additional agenda items will include proposed amendments to the Company’s Articles of Association and the establishment of the Audit Committee.
Contact for Further Inquiries:
Paulius Nevinskas
Manager of the Investment Company
Email: paulius.nevinskas@lordslb.lt
Frequently Asked Questions
1. What were AB Tewox's total assets at year-end 2024?
The Company’s total assets were EUR 75,648 thousand as of December 31, 2024.
2. Which properties did AB Tewox acquire in 2024?
AB Tewox acquired several commercial properties, including buildings in Lithuania and Poland.
3. How much net income did AB Tewox report for 2024?
The Company reported a comprehensive income of EUR 3,344 thousand for the year 2024.
4. When is the shareholders' meeting scheduled?
The shareholders' meeting is set for April 30, 2025.
5. What key financial changes occurred in 2024?
The Company experienced significant growth in investment assets and made substantial bond transactions, enhancing its financial position.
