News Press releases

Quarterly (Q4) 2023 report – Baltic Sea Properties AS

Feb 15 2024

Baltic Sea Properties (BALT) reports positive results and growth in 2023

Oslo, the 15th of February 2024, 08:00 CET

Link to download: 2023 Quarterly (Q4) report BSP

In a year marked by strategic focus and dedication amidst challenging market conditions, Baltic Sea Properties AS is pleased to present our Q4 financial report.

Our commitment to sustainable growth and shareholder value, particularly against the backdrop of volatile financial markets and global uncertainties, is evident in the milestones achieved in 2023.

For the year ended 31st December 2023, our rental income reached mEUR 7.99, a substantial increase (16%) over mEUR 6.88 reported at the end of the previous year. This growth is primarily due to the successful integration of new developments and investment assets into our portfolio, coupled with CPI adjustments on existing leases and property management of existing portfolio.

Despite a significant increase in finance costs over the past year, with interest rates on loans rising by more than 3.5% compared to the 2022 average, we continue to deliver a decent return on operations with our income from property management for 2023 standing at EUR 2.92 million, compared to EUR 2.96 million for 2022. Although we increased leverage for new projects during 2023, net realised interest cost reached mEUR 2.80, an increase from mEUR 1.68 reported at the end of 2022.

Profit after tax for the year 2023 was mEUR 2.51, reflecting a strong financial performance.

The annual return on equity (NAV) including dividends stood at 6.4% in EUR and 13.14% in NOK for 2023 versus 12.18% EUR and 18.1% NOK in 2022.

Lars Christian Berger, CEO, remarked: “The past year has tested our resilience in a tough market environment. Our performance in 2023, while facing the ongoing global challenges, reflects the strength and dedication of our team. We’re content with how well we’ve managed to navigate through these challenging times, and it’s a testament to our strategy and execution that we’ve been able to maintain growth and continue delivering value to our shareholders in challenging times.»

As we continue to navigate the evolving real estate landscape, our commitment to delivering value to our shareholders and stakeholders remains. We look forward to building on this momentum with several new development projects in the pipeline for the coming year.

For more detailed insights into our financial performance and strategic initiatives, please review the attached Q4 2023 quarterly report.

For further information, please contact:

Lars Christian Berger, CEO
Phone: +47 930 94 319

The information in this announcement is subject to disclosure requirements under the EU Market Abuse Regulation (MAR) and listing rules for Euronext Growth Oslo.

Baltic Sea Properties AS (“BALT” or “the Company”, and together with the Company’s subsidiaries, “BSP”) stands as a dedicated entity in real estate investment, with a portfolio that spans logistics, industrial, and commercial segments, fostering a diversified and sustainable revenue stream.