Shopping centres controlled by Akropolis Group had over 44 million visitors last year; the tenants’ turnover reached almost EUR 1.2 billion; over 100 new and revamped shops opened, leading to growth of the Group’s revenue

2024-04-10

Five shopping and entertainment centres controlled by Akropolis Group in Latvia and Lithuania had over 44 million visitors in 2023, which is 7% more than in 2022. Bigger visitor footfall contributed to the growth of shopping centres tenants’ turnover, which was almost EUR 1.2 billion last year – 7% more than in 2022 (EUR 1.1 billion).

“2023 was the first year when the shopping centres were no longer subject to any COVID-19 related restrictions, which had a positive effect on the performance: Akropolis shopping and entertainment had more visitors and the tenants saw the growth in their business volumes. In the five shopping centres controlled by Akropolis Group, we welcomed more than 44 million visitors last year and the tenants’ turnover reached almost EUR 1.2 billion. The results were positively influenced by renovation of the shopping centres, opening of new brands’ and revamped shops, the number of which was more than 100 last year, as well as the widening of services and entertainment offer based on the visitors’ preferences,” comments Nerijus Maknevičius, the CEO and the Chairman of the Board of Akropolis Group.

The consolidated rental income of the Group increased by 12% in 2023 reaching EUR 84 million (in 2022, EUR 75.1 million), and its earnings before interest, tax, depreciation and amortisation (EBITDA) amounted to EUR 83.1 million – 16% more than in 2022 (EUR 71.9 million). The occupancy rates of the shopping and entertainment centres Akropolis remained high in 2023, with only 2.6% vacancy.

Investments into renovation

In 2023, a major renovation and modernization of the interior of Akropolis Klaipėda was launched. EUR 8 million will be invested in total into more than 10,000 square meters of common spaces. The shopping and entertainment centre in the port city is undergoing the renovation of the interior of common spaces, lighting solutions, sanitary facilities, new rest zones and free children’s play areas will also be installed.

“Vilnius Akropolis is also embracing changes - new construction of a one-storey commercial building next to it has been launched after obtaining a document permitting construction at the end of last year. The new building of 480 m2 will house Sportland in its expanded version. Akropolis Group will invest about EUR 1 million into the construction of the building,” says N. Maknevičius.

All shopping and entertainment centres controlled by Akropolis Group constantly strive to ensure the widest choice of relevant brands, points of service and entertainment, so in 2023, 101 new or revamped shops were opened: 29 shops in Vilnius Akropolis (12 in 2022), 20 shops in Klaipėda Akropolis (5 in 2022), 12 shops in Šiauliai Akropolis (4 in 2022), 12 shops in Akropole Riga (6 in 2022), 28 shops in Akropole Alfa (18 in 2022).

In 2023, Akropolis Group paid a lot of attention to the development of the future multifunctional cultural, entertainment, business and shopping quarter in Vilnius – the Akropolis Vingis project. At the beginning of last year, the public was presented with the design proposals for improvement of the transport infrastructure planned nearby Akropolis Vingis, in November updated design proposals of the multifunctional complex were also presented to the public and then approved by the Vilnius City Municipality. Documents that are necessary for obtaining a document permitting construction are being currently finalised and submitted to the municipality.

Focus on sustainability and environmental protection

The international credit rating agencies S&P Global Ratings and Fitch Ratings in, respectively, June and July 2023 reconfirmed the long-term borrowing ratings of Akropolis Group as BB+ with a stable outlook. Akropolis Group was first rated in 2021 prior to the placement of its EUR 300 million 5-year bond issue. The bonds of Akropolis Group are listed on Nasdaq Vilnius and Euronext Dublin stock exchanges.

“In 2023, we also obtained ISO environmental (ISO 14001) and occupational safety and health (ISO 45001) certificates for activities of a holding company – for real estate development, management and lease. These ISO certifications confirm Akropolis Group’s compliance with rigorous quality control and management, environmental, sustainability, and safe working environment standards,” the CEO of Akropolis Group says.

The international BREEAM In-Use building sustainability certificate, rated at the “Very Good” level, awarded to Akropole Alfa shopping and entertainment centre in Riga in 2023, is to be considered an equally significant achievement in the area of sustainability. This recognition landmarks the achievement of one of the major sustainability goals of Akropolis Group – all five Akropolis controlled by the Group in Lithuania and Latvia now meet sustainability standards for buildings. It is sought that by 2026 all shopping centres controlled by the Group would be certified at “Very good” level  according to BREEAM standard.

Vilniaus prekyba, as the sole shareholder of Akropolis Group, approved the consolidated financial statements of 2023 and a draft of profit distribution of Akropolis Group, according to which, with regard to the dividend payment policy of the company, EUR 70 million were allocated towards payment of dividend to Vilniaus prekyba.

Full consolidated financial report of Akropolis Group for 2023 is available on the website of the company.

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