The Saxon residential real estate specialist BAL Germany AG (ISIN A2NBN9) presented its audited figures for the 2020 financial year on May 17.
Year-on-year, sales increased to EUR 262,000 (previous year: EUR 170,000 / +54%), while total operating performance rose to EUR 303,000 (previous year: EUR 178,000). The management is very satisfied with the fiscal year, which was marked by the Corona pandemic. Adjusted for the costs of going public, the operating result (EBIT) increased by EUR 85,000 to EUR 92,000 (previous year: EUR 74,000). The managed area increased by 24 to 81 units with a total leasable area of 3,749 square meters (previous year: 2,781 square meters), and the balance sheet total adds up to EUR 2.615 million (previous year: EUR 2.052 million).
The CEO of BAL Germany AG, Falko Zschunke, considers the company to be on schedule despite pandemic-related restrictions. Property inspection and reletting have been subject to some delays, and the capital market environment is also proving to be challenging. In 2020, the company succeeded in implementing a first-class refurbishment status in the portfolio thanks to the readily available services of tradesmen. Due to the upgrading of the properties, it was possible to moderately increase the cold rents for new leases.
BAL Germany AG is well positioned to continue its growth course in 2021. The real estate market in the home region of Saxony is developing dynamically, and investments will continue to be made in a prudent and disciplined manner. There are some interesting properties that can be purchased and integrated after financing. With a further slight increase in the equity ratio to 85.2% (previous year: 81.4%), the company is solidly financed. Due to the high level of capital discipline, liabilities have decreased from EUR 412 thousand to EUR 374 thousand. The company plans to carry out additional equity and debt financing for further growth.
The operation of the rental business is not currently being negatively impacted by the pandemic, and we expect business activity to pick up once the lockdown has been lifted. The Annual General Meeting for the past fiscal year is scheduled for Friday, September 17, 2021 at the company headquarters in Meissen.