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

15 Feb 2024 08:00 CET

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
Email: Lcb@balticsea.no

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.

More information:
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610901_Quarterly report Q4-2023 - Baltic Sea Properties AS- published.pdf