About Arricano's consolidated financial results for 2019
On April 27, 2020, Arricano Real Estate Plc, a leading developer and network operator of shopping malls, published its consolidated financial results for 2019.
Arricano's net asset value increased by 36% to $ 127.9 million in 2019 (compared to us $ 94.0 million as of December 31, 2018).
The revenue that the company receives from leased areas in shopping malls in 2019 amounted to 30.4 million US dollars. This is $ 4.8 million more than in 2018. At the same time, cash flows from operating activities of Arricano increased to 22.6 million us dollars (in 2018 – 17.3 million US dollars). The company used these funds to purchase investment property and cover construction loans.
Anna Chubotina, CEO of Arricano, noted: "The figures most accurately demonstrate the company's growth dynamics, main indicators and priorities. We are proud that over the past year, the overall fair value of the company's portfolio as well as operating income and net asset value have increased. Behind all these achievements is our Arricano team, which persistently continues to implement the best European practices and generate new innovative ideas, while increasing the value and quality of the business and the industry as a whole."
The total fair value of Arricano's portfolio was $ 289.3 million ($ 258.5 million as of December 31, 2018).
The company's net profit for 2019 was $ 8.0 million (in 2018 the figure was $ 38.1 million). This process was mainly due to a decrease in profit from revaluation of investment assets by $ 54.4 million, that was compensated by a decrease in net financial expenses by $ 13.2 million and an increase in revenue by $ 5.7 million.