Maxima Grupė reports EUR 2.693 billion consolidated audited turnover in 2016

Vilnius, Lithuania, 2017-May-10 — /EPR Retail News/ — In 2016, consolidated audited turnover of “Maxima Grupė” companies in Baltic states, Poland and Bulgaria amounted to EUR 2.693 billion without VAT, consolidated net profit after tax comprised EUR 33 million, while investments in fixed assets exceeded EUR 67 million. More than EUR 179 million of taxes were paid in Lithuania.

The fastest turnover growth was recorded in Bulgaria

Last year, the consolidated turnover of “Maxima Grupė” companies was 0.4% higher than in 2015. In Bulgaria, the turnover increased by 22.1% and reached EUR 88.5 million, in Poland, it increased by 6.2% and amounted to EUR 48.2 million. In Estonia, the turnover increased by 1.1% to EUR 445 million, Latvia’s increase was 0.7% and the turnover amounted to EUR 694 million, in Lithuania, the turnover decreased by 1.4% and was EUR 1,503 billion.

The group operations were profitable; the decrease in profits were caused by unusual one-off costs

The companies of the group earned EUR 33 million of consolidated net profit, 57.4% less than in 2015 (EUR 77 million). The profit drop was mostly caused by one-off costs – assets impairment costs (EUR 22 million), Competition Council fine imposed in Lithuania (EUR 15 million), payments to the families of the victims of Zolitūde tragedy in Latvia (EUR 5 million). Without the mentioned one-off costs, the net profit would have amounted to almost EUR 75 million and it would have been 2.8% lower than in 2015. “Maxima LT” having the largest turnover, trade area and number of shops, earned EUR 54 million of net profits in 2016, 26.1% less than in 2015 (5.7% less without one-off fine imposed by the Competition Council).

The trade area and number of shops increased

In 2016 group companies invested over EUR 67 million in fixed assets. Trade area of “Maxima” in all countries increased by 3.6% and amounted to 548 thousand square metres. At the end of 2016 the group managed 552 Maxima X, Maxima XX, Maxima XXX, Aldik and T-Market stores: 237 in Lithuania, 150 in Latvia, 74 in Estonia, 61 in Bulgaria and 30 in Poland. Compared to 535 shops operated in 2015.

Maxima Grupė, UAB is a holding company founded in 2007, which controls retail trade companies in Lithuania, Latvia, Estonia, Poland, and Bulgaria. At the end of 2016, “Maxima Grupė” companies employed 30,945 people, with more than a half (16,555) of them working in Lithuania.

Comment of Robertas Čipkus, CEO at Maxima Grupė, UAB

Operating under the increased competition in 2016 “Maxima Grupė” companies were actively transforming their business. Corporate governance structure was reorganized and the management of subsidiary companies in Lithuania, Latvia, and Estonia was strengthened. The active business development has been implemented in Bulgaria and the reorganisation of business started in Poland.

The turnover of “Maxima Grupė” remained stable, while the decreased profits of the group were mainly influenced by unusual one-off costs.

We see great opportunities for further business growth in 2017. Macroeconomic situation in markets where our business enterprises operate remains stable, consumers’ expectations are improving, and consumption is growing. We will continue to expand business growth in foreign markets and to strengthen existing positions in Lithuania, where the largest part of “Maxima” business is located.

Contact:
Phone: +370 5 219 0134
Fax: +370 5 219 6001
E-mail: info@maximagrupe.eu

Source: Maxima Grupė

Maxima Grupė announces management changes

Vilnius, Lithuania, 2017-Feb-11 — /EPR Retail News/ — Once Alvydas Šustikas decided to leave Maxima Grupė managing retail companies in Lithuania, Latvia, Estonia, Poland and Bulgaria, the Board of the company appointed a new CEO and a Chairman of the Board. Since 8 February, Robertas Čipkus, Director of Finance of the company, will be appointed the CEO of Maxima Grupė and board member of Maxima LT. Petras Jašinskas, a member of the Company’s Board, was elected the Chair of the Board of Maxima Grupė. Legal Director Eugenijus Filonovas was also appointed to the Board of Maxima Grupė.

“We are very grateful to Alvydas Šustikas for his contribution and professionalism in the development of the group’s activities and the launched new stage of its transformation” – said the Chair of the Board of UAB Vilniaus Prekyba Raimonda Kižienė.

According to R. Kižienė, Maxima Grupė will continue its role as a consolidating institution; however, its role in the organization of Maxima business will change, because the company’s activities are moving closer to the business taking place in each country. “After the governance reform, we can coordinate and adopt more decisions in supervisory institutions established in Lithuania, Latvia and Estonia, where to managers of Maxima Grupė have also been delegated” – said R. Kižienė.

UAB Vilniaus Prekyba started changing the governance of its subsidiaries in December of last year. Boards were formed or renewed in Vilniaus Prekyba Group companies Maxima Grupė, Maxima LT, Maxima Latvia, Maxima Eesti, Euroapotheca, Akropolis Group, Ermitažas and Franmax. The aim of the change is to improve corporate governance by delegating members of the Board and CEOs of parent companies to boards of subsidiaries. This step is also aimed at ensuring sustainable development of companies and increasing their performance efficiency.

Contact:

Phone: +370 5 219 0134
Fax: +370 5 219 6001
E-mail: info@maximagrupe.eu

Source: Maxima Grupė