Eco Baltia's audited financial results for 2023Eco Baltia Group attains historic high turnover of EUR 218.5 million
The largest environmental resource management and recycling group in the Baltics, Eco Baltia AS, has approved its audited corporate and consolidated financial statements for 2023. According to the statements, the group's consolidated turnover last year was the highest ever at EUR 218.4 million, up 4% year-on-year, while EBITDA was EUR 28.4 million, up 11.8% year-on-year.
The increase was mainly driven by the solid and convincing results in the environmental management sector, the acquisition of new businesses and expansion in the international market, as well as the process automation and streamlining measures implemented.
Compared to the unaudited financial statements for the first 12 months of last year, which were published on 28 March this year, the audited consolidated financial statements include changes in certain line items. Following the audit, the Group's consolidated turnover decreased by EUR 0.1 million and EBITDA increased by EUR 0.8 million. The changes also affected the net profit of Eco Baltia, which according to the audited consolidated financial statements amounted to EUR 1.5 million (unaudited: EUR 1.7 million). The changes mainly relate to the allocation of goodwill arising on acquisitions to the estimates of assets and liabilities acquired, the restatement of the opening balances of newly acquired corporate financial instruments and deferred corporate income tax in accordance with International Financial Reporting Standards.
As Māris Simanovičs, Chairman of the Board of Eco Baltia AS, explains: “Despite last year representing a recovery period for the global market following economic challenges, we have used it to the benefit of Eco Baltia's growth. We have evaluated new directions for the development of the Group's companies in the international market, which was achieved through several new acquisitions in both the environmental management and recycling sectors. At the same time, despite the difficult situation in the international recycling market, we have taken important steps in process automation, which will help increase the Group's recycling capacity in the long term. In addition to targeted investments in business development, last year we continued our work to develop and implement a consolidated ESG (environmental, social and governance) strategy across the Group's businesses. At the same time, one of the most important pillars of our development is the improvement of the working environment, safety and employee welfare, which we will continue to work on this year.”
In line with the company's strategic objectives for 2024, one of Eco Baltia's priorities will be to improve working conditions and safety, implement various support measures for employees and promote sustainability. In 2024, it is also planned to continue investing in waste recycling and environmental management, thus contributing to the continued growth, efficiency and competitiveness of the Group's companies both domestically and internationally.
About Eco Baltia
Eco Baltia group is the largest environmental and waste management group in the Baltics, providing the full-cycle waste management solutions from waste collection and sorting to secondary raw material logistics, wholesale and raw material processing as well as PET and PE/PP plastics recycling.
Eco Baltia closed 2023 with a consolidated turnover of EUR 218.4 million, an increase of 4% compared to 2022. Eco Baltia's total combined sales revenue (pro-forma) in 2023 amounted to EUR 242.5 million.
The Group has more than 2.500 employees in Latvia, Lithuania, Poland and the Czech Republic. Its leading companies are PET Baltija, Eco Baltia vide, Latvijas Zaļais punkts, Nordic Plast, JUMIS, Sigulda, TESIL Fibres, TESIL Fibres, UAB Ecoservice, based in Lithuania, and, from November 2023, Metal Plast, based in Poland.
Shareholders of Eco Baltia are private equity fund INVL Baltic Sea Growth Fund (52.81%), the European Bank for the Reconstruction and Development (30.51%) and Māris Simanovičs (16.68%).
Additional information:
Alise Zvaigzne
Public Relations Project Manager
Eco Baltia
Phone +371 28780467
alise.zvaigzne@ecobaltia.lv
www.ecobaltia.lv
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