(MENAFN- GlobeNewsWire - Nasdaq) On 20 May, Maxima Grupė is beginning a structural change of its corporate group, after which MAXIMA GRUPĖ, UAB will manage all the retail operators, and they will assume the management of the real estate used in their activities. Additionally, the management company Lincoln Land Erste B.V, which operates in the Netherlands, will no longer be part of the group's composition.
'For faster and more effective business decisions, we are simplifying the structure of the Maxima group: we will manage companies from Lithuania and transfer matters of the management of real estate operations to each country's retail operators. One of the main reasons for the operations in the Netherlands was geographic diversification of the management of investments with a stable business and legal environment. Today the Baltic countries fully satisfy those business needs,' says Jurgita Šlekytė, the CEO of Maxima Grupė.
In order to maintain and strengthen collaboration among the Baltic countries, the retail operators in Latvia and Estonia will be owned by Maxima Grupė (67%) together with Maxima LT (33%). In Poland and Bulgaria, where further expansion is planned, Maxima Grupė will own 100% of the shares of the retail operators. Real estate will continue to be managed through special-purpose real estate entities which will belong 100% to the retail operators in the geographic area of their operations.
In completing the structural changes of the group, Lincoln Land Erste will be merged into Maxima LT. Before this change, Lincoln Land Erste held a significant part of Maxima Grupė's assets: retail operators in Latvia, Estonia and Bulgaria, and real estate companies in Lithuania, Latvia, Estonia, Poland and Bulgaria.
The structural change of the ownership structure of Maxima Grupė's group of companies is planned to be completed by the end of 2020.
Additional information
Maxima Grupė owns the retail chains Maxima (in the Baltic countries), Stokrotka (in Poland), and T-Market (in Bulgaria), as well as e-grocer Barbora which operates in the Baltic countries.
Maxima Grupė's consolidated revenue in 2019 grew by 15.7% versus the previous year to EUR 3.993 billion. Consolidated EBITDA for the year, including the impact of IFRS 16, was EUR 333.4 million. The group invested EUR 131.3 million in fixed assets.
Maxima Grupė is part of the Vilniaus Prekyba group of companies. Vilniaus Prekyba controls and manages a group of subsidiary companies operating chains of retail stores and pharmacies as well as real estate development and property management companies in the Baltic States, Sweden, Poland and Bulgaria.
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