Landmarken balance sheet shows high profits – equity strengthened once again
Landmarken AG has prepared its annual financial statements for 2022 and can report encouraging results that allow for a positive outlook for the future: the project developer's profit after taxes amounts to around €40 million, representing a further increase compared to the previous year. This also benefits the capital resources for future projects.
Revenue comes from sales, project development fees, and ongoing rental income, as well as from the results of investments in subsidiaries. As in previous years, the shareholders have now decided to allocate a large portion of the profit, namely €35 million, to reserves, thereby further strengthening the company's equity capital. This will increase reserves from €65 million to €100 million. "Unlike some of our competitors, we have hardly skimmed off any profits in the good years of the recent past, but have repeatedly invested them back into the company," says CEO Anke Tsitouras, who also represents the shareholder family. "This means that we have a large equity reserve available to finance future project developments."
"Our advantage is that, as a family business with good reserves, we have always taken care to finance our projects in the traditional way with equity and first-rank land charges," says fellow board member Jens Kreiterling. "This means we are not as exposed to the general pressure that some of our competitors are feeling." In addition, according to the board member responsible for project development, Landmarken has continuously adapted its business model and set the right priorities. This includes, for example, a focus on sustainable portfolio development, ESG, neighborhood development, and public users, areas in which Landmarken has already built up a wealth of expertise in the past that is now benefiting the company.
"Our projects are also struggling with the current deterioration in economic conditions. However, the family-owned company Landmarken AG has excellent financial strength and a wonderful and competent team," sums up Anke Tsitouras. "This gives us the confidence that we are very well positioned for the current market situation."
