UAB„Orkela“ Publishes Audited Financial Statements for the Year, Ended 31 December 2023.
UAB „Orkela“ (hereinafter – the Company) publishes audited financial statements for the year. Ended 31 December 2023.
The principal activity of the Company is real estate development and construction. The Company owns a land plot and building complex in Vilnius, at Vasario 16 st. 1. The Company is developing a lyceum and hotel complex next to the Church and Monastery of the Apostles St. Philip and James. The Company expects to complete the Project in 2024.
Highlights of 2023
- On 2nd January 2023, the Company entered into a lease agreement with the main project tenant for 18,082 square meters of space in the Project, where Royal Russell branded school with student accommodation services will operate.
- In Q1 2023, the Company issued two tranches of bonds totaling 5 571 units (EUR 5 571 000 nominal value) out of its total bond issue with a nominal value of EUR 40 million.
- In Q2 2023, the Company issued one tranche of bonds consisting of 852 units (EUR 852 000 nominal value) out of its total bond issue with a nominal value of EUR 40 million.
- On 14th November 2023 the Bank of Lithuania approve the Base Prospectus for the bond issuance.
- On 16th November 2023, the Company terminated the lease agreement with Royal Russell branded school.
- In Q4 2023 the Company issued one tranche of bonds consisting of 2 551 units (EUR 2 551 000 nominal value) out of its total bond issue with a nominal value of EUR 40 million.
- A total of 8 974 bonds (with EUR 8 974 000 nominal value) were issued in 2023.
Key events after the end of the financial year
- In January 2024, the Company issued 11 066 units of secured non-covertible bonds (with a nominal value of EUR 11 066 000) from the total 40 million EUR emission (nominal value).
The decision of the sole shareholder
According to the Law on Companies of Republic of Lithuania, the annual financial statements prepared by the management must be approved by the General Shareholders’ meeting. The shareholders of the Company have the right to approve or not to approve the financial statements and to demand the preparation of new annual financial statements.
On 30 April 2024 the Company’s shareholder made a decision regarding the approval of the Company’s financial statements for the year 2023 and the distribution of profit (loss) as indicated below:
| Article | Sum, EUR |
| Retained earnings (losses) – at the beginning of the financial year | (10,811,331) |
| Comprehensive income for the reporting period – net profit (loss) of the reporting year | (110,256) |
| Profit transfer to the legal reserve | – |
| Payment of dividends from undistributed profit | – |
| Retained earnings (losses) – at the end of financial year | (10,921,587) |
| Profit distribution: | |
| To be paid out as dividends | – |
| Transfer to the legal reserve | – |
| Retained earnings (losses) for 2023 and prior financial years | (10,921,587) |
On 30 April 2024 the Company’s shareholder also made a decision regarding the appointment of the audit firm for the audit of the Company’s financial statements for years 2024-2026 and approved the management’s proposal to appoint UAB “PricewaterhouseCoopers”, company code 111473315, to perform the audit of Company’s financial statements for the years 2024-2026.
More information:
Director of UAB „Orkela“
Anastasija Pocienė
Anastasija.Pociene@lordslb.lt
+370 671 16 232
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