Estonia, Good for Business, Investments, Real Estate, Retail

The company is planning to cover the loss with profits from next periods, it appears from the annual report.

In the financial year 2018, Lidl invested 21.5 mln euros in Estonia and finished the period with a net loss of 3.4 mln euros.

Lidl Eesti OU was registered in October 2016 and started economic activity in Estonia immediately. The main line of business for the company was the acquisition of real estate for the purpose of construction of stores.

During 2019, the company acquired four properties, was issued four building permits and started the construction of the first store. 

To finance the investments made in 2019, the owner of Lidl Eesti, CE-Beteiligungs-GmbH, increased the company's share capital by 18 mln euros. The equity investment by the owner in  2018 totaled 14 mln euros.

The operating income of Lidl Eesti in the financial year 2019 totaled 374,000 euros, compared with 82,300 euros in the previous year. Operating expenses amounted to 6.9 mln euros in 2019 and to 2.7 mln euros in 2018. 

The company employed 52 full-time employees on the average during the year, whose wage costs totaled 1.5 mln euros. In 2018, the company had 18 employees on the average, to whom 494,000 euros was paid out in wages.

The management board of Lidl Eesti consists of five members, whose remuneration in 2019 totaled 102,400 euros inclusive of bonuses. 

In the financial year 2020, the company will continue developing and acquiring real estate, including the preparation of detailed spatial plans and designs of buildings, and also the construction of stores.