Lidl Eesti OÜ, the Estonian representative of German global discount supermarket chain, made €21.5 million worth of investments in long-term assets in Estonia during the 2018 financial year, and is to begin construction of its first stores in Estonia this year.
The company's losses in the previous financial year, which ran from March 2018 through the end of February 2019, totaled some €3.4 million, 3.4 times more than during the previous year. The company's management board, however, has proposed covering these losses from next year's profits, it appears from Lidl Eesti's annual report.
The company's primary area of operation is currently purchasing real estate and constructing stores. During the accounting year in question, the company purchased six properties, continued negotiations with owners of other potential properties as well as was issued two construction permits.
This financial year, Lidl Eesti will continue acquiring and developing its real estate objects, drawing up detailed plans and designing buildings, as well as begin the construction of its first stores in Estonia.
In order to finance the investments made in 2018, CE-Beteiligungs-GmbH, a shareholder in Lidl Eesti, increased the latter company's share capital by €14 million.
During the previous financial year, Lidl Eesti had a full-time workforce of 18 employees on average, with labor expenses totaling €494,300. A year earlier, the wage costs of four employees totaled €107,600.
Management board members Alexandru Mag, Eglė Radžiūnė, Karl Ragnar Jakob Josefsson, Maciej Szymon Urbanski and Marius Kybartas received no separate remuneration. All five board members are also linked to Lidl's business in Lithuania.
Editor: Aili Vahtla