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Ettevõte UPP Olaines OÜ

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Parandatud versioon Parandus: UPP Olaines OÜ 2019. aasta 1. kvartali auditeerimata majandustulemused
Tüüp Korraldatud teave
Kategooria Juhtkonna vaheteadaanne või kvartaalne finantsaruanne
Avaldamise aeg 04 juuni 2019 12:29:16 +0300
Manused
UPPOlaines-10001960551-en.pdf
UPPOlaines-10001960553-et.pdf
Keeleversioonid
Keel English
Valuuta
Pealkiri UPP Olaines OÜ 1st quarter 2019 unaudited financial results
Tekst
General information

UPP  Olaines OÜ  (hereafter 'the  company') was  established for  the purpose of
funding,  acquiring and managing the real estate investment of Olaines Logistics
Park:  (buildings  and  land)  located  at  "Sharlotes",  Olaines county, Olaines
parish,  Latvia, cadastre number 8080 003 0029, registered  in the Land Register
compartment No.5439 of the city of Olaine parish. The company was established in
24.08.2017 and  had no economic activity  until 15.12.2018, when it acquired the
cold storage warehouse Olaines Logistics Park.

To  finance  the  acquisition  of  the  property,  the  company  issued  secured
subordinated  bonds in the total nominal value of 6.215 million euros. The bonds
were listed and admitted to trading on Nasdaq Tallinn Bond List on 29.11.2018.

The  business performance is not affected by seasonal factors. The activities of
the company have no environmental or social impact.

As  the company has  been established solely  for the purpose funding, acquiring
and managing the property, no strategic changes in the business are planned.

The  management board is aware of no trends, uncertainties, demands, commitments
or  events that are reasonably likely to have a material effect on the company's
prospects  for the period  after the reporting  period of this interim financial
statement outside the course of its regular business activities.

UPP Olaines OÜ is a going concern.

Management commentary for the first quarter of 2019 ('Q1 2019')

Delayed audited annual report for 2018

UPP Olaines OÜ has delayed the publishing of its audited annual report for 2018
because  UPP  Olaines  OÜ  audited  annual  report  for  2018 has  not  yet been
completed.

The  delay is mainly caused  by the fact that  UPP Olaines OÜ and its subsidiary
companies  in Latvia are  being audited for  the first time  and the process has
taken  longer  than  initially  expected.  UPP  Olaines OÜ group consists of the
Issuer  UPP  Olaines  OÜ,  who  controls  a  direct  Latvian  subsidiary Olaines
Logistics SIA, who controls the property holding company Olaines Logistics Parks
SIA. Auditing two Latvian companies under the Estonian Issuer for the first time
has taken longer compared to regular, recurring auditing.

The  management of  UPP Olaines  OÜ confirms  that the  delay in  audited annual
report  for 2018 is not voluntary. The management of UPP Olaines OÜ confirms the
delay is not caused by economic, financial or business activities of UPP Olaines
OÜ, or its subsidiaries.

Operations

No  significant events  occurred in  Q1 2019 and  all regular  operations of the
premise are running smoothly, including duly and timely collection of rental and
utilities payments from the tenants.

As of the end of Q1 2019, there is no vacancy in the premises.


CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

Condensed consolidated interim statement of comprehensive income

-------------------------------------------------------------------------------
  (in EUR)                                    Note       Q1 2019       Q1 2018
-------------------------------------------------------------------------------
  Sales revenue                                4         649,713       624,518
-------------------------------------------------------------------------------
  Net rental income                                      649,713       624,518
-------------------------------------------------------------------------------


  Administrative expenses                      5         (5,566)     (118,605)
-------------------------------------------------------------------------------
  Operating profit                                       644,147       505,913
-------------------------------------------------------------------------------


  Financial income / (cost)                    6       (376,674)     (291,198)
-------------------------------------------------------------------------------
  Profit before income tax                               267,473       214,715
-------------------------------------------------------------------------------
  Profit for the period                                  267,473       214,715


-------------------------------------------------------------------------------
  Total comprehensive income for the period              267,473       214,715
-------------------------------------------------------------------------------


Condensed consolidated interim statement of financial position

--------------------------------------------------------------------------
  (in EUR)                                 Note   31.03.2019   31.12.2018
--------------------------------------------------------------------------
  Cash and cash equivalents                 7        523,170      426,691

  Accounts receivable and prepayments       8        281,913      300,576
--------------------------------------------------------------------------
  Total current assets                               805,083      727,267



  Investment property                       9     30,762,000   30,762,000
--------------------------------------------------------------------------
  Total non-current assets                        30,762,000   30,762,000

  TOTAL ASSETS                                    31,567,083   31,489,267



  Accounts payable and other settlements    10       939,259      862,915

  Loans and borrowings                      11     1,064,000    1,064,004
--------------------------------------------------------------------------
  Total current liabilities                        2,003,259    1,926,919



  Loans and borrowings                      11    28,326,632   28,592,629
--------------------------------------------------------------------------
  Total non-current liabilities                   28,326,632   28,592,629

  TOTAL LIABILITIES                               30,329,891   30,519,548



  Share capital                                        2,500        2,500

  Retained earnings                                1,234,692      967,219
--------------------------------------------------------------------------
  TOTAL EQUITY                                     1,237,192      969,719



  TOTAL EQUITY AND LIABILITIES                    31,567,083   31,489,267
--------------------------------------------------------------------------


Siim Sild

Director

+372 5626 0107

siim.sild@unitedpartners.ee