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
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(in EUR) Note Q1 2019 Q1 2018
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Sales revenue 4 649,713 624,518
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Net rental income 649,713 624,518
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Administrative expenses 5 (5,566) (118,605)
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Operating profit 644,147 505,913
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Financial income / (cost) 6 (376,674) (291,198)
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Profit before income tax 267,473 214,715
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Profit for the period 267,473 214,715
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Total comprehensive income for the period 267,473 214,715
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Condensed consolidated interim statement of financial position
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(in EUR) Note 31.03.2019 31.12.2018
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Cash and cash equivalents 7 523,170 426,691
Accounts receivable and prepayments 8 281,913 300,576
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Total current assets 805,083 727,267
Investment property 9 30,762,000 30,762,000
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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
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Total current liabilities 2,003,259 1,926,919
Loans and borrowings 11 28,326,632 28,592,629
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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
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TOTAL EQUITY 1,237,192 969,719
TOTAL EQUITY AND LIABILITIES 31,567,083 31,489,267
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Siim Sild
Director
+372 5626 0107
siim.sild@unitedpartners.ee
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