Teate vaade
Ettevõte UPP Olaines OÜ

NB! See on parandusteade.

  • Keel 'English'. Pealkiri oli muutunud.
  • Keel 'Eesti'. Pealkiri oli muutunud.
  • Manus oli lisatud 'UPPOlaines-10002956881-en.pdf'.
  • Manus oli lisatud 'UPPOlaines-10002956883-et.pdf'.
  • Manus oli ära kustutatud 'UPPOlaines-10002956811-en.pdf'.
  • Manus oli ära kustutatud 'UPPOlaines-10002956813-et.pdf'.
Eelmine versioon UPP Olaines OÜ 2019. aasta III kvartali ja 9 kuu konsolideeritud auditeerimata vahearuanne
Tüüp Korraldatud teave
Kategooria Muud korporatiivtoimingud
Avaldamise aeg 26 nov 2019 13:15:02 +0200
Manused
UPPOlaines-10002956881-en.pdf
UPPOlaines-10002956883-et.pdf
Keeleversioonid
Keel English
Valuuta
Pealkiri Correction: UPP Olaines OÜ consolidated unaudited financial results for Q3 and 9 months of 2019
Tekst
Following is a correction to UPP Olaines OÜ consolidated unaudited financial
results for Q3 and 9 months of 2019 published 12:36 on November 26th 2019. The
company included wrong attachments to the financial results release. With this
correction the company has included the correct attachments.


Management commentary for the third quarter of 2019 ('Q3 2019')

During  Q3 2019 the company made 634,901 EUR  in operating income and during the
first  9 months of 2019 the operating income amounted to 1,879,700 EUR in total.
Compared  to Q3 2018 the operating income  has increased by 6.3% and compared to
first   9 months  of  2018 the  operating  income  has  increased  by  7.6%. The
difference  in operating income  on quarterly basis  is mainly due to adjustment
made  in Q3 2018 to  correct mistakes of  the previous quarters of 2018. 9 month
results  outperform comparative period of 2018 mainly due to rent indexation and
decrease in administrative costs.

During  Q3 2019 the company's financial costs amounted to 323,574 EUR and during
9 months  of  2019 the  financial  costs  amounted  to  1,111,940 EUR  in total.
Compared to Q3 2019 the financial expenses have increased by 60% and compared to
9 months  of 2018 the financial expenses have decreased by 6.6%. The increase of
nearly  60% YoY  in  financial  costs  in  Q3  is  caused  by the abnormally low
financial  costs in  Q3 2018 which  were affected  by significant changes in the
current  value of  the interest  rate swap  agreement. Since  the financial cost
takes  into account the current balance of  the interest rate swap agreement, it
can  affect the quarterly financial income and expenses significantly. Comparing
longer  periods  gives  a  better  indication  for  trends  in company's cost of
financing.

The  company's sole business  activity is to  collect rental revenue, manage the
Olaine   property   and  service  its  liabilities  to  lenders  and  investors.
Liabilities  include the subordinated  bonds with a  fixed interest rate and the
investment  loan which' rate is also fixed with an interest rate swap agreement.
On  the  revenue  side  the  company  earns stable triple-net rental income from
reputable  tenants, which is fixed with medium-term agreements but is subject to
indexation.  Due to the economically fixed nature of the company, there needs to
be  major event in the  overall economy or in  the company's business activities
for them to have significant effect on the company's financial results.

As  of reporting date all regular business operations of the company are running
smoothly,  including duly and timely collection of rental and utilities payments
from the tenants.

As of the end of Q3 2019, there is no vacancy in the premises.

Key indicators of financial performance and position for 9 months 2019

-------------------------------------------------------------------------------
 (in EUR)                Q3 2019      Q3 2018    9 months 2019    9 months 2018
-------------------------------------------------------------------------------
 Net rental income            642,452  599,759          1,933,970     1,877,856

 Operating profit             634,901  596,731          1,879,700     1,745,645

 Profit for the
 period                       311,327  392,785            767,760       557,274
-------------------------------------------------------------------------------
 (in EUR)                                      30.09.2019            31.12.2018
-------------------------------------------------------------------------------
 Investment property                           30,762,000            30,762,000

 Interest-bearing loans                        28,958,633            29,656,633

 Interest-bearing loans less
 shareholder loan                              25,910,333            26,608,333
-------------------------------------------------------------------------------
                                                                  9 months 2019
-------------------------------------------------------------------------------
 Net profit margin (Total comprehensive income for the
 period / Net rental income)                                                40%

 ROA (Net profit for the period / Average total assets
 for the period)                                                           2.4%

 DSCR (Operating profit / Loan principal and interest
 payments on interest-bearing loans)                                        1.3


CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

Condensed consolidated interim statement of comprehensive income

-------------------------------------------------------------------------------
 (in EUR)                  Note   Q3 2019   Q3 2018 9 months 2019 9 months 2018
-------------------------------------------------------------------------------
 Net rental income          5     642,452   599,759     1,933,970     1,877,856
-------------------------------------------------------------------------------
 Net rental income                642,452   599,759     1,933,970     1,877,856
-------------------------------------------------------------------------------


 General and
 administrative expenses          (7,551)   (3,028)      (39,270)     (132,211)

 Other income / (cost)                  0         0      (15,000)             0
-------------------------------------------------------------------------------
 Operating profit                 634,901   596,731     1,879,700     1,745,645
-------------------------------------------------------------------------------


 Financial income / (cost)      (323,574) (203,946)   (1,111,940)   (1,188,371)
-------------------------------------------------------------------------------
 Profit before income tax         311,327   392,785       767,760       557,274
-------------------------------------------------------------------------------
 Profit for the period            311,327   392,785       767,760       557,274


-------------------------------------------------------------------------------
 Total comprehensive
 income for the period            311,327   392,785       767,760       557,274
-------------------------------------------------------------------------------

Condensed consolidated interim statement of financial position

-----------------------------------------------------------------
  (in EUR                         Note   30.09.2019   31.12.2018
-----------------------------------------------------------------
  Cash and cash equivalents                 719,578      426,691

  Trade and other receivables               206,490      300,576
-----------------------------------------------------------------
  Total current assets                      926,068      727,267



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

  TOTAL ASSETS                           31,688,068   31,489,267



  Trade and other payables                  376,757      446,036

  Financial derivatives                     615,204      416,879

  Loans and borrowings             6      1,064,004    1,064,004
-----------------------------------------------------------------
  Total current liabilities               2,055,961    1,926,919



  Loans and borrowings             6     27,894,629   28,592,629
-----------------------------------------------------------------
  Total non-current liabilities          27,894,629   28,592,629

  TOTAL LIABILITIES                      29,950,590   30,519,548



  Share capital                               2,500        2,500

  Retained earnings                       1,734,979      967,219
-----------------------------------------------------------------
  TOTAL EQUITY                            1,737,479      969,719



  TOTAL EQUITY AND LIABILITIES           31,688,068   31,489,267
-----------------------------------------------------------------


Siim Sild

Director

+372 5626 0107

siim.sild@unitedpartners.ee