Market announcement
EfTEN Real Estate Fund AS
LEI code
4851000008JBI71L7643
Size of the entity
Medium group
Economic activities
Financial and Insurance Activities
Industry sector(s)
Management company
Country of registered office
Estonia
General information
This is a correction announcement.
Previous version
Categories
Management interim statement or quarterly financial report
Unique data record identifier
7338
Attachments
Submission date and time
05.06.2019 12:08:28
Content of announcement in Estonian
Title
Parandus: UPP Olaines OÜ 2019. aasta 1. kvartali auditeerimata majandustulemused
Message
Järgneb parandus 4. juunil 2019. a. avalikustatud UPP Olaines OÜ 2019. aasta 1.
kvartali auditeerimata majandustulemustele. Paranduse käigus on lisatud
kommentaar vahearuandeperioodi majandustulemustele ning on muudetud 2018.
auditeeritud majandusaasta aruande hilinemise põhjenduse sõnastust.
TEGEVUSARUANNE 2019. AASTA 3 KUU KOHTA
Üldine informatsioon
UPP Olaines OÜ ('ettevõte') asutati kinnisvarainvesteeringu Olaines Logistics
Park (hooned ja kinnistu) finantseerimiseks, omandamiseks ning haldamiseks.
Olaines Logistics Park asukoht on Sharlotes, Olainese maakond, Olainese vald,
kadastrinumber 8080 003 0029, registreeritud Olaine valla linna maakatastris nr.
5439. Ettevõte asutati 24.08.2017 ning ettevõttel puudus majanduslik tegevus
kuni 15.12.2018, kui omandati Olaines Logistics Parki külmladu.
Kinnisvara omandamise finantseerimiseks emiteeris ettevõtte tagatud allutatud
võlakirju kogunominaalväärtuses 6,215 miljon eurot. Võlakirjad noteeriti ning
võeti kauplemisele Nasdaqi Tallinna võlakirjade nimekirjas 29.11.2018.
Ettevõtte äritegevus ei ole mõjutatud hooajalistest faktoritest. Ettevõtte
tegevusel puudub sotsiaalne või keskkondlik mõju.
Ettevõtte on loodud ainult Olaines Logistics Parki finantseerimiseks,
omandamiseks ja haldamiseks, seetõttu strateegilisi muutusi ettevõtte
äritegevuses ei ole planeeritud.
Juhtkonnal puudub informatsioon trendidest, ebakindlustest, nõuetest,
kohustustest või sündmustest, mis võiks mõistliku tõenäosusega osutada
materiaalset mõju ettevõtte väljavaadetele selle vahearuande aruandlusperioodi
järgsel perioodil väljaspool ettevõtte regulaarset äritegevust.
UPP Olaines OÜ jätkab tegevust.
2019. aasta esimese kvartali ('I kv 2019') tegevusaruanne
Viivitus 2018. majandusaasta auditeeritud tulemuste avalikustamises
UPP Olaines OÜ ei ole avalikustanud 2018. majandusaasta auditeeritud tulemusi
kuna UPP Olaines OÜ 2018. majandusaasta auditeeritud aruanne ei ole veel
lõpetatud.
Aruande valmimise hilinemise põhjuseks on UPP Olaines OÜ tütaräriühingute
Olaines Logistics SIA ja Olaines Logistics Parks SIA esmakordne IFRS
arvestuspõhimõtetele tuginevate majandusaasta aruannete koostamine ja
auditeerimine ning UPP Olaines OÜ esmakordne konsolideeritud majandusaasta
aruande koostamine ja auditeerimine. Need protsessid on võtnud rohkem aega kui
esialgu planeeritud.
UPP Olaines OÜ juhatus kinnitab, et 2018. majandusaasta auditeeritud tulemuste
avalikustamisega viivitamine ei ole tahtlik. Samuti kinnitab UPP Olaines OÜ
juhatus, et viivitust ei ole põhjustatud UPP Olaines OÜ, või tema
tütaräriühingute, majandus-, finants-, või äritegevusest.
Kommentaarid majandustulemustele
2019. a. 1. kvartalis oli ettevõtte ärikasum 644 147 EUR, mis on 27% rohkem
võrreldes 2018. a. 1. kvartaliga. Ärikasum kasvas vähenenud halduskulude tõttu,
mis 2019. a. 1. kvartalis olid kokku 5 566 EUR. Kõrge halduskulu 2018. a. 1.
kvartalis oli tingitud tehingukuludest mis kompenseeriti United Partners
grupile. Peamise osa tehingu kuludest moodustasid investeerimislaenu
väljastamise ja selle tagamiseks hüpoteegi seadmise kulud, võlakirja tagatiseks
II jk. hüpoteegi seadmise kulud ning võlakirjade tingimuste ja
tehingudokumentidega seotud juriidilised kulud.
2019. a. 1. kvartalis oli ettevõtte finantskulu 376 674 EUR, mis on 29% rohkem
võrreldes 2018. a. 1. kvartaliga. 2018. a. 1. kvartali aruande avalikustamise
hetkeks ei olnud Olaines Logistics SIA sõlminud veel SWAP lepingut
investeerimislaenu pakkujaga. Erinevalt käesolevast vahearuandest ei kajastanud
2018. a. 1. kvartali vahearuanne SWAP-i turuväärtust, mis on põhjustanud
finantskulu suurenemise vahearuannete lõikes.
Muud finantstulemused on võrreldavad 2018. a. 1. kvartaliga. Käesoleva
aruandeperioodi jooksul ei toimunud erakorralise või ühekordse iseloomuga
suuremaid kulutusi ning ettevõttele ei laekunud erakorralist või ühekordse
iseloomuga tulu.
Ettevõtte äritegevuseks on renditulu kogumine, kinnisvaraobjekti haldamine ning
laenukohustuste teenindamine. Laenukohustused moodustavad fikseeritud intressiga
võlakirjad ning investeerimislaen, mille intress on samuti SWAP-iga fikseeritud.
Tulude poolel on stabiilne renditulu tugevatelt rentnikelt, mis on põhiosas
fikseeritud kesk-pikkade lepingutega ning mida indekseeritakse vastavalt
inflatsioonile. Aruandeperioodi jooksul ei esinenud ülaltoodust muid asjaolusid
mis oleksid ettevõtte majandustegevust või finantstulemusi oluliselt muutnud.
Tulenevalt ettevõtte äritegevusest on tema majandustegevus ja finantstulemused
üldiselt raskesti mõjutatavad erinevate väliste tegurite poolt.
Muid olulisi sündmusi peale regulaarsete operatiivtegevuste, sh õigeaegsete
üüri- ning kommunaaltasude laekumiste, 2019. a. 1. kvartalis ei olnud.
2019. a. 1. kvartali lõpu seisuga kinnisvaraobjektil vakantsus puudub.
Juhtkond ja nõukogu
UPP Olaines OÜ juhtkonnas on üks liige: Marko Tali, juhtkonna esimees.
UPP Olaines OÜ nõukogus on kolm liiget: Mart Tooming, Tarmo Rooteman, Hallar
Loogma.
Juhtkonna ning nõukogu liikmetele ei ole ettenähtud tasu ega muid hüvesid.
Ettevõttes ei ole peale juhtkonna ning nõukogu töötajaid.
KONSOLIDEERITUD VAHEARUANNE
Konsolideeritud koondkasumi vahearuanne
---------------------------------------------------------------
(eurodes) Lisa 3 kuud 2019 3 kuud 2018
---------------------------------------------------------------
Müügitulu 4 649 713 624 518
---------------------------------------------------------------
Puhas renditulu 649 713 624 518
---------------------------------------------------------------
Halduskulud 5 (5 566) (118 605)
---------------------------------------------------------------
Ärikasum 644 147 505 913
---------------------------------------------------------------
Finantstulud (kulud) 6 (376 674) (291 198)
---------------------------------------------------------------
Kasum enne tulumaksu 267 473 214 715
---------------------------------------------------------------
Perioodi kasum 267 473 214 715
---------------------------------------------------------------
Perioodi koondkasum kokku 267 473 214 715
---------------------------------------------------------------
Konsolideeritud finantsseisundi vahearuanne
------------------------------------------------------------------
(eurodes) Note 31.03.2019 31.12.2018
------------------------------------------------------------------
Raha ja raha ekvivalendid 7 523 170 426 691
Nõuded ja ettemaksed 8 281 913 300 576
------------------------------------------------------------------
Käibevara kokku 805 083 727 267
Kinnisvarainvesteeringud 9 30 762 000 30 762 000
------------------------------------------------------------------
Põhivara kokku 30 762 000 30 762 000
VARAD KOKKU 31 567 083 31 489 267
Võlad ja ettemaksed 10 939 259 862 915
Laenukohustused 11 1 064 000 1 064 004
------------------------------------------------------------------
Lühiajalised kohustused 2 003 259 1 926 919
Laenukohustused 11 28 326 632 28 592 629
------------------------------------------------------------------
Pikaajalised kohustused 28 326 632 28 592 629
KOHUSTUSED KOKKU 30 329 891 30 519 548
Aktsiakapital 2 500 2 500
Jaotamata kasum 1 234 692 967 219
------------------------------------------------------------------
OMAKAPITAL KOKKU 1 237 192 969 719
OMAKAPITAL JA KOHUSTUSED KOKKU 31 567 083 31 489 267
------------------------------------------------------------------
Siim Sild
Direktor
+372 5626 0107
[email protected]
Content of announcement in English
Title
Correction: UPP Olaines OÜ 1st quarter 2019 unaudited financial results
Message
Following is a correction for UPP Olaines OÜ 1st quarter 2019 unaudited
financial results published on 4th June 2019. A commentary for the interim
period financial results has been added and the wording for 2018 audited annual
report delay reasoning has been modified.
MANAGEMENT REPORT FOR 3 MONTHS 2019
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
Publishing of audited annual report for 2018 UPP Olaines OÜ has been delayed
because completing UPP Olaines OÜ audited annual report has not yet been
finalised.
The delay in the completion of the audited annual report for 2018 is due to the
annual reports of the Latvian subsidiaries Olaines Logistics SIA and Olaines
Logistics Park SIA being prepared according to IFRS accounting principles and
audited for the first time, and the preparation and auditing of the first
consolidated annual report of UPP Olaines OÜ. These processes have taken longer
than initially expected.
The management of UPP Olaines OÜ confirms that the delay in publishing audited
annual report for 2018 is not intentional. 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.
Commentary on interim period financial results
In Q1 2019 the company made 644 147 EUR operating income, which has increased by
27% compared to Q1 2018. The increase in operating income was due to the reduced
administrative expenses which amounted to EUR 5 566 in Q1 2019. The high
administrative expenses in Q1 2018 were related to the transaction costs which
were compensated to United Partners group. Investment loan assignment price, the
cost of establishing mortgages for the investment loan and the bond investors,
and the legal fees related to bond issue and transaction documents constituted
to majority of the transaction costs.
In Q1 2019 the company's financial expenses amounted to 376 674 EUR, which has
increased by 29% compared to Q1 2018. By the time Q1 2018 interim report was
published, the company's subsidiary Olaines Logistics SIA had not yet entered
into a SWAP agreement with the investment loan provider. Unlike the current
interim report, the interim report published in Q1 2018 did not account for the
SWAP market value, which has caused the increase in financial expenses across
interim reports.
Company's other financial results are comparable to the Q1 2018 results. During
the interim period the company did not receive or pay any extraordinary, or one-
off nature revenues or expenses.
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 a SWAP agreement. On the revenue
side the company earns stable rental income from reputable tenants, which is
fixed with medium-term agreements but is subject to indexation. During the
interim period there has been no cases, except for the ones stated above, which
would have had a noticeable effect on the company's business activities or its
financial results. Due to the previously explained economically stable nature of
the company, there needs to be major event in the overall economy in order for
it to have effect on the company's business activity or financial results.
No other 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.
Management board and supervisory board
The management board of UPP Olaines OÜ has one member: Marko Tali, the chairman
of the management board.
The supervisory board of UPP Olaines OÜ has three members: Mart Tooming, Tarmo
Rooteman, Hallar Loogma.
No remuneration or other benefits have been allotted to the members of the
management board and supervisory board.
There are no employees in the company besides the members of the management and
supervisory board.
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
[email protected]