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
Categories
Management interim statement or quarterly financial report
Unique data record identifier
7440
Attachments
Submission date and time
09.08.2019 12:45:18
Content of announcement in Estonian
Title
UPP Olaines OÜ 2019. aasta II kvartali ja 6 kuu konsolideeritud auditeerimata vahearuanne
Message
TEGEVUSARUANNE 2019. AASTA 6 KUU KOHTA Üldine informatsioon UPP Olaines OÜ (edaspidi 'Ettevõte', ja koos tütarettevõtetega 'Grupp') 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 15.12.2017, kui omandati Olaines Logistics Parki külmladu. Ettevõtte äritegevus ei ole mõjutatud hooajalistest faktoritest. Ettevõtte tegevusel puudub sotsiaalne või keskkondlik mõju. Ettevõte 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 tõenäoliselt osutada olulist mõju ettevõtte väljavaadetele selle aruandlusperioodi järgsel perioodil väljaspool ettevõtte regulaarset äritegevust. UPP Olaines OÜ on jätkuvalt tegutsev. Aruandeperioodi tegevusaruanne II kv 2019 oli ettevõtte ärikasum 600 653 EUR ning 2019. a. esimeses pooles oli ärikasum kokku 1 244 800 EUR. Võrreldes II kv 2018 langes ärikasum 6,6% võrra, esimese poolaasta ärikasum tõusis 8,3% võrreldes 2018. a. sama perioodiga. Ettevõttele määrati vahearuandeperioodil 15 000 EUR suurune trahv Finantsinspektsiooni poolt, kuna ettevõte ei avalikustanud 2018. a. auditeeritud majandustulemusi õigeaegselt. Sellel oli mõningane mõju II kv 2019 majandustulemustele. Üldine ärikasumi kasv 2019. a. esimeses pooles võrreldes eelmise aasta sama perioodiga tuleneb 2018. a. alguses tehtud tehingukuludest, mis tõstsid perioodi tegevuskulusid. Ettevõtte finantskulud moodustasid aruandeperioodil 413 416 EUR ning 2019. a. esimeses pooles moodustasid finantskulud kokku 790 090 EUR. Võrreldes II kv 2018 langesid finantskulud 40%, esimese poolaasta finantskulud kokku langesid 19,7% võrreldes 2018. a. sama perioodiga. Finantskulude langus on peamiselt seotud intressituletislepingu kohustuse tekkimisega II kv 2018, mis oli ühekordse loomuga kulu ning tõstis märkimisväärselt perioodi finantskulusid. Rahavoogude aspektist on ettevõte teenindanud oma kohustusi sarnaselt varasematele aruandlusperioodidele. Marginaalne kasv tagasimakstud kohustuse põhiosas on seotud II kv 2018 toimunud investeerimislaenu põhiosa maksepuhkusega. Ettevõtte äritegevuseks on renditulu kogumine, kinnisvaraobjekti haldamine ning laenukohustuste teenindamine. Laenukohustused moodustavad fikseeritud intressiga võlakirjad ning investeerimislaen, mille intress on samuti intressituletuslepinguga fikseeritud. Tulude poolel on stabiilne triple-net renditulu tugevatelt rentnikelt, mis on põhiosas fikseeritud kesk-pikkade lepingutega ning mida indekseeritakse vastavalt inflatsioonile. 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, II kv 2019 ei olnud. II kv 2019 lõpu seisuga kinnisvaraobjektil vakantsus puudub. Juhtkond ja nõukogu UPP Olaines OÜ juhatuses on üks liige: Marko Tali, juhatuse esimees. UPP Olaines OÜ nõukogus on kolm liiget: Mart Tooming, Tarmo Rooteman, Hallar Loogma. Juhatuse ning nõukogu liikmetele ei ole ettenähtud tasu ega muid hüvesid. Ettevõttes ei ole peale juhatuse ning nõukogu töötajaid. 2019. aasta 6 kuu finantsilised võtmenäitajad ------------------------------------------------------------------------------- (eurodes) II kv 2019 II kv 2018 6 kuud 2019 6 kuud 2018 ------------------------------------------------------------------------------- Neto renditulu 639 720 653 579 1 291 518 1 278 097 Ärikasum 600 653 643 001 1 244 800 1 148 914 Perioodi kasum 187 237 (50 226) 454 710 164 489 ------------------------------------------------------------------------------- (eurodes) 30.06.2019 31.12.2018 ------------------------------------------------------------------------------- Kinnisvarainvesteering 30 762 000 30 762 000 Intressikandvad laenud 29 124 633 29 656 633 Intressikandvad laenud ilma omanikulaenuta 26 076 333 26 608 333 ------------------------------------------------------------------------------- 6 months 2019 ------------------------------------------------------------------------------- Puhaskasumi marginaal, % (Puhaskasum / Puhas renditulu) 35% ROA (Puhaskasum / Perioodi keskmised varad) 1,4% DSCR (Ärikasum / Intressikandvate laenude põhiosa tagasimaksed ning intressimaksed) 1,1 KONSOLIDEERITUD VAHEARUANNE Konsolideeritud koondkasumi vahearuanne ------------------------------------------------------------------------------- (eurodes) Lisa II kv 2019 II kv 2018 6 kuud 2019 6 kuud 2018 ------------------------------------------------------------------------------- Neto renditulu 5 639 720 653 579 1 291 518 1 278 097 ------------------------------------------------------------------------------- Neto renditulu 639 720 653 579 1 291 518 1 278 097 ------------------------------------------------------------------------------- Üldhalduskulud (24 067) (10 578) (31 718) (129 183) Muud tulud / (kulud) (15 000) 0 (15 000) 0 ------------------------------------------------------------------------------- Ärikasum 600 653 643 001 1 244 800 1 148 914 ------------------------------------------------------------------------------- Finantstulud / (kulud) (413 416) (693 227) (790 090) (984 425) ------------------------------------------------------------------------------- Kasum enne tulumaksu 187 237 (50 226) 454 710 164 489 ------------------------------------------------------------------------------- Aruandeperioodi kasum 187 237 (50 226) 454 710 164 489 ------------------------------------------------------------------------------- Aruandeperioodi koondkasum kokku 187 237 (50 226) 454 710 164 489 ------------------------------------------------------------------------------- Konsolideeritud finantsseisundi vahearuanne ----------------------------------------------------------------------- (eurodes) Lisa 30.06.2019 31.12.2018 ----------------------------------------------------------------------- Raha ja raha ekvivalendid 598 495 426 691 Nõuded ostjate vastu ja muud nõuded 257 542 300 576 ----------------------------------------------------------------------- Käibevara kokku 856 037 727 267 Kinnisvarainvesteering 30 762 000 30 762 000 ----------------------------------------------------------------------- Põhivara kokku 30 762 000 30 762 000 VARAD KOKKU 31 618 037 31 489 267 Võlad tarnijatele ja muud võlad 470 681 446 036 Tuletisinstrumendid 598 294 416 879 Laenukohustised 6 1 064 000 1 064 004 ----------------------------------------------------------------------- Lühiajalised kohustised 2 132 975 1 926 919 Laenukohustised 6 28 060 633 28 592 629 ----------------------------------------------------------------------- Pikaajalised kohustised 28 060 633 28 592 629 KOHUSTISED KOKKU 30 193 608 30 519 548 Osakapital 2 500 2 500 Jaotamata kasum 1 421 929 967 219 ----------------------------------------------------------------------- OMAKAPITAL KOKKU 1 424 429 969 719 OMAKAPITAL JA KOHUSTISED KOKKU 31 618 037 31 489 267 ----------------------------------------------------------------------- ?Siim Sild Direktor +372 5626 0107 [email protected]
Content of announcement in English
Title
UPP Olaines OÜ consolidated unaudited financial results for Q2 and 6 months of 2019
Message
MANAGEMENT REPORT FOR 6 MONTHS OF 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 on 24.08.2017 and had no economic activity until 15.12.2017, when it acquired the cold storage warehouse Olaines Logistics Park. 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 of 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 these financial statements outside the course of its regular business activities. UPP Olaines OÜ is operating based on going concern. Management commentary for the reporting period During Q2 2019 the company made 600,653 EUR in operating income and during the first half of 2019 the operating income amounted to 1,244,800 EUR in total. Compared to Q2 2018 the income has decreased by 6.6% and the semi-annual operating income increased by 8.3% compared to the same period in 2018. The company suffered a penalty in the amount of 15,000 EUR by Finantsinspektsioon because it failed to publish the 2018 audited annual results in time, which had minor effect on Q2 2019 results. The overall increase in semi-annual operating profit is due to the transaction costs which occurred in the first half of 2018. During Q2 2019 the company's financial expenses amounted to 413,416 EUR and during first half of 2019 the financial expenses amounted to 790,090 EUR in total. Compared to Q2 2018 the financial expenses have decreased by 40%, the semi-annual financial expenses decreased by 19.7% compared to the same period in 2018. The decrease in financial expenses is related to the initial recognition of interest rate swap which occurred in Q2 2018. In terms of cash flows the servicing of obligations has remained on similar level throughout reporting periods. The slight increase in repayments of obligations during first half of 2019 is due to the grace period in Q1 2018 during which the company did not repay investment loan principal for three months. 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 Q2 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. Key indicators of financial performance and position for 6 months 2019 ------------------------------------------------------------------------------- (in EUR) Q2 2019 Q2 2018 6 months 2019 6 months 2018 ------------------------------------------------------------------------------- Net rental income 639,720 653,579 1,291,518 1,278,097 Operating profit 600,653 643,001 1,244,800 1,148,914 Profit for the period 187,237 (50,226) 454,710 164,489 ------------------------------------------------------------------------------- (in EUR) 30.06.2019 31.12.2018 ------------------------------------------------------------------------------- Investment property 30,762,000 30,762,000 Interest-bearing loans 29,124,633 29,656,633 Interest-bearing loans less shareholder loan 26,076,333 26,608,333 ------------------------------------------------------------------------------- 6 months 2019 ------------------------------------------------------------------------------- Net profit margin (Total comprehensive income for the period / Net rental income) 35% ROA (Net profit for the period / Average total assets for the period) 1.4% DSCR (Operating profit / Loan principal and interest payments on interest-bearing loans) 1.1 CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS Condensed consolidated interim statement of comprehensive income ------------------------------------------------------------------------------- (in EUR) Note Q2 2019 Q2 2018 6 months 2019 6 months 2018 ------------------------------------------------------------------------------- Net rental income 5 639,720 653,579 1,291,518 1,278,097 ------------------------------------------------------------------------------- Net rental income 639,720 653,579 1,291,518 1,278,097 ------------------------------------------------------------------------------- General and administrative expenses (24,067) (10,578) (31,718) (129,183) Other income / (cost) (15,000) 0 (15,000) 0 ------------------------------------------------------------------------------- Operating profit 600,653 643,001 1,244,800 1,148,914 ------------------------------------------------------------------------------- Financial income / (cost) (413,416) (693,227) (790,090) (984,425) ------------------------------------------------------------------------------- Profit before income tax 187,237 (50,226) 454,710 164,489 ------------------------------------------------------------------------------- Profit for the period 187,237 (50,226) 454,710 164,489 ------------------------------------------------------------------------------- Total comprehensive income for the period 187,237 (50,226) 454,710 164,489 ------------------------------------------------------------------------------- Condensed consolidated interim statement of financial position ----------------------------------------------------------------- (in EUR Note 30.06.2019 31.12.2018 ----------------------------------------------------------------- Cash and cash equivalents 598,495 426,691 Trade and other receivables 257,542 300,576 ----------------------------------------------------------------- Total current assets 856,037 727,267 Investment property 30,762,000 30,762,000 ----------------------------------------------------------------- Total non-current assets 30,762,000 30,762,000 TOTAL ASSETS 31,618,037 31,489,267 Trade and other payables 470,681 446,036 Financial derivatives 598,294 416,879 Loans and borrowings 6 1,064,000 1,064,004 ----------------------------------------------------------------- Total current liabilities 2,132,975 1,926,919 Loans and borrowings 6 28,060,633 28,592,629 ----------------------------------------------------------------- Total non-current liabilities 28,060,633 28,592,629 TOTAL LIABILITIES 30,193,608 30,519,548 Share capital 2,500 2,500 Retained earnings 1,421,929 967,219 ----------------------------------------------------------------- TOTAL EQUITY 1,424,429 969,719 TOTAL EQUITY AND LIABILITIES 31,618,037 31,489,267 ----------------------------------------------------------------- Siim Sild Director +372 5626 0107 [email protected]