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
7832
Attachments
Submission date and time
02.03.2020 16:33:22
Content of announcement in Estonian
Title
UPP Olaines OÜ 2019. aasta kolmanda kvartali ja 12 kuu konsolideeritud auditeerimata vahearuanne
Message
TEGEVUSARUANNE 2019. AASTA 12 KUU KOHTA Kommentaar 2019. aasta neljanda kvartali ning majandusaasta finantstulemustele Neto renditulu laekus 2019. a. neljandas kvartalis Ettevõttele 654 287 eurot, mis on 15% rohkem võrreldes 2018. a. neljanda kvartaliga, mil Ettevõttele laekus neto renditulu 569 252 eurot. Ettevõttele laekus 2019. a. neto renditulu kokku 2 588 257 eurot, mis kasvas 6% võrreldes 2018. a. kui Ettevõttele laekus neto renditulu kokku 2 447 108 eurot. Aruandeperioodide võrdluses neljanda kvartali neto rendivoo kasv on tingitud 2018. a. maamaksu arvestusest, kus kogu 2018. a. maamaksu kulu arvestati viimases kvartalis, kuigi Ettevõtte tasub maamaksu kvartaalselt. Aruandeperioodide võrldluses majandusaastal toimunud neto rendivoo kasv on tingitud indekseerimisest ning efektiivsemast äritegevusest. Ettevõtte korrigeeritud ärikasumi tulem 2019. a. neljandas kvartalis oli 622 377 eurot, mis on 17% rohkem võrreldes 2018. a. neljanda kvartaliga, mil Ettevõtte korrigeeritud ärikasumi tulem oli 532 126 eurot. Ettevõtte korrigeeritud ärikasum 2019. a. oli kokku 2 502 077 eurot, mis on 10% rõhkem võrreldes 2018. a., kui Ettevõtte ärikasum oli 2 277 771. Aruandeperioodide võrdluses neljanda kvartali ärikasumi kasv on tingitud eelnevalt mainitud 2018. a. maamaksu arvestusest. Aruandeperioodide võrdluses majandusaasta ärikasumi kasv on tingitud sellest, et 2019. a. puudusid tehinguga seotud ühekordse loomuga kulud ning Ettevõte on oma äritegevuses efektiivsem. Ettevõtte puhaskasum 2019. a. neljandas kvartalis oli 623 900 eurot, mis on üle nelja korra rohkem võrreldes 2018. a. neljanda kvartaliga, mil Ettevõtte puhaskasum oli 109 481 eurot. 2019. majandusaastal ettevõtte kahekordistas oma puhaskasumi 1 391 660 euroni, võrreldes 2018. a. puhaskasumiga 712 082 eurot. Aruandeperioodide võrdluses neljanda kvartali puhaskasumi neljakordistumine on põhjustatud eelnevalt mainitud 2018. a. maamaksu käsitlusest, kuid lisaks teenis 2019. a. neljandas kvartalis ettevõte 112 000 eurot finantstulu intressiswap'ilt, mis leevendasid 2019. a. neljanda kvartali finantskulusid. 2019. a. puhaskasumi kasv on tingitud sellest, et 2019. a. puudusid suuremad ühekordse loomuga kulud ja tulud, Ettevõte teenis esimest korda aruandeperioodi jooksul intressiswap'il tulu ning lisaks on Ettevõte oma äritegevuses efektiivsem. Aruandeperioodi lõpus toimus Ettevõtte omanduses oleva kinnisvara õiglase väärtuse perioodiline ümberhindamine. Hindamine viidi läbi akrediteeritud hindajate poolt. Aruandeperioodile järgneval perioodil toimus muudatus Grupi struktuuris, kus 22. jaanuaril 2020 ühinesid Ettevõtte Läti tütarettevõtted SIA Olaines Logistics ning SIA Olaines Logistics Parks. Ühinemine oli tavapärane protsess, kus SIA Olaines Logistics Parks, kes oli tehingus ostetav, ühendati SIA Olaines Logistics'iga, kes oli tehingus ostja. Käesoleva projekti puhul oli ühinemine ajakulukam kui Eestis või Leedus tulenevalt Läti seadusandluse eripärast. Ühinemise tulemusena tõuseb veelgi Ettevõtte operatsioonide ning juhtimise efektiivsus. Käesolevas aruandes on Grupi struktuur kajastatud veel endisel kujul, alates 2020. a. kajastatakse aruannetes Grupi struktuuri uuendatud kujul. 2019. aasta 12 kuu finantsilised võtmenäitajad ------------------------------------------------------------------------- (eurodes) IV kv 2019 IV kv 2018 12 kuud 2019 12 kuud 2018 ------------------------------------------------------------------------- Neto renditulu 654 287 569 252 2 588 257 2 447 108 Ärikasum 769 377 532 126 2 649 077 2 277 771 Perioodi kasum 623 900 109 481 1 391 660 712 082 ------------------------------------------------------------------------- --------------------------------------------------------------------------- (eurodes) 31.12.2019 31.12.2018 --------------------------------------------------------------------------- Kinnisvarainvesteering 30 909 000 30 762 000 Intressikandvad laenud 28 491 624 29 656 633 Intressikandvad laenud ilma omanikulaenuta 25 543 324 26 608 333 --------------------------------------------------------------------------- ------------------------------------------------------------------------------- 12 kuud 2019 ------------------------------------------------------------------------------- Puhaskasumi marginaal, % (Puhaskasum / Puhas renditulu) 54% ROA (Puhaskasum / Perioodi keskmised varad) 4,4% DSCR (Ärikasum / Intressikandvate laenude põhiosa tagasimaksed ning intressimaksed) 1,1 KONSOLIDEERITUD VAHEARUANNE Konsolideeritud koondkasumi vahearuanne ------------------------------------------------------------------------------- (eurodes) Lisa IV kv 2019 IV kv 2018 12 kuud 2019 12 kuud 2018 ------------------------------------------------------------------------------- Neto renditulu 5 654 287 569 252 2 588 257 2 447 108 ------------------------------------------------------------------------------- Neto renditulu 654 287 569 252 2 588 257 2 447 108 ------------------------------------------------------------------------------- Üldhalduskulud (31 910) (37 126) (86 180) (169 337) Muud tulud / (kulud) 147 000 0 147 000 0 ------------------------------------------------------------------------------- Ärikasum 769 377 532 126 2 649 077 2 277 771 ------------------------------------------------------------------------------- Finantstulud / (kulud) (145 477) (422 645) (1 257 417) (1 565 689) ------------------------------------------------------------------------------- Kasum enne tulumaksu 623 900 109 481 1 391 660 712 082 ------------------------------------------------------------------------------- Äriühingu tulumaks 0 0 ------------------------------------------------------------------------------- Aruandeperioodi kasum 623 900 109 481 1 391 660 712 082 ------------------------------------------------------------------------------- Aruandeperioodi koondkasum kokku 623 900 109 481 1 391 660 712 082 ------------------------------------------------------------------------------- Konsolideeritud finantsseisundi vahearuanne ----------------------------------------------------------------------- (eurodes) Lisa 31.12.2019 31.12.2018 ----------------------------------------------------------------------- Raha ja raha ekvivalendid 561 462 426 691 Nõuded ostjate vastu ja muud nõuded 204 939 300 576 ----------------------------------------------------------------------- Käibevara kokku 766 401 727 267 Kinnisvarainvesteering 30 909 000 30 762 000 ----------------------------------------------------------------------- Põhivara kokku 30 909 000 30 762 000 VARAD KOKKU 31 675 401 31 489 267 Võlad tarnijatele ja muud võlad 366 189 446 036 Tuletisinstrumendid 456 209 416 879 Laenukohustised 6 1 064 000 1 064 004 ----------------------------------------------------------------------- Lühiajalised kohustised 1 886 398 1 926 919 Laenukohustised 6 27 427 624 28 592 629 ----------------------------------------------------------------------- Pikaajalised kohustised 27 427 624 28 592 629 KOHUSTISED KOKKU 29 314 022 30 519 548 Osakapital 2 500 2 500 Jaotamata kasum 2 358 879 967 219 ----------------------------------------------------------------------- OMAKAPITAL KOKKU 2 361 379 969 719 OMAKAPITAL JA KOHUSTISED KOKKU 31 675 401 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 fourth quarter and 12 months of 2019
Message
MANAGEMENT REPORT FOR 12 MONTHS 2019 Financial commentary for the fourth quarter and financial year of 2019 Net operating revenues were 654 287 euros for the fourth quarter of 2019, increased by 15% from 569 252 euros for the fourth quarter of 2018. Net operating revenues for the financial year 2019 were 2 588 257 euros, increased by 6% from 2 447 108 euros for the financial year 2018. The quarterly increase in net operating revenues is due to the accounting of the 2018 land tax in fourth quarter, where the land tax for the whole financial year was accounted for the fourth quarter of 2018, leading to unproportionally high land tax expense for the period and reducing the net operating revenue compared to fourth quarter of 2019. The annual increase in net operating revenues is due to indexation of rent and increased efficiency in operations. Adjusted net operating income was 622 377 euros for the fourth quarter of 2019, increased by 17% from 532 126 euros for the fourth quarter of 2018. Adjusted net operating income for the financial year 2019 was 2 502 077 euros, increased by 10% from 2 277 771 euros for the financial year 2018. The quarterly increase in adjusted net operating income is due to the aforementioned accounting for the 2018 land tax. The annual increase in adjusted net operating income is due to indexation and increased efficiency in operations and management of the Company. Net income attributable was 623 900 euros for the fourth quarter of 2019, increase by fourfold from 109 481 euros for the fourth quarter of 2018. Net income attributable for financial year 2019 was 1 391 660 euros, doubled from 712 082 euros for the financial year 2018. The quarterly increase in net income attributable is partly due to the aforementioned accounting for the 2018 land tax in the fourth quarter of 2018 and partly due to the 112 000 euros in financial income from the IRS agreement for the fourth quarter of 2019. The annual increase in net income attributable is due to the transaction costs which reduced the net income attributable for 2018, the increased efficiency in operations and management of the Company, and due to the IRS agreement creating financial income for the first time for the reporting period. At the end of the reporting period the Company ordered the assessment of the fair value of the Investment property. The valuation was carried out by accredited real estate evaluators. After the reporting period there was a change in the Group structure, where on January 22(nd) 2020 the subsidiaries SIA Olaines Logistics and SIA Olaines Logistics Parks were merged. The merger was planned and part of normal management of the business, referred to also in the note issue terms and conditions, where the target SIA Olaines Logistics Parks was merged into the acquirer SIA Olaines Logistics. The merger took somewhat longer compared to mergers in Estonia and Lithuania due to the peculiarities of the Latvian legislation. The merger will further increase the efficiency of the Company's operations and management. Interim report at hand has the Group structure listed in its' former form, future interim reports will include the updated Group structure. Key indicators of financial performance and position for 12 months 2019 ------------------------------------------------------------------------------- (in EUR) Q4 2019 Q4 2018 12 months 2019 12 months 2018 ------------------------------------------------------------------------------- Net rental income 654 287 569 252 2 588 257 2 447 108 Operating profit 769 377 532 126 2 649 077 2 277 771 Profit for the period 623 900 109 481 1 391 660 712 082 ------------------------------------------------------------------------------- ----------------------------------------------------------------------------- (in EUR) 31.12.2019 31.12.2018 ----------------------------------------------------------------------------- Investment property 30 909 000 30 762 000 Interest-bearing loans 28 491 624 29 656 633 Interest-bearing loans less shareholder loan 25 543 324 26 608 333 ----------------------------------------------------------------------------- ------------------------------------------------------------------------------- 12 months 2019 ------------------------------------------------------------------------------- Net profit margin (Total comprehensive income for the period / Net rental income) 54% ROA (Net profit for the period / Average total assets for the period) 4,4% 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 Q4 2019 Q4 2018 12 months 2019 12 months 2018 ------------------------------------------------------------------------------- Net rental income 5 654 287 569 252 2 588 257 2 447 108 ------------------------------------------------------------------------------- Net rental income 654 287 569 252 2 588 257 2 447 108 ------------------------------------------------------------------------------- General and administrative expenses (31 910) (37 126) (86 180) (169 337) Other income / (cost) 147 000 0 147 000 0 ------------------------------------------------------------------------------- Operating profit 769 377 532 126 2 649 077 2 277 771 ------------------------------------------------------------------------------- Financial income / (cost) (145 477) (422 645) (1 257 417) (1 565 689) ------------------------------------------------------------------------------- Profit before income tax 0 0 0 0 ------------------------------------------------------------------------------- Profit for the period 623 900 109 481 1 391 660 712 082 ------------------------------------------------------------------------------- Total comprehensive income for the period 623 900 109 481 1 391 660 712 082 ------------------------------------------------------------------------------- Condensed consolidated interim statement of financial position ----------------------------------------------------------------- (in EUR Note 31.12.2019 31.12.2018 ----------------------------------------------------------------- Cash and cash equivalents 561 462 426 691 Trade and other receivables 204 939 300 576 ----------------------------------------------------------------- Total current assets 766 401 727 267 Investment property 30 909 000 30 762 000 ----------------------------------------------------------------- Total non-current assets 30 909 000 30 762 000 TOTAL ASSETS 31 675 401 31 489 267 Trade and other payables 366 189 446 036 Financial derivatives 456 209 416 879 Loans and borrowings 6 1 064 000 1 064 004 ----------------------------------------------------------------- Total current liabilities 1 886 398 1 926 919 Loans and borrowings 6 27 427 624 28 592 629 ----------------------------------------------------------------- Total non-current liabilities 27 427 624 28 592 629 TOTAL LIABILITIES 29 314 022 30 519 548 Share capital 2 500 2 500 Retained earnings 2 358 879 967 219 ----------------------------------------------------------------- TOTAL EQUITY 2 361 379 969 719 TOTAL EQUITY AND LIABILITIES 31 675 401 31 489 267 ----------------------------------------------------------------- Siim Sild Director +372 5626 0107 [email protected]