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
8773
Attachments
Submission date and time
30.04.2021 20:38:03
Content of announcement in Estonian
Title
UPP Olaines OÜ 2021. aasta I kvartali konsolideeritud auditeerimata vahearuanne
Message
TEGEVUSARUANNE 2021. AASTA 3 KUU KOHTA Üldine informatsioon UPP Olaines OÜ (edaspidi 'Ettevõte', ja koos tütarettevõttega 'Grupp') asutati kinnisvarainvesteeringu Olaines Logistics Park (hooned ja kinnistu) finantseerimiseks, omandamiseks ning haldamiseks läbi tütarettevõtte Olaines Logistics SIA. Olaines Logistics Park asukoht on Sharlotes, Olainese maakond, Olainese vald, kadastrinumber 8080 003 0029, registreeritud Olaine valla linna maakatastris nr. 5439. Juhtkonnal puudub informatsioon trendidest, ebakindlustest, nõuetest, kohustustest või sündmustest, mis võiks tõenäoliselt osutada olulist mõju Ettevõtte ning Grupi väljavaadetele aruandlusperioodi järgsel perioodil väljaspool regulaarset äritegevust. Samuti ei ole Ettevõtte ega Grupi äritegevus mõjutatud hooajalistest faktoritest ning puudub sotsiaalne või keskkondlik mõju. UPP Olaines OÜ ja tema tütarettevõte Olaines Logistics SIA on on jätkuvalt tegutsevad. 2021. aasta esimese kvartali finantsülevaade Grupi 2021 3 kuu neto renditulu oli 600 198 (2020 3 kuud: 657 214) eurot. Ärikasum sama perioodi eest oli 562 109 (2020 3 kuud: 619 887) eurot ja puhaskasum 303 501 (2020 3 kuud: 358 561) eurot. Grupi 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 Grupi äritegevusest on tema majandustegevus ja finantstulemused üldiselt raskesti mõjutatavad erinevate väliste tegurite poolt. Muudatused Ettevõtte üürilepingutes 15.01.2021 lõppes üürileping Plesko Real Estate SIA'ga. Nimetatud äriühing üüris Olaines Logistics Park-is kokku 1 573 m2 lao- ning administratiivpinda. 15.03.2021 lõppes üürileping Premier Restaurants Latvija SIA'ga. Nimetatud äriühing üüris Olaines Logistics Park-is kokku 2 382 m2 lao- ning administratiivpinda. 18.01.2021 sõlmis Olaines Logistics SIA 5 aastase üürilepingu ettevõttega NNL LV SIA. NNL LV SIA võttis üürile kokku 2 663 m2 lao- ning administratiivpinda. Nimetatud äriühing pakub 3PL teenuseid tuntud Baltimaade ettevõtetele, nende seas Premia, Maxima jt. 16.04.2021 täiendati Girtekos Logistika SIA üürilepingut, millega viimane võttis üürile täiendavalt 1 177 m2 lao- ning administratiivpinda. Mainitud muudatused üürilepingutes ei mõjuta oluliselt Grupi 2021. majandusaasta üüritulu, erandina 1. kvartal 2021, mille jooksul toimus pindade üleandmine ning vastuvõtmine. Muudatus United Partners Group logistikainvesteeringute struktuuris Märtsis 2021 restruktureeriti United Partners Group OÜ siseselt logistikainvesteeringute gruppi. Varasemalt oli Ettevõtte otsene emaettevõte United Partners Property OÜ, kuhu kuulusid ka United Partners Group OÜ elamuarenduse investeeringud. United Partners Group OÜ logistikainvesteeringud, sh. Ettevõte, kuuluvad nüüd United Partners Property OÜ omanduses oleva haldusettevõtte, UPP Logistics Properties OÜ, omandusse. Restruktureerimise eesmärk oli tekitada United Partners Group OÜ logistikakinnisvara investeeringutele ning elamuarenduse investeeringutele eraldiseisvad haldusüksused. 2021. aasta 3 kuu finantsilised võtmenäitajad ------------------------------------------------- (eurodes) I kv 2021 I kv 2020 ------------------------------------------------- Neto renditulu 600 198 657 214 Ärikasum 562 109 619 887 Perioodi kasum 303 501 329 107 ------------------------------------------------- ------------------------------------------------------------------------------- (eurodes) 31.03.2021 31.03.2020 ------------------------------------------------------------------------------- Kinnisvarainvesteering 31 320 000 30 909 000 Intressikandvad laenud 27 156 360 28 226 632 Intressikandvad laenud ilma omanikulaenuta 24 214 332 25 278 332 ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- 3 kuud 2021 3 kuud 2020 ------------------------------------------------------------------------------- Puhaskasumi marginaal, % (Puhaskasum / Puhas renditulu) 50,6% 49% ROA (Puhaskasum / Perioodi keskmised varad) 0,94% 1,04% DSCR (Ärikasum / Intressikandvate laenude põhiosa tagasimaksed ning intressimaksed) 1,1 1,2 Juhtkond ja nõukogu UPP Olaines OÜ juhatuses on üks liige: Marko Tali, juhatuse esimees. Olaines Logistics SIA juhatuses on samuti üks liige: Siim Sild, juhatuse esimees. UPP Olaines OÜ nõukogus on kolm liiget: Mart Tooming, Tarmo Rooteman, Hallar Loogma. UPP Olaines OÜ juhatuse ning nõukogu liikmetele ei ole ettenähtud tasu ega muid hüvesid. Küll on määratud töötasu Olaines Logistics SIA juhatuse liikmele vastavalt Läti Vabariigis kehtivale seadusele. Grupis ei ole peale juhatuse ning nõukogu liikmete teisi töötajaid. KONSOLIDEERITUD VAHEARUANNE Konsolideeritud koondkasumi vahearuanne ----------------------------------------------------------------------------- (eurodes) Lisa I kv 2021 I kv 2020 ----------------------------------------------------------------------------- Neto renditulu 5 600 198 657 214 ----------------------------------------------------------------------------- Neto renditulu 600 198 657 214 ----------------------------------------------------------------------------- Üldhalduskulud (38 089) (37 327) ----------------------------------------------------------------------------- Ärikasum 562 109 619 887 ----------------------------------------------------------------------------- Finantstulud / (kulud) (258 608) (290 780) ----------------------------------------------------------------------------- Kasum enne tulumaksu 303 501 329 107 ----------------------------------------------------------------------------- Äriühingu tulumaks 0 0 ----------------------------------------------------------------------------- Aruandeperioodi kasum 303 501 329 107 ----------------------------------------------------------------------------- Aruandeperioodi koondkasum kokku 303 501 329 107 ----------------------------------------------------------------------------- Konsolideeritud finantsseisundi vahearuanne ----------------------------------------------------------------------- (eurodes) Lisa 31.03.2021 31.03.2020 ----------------------------------------------------------------------- Raha ja raha ekvivalendid 671 494 534 344 Nõuded ostjate vastu ja muud nõuded 197 408 313 568 ----------------------------------------------------------------------- Käibevara kokku 868 902 847 912 Kinnisvarainvesteering 31 320 000 30 909 000 ----------------------------------------------------------------------- Põhivara kokku 31 320 000 30 909 000 VARAD KOKKU 32 188 902 31 756 912 Võlad tarnijatele ja muud võlad 438 615 379 344 Tuletisinstrumendid 331 384 448 432 Laenukohustised 6 1 064 004 1 064 004 ----------------------------------------------------------------------- Lühiajalised kohustised 1 834 003 1 891 780 Laenukohustised 6 26 092 356 27 162 628 ----------------------------------------------------------------------- Pikaajalised kohustised 26 092 356 27 162 628 KOHUSTISED KOKKU 27 926 359 29 054 408 Osakapital 2 500 2 500 Jaotamata kasum 4 260 043 2 700 004 ----------------------------------------------------------------------- OMAKAPITAL KOKKU 4 262 543 2 702 504 OMAKAPITAL JA KOHUSTISED KOKKU 32 188 902 31 756 912 ----------------------------------------------------------------------- ?Siim Sild +372 5626 0107 [email protected]
Content of announcement in English
Title
UPP Olaines OÜ consolidated unaudited financial results for Q1 of 2021
Message
MANAGEMENT REPORT FOR 3 MONTHS 2021 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 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. Financial commentary for the first quarter of 2021 Net rental income was 600 198 euros for the 3 months of 2021 (2020 3 months: 657 214). Operating profit was 562 109 euros for the 3 months of 2021 (2020 3 months: 619 887). Net income was 303 501 euros for the 3 months of 2021 (2020 3 months: 358 561). 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. Changes in lease agreements On 15th January 2021 the lease agreement expired with Plesko Real Estate SIA, who leased 1,573 sqm of warehousing and administrative premises. On 15(th) March 2021 the lease agreement expired with Premier Restaurants Latvia SIA, who leased 2,382 sqm of warehousing and administrative premises. On 18(th) January 2021 a new lease agreement was concluded with NNL LV SIA for 5 years. NNL LV SIA will lease 2,663 sqm of warehousing and administrative premises. The company is offering 3PL services to known Baltic clients such as Premia and Maxima. On 16(th) April 2021 the lease agreement with Girtekos Logistikos SIA was amended, SIA Girtekos Logistikos will lease additional 1,177 sqm of warehousing and administrative premises. The changes in lease agreements will not impact the Group's 2021 income noticeably, except for the 1(st) quarter of 2021 when the handing over of the premses took place. Changes in United Partners Group logistics investments structure In March 2021 United Partners Group OÜ restructured its logistics investment holding structure. Previously the direct parent of the Company was United Partners Property OÜ, which also managed United Partners Group residential development investments. As of March 2021 United Partners Group OÜ logistics investment holding companies, including the Company, are now under the direct ownership of holding company UPP Logistics Properties OÜ, which in turn is under the ownership of United Partners Property OÜ. The goal of the restructuring was to create separate administration units for United Partners Goup logistics and residential investments. Key indicators of financial performance and position for 3 months 2021 ---------------------------------------------------- (in EUR) Q1 2021 Q1 2020 ---------------------------------------------------- Net rental income 600 198 657 214 Operating profit 562 109 619 887 Profit for the period 303 501 329 107 ---------------------------------------------------- ------------------------------------------------------------------------------- (in EUR) 31.03.2021 31.03.2020 ------------------------------------------------------------------------------- Investment property 31 320 000 30 909 000 Interest-bearing loans 27 156 360 28 226 632 Interest-bearing loans less shareholder loan 24 214 332 25 278 332 ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- (in EUR) Q1 2021 Q1 2020 ------------------------------------------------------------------------------- Net profit margin (Total comprehensive income for the period / Net rental income) 50,6% 49% ROA (Net profit for the period / Average total assets for the period) 0,94% 1,04% DSCR (Operating profit / Loan principal and interest payments on interest-bearing loans) 1,1 1,2 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 2021 Q1 2020 ---------------------------------------------------------------------------- Net rental income 5 600 198 657 214 ---------------------------------------------------------------------------- Net rental income 600 198 657 214 ---------------------------------------------------------------------------- General and administrative expenses (38 089) (37 327) ---------------------------------------------------------------------------- Operating profit 562 109 619 887 ---------------------------------------------------------------------------- Financial income / (cost) (258 608) (290 780) ---------------------------------------------------------------------------- Profit before income tax 303 501 329 107 ---------------------------------------------------------------------------- Income tax 0 0 ---------------------------------------------------------------------------- Profit for the period 303 501 329 107 ---------------------------------------------------------------------------- Total comprehensive income for the period 303 501 329 107 ---------------------------------------------------------------------------- Condensed consolidated interim statement of financial position ----------------------------------------------------------------- (in EUR Note 31.03.2021 31.03.2020 ----------------------------------------------------------------- Cash and cash equivalents 671 494 534 344 Trade and other receivables 197 408 313 568 ----------------------------------------------------------------- Total current assets 868 902 847 912 Investment property 31 320 000 30 909 000 ----------------------------------------------------------------- Total non-current assets 31 320 000 30 909 000 TOTAL ASSETS 32 188 902 31 756 912 Trade and other payables 438 615 379 344 Financial derivatives 331 384 448 432 Loans and borrowings 6 1 064 004 1 064 004 ----------------------------------------------------------------- Total current liabilities 1 834 003 1 891 780 Loans and borrowings 6 26 092 356 27 162 628 ----------------------------------------------------------------- Total non-current liabilities 26 092 356 27 162 628 TOTAL LIABILITIES 27 926 359 29 054 408 Share capital 2 500 2 500 Retained earnings 4 260 043 2 700 004 ----------------------------------------------------------------- TOTAL EQUITY 4 262 543 2 702 504 TOTAL EQUITY AND LIABILITIES 32 188 902 31 756 912 ----------------------------------------------------------------- Siim Sild +372 5626 0107 [email protected]