Börsiteade
EfTEN Real Estate Fund AS
LEI kood
4851000008JBI71L7643
Emitendi suuruskategooria
Keskmise suurusega kontsern
Majandustegevusalad
Finants- ja kindlustustegevus
Sektor(id)
Fondivalitseja
Emitendi registreeritud asukoht
Eesti
Üldandmed
Kategooriad
Majandusaasta aruanne
Teate ID
7361
Manused
Esitamise kuupäev ja aeg
14.06.2019 15:00:31
Teate sisu eesti keeles
Pealkiri
UPP Olaines OÜ 2018. majandusaasta auditeeritud aruanne
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TEGEVUSARUANNE 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. 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 tõenäoliselt osutada olulist mõju ettevõtte väljavaadetele selle aruandlusperioodi järgsel perioodil väljaspool ettevõtte regulaarset äritegevust. UPP Olaines OÜ on jätkuvalt tegutsev. Perioodi 24.08.2017 - 31.12.2018 juhtkonna kommentaar Grupi edukal esimesel aruandlusperioodil toimus kaks olulist sündmust: kinnisvaraobjekti Olaines Logistics Park omandamine ning UPP Olaines OÜ võlakirjade edukas noteerimine Nasdaq Tallinna võlakirjade nimekirjas. UPP Olaines OÜ omandas kinnisvaraobjekti Olaines Logistics Park 15.12.2017. Kinnisvaraobjekt valiti sobivuse tõttu UPP Olaines OÜ emaettevõtte United Partners Property OÜ investeerimissuunaga: logistika kinnisvara heas asukohas, pikaajalised üürilepingud ning ankurrentnikuks oma valdkonna juhtivad ettevõtted. Kinnisvara omandamise finantseerimiseks emiteeris ettevõtte tagatud allutatud võlakirju nominaalväärtuses kokku 6,215 miljon eurot. Mitteavalik emissioon korraldati Balti institutsionaalsetele investoritele ning varakatele indiviididele. Võlakirjad noteeriti ning võeti kauplemisele Nasdaqi Tallinna võlakirjade nimekirjas 29.11.2018. 13.09.2018 otsustati UPP Olaines OÜ osanike- ja juhatuse koosolekul UPP Olaines OÜ ja selle tütarettevõtte Olaines Logistics SIA juhtkonna ning nõukogu liikmete vahetuse kasuks. Eelnevalt UPP Olaines OÜ nõukogu liige Marko Tali nimetati UPP Olaines OÜ ning Olaines Logistics SIA juhtkonna esimehe rolli. Eelmised UPP Olaines OÜ ning Olaines Logistics SIA juhtkonna liikmed kutsuti tagasi oma senistelt positsioonidelt. Hallar Loogma nimetati UPP Olaines OÜ nõukokku. Muutused UPP Olaines OÜ juhtkonnas ning nõukogus olid 05.10.2018 seisuga lõpule viidud. Marko Tali on olnud United Partners Group OÜ otseinvesteeringute ettevõtte United Partners Investments OÜ juht. Antud muutused viidi läbi United Partners Group OÜ investeeringute efektiivsemaks juhtimiseks. Finantsülevaade Konsolideeritud neto renditulu perioodil 24.08.2017 - 31.12.2018 oli 2 607 869 eurot. Samal perioodil oli ärikasum 2 651 520 eurot ning puhaskasum 967 219 eurot. Kuna investeerimisettevõtte Olaines Logistics Parks SIA omandati aruandeperioodil ning see on esimene auditeeritud konsolideeritud aruanne, ei saa antud perioodi finantstulemusi võrrelda eelnevate auditeeritud aastaaruannetega. Üldhalduskulud olid kokku 221 480 EUR, mis moodustavad 8,5% neto renditulust. Üldhalduskulud sisaldavad ühekordse loomuga kulusid nagu United Partners grupiettevõttele hüvitatud tehingukulud summas 100 000 eurot (kajastatud kui Konsulteerimisteenused) ning tingimusliku tähtajalise hoiuse konto, hüpoteegi seadmise ning laenu väljamaksega seotud kulud kokku 32 627 eurot (kajastatud kui Pangateenused). Ettevõte kasutas sõltumatu atesteeritud hindaja teenust, et aruandekuupäeva seisuga kajastada Olaines Logistics Park kinnisvara õiglases väärtuses ning sellest tulenevalt kajastati aruandlusperioodi vältel kinnisvara ümberhindlusest kasumit summas 362 000 eurot. Suurem osa kuludest 'Muud kulud / (tulud)' summas 96 869 eurot tekkisid 2016. ning 2017. aastal, mil UPP Olaines OÜ ei olnud veel kinnisvara omava investeerimisettevõtte Olaines Logistics Park SIA omanik. Kulu on ühekordse loomuga ning on põhjustatud peamiselt edasilükkunud tulumaksust, mis oli akumuleerunud bilanssi seoses oodatud muutustega äriühingu tulumaksu arvutamises ning maksmises, tingituna 2018 uuest Läti äriühingu tulumaksuseadusest. 31.12.2018 seisuga moodustasid ettevõtte varad kokku 31 489 267 eurot, sh õiglases väärtuses kinnisvarainvesteering, mis moodustas 97.7% varadest. 31.12.2018 seisuga oli ettevõtte netovõlg 26 181 642 eurot. Netovõlg on arvutatud järgnevalt: ettevõtte kogulaenust on lahutatud raha ning raha ja ekvivalendid, ning seejärel on lahutatud sellest United Partners Property OÜ antud allutatud laen. Muid olulisi sündmusi peale regulaarsete operatiivtegevuste, sh õigeaegsete üüri- ning kommunaaltasude laekumiste perioodil 24.08.2017 - 31.12.2018 ei toimunud. 31.12.2018 seisuga kinnisvaraobjektil vakantsus puudub. Vastavus võlakirjatingimustega Vastavalt UPP Olaines OÜ võlakirjade tingimuste punktile 3.5.3 ning 3.5.4 kinnitab juhtkond, et UPP Olaines OÜ DSCR on perioodil 24.08.2017 - 31.12.2018 suurem või võrdne 1,1'ga ning perioodil 10.11.2017 - 31.12.2018 pole aset leidnud erakorralist varajase lunastuse sündmust. /Signed digitally/ Marko Tali UPP Olaines OÜ juhatuse esimees 14.06.2019, Tallinn Juhatus ning 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 nõukoguliikmete töötajaid. Perioodi 24.08.2017 - 31.12.2018 finantsilised võtmenäitajad ------------------------------------------- (eurodes) 24.08.2017 - 31.12.2018 ------------------------------------------- Neto renditulu 2 607 869 Ärikasum 2 651 520 Perioodi kasum 967 219 ------------------------------------------- ----------------------------------------------------------------------- (eurodes) 31.12.2018 24.08.2017 ----------------------------------------------------------------------- Kinnisvarainvesteering 30 762 000 0 Intressikandvad laenud 29 656 633 0 Intressikandvad laenud ilma omanikulaenuta 26 608 333 0 ------------------------------------------------------------------------------- 24.08.2017 - 31.12.2018 ------------------------------------------------------------------------------- Puhaskasumi marginaal, % (Puhaskasum / Puhas renditulu) 37,1% ROA (Puhaskasum / Keskmised varad) 6,1% DSCR (Ärikasum / Intressikandvate laenude põhiosa tagasimaksed ning intressimaksed, va omanikulaenu põhiosa tagasimaksed ning intressimaksed) 1,3 KONSOLIDEERITUD UPP OLAINES OÜ RAAMATUPIDAMISE AASTAARUANNE Konsolideeritud koondkasumiaruanne ------------------------------------------------------------------------------- (eurodes) Lisa 24.08.2017 - 31.12.2018 ------------------------------------------------------------------------------- Neto renditulu 6 2 607 869 ------------------------------------------------------------------------------- Neto renditulu 2 607 869 ------------------------------------------------------------------------------- Üldhalduskulud 7 (221 480) Kasum / (kahjum) kinnisvarainvesteeringu ümberhindlusest 12 362 000 Muud tulud / (kulud) (96 869) ------------------------------------------------------------------------------- Ärikasum 2 651 520 ------------------------------------------------------------------------------- Finantstulud / (kulud) 8 (1 720 477) ------------------------------------------------------------------------------- Kasum enne tulumaksu 931 043 ------------------------------------------------------------------------------- Tulumaks 9 36 176 Aruandeperioodi kasum 967 219 ------------------------------------------------------------------------------- Aruandeperioodi koondkasum kokku 967 219 ------------------------------------------------------------------------------- Lisad lehekülgedel 12 - 36 on konsolideeritud raamatupidamise aastaaruande lahutamatu osa. Konsolideeritud finantsseisundi aruanne ----------------------------------------------------------------------- (eurodes) Lisa 31.12.2018 24.08.2017 ----------------------------------------------------------------------- Raha ja raha ekvivalendid 10 426 691 2 500 Nõuded ostjate vastu ja muud nõuded 11 300 576 0 ----------------------------------------------------------------------- Käibevara kokku 727 267 2 500 Kinnisvarainvesteering 12 30 762 000 0 ----------------------------------------------------------------------- Põhivara kokku 30 762 000 0 VARAD KOKKU 31 489 267 2 500 Võlad tarnijatele ja muud võlad 13 446 036 0 Tuletisinstrumendid 16 416 879 0 Laenukohustised 15 1 064 004 0 ----------------------------------------------------------------------- Lühiajalised kohustised 1 926 919 0 Laenukohustised 15 28 592 629 0 ----------------------------------------------------------------------- Pikaajalised kohustised 28 592 629 0 KOHUSTISED KOKKU 30 519 548 0 Osakapital 14 2 500 2 500 Jaotamata kasum 967 219 0 ----------------------------------------------------------------------- OMAKAPITAL KOKKU 969 719 2 500 OMAKAPITAL JA KOHUSTISED KOKKU 31 489 267 2 500 ----------------------------------------------------------------------- Lisad lehekülgedel 12 - 36 on konsolideeritud raamatupidamise aastaaruande lahutamatu osa. Siim Sild Direktor +372 5626 0107 [email protected]
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Pealkiri
UPP Olaines OÜ Audited Annual Report 2018
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MANAGEMENT REPORT 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 period 24.08.2017 - 31.12.2018 The first and successful reporting period of the Group was marked by two important events: acquisition of the investment property Olaines Logistics Park and the successful listing of UPP Olaines OÜ bonds on Nasdaq Tallinn Bond List. UPP Olaines OÜ completed the acquisition of the investment property Olaines Logistics Park on 15.12.2017. The property was chosen due to its fit with the investment theme of United Partners Property OÜ, the parent company of UPP Olaines OÜ: logistics real estate in an attractive location coupled with long- term lease contracts with lessees who have a leading or dominant position within their sector. To finance the acquisition of the property, the Company issued secured subordinated bonds in the total nominal value of 6.215 million euros. After a non-public offering to Baltic institutional investors and high-net worth individuals, the bonds were successfully listed and admitted to trading on Nasdaq Tallinn Bond List on 29.11.2018. Additionally, on 13.09.2018, a meeting of the shareholders and board of UPP Olaines OÜ was held where it was decided to change the composition of the management and supervisory board of UPP Olaines OÜ and its subsidiary, Olaines Logistics SIA. The previous supervisory board member, Marko Tali, was appointed as the chairman of the management board of UPP Olaines OÜ and Olaines Logistics SIA, while both of the previous members of the management board, Hallar Loogma and Kevin Soon, were discharged from their positions. Hallar Loogma was appointed on the supervisory board of the Company. The changes in the management and supervisory board of UPP Olaines OÜ were completed by 05.10.2018. Marko Tali has been the head of investments in United Partners Investments OÜ, the direct investment arm of United Partners Group OÜ. These changes were part of the efforts to streamline the management of United Partners Group's investments. Financial overview The consolidated net rental income for the period 24.08.2017 - 31.12.2018 was 2,607,869 EUR. During the same period the company generated 2,651,520 EUR in net operating profit and 967,219 EUR in net profit. Due to the fact the company acquired the investment company Olaines Logistics Parks and this is the first audited consolidated report, the financial results can not be compared to previous audited annual reports. The administrative expenses amounted to 221,480 EUR which accounted for 8.5% of the net rental income. The administrative expenses include expenses with one-off nature, such as remuneration of transaction costs to the United Partners group company in the amount of 100,000 EUR under consulting service expense, and the cost of escrow account, establishment of mortgage and the loan disbursement fee in the total amount of 32,627 EUR under banking services expense. The company used independent appraisers to evaluate the the fair value of Olaines Logistics Park investment property and during the reporting period gained 362,000 EUR from revaluation of investment property. The majority of the expense under 'Other income / (cost)' in the amount of 96,869 EUR occurred during 2016 and 2017 when UPP Olaines OÜ was not yet owner of the investment company Olaines Logistics Parks SIA. The expense is of one-off nature and was mainly caused by the deferred corporate income tax liability that was accumulated on the balance sheets in anticipation of changes in calculation and payment procedures of CIT that came with the new CIT legislation in Latvia in 2018. As at 31.12.2018, the company's total assets were in the amount of 31,489,267 EUR, including fair value of investment property, which accounted for 97.7% of the total assets. As at 31.12.2018 the company's net debt was in the amount of 26,181,642 EUR. Net debt is calculated by the company's total borrowings less cash and cash equivalents, and the subordinated loan granted by the parent company United Partners Property OÜ. No other significant events occurred in the period 24.08.2017 - 31.12.2018 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 2018, there is no vacancy in the premises. Compliance with bond terms According to the Terms and Conditions of UPP Olaines OÜ Subordinated Note Issue section 3.5.3 and 3.5.4, the Management confirms that the Group's debt service coverage ratio on consolidated level is greater or equal than 1.1 for the the period 24.08.2017 - 31.12.2018 and that there has been no occurence of an Extraordinary Early Redemption Event in 10.11.2017 - 31.12.2018. /Signed digitally/ Marko Tali Chairman and Member of the Management Board of UPP Olaines OÜ 14.06.2019, Tallinn 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 period 24.08.2017 - 31.12.2018 -------------------------------------------------- (in EUR) 24.08.2017 - 31.12.2018 -------------------------------------------------- Net rental income 2,607,869 Operating profit 2,651,520 Profit for the period 967,219 -------------------------------------------------- ------------------------------------------------------------------------- (in EUR) 31.12.2018 24.08.2017 ------------------------------------------------------------------------- Investment property 30,762,000 0 Interest-bearing loans 29,656,633 0 Interest-bearing loans less shareholder loan 26,608,333 0 ------------------------------------------------------------------------------- 24.08.2017 - 31.12.2018 ------------------------------------------------------------------------------- Net profit margin, % (Net profit / Net rental income) 37.1% ROA (Net profit / Average total assets) 6.1% DSCR (Operating profit / Loan principal and interest payments on interest-bearing loans less shareholder loan principal and interest payments) 1.3 CONSOLIDATED FINANCIAL STATEMENTS OF UPP OLAINES OÜ Consolidated statement of comprehensive income ------------------------------------------------------------------------------- (in EUR) Note 24.08.2017 - 31.12.2018 ------------------------------------------------------------------------------- Net rental income 6 2,607,869 ------------------------------------------------------------------------------- Net rental income 2,607,869 ------------------------------------------------------------------------------- General and administrative expenses 7 (221,480) Gain / (loss) from revaluation of investment property 12 362,000 Other income / (cost) (96,869) ------------------------------------------------------------------------------- Operating profit 2,651,520 ------------------------------------------------------------------------------- Financial income / (cost) 8 (1,720,477) ------------------------------------------------------------------------------- Profit before income tax 931,043 ------------------------------------------------------------------------------- Income tax 9 36,176 Profit for the period 967,219 ------------------------------------------------------------------------------- Total comprehensive income for the period 967,219 ------------------------------------------------------------------------------- The notes on pages 12 - 36 are an integral part of the financial statements. Consolidated statement of financial position ----------------------------------------------------------------- (in EUR) Note 31.12.2018 24.08.2017 ----------------------------------------------------------------- Cash and cash equivalents 10 426,691 2,500 Trade and other receivables 11 300,576 0 ----------------------------------------------------------------- Total current assets 727,267 2,500 Investment property 12 30,762,000 0 ----------------------------------------------------------------- Total non-current assets 30,762,000 0 TOTAL ASSETS 31,489,267 2,500 Trade and other payables 13 446,036 0 Financial derivatives 16 416,879 0 Loans and borrowings 15 1,064,004 0 ----------------------------------------------------------------- Total current liabilities 1,926,919 0 Loans and borrowings 15 28,592,629 0 ----------------------------------------------------------------- Total non-current liabilities 28,592,629 0 TOTAL LIABILITIES 30,519,548 0 Share capital 14 2,500 2,500 Retained earnings 967,219 0 ----------------------------------------------------------------- TOTAL EQUITY 969,719 2,500 TOTAL EQUITY AND LIABILITIES 31,489,267 2,500 ----------------------------------------------------------------- The notes on pages 12 - 36 are an integral part of the financial statements. Siim Sild Director +372 5626 0107 [email protected]