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Correction: UPP Olaines OÜ 4th quarter 2018 unaudited financial results

Teade

The Issuer published its 4th quarter 2018 financial results on 6th of February
2019. The Issuer did not include the
condensed consolidated interim financial statements in its inital publication
text. Following is the correction for the Issuer's 6th of February 2019
publication, the condensed interim financial statements have now been included
in the publication text.


Listing of UPP Olaines OÜ bonds on Nasdaq Tallinn bond list

Nasdaq  (NDAQ) announced in  November 29, 2018 that the  bonds of UPP Olaines OÜ
were  listed  on  Nasdaq  Tallinn  bond  list.  The listing follows a non-public
offering  of  the  bonds  to  Baltic  institutional investors and high-net-worth
individuals.

"United Partners, the owner of UPP Olaines, entered the public market a year ago
by  listing bonds on First North market. It's great to witness that they've seen
the  value in bringing their securities to the public market and are now listing
their  bonds on the regulated market, meaning  the Baltic Bond List" said Kaarel
Ots, the CEO of Nasdaq Tallinn.

"We're  happy that through offering UPP Olaines bonds we've been able to provide
investors  an investment instrument with a  decent yield, especially taking into
account  the  low-interest  rate  environment  we're  in today," said Siim Sild,
Director of United Partners.

Maintenance of property

Asphalt  repairing works at the  ramps and truck parking  areas were finished by
the  end of 2018. Deformed  parking area street  light pole was refurbished. UPP
Olaines  OÜ team has created  a list of the  findings from technical audit which
was  conducted by Cityservice in the  3rd quarter of 2018. The list includes the
regular  technical  maintenance  works  and  regulates the lessor's and tenants'
obligations  in commencing the maintenance works. The  list has been sent to the
tenants  as of December 2018. A  meeting between UPP Olaines  OÜ and the tenants
will  be  held  in  February,  2019, where  the parties will discuss further the
procedure  and timeline regarding commencing  the maintenance works. Majority of
the  deficiencies discovered  are caused  by a  small impact  with a  truck or a
forklift  and  are  easily  repairable.  In  general,  the  premises are in good
technical  condition and we  are continuing regular  maintenance works to uphold
the high standards.

Operations

No  other significant events  occurred in Q4  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 Q4 2018, there is no vacancy in the premises.

Investor desk service

Silver  Kalmus is the  new person responsible  for the investor  desk service at
United  Partners Advisory  OÜ (subsidiary  of the  United Partners Group OÜ, the
ultimate  parent company  of UPP  Olaines OÜ).  Investor desk was established in
2017 with the aim to further improve investor relations. Silver can be contacted
on  all matters regarding UPP Olaines OÜ. Silver Kalmus +372 56206 450, Investor
Relations.

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

Condensed consolidated interim statement of comprehensive income

-------------------------------------------------------------------------------
 (in EUR)            Note    Q4 2018    Q4 2017   12 months 2018 12 months 2017
-------------------------------------------------------------------------------
 Sales revenue        4      569,252    175,463        2,447,108        175,463
-------------------------------------------------------------------------------
 Net rental income           569,252    175,463        2,447,108        175,463
-------------------------------------------------------------------------------


 Administrative
 expenses             5     (37,126)   (73,707)        (169,337)       (73,707)

 Gain / (loss) from
 revaluation of
 investment property               0    144,000                0        144,000
-------------------------------------------------------------------------------
 Operating profit            532,126    245,756        2,277,771        245,756
-------------------------------------------------------------------------------


 Financial income /
 (cost)               6    (422,645)  (121,215)      (1,565,689)      (121,215)
-------------------------------------------------------------------------------
 Profit before
 income tax                  109,481    124,541          712,082        124,541
-------------------------------------------------------------------------------
 Corporate income
 tax                               0     36,226                0         36,226

 Profit for the
 period                      109,481    160,767          712,082        160,767

                                                                              0
-------------------------------------------------------------------------------
 Total comprehensive
 income for the
 period                      109,481    160,767          712,082        160,767
-------------------------------------------------------------------------------

Condensed consolidated interim statement of financial position

------------------------------------------------------------------------------
  (in EUR)                                 Note     31.12.2018     31.12.2017
------------------------------------------------------------------------------
  Cash and cash equivalents                 7          426,691        381,336

  Accounts receivable and prepayments       8          531,354        445,824
------------------------------------------------------------------------------
  Total current assets                                 958,045        827,160



  Investment property                       9       30,544,000     30,544,000
------------------------------------------------------------------------------
  Total non-current assets                          30,544,000     30,544,000

  TOTAL ASSETS                                      31,502,045     31,371,160





  Accounts payable and other settlements    10         985,064        679,593

  Loans and borrowings                      11       1,064,000        886,667
------------------------------------------------------------------------------
  Total current liabilities                          2,049,064      1,566,260
------------------------------------------------------------------------------


  Loans and borrowings                      11      28,577,633     29,641,633
------------------------------------------------------------------------------
  Total non-current liabilities                     28,577,633     29,641,633

  TOTAL LIABILITIES                                 30,626,697     31,207,893



  Share capital                                          2,500          2,500

  Retained earnings                                    872,849        160,767
------------------------------------------------------------------------------
  TOTAL EQUITY                                         875,349        163,267



  TOTAL EQUITY AND LIABILITIES                      31,502,045     31,371,160
------------------------------------------------------------------------------

Siim Sild

Director

+372 5626 0107

[email protected] (mailto:[email protected])


Attachment

  * UPP Olaines OÜ Q4 2018 Interim Report ENG (https://ml-
    eu.globenewswire.com/Resource/Download/38758c2e-c0a9-4f86-b827-ea100178906b)