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
Poolaastaaruanne
Teate ID
8965
Manused
Esitamise kuupäev ja aeg
29.07.2021 14:26:29
Teate sisu eesti keeles
Pealkiri
UPP Olaines OÜ 2021. aasta II kvartali ja 6 kuu konsolideeritud auditeerimata vahearuanne
Teade
TEGEVUSARUANNE 2021. AASTA 6 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 teise kvartali ja kuue kuu finantsülevaade
Grupi 2021. a. II kv. neto renditulu oli 638 000 (2020. a. II kv. 651 646)
eurot, 2021. a. 6 kuu neto renditulu oli 1 238 198 (2020. a. 6 kuud 1 308 860)
eurot. Ärikasum oli 2021. a. teises kvartalis 588 383 (2020. a. II kv. 608 349)
eurot, kuue kuu ärikasum 1 150 490 (2020. a. 6 kuud 1 228 236) eurot. Grupi
puhaskasum oli 2021. a. teises kvartalis 349 591 (2020. a. II kv. 328 545)
eurot, kuue kuu puhaskasum 653 092 (2020. a. 6 kuud 657 652) eurot.
Neto renditulu ning ärikasumi langus aruandlusperioodide võrdluses tuleneb
rentnike vahetusest, mida 2021. a. I kv. aruandes kajastati. Pindade üleminekul
ühelt rentnikult järgmisele ei tootnud pind 2 nädala jooksul voogu. Ühtlasi tegi
Grupp pinnal väiksemas mahus parendustöid ning paigaldas uuele rentikule LED
valgustuse, mis omakorda mõjutas neto rendivoogu ning ärikasumit.
Puhaskasumit eelpool mainitud asjaolud olulisel määral ei mõjutanud. Ühekordse
iseloomuga kulud ning saamata tulud absorbeeris investeerimislaenu
amortisatsioonist tulenev aruandlusperioodide võrdluses madalam finantskulu, mis
panustas ka puhaskasumi kasvu.
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.
2021. aasta 6 kuu finantsilised võtmenäitajad
6 kuud
(eurodes) II kv 2021 II kv 2020 2021 6 kuud 2020
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Neto renditulu 638 000 651 646 1 238 198 1 308 860
Ärikasum 588 383 608 349 1 150 492 1 228 263
Perioodi kasum 349 591 328 545 653 092 657 652
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(eurodes) 30.06.2021 30.06.2020
-------------------------------------------------------------------------------
Kinnisvarainvesteering 31 320 000 30 909 000
Intressikandvad laenud 26 890 361 28 226 632
Intressikandvad laenud ilma
omanikulaenuta 23 948 333 25 278 332
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6 kuud 2021 6 kuud 2020
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Puhaskasumi marginaal, % (Puhaskasum / Puhas
renditulu) 52,8% 50,2%
ROA (Puhaskasum / Perioodi keskmised varad) 4,17% 4,25%
LTV (Intressikandvad laenud ilma omanikulaenuta /
Kinnisvarainvesteeringud) 76,6% 81,8%
DSCR (Ärikasum / Intressikandvate laenude põhiosa
tagasimaksed ning intressimaksed) 1,1 1,2
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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.
LÜHENDATUD KONSOLIDEERITUD RAAMATUPIDAMISE VAHEARUANNE
Lühendatud konsolideeritud koondkasumiaruanne
(eurodes) Lisa II kv 2021 II kv 2020 6 kuud 2021 6 kuud 2020
-------------------------------------------------------------------------------
Neto renditulu 4 638 000 651 646 1 238 198 1 308 860
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Neto renditulu 638 000 651 646 1 238 198 1 308 860
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Üldhalduskulud (49 617) (43 297) (87 706) (80 624)
-------------------------------------------------------------------------------
Ärikasum 588 383 608 349 1 150 492 1 228 236
-------------------------------------------------------------------------------
Finantstulud / (kulud) (238 792) (279 804) (497 400) (570 584)
-------------------------------------------------------------------------------
Kasum enne tulumaksu 349 591 328 545 653 092 657 652
-------------------------------------------------------------------------------
Äriühingu tulumaks 0 0 0 0
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Aruandeperioodi kasum 349 591 328 545 653 092 657 652
-------------------------------------------------------------------------------
Aruandeperioodi koondkasum
kokku 349 591 328 545 653 092 657 652
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Lühendatud konsolideeritud finantsseisundi vahearuanne
(eurodes) Lisa 30.06.2021 30.06.2020
-----------------------------------------------------------------------
Raha ja raha ekvivalendid 707 233 555 735
Nõuded ostjate vastu ja muud nõuded 213 135 392 830
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Käibevara kokku 920 368 948 565
Kinnisvarainvesteering 31 320 000 30 909 000
-----------------------------------------------------------------------
Põhivara kokku 31 320 000 30 909 000
VARAD KOKKU 32 240 368 31 857 565
Võlad tarnijatele ja muud võlad 463 717 431 635
Tuletisinstrumendid 274 156 434 250
Laenukohustised 5 1 064 004 1 064 004
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Lühiajalised kohustised 1 801 877 1 929 889
Laenukohustised 5 25 826 357 26 896 627
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Pikaajalised kohustised 25 826 357 26 896 627
KOHUSTISED KOKKU 27 628 234 28 826 516
Osakapital 2 500 2 500
Jaotamata kasum 4 609 634 3 028 549
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OMAKAPITAL KOKKU 4 612 134 3 031 049
OMAKAPITAL JA KOHUSTISED KOKKU 32 240 368 31 857 565
-----------------------------------------------------------------------
UNITED PARTNERS
Siim Sild
Managing Director
+372 5626 0107
[email protected]
Teate sisu inglise keeles
Pealkiri
UPP Olaines OÜ consolidated unaudited financial results for Q2 and 6 months of 2021
Teade
MANAGEMENT REPORT FOR 6 MONTHS 2021
General information
UPP Olaines OÜ (hereafter 'the Company' and 'the Group' when referred together
with subsidiaries) 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 second quarter and six months of 2021
Net rental income was 638 000 euros in 2Q 2021 (651 646 euros in 2Q 2020) and
1 238 198 euros for the six months of 2021 (1 308 860 euros for 6 months of
2020). Operating profit was 588 383 euros in 2Q 2021 (608 349 euros in 2Q 2020)
and 1 150 490 euros for the six months of 2021 (1 228 263 euros for 6 months of
2020). Net income was 349 591 euros in 2Q 2021 (328 545 euros in 2Q 2020) and
653 092 euros for the six months of 2021 (657 652 euros for 6 months 2020).
Decrease in net rental income and operating profit was due to the changes in the
lease agreements which the management also reflected upon in the 1Q 2021
commentary. During the transition period, the premises subject to the changes in
the lease agreements did not produce lease income for the period of two weeks.
On top of the collection loss, the Group also made minor operational works and
installed LED lights for the new tenant, which had additional impact on net
rental income and operating profit.
Net income was not affected by these events compared to the previous reporting
period. That is because the decrease in financial costs, which is due to the
repaid principal in between the reporting periods, absorbed the loss of income
and operational costs related to the changes in lease agreements. This also
contributed to the higher net income in 2Q 2021 when compared to 2Q 2020.
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.
Key indicators of financial performance and position for 6 months 2021
6 months
(in EUR) 2Q 2021 2Q 2020 2021 6 months 2020
-------------------------------------------------------------------------------
Net rental income 638 000 651 646 1 238 198 1 308 860
Operating profit 588 383 608 349 1 150 492 1 228 263
Profit for the
period 349 591 328 545 653 092 657 652
-------------------------------------------------------------------------------
(in EUR) 30.06.2021 30.06.2020
-------------------------------------------------------------------------------
Investment property 31 320 000 30 909 000
Interest-bearing loans 26 890 361 28 226 632
Interest-bearing loans less
shareholder's loan 23 948 333 25 278 332
-------------------------------------------------------------------------------
6 months 2020 6 months 2020
-------------------------------------------------------------------------------
Net profit margin, % (Total comprehensive
income / Net rental revenue) 52,8% 50,2%
ROA (Net profit / Average fixed assets) 4,17% 4,25%
LTV (Interest-bearing loans less
shareholder's loan / Investment property) 76,6% 81,8%
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 board. The management board of Olaines Logistics SIA has also one member:
Siim Sild, chairman of the 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 of UPP Olaines OÜ. The member of board of
Olaines Logistics SIA receives remuneration according to Latvian legislation.
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 2Q 2021 2Q 2020 6 months 2021 6 months 2020
-------------------------------------------------------------------------------
Net rental income 4 638 000 651 646 1 238 198 1 308 860
-------------------------------------------------------------------------------
Net rental income 638 000 651 646 1 238 198 1 308 860
-------------------------------------------------------------------------------
General and
administrative
expenses (49 617) (43 297) (87 706) (80 624)
-------------------------------------------------------------------------------
Operating profit 588 383 608 349 1 150 492 1 228 236
-------------------------------------------------------------------------------
Financial income /
(cost) (238 792) (279 804) (497 400) (570 584)
-------------------------------------------------------------------------------
Profit before income
tax 349 591 328 545 653 092 657 652
-------------------------------------------------------------------------------
Income tax 0 0 0 0
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Profit for the periood 349 591 328 545 653 092 657 652
-------------------------------------------------------------------------------
Total comprehensive
income for the period 349 591 328 545 653 092 657 652
-------------------------------------------------------------------------------
Condensed consolidated interim statement of financial position
(in EUR) Note 30.06.2021 30.06.2020
-----------------------------------------------------------------
Cash and cash equivalents 707 233 555 735
Trade and ohter receivables 213 135 392 830
-----------------------------------------------------------------
Total current assets 920 368 948 565
Investment property 31 320 000 30 909 000
-----------------------------------------------------------------
Total non-current assets 31 320 000 30 909 000
TOTAL ASSETS 32 240 368 31 857 565
Trade and ohter payables 463 717 431 635
Financial derivatives 274 156 434 250
Loans and borrowings 5 1 064 004 1 064 004
-----------------------------------------------------------------
Total current liabilities 1 801 877 1 929 889
Loans and borrowings 5 25 826 357 26 896 627
-----------------------------------------------------------------
Total non-current liabilities 25 826 357 26 896 627
TOTAL LIABILITIES 27 628 234 28 826 516
Share capital 2 500 2 500
Retained earnings 4 609 634 3 028 549
-----------------------------------------------------------------
TOTAL EQUITY 4 612 134 3 031 049
TOTAL EQUITY AND LIABILITIES 32 240 368 31 857 565
-----------------------------------------------------------------
UNITED PARTNERS
Siim Sild
Managing Director
+372 5626 0107
[email protected]