Börsiteade
UPP Olaines OÜ
LEI kood
485100K47H9626P04N76
Üldandmed
Kategooriad
Juhtkonna vaheteadaanne või kvartaalne finantsaruanne
Teate ID
9136
Manused
Esitamise kuupäev ja aeg
31.10.2021 19:57:41
Teate sisu eesti keeles
Pealkiri
UPP Olaines OÜ 2021. aasta III kvartali ja 9 kuu konsolideeritud auditeerimata vahearuanne
Teade
TEGEVUSARUANNE 2021. AASTA 9 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 kolmanda kvartali ja üheksa kuu finantsülevaade
Grupi 2021. a. III kv. neto renditulu oli 626 923 (2020. a. III kv. 670 298)
eurot, 2021. a. 9 kuu neto renditulu oli 1 864 577 (2020. a. 9 kuud 1 979 158)
eurot. Ärikasum oli 2021. a. kolmandas kvartalis 542 929 (2020. a. III kv.
635 253) eurot, üheksa kuu ärikasum 1 693 421 (2020. a. 9 kuud 1 863 489) eurot.
Grupi puhaskasum oli 2021. a. kolmandas kvartalis 297 664 (2020. a. III kv.
408 988) eurot, õheksa kuu puhaskasum 950 756 (2020. a. 9 kuud 1 119 547) eurot.
Neto renditulu langus aruandlusperioodide võrdluses tuleneb rentnike vahetusest,
mida 2021. a. I kv. aruandes kajastati. 2021. a. III kvartalis teostati Olaine
Logistikapargis remonttöid mis avaldasid täiendavat mõju kvartali ning 9 kuu
neto renditulule.
Grupp tasus 2021. a. III kvartalis 49 715 euro suuruse energiatõhususe trahvi
mille määras B?vniec?bas valsts kontroles birojs (Läti Ehitusjärelevalve Büroo),
mis avaldas olulist mõju Grupi III kv. ja 9 kuu puhaskasumile.
Trahv määrati kuna Ettevõte tütarettevõte ning Olaine Logistikapargi operaator
SIA Olaines Logistics ei edastanud õigaegselt Büroole 2020. a. energiabilanssi.
Ettevõtted mis tarbivad kaks aastat järjest rohkem kui 500 000kWh
elektrienergiat aastas peetakse Lätis elektrienergia suurtarbijateks. Sellised
ettevõtted peavad investeerima energiatõhususe meetmetesse või neile määratakse
trahv vastavalt tarbitud elektrienergia kogusele. Ettevõttel, nagu SIA Olaines
Logistics, kes ostetud energiat ei tarbi vaid müüb selle edasi on kohtustus
pidada arvet ostetud ja müüdud kilovatt-tundide üle ning edastada vastav bilanss
Büroole ettenähtud tähtajaks. SIA Olaines Logistics ei edastanud Büroole 2020.
a. energiabilanssi õigeaegselt Grupi varahalduse meeskonnas toimunud muudatuste
tõttu. Lisaks ei olnud COVID piirangute tõttu võimalik sõita Lätti, mille tõttu
ei olnud meil võimalik kätte saada Büroo poolt meile ainult kirjalikul kujul SIA
Olaines Logistics juriidilisele aadressile saadetud meeletuletusi. Selle
tulemusena määrati SIA Olaines Logisticsile energiatõhususe trahv meie klientide
poolt Olaines Logistikapargis tarbitud ~8 000MWh elektrienergia eest. SIA
Olaines Logistics kaebas mitmel korral otsuse edasi Büroole ning lõpuks ka Läti
Majandusministeeriumile, kuna SIA Olaines Logistics on tarbinud 0kWh
elektrienergiat ning määratud trahv ei ole portportsionaalne rikkumisega
(bilansi edastamise kuupäevast mitte kinni pidamine). Paraku kumbki
institutsioon meie edasikaebusi ei rahuldanud ning määratud trahv nõuti Grupilt
sisse täies ulatuses.
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 9 kuu finantsilised võtmenäitajad
(eurodes) III kv 2021 III kv 2020 9 kuud 2021 9 kuud 2020
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Neto renditulu 626 923 670 298 1 864 577 1 979 158
Ärikasum 542 929 635 253 1 693 421 1 863 489
Perioodi kasum 297 664 408 988 950 756 1 119 547
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(eurodes) 30.09.2021 30.09.2020
-------------------------------------------------------------------------------
Kinnisvarainvesteering 31 320 000 30 909 000
Intressikandvad laenud 26 624 362 27 694 631
Intressikandvad laenud ilma omanikulaenuta 23 682 334 24 746 331
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9 kuud 2021 9 kuud 2020
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Puhaskasumi marginaal, % (Puhaskasum / Puhas
renditulu) 50,1% 56,6%
ROA (Puhaskasum / Perioodi keskmised varad) 4,05% 4,83%
LTV (Intressikandvad laenud ilma omanikulaenuta /
Kinnisvarainvesteeringud) 75,6% 80,1%
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 III kv 2021 III kv 2020 9 kuud 2021 9 kuud 2020
-------------------------------------------------------------------------------
Neto renditulu 4 626 923 670 298 1 865 121 1 979 158
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Neto renditulu 626 923 670 298 1 865 121 1 979 158
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Üldhalduskulud (34 279) (35 045) (121 985) (115 669)
Muud tegevuskulud (49 715) 0 (49 715) 0
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Ärikasum 542 929 635 253 1 693 421 1 863 489
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Finantstulud / (kulud) (245 265) (232 265) (742 665) (743 942)
-------------------------------------------------------------------------------
Kasum enne tulumaksu 297 664 402 988 950 756 1 119 547
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Äriühingu tulumaks 0 0 0 0
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Aruandeperioodi kasum 297 664 402 988 950 756 1 119 547
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Aruandeperioodi
koondkasum kokku 297 664 402 988 950 756 1 119 547
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Lühendatud konsolideeritud finantsseisundi vahearuanne
(eurodes) Lisa 30.09.2021 30.09.2020
-----------------------------------------------------------------------
Raha ja raha ekvivalendid 712 869 752 089
Nõuded ostjate vastu ja muud nõuded 231 037 317 024
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Käibevara kokku 943 906 1 069 113
Kinnisvarainvesteering 31 320 000 30 909 000
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Põhivara kokku 31 320 000 30 909 000
VARAD KOKKU 32 263 906 31 978 113
Võlad tarnijatele ja muud võlad 505 591 383 036
Tuletisinstrumendid 224 155 407 502
Laenukohustised 5 1 064 004 1 064 004
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Lühiajalised kohustised 1 793 750 1 854 542
Laenukohustised 5 25 560 358 26 630 627
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Pikaajalised kohustised 25 560 358 26 630 627
KOHUSTISED KOKKU 27 354 108 28 485 169
Osakapital 2 500 2 500
Jaotamata kasum 4 907 298 3 490 444
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OMAKAPITAL KOKKU 4 909 798 3 492 944
OMAKAPITAL JA KOHUSTISED KOKKU 32 263 906 31 978 113
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UNITED PARTNERS
Siim Sild
Managing Director
+372 5626 0107
[email protected]
Teate sisu inglise keeles
Pealkiri
UPP Olaines OÜ consolidated unaudited financial results for Q3 and 9 months of 2021
Teade
MANAGEMENT REPORT FOR 9 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 nine months of 2021
Net operating income was 626 923 euros in 3Q 2021 (670 298 euros in 3Q 2020) and
1 864 577 euros for the nine months of 2021 (1 979 158 euros for 9 months of
2020). Operating profit was 542 929 euros in 3Q 2021 (635 253 euros in 3Q 2020)
and 1 693 421 euros for the nine months of 2021 (1 863 48 euros for 9 months of
2020). Net income was 297 664 euros in 3Q 2021 (408 988 euros in 3Q 2020) and
950 756 euros for the nine months of 2021 (1 119 547 euros for 9 months 2020).
Decrease in net operating income for 9 months of 2021 was due to the changes in
the lease agreements which the management also reflected upon in the 1Q 2021
commentary. In 3Q 2021 the Group made repairs in Olaine LC which had additional
effect on 3Q and 9 months net operating income.
The Group paid a 49 715 euro fine issued by B?vniec?bas valsts kontroles birojs
(State Construction Control Bureau of Latvia) which had a noticeable impact on
net income for 3Q and 9 months.
Group received the fine because the Company's subsdiary, SIA Olaines Logistics
did not forward its' 2020 energy balance to the Bureau in due time. In Latvia,
companies which consume more than 500 000kWh of energy for two consecutive
years, are consdered large energy consumers and must make energy efficiency
investments, or pay energy efficiency fine calculated on the basis of
electricity consumed. For companies such as SIA Olaines Logistics, who do not
consume the electricity, but are forwarding (selling) bought electricity to
ohter clients, there is a requirement to maintain a balance of the kWh-s bought
and sold, and to forward annual balance to the Bureau before a due date. SIA
Olaines Logistics failed to forward required balance for 2020 in due time
because of changes which occurred in Group's asset management team at that time.
Furthermore, because of COVID travel restrictions we were not able to access SIA
Olaines Logistics physical mail box, where noticies and reminders regarding the
obligation to forward the balance were sent by the Bureau. As a result the Group
became liable to pay energy efficiency fee for the full ~8 000MWh of electricity
consumed in Olaines LC by the clients of SIA Olaines Logistics. SIA Olaines
Logistics appealed to the Bureau several times and also appealed to the Ministry
of Economics of Latvia to reduce the fine as it is completely out of proportions
compared to the nature of violation and the fact that the SIA Olaines Logistics
consumed 0kWh of electricity. However none of the appeals were considered by
either inistitution because the due date for appealing was past, leaving the
fine in force in full amount.
In 3Q 2021 the Group initiated investments to change all lightning in Olaine LC
to LED lights, including outside premises lighting.
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 9 months 2021
(in EUR) 3Q 2021 3Q 2020 9 months 2021 9 months 2020
----------------------------------------------------------------------------
Net operating income 626 923 670 298 1 864 577 1 979 158
EBIT 542 929 635 253 1 693 421 1 863 489
Profit for the period 297 664 408 988 950 756 1 119 547
----------------------------------------------------------------------------
(in EUR) 30.09.2021 30.09.2020
-----------------------------------------------------------------------
Investment property 31 320 000 30 909 000
Interest-bearing loans 26 624 362 27 694 631
Interest-bearing loans less shareholder's
loan 23 682 334 24 746 331
-----------------------------------------------------------------------
9 months 2021 9 months 2020
-------------------------------------------------------------------------------
Net profit margin, % (Total comprehensive income /
Net operating income) 50,1% 56,6%
ROA (Net profit / Average fixed assets) 4,05% 4,83%
LTV (Interest-bearing loans less shareholder's
loan / Investment property) 75,6% 80,1%
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 3Q 2021 3Q 2020 9 months 2021 9 months 2020
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Net rental income 4 626 923 670 298 1 865 121 1 979 158
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Net rental income 626 923 670 298 1 865 121 1 979 158
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General and
administrative
expenses (34 279) (35 045) (121 985) (115 669)
Other operating
expenses (49 715) 0 (49 715) 0
-------------------------------------------------------------------------------
Operating profit 542 929 635 253 1 693 421 1 863 489
-------------------------------------------------------------------------------
Financial income /
(cost) (245 265) (232 265) (742 665) (743 942)
-------------------------------------------------------------------------------
Profit before income
tax 297 664 402 988 950 756 1 119 547
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Income tax 0 0 0 0
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Profit for the periood 297 664 402 988 950 756 1 119 547
-------------------------------------------------------------------------------
Total comprehensive
income for the period 297 664 402 988 950 756 1 119 547
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Condensed consolidated interim statement of financial position
(in EUR) Note 30.09.2021 30.09.2020
-----------------------------------------------------------------
Cash and cash equivalents 712 869 752 089
Trade and ohter receivables 231 037 317 024
-----------------------------------------------------------------
Total current assets 943 906 1 069 113
Investment property 31 320 000 30 909 000
-----------------------------------------------------------------
Total non-current assets 31 320 000 30 909 000
TOTAL ASSETS 32 263 906 31 978 113
Trade and ohter payables 505 591 383 036
Financial derivatives 224 155 407 502
Loans and borrowings 5 1 064 004 1 064 004
-----------------------------------------------------------------
Total current liabilities 1 793 750 1 854 542
Loans and borrowings 5 25 560 358 26 630 627
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Total non-current liabilities 25 560 358 26 630 627
TOTAL LIABILITIES 27 354 108 28 485 169
Share capital 2 500 2 500
Retained earnings 4 907 298 3 490 444
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TOTAL EQUITY 4 909 798 3 492 944
TOTAL EQUITY AND LIABILITIES 32 263 906 31 978 113
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UNITED PARTNERS
Siim Sild
Managing Director
+372 5626 0107
[email protected]