Published: 2017-07-31 07:53:49 CEST
UPP & CO Kauno 53
Company Announcement

UPP & CO Kauno 53 OÜ Q2 2017 consolidated interim report (unaudited)

UPP & CO Kauno 53 OÜ

Interim Report

April – June 2017

 

 

Main Events of 2Q 2017

UPP & CO Kauno 53 OÜ acquires Rimi central logistics centre in Lithuania

“Promalita” UAB a subsidiary of the Company acquired “Retmeta” UAB on April 20th. Retmeta is the owner of Rimi LC property. To finance the acquisition a financing agreement with OP Bank Lithuania was signed and a bond issue was carried out successfully in the amount of 4.7 MEUR. On top of that additional owners’ equity was required which was provided by United Partners Property, the parent of the Company.

Rimi LC is the central warehouse of Rimi in Lithuania. It was constructed between 2007 – 2008 and it has 21,232 leasable square meters. The anchor tenant “Hakonlita” UAB (Rimi Lietuva’s real-estate arm) leases 18,047 square meters.

UPP & CO Kauno 53 OÜ subordinated bonds admitted for trading

On June 12th Nasdaq announced the admission to trading of UPP & CO Kauno 53 OÜ subordinated bonds by Nasdaq Tallinn on Nasdaq Baltic First North as of June 12th 2017. Our First North adviser in this process was TSG Baltic (former Varul Advokaadibüroo) represented by Marko Kairjak. More information – http://www.nasdaqbaltic.com/en/news/press-releases/?id=3800117.

We welcome new tenant “Nasdaq Vilnius Services” UAB

On June 15th we handed over premises to Nasdaq Vilnius Services. We wish them a pleasant stay!

From June Girteka and Girteka Logistics have also increased their premises and as of today the property is fully leased.

Merger of “Promalita” UAB and Retmeta “UAB”

According to Lithuanian financial assistance regulation, Rimi LC can’t be pledged in favour of OP Bank and the Bondholders until the property has been reregistered under Promalita’s assets. On June 22nd, just before midsummer holidays, the merger of Promalita and Retmeta was commenced. Rimi LC was deregistered from Retmeta’s assets and reregistered under Promalita. As a result of the merger Retmeta was deregistered from the Lithuanian registry. Our advisor in this merger was Ellex Valiunas, represented by Lina Radaviciene and Rima Kondrataite.

 

 

Financial Performance (consolidated)

2Q 2017 – Net profit EUR 68,047

Net Sales and Net Profit

·         Net Sales amounted to EUR 214,177 in 2nd quarter.

·         Net Operating Income amounted to EUR 191,639.

Expenses

·         Operating expenses amounted to EUR 22,538 in 2nd quarter.

·         Interest expense on loans and bonds issued amounted to EUR 121,893.

Interest-bearing liabilities

·         Consolidated interest-bearing liabilities amounted to EUR 13,823,333. The Company’s largest creditor is OP Bank Lithuania.

DSCR

·         Consolidated: 1.64

·         “Promalita” UAB: 1.61

 

 

Statement of the Management Board

The financial and other additional information published in the Interim Report April – June 2017 is true and complete. Consolidated financial statements give a true and fair view of the actual financial position, results of operations and cash flows of the Company. According to the Terms and Conditions of the Note Issue, the Company confirms that during the interim report period there has been non-occurrence of an Extraordinary Early Redemption Event.

Consolidated financial statements in the report for the period April – June 2017 are not audited.

 

Hallar Loogma

Member of the Management Board

Tallinn, 28.07.2017

 

 

Income Statements

(the Company, “Promalita” UAB and consolidated)

PROFIT/LOSS STATEMENT K53 Promalita Consolidated Consolidated
in euros for period April - June 2017   100%   1Q 2017
         
Sales revenues 0 214,177 214,177 0
Total revenues from operating activities 0 214,177 214,177 0
         
Cost of goods sold 0 -17,797 -17,797 0
Administrative expenses -4,741 0 -4,741 0
Total operating expenses -4,741 -17,797 -22,538 0
         
Profit (loss) from operating activities -4,741 196,380 191,639 0
         
Financial revenues (costs) 4,951 -121,893 -116,942 0
         
Net profit (loss) before taxation 210 74,487 74,697 0
Corporate income tax 0 -6,650 -6,650 0
Net profit (loss) of the period 210 67,837 68,047 0

 

 

Balance Sheets

(the Company, “Promalita” UAB and consolidated)

BALANCE SHEET K53 Promalita Consolidated Consolidated
in euros   100% 30.06.2017 31.03.2017
ASSETS        
Current assets        
Cash and bank 27 14,066 14,093 2,500
Accounts receivable and prepayments 112,413 73,091 72,823 0
Stock 0 24,389 24,389 0
Total current assets 112,440 111,546 111,305 2,500
Non-current assets        
Long-term financial investments 700 0 0 0
Log-term loans 5,274,200 0 0 0
Real Estate investments 0 15,514,002 15,514,002 0
Goodwill 0 1,052,275 1,052,975 0
Total non-current assets 5,274,900 16,566,277 16,566,977 0
TOTAL ASSETS 5,387,340 16,677,823 16,678,282 2,500
         
LIABILITIES AND EQUITY        
Current liabilities        
Accounts payables and other settlements 105,130 190,064 185,013 0
Total current liabilties 105,130 190,064 185,013 0
Non-current liabilities        
Long-term bank loan 0 9,123,333 9,123,333 0
Long-term bonds 4,700,000 0 4,700,000 0
Long-term shareholder's loan 579,500 5,414,200 719,500 0
Long-term provisions 0 1,879,889 1,879,889 0
Total non-current liabilities 5,279,500 16,417,422 16,422,722 0
TOTAL LIABILITIES 5,384,630 16,607,486 16,607,735 0
         
EQUITY        
Share capital 2,500 2,500 2,500 2,500
Retained earnings 210 67,837 68,047 0
   Current year 210 67,837 68,047 0
TOTAL EQUITY 2,710 70,337 70,547 2,500
         
TOTAL LIABILITIES AND EQUITY 5,387,340 16,677,823 16,678,282 2,500

 

 

Cash Flow Statements

(the Company, “Promalita” UAB and consolidated)

CASH FLOW STATEMENT UPP&CO K53 Promalita Consolidated
in euros for period April - June 2017   100%  
Profit from operating activities -4,741 196,380 191,639
Change in operating receivables and prepayments -107,468 -59,714 -57,701
Change in reserves 0 -24,389 -24,389
Change in operating liabilities and advances 105,130 34,692 29,641
Paid interest 0 -35,714 -35,714
Cash flows from operations -7,079 111,255 103,476
       
Acquisition of subsidiary -700 -14,590,257 -14,590,257
Loans issued and bonds purchased -5,485,200 0 0
Repayment of issued loans and bond redemption 211,000 0 0
Received interest 6 0 6
Cash flows from investments -5,274,894 -14,590,257 -14,590,251
       
Loans received and bonds issued 5,415,500 14,685,200 14,615,500
Repayments of loans and redeemed bonds -136,000 -287,667 -212,667
Cash flows from financing 5,279,500 14,397,533 14,402,833
       
Total cash flows -2,473 -81,469 -83,942
       
Cash at the beginning of period 2,500 95,535 98,035
Changes in cash -2,473 -81,469 -83,942
Cash at the end of period 27 14,066 14,093

 

 

UPP & CO Kauno 53 OÜ

Pärnu mnt. 141

11314 Tallinn, Estonia

Phone +372 6616 450

E-mail: property@unitedpartners.ee

www.unitedpartners.ee

         United Partners, CFO
         Siim Sild
         Phone: +372 5626 0107
         e-mail: siim.sild@unitedpartners.ee


Interim+Report_Apr+Jun_2Q2017.pdf