Published: 2017-10-31 12:52:59 CET
Mainor Ülemiste
Company Announcement

Mainor Ülemiste AS Interim Report 3Q 2017

Main Events in the 3Q 2017

 

New parking space of 26,000 m² will be built in Ülemiste City

The cornerstones for two new parking houses were placed on the 5th of July. At Sepise Street 10, the Dvigatel production building, which owner is Mainor Ülemsite AS, will be renovated and expanded into a five-storey parking house. The new Technopolis Ülemsite parking house will be in the immediate vicinity of the airport at Lõõtsa Street 11. Both buildings will be completed by the summer of 2018, which will add 900 more places, or nearly a third, to the existing 3,000 parking spaces.

 

The opening of Ülemiste tram line

A tram route passing through Ülemsite City to Tallinn Airport was opened on August 30th. The tram runs through the 150-meter tunnel beneath the Suur-Sõjamäe Street, reaching the ground on Keevise Street, and ending with a U-turn at the airport. According to Tallinn’s acting Mayor Taavi Aas, who spoke at the opening, the extension of the tram route to the airport is a facility that significantly changes the city's old logistics. In addition to a quick connection between the city center and the airport, it also gives new development perspectives to Ülemiste City.

 

The opening ceremony of the new international school on the 1st of September

The Tallinn International School, belonging to the Mainor Group, started its operations in September to support of the vision of Ülemiste City and provide high quality education for the children of foreign professionals, who have come to work here. In the first year 20 children from more than 10 different nationalities began their studies. Teaching is in English and will be based on the Estonian and internationally recognized International Baccalaurate (IB) curriculum. The goal of the school is to cover the full cycle from the primary classes to the end of the upper secondary school, in order to ensure the possibility of obtaining international education for children of all ages, who have relocated to Estonia with their parents.

 

Conference Futurism 2017 in Ülemsite City with Hyperloop One and Boris Johnson

The international conference Futurism 2017 was held in Ülemiste City, bringing together experts in the field of transport of the future and specialists from more than 9 countries: the United Kingdom, Latvia, Lithuania, Finland, Sweden, Norway, Denmark, Iceland, etc. The most exiting presentation was made by Alan James, the VP Worldwide Business Development at Hyperloop One, whose mission is to build a tunnel with a 6 minute transport link between Helsinki and Tallinn. The stop of the new train connection is planned directly at the gate of Ülemiste City. The main speaker of the conference was the UK Foreign Minister Boris Johnson, who praised Estonia's achievements on the field of technology.

   

Traditional rafters celebration on the new office building at Lõõtsa 12 on the 11th of September

Technopolis Ülemiste’s new 13-storey Liwentaal office building roofraising celebration was held on September 11th  in Ülemiste City. This is the highest (45 meters) building that can be built right next to Tallinn airport, thus it has stunning view directly overlooking the planes and Ülemiste lake. Kadri Simson, Minister of Economic Affairs and Infrastructure also participated in the ceremony. The building will be completed in the first half of 2018.

 

Financing agreement with Nordea Bank signed on 13th of September for renovation of Ülemsite City’s IT house

Mainor Ülemiste, a developer of Ülemiste City, signed a financing agreement with Nordea Bank to renovate an old brick house in the Dvigatel complex, into a modern IT house in amount of 1.2 million euros. A nearly 860 m² building will be designed especially for IT companies; the premium office space has already been reserved by the anchor tenant. The Ülemiste City IT house will be located at Sepise 8 – right next to the newly renovated MyFitness Sports Club and on the opposite from Estonia’s largest office building – the Öpik House.

 

 

Ülemiste City Key Figures as of 30.09.2017

Rented space                165,075 square meters

Occupancy Rate           98.5%

 

 

Financial Performance

3Q 2017 – Net profit EUR 1,469 thousand

Net Sales and Net Profit

  • Net sales amounted to EUR 1,904 th in the 3rd quarter, increase of 39.2% compared to the 3rd quarter of 2016
  • Net profit amounted to EUR 1,469 th, increase of 26.4% compared to 3rd quarter of 2016

Expenses

  • Operating expenses decreased from EUR 1,057 th (2nd quarter 2017) to EUR 988 th in the 3rd quarter of 2017
  • Interest expense on loans and issued bonds amounted to EUR 506 th, increase of 45.4% compared to the 3rd quarter in 2016 (EUR 348 th)

Interest-bearing liabilities

  • Mainor Ülemiste AS interest-bearing liabilities amounted to EUR 55,217 th. The Company’s three largest creditors at the end of the period were Nordea Bank AB, LHV Pank AS and OP Corporate Bank Plc
  • At the end of the reporting period, Mainor Ülemiste had EUR 20,820 th in untapped credit facilities

 

 

Statement of the Management Board

The financial and other additional information published in the Interim Report July – September 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 group.

Consolidated financial statements in the report for the period July – September 2017 are not audited.

 

Margus Nõlvak

Member of the Management Board

Tallinn, 31.10.2017

 

  

Consolidated Income Statement

(according to IFRS)

In thousands Euros

 

 

    3Q 2016 4Q 2016 1Q 2017 2Q 2017 3Q 2017
Sales   1 368 1 660 1 837 1 910 1 904
Cost of Sales   -463 -647 -651 -572 -520
Administrative expenses -402 -484 -432 -485 -452
Depreciation   -14 -14 -15 -14 -16
Income from associate companies* 891 930 950 966 953
Other operating income 0 0 15 0 1
Other operating expenses -1 -1 -2 -2 -1
Operating profit 1 379 1 444  1 702 1 803 1 869
Other finance income 131 335 83 94 106
Interest paid and fees -348 -431 -402 -481 -506
Income tax   0 0 0 -190 0
Net profit*   1 162 1 348 1 383 1 226 1 469
 
* Without change of valuation of Mainor Ülemiste AS's and associate companies' investments properties.

  

Consolidated Balance Sheet

(according to IFRS)

In thousands Euros

 

 

Mainor Ülemiste AS 30.09.2016 31.12.2016 31.03.2017 30.06.2017 30.09.2017
Tangible and intangible assets 122 111 99 76 93
Property 78 438 84 810 88 656 91 539 95 748
Other 9 744 9 720 9 668 9 667 9 679
Financial assets 26 572 27 629 28 579 29 545 30 498
Receivables 842 1 193 1 267 1 585 1 673
Cash 7 235 6 989 9 543 8 295 8 234
Total assets 122 953 130 452 137 812 140 707 145 925
             
Owners' equity          
Share capital 19 200 19 200 19 200 19 200 19 200
Mandatory reserves 1 920 1 920 1 920 1 920 1 920
Retained earnings 59 895 63 135 64 526 64 905 66 374
Total equity 81 015 84 255 85 646 86 025 87 494
             
Liabilities          
Debt 39 815 42 693 49 390 51 789 55 217
Other liabilities 632 646 561 527 531
Accounts payable 1 491 2 858 2 215 2 366 2 683
Total liabilities 41 938 46 197 52 166 54 682 58 431
             
TOTAL LIABILITIES & OWNERS' EQUITY 122 953 130 452 137 812 140 707 145 925

 

  Consolidated Cash Flow Statement

In thousands Euros

 

Mainor Ülemiste AS 3Q  2016 4Q  2016 1Q  2017 2Q  2017 3Q  2017
Operating activities          
Net result for the period 1 162 1 348 1 383 1 226 1 469
Adjustment:          
  Depreciation 14 14 15 14 16
  Income from associate companies -891 -930 -950 -966 -953
  Financial income and expenses 131 96 319 387 400
  Change in operating assets 220 -145 120 -445 -51
  Change in operating liabilities -728 1 444 -942 295 484
  Interest received 85 5 5 18 0
  Dividends received 217 217 0 0 0
  Interest paid and fees -330 -431 -402 -481 -506
  Income tax 0 0 0 0 -190
Net cash flow from operating activities -120 1 618 -452 48 669
Investing activities          
Investments in tangible and intangible assets -25 0 0 0 -33
Proceeds from sale of tangible and intangible assets 0 0 0 0 0
Investments in investment properties -3 226 -4 613 -3 692 -2 898 -4 124
Loans granted 0 0 0 0 0
Repayment of loans granted 490 0 0 0 0
Acquisition of associates 0 0 0 0 0
Cash flows from investing activities -2 761 -4 613 -3 692 -2 898 -4 157
Financing activities          
Bond issue 0 0 0 0 0
Increase in long-term loans 4 226 2 959 7 037 2 804 3 785
Decrease in long-term loans -206 -210 -339 -362 -358
Dividends paid 0 0 0 -840 0
Cash flows from financing activities 4 020 2 749 6 698 1 602 3 427
Total cash flow 1 139 -246 2 554 -1 248 -61
Cash and cash equivalents at period-start 6 096 7 235 6 989 9 543 8 295
Change in cash and cash equivalents 1 139 -246 2 554 -1 248 -61
Cash and cash equivalents at period-end 7 235 6 989 9 543 8 295 8 234

 

         Mainor Ülemiste AS
         Valukoja 8
         11415 Tallinn, Estonia
         Phone: +372 5304 6992
         E-mail: info@mainorulemiste.ee
         www.mainorulemiste.ee


Mainor Ülemiste AS Interim Report 3Q 2017.pdf