Published: 2018-04-30 13:00:00 CEST
UPP & CO Kauno 53
Interim information

UPP & CO Kauno 53 OÜ 1Q 2018 consolidated interim report (unaudited)

UPP & CO Kauno 53 OÜ

Interim Report

January – March 2018

 

 

Main Events of 1Q 2018

Maintenance works on UAB Rimi Lithuania new premises have been completed

The premises where UAB CAT Cargo Logistics used to operate have been leased to Rimi already since January.  The premises needed some light maintenance works which were completed in February. These light works included installing fast-opening-system doors and other regular maintenance and repair works.

Regular technical maintenance of the premises

A regular technical evaluation of the property was commenced at the end of 2017, where a list of ordinary maintenance works was created. During the first quarter of the year we have been mainly commencing the in-doors maintenance. Due to the cold February and March the outside maintenance works have been postponed into the second quarter of the year. The report evaluated the general technical condition of the property as good and regular maintenance is required to retain this condition.

Vacancy, payment behaviour and indexation

As of 31. March 2018 there is no vacancy in the building and all rental and utilities payments are received in time from all tenants. In January, rent indexation was implemented on all tenants.

Quarterly interest payment

Interest for UPP & CO Kauno 53 OÜ bonds was paid on January 17th, 2018. Interest was paid to the investors who held the notes as of January 12th, 2018.

2017 trends in warehouse space in Lithuania

In 2017, The logistics market was supported by lively industrial production growth and positive export dynamics. Over a third of demand for modern speculative warehouse space was generated by companies engaged in logistics, followed by companies from the retail and manufacturing sectors. At the same time there is sufficient new supply of speculative warehouse space, which keeps the rental levels stable or has put slight downwards pressure in 2017. The average rental level in modern warehouse has increased very marginally since 2013, in 2017 the average fell back to the 2014 levels. Vacancy in modern warehouse space is 2% on average and in 2018 the vacancy is expected to remain at this level or increase slightly due to the new speculative warehouse space that is added to the market. In conclusion, the situation in Lithuanian warehouse space has been stable over the last 4-5 years and this trend is expected to continue in 2018. (Source: Colliers report – 2018 Baltic Real Estate Overview)

 

 

Financial Performance (consolidated)

1Q 2018 – Net profit EUR 113,023

Net Sales and Net Profit

  • Net Sales amounted to EUR 309,346 in 1st quarter
  • Net Operating Income amounted to EUR 296,240 in 1st quarter

Expenses

  • Operating expenses amounted to EUR 13,106 in 1st quarter
  • Interest expense on loans and bonds issued amounted to EUR 143,669

Interest-bearing liabilities

  • Bank loan repaid in 1st quarter EUR 115,000, loan outstanding EUR 8,778,335
  • Bonds issued EUR 4,700,000

DSCR

  • Issuer consolidated 1.2

   

Statement of the Management Board

The financial and other additional information published in the Interim Report January – March 2018 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 and according to Clause 3.4.12 of the Terms the Collateral is properly insured at all times.

Consolidated financial statements in the report for the period January – March 2018 are not audited.

 

Hallar Loogma

Member of the Management Board

Tallinn, 30.04.2018

 

 

Income Statement

(the Company, “Promalita” UAB and consolidated)

PROFIT/LOSS STATEMENT K53 Promalita Cons. YTD Cons.
in euros   100% 1Q2018   4Q2017
           
Sales revenues 0 309,346 309,346 309,346 320,566
Other operating income 0 0 0 0 0
Total revenues from operating activities 0 309,346 309,346 309,346 320,566
           
Cost of goods sold 0 0 0 0 -21,770
Administrative expenses -2,060 -6,095 -8,155 -8,155 -26,711
Personnel expenses 0 -438 -438 -438 -308
Depreciation of fixed assets 0 -4,513 -4,513 -4,513 -3,875
Total operating expenses -2,060 -11,046 -13,106 -13,106 -52,664
           
Profit (loss) from operating activities -2,060 298,300 296,240 296,240 267,902
           
Financial revenues (costs) 4,678 -148,347 -143,669 -143,669 -138,222
           
Net profit (loss) before taxation 2,618 149,953 152,571 152,571 129,680
Corporate income tax 0 -39,548 -39,548 -39,548 -4,321
Net profit (loss) of the period 2,618 110,405 113,023 113,023 125,359

 

 

Balance Sheets

(the Company, “Promalita” UAB and consolidated)

BALANCE SHEET K53 Promalita Cons. Cons.
in euros   100% 31.03.2018 21.12.2017
ASSETS        
Current assets        
Cash and bank 43,709 24,786 68,495 39,745
Accounts receivable and prepayments 900 9,831 10,731 8,844
Stock 0 0 0 0
Total current assets 44,609 34,617 79,226 48,589
Non-current assets        
Long-term financial investments 3,200 0 0 0
Log-term loans 5,488,700 0 0 0
Real Estate investments 0 15,350,000 15,350,000 15,350,000
Fixed assets 0 33,796 33,796 38,309
Goodwill 0 1,280,818 1,280,818 1,280,818
Total non-current assets 5,491,900 16,664,614 16,664,614 16,669,127
TOTAL ASSETS 5,536,509 16,699,231 16,743,840 16,717,716
         
LIABILITIES AND EQUITY        
Current liabilities        
Short-term loans 0 345,000 345,000 460,000
Accounts payables and other settlements 78,114 40,836 118,950 152,398
Total current liabilties 78,114 385,836 463,950 612,398
Non-current liabilities        
Long-term bank loan 0 8,433,333 8,433,333 8,433,333
Long-term bonds 4,700,000 0 4,700,000 4,700,000
Long-term shareholder's loan 743,750 5,488,700 743,750 721,750
Long-term provisions 0 2,051,297 2,051,297 2,011,748
Total non-current liabilities 5,443,750 15,973,330 15,928,380 15,866,831
TOTAL LIABILITIES 5,521,864 16,359,166 16,392,330 16,479,229
         
EQUITY        
Share capital 2,500 2,500 2,500 2,500
Retained earning 12,145 337,565 349,010 235,987
Retained earning from previous periods 9,527 227,160 235,987 -2
Retained earnings from current period 2,618 110,405 113,023 235,989
TOTAL EQUITY 14,645 340,065 351,510 238,487
         
TOTAL LIABILITIES AND EQUITY 5,536,509 16,699,231 16,743,840 16,717,716

 

 

Cash Flow Statement

(the Company, “Promalita” UAB and consolidated)

CASH FLOW STATEMENT K53 Promalita Cons. Cons.
in euros   100% 1Q2018 4Q2017
Profit from operating activities -2,060 298,300 296,240 267,902
Amortization 0 4,513 4,513 0
Corrections 0 0 0 3,875
Change in operating receivables and prepayments -900 -987 -1,887 28,477
Change in reserves 0 0 0 12,733
Change in operating liabilities and advances 825 -10,600 -9,775 896
Cash flows from operations -2,135 291,226 289,091 313,883
         
Acquisition of material assets 0 0 0 -29,115
Loans issued and bonds purchased -27,500 0 0 0
Received interest 143,596 0 0 0
Cash flows from investments 116,096 0 0 -29,115
         
Loans received and bonds issued 22,000 27,500 22,000 50,050
Repayments of loans and redeemed bonds 0 -115,000 -115,000 -207,000
Paid interest -128,590 -182,347 -167,341 -133,684
Cash flows from financing -106,590 -269,847 -260,341 -290,634
         
Total cash flows 7,371 21,379 28,750 -5,866
         
Cash at the beginning of period 36,338 3,407 39,745 45,611
Changes in cash 7,371 21,379 28,750 -5,866
Cash at the end of period 43,709 24,786 68,495 39,745

 

 

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_Jan+March_1Q2018.pdf