Published: 2018-07-27 14:00:00 CEST
UPP & CO Kauno 53
Interim information

UPP & CO Kauno 53 OÜ 2Q 2018 consolidated interim report (unaudited)

UPP & CO Kauno 53 OÜ

Interim Report

April – June 2018

 

Main Events of 2Q 2018

Maintenance works on UAB Rimi Lithuania new premises have been completed

The premises where UAB CAT Cargo Logistics used to operate have been handed over for regular operations to Rimi from the first quarter of 2018. The premises needed some light maintenance works which were completed in February. Additionally to the works that were performed, a faulty ventilation was detected as the weather got hotter. The reason was a burnt through plug in a fuse box that was replaced by the end of June and from there on out no further problems have arisen.

Regular technical maintenance of the premises

During the second quarter the main focus have been on the out-doors issues which were discovered during the regular technical evaluation of the property. An additional expertise has been made for the bigger and technically more complex works of (i) asphalt repair next to the loading docks and in-doors; and (ii) concrete flooring on the sections that are most intensively used. Negotiations with multiple contractors have started. This process is expected to continue throughout the third quarter. Additionally a small scale roofing works were performed in order to avoid any potential leaks during the approaching autumn season.

Vacancy, payment behaviour and indexation

As of 30th of June 2018 there is no vacancy in the building and all rental and utilities payments are received in time from all tenants.

Quarterly interest payment

Interest for UPP & CO Kauno 53 OÜ bonds was paid on July 17th, 2018. Interest was paid to the investors who held the notes as of July 10th, 2018.

Trends in the warehouse space in Lithuania during the first half of 2018

During the first half of 2018 the logistics market was continuously supported by lively industrial production growth and positive export dynamics. Currently eight new industrial/logistics properties are under construction in Vilnius, which will add around 65 000 sq. m. of new space, representing roughly 10% of the total gross leasable area in Vilnius. Despite the increased supply, market vacancy has remained on the 2% level. This would implicate that there is enough demand on the market to sink the additional warehouse space supply. We expect the rental rates to remain stable and any meaningful growth in near future would result from indexation of rent rates. In conclusion, the situation in Lithuanian warehouse space has been stable over the past years and this trend is expected to continue in the second half of 2018. (Source: Ober-Haus Market Report Baltic states 2018)

 

Financial Performance (consolidated)

2Q 2018 – Net profit EUR 118 055

Net Sales and Net Profit

  • Net Sales amounted to EUR 309 129 in 2nd quarter
  • Net Operating Income amounted to EUR 305 155 in 2nd quarter

Expenses

  • Operating expenses amounted to EUR 9 135 in 2nd quarter
  • Interest expense on loans and bonds issued amounted to EUR 144 966

Interest-bearing liabilities

  • Bank loan repaid in 2nd quarter EUR 115 000, loan outstanding EUR 8 663 335
  • Issued bonds outstanding 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 April – June 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 April – June 2018 are not audited.

Hallar Loogma

Member of the Management Board

Tallinn, 27.07.2018

 

Income Statement

(the Company, “Promalita” UAB and consolidated)

PROFIT/LOSS STATEMENT K53 Promalita Cons. YTD Cons.
in euros   100% 2Q2018   1Q2018
           
Sales revenues 0 309 129 309 129 618 475 309 346
Other operating income 0 2 921 2 921 2 921 0
Total revenues from operating activities 0 312 050 312 050 621 396 309 346
           
Cost of goods sold 0 0 0 0 0
Administrative expenses -1 994 -2 795 -4 789 -12 944 -8 155
Personnel expenses 0 -438 -438 -876 -438
Depreciation of fixed assets 0 -3 908 -3 908 -8 421 -4 513
Total operating expenses -1 994 -7 141 -9 135 -22 241 -13 106
           
Profit (loss) from operating activities -1 994 304 909 302 915 599 155 296 240
           
Financial revenues (costs) 5 120 -150 086 -144 966 -288 635 -143 669
           
Net profit (loss) before taxation 3 126 154 823 157 949 310 520 152 571
Corporate income tax 0 -39 894 -39 894 -79 442 -39 548
Net profit (loss) for the period 3 126 114 929 118 055 231 078 113 023

 

Balance Sheets

(the Company, “Promalita” UAB and consolidated)

BALANCE SHEET K53 Promalita Cons. Cons.
in euros   100% 30.06.2018 31.03.2018
ASSETS        
Current assets        
Cash and bank 38 809 61 939 100 748 68 495
Accounts receivable and prepayments 700 14 097 14 797 10 731
Stock 0 0 0 0
Total current assets 39 509 76 036 115 545 79 226
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 29 888 29 888 33 796
Goodwill 0 1 280 818 1 280 818 1 280 818
Total non-current assets 5 491 900 16 660 706 16 660 706 16 664 614
TOTAL ASSETS 5 531 409 16 736 742 16 776 251 16 743 840
         
LIABILITIES AND EQUITY        
Current liabilities        
Short-term loans 0 230 000 230 000 345 000
Accounts payables and other settlements 77 288 38 524 115 812 118 950
Total current liabilties 77 288 268 524 345 812 463 950
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 736 350 5 488 700 736 350 743 750
Long-term provisions 0 2 091 191 2 091 191 2 051 297
Total non-current liabilities 5 436 350 16 013 224 15 960 874 15 928 380
TOTAL LIABILITIES 5 513 638 16 281 748 16 306 686 16 392 330
         
EQUITY        
Share capital 2 500 2 500 2 500 2 500
Retained earning 15 271 452 494 467 065 349 010
Retained earning from previous periods 9 527 224 660 235 987 235 987
Retained earnings from current period 5 744 227 834 231 078 113 023
TOTAL EQUITY 17 771 454 994 469 565 351 510
TOTAL LIABILITIES AND EQUITY 5 531 409 16 736 742 16 776 251 16 743 840

 

Cash Flow Statement

(the Company, “Promalita” UAB and consolidated)

CASH FLOW STATEMENT K53 Promalita Cons. Cons.
in euros   100% 2Q2018 1Q2018
Profit from operating activities -1 994 304 909 302 915 296 240
Amortization 0 3 908 3 908 4 513
Corrections 0 0 0 0
Change in operating receivables and prepayments 200 -4 266 -4 066 -1 887
Change in reserves 0 0 0 0
Change in operating liabilities and advances -825 -2 311 -3 136 -9 775
Cash flows from operations -2 619 302 240 299 621 289 091
         
Received interest 110 995 0 1 0
Cash flows from investments 110 995 0 1 0
         
Loans received and bonds issued 52 600 0 52 600 22 000
Repayments of loans and redeemed bonds -60 000 -115 000 -175 000 -115 000
Paid interest -105 876 -150 087 -144 969 -167 341
Cash flows from financing -113 276 -265 087 -267 369 -260 341
         
Total cash flows -4 900 37 153 32 253 28 750
         
Cash at the beginning of period 43 709 24 786 68 495 39 745
Changes in cash -4 900 37 153 32 253 28 750
Cash at the end of period 38 809 61 939 100 748 68 495

 

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


Interim+Report_Apr+June_2Q2018.pdf