Published: 2018-07-31 12:15:39 CEST
Mainor Ülemiste
Company Announcement

Mainor Ülemiste AS Interim Report 2Q 2018

 

Main Events in the 2Q 2018

 

In April Mainor Ülemiste announced an architectural competition for the modernization and expansion of the limestone factory building from 1899

The mentioned renovation project of former factory building on Sepapaja 10 is the largest renovation project in Ülemiste City. According to the existing zoning plan, the plot owned by Mainor Ülemiste AS offers construction right of nearly 50,000 square meters. As the building is located in the heart of the campus, Mainor Ülemiste intends to bring together all important services and functions for the people: the traditional offices will be accompanied by co-working spaces, rental apartments and restaurants. The top architectural bureaus of Estonia were invited to participate in the targeted architecture competition: Alliance Architects, KOKO Architects, Architectural Bureau Pluss and HG Architecture. The Council of Mainor Ülemiste AS announces the winning project in the middle of August. The company’s desire is to complete the designing of the building by the spring of 2019, to obtain the building permit by the end of 2019 and to start construction in 2021.

 

On April 18, the financial results of AS Technopolis Ülemiste, the co-developer of Ülemiste City, were published

AS Technopolis Ülemiste's net profit increased by 68% in 2017 reaching 12 million euros and the revenue by 5% reaching 13.6 million euros, which are the best results ever achieved by the company. The equity capital of Technopolis Ülemiste amounted to EUR 68.4 million at the end of the reporting period. Technopolis Ülemiste offers approximately 72,000 square meters of office space for rent, making it the largest office building owner in Tallinn.

 

Mainor Ülemiste signed rental agreements with two international companies in May

In May Mainor Ülemiste AS signed the rental agreements of office premises with two new international companies, who will move to the Öpik II building in autumn this year. The total value of contracts covering the office space of 4,500 square meters is estimated at 4 million euros. According to the confidentiality agreement, the names of companies expanding to Ülemiste City will be published in the autumn when new offices in the Öpik house are opened.

 

On June 20, the newest building with the total area of 10,000 square meters was opened in Ülemiste City

At Lõõtsa Street 11 near the airport, a 13-storey office building named after Alexandre Liwentaal was opened in June.  The main contractor of the building was Nordecon AS. Technopolis Ülemiste invested a total of 13 million euros in Liwentaal House with a total area of ​​10,000 square meters. The newest building meets the requirements of LEED Platinum level – the highest environmental certification.

  

On June 25, the statue of the founder of the Ülemiste City and the great visionary Ülo Pärnits was opened

The statue of Ülo Pärnits – the founder of Ülemiste City, the long-time leader of Mainor AS and the pioneer of modern education – was opened in front of Estonia’s largest office building, the Öpik house. At the opening ceremony the memorandum between the developers of Ülemiste City, Tallinn University of Technology and Mainor AS was signed. As a result, the University of Technology will open a new professorship and will work with the Ülemiste City to develop smart city solutions.

 

 

Ülemiste City Key Figures as of 30.06.2018

Rented space                168,159 square meters

Occupancy Rate            99%

  

 

 

Financial Performance

 

2Q 2018 – Net profit EUR 1,325 thousand

Net Sales and Net Profit

  • Net sales amounted to EUR 2,067 th in the 2nd quarter, increase of 8.2% compared to the 2nd quarter of 2017
  • Net profit amounted to EUR 1,325 th, increase of 13.3% compared to 2nd quarter of 2017

 

Expenses

  • Operating expenses increased from EUR 1,057 th (2nd quarter 2017) to EUR 1,063 th in the 2nd quarter of 2018
  • Interest expense on loans and issued bonds amounted to EUR 722 th, increase of 50.1% compared to the 2nd quarter in 2017 (EUR 481 th)

 

Interest-bearing liabilities

  • Mainor Ülemiste AS interest-bearing liabilities amounted to EUR 68,692 th. The Company’s four largest creditors at the end of the period were Nordea Bank AB, LHV Pank AS and OP Corporate Bank Plc, Luminor Bank AS
  • At the end of the reporting period, Mainor Ülemiste had EUR 13,000 th in untapped credit facilities

 

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 group.

Consolidated financial statements in the report for the period April – June 2018 are not audited.

 

 

Margus Nõlvak

Member of the Management Board

Tallinn, 31.07.2018

 

 

 

Consolidated Income Statement

(according to IFRS)

In thousands Euros 

Mainor Ülemiste AS  2Q 2017 3Q 2017 4Q 2017 1Q 2018 2Q 2018
Sales   1 910 1 904 2 035 2 194 2 067
Cost of Sales   -572 -520 -699 -732 -557
Administrative expenses -485 -465 -649 -481 -506
Depreciation   -14 -16 -14 -12 -12
Income from associate companies* 966 953 981 1 038 1 054
Other operating income 0 1 14 4 0
Other operating expenses -2 -1 -4 -2 -1
Operating profit 1 803 1 856 1 664 2 009 2 045
Other finance income 37 36 117 1 2
Interest paid and fees -481 -506 -621 -509 -722
Income tax   -190 0 0 0 0
Net profit*   1 169 1 386 1 160 1 501 1 325
               
* 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 30.06.2017 30.09.2017 31.12.2017 31.03.2018 30.06.2018
Tangible and intangible assets 76 93 83 72 66
Property 91 539 95 748 100 642 106 421 112 307
Other 9 667 9 679 9 511 9 320 9 332
Financial assets* 29 545 30 498 31 479 34 555 34 377
Receivables 1 585 1 673 1 602 1 533 2 389
Cash 8 295 8 234 9 400 8 693 9 049
Total assets 140 707 145 925 152 717 160 594 167 520
           
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* 64 905 66 374 67 844 72 318 72 410
Total equity 86 025 87 494 88 964 93 438 93 530
           
Liabilities          
Debt 51 789 55 217 59 823 62 777 68 692
Other liabilities 527 531 604 645 704
Accounts payable 2 366 2 683 3 326 3 734 4 594
Total liabilities 54 682 58 431 63 753 67 156 73 990
           
TOTAL LIABILITIES & OWNERS' EQUITY 140 707 145 925 152 717 160 594 167 520
           
* Without change of valuation of Mainor Ülemiste AS's and associate companies' investments properties.

  

 

Consolidated Cash Flow Statement

In thousands Euros 

Mainor Ülemiste AS 2Q 2017 3Q 2017 4Q 2017 1Q 2018 2Q 2018
Operating activities          
Net result for the period 1 169 1 386 1 160 1 501 1 325
Adjustment:          
  Depreciation 14 16 14 12 12
  Income from associate companies -966 -953 -981 -1 038 -1 054
  Financial income and expenses 444 470 504 508 681
  Change in operating assets -371 -14 676 -329 -367
  Change in operating liabilities 295 527 629 552 1 067
  Interest received 18 0 0 0 0
  Dividends received 0 0 0 0 616
  Interest paid and fees -481 -506 -621 -509 -722
  Income tax 0 -190 0 0 0
Net cash flow from operating activities 122 736 1 381  697 1 558
Investing activities          
Investments in tangible and intangible assets -3 -32 0 0 0
Proceeds from sale of tangible and intangible assets 0 0 0 0 0
Investments in investment properties -2 969 -4 162 -4 810 -4 338 -5 900
Loans granted 0 0 0 0 0
Repayment of loans granted 0 0 0 0 0
Acquisition of associates 0 0 0 0 0
Cash flows from investing activities -2 972 -4 194 -4 810 -4 338 -5 900
Financing activities          
Bond issue 0 0 2 620 14 1 204
Increase in long-term loans 2 804 3 755 2 344 3 284 5 056
Decrease in long-term loans -362 -358 -369 -364 -330
Dividends paid -840 0 0 0 -1 232
Cash flows from financing activities 1 602 3 397 4 595 2 934 4 698
Total cash flow -1 248 -61 1 166  -707 356
Cash and cash equivalents at period-start 9 543 8 295 8 234 9 400 8 693
Change in cash and cash equivalents -1 248 -61 1 166  -707 356
Cash and cash equivalents at period-end 8 295 8 234 9 400 8 693 9 049

 

 

 

         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 2Q 2018.pdf