Published: 2019-01-31 12:20:16 CET
Mainor Ülemiste
Company Announcement

Mainor Ülemiste AS Interim Report 4Q 2018

Main Events in the 4Q 2018

 

October 31, 2018

Technopolis Ülemiste opens a 1,800 m² coworking office in the center of Tallinn

Technopolis Ülemiste AS, a co-developer of Ülemiste City, is expanding its operations outside the campus and signed an agreement with Maakri Kvartal Ltd, to establish an innovative co-working office at Maakri 19/2. With a total of 20 private offices, 80 co-working stations, four seminar rooms and common socialization areas, the UMA Maakri coworking office opens its doors in summer 2019. For Technopolis Ülemiste, it is a historic step to expand from the current Ülemiste City campus.

 

November 16, 2018

Mainor Ülemiste opened the largest office building in Estonia

Mainor Ülemiste opened Estonia’s largest 45,000 square meter office building named after E.J. Öpik. According to Margus Nõlvak, the Chairman of the Board at Mainor Ülemiste, 98% of the offices are already covered with lease contracts. Nearly 2,000 people in over 100 companies are working in the second tower of the new office building, among other Cleveron, Skeleton Technologies, ABB, AGA, Tele2 and the Nordea Service Center. In the beginning of 2019, a renewed e-Estonia Showroom will be opened in the gallery between two office towers.

 

November 19, 2018

Estonian International House is opened in Ülemiste City

The aim of the Estonian International House, which was opened in cooperation with eight institutions, is to create a single service center for foreigners (including returning Estonians) to make setting to Estonia much more convenient. It is targeted also to employers who are hiring foreign talents. International House ensures the availability of the necessary information and services how to adapt into Estonian society, providing consultation regarding documentation, personal identification code, residence, work and career, health care, social security, public transport, kindergarten or school, for one’s children, participation in events and much more.

 

December 13, 2018

Estonian architects and world renowned Zaha Hadid bureau to compete in the architectural competition of the new quarter of Ülemiste City

The high-level architectural competition for the ambitious future complex to be built in Ülemiste has reached to its finals. Estonian 3+1 Architects is competing in the final round with the world renowned Zaha Hadid Architects. Future development of the Valukoja Quarter with over 30,000 square meters of space is linking three different properties in Ülemiste City and is turning it into a complex with number of special functions: homes, offices and schools.

 

December 20, 2018

Öpiku Majad OÜ, a subsidiary of Mainor Ülemiste, signed a EUR 40 million loan agreement with SEB Pank

According to Margus Nõlvak, Chairman of the Board at Mainor Ülemiste, the loan agreement with SEB Pank is the largest of the past 10 years in the development of Ülemiste City. Fresh funding is aimed for the new educational complex and offices, but also to start building an innovative health center of Ülemiste City and to continue with the residential real estate development. The significant part of the loan is allocated also to partially refinance previous commitments made for the development of Öpik Quarter.

 

Ülemiste City Key Figures as of 31.12.2018

Rented space                189,620 square meters

Occupancy Rate           97%

 

 

 

Financial Performance

 

4Q 2018 – Net profit EUR 1,664 thousand

Net Sales and Net Profit

  • Net sales amounted to EUR 2,410 th in the 4th quarter, increase of 18.4% compared to the 4th quarter of 2017
  • Net profit amounted to EUR 1,664 th, increase of 43.4% compared to 4th quarter of 2017

Expenses

  • Operating expenses increased from EUR 1,083 th (4th quarter 2017) to EUR 1,295 th in the 4th quarter of 2018
  • Interest expense on loans and issued bonds amounted to EUR 724 th, increase of 16.6% compared to the 4th quarter in 2017 (EUR 621 th)

Interest-bearing liabilities

  • Mainor Ülemiste AS interest-bearing liabilities amounted to EUR 77,806 th. The Company’s four largest creditors at the end of the period were SEB Pank AS, LHV Pank AS, OP Corporate Bank Plc and Luminor Bank AS
  • At the end of the reporting period, Mainor Ülemiste had EUR 16,500 th in untapped credit facilities

 

Statement of the Management Board

The financial and other additional information published in the Interim Report October – December 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 October – December 2018 are not audited.

 

 

Margus Nõlvak

Member of the Management Board

Tallinn, 31.01.2019

 

 

Consolidated Income Statement

(according to IFRS)

In thousands Euros 

 Mainor Ülemiste AS  4Q 2017 1Q 2018 2Q 2018 3Q 2018 4Q 2018
Sales   2 035 2 194 2 067 2 127 2 410
Cost of Sales   -699 -732 -557 -649 -756
Administrative expenses -649 -481 -506 -434 -539
Depreciation   -14 -12 -12 -11 -11
Income from associate companies* 981 1 038 1 054 1 127 1 191
Other operating income 14 4 0 6 25
Other operating expenses -4 -2 -1 -5 -7
Operating profit* 1 664 2 009 2 045 2 161 2 313
Other finance income 117 1 2 25 75
Interest paid and fees -621 -509 -722 -518 -724
Income tax   0 0 0 0 0
Net profit*   1 160 1 501 1 325 1 668 1 664
             
* 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 31.12.2017 31.03.2018 30.06.2018 30.09.2018 31.12.2018
Tangible and intangible assets 83 72 66 101 153
Property 100 642 106 421 112 307 117 283 119 845
Other 9 511 9 320 9 332 9 352 9 606
Financial assets* 31 479 34 555 34 377 35 504 36 695
Receivables 1 602 1 533 2 389 1 621 1 428
Cash 9 400 8 693 9 049 10 798 9 620
Total assets 152 717 160 594 167 520 174 659 177 347
           
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* 67 844 72 318 72 410 74 079 75 743
Total equity 88 964 93 438 93 530 95 199 96 863
           
Liabilities          
Debt 59 823 62 777 68 692 75 690 77 806
Other liabilities 604 645 704 789 733
Accounts payable 3 326 3 734 4 594 2 981 1 945
Total liabilities 63 753 67 156 73 990 79 460 80 484
           
TOTAL LIABILITIES & OWNERS' EQUITY 152 717 160 594 167 520 174 659 177 347
           
* Without change of valuation of Mainor Ülemiste AS's and associate companies' investments properties.

 

  

Consolidated Cash Flow Statement

In thousands Euros 

Mainor Ülemiste AS 4Q 2017 1Q 2018 2Q 2018 3Q 2018 4Q 2018
Operating activities          
Net result for the period 1 160 1 501 1 325 1 668 1 664
Adjustment:          
  Depreciation 14 12 12 11 11
  Income from associate companies -981 -1 038 -1 054 -1 127 -1 191
  Financial income and expenses 504 508 681 493 649
  Change in operating assets 676 -329 -367 212 -366
  Change in operating liabilities 629 552 1 067 -1 265 -1 044
  Interest received 0 0 0 0 0
  Dividends received 0 0 616 308 308
  Interest paid and fees -621 -509 -722 -518 -724
  Income tax 0 0 0 0 0
Net cash flow from operating activities 1 381 697  1 558   -218 -693
Investing activities          
Investments in tangible and intangible assets 0 0 0 -46 -52
Proceeds from sale of tangible and intangible assets 0 0 0 0 0
Investments in investment properties -4 810 -4 338 -5 900 -4 976 -2 548
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 -4 810 -4 338 -5 900 -5 022 -2 603
Financing activities          
Bond issue 2 620 14 1 204 1 162 0
Increase in long-term loans 2 344 3 284 5 056 6 167 2 452
Decrease in long-term loans -369 -364 -330 -340 -335
Dividends paid 0 0 -1 232 0 0
Cash flows from financing activities 4 595 2 934 4 698 6 989 2 117
Total cash flow 1 166 -707 356  1 749 -1 178
Cash and cash equivalents at period-start 8 234 9 400 8 693 9 049 10 798
Change in cash and cash equivalents 1 166  -707 356  1 749 -1 178
Cash and cash equivalents at period-end 9 400 8 693 9 049 10 798 9 620

 

         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 4Q 2018.pdf