Published: 2019-02-08 14:16:32 CET
UPP Olaines
Quarterly report

Correction: UPP Olaines OÜ 4th quarter 2018 unaudited financial results

The Issuer published its 4th quarter 2018 financial results on 6th of February 2019. The Issuer did not include the condensed consolidated interim financial statements in its inital publication text. Following is the correction for the Issuer's 6th of February 2019 publication, the condensed interim financial statements have now been included in the publication text.


Listing of UPP Olaines OÜ bonds on Nasdaq Tallinn bond list

Nasdaq (NDAQ) announced in November 29, 2018 that the bonds of UPP Olaines OÜ were listed on Nasdaq Tallinn bond list. The listing follows a non-public offering of the bonds to Baltic institutional investors and high-net-worth individuals.

“United Partners, the owner of UPP Olaines, entered the public market a year ago by listing bonds on First North market. It’s great to witness that they’ve seen the value in bringing their securities to the public market and are now listing their bonds on the regulated market, meaning the Baltic Bond List“ said Kaarel Ots, the CEO of Nasdaq Tallinn.

“We’re happy that through offering UPP Olaines bonds we’ve been able to provide investors an investment instrument with a decent yield, especially taking into account the low-interest rate environment we’re in today,” said Siim Sild, Director of United Partners.

Maintenance of property

Asphalt repairing works at the ramps and truck parking areas were finished by the end of 2018. Deformed parking area street light pole was refurbished. UPP Olaines OÜ team has created a list of the findings from technical audit which was conducted by Cityservice in the 3rd quarter of 2018. The list includes the regular technical maintenance works and regulates the lessor’s and tenants' obligations in commencing the maintenance works. The list has been sent to the tenants as of December 2018. A meeting between UPP Olaines OÜ and the tenants will be held in February, 2019, where the parties will discuss further the procedure and timeline regarding commencing the maintenance works. Majority of the deficiencies discovered are caused by a small impact with a truck or a forklift and are easily repairable. In general, the premises are in good technical condition and we are continuing regular maintenance works to uphold the high standards.

Operations

No other significant events occurred in Q4 2018 and all regular operations of the premise are running smoothly, including duly and timely collection of rental and utilities payments from the tenants.

As of the end of Q4 2018, there is no vacancy in the premises.

Investor desk service

Silver Kalmus is the new person responsible for the investor desk service at United Partners Advisory OÜ (subsidiary of the United Partners Group OÜ, the ultimate parent company of UPP Olaines OÜ). Investor desk was established in 2017 with the aim to further improve investor relations. Silver can be contacted on all matters regarding UPP Olaines OÜ. Silver Kalmus +372 56206 450, Investor Relations.

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

Condensed consolidated interim statement of comprehensive income

(in EUR)NoteQ4 2018Q4 2017 12 months 201812 months 2017
Sales revenue4569,252 175,463  2,447,108 175,463
Net rental income 569,252 175,463  2,447,108 175,463
       
Administrative expenses5 (37,126) (73,707)  (169,337) (73,707)
Gain / (loss) from revaluation of investment property 0144,000   0 144,000
Operating profit  532,126 245,756  2,277,771 245,756
       
Financial income / (cost)6 (422,645) (121,215)  (1,565,689) (121,215)
Profit before income tax   109,481 124,541  712,082 124,541
Corporate income tax 0 36,226  036,226
Profit for the period 109,481 160,767  712,082 160,767
      0
Total comprehensive income for the period 109,481 160,767  712,082 160,767

Condensed consolidated interim statement of financial position 

(in EUR)Note31.12.201831.12.2017
Cash and cash equivalents7  426,691   381,336
Accounts receivable and prepayments8  531,354   445,824
Total current assets   958,045   827,160
    
Investment property9  30,544,000   30,544,000
Total non-current assets   30,544,000   30,544,000
TOTAL ASSETS   31,502,045   31,371,160
    
    
Accounts payable and other settlements10  985,064   679,593
Loans and borrowings11  1,064,000   886,667
Total current liabilities   2,049,064   1,566,260
    
Loans and borrowings11  28,577,633   29,641,633
Total non-current liabilities   28,577,633   29,641,633
TOTAL LIABILITIES   30,626,697   31,207,893
    
Share capital   2,500   2,500
Retained earnings   872,849   160,767
TOTAL EQUITY   875,349   163,267
    
TOTAL EQUITY AND LIABILITIES   31,502,045   31,371,160

Siim Sild

Director

+372 5626 0107

siim.sild@unitedpartners.ee


Attachment


UPP Olaines OÜ Q4 2018 Interim Report ENG.pdf