Published: 2019-04-30 12:15:00 CEST
Mainor Ülemiste
Company Announcement

Mainor ülemiste AS Interim Report 1Q 2019

Main Events in the 1Q 2019

January 16, 2019

An international business and education network to be created at Ülemiste City

The Estonian Entrepreneurship University of Applied Sciences and the developers of Ülemiste City wish to support the development of the intellectual environment of the district more and more. In cooperation with seven partner universities, they have established a new business and education network in the Nordics and Baltics called “Building Educational Cooperation in Smart City”. The purpose of this network is cooperation with other universities in the Nordics and Baltics in the fields of business, education and the work environment, to create new, important solutions for the future city and education, share international experience and learn from the best on how to find, involve and retain talent. Three meetings of the network will be held in 2019 in Ülemiste City within the cooperation project. These three-day events will entail meetings of companies, students and lecturers, joint discussions, open lectures for sharing experiences and knowledge, a hackathon, and much more. The focus topics this year are creative entrepreneurship, IT and digitalisation, and workplace-based learning.

 

February 19, 2019

New e-Estonia Briefing Centre taking Estonian digital success stories to the world

On 19 February, President of the Republic of Estonia Kersti Kaljulaid opened the new e-Estonia Briefing Centre in the Öpiku Building in Ülemiste City, which introduces our unique digital society and e-solutions to high-level foreign visitors from both the private and public sector. The Managing Director of the Briefing Centre Liina Maria Lepik says interest in Estonia’s e-solutions has continued to grow over the years. “Last year, the e-Estonia Briefing Centre received more than 800 delegations and close to 9,000 guests, exceeding the previous year by 20%. Our e-story is unique and fascinates the international community, and a number of e-solutions which seem common to us are still utopian to a large part of the world. One of the objectives of our Briefing Centre is to bring interested parties from foreign countries together with those Estonian businesses that provide e-solutions and, thereby, to increase Estonia’s export of e-services,” she explained.

 

March 6, 2019

Ülemiste City commenced a new development stage

The cornerstone of a 12-storey office building was laid today at Ülemiste City; this is the first building that will be completed in the next major development stage of the district. The office building at 1 Sepapaja Street is situated at a strategically important location for the district – at the intersection of Suur-Sõjamäe Street and Lõõtsa Streets, which are the main gateways to the campus. In addition, this is also the first building to be completed in the next major development stage of the district, which was introduced in the autumn. The office building, which will be completed in spring 2020, will have 10,800 m² of rentable space; in addition, a multistorey car park for 540 cars will be constructed. Technopolis Ülemiste AS will invest a total of 25 million euros into the construction of the 12-storey office building, five-storey car park, and town square.

 

Ülemiste City Key Figures as of 31.03.2019

Rented space                190,564 square meters

Occupancy Rate           98%

 

 

Financial Performance

1Q 2018 – Net profit EUR 1,964 thousand

Net Sales and Net Profit

  • Net sales amounted to EUR 2,693 th in the 1st quarter, increase of 22.7% compared to the 1st quarter of 2018
  • Net profit amounted to EUR 1,964 th, increase of 30.8% compared to 1st quarter of 2018

Expenses

  • Operating expenses increased from EUR 1,213 th (1st quarter 2018) to EUR 1,476 th in the 1st quarter of 2019
  • Interest expense on loans and issued bonds amounted to EUR 501 th, decrease of 1.6% compared to the 1st quarter in 2018 (EUR 509 th)

Interest-bearing liabilities

  • Mainor Ülemiste AS interest-bearing liabilities amounted to EUR 78,791 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 17,400 th in untapped credit facilities

 

Statement of the Management Board

The financial and other additional information published in the Interim Report January – March 2019 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 January – March 2019 are not audited.

 

Margus Nõlvak

Member of the Management Board

Tallinn, 30.04.2019

 

  

Consolidated Income Statement

(according to IFRS)

In thousands Euros

 Mainor Ülemiste AS  1Q 2018 2Q 2018 3Q 2018 4Q 2018 1Q 2019
Sales   2 194 2 067 2 127 2 410 2 693
Cost of Sales   -732 -557 -649 -756 -864
Administrative expenses -481 -506 -434 -539 -612
Depreciation   -12 -12 -11 -11 -15
Income from associate companies* 1 038 1 054 1 127 1 191 1 253
Other operating income 4 0 6 25 1
Other operating expenses -2 -1 -5 -7 -4
Operating profit* 2 009 2 045 2 161 2 313 2 452
Other finance income 1 2 25 75 13
Interest paid and fees -509 -722 -518 -724 -501
Income tax   0 0 0 0 0
Net profit*   1 501 1 325 1 668 1 664 1 964
             
* 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 31.03.2018 30.06.2018 30.09.2018 31.12.2018 31.03.2019  
Tangible and intangible assets 72 66 101 153 160  
Property 106 421 112 307 117 283 122 630 124 176  
Other 9 320 9 332 9 352 9 606 9 417  
Financial assets 34 555 34 377 35 504 37 748 39 001 *
Receivables 1 533 2 389 1 621  991 1 137  
Cash 8 693 9 049 10 798 9 620 9 646  
Total assets 160 594 167 520 174 659 180 748 183 537  
             
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 72 318 72 410 74 079 78 919 80 884 *
Total equity 93 438 93 530 95 199 100 039 102 004  
             
Liabilities            
Debt 62 777 68 692 75 690 77 807 78 791  
Other liabilities 645 704 789 749 765  
Accounts payable 3 734 4 594 2 981 2 153 1 977  
Total liabilities 67 156 73 990 79 460 80 709 81 533  
             
TOTAL LIABILITIES & OWNERS' EQUITY 160 594 167 520 174 659 180 748 183 537  
             
* Without change of valuation of Mainor Ülemiste AS's and associate companies' investments properties.  

 

Consolidated Cash Flow Statement

In thousands Euros

Mainor Ülemiste AS 1Q 2018 2Q 2018 3Q 2018 4Q 2018 1Q 2019
Operating activities          
Net result for the period 1 501 1 325 1 668 1 664 1 964
Adjustment:          
  Depreciation 12 12 11 11 15
  Income from associate companies -1 038 -1 054 -1 127 -1 191 -1 253
  Financial income and expenses 508 681 493 649 488
  Change in operating assets -329 -367 212 -366 89
  Change in operating liabilities 552 1 067 -1 265 -1 044 -157
  Interest received 0 0 0 0 0
  Dividends received 0 616 308 308 0
  Interest paid and fees -509 -722 -518 -724 -501
  Income tax 0 0 0 0 0
Net cash flow from operating activities  697 1 558   -218   -693 645
Investing activities          
Investments in tangible and intangible assets 0 0 -46 -52 -7
Proceeds from sale of tangible and intangible assets 0 0 0 0 0
Investments in investment properties -4 338 -5 900 -4 976 -2 548 -1 544
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 -4 338 -4 338 -5 022 -2 603 -1 551
Financing activities          
Bond issue 14 1 204 1 162 0 0
Increase in long-term loans 3 284 5 056 6 167 2 452 1 381
Decrease in long-term loans -364 -330 -340 -335 -449
Dividends paid 0 -1 232 0 0 0
Cash flows from financing activities 2 934 4 698 6 989 2 117  932
Total cash flow  -707 356 1 749  -1 178 26
Cash and cash equivalents at period-start 9 400 8 693 9 049 10 798 9 620
Change in cash and cash equivalents  -707  356 1 749  -1 178 26
Cash and cash equivalents at period-end 8 693 9 049 10 798 9 620 9 646

 

         Mainor Ülemiste AS
         Valukoja 8/1
         11415 Tallinn, Estonia
         Phone: +372 5304 6992
         E-mail: info@mainorulemiste.ee
         www.mainorulemiste.ee


Mainor Ülemiste AS Interim Report 1Q 2019.pdf