Published: 2019-05-08 11:30:00 CEST
UPP & CO Kauno 53
Interim information

UPP & CO Kauno 53 OÜ 1Q 2019 consolidated interim report (unaudited)

UPP & CO Kauno 53 OÜ

Interim Report

January – March 2019

   

Main Events of 1Q 2019

Regular technical maintenance of the premises

Based on technical audit conducted by Cityservice, the premises are in good technical condition. Property management team has been continuing managing operational maintenance activities in order to solve tenant specific issues. The final goal is to preserve the premises in good condition.

Vacancy, payment behaviour and indexation

As of 31st of March 2019, there is no vacancy in the building and all rental and utilities payments are received in time from all tenants. In January, rent indexation was implemented on all tenants according to the lease agreements.

Quarterly interest payment

Interest for UPP & CO Kauno 53 OÜ bonds was paid on March 17th, 2019. Interest was paid to the investors who held the notes as of March 14th, 2019.

Portfolio valuation

In April United Partners initiated its logistics portfolio valuation. During this process the market value of Vievis LC shall also be updated. As of preparing this interim report, the full valuation reports have not yet been completed.

           

Financial Performance (consolidated)

1Q 2019 – Net profit EUR 136 274

Net Sales and Net Profit

  • Net Sales amounted to EUR 325 225 in 1st quarter
  • Net Operating Income amounted to EUR 319 022 in 1st quarter

Expenses

  • Operating expenses amounted to EUR 6 203 in 1st quarter
  • Interest expense on loans and bonds issued amounted to EUR 139 993

Interest-bearing liabilities

  • Bank loan repaid in 1st quarter EUR 115 000, loan outstanding EUR 8 318 333
  • Issued bonds outstanding EUR 4 700 000

DSCR

  • Issuer consolidated 1.25

   

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 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 January – March 2019 are not audited.

Marko Tali

Member of the Management Board

Tallinn, 03.05.2019

 

Income Statement

(the Company, “Promalita” UAB and consolidated)

PROFIT/LOSS STATEMENT K53 Promalita Cons. Cons. Cons.
in euros   100% 1Q 2019 YTD 1Q 2018
           
Sales revenues 0 325 225 325 225 325 225 309 346
Other operating income 0 0 0 0 0
Total revenues from operating activities 0 325 225 325 225 325 225 309 346
           
Administrative expenses -1 922 -1 719 -3 641 -3 641 -8 155
Personnel expenses 0 -84 -75 -75 -438
Depreciation of fixed assets 0 -2 478 -9 -9 -4 513
Total operating expenses -1 922 -4 281 -6 203 -6 203 -13 106
           
Profit (loss) from operating activities -1 922 320 944 319 022 319 022 296 240
           
Financial revenues (costs) 3 050 -143 043 -139 993 -139 993 -143 669
           
Net profit (loss) before taxation 1 128 177 901 179 029 179 029 152 571
Corporate income tax 0 -42 755 -42 755 -42 755 -39 548
Net profit (loss) of the period 1 128 135 146 136 274 136 274 113 023

  

Balance Sheets

(the Company, “Promalita” UAB and consolidated)

BALANCE SHEET K53 Promalita Cons. Cons.
in euros   100% 31.03.2019 31.03.2018
ASSETS        
Current assets        
Cash and bank 81 136 124 109 205 245 68 495
Accounts receivable and prepayments 37 899 17 253 18 253 10 731
Total current assets 119 035 141 362 223 498 79 226
Non-current assets        
Long-term financial investments 3 200 0 0 0
Log-term loans 5 356 350 0 0 0
Real Estate investments 0 15 350 000 15 350 000 15 350 000
Fixed assets 0 19 401 19 401 33 796
Goodwill 0 1 280 818 1 280 818 1 280 818
Total non-current assets 5 359 550 16 650 219 16 650 219 16 664 614
TOTAL ASSETS 5 478 585 16 791 581 16 873 717 16 743 840
         
LIABILITIES AND EQUITY        
Current liabilities        
Short-term loans 0 460 000 460 000 345 000
Accounts payables and other settlements 80 632 77 085 120 573 118 950
Total current liabilties 80 632 537 085 580 573 463 950
Non-current liabilities        
Long-term bank loan 0 7 858 333 7 858 333 8 433 333
Long-term bonds 4 700 000 0 4 700 000 4 700 000
Long-term shareholder's loan 671 850 5 356 350 671 850 743 750
Long-term provisions 0 2 213 732 2 213 732 2 051 297
Total non-current liabilities 5 371 850 15 428 415 15 443 915 15 928 380
TOTAL LIABILITIES 5 452 482 15 965 500 16 024 488 16 392 330
         
EQUITY        
Share capital 2 500 2 500 2 500 2 500
Retained earning 23 603 823 581 846 729 349 010
Retained earning from previous periods 22 475 688 435 710 455 235 987
Retained earnings from current period 1 128 135 146 136 274 113 023
TOTAL EQUITY 26 103 826 081 849 229 351 510
TOTAL LIABILITIES AND EQUITY 5 478 585 16 791 581 16 873 717 16 743 840

   

Cash Flow Statement

(the Company, “Promalita” UAB and consolidated)

CASH FLOW STATEMENT K53 Promalita Cons. Cons.
in euros   100% 1Q 2019 1Q 2018
Profit from operating activities -1 922 320 944 319 022 296 240
Amortization 0 2 478 2 478 4 513
Change in operating receivables and prepayments -1 004 -7 513 -8 517 -1 887
Change in operating liabilities and advances 0 -12 429 -12 429 -9 775
Cash flows from operations -2 926 303 480 300 554 289 091
         
Received interest 106 868 0 0 0
Cash flows from investments 106 868 0 0 0
         
Loans received and bonds issued 0 0 0 22 000
Repayments of loans and redeemed bonds 0 -115 000 -115 000 -115 000
Paid interest -104 077 -142 784 -139 993 -167 341
Cash flows from financing -104 077 -257 784 -254 993 -260 341
         
Total cash flows -135 45 696 45 561 28 750
         
Cash at the beginning of period 81 271 78 413 159 684 39 745
Changes in cash -135 45 696 45 561 28 750
Cash at the end of period 81 136 124 109 205 245 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

 


Interim+Report_Jan-March_1Q2019.pdf