Published: 2019-06-04 11:29:16 CEST
UPP Olaines
Quarterly report

UPP Olaines OÜ 1st quarter 2019 unaudited financial results

General information

UPP Olaines OÜ (hereafter ‘the company’) was established for the purpose of funding, acquiring and managing the real estate investment of Olaines Logistics Park: (buildings and land) located at “Šarlotes”, Olaines county, Olaines parish, Latvia, cadastre number 8080 003 0029, registered in the Land Register compartment No.5439 of the city of Olaine parish. The company was established in 24.08.2017 and had no economic activity until 15.12.2018, when it acquired the cold storage warehouse Olaines Logistics Park.

To finance the acquisition of the property, the company issued secured subordinated bonds in the total nominal value of 6.215 million euros. The bonds were listed and admitted to trading on Nasdaq Tallinn Bond List on 29.11.2018.

The business performance is not affected by seasonal factors. The activities of the company have no environmental or social impact.

As the company has been established solely for the purpose funding, acquiring and managing the property, no strategic changes in the business are planned.

The management board is aware of no trends, uncertainties, demands, commitments or events that are reasonably likely to have a material effect on the company’s prospects for the period after the reporting period of this interim financial statement outside the course of its regular business activities.

UPP Olaines OÜ is a going concern.

Management commentary for the first quarter of 2019 (‘Q1 2019’)

Delayed audited annual report for 2018

UPP Olaines OÜ has delayed the publishing of its audited annual report for 2018 because UPP Olaines OÜ audited annual report for 2018 has not yet been completed.

The delay is mainly caused by the fact that UPP Olaines OÜ and its subsidiary companies in Latvia are being audited for the first time and the process has taken longer than initially expected. UPP Olaines OÜ group consists of the Issuer UPP Olaines OÜ, who controls a direct Latvian subsidiary Olaines Logistics SIA, who controls the property holding company Olaines Logistics Parks SIA. Auditing two Latvian companies under the Estonian Issuer for the first time has taken longer compared to regular, recurring auditing.

The management of UPP Olaines OÜ confirms that the delay in audited annual report for 2018 is not voluntary. The management of UPP Olaines OÜ confirms the delay is not caused by economic, financial or business activities of UPP Olaines OÜ, or its subsidiaries.


No significant events occurred in Q1 2019 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 Q1 2019, there is no vacancy in the premises.


Condensed consolidated interim statement of comprehensive income

(in EUR)NoteQ1 2019Q1 2018
Sales revenue4  649,713   624,518
Net rental income   649,713   624,518
Administrative expenses5  (5,566)  (118,605)
Operating profit   644,147   505,913
Financial income / (cost)6  (376,674)  (291,198)
Profit before income tax   267,473   214,715
Profit for the period   267,473   214,715
Total comprehensive income for the period   267,473   214,715

Condensed consolidated interim statement of financial position

(in EUR)Note31.03.201931.12.2018
Cash and cash equivalents7523,170426,691
Accounts receivable and prepayments8281,913300,576
Total current assets 805,083727,267
Investment property930,762,00030,762,000
Total non-current assets 30,762,00030,762,000
TOTAL ASSETS 31,567,08331,489,267
Accounts payable and other settlements10939,259862,915
Loans and borrowings111,064,0001,064,004
Total current liabilities 2,003,2591,926,919
Loans and borrowings1128,326,63228,592,629
Total non-current liabilities 28,326,63228,592,629
TOTAL LIABILITIES 30,329,89130,519,548
Share capital 2,5002,500
Retained earnings 1,234,692967,219
TOTAL EQUITY 1,237,192969,719

Siim Sild


+372 5626 0107