Published: 2019-10-31 14:55:56 CET
Mainor Ülemiste
Company Announcement

Mainor Ülemiste AS Interim Report 3Q 2019

Main Events in the 3Q 2019

 

JULY

The most capacious project of the last year in Ülemiste City reached maximum height

In Ülemiste City, a new 12-storey representative building reached maximum height. The building is named after the academic Viktor Palm. Co-developer of Ülemiste City, Technopolis Ülemiste AS will invest nearly 25 million euros into the construction of the new representative building. This is the vastest project of the last year, which will bring additional 10,800 square meters of best working environment into the office space market in Tallinn, highly in demand nowadays.

 

AUGUST

Quarter of rental homes of Ülemiste City rental house booked a year before its completion

The Lurich house (Valukoja str. 10), where the raising of rafting was celebrated on 8th of August, will consist of two towers: a 13-storey part with rental homes and an 8-storey office tower.

"Top talent is long not lured in simply with money, he chooses the next job according to the quality of life that comes with the job,’’ explained Margus Nõlvak, board chairman of Mainor Ülemiste. "The talent working in the international job market is waiting for a good working environment and a comfortable settling-in process, including easily found quality home. Ülemiste City with its comfortable rental apartments will help companies to stay in competition for such talents.’’

81 modern homes will be completely furnished, and the house will be fully automatic. Lurich house

is developed by Öpiku Majad OÜ, a 100% subsidiary of Mainor Ülemiste AS. The sum of investments is 14.6 million euros, financed by OP Bank Plc Estonian branch. The total size of rentable space is 9,000m2 and the building will be finished by the first half of 2020.

 

SEPTEMBER

Ülemiste City will bring a piece of tropics to Tallinn

The next biggest indoor beach in the Baltics will be opened in January. This indoor beach will bring a year-round possibility for relaxation to Ülemiste City. In Ülemiste Beach House, along with its six beach volleyball courts, one can also play beach tennis, -handball, - football, and other games suitable for the beach.  On the 2,000 square meters of yearly round warm beach sand one can also have concerts and other important events.

According to the developer and leader of Mainor Ülemiste, Margus Nõlvak, the top talents don’t choose their next job only according to money. They care about the living environment where they come to. “Ülemiste City will help its companies to stay on national competition, and if needed, we will bring a piece of tropics to Tallinn,” Nõlvak explained.

 

Nominees for "Ettevõtluse Auhind (Entrepreneurship Award) 2019" were named

Nominees for the entrepreneurship award, given by Ettevõtluse Arendamise Sihtasutus (EAS) and Eesti Tööandjate Keskliit were named. The most desired title of the year was Aasta Uuendaja/Re-newer of the Year – the goal of this category is to acknowledge companies, who have accomplished economic success through development of updates. One of three nominees called out for this category was Mainor Ülemiste AS, developer of Ülemiste City.

 

 

Ülemiste City Key Figures as of 30.09.2019

Rented space                                            182,842 square meters

Incl. rented office space                            126,737 square meters

Occupancy Rate                                        96%

Incl. Office’s Occupancy Rate                   99%

  

 

3Q Financial Performance

3Q 2019 – Net profit EUR 1,913 thousand

Net Sales and Net Profit

  • Net sales amounted to EUR 2,535 th in the 3rd quarter, increase of 19.2% compared to the 3rd quarter of 2018
  • Net profit amounted to EUR 1,913 th, increase of 14.7% compared to the 3rd quarter of 2018

 

Expenses

  • Operating expenses increased from EUR 1,083 th (3rd quarter 2018) to EUR 1,187 th in the 3rd quarter of 2019
  • Interest expense on loans and issued bonds amounted to EUR 485 th (3rd quarter 2019), decrease of 6.4% compared to the 3rd quarter in 2018 (EUR 518 th)

 

Interest-bearing liabilities

  • Mainor Ülemiste AS interest-bearing liabilities amounted to EUR 85,309 th. The Company’s four largest creditors at the end of the period were SEB Pank AS, OP Corporate Bank Plc, LHV Pank AS and Luminor Bank AS
  • At the end of the reporting period, Mainor Ülemiste had EUR 9,500 th in untapped credit facilities

 

 

Statement of the Management Board

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

  

Margus Nõlvak

Member of the Management Board

Tallinn, 31.10.2019

 

 

Consolidated Income Statement

(according to IFRS)

In thousands Euros 

 Mainor Ülemiste AS  3Q 2018 4Q 2018 1Q 2019 2Q 2019 3Q 2019
Sales   2 127 2 410 2 693 2 628 2 535
Cost of Sales   -649 -756 -864 -743 -667
Administrative expenses -434 -539 -612 -544 -520
Depreciation   -11 -11 -15 -14 -19
Income from associate companies* 1 127 1 191 1 253 760 1 057
Other operating income 6 25 1 1 0
Other operating expenses -5 -7 -4 -3 -1
Operating profit* 2 161 2 313 2 452 2 086 2 385
Other finance income 25 75 13 17 13
Interest paid and fees -518 -724 -501 -604 -485
Income tax   0 0 -15 0 0
Net profit*   1 668 1 664 1 949 1 498 1 913
             
* 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 30.09.2018 31.12.2018 31.03.2019 30.06.2019 30.09.2019  
Tangible and intangible assets 101 153 160 162 235  
Property 117 283 122 630 124 176 129 631 133 220  
Other 9 352 9 606 9 417 8 659 8 661  
Financial assets 35 504 37 748 39 001 38 420 39 477 *
Receivables 1 621 991  1 137  1 590 833  
Cash 10 798 9 620 9 646 11 988 10 542  
Total assets 174 659 174 659 183 537 190 450 192 968  
             
Owners' equity            
Share capital 19 200 19 200 19 200 18 200 18 200  
Mandatory reserves 1 920 1 920 1 920 1 920 1 920  
Retained earnings 74 079 78 919 80 869 80 966 82 879 *
Total equity 95 199 100 039 101 989 101 086 102 999  
             
Liabilities            
Debt 75 690 77 807 78 791 82 807 85 309  
Other liabilities 789 749 765 765 1 014  
Accounts payable 2 981 2 153 1 992 5 792 3 646  
Total liabilities 79 460 80 709 81 548 89 364 89 969  
             
TOTAL LIABILITIES & OWNERS' EQUITY 174 659 180 748 183 537 190 450 192 968  
             
* Without change of valuation of Mainor Ülemiste AS's and associate companies' investments properties.  

   

 

Consolidated Statement of Changes in Equity

In thousands of euros 

  Share capital Statutory reserve Retained earnings Total Equity
Balance at 31.12.2017 19 200 1 920 70 817 91 937
Dividends declared     -1 232 -1 232
Total comprehensive income for the year     9 334 9 334
Balance at 31.12.2018 19 200 1 920 78 919 100 039
Dividends declared     0 0
Total comprehensive income for the year     1 949 1 949
Balance at 31.03.2019 19 200 1 920 80 869 101 989
Payments to shareholders -1 000     -1 000
Dividends declared     -1 400 -1 400
Total comprehensive income for the year     1 497 1 497
Balance at 30.06.2019 18 200 1 920 80 966 101 086
Dividends declared       0
Total comprehensive income for the year     1 913 1 913
Balance at 30.09.2019 18 200 1 920 82 879 102 999

 

   

Consolidated Cash Flow Statement

In thousands Euros 

Mainor Ülemiste AS 3Q 2018 4Q 2018 1Q 2019 2Q 2019 3Q 2019
Operating activities          
Net result for the period 1 668 1 664 1 949 1 498 1 913
Adjustment:          
  Depreciation 11 11 15 14 19
  Income from associate companies -1 127 -1 191 -1 253 -760 -1 057
  Financial income and expenses 493 649 488 587 472
  Change in operating assets 212 -366 89 399 475
  Change in operating liabilities -1 265 -1 044 -494 2 299 -1 627
  Dividends received 308 308 0 1 341 0
  Interest paid and fees -518 -724 -501 -604 -485
  Income tax 0 0 15 0 0
Net cash flow from operating activities  -218 -693   308   4 704 -290
Investing activities          
Investments in tangible and intangible assets -46 -52 -7 -31 -69
Proceeds from sale of tangible and intangible assets 0 0 0 0 0
Investments in investment properties -4 976 -2 548 -1 544 -5 397 -3 588
Loans granted 0 0 0 0 0
Repayment of loans granted 0 0 0 740 0
Acquisition of associates 0 0 0 0 0
Cash flows from investing activities -5 022 -2 603 -1 551 -4 688 -3 657
Financing activities          
Bond issue 1 162 0     0 0 0
Increase in long-term loans 6 167 2 452 38 091 4 320 3 127
Decrease in long-term loans -340 -335 -36 822 -594 -626
Dividends paid 0 0 0 -1 400 0
Cash flows from financing activities 6 989 2 117 1 269  2 326  2 501
Total cash flow 1 749 -1 178 26  2 342 -1 446
Cash and cash equivalents at period-start 9 049 10 798 9 620 9 646 11 988
Change in cash and cash equivalents  1 749  -1 178 26  2 342 -1 446
Cash and cash equivalents at period-end 10 798 9 620 9 646 11 988 10 542

 

         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 3Q 2019.pdf