Published: 2019-11-21 13:36:38 CET
UPP & CO Kauno 53
Interim information

Correction: UPP & CO Kauno 53 OÜ Q3 and 9 months of 2019 consolidated interim report (unaudited)

Following is a correction to the interim report published by the company on 4th of Novermber 2019. With this correction, the company has made adjustments to the interim report to meet the reporting requirements established by the exchange, by addiding additional annexes to the interim report.

Comment on economic performance and management report

During the Q3 2019 the company achieved EUR 256,037 in operating profit and for the first three quarters of 2019 the company achieved EUR 765,948 in total operating profit. Compared with same reporting periods from the previous year, the third quarter operating profit has decreased by 16% and operating profit for first three quarters of 2019 has decreased by 15% in total.. The lower operating profit for the reporting period was caused due to increased depreciation of fixed assets. Upon the acquisition of the subsidiary Promalita UAB, the Company acquired goodwill and, due to the depreciation thereof, the depreciation of fixed assets has increased which has had effect on the company’s bottom line.

In other aspects, the company’s financial results are stable and have remained similar to the compared reporting period. The Company is profitable and the accumulation of retained earnings ensures the required flexibility for bond redemption in the future. The Company is not planning to disburse the retained earnings before bond redemption. The Company has gradually reduced its obligation towards OP Bank, which strengthens the cash flow of the Company and provides the fundamentals for increase in profitability in the future. The value of the investment property of the Company has increased by 2.3%.

No significant events other than regular operating activities, including the timely receipt of rent and utility charges, took place as of the end of the third quarter of 2019.

There are no vacancies on the investment property as of the end of the reporting period.

 

CONSOLIDATED INTERIM ANNUAL ACCOUNTS

CONSOLIDATED BALANCE SHEET

(EUR)

 

  30.09.2019   30.09.2018   Note
           
Cash 300 531   56 741   2
Receivables and prepayments 11 226   13 276    
Total current assets 311 757   70 017    
           
Investment properties 15 700 000   15 350 000   4
Tangible fixed assets 15 888   25 995    
Goodwill 907 247   1 280 818   5
Total fixed assets 16 623 135   16 656 813    
           
TOTAL ASSETS 16 934 892   16 726 830    
           
Short-term loans payable 460 000   115 000   6
Payables and prepayments 120 981   122 483   7
Total current liabilities 603 213   575 812    
           
Long-term loans payable 13 000 189   13 765 183   6
Long-term provisions 2 281 949   2 131 689   8
Total non-current liabilities 15 282 138   15 896 872    
           
TOTAL LIABILITIES 15 863 119   16 134 355    
           
Share capital 2 500   2 500   9
Retained earnings 1 069 273   589 975    
TOTAL EQUITY 1 071 773   592 475    
           
TOTAL LIABILITIES AND EQUITY 16 934 892   16 726 830    

 

CONSOLIDATED INCOME STATEMENT

(EUR), per year

 

 

    2019 9 months   2019 3Q   2018 9 monts   2018 3Q   Note
                     
Sales revenue 967 559   320 908   927 604   312 924   10
Other operating revenue 0   0   6716   0    
                     
Other operating expenses -35 035   -9 467   -16 410   -3 466   11
Staff costs   -252   -84   -957   -81    
Depreciation of fixed assets -166 324   -55 320   -12 316   -3 895   5
                     
Operating profit 765 948   256 037   904 637   305 482    
                     
Financial income (expenses) -422 094   -141 390   -430 710   -142 074   12
                     
Profit before income tax 343 854   114 647   473 927   163 408    
Income tax   -121 566   -38 524   -119 940   -40 498   13
Net profit for financial year 222 288   76 123   353 987   122 910    
                     
including the share of the owners of the parent company in net profit 222 288   76 123   353 987   122 910    

 

         Siim Sild
         Director
         +372 5626 0107
         siim.sild@unitedpartners.ee


K53 cons. vahearuanne 30.09.19_06112019 eng.pdf