Published: 2020-01-31 13:49:03 CET
Mainor Ülemiste
Company Announcement

Mainor Ülemiste AS Interim Report 4Q 2019

Main Events in the 4Q 2019

 

OCTOBER

The first smart-crossing in Estonia was laid in Ülemiste City next to Öpik building

For cars, the smart pedestrian crossing has a 360-degree conventional camera plus a lidar, and of course – radar. In addition, air quality sensors, a car counter and infrared sensor to detect road conditions. According to Ursel Velve, Head of Development at Mainor Ülemiste, ensuring security is one of the most important parts of campus development and the development is very fast - people and services are constantly coming in, new health center is about to be opened and the first homes and educational complex are under development.

 

NOVEMBER

Opening of phase I of Ülemiste Health Center, developed by Mainor Ülemiste AS, together with the nationwide citizens’ initiative for men's health - "Longer Friendship Day"

Throughout November, over 10,000 men were expected to test their health across a wide range of friendships, work groups, training- or other hobby groups, and clubs and other groups as part of the "Longer Friendship Day". Together with the men's health project, phase I of Ülemiste Health Center, owned by Mainor Ülemiste AS, was opened. Currently, the Health Center is open on two floors and is home to family doctors, Medemis aesthetic dermatology clinic, Ülemiste City Eye Center, SYNLAB blood collection, diagnostics and Benu pharmacy. Special doctors, occupational health care, rehabilitation- and functional diagnostics services start operating in spring, and as common for an innovative environment, the final floor is dedicated to the future of medicine - the startups in the medical field.

 

DECEMBER

Mainor Ülemiste starts construction of a new five-storey parking house with 453 parking spaces in Ülemiste City

The parking house will be built at Sepise 8 and costs approximately EUR 3.5 million. The house was designed by the Architecture Bureau Pluss and the project will be completed by October 2020.

 

The largest parking house was completed in Ülemiste City

A new parking house on Suur-Sõjamäe st was opened in Ülemiste City, which will be connected to a 12-storey office building to be completed in spring 2020. The six-storey parking house has a total area of 12,600 m² and places to fit up to 529 cars. Technopolis Ülemiste AS, a co-developer of Ülemiste City, invests approximately EUR 25 million in the construction of the office building and parking house.

 

Ülemiste City Key Figures as of 31.12.2019

Rented space                                        184,129 square meters

Incl. rented office space                        128,057 square meters

Occupancy Rate                                    96.0 %

Incl. Office’s Occupancy Rate               99.5 %


 

  

4Q Financial Performance

4Q 2019 – Net profit EUR 1,723 thousand

Net Sales and Net Profit

  • Net sales amounted to EUR 2,708 th in the 4th quarter, increase of 12.4 % compared to the 4th quarter of 2018
  • Net profit amounted to EUR 1,723 th, increase of 3.5% compared to the 4th quarter of 2018

 

Expenses

  • Operating expenses increased from EUR 1,295 th (4th quarter 2018) to EUR 1,308 th in the 4th quarter of 2019
  • Interest expense on loans and issued bonds amounted to EUR 730 th (4th quarter 2019), increase of 0.8% compared to the 4th quarter in 2018 (EUR 724 th)

 

Interest-bearing liabilities

  • Mainor Ülemiste AS interest-bearing liabilities amounted to EUR 86,511 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 8,300 th in untapped credit facilities

 

Statement of the Management Board

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

 

Margus Nõlvak

Member of the Management Board

Tallinn, 31.01.2020

 

  

Consolidated Income Statement

(according to IFRS)

In thousands Euros 

 Mainor Ülemiste AS  4Q 2018 1Q 2019 2Q 2019 3Q 2019 4Q 2019
Sales   2 410 2 693 2 628 2 535 2 708
Cost of Sales   -756 -864 -743 -667 -671
Administrative expenses -539 -612 -544 -520 -637
Depreciation   -11 -15 -14 -19 -24
Income from associate companies* 1 191 1 253 760 1 057 1 068
Other operating income 25 1 1 0 0
Other operating expenses -7 -4 -3 -1 -3
Operating profit* 2 313 2 452 2 085 2 385 2 441
Other finance income 75 13 17 13 12
Interest paid and fees -724 -501 -604 -485 -730
Income tax   0 -15 0 0 0
Net profit*   1 664 1 949 1 498 1 913 1 723
             
* 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 31.12.2018 31.03.2019 30.06.2019 30.09.2019 31.12.2019  
Tangible and intangible assets 153 160 162 235 258  
Property 122 630 124 176 129 631 133 220 136 835  
Other 9 606 9 417 8 659 8 661 8 856  
Financial assets 37 748 39 001 38 420 39 477 35 645 *
Receivables 991 1 137  1 590  833 934  
Cash 9 620 9 646 11 988 10 542 12 937  
Total assets 180 748 183 537 190 450 192 968 195 465  
             
Owners' equity            
Share capital 19 200 19 200 18 200 18 200 18 200  
Mandatory reserves 1 920 1 920 1 920 1 920 1 920  
Retained earnings 78 919 80 869 80 966 82 879 84 602 *
Total equity 100 039 101 989 101 086 102 999 104 722  
             
Liabilities            
Debt 77 807 78 791 82 807 85 309 86 511  
Other liabilities 749 765 765 1 014 994  
Accounts payable 2 153 1 992 5 792 3 646 3 238  
Total liabilities 80 709 81 548 89 364 89 969 90 743  
             
TOTAL LIABILITIES & OWNERS' EQUITY 180 748 183 537 190 450 192 968 195 465  
             
* 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
Välja kuulutatud dividendid       0
Aruandeperioodi koondkasum     1 913 1 913
Saldo 30.09.2019 18 200 1 920 82 879 102 999
Välja kuulutatud dividendid       0
Aruandeperioodi koondkasum     1 723 1 723
Saldo 31.12.2019 18 200 1 920 84 602 104 722

 

   

Consolidated Cash Flow Statement

In thousands Euros 

Mainor Ülemiste AS 4Q 2018 1Q 2018 2Q 2019 3Q 2019 4Q 2019
Operating activities          
Net result for the period 1 664 1 949 1 498 1 913 1 723
Adjustment:          
  Depreciation 11 15 14 19 24
  Income from associate companies -1 191 -1 253 -760 -1 057 -1 068
  Financial income and expenses 649 488 587 472 718
  Change in operating assets -366 89 399 475 -456
  Change in operating liabilities -1 044 -464 2 299 -1 627 -19
  Dividends received and cash received for shares in associate company 308 0 1 341 0 4 900
  Interest paid and fees -724 -501 -604 -485 -890
  Income tax 0 -15 0 0 0
Net cash flow from operating activities  -693 308   4 704   -290 4 932
Investing activities          
Investments in tangible and intangible assets -52 -7 -31 -69 -64
Proceeds from sale of tangible and intangible assets 0 0 0 0 0
Investments in investment properties -2 548 -1 544 -5 397 -3 588 -3 676
Loans granted 0 0 0 0 0
Repayment of loans granted 0 0 740 0 0
Acquisition of associates 0 0 0 0 0
Cash flows from investing activities -2 603 -1 551 -4 688 -3 657 -3 740
Financing activities          
Bond issue 0 0     0 0 0
Increase in long-term loans 2 452 38 091 4 320 3 127 1 829
Decrease in long-term loans -335 -36 822 -594 -626 -626
Dividends paid 0 0 -1 400 0 0
Cash flows from financing activities 2 117 1 269 2 326  2 501  1 203
Total cash flow -1 178 26 2 342  -1 446 2 395
Cash and cash equivalents at period-start 10 798 9 620 9 646 11 988 10 542
Change in cash and cash equivalents  -1 178      26 2 342  -1 446 2 395
Cash and cash equivalents at period-end 9 620 9 646 11 988 10 542 12 937

 

         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 4Q 2019.pdf