Published: 2020-04-23 12:05:58 CEST
Mainor Ülemiste
Company Announcement

Mainor Ülemiste AS Interim Report 1Q 2020

Main Events in the 1Q 2020

We are aware that COVID-19 will unfortunately affect more or less all sectors of the economy in the coming months, including the real estate sector. We have mapped the risk levels of all our customers and found that a very small part of our portfolio has high risk. The occupancy rate of Ülemiste City is still very high. Therefore, we will continue to prepare all planned investments and, after the peak of the crisis, we will make investment decisions so that Ülemiste City companies can continue to expand.

We will proceed with the planning for the office building Alma Tomingas with a leasable area of ​​16.5 thousand m2 in cooperation with the architectural firm Pluss. This building will be another step on towards creating the talent centric environment in Ülemiste City. 

At the same time, we are finalizing planning for a new educational complex with mobility and green areas for the growing schools in the town – Emil School and Tallinn International School – and for Kalli-kalli kindergarten. We are planning a new educational complex in cooperation with 3 + 1 Architects. The development of an educational cluster from kindergarten to higher education is a prerequisite for attracting talents.

At the end of February, we signed a 3.2 million euro loan agreement with SEB Bank to create the largest parking house in Ülemiste City, which will provide the city a total of 900 parking spaces. The construction of the parking house consists of two stages. The first stage was completed in the summer of 2018. The second phase was started in December last year, and when the building is completed, nearly 450 vehicles will be added. The whole project will be completed in October this year.

We also announce that on April 6, we made the scheduled half-year interest payment of the bond.

 

Ülemiste City Key Figures as of 31.03.2020

Rented space                                        184,501 square meters

Incl. rented office space                        128,218 square meters

Occupancy Rate                                    96.2 %

Incl. Office’s Occupancy Rate               99.6 %

 

1Q Financial Performance

1Q 2020 – Net profit EUR 1,987 thousand

Net Sales and Net Profit

  • Net sales amounted to EUR 2,794 th in the 1st quarter, increase of 3.8% compared to the 1st quarter of 2019
  • Net profit amounted to EUR 1,987 th, increase of 1.9% compared to the 1st quarter of 2019

Expenses

  • Operating expenses increased from EUR 1,476 th (1st quarter 2019) to EUR 1,494 th in the 1st quarter of 2020
  • Interest expense on loans and issued bonds amounted to EUR 426 th (1st quarter 2020), decrease of 15% compared to the 1st quarter in 2019 (EUR 501 th)

Interest-bearing liabilities

  • Mainor Ülemiste AS interest-bearing liabilities amounted to EUR 87,856 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 8,900 th in untapped credit facilities

 

Statement of the Management Board

The financial and other additional information published in the Interim Report January – March 2020 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 January – March 2020 are not audited.

 

Margus Nõlvak

Member of the Management Board

Tallinn, 23.04.2020

 

Consolidated Income Statement

(according to IFRS)

In thousands Euros 

Mainor Ülemiste AS 1Q 2019 2Q 2019 3Q 2019 4Q 2019 1Q 2020
Sales   2 693 2 628 2 535 2 708 2 794
Cost of Sales   -864 -743 -667 -671 -773
Administrative expenses -612 -544 -520 -637 -721
Depreciation   -15 -14 -19 -24 -26
Income from associate companies* 1 253 760 1 057 1 068 1 127
Other operating income 1 1 0 0 3
Other operating expenses -4 -3 -1 -3 -3
Operating profit* 2 452 2 085 2 385 2 441 2 401
Other finance income 13 17 13 12 12
Interest paid and fees -501 -604 -485 -730 -426
Income tax   -15 0 0 0 0
Net profit*   1 949 1 498 1 913 1 723 1 987
             
* 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 31.03.2019 30.06.2019 30.09.2019 31.12.2019 31.03.2020  
Tangible and intangible assets 160 162 235 258 257  
Property 124 176 129 631 133 220 137 780 142 330  
Other 9 417 8 659 8 661 8 856 8 756  
Financial assets 39 001 38 420 39 477 40 314 41 441 *
Receivables  1 137 1 590  833  945 1 115  
Cash 9 646 11 988 10 542 12 937 11 009  
Total assets 183 537 190 450 192 968 201 090 204 908  
             
Owners' equity            
Share capital 19 200 18 200 18 200 18 200 18 200  
Mandatory reserves 1 920 1 920 1 920 1 920 1 920  
Retained earnings 80 869 80 966 82 879 89 622 91 609 *
Total equity 101 989 101 086 102 999 104 722 111 729  
             
Liabilities            
Debt 78 791 82 807 85 309 86 511 87 856  
Other liabilities 765 765 1 014 1 339 1 316  
Accounts payable 1 992 5 792 3 646 3 498 4 007  
Total liabilities 81 548 89 364 89 969 91 348 93 179  
             
TOTAL LIABILITIES & OWNERS' EQUITY 183 537 190 450 192 968 201 090 204 908  
             
* 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
Payments to shareholders -1 000     -1 000
Dividends declared     -1 400 -1 400
Total comprehensive income for the year     12 102 12 102
Balance at 31.12.2019 18 200 1 920 89 622 109 742
Dividends declared       0
Total comprehensive income for the year     1 987 1 987
Balance at 31.03.2020 18 200 1 920 91 609 111 729

 

   

Consolidated Cash Flow Statement

In thousands Euros

Mainor Ülemiste AS 1Q 2019 2Q 2019 3Q 2019 4Q 2019 1Q 2020
Operating activities          
Net result for the period 1 949 1 498 1 913 1 723 1 987
Adjustment:          
  Depreciation 15 14 19 24 26
  Income from associate companies -1 253 -760 -1 057 -1 068 -1 127
  Financial income and expenses 488 587 472 718 414
  Change in operating assets 89 399 -150 -456 -154
  Change in operating liabilities -464 2 299 -1002 -19 -134
  Dividends received and cash received for shares in associate company 0 1 341 0 4 900 0
  Interest paid and fees -501 -604 -485 -890 -426
  Income tax -15 0 0 0 0
Net cash flow from operating activities  308 4 704   -290   4 932 586
Investing activities          
Investments in tangible and intangible assets -7 -31 -69 -64 -41
Proceeds from sale of tangible and intangible assets 0 0 0 0 0
Investments in investment properties -1 544 -5 397 -3 588 -3 676 -4 548
Loans granted 0 0 0 0 0
Repayment of loans granted 0 740 0 0 0
Acquisition of associates 0 0 0 0 0
Cash flows from investing activities -1 551 -4 688 -3 657 -3 740 -4 589
Financing activities          
Bond issue 0 0     0 0 0
Increase in long-term loans 38 091 4 320 3 127 1 829 2 702
Decrease in long-term loans -36 822 -594 -626 -626 -627
Dividends paid 0 -1 400 0 0 0
Cash flows from financing activities 1 269 2 326 2 501  1 203 2 075
Total cash flow 26 2 342 -1 446  2 395 -1 928
Cash and cash equivalents at period-start 9 620 9 646 11 988 10 542 12 937
Change in cash and cash equivalents 26      2 342 -1 446  2 395 -1 928
Cash and cash equivalents at period-end 9 646 11 988 10 542 12 937 11 009

 

 

         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 1Q 2020.pdf