Published: 2020-05-05 15:09:53 CEST
UPP & CO Kauno 53
Company Announcement

UPP & CO Kauno 53 OÜ Q1 of 2020 consolidated interim report (unaudited)

MANAGEMENT REPORT

General information

UPP & CO Kauno 53 OÜ (hereafter ‘the Company’ and ‘Group’ when referred together with subsidiaries) was founded for the purpose of financing, acquisition and management of the investment property Vievis Logistics Park (buildings and registered immovable). The location of Vievis Logistics Park is Kauno 53, Vievis, Republic of Lithuania, cadastral register number 4400-1185-1420. The Company was founded on 30.01.2017 and it did not engage in economic activities until 17.04.2017 when the warehouse of Vievis Logistics Park was acquired.

The commercial activities of the Company are not affected by seasonal factors and lack any social or environmental impact.

The Company has been founded solely for the purpose of financing, acquisition and management of Vievis Logistics Park; therefore no strategic changes in the commercial activities of the Company have been planned.

UPP & CO Kauno 53 OÜ is a going concern.

The impact of COVID-19 on the Company’s economic activity

The coronavirus, which started spreading all over the world in early 2020 and caused a global economic recession in March 2020, also reached the Baltic States, which led to the closure of borders to foreign nationals and schools, and panic buying of convenience goods. The scope of the consequences of the recession caused by the pandemic is unclear, but there is little doubt that they will be serious.

The virus outbreak has had no direct impact on the economic activities of the Company. The virus has had an impact on the economic activities of the companies that lease the property acquired by the Company, which may have an indirect impact on the Company’s performance results. Some signs of stabilisation of the COVID-19 outbreak could be seen at the time this report was prepared, but the scope and impact of the recession on the Group’s performance results is still difficult to assess. The best estimate of the management board is that if the virus outbreak and the resulting recession do not worsen significantly, the impact of these circumstances on the Group’s performance results will be moderate due to the area of activities of the companies that lease property from the Company.

Important events

Apart from the COVID-19 outbreak, there were no significant events or changes in the Company or the Group during the reporting period. There were no changes or major events in the logistics center or its tenants during the reporting period.

No significant R&D projects or related expenditures are foreseen in the current or subsequent periods. Nor has the Group entered into any commitments or guarantees that could materially affect the results of the next financial periods.

As of the end of the reporting period the property is fully leased.

Comment on economic performance and management report

Net sales revenues were 327 570 euros for the first quarter of 2020, in line with the first quarter of 2019 where net sales revenues accounted for 325 225 euros.

Net operating income was 253 301 euros for the first quarter of 2020, decreased by 4,6% from 265 655 euros for the first quarter of 2019. The decrease in net operating income for the reporting period is due to increased operating expenses.

Net income was 83 045 euros for the first quarter of 2020, in line with the first quarter of 2019 where net income accounted for 82 907 euros.

 

CONSOLIDATED INTERIM ANNUAL ACCOUNTS

CONSOLIDATED BALANCE SHEET

(EUR)

  31.03.2020   31.03.2019  
         
Cash 276 921   205 245  
Receivables and prepayments 148 438   18 253  
Total current assets 425 359   223 498  
         
Investment properties 15 750 000   15 700 000  
Tangible fixed assets 12 210   19 401  
Goodwill 800 513   1 013 981  
Total fixed assets 16 562 723   16 733 382  
         
TOTAL ASSETS 16 988 082   16 956 880  
         
Short-term loans payable 460 000   460 000  
Payables and prepayments 176 074   120 818  
Total current liabilities 636 074   580 818  
         
Long-term loans payable 12 770 185   13 230 183  
Long-term provisions 2 304 861   2 213 732  
Total non-current liabilities 15 075 046   15 443 915  
         
TOTAL LIABILITIES 15 711 120   16 024 733  
         
Share capital 2 500   2 500  
Retained earnings 1 274 462   929 647  
TOTAL EQUITY 1 276 962   932 147  
         
TOTAL LIABILITIES AND EQUITY 16 988 082   16 956 880  

   

CONSOLIDATED INCOME STATEMENT

(EUR)

   

                            2020 1Q   2019 1Q  
                                   
Sales revenue                         327 570   325 225  
                                   
Other operating expenses                         -18 982   -3 641  
Staff costs                           -81   -84  
Depreciation of fixed assets                         -55 206   -55 845  
Operating profit                         253 301   265 655  
                                   
Financial income (expenses)                         -139 177   -139 993  
                                   
Profit before income tax                         114 124   125 662  
Income tax                           -31 079   -42 755  
Net profit for financial year                         83 045   82 907  
                                   
including the share of the owners of the parent company in net profit                         83 045   82 907  

 

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


K53 cons. vahearuanne 31.03.2020 ENG.pdf