Published: 2020-07-29 15:41:54 CEST
Mainor Ülemiste
Company Announcement

Mainor Ülemiste AS Interim Report 2Q 2020

MAIN EVENTS IN 2Q 2020

 

April - June 2020

Ülemiste City Live: How to emerge from the crisis as a winner?

Despite of the lockdown caused by the Covid crisis, we continued with the Ülemiste campus events - this time not physically, but digitally. From April to June, we organized a series of 8 webinars on burning topics in law, strategic management, economics, talents, start-ups, investing and returning to work safely. In total, more than 40 experts in their fields and top leaders of our community performed, focusing on finding practical solutions on how to emerge from the crisis together as a winner.  

 

25th May 2020

Ülemiste City and the University of Tartu started a collaboration to build a unique tool to manage talent health and wellbeing

In the end of May, we started a cooperation with the University of Tartu to create a scientific model to improve the health and wellbeing of nearly 12,000 people in the Ülemiste City. It is part of a larger plan to create a working, living and development environment that motivates people and promotes their success. The research model focuses on three main factors - maximizing a person's physical, mental and social abilities. The created solution can later be successfully applied in other cities and campuses around the world. The tool is scheduled to be ready by the next spring.

 

16th June 2020

Study: Ülemiste City is the 5th largest economy in Estonia

According to a recent study conducted by Estonian Entrepreneurship University of Applied Sciences, Ülemiste City ranks 5th after Tallinn, Tartu, Pärnu and Narva in terms of tax revenues. Today, the city's 10,000 employees earn more than 1.6 billion euros a year. IT companies export as much as 3/4 of their services, which is half as much as in the rest of Estonia and accounts for almost 1/3 of the entire Estonian IT sector's exports.

 

18th June 2020

Worlds first self-driving public transport in open traffic

In mid-June, we opened the world's first self-driving public transport platform based on three buses in Ülemiste City. You can take a bus from Ülemiste City to the airport and Ülemiste Center. The aim of the international project FABULOS is to make self-driving vehicles a natural part of public transport and testing in Ülemiste City will last until the end of August. The project is run by the Mobile Civitatem Consortium, which includes Modern Mobility, TalTech, Auve Tech and Fleet Complete.

 

Ülemiste City Key Figures (as of 30.06.2020)

Rented space                                     184,163 square meters

Incl. rented office space                     128,504 square meters

Occupancy Rate                                 96 %

Incl. Office's Occupancy Rate             99 %

 

Financial performance

2Q 2020 - Net profit EUR 1,403 thousand

Net Sales and Net Profit

  • Net sales amounted to EUR 2,571 th in the 2nd quarter, decrease of 2.2 % compared to the 2nd quarter of 2019
  • Rent Income amounted to EUR 2,005 th in the 2nd quarter, increase of 4.2 % compared to the 2nd quarter of 2019
  • Net profit amounted to EUR 1,403 th, decrease of 6.3% compared to the 2nd quarter of 2019. Mainor Ülemiste's 2nd quarter results suffered much less than expected due to COVID-19 distribution restrictions

Expenses

  • Operating expenses increased from EUR 1,287 th (2nd quarter 2019) to EUR 1,304 th in the 2nd quarter of 2020
  • Interest expense on loans and issued bonds amounted to EUR 642 th (2nd quarter 2020), increase of 6.3 % compared to the 2nd quarter in 2019 (EUR 604 th)

Interest-bearing liabilities

  • Mainor Ülemiste AS interest-bearing liabilities amounted to EUR 91,425 th. The Company's four largest creditors at the end of 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 AS had EUR 5,300 th in untapped credit facilities.

Statement of the management board

The financial and other additional information published in the Interim Report April-June 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 April-June 2020 are not audited.

According to Article 26.3.5 of the First North Rules, the Management Board will submit an extended consolidated 6-month unaudited interim report no later than 30.09.2020.

 

Margus Nõlvak
Member of the Management Board
Tallinn, 29.07.2020

 

CONSOLIDATED INCOME STATEMENT

(According to IFRS)                                                                                 In thousands Euros

  2Q 2019 3Q 2019 4Q 2019 1Q 2020 2Q 2020
SALES 2 628 2 535 2 708 2 794 2 571
COST OF SALES -743 -667 -671 -773 -588
ADMINISTRATIVE EXPENSES -544 -520 -637 -721 -716
DEPRECIATION -14 -19 -24 -26 -28
INCOME FROM ASSOCIATE COMPANIES* 760 1 057 1 068 1 127 754
OTHER OPERATING INCOME 1 0 0 3 40
OTHER OPERATING EXPENSES -3 -1 -3 -3 -1
OPERATING PROFIT* 2 085 2 385 2 441 2 401 2 032
OTHER FINANCE INCOME 17 13 12 12 13
INTEREST PAID AND FEES   -604 -485 -730 -426 -642
INCOME TAX 0 0 0 0 0
NET PROFIT* 1 498 1 913 1 723 1 987 1 403

* Without change of valuation of Mainor Ülemiste AS's and associate companies' investments properties.

 

CONSOLIDATED BALANCE SHEET

(According to IFRS)                                                                                  In thousands Euros

  30.06.2019 30.09.2019 31.12.2019 31.03.2020 30.06.2020
TANGIBLE AND INTANGIBLE ASSETS 162 235 258 257 236  
PROPERTY 129 631 133 220 137 780 142 330 146 900 
OTHER 8 659 8 661 8 856 8 756 8 740 
FINANCIAL ASSETS 38 420 39 477 40 314 41 441 40 811*
RECEIVABLES 1 590 833 945 1 115 1 568 
CASH 11 988 10 542 12 937 11 009 9 494 
TOTAL ASSETS 190 450 192 968 201 090 204 908 207 749 
           
OWNERS' EQUITY          
SHARE CAPITAL 18 200 18 200 18 200 18 200 18 200 
MANDATORY RESERVES 1 920 1 920 1 920 1 920 1 920 
RETAINED EARNINGS 80 966 82 879 89 622 91 609 91 627*
TOTAL EQUITY 101 086 102 999 109 742 111 729 111 747 
           
LIABILITIES          
DEBT 82 807 85 309 86 511 87 856 91 425 
OTHER LIABILITIES 765 1 014 1 339 1 316 1 281  
ACCOUNTS PAYABLE 5 792 3 646 3 498 4 007 3 296  
TOTAL LIABILITIES 89 364 89 969 91 348 93 179 96 002  
TOTAL LIABILITIES & OWNERS' EQUITY 190 450 192 968 201 090 204 908 207 749  

* 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 91 608 111 728
DIVIDENDS DECLARED     -1 384 -1 384
TOTAL COMPREHENSIVE INCOME FOR THE YEAR     1 403 1 403
BALANCE AT 30.06.2020 18 200 1 920 91 627 111 747

 

CONSOLIDATED CASH FLOW STATEMENT

In thousands Euros

OPERATING ACTIVITIES 2Q 2019 3Q 2019 4Q 2019 1Q 2020 2Q 2020
NET RESULT FOR THE PERIOD 1 498 1 913 1 723 1 987  1 403
ADJUSTMENT:          
  DEPRECIATION 14 19 24 26 28
  INCOME FROM ASSOCIATE COMPANIES -760 -1 057 -1 068 -1 127 -754
  FINANCIAL INCOME AND EXPENSES 587 472 718 414 629
  CHANGE IN OPERATING ASSETS 399 -150 -456 -154 -511
  CHANGE IN OPERATING LIABILITIES 2 299 -1 002 -19 -134 -669
  DIVIDENDS RECEIVED AND CASH RECEIVED FOR SHARES IN ASSOCIATE COMPANY 1 341 0 4 900 0 1 384
  INTEREST PAID AND FEES -604 -485 -890 -426 -642
  INCOME TAX 0 0 0 0 0
NET CASH FLOW FROM OPERATING ACTIVITIES  4 704  -290 4 932 586  868

 

INVESTING ACTIVITIES 2Q 2019 3Q 2019 4Q 2019 1Q 2019 2Q 2020
INVESTMENTS IN TANGIBLE AND INTANGIBLE ASSETS -31 -69 -64 -41 0
PROCEEDS FROM SALE OF TANGIBLE AND INTANGIBLE ASSETS 0 0 0 0 0
INVESTMENTS IN INVESTMENT PROPRTIES -5 397 -3 588 -3 676 -4 548 -4 568
LOANS GRANTED 0 0 0 0 0
REPAYMENT OF LOANS GRANTED 740 0 0 0 0
ACQUISITION OF ASOCIATES 0 0 0 0 0
CASH FLOWES FROM INVESTING ACTIVITIES -4 688 -3 657 -3 740 -4 589 -4 568

 

FINANCING ACTIVITIES 2Q 2019 3Q 2019 4Q 2019 1Q 2020 2Q 2020
BOND ISSUE 0 0 0 0 0
INCREASE IN LONG-TERM LOANS 4 320 3 127  1 829 2 702 4 274
DECREASE IN LONG-TERM LOANS -594 -626 -626 -627 -705
DIVIDENDS PAID -1 400 0 0 0    -1 384
CASH FLOWS FROM FINANCING ACTIVITIES 2 326 2 501 1 203 2 075 2 185
TOTAL CASH FLOW 2 342 -1 446  2 395 -1 928 -1 515
CASH AND CASH EQUIVALENTS AT PERIOD-START 9 646 11 988 10 542 12 937 11 009
CHANGE IN CASH AND CASH EQUIVALENTS 2 342 -1 446 2 395 -1 928 -1 515
CASH AND CASH EQUIVALENTS AT PERIOD-END 11 988 10 542 12 937 11 009 9 494

   

 

         Mainor Ülemiste AS
         Valukoja 8/1
         11415 Tallinn
         Phone: +372 5304 6992
         E-mail: info@mainorulemiste.ee
         www.mainorulemiste.ee


Mainor Ülemiste AS Interim Report 2Q 2020.pdf