Published: 2020-08-04 13:55:46 CEST
UPP & CO Kauno 53
Interim information

UPP & CO Kauno 53 OÜ consolidated unaudited financial results for Q2 and 6 months of 2020

MANAGMENT REPORT

Important events

The consolidation group’s economic performance have not been directly affected by the COVID-19 outbreak. At the time of writing this report, the impact of the economic downturn caused by the virus and the extent of the Group’s financial results are still difficult to assess. The best assessment of the Management Board stipulates that in a situation where the outbreak of the virus and the resulting economic downturn will not significantly worsen, due to the field of activity of real estate leasing companies, the impact on the Group’s financial results is moderate.

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 rental income was 654 089 euros for the 6 months of 2020 (2019 6 months: 646 651). Operating profit was 503 046 euros for the 6 months of 2020 (2019 6 months: 509 011). Net income was 193 467 euros for the 6 months of 2020 (2019 6 months: 146 165).

The consolidation group is profitable and the increase in 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.

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 first half-year of 2020.

Financial ratios of the Group   2020
6 months
2019
 6 months
Debt to equity ratio   9.45 13.67
Debt ratio 0.92 0.94
Long-term debt ratio   0.90 0.93
Return on equity %   13.94% 14.68%
Equity ratio   0.08 0.06
Return on assets %   1.14% 0.86%
       

Management board and Supervisory board

The management board of UPP & CO Kauno 53 OÜ consists of one member: Marko Tali, Chairman of the Management Board.

The supervisory board of UPP & CO Kauno 53 OÜ consists of three members: Mart Tooming, Tarmo Rooteman, Hallar Loogma.

No remuneration or other benefits are provided to the members of the management board and the supervisory board.

Other than the management board and the supervisory board, the Company has no employees.

UPP & CO Kauno 53 OÜ is a going concern.

Member of Management Board

Marko Tali

 

CONSOLIDATED INTERIM ANNUAL ACCOUNTS

CONSOLIDATED BALANCE SHEET

(EUR)

  30.06.2020   30.06.2019   Note
           
Cash 302,999   317,211   2
Receivables and prepayments 149,321   10,734    
Total current assets 452,320   327,945    
           
Investment properties 15,750,000   15,700,000   4
Tangible fixed assets 10,371   17,841    
Goodwill 747,146   960,614   5
Total fixed assets 16,507,517   16,678,455    
           
TOTAL ASSETS 16,959,837   17,006,400    
           
Short-term loans payable 460,000   460,000   6
Payables and prepayments 157,211   143,458   7
Total current liabilities 617,211   603,458    
           
Long-term loans payable 12,655,184   13,153,516   6
Long-term provisions 2,300,058   2,254,021   8
Total non-current liabilities 14,955,242   15,407,537    
           
TOTAL LIABILITIES 15,572,453   16,010,995    
           
Share capital 2,500   2,500   9
Retained earnings 1,384,884   992,905    
TOTAL EQUITY 1,387,384   995,405    
           
TOTAL LIABILITIES AND EQUITY 16,959,837   17,006,400    

 

CONSOLIDATED INCOME STATEMENT

(EUR), per year

    2020
Q2
  2020
6 months
  2019
Q2
  2019
6 months
  Note
                     
Sales revenue   326,520   654,089   321,426   646,651   10
                     
Other operating expenses   -21,490   −40,471   -21,927   −25,568   11
Staff costs   -80   −160   -84   −168    
Depreciation of fixed assets   -55,206   −110,412   -55,159   −111,004   5
                     
Operating profit   249,744   503,046   244,256   509,911    
                     
Financial income (expenses)   -138,666   −277,843   -140,711   −280,704   12
                     
Profit before income tax   111,078   225,203   103,545   229,207    
Income tax   -657   −31,736   -40,287   −83,042   13
Net profit for financial year   110,421   193,467   63,258   145,165    
                     
including the share of the owners of the parent company in net profit    
110,421
 

193,467

   
63,258
 

145,165

   

 

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


K53 cons. interim 30.06.20.pdf