Published: 2020-08-04 14:19:45 CEST
UPP Olaines
Half Year financial report

UPP Olaines OÜ consolidated unaudited financial results for Q2 and 6 months of 2020

Management commentary for the 6 months of 2020

Net rental income was 1 308 860 euros for the 6 months of 2020 (2019 6 months: 1 291 518). Operating profit was 1 228 236 euros for the 6 months of 2020 (2019 6 months: 1 244 800). Net income was 627 652 euros for the 6 months of 2020 (2019 6 months: 454 710).

The company’s sole business activity is to collect rental revenue, manage the Olaine property and service its liabilities to lenders and investors. Liabilities include the subordinated bonds with a fixed interest rate and the investment loan which’ rate is also fixed with an interest rate swap agreement. On the revenue side the company earns stable triple-net rental income from reputable tenants, which is fixed with medium-term agreements but is subject to indexation. Due to the economically fixed nature of the company, there needs to be major event in the overall economy or in the company's business activities for them to have significant effect on the company’s financial results.

Key indicators of financial performance and position for 6 months 2020

(in EUR)Q2 2020Q2 20196 months 20206 months 2019
Net rental income651,646 639,720 1,308,860 1,291,518
Operating profit608,349 600,653 1,228,236 1,244,800
Profit for the period328,545 187,237 657,652 454,710


(in EUR)30.06.202031.12.2019
Investment property  30,909,000   30,909,000
Interest-bearing loans   27,960,000 28,492,625
Interest-bearing loans less shareholder loan25,012,33125,544,325


 6 months 2020
Net profit margin (Total comprehensive income for the period / Net rental income)50%
ROA (Net profit for the period / Average total assets for the period)2.1%
DSCR (Operating profit / Loan principal and interest payments on interest-bearing loans)  1.2

Management board, supervisory board and audit committee

The management board of UPP Olaines OÜ has one member: Marko Tali, Chairman of the Management Board. The supervisory board of UPP Olaines OÜ has 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.

In 2020 UPP Olaines OÜ formed an audit committee, which has three members.


CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

Condensed consolidated interim statement of comprehensive income

(in EUR)NoteQ2 2020Q2 20196 months 20206 months 2019
Net rental income5651,646 639,720 1,308,8601,291,518
Net rental income 652,646639,720 1,308,8601,291,518
      
General and administrative expenses  (43,297) (24,067)(80,624) (31,718)
Other income / (cost) 0 (15,000)0 (15,000)
Operating profit 608,349600,653 1,228,2361,244,800
      
Financial income / (cost)  (279,804) (413,416)(570,584) (790,090)
Profit before income tax 328,545187,237 657,652454,710
Profit for the period 328,545 187,237 657,652 454,710
      
Total comprehensive income for the period 328,545 187,237 657,652 454,710


Condensed consolidated interim statement of financial position

(in EURNote30.06.202031.12.2019
Cash and cash equivalents 555,735561,474
Trade and other receivables 392,830204,939
Total current assets 948,565766,413
    
Investment property 30,909,00030,909,000
Total non-current assets 30,909,00030,909,000
TOTAL ASSETS 31,857,56531,675,413
    
Trade and other payables 431,635358,749
Financial derivatives 434,250455,217
Loans and borrowings61,064,0041,064,000
Total current liabilities 1,929,8891,877,966
    
Loans and borrowings626,896,62727,428,625
Total non-current liabilities 26,896,62727,428,625
TOTAL LIABILITIES 28,826,51639,306,591
    
Share capital 2,5002,500
Retained earnings 3,028,5492,366,322
TOTAL EQUITY 3,031,0492,368,822
    
TOTAL EQUITY AND LIABILITIES 31,857,56531,675,413


Siim Sild

Director

+372 5626 0107

siim.sild@unitedpartners.ee

Attachment


Olaines Q2 report 2020 ENG.pdf