Published: 2020-10-30 16:58:06 CET
UPP Olaines
Quarterly report

UPP Olaines OÜ consolidated unaudited financial results for Q3 and 9 months of 2020

Management commentary for the 9 months of 2020

Net rental income was 1 979 158 euros for the nine months of 2020 (2019 9 months: 1 940 078). Operating profit was 1 863 489 euros for the nine months of 2020 (2019 9 months: 1 881 404). Net income was 1 031 187 euros for the nine months of 2020 (2019 9 months: 769 464).

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 group, there needs to be major event in the overall economy or in the group's business activities for them to have significant effect on the group’s financial results.


Key indicators of financial performance and position for 9 months 2020

(in EUR)Q3 2020Q3 20199 months 20209 months 2019
Net rental income670,298648,5601,979,1581,940,078
Operating profit635,253636,6041,863,4891,881,404
Profit for the period373,535314,7541,031,187769,464


(in EUR)30.09.202031.12.2019
Investment property30,909,00030,909,000
Interest-bearing loans 27,694,63128,492,625
Interest-bearing loans less shareholder loan24,746,33125,544,325


 9 months 2020
Net profit margin, % (Total comprehensive income for the period / Net rental income)52%
ROA, % (Net profit for the period / Average total assets for the period)3.2%
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 Group 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)NoteQ3 2020Q3 20199 months 20209 months 2019
Net rental income5670,298648,5601,979,1581,940,078
Net rental income 670,298648,6501,979,1581,940,078
      
General and administrative expenses   (35,045)  (11,956)(115,669)(43,674)
Other income / (cost)  0 0 0 (15,000)
Operating profit 635,253636,6041,863,4891,881,404
      
Financial income / (cost) (261,718)(321,850)  (832,302)  (1,111,940)
Profit before income tax 373,535314,7541,031,187769,464
Profit for the period 373,535314,7541,031,187769,464
Total comprehensive income for the period 373,535314,7541,031,187769,464


Condensed consolidated interim statement of financial position

(in EURNote30.09.202031.12.2019
Cash and cash equivalents 752,089561,474
Trade and other receivables 317,024204,939
Total current assets 1,069,113766,413
    
Investment property 30,909,0030,909,00
Total non-current assets 30,909,0030,909,00
TOTAL ASSETS 31,978,11331,675,413
    
Trade and other payables 471,396358,749
Financial derivatives 407,502455,217
Loans and borrowings61,064,0041,064,004
Total current liabilities 1,942,9021,877,966
    
Loans and borrowings626,630,62727,428,625
Total non-current liabilities 26,630,62727,428,625
TOTAL LIABILITIES 28,573,52929,306,591
    
Share capital 2,5002,500
Retained earnings 3,402,0842,366,322
TOTAL EQUITY 3,404,5842,368,822
    
TOTAL EQUITY AND LIABILITIES 31,978,11331,675,413

Siim Sild

Director

+372 5626 0107

siim.sild@unitedpartners.ee

Attachment


Olaines Q3 report 2020 30.09.2020+ENG.pdf