UPP Olaines OÜ consolidated unaudited financial results for Q4 and 12 months of 2020

January 31, 2021 4:31 PM EST

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Management commentary for the 12 months of 2020

Net rental income was 2 637 007 euros for the 12 months of 2020 (2019 12 months: 2 589 379). Operating profit was 2 482 439 euros for the 12 months of 2020 (2019 12 months: 2 649 256). Net income was 1 370 964 euros for the 12 months of 2020 (2019 6 months: 1 399 103).

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 12 months 2020

(in EUR)Q4 2020Q4 201912 months 202012 months 2019
Net rental income657 849654 2872 637 0072 589 379
Operating profit618 950769 3772 482 4392 649 256
Profit for the period251 417 623 9001 370 9641 399 103


(in EUR)31.12.202031.12.2019
Investment property30 909 00030 909 000
Interest-bearing loans26 364 62628 492 625
Interest-bearing loans less shareholder loan23 416 32625 544 325


 12 months 2020
Net profit margin (Total comprehensive income for the period / Net rental income)56%
ROA (Net profit for the period / Average total assets for the period)4,7%
DSCR (Operating profit / Loan principal and interest payments on interest-bearing loans)                                   1.1


Management board and supervisory board

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)NoteQ4 2020Q4 201912 months 202012 months 2019
Net rental income5657 849654 2872 637 0072 589 379
Net rental income 657 849654 2872 637 0072 589 379
      
General and administrative expenses   (38 899)  (31 910)(154 568)(71 123)
Other income/cost  (16 000) (16 000)
Profit/loss from revaluation of investment property 0147 0000 147 000
Operating profit 618 948769 3772 482 4392 649 256
      
Financial income / (cost) (436 793)(145 477)(1 111 475)  (1 250 103)
Profit before income tax 251 417623 9001 370 9641 399 153
      
Äriühingu tulumaks    (50)
Profit for the period     
  251 417623 9001 370 9641 399 103
Total comprehensive income for the period 251 417623 9001 370 9641 399 103


Condensed consolidated interim statement of financial position

(in EURNote31.12.202031.12.2019
Cash and cash equivalents 676 373561 474
Trade and other receivables 171 124204 939
Total current assets 847 497766 413
    
Investment property 30 909 00030 909 000
Total non-current assets 30 909 00030 909 000
TOTAL ASSETS 31 756 49731 675 413
    
Trade and other payables 369 527358 761
Financial derivatives 363 979455 204
Loans and borrowings61 064 0041 064 000
Total current liabilities 1 797 5101 877 966
    
Loans and borrowings626 364 63327 428 625
Total non-current liabilities 26 364 63327 428 625
TOTAL LIABILITIES 28 251 13629 306 591
    
Share capital 2 5002 500
Retained earnings 3 591 8612 366 322
TOTAL EQUITY 3 594 3612 368 822
    
TOTAL EQUITY AND LIABILITIES 31 756 49731 675 413

Siim Sild

Director

+372 5626 0107

siim.sild@unitedpartners.ee

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