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

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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 2020	Q4 2019	12 months 2020	12 months 2019
Net rental income	657 849	654 287	2 637 007	2 589 379
Operating profit	618 950	769 377	2 482 439	2 649 256
Profit for the period	251 417	623 900	1 370 964	1 399 103

(in EUR)	31.12.2020	31.12.2019
Investment property	30 909 000	30 909 000
Interest-bearing loans	26 364 626	28 492 625
Interest-bearing loans less shareholder loan	23 416 326	25 544 325

	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)	Note	Q4 2020	Q4 2019	12 months 2020	12 months 2019
Net rental income	5	657 849	654 287	2 637 007	2 589 379
Net rental income		657 849	654 287	2 637 007	2 589 379

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		0	147 000	0	147 000
Operating profit		618 948	769 377	2 482 439	2 649 256

Financial income / (cost)		(436 793)	(145 477)	(1 111 475)	(1 250 103)
Profit before income tax		251 417	623 900	1 370 964	1 399 153

Äriühingu tulumaks					(50)
Profit for the period
		251 417	623 900	1 370 964	1 399 103
Total comprehensive income for the period		251 417	623 900	1 370 964	1 399 103

Condensed consolidated interim statement of financial position

(in EUR	Note	31.12.2020	31.12.2019
Cash and cash equivalents		676 373	561 474
Trade and other receivables		171 124	204 939
Total current assets		847 497	766 413

Investment property		30 909 000	30 909 000
Total non-current assets		30 909 000	30 909 000
TOTAL ASSETS		31 756 497	31 675 413

Trade and other payables		369 527	358 761
Financial derivatives		363 979	455 204
Loans and borrowings	6	1 064 004	1 064 000
Total current liabilities		1 797 510	1 877 966

Loans and borrowings	6	26 364 633	27 428 625
Total non-current liabilities		26 364 633	27 428 625
TOTAL LIABILITIES		28 251 136	29 306 591

Share capital		2 500	2 500
Retained earnings		3 591 861	2 366 322
TOTAL EQUITY		3 594 361	2 368 822

TOTAL EQUITY AND LIABILITIES		31 756 497	31 675 413