Tallinn, Estonia, 2018-11-05 11:41 CET (GLOBE NEWSWIRE) --
Management commentary for the 3rd quarter 2018 financial results
Changes in the management
On 13.09.2017, a meeting of the shareholders and board of UPP Olaines OÜ was held where it was decided to change the composition of the management and supervisory board of UPP Olaines OÜ and its subsidiary, Olaines Logistics SIA. The previous supervisory board member, Marko Tali, has been appointed as the chairman of the management board of UPP Olaines OÜ and Olaines Logistics SIA, while both of the previous members of the management board, Hallar Loogma and Kevin Soon, have been discharged from their positions. Hallar Loogma has been appointed on the supervisory board. The changes in the management and supervisory board of UPP Olaines OÜ were completed by 05.10.2018.
Marko Tali has been the head of investments in United Partners Investments OÜ, the direct investment arm of United Partners Group OÜ. These changes are part of the efforts to streamline the management of United Partners Group’s investments.
Assessment of the property
In August and September of 2018, a property management service provider CityService assessed the condition of the building. The conclusion was that the load-bearing structures of the building are stable and no critical deformations were present. Some damages to the asphalt surface at the ramps and truck parking areas were found, but they are easily repairable and are expected to be taken care of by the end of the year.
Operations
No other significant events occurred in Q3 2018 and all regular operations of the premise are running smoothly, including duly and timely collection of rental and utilities payments from the tenants.
As of the end of Q3 2018, there is no vacancy in the premises.
Basis of preparation of the interim financial results
The unaudited condensed consolidated interim financial statements of UPP Olaines OÜ for 9 months 2018 have been prepared in accordance with IAS 34 Interim Financial Reporting, except for the requirement to disclose comparative financial information. The company was founded in 24.08.2017 and did not have any economic activity until the acquisition of the investment property on 15.12.2017. Therefore the company has no financial history for a year-on-year comparison.
Condensed consolidated interim statement of financial position
| (in EUR) | Note | 30.09.2018 | 31.12.2017 |
| Cash and cash equivalents | 7 | 418,881 | 381,336 |
| Accounts receivable and prepayments | 8 | 448,582 | 445,824 |
| Total current assets | 867,463 | 827,160 | |
| Investment property | 9 | 30,544,000 | 30,544,000 |
| Total non-current assets | 30,544,000 | 30,544,000 | |
| TOTAL ASSETS | 31,411,463 | 31,371,160 | |
| Accounts payable and other settlements | 10 | 786,509 | 679,593 |
| Loans and borrowings | 11 | 1,064,016 | 886,667 |
| Total current liabilities | 1,850,525 | 1,566,260 | |
| Loans and borrowings | 11 | 28,795,070 | 29,641,633 |
| Total non-current liabilities | 28,795,070 | 29,641,633 | |
| TOTAL LIABILITIES | 30,645,595 | 31,207,893 | |
| Share capital | 2,500 | 2,500 | |
| Retained earnings | 763,368 | 160,767 | |
| TOTAL EQUITY | 765,868 | 163,267 | |
| TOTAL EQUITY AND LIABILITIES | 31,411,463 | 31,371,160 |
Condensed consolidated interim statement of comprehensive income
| (in EUR) | Note | Q3 2018 | 9 months 2018 |
| Sales revenue | 4 | 599,759 | 1,877,856 |
| Net rental income | 599,759 | 1,877,856 | |
| Administrative expenses | 5 | (3,028) | (132,211) |
| Operating profit | 596,731 | 1,745,645 | |
| Financial income / (cost) | 6 | (158,619) | (1,143,044) |
| Profit before income tax | 438,112 | 602,601 | |
| Profit for the period | 438,112 | 602,601 | |
| Total comprehensive income for the period | 438,112 | 602,601 |
Further information:
Siim Sild
Director, United Partners Advisory OÜ
e-mail: siim.sild@unitedpartners.ee
Phone: +372 5626 0107
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