UPP & CO Kauno 53 OÜ consolidated unaudited financial results for Q2 and 6 months of 2023
Comment on 2Q and 6 months of 2023 economic performance
Sales revenue was 331,660 euros in 2Q 2023 (322,910 euros in 2Q 2022) and 663,051 euros for the six months of 2023 (639,950 euros for 6 months of 2022). Operating profit was 258,530 euros in 2Q 2023 (246,281 euros in 2Q 2022) and 506,698 euros for the six months of 2023 (888,397 euros for 6 months of 2022). Net income was 83,234 euros in 2Q 2023 (111,960 euros in 2Q 2022) and 166,498 euros for the six months of 2023 (554,243 euros for 6 months 2022).
The lower operating and net profit for the six months is primarily attributed to two factors. Firstly, a higher comparison base in 2022 due to the revaluation of real estate on that year, and secondly, increased interest expenses during the current reporting period. The rise in interest expenses is a result of the higher 3-month EURIBOR rate, to which Promalita UAB's bank loan is tied. Some further increase in interest expenses is also expected in future interim reports.
|
Financial ratios of the Group |
6 months
2023 |
6 months
2022 |
|
Debt to equity ratio |
4.09 |
4.90 |
|
Debt ratio |
0.83 |
0.85 |
|
Long-term debt ratio |
0.79 |
0.83 |
|
Return on equity % |
5.80% |
22.26% |
|
Equity ratio |
0.17 |
0.15 |
|
Return on assets % |
0.98% |
3.24% |
Management board
The management board of UPP & CO Kauno 53 OÜ consists of one member: Marko Tali, Chairman of the Management Board.
No remuneration or other benefits are provided to the members of the management board.
The management board of Promalita UAB has also one member: Siim Sild, who receives symbolic remuneration.
Other than the management board, the Company has no employees.
UPP & CO Kauno 53 OÜ and its subsidiary Promalita UAB are a going concern.
Member of Management Board
Marko Tali
CONSOLIDATED INTERIM ANNUAL ACCOUNTS
CONSOLIDATED BALANCE SHEET
|
(EUR) |
30.06.2023 |
|
30.06.2022 |
|
|
|
|
|
|
Cash |
737,761 |
|
639,643 |
|
Receivables and prepayments |
8,436 |
|
6,717 |
|
Total current assets |
746,197 |
|
646,360 |
|
|
|
|
|
|
Investment properties |
16,150,000 |
|
16,150,000 |
|
Tangible fixed assets |
12 |
|
712 |
|
Goodwill |
106,742 |
|
320,210 |
|
Total fixed assets |
16,256,754 |
|
16,470,922 |
|
|
|
|
|
|
TOTAL ASSETS |
17,002,951 |
|
17,117,282 |
|
|
|
|
|
|
Short-term loans payable |
460,000 |
|
460,000 |
|
Payables and prepayments |
93,123 |
|
108,104 |
|
Total current liabilities |
553,123 |
|
568,104 |
|
|
|
|
|
|
Long-term loans payable |
11,275,184 |
|
11,735,184 |
|
Long-term provisions |
2,304,400 |
|
2,323,611 |
|
Total non-current liabilities |
13,579,584 |
|
14,058,795 |
|
|
|
|
|
|
TOTAL LIABILITIES |
14,132,707 |
|
14,626,899 |
|
|
|
|
|
|
Share capital |
2,500 |
|
2,500 |
|
Retained earnings |
2,867,744 |
|
2,487,883 |
|
TOTAL EQUITY |
2,870,244 |
|
2,490,383 |
|
|
|
|
|
|
TOTAL LIABILITIES AND EQUITY |
17,002,951 |
|
17,117,282 |
CONSOLIDATED INCOME STATEMENT
|
(EUR) |
2023
Q2 |
|
2023
6 months |
|
2022
Q2 |
|
2022
6 months |
|
|
|
|
|
|
|
|
|
|
Sales revenue |
331,660 |
|
663,051 |
|
322,910 |
|
639,950 |
|
Other revenues |
0 |
|
0 |
|
0 |
|
400,000 |
|
Total revenues from operating activities |
331,660 |
|
663,051 |
|
322,910 |
|
1,039,950 |
|
|
|
|
|
|
|
|
|
|
Cost of goods sold |
-3,496 |
|
-7,638 |
|
-1,952 |
|
-3,944 |
|
Other operating expenses |
-16,040 |
|
-41,331 |
|
-20,085 |
|
-38,426 |
|
Staff costs |
-129 |
|
-258 |
|
-112 |
|
-223 |
|
Depreciation of fixed assets |
-53,465 |
|
-107,126 |
|
-54,480 |
|
-108,960 |
|
|
|
|
|
|
|
|
|
|
Operating profit |
258,530 |
|
506,698 |
|
246,281 |
|
888,397 |
|
|
|
|
|
|
|
|
|
|
Financial income (expenses) |
-164,096 |
|
-316,169 |
|
-117,309 |
|
-241,936 |
|
|
|
|
|
|
|
|
|
|
Profit before income tax |
94,434 |
|
190,529 |
|
128,972 |
|
646,461 |
|
Income tax |
-11,200 |
|
-24,031 |
|
-17,012 |
|
-92,218 |
|
Net profit for financial year |
83,234 |
|
166,498 |
|
111,960 |
|
554,243 |
|
incl. net profit share of the owners of the parent company |
83,234 |
|
166,498 |
|
111,960 |
|
554,243 |
UNITED PARTNERS
Siim Sild
Managing Director
+372 5626 0107
siim.sild@unitedpartners.ee
|