UPP & CO Kauno 53 OÜ consolidated unaudited financial results for Q2 and 6 months of 2022
Important events
Bank loan maturity prolongation
On March 30th, 2022, Promalita UAB, a subsidiary of the consolidation group, prolonged the maturity of the credit agreement with OP bank until March 31th, 2027. Additionally the interest rate of the bank loan was changed from 1.75% to 1.91% as the cost of capital for the bank has increased. Loan amount and repayment schedule remained unchanged.
Comment on 2Q and 6 months of 2022 economic performance
Net rental income was 322,091 euros in 2Q 2022 (327,504 euros in 2Q 2021) and 638,523 euros for the six months of 2022 (657,303 euros for 6 months of 2021). Operating profit was 246,281 euros in 2Q 2022 (256,608 euros in 2Q 2021) and 888,397 euros for the six months of 2022 (499,048 euros for 6 months of 2021). Net income was 111,960 euros in 2Q 2022 (98,309 euros in 2Q 2021) and 554,243 euros for the six months of 2022 (183,975 euros for 6 months 2021).
The economic performance is in line with management’s expectations. The increase in operating profit and net income is due to revaluation of the investment property by certified appraiser.
|
Financial ratios of the Group |
6 months
2022 |
6 months
2021 |
|
Debt to equity ratio |
4.90 |
7.34 |
|
Debt ratio |
0.85 |
0.90 |
|
Long-term debt ratio |
0.82 |
0.89 |
|
Return on equity % |
22.25% |
10.62% |
|
Equity ratio |
0.14 |
0.10 |
|
Return on assets % |
3.24% |
1.09% |
Management board and Supervisory board
The management board of UPP & CO Kauno 53 OÜ consists of one member: Marko Tali, Chairman of the Management Board.
The supervisory board of UPP & CO Kauno 53 OÜ consists of 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.
UPP & CO Kauno 53 OÜ is a going concern.
Member of Management Board
Marko Tali
CONSOLIDATED INTERIM ANNUAL ACCOUNTS
CONSOLIDATED BALANCE SHEET
|
(EUR) |
30.06.2022 |
|
30.06.2021 |
|
Note |
|
|
|
|
|
|
|
|
Cash |
639,643 |
|
510,426 |
|
2 |
|
Receivables and prepayments |
6,717 |
|
10,232 |
|
|
|
Total current assets |
646,360 |
|
520,658 |
|
|
|
|
|
|
|
|
|
|
Investment properties |
16,150,000 |
|
15,750,000 |
|
4 |
|
Tangible fixed assets |
712 |
|
5,345 |
|
|
|
Goodwill |
320,210 |
|
533,678 |
|
5 |
|
Total fixed assets |
16,470,922 |
|
16,289,023 |
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
17,117,282 |
|
16,809,681 |
|
|
|
|
|
|
|
|
|
|
Short-term loans payable |
460,000 |
|
11,983,334 |
|
6 |
|
Payables and prepayments |
108,104 |
|
148,564 |
|
7 |
|
Total current liabilities |
568,104 |
|
12,131,898 |
|
|
|
|
|
|
|
|
|
|
Long-term loans payable |
11,735,184 |
|
671,850 |
|
6 |
|
Long-term provisions |
2,323,611 |
|
2,282,822 |
|
8 |
|
Total non-current liabilities |
14,058,795 |
|
2,954,672 |
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES |
14,626,899 |
|
15,086,570 |
|
|
|
|
|
|
|
|
|
|
Share capital |
2,500 |
|
2,500 |
|
9 |
|
Retained earnings |
2,487,883 |
|
1,720,611 |
|
|
|
TOTAL EQUITY |
2,490,383 |
|
1,723,111 |
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND EQUITY |
17,117,282 |
|
16,809,681 |
|
|
CONSOLIDATED INCOME STATEMENT
|
(EUR) |
|
2022
Q2 |
|
2022
6 months |
|
2021
Q2 |
|
2021
6 months |
|
Note |
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales revenue |
|
322,091 |
|
638,523 |
|
327,504 |
|
657,303 |
|
10 |
|
Other revenues |
|
0 |
|
400,000 |
|
0 |
|
0 |
|
|
|
Total revenues from operating activities |
|
322,091 |
|
1,038,523 |
|
327,504 |
|
657,303 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of goods sold |
|
0 |
|
-197 |
|
0 |
|
0 |
|
|
|
Other operating expenses |
|
-21,216 |
|
-40,741 |
|
-16,301 |
|
-48,759 |
|
11 |
|
Staff costs |
|
-114 |
|
-228 |
|
-96 |
|
-193 |
|
|
|
Depreciation of fixed assets |
|
-54,480 |
|
-108,960 |
|
-54,499 |
|
-109,096 |
|
5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit |
|
246,281 |
|
888,397 |
|
256,608 |
|
499,048 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial income (expenses) |
|
-117,309 |
|
-241,936 |
|
-139,991 |
|
-280,123 |
|
12 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit before income tax |
|
128,972 |
|
646,461 |
|
116,617 |
|
219,132 |
|
|
|
Income tax |
|
-17,012 |
|
-92,218 |
|
-18,308 |
|
-35,157 |
|
13 |
|
Net profit for financial year |
|
111,960 |
|
554,243 |
|
98,309 |
|
183,975 |
|
|
|
incl. net profit share of the owners of the parent company |
|
111,960 |
|
554,243 |
|
98,309 |
|
183,975 |
|
|
UNITED PARTNERS
Siim Sild
Managing Director
+372 5626 0107
siim.sild@unitedpartners.ee
|