Comment on economic performance and management report
Net rental income was 327 766 euros for the third quarter of 2021 (2020 third quarter: 325 693). Operating profit was 234 093 euros for the third quarter of 2021 (2020 third quarter: 254 848). Net income was 94 693 euros for the third quarter of 2021 (2020 third quarter: 99 323).
The consolidation group is profitable and the increase in retained earnings ensures the required flexibility for bond redemption in the future. The Company is not planning to disburse the retained earnings before bond redemption. The Company has gradually reduced its obligation towards OP Bank, which strengthens the cash flow of the Company and provides the fundamentals for increase in profitability in the future.
No significant events other than regular operating activities, including the timely receipt of rent and utility charges, took place in the third quarter of 2021.
| Financial ratios of the Group | 2021 9 months | 2020 9 months | |
|
Net profit margin % Debt to equity ratio |
28,28% 8,23 |
29,88% 8,74 |
|
| Debt ratio | 0,89 | 0,91 | |
| Long-term debt ratio | 0,72 | 0,89 | |
| Return on equity % | 16,60% | 19,69% | |
| Equity ratio | 0,11 | 0,09 | |
| Return on assets % | 1,66% | 1,73% | |
CONSOLIDATED INTERIM ANNUAL ACCOUNTS
CONSOLIDATED BALANCE SHEET
(EUR)
| 30.09.2021 | 30.09.2020 | |||
| Cash | 533 519 | 360 058 | ||
| Receivables and prepayments | 9 317 | 143 846 | ||
| Total current assets | 542 836 | 503 904 | ||
| Investment properties | 15 750 000 | 15 750 000 | ||
| Tangible fixed assets | 4 055 | 8 938 | ||
| Goodwill | 480 311 | 693 779 | ||
| Total fixed assets | 16 234 366 | 16 452 717 | ||
| TOTAL ASSETS | 16 777 202 | 16 956 621 | ||
| Short-term loans payable | 460 000 | 460 000 | ||
| Payables and prepayments | 141 245 | 174 475 | ||
| Total current liabilities | 601 245 | 634 475 | ||
| Long-term loans payable | 12 080 184 | 12 540 184 | ||
| Long-term provisions | 2 278 019 | 2 295 255 | ||
| Total non-current liabilities | 14 358 203 | 14 835 439 | ||
| TOTAL LIABILITIES | 14 959 448 | 15 469 914 | ||
| Share capital | 2 500 | 2 500 | ||
| Retained earnings | 1 815 254 | 1 484 207 | ||
| TOTAL EQUITY | 1 817 754 | 1 486 707 | ||
| TOTAL LIABILITIES AND EQUITY | 16 777 202 | 16 956 621 |
CONSOLIDATED INCOME STATEMENT
(EUR)
|
2021 Q3 |
2021 9 months |
2020 Q3 |
2020 9 months |
| Sales revenue | 327 766 | 985 069 | 325 693 | 979 782 | ||||
| Other operating expenses |
-38 920 |
-87 679 |
-15 965 |
-56 436 |
||||
| Staff costs | -97 | -290 | -80 | -240 | ||||
| Depreciation of fixed assets | -54 656 | -163 752 | -54 800 | -165 212 | ||||
| Operating profit | 234 093 | 733 348 | 254 848 | 757 894 | ||||
| Financial income (expenses) | -120 528 | -400 651 | -138 577 | -416 420 | ||||
| Profit before income tax |
113 565 |
332 697 |
116 271 |
341 474 |
||||
| Income tax | -18 922 | -54 079 | -16 948 | -48 684 | ||||
| Net profit for financial year |
94 643 |
278 618 |
99 323 |
292 790 |
||||
| including the share of the owners of the parent company in net profit |
94 643 |
278 618 |
99 323 |
292 790 |