UPP & CO Kauno 53 OÜ Consolidated Audited 2020 Annual Report
The sales of the Group amounted to 1,304,950 euros in the reporting year (2019: 1,287,781 euros). There are no employees in the Group, which is why no remuneration has been calculated for them. However, remuneration has been calculated for the members of the management board. Expenses with tax amounted to 264 euros (2019: 292 euros) in the reporting year and there are no other discounts or benefits.
There is no vacancy in the building as at the end of the reporting year, all payments from clients are received when due and the Group has performed all of the obligations to its creditors appropriately.
A change in the managing body of Promalita UAB, a subsidiary of K53, was made in the reporting year. The decision to change the composition of the management board of Promalita UAB was made at the meeting of the shareholders and supervisory board of UPP & CO Kauno 53 OÜ held on 4 November 2020. Former member of the management board Hallar Loogma was removed and Siim Sild replaced him as a member of the management board of Promalita UAB. Marko Tali will continue as a member of the management board of UPP & CO Kauno 53 OÜ.
The Group considers the general (macroeconomic) condition of the operating environment to be good and its impact on economic performance is neutral. Likewise, the business operations of the Group are not affected by seasonality as the economic activity is not cyclical by nature. The activities of the company have no major environmental or social impacts.
No risks related to fluctuations in currency exchange, interest and stock exchange rates have emerged during the financial year and the period of preparation of the report.
Since the Group was created solely for its current activities, there are no planned structural changes in business operations.
There were no planned major research and development projects and expenses associated with them in the reporting year and there won’t be any in the following years either. Likewise, the Group has not provided any guarantees or assumed any liabilities that could have a material impact on the results of the next financial years.