MAIN EVENTS IN Q2 2024
May 31, 2024
Mainor Ülemiste and Ericsson Eesti Submitted an Application for a Smart Manufacturing and Technology Hub Construction Permit
On May 31, Mainor Ülemiste submitted a building permit application to the city of Tallinn so that the Tallinn City Planning Board could soon issue a building permit. This would allow the construction of Ericsson's smart manufacturing and technology hub, one of the largest foreign investments in Ülemiste City, to begin.
In less than a year, Mainor Ülemiste, in cooperation with Ericsson, has received the necessary design conditions for building a new technology hub from the city of Tallinn. In addition, the building complex with a net area of nearly 50,000 m² that was previously located on the land plot has been demolished and disposed of. Intensive design and development work is underway with the project's construction engineering, smart production, and innovative technological solutions.
Mainor Ülemiste and Ericsson Eesti signed an agreement to build Ericsson's smart manufacturing and technology hub in Ülemiste City on June 29, 2023. This is one of the most significant investments of all time in Estonia. In the new 50,000 m² complex, development and production activities are expected to start in 2026.
June 5, 2024
The Ülemiste City Health Conference Opened Future Trends in the Field Of Health Management and Health Technologies
25 different health specialists brought exciting scientific facts, future directions of health management, case studies and practical tools to the participants of the Ülemiste City Health Conference held for the second time on June 5. Health was discussed from the perspectives of both the employer and the employee, with a simultaneous focus on mental, physical, and social health. Topics ranged from artificial intelligence, the warning signs of a body and a balanced lifestyle to the impact of the COVID pandemic on office work.
The health conference was visited by 140 health enthusiasts and 13 exhibitors.
The next Health Conference will be organized by Ülemiste City in 2026.
June 13, 2024
The Seventh Ülo Pärnits’ Scholarship Issued
The Ülo Pärnits’ scholarships were awarded in Ülemiste City for the seventh time. This time, the chosen topics were the application of ESG in human resource management, the introduction of circular packaging, the communities of innovation campuses and the design of stairs that encourage movement.
This time, 9,000 euros were awarded to four theses. The scholarship is awarded by Ülemiste City developers Mainor Ülemiste AS, Mainor AS, and Kristosten OÜ. The next competition of the Ülo Pärnits’ scholarship fund will be announced in September of this year.
Ülemiste City Key Figures (as of 30.06.2024)
Leasable space 191,000 m²
Incl. leasable office space 164,000 m²
Occupancy rate 92%
Incl. office's occupancy rate 91%
FINANCIAL PERFORMANCE
Q2 2024 - net profit of EUR 4,050 thousand
Net sales and net profit
- Net sales amounted to EUR 11,549 thousand in Q2 2024, 2.7 times increase compared to Q2 2023.
- Operating profit amounted to EUR 7,574 thousand in Q2 2024 (including profit from the sale of investment property - EUR 2,325 thousand), 2.6 times increase compared to Q2 2023.
- Net profit amounted to EUR 4,050 thousand.
Expenses
- Operating expenses increased to EUR 6,357 thousand in Q2 2024, compared to EUR 2,171 thousand in Q2 2023.
- Interest expenses on loans and issued bonds increased to EUR 3,585 thousand in Q2 2024, compared to EUR 1,867 thousand in Q2 2023.
Interest-bearing liabilities
- Mainor Ülemiste AS interest-bearing liabilities amounted to EUR 222,704 thousand. The largest creditors at the end of period were SEB Pank AS, Swedbank AS, Luminor Bank AS, OP Corporate Bank Plc, LHV Pank AS, and COOP Pank AS.
- At the end of the reporting period, Mainor Ülemiste AS had EUR 17,601 thousand in untapped credit facilities.
Following the acquisition of shares in Technopolis Ülemiste AS (now TÜC Majad AS) and the increase in ownership from 49% to 100%, Mainor Ülemiste AS consolidates the financial results of TÜC Majad AS since Q2 2024.
Statement of the management board
The financial and other additional information published in the Interim Report April-June 2024 is true and complete. Consolidated financial statements give a true and fair view of the actual financial position, results of operation and cash flows of the group.
Consolidated financial statements in the report for the period April-June 2024 are not audited.
Ursel Velve
CEO
Tallinn, 31.07.2024
CONSOLIDATED INCOME STATEMENT
(According to IFRS) In thousands of euros
| Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | |
| SALES | 4,278 | 4,421 | 4,867 | 6,104 | 11,549 |
| COST OF SALES | -1,348 | -1,404 | -2,056 | -2,829 | -3,663 |
| ADMINISTRATIVE EXPENSES | -823 | -859 | -994 | -1,139 | -2,694 |
| DEPRECIATION | -31 | -31 | -29 | -29 | -30 |
| INCOME FROM ASSOCIATE COMPANIES* | 826 | 889 | 665 | 932 | 0 |
| OTHER OPERATING INCOME | 3 | 3 | 10 | 32 | 2,421 |
| OTHER OPERATING EXPENSES | -6 | -2 | -8 | -15 | -9 |
| OPERATING PROFIT* | 2,899 | 3,017 | 2,455 | 3,056 | 7,574 |
| OTHER FINANCE INCOME | 119 | 145 | 356 | 30,133 | 61 |
| INTEREST PAID AND FEES | -1,867 | -1,951 | -2,171 | -1,928 | -3,585 |
| INCOME TAX | 0 | 0 | 0 | 0 | 0 |
| NET PROFIT* | 1,151 | 1,211 | 640 | 31,261 | 4,050 |
* Without change of valuation of Mainor Ülemiste AS's and associate companies' investments properties.
CONSOLIDATED BALANCE SHEET
(According to IFRS) In thousands of euros
| 30.06.2023 | 30.09.2023 | 31.12.2023 | 31.03.2024 | 30.06.2024 | ||||||
| TANGIBLE AND INTANGIBLE ASSETS | 198 | 162 | 162 | 144 | 126 | |||||
| PROPERTY | 200,870 | 204,254 | 215,152 | 434,532 | 440,452 | |||||
| OTHER | 9,183 | 9,195 | 9,403 | 68 | 20 | |||||
| FINANCIAL ASSETS | 57,999 | 58,888 | 57,804 | 0 | 0 | |||||
| RECEIVABLES | 1,910 | 2,019 | 2,733 | 3,311 | 8,929 | |||||
| CASH | 12,367 | 10,878 | 8,646 | 11,307 | 9,520 | |||||
| TOTAL ASSETS | 282,527 | 285,396 | 293,900 | 449,362 | 459,047 | |||||
| OWNERS' EQUITY | ||||||||||
| SHARE CAPITAL | 18,200 | 18,200 | 18,200 | 25,156 | 25,156 | |||||
| AGIO | 22,377 | 22,377 | ||||||||
| MANDATORY RESERVES | 1,920 | 1,920 | 1,920 | 1,920 | 1,920 | |||||
| RETAINED EARNINGS | 137,086 | 138,297 | 141,617 | 166,664 | 170,714 | |||||
| TOTAL EQUITY | 157,206 | 158,417 | 161,737 | 216,117 | 220,167 | |||||
| LIABILITIES | ||||||||||
| DEBT | 120,583 | 121,430 | 124,273 | 219,858 | 222,704 | |||||
| OTHER LIABILITIES | 778 | 834 | 934 | 3,055 | 3,071 | |||||
| ACCOUNTS PAYABLE | 3,960 | 4,715 | 6,956 | 10,332 | 13,105 | |||||
| TOTAL LIABILITIES | 125,321 | 126,979 | 132,163 | 233,245 | 238,880 | |||||
| TOTAL LIABILITIES & OWNERS' EQUITY | 282,527 | 285,396 | 293,900 | 449,362 | 459,047 | |||||
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
In thousands of euros
| Share capital | Agio | Statutory reserve | Retained earnings | Total equity | |
| BALANCE AT 31.12.2019 | 18,200 | 1,920 | 135,219 | 155,339 | |
| DIVIDENDS DECLARED | -1,539 | -1,539 | |||
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 7,937 | 7,937 | |||
| BALANCE AT 31.12.2023 | 18,200 | 1,920 | 141,617 | 161,737 | |
| INCREASE OF SHARE CAPITAL | 6,956 | 22,377 | 29,333 | ||
| PURCHASE/SALE OF OWN SHARES | -6,214 | -6,214 | |||
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 31,261 | 31,261 | |||
| BALANCE AT 31.03.2024 | 25,156 | 22,377 | 1,920 | 166,664 | 216,117 |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 4,050 | 4,050 | |||
| BALANCE AT 30.06.2024 | 25,156 | 22,377 | 1,920 | 170,714 | 220,167 |
CONSOLIDATED CASH FLOW STATEMENT
In thousands of euros
| OPERATING ACTIVITIES | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | |
| NET RESULT FOR THE PERIOD | 1,151 | 1,211 | 640 | 31,261 | 4,050 | |
| ADJUSTMENTS: | ||||||
| DEPRECIATION | 31 | 30 | 29 | 29 | 30 | |
| PROFIT FROM INVESTMENT PROPERTY SALES | 0 | 0 | 0 | 0 | -2,325 | |
| INCOME FROM ASSOCIATE COMPANIES | -826 | -889 | -665 | -932 | 0 | |
| FINANCIAL INCOME AND EXPENSES | 1,747 | 1,805 | 1,815 | -28,205 | 3,524 | |
| CHANGE IN OPERATING ASSETS | 242 | -195 | -559 | 222 | -1,204 | |
| CHANGE IN OPERATING LIABILITIES | 1,124 | 1,039 | 57 | 1,413 | 1,605 | |
| INTEREST RECEIVED | 16 | 220 | 16 | 3,485 | 40 | |
| DIVIDENDS RECEIVED AND CASH RECEIVED FOR SHARES IN ASSOCIATE COMPANY | 923 | 0 | 616 | 0 | 0 | |
| INTEREST PAID AND FEES | -1,900 | -2,246 | -1,975 | -2,400 | -3,489 | |
| NET CASH FLOW FROM OPERATING ACTIVITIES | 2,508 | 975 | -26 | 4,873 | 2,231 | |
| INVESTING ACTIVITIES | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 |
| INVESTMENTS IN TANGIBLE AND INTANGIBLE ASSETS | -16 | 6 | -29 | -12 | -11 |
| INVESTMENTS IN INVESTMENT PROPRTIES | -2,695 | -3,317 | -4,226 | -4,456 | -6,853 |
| PURCHASE OF SUBSIDIARY COMPANIES/CAPITAL CONTRIBUTION | 0 | 0 | 0 | -25,466 | 0 |
| LOANS GRANTED | 0 | 0 | -25 | 0 | 0 |
| REPAYMENT OF LOANS GRANTED | 0 | 0 | 1 | 6,201 | 1 |
| CASH FLOWES FROM INVESTING ACTIVITIES | -2,711 | -3,311 | -4,279 | -23,733 | -6,863 |
| FINANCING ACTIVITIES | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 |
| BOND ISSUE/REDEMPTION | -6,377 | 0 | 0 | 0 | 0 |
| SHARE ISSUE | 0 | 0 | 0 | 29,333 | 0 |
| OWN SHARES PURSHASE/SALE | 0 | 0 | 0 | -6,214 | 0 |
| INCREASE IN LONG-TERM LOANS | 1,228 | 1,710 | 3,701 | 4,254 | 5,960 |
| DECREASE IN LONG-TERM LOANS | -873 | -863 | -859 | -5,852 | -3,115 |
| DIVIDENDS PAID | -770 | 0 | -769 | 0 | 0 |
| CASH FLOWS FROM FINANCING ACTIVITIES | -6,792 | 847 | 2,073 | 21,521 | 2,845 |
| TOTAL CASH FLOW | -6,995 | -1,489 | -2,232 | 2,661 | -1,787 |
| CASH AND CASH EQUIVALENTS AT PERIOD-START | 19,362 | 12,367 | 10,878 | 8,646 | 11,307 |
| CHANGE IN CASH AND CASH EQUIVALENTS | -6,995 | -1,489 | -2,232 | 2,661 | -1,787 |
| CASH AND CASH EQUIVALENTS AT PERIOD-END | 12,367 | 10,878 | 8,646 | 11,307 | 9,520 |