UPP Olaines OÜ consolidated unaudited financial results for Q1 of 2024
Financial commentary for the first quarter of 2024
Sales revenue was 702 kEUR in 1Q 2024 (686 kEUR in 1Q 2023).
Operating profit amounted to 648 kEUR in 1Q 2024 (540 kEUR in 1Q 2023). EBITDA was 648 kEUR in 1Q 2024 (540 kEUR in 1Q 2023).
Net income was 253 kEUR in 1Q 2024 (208 kEUR in 1Q 2023).
The higher operating and net profit for the reporting period is due to higher cost of goods sold and general administrative expenses in the comparison period. The former was impacted by investment property improvements during the comparison period, while the latter was affected by auditing and loan refinancing costs in the comparison period.
|
Financial ratios of the Group |
3 months 2024 |
3 months 2023 |
|
Net profit margin % |
36.06% |
30.29% |
|
ROA % |
0.71% |
0.61% |
|
LTV % |
76.86 % |
67.26% |
|
DSCR |
1.2 |
1.1 |
Management board
The management board of UPP Olaines OÜ has one member: Marko Tali, the chairman of the board. The management board of Olaines Logistics SIA has also one member: Siim Sild, chairman of the board.
No remuneration or other benefits have been allotted to the member of the management board of UPP Olaines OÜ. The member of board ofOlaines Logistics SIA receives remuneration according to Latvian legislation. There are no employees in the company besides the members of the management board.
CONSOLIDATED INTERIM ANNUAL ACCOUNTS
CONSOLIDATED BALANCE SHEET
(in EUR)
|
|
31.03.2024 |
|
31.03.2023 |
|
|
|
|
|
|
Cash and cash equivalents |
770,527 |
|
578,021 |
|
Trade and ohter receivables |
107,797 |
|
107,984 |
|
Short-term loan receivable |
241,332 |
|
0 |
|
Total current assets |
1,119,656 |
|
686,005 |
|
|
|
|
|
|
Investment property |
32,870,000 |
|
32,870,000 |
|
Tangible fixed assets |
701,792 |
|
284,248 |
|
Long-term loan receivable |
3,237,890 |
|
0 |
|
Total non-current assets |
36,809,682 |
|
33,154,248 |
|
|
|
|
|
|
TOTAL ASSETS |
37,929,338 |
|
33,840,253 |
|
|
|
|
|
|
Trade and ohter payables |
1,016,281 |
|
1,086,091 |
|
Loans and borrowings |
25,265,276 |
|
1,064,000 |
|
Total current liabilities |
26,281,557 |
|
2,150,091 |
|
|
|
|
|
|
Loans and borrowings |
2,987,028 |
|
24,012,349 |
|
Total non-current liabilities |
2,987,028 |
|
24,012,349 |
|
|
|
|
|
|
TOTAL LIABILITIES |
29,268,585 |
|
26,162,440 |
|
|
|
|
|
|
Share capital |
2,500 |
|
2,500 |
|
Retained earnings |
8,658,253 |
|
7,675,313 |
|
TOTAL EQUITY |
8,660,753 |
|
7,677,813 |
|
|
|
|
|
|
TOTAL EQUITY AND LIABILITIES |
37,929,338 |
|
33,840,253 |
CONSOLIDATED INCOME STATEMENT
(in EUR)
|
|
|
|
|
|
2024
3 months |
|
2023
3 months |
|
|
|
|
|
|
|
|
|
|
Sales revenue |
|
|
|
|
702,495 |
|
685,736 |
|
Cost of goods sold |
|
|
|
|
-39,041 |
|
-90,044 |
|
Gross profit |
|
|
|
|
663,454 |
|
595,692 |
|
|
|
|
|
|
|
|
|
|
General and administrative expenses |
|
|
|
|
-15,616 |
|
-50,012 |
|
Other operating expenses |
|
|
|
|
0 |
|
-6,125 |
|
Operating income |
|
|
|
|
647,838 |
|
539,555 |
|
|
|
|
|
|
|
|
|
|
Financial income / (cost) |
|
|
|
|
-394,530 |
|
-331,814 |
|
|
|
|
|
|
|
|
|
|
Profit before income tax |
|
|
|
|
253,308 |
|
207,741 |
|
Income tax |
|
|
|
|
0 |
|
0 |
|
Total comprehensive income for the period |
|
|
|
|
253,308 |
|
207,741 |
UNITED PARTNERS
Siim Sild
Managing Director
+372 5626 0107
siim.sild@unitedpartners.ee
|