Published: 2021-07-16 12:15:36 CEST
Mainor Ülemiste
Interim information

Mainor Ülemiste AS Interim Report 2Q 2021

 

MAIN EVENTS IN 2Q 2021

 

31. May 2021

Ülemiste City launched its new brand and wants to grow into the gateway of Estonia

Ülemiste City, the largest and fastest growing business campus in the Baltics, has undergone a brand renewal and wants to grow into the gateway of Estonia. Over the next five years, the airport, Rail Baltic and bus terminals, as well as the FinEst tunnel, will become one entity, creating fast and convenient connections all over the world. You can reach Helsinki in 30 minutes and Pärnu in 40 minutes, Riga and St. Petersburg in 2-3 hours. Every day, it will bring nearly 100,000–150,000 people here and make Ülemiste Estonia's gateway and gateway from Estonia to the world.

 

3. June 2021

Investors oversubscribed Mainor Ülemiste's bonds by 1.2 times

Mainor Ülemiste AS has completed a private placement of EUR 5 million unsecured bonds with maturity of five years. Investors subscribed bonds for a total of EUR 6,057,000 which means that the initial issue volume was oversubscribed by 1.2 times. New development projects include the talent-centric and green Alma Tomingas office building, which is already under construction, an educational complex inviting to move and study, and a new smart production building for fuel cell company Elcogen, which construction will start in the second half of this year.

New unsecured bonds issued by Mainor Ülemiste were listed on the Baltic First North Market by Nasdaq Tallinn as of June 11, 2021.

 

9. June 2021

An unprecedented green building got a cornerstone in Ülemiste City

The uniquely designed and talent centric work environment of the Alma Toming office building, developed by Mainor Ülemiste, attracts brands with global reach, such as technology giant Fujitsu and Skeleton, which aspires to be the next unicorn. The building has been built in collaboration with architects, service designers, researchers from the University of Tartu, as well as urban strategists, arborists, indoor climate-, LEED- and digital nomad experts, making it one of the most thoughtful and talent-focused work environments in Estonia and Europe.

 

15. June 2021

Survey: Ülemiste City has become the third economy in Estonia

According to a recent survey, Ülemiste City has passed Pärnu and Narva last year and has become the third largest economy in Estonia after Tallinn and Tartu in terms of labor tax receipts from commercial companies. The export of companies and the development of the IT cluster remain on a clear upward trend. Ülemiste City IT companies account for as much as 1/3 of the total exports of the Estonian IT sector. The next goal is to grow bigger than Tartu.

    

Ülemiste City Key Figures (as of 30.06.2021)

Leasable space                           203,300 square meters

Incl. leasable office space           149,800 square meters

Occupancy Rate                          93.8%

Incl. Office's Occupancy Rate      94.8%

 

FINANCIAL PERFORMANCE

2Q 2021 - Net profit EUR 1,591 thousand

Net Sales and Net Profit

  • Net sales amounted to EUR 3,045 th in the 2nd quarter, increase of 18.4% compared to the 2nd quarter of 2020
  • Operating profit amounted to EUR 2,391 th in the 2nd quarter, increase of 17.7% compared to the 2nd quarter of 2020
  • Net profit amounted to EUR 1,591 th, decrease of 13.4 % compared to the 2nd quarter of 2020.

Expenses

  • Operating expenses increased from EUR 1,304 th (2nd quarter 2020) to EUR 1,610 th in the 2nd quarter of 2021
  • Interest expense on loans and issued bonds increased from EUR 642 th (2nd quarter 2020) to EUR 796 th.

Interest-bearing liabilities

  • Mainor Ülemiste AS interest-bearing liabilities amounted to EUR 98,619 th. The Company's four largest creditors at the end of period were SEB Pank 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 37,685 th in untapped credit facilities.

 

Statement of the management board

The financial and other additional information published in the Interim Report April-June 2021 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 2021 are not audited.

According to Article 26.3.5 of the First North Rules, the Management Board will submit an extended consolidated 6-month unaudited interim report no later than 30.09.2021.

 

Ursel Velve
Juhatuse esimees
Tallinn, 16.07.2021

 

CONSOLIDATED INCOME STATEMENT

(According to IFRS)                                                                               In thousands Euros

  2Q 2020 3Q 2020 4Q 2020 1Q 2021 2Q 2021
SALES 2 571 2 810 3 082 3 033 3 045
COST OF SALES -588 -726 -884 -850 -840
ADMINISTRATIVE EXPENSES -716 -714 -784 -855 -770
DEPRECIATION -28 -30 -31 -34 -34
INCOME FROM ASSOCIATE COMPANIES*  754  1 132 1 090 1 212 970
OTHER OPERATING INCOME 40 0 10 0 26
OTHER OPERATING EXPENSES -1 -2 -12 -3 -6
OPERATING PROFIT* 2 032 2 470 2 471 2 503 2 391
OTHER FINANCE INCOME 13 16 135 16 18
INTEREST PAID AND FEES   -642 -617 -858 -654 -796
INCOME TAX 0 0 0 0 -22
NET PROFIT* 1 403 1 869 1 748 1 865 1 591

* Without change of valuation of Mainor Ülemiste AS's and associate companies' investments properties.

 

CONSOLIDATED BALANCE SHEET

(According to IFRS)                                                                                 In thousands Euros

  30.06.2020 30.09.2020 31.12.2020 31.03.2021 30.06.2021
TANGIBLE AND INTANGIBLE ASSETS 236 240 246 229 211  
PROPERTY 146 900 149 252 151 700 153 243 155 243  
OTHER 8 740 8 770 8 963 8 848 8 830  
FINANCIAL ASSETS 40 811 41 943 44 574 43 826 43 391 *
RECEIVABLES 1 568 1 175 1 154 1 171 1 521  
CASH 9 494 9 478 9 576 10 510 14 131  
TOTAL ASSETS 207 749 210 858 216 213 217 827 224 033  
             
OWNERS' EQUITY            
SHARE CAPITAL 18 200 18 200 18 200 18 200 18 200    
MANDATORY RESERVES 1 920 1 920 1 920 1 920 1 920    
RETAINED EARNINGS 91 627 93 496 97 632 99 497 99 588    
TOTAL EQUITY 111 747 113 616 117 752 119 617 119 708    
             
LIABILITIES            
DEBT 91 425 94 139 95 097 94 357 98 619    
OTHER LIABILITIES 1 281 1 255 1 169 1 392 1 615    
ACCOUNTS PAYABLE 3 296 1 848 2 195 2 461 4 091    
TOTAL LIABILITIES 96 002 97 242 98 461 98 210 104 325    
TOTAL LIABILITIES & OWNERS' EQUITY 207 749 210 858 216 213 217 827 224 033    
                     

* Without change of valuation of Mainor Ülemiste AS's and associate companies' investments properties.

 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

In thousands of Euros

  Share capital Statutory reserve Retained earnings Total Equity
BALANCE AT 31.12.2018 19 200 1 920 78 919 100 039
PAYMENTS TO SHAREHOLDERS -1 000     -1 000
DIVIDENDS DECLARED     -1 400 -1 400
TOTAL COMPREHENSIVE INCOME FOR THE YEAR     12 102 12 102
BALANCE AT 31.12.2019 18 200 1 920 89 622 109 742
DIVIDENDS DECLARED     -1 384 -1 384
TOTAL COMPREHENSIVE INCOME FOR THE YEAR     9 394 9 394
BALANCE AT 31.12.2020 18 200 1 920 97 632 117 752
DIVIDENDS DECLARED        
TOTAL COMPREHENSIVE INCOME FOR THE YEAR     1 865 1 865
BALANCE AT 31.03.2021 18 200 1 920 99 497 119 617
DIVIDENDS DECLARED     -1 500 -1 500
TOTAL COMPREHENSIVE INCOME FOR THE YEAR     1 591 1 591
BALANCE AT 30.06.2021 18 200 1 920 99 588 119 708

    

CONSOLIDATED CASH FLOW STATEMENT

In thousands Euros

OPERATING ACTIVITIES 2Q 2020 3Q 2020 4Q 2020 1Q 2021 2Q 2021
NET RESULT FOR THE PERIOD 1 403 1 869 1 748 1 865 1 591
ADJUSTMENT:          
  DEPRECIATION 28 30 31 34 34
  INCOME FROM ASSOCIATE COMPANIES -754 -1 132 -1 090 -1 212 -970
  FINANCIAL INCOME AND EXPENSES 629 601 723 638 778
  CHANGE IN OPERATING ASSETS -434 363 -34 -17 -233
  CHANGE IN OPERATING LIABILITIES -746 -1 458 168 498 1 853
  DIVIDENDS RECEIVED AND CASH RECEIVED FOR SHARES IN ASSOCIATE COMPANY 1 384      0 0 1 960 1 405
  INTEREST PAID AND FEES -642 -617 -858 -638 -778
  INCOME TAX 0 0 0 0 -22
NET CASH FLOW FROM OPERATING ACTIVITIES  868   -344  688 3 128  3 658

 

INVESTING ACTIVITIES 2Q 2020 3Q 2020 4Q 2020 1Q 2021 2Q 2021
INVESTMENTS IN TANGIBLE AND INTANGIBLE ASSETS 0 -34 -6 -2 -4
PROCEEDS FROM SALE OF TANGIBLE AND INTANGIBLE ASSETS 0 0 0 0 0
INVESTMENTS IN INVESTMENT PROPRTIES -4 568 -2 352 -1 406 -1 451 -2 794
LOANS GRANTED 0 0 0 0 0
REPAYMENT OF LOANS GRANTED 0 0 0 0 0
ACQUISITION OF ASOCIATES 0 0 0 0 0
CASH FLOWES FROM INVESTING ACTIVITIES -4 568 -2 386 -1 412 -1 453 -2 798

 

FINANCING ACTIVITIES 2Q 2020 3Q 2020 3Q 2020 1Q 2021 2Q 2021
BOND ISSUE 0 0 0 0 5 000
INCREASE IN LONG-TERM LOANS 4 274 3 501  1 621 0 0
DECREASE IN LONG-TERM LOANS -705 -787 -799 -741 -739
DIVIDENDS PAID -1 384 0 0 0    -1 500
CASH FLOWS FROM FINANCING ACTIVITIES 2 185 2 714  822 741 2 761
TOTAL CASH FLOW -1 515 -16  98 934 3 621
CASH AND CASH EQUIVALENTS AT PERIOD-START 11 009 9 494 9 478 9 576 10 510
CHANGE IN CASH AND CASH EQUIVALENTS -1 515 -16 98 934 3 621
CASH AND CASH EQUIVALENTS AT PERIOD-END 9 494 9 478 9 576 10 510 14 131

   

         Mainor Ülemiste AS
         Valukoja 8/1
         11415 Tallinn
         Phone: +372 5304 6992
         E-mail: info@mainorulemiste.ee
         www.mainorulemiste.ee


Mainor Ulemiste AS Interim Report 2Q 2021.pdf