Mainor Ülemiste AS Consolidated Interim Report for the 6 month period ended 30.06.2022 (unaudited)
In 2022, the entity was engaged in development of Ülemiste City office space, including construction of new buildings and renovation of existing buildings, renting premises, providing tenants with necessary services and developing these services, preparing new real estate projects.
Alma Tomingas office building with a leasable area of 16.5 thousand m2 is under construction, the completion date of which is the end of 2022. This building will be next step on the way to the increasingly human-friendly Ülemiste City.
Mainor Ülemiste AS konsolideeritud käive moodustas seisuga 30.06.2022 7548 tuhat eurot (30.06.2021: 6076 tuhat eurot) ja puhaskasum 4170 tuhat eurot (30.06.2021: 3455 tuhat eurot). Ettevõtte omakapital 1. poolsaasta lõpu seisuga oli 129 109 tuhat eurot.
Kokku investeeriti 6 kuu eest hoonete ehitusse ja parendamisse 9 062 tuhat eurot.
Mainor Ülemiste AS kinnisvarainvesteeringute väärtus oli 1. poolaasta lõpu seisuga 176 874 tuhat eurot.
Management confirmation and signatures
The financial and other additional information published in the 1H 2022 Interim Report is true and complete. Consolidated financial statements give a true and fair view of the actual financial position, results of operations and cash flows of the group.
The consolidated financial statements have been prepared in accordance with International Financial Reporting Standarts as adopted by the European Union.
1H 2022 Consolidated financial statements in the report are not audited.
Consolidated Statement of Financial Position
|
(In thousands of euros) |
Notes |
30.06.2022 |
31.12.2021 |
30.06.2021 |
|
ASSETS |
|
|
|
|
|
Investment property |
2 |
176 874 |
166 960 |
155 949 |
|
Tangible assets |
3 |
230 |
172 |
96 |
|
Intangible assets |
4 |
59 |
92 |
115 |
|
Prepayments |
5 |
668 |
473 |
171 |
|
Trade and other receivables |
6 |
10 647 |
10 647 |
10 179 |
|
Investment recognized using the equity method |
10 |
47 318* |
46 490 |
43 391* |
|
Cash and cash equivalents |
11 |
12 003 |
12 927 |
14 131 |
|
TOTAL ASSETS |
|
247 799 |
237 761 |
224 032 |
|
|
|
|
|
|
|
EQUITY |
|
|
|
|
|
Share capital at nominal value |
12 |
18 200 |
18 200 |
18 200 |
|
Legal reserve |
|
1 920 |
1 920 |
1 920 |
|
Retained earnings |
|
104 819 |
96 132 |
96 131 |
|
Profit for the financial year |
|
4 170 |
10 267 |
3 455 |
|
TOTAL EQUITY |
|
129 109 |
126 519 |
119 706 |
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
Provisions |
|
197 |
197 |
262 |
|
Borrowings |
13 |
110 916 |
104 070 |
98 619 |
|
Derivatives |
|
345 |
345 |
345 |
|
Trade and other payables |
14 |
6 142 |
5 599 |
4 101 |
|
Prepayments received |
15 |
1 090 |
1 031 |
999 |
|
TOTAL LIABILITIES |
|
118 690 |
111 242 |
104 326 |
|
TOTAL LIABILITIES AND EQUITY |
|
247 799 |
237 761 |
224 032 |
*Without change of valuation of Mainor Ülemiste AS’s and associate companies’ investments properties
Consolidated Statement of Comprehensive Income
|
(In thousands of euros) |
Notes |
01.01-30.06.2022 |
01.01-30.06.2021 |
|
Revenue |
16 |
7 548 |
6 076 |
|
Cost of sales |
18 |
-2 653 |
-1 688 |
|
Gross profit |
|
4 895 |
4 388 |
|
|
|
|
|
|
Marketing expenses |
19 |
-271 |
-105 |
|
Administrative expenses |
20 |
-1 511 |
-1 589 |
|
Income from investments recognized using the equity method |
10 |
2 323 |
2 182 |
|
Other operating income |
17 |
230 |
26 |
|
Other operating expenses |
22 |
-4 |
-9 |
|
Operating profit* |
|
5 662 |
4 893 |
|
|
|
|
|
|
Financial income and expenses |
|
|
|
|
Interest income |
23 |
41 |
34 |
|
Interest expenses |
24 |
-1 482 |
-1 333 |
|
Other financial income and expenses |
25 |
-34 |
-117 |
|
Total financial income and expenses |
|
-1 475 |
-1 416 |
|
|
|
|
|
|
Profit before tax* |
|
4 187 |
3 477 |
|
Income tax |
27 |
-17 |
-22 |
|
Net profit for the year* |
|
4 170 |
3 455 |
|
|
|
|
|
*Without change of valuation of Mainor Ülemiste AS’s and associate companies’ investments properties
Consolidated Statement of Cash Flows
|
(In thousands of euros) |
|
01.01.2022 |
01.07.2021 |
01.01.2021 |
|
|
Notes |
30.06.2022 |
31.12.2021 |
30.06.2021 |
|
Cash flows from operating activities |
|
|
|
|
|
Profit before tax |
|
4 187 |
6 812 |
3 477 |
|
Adjustments: |
|
|
|
|
|
Deprecation, amortization and impairment |
3,4 |
82 |
69 |
68 |
|
Profit (loss) from disposal and write-off non- current assets |
|
0 |
0 |
2 |
|
Change in the fair value of investment property |
2 |
0 |
-2 204 |
0 |
|
Other adjustments |
|
24 |
0 |
24 |
|
Profit (loss) from financial investments |
10 |
-2 323 |
-3 099 |
-2 182 |
|
Other financial income and other financial expenses |
25 |
34 |
131 |
117 |
|
Interest income/expenses |
23,24 |
1 441 |
1 412 |
1 299 |
|
Income tax paid on dividends |
|
0 |
-22 |
0 |
|
Changes in receivables from operating activities |
|
46 |
-652 |
-309 |
|
Changes in payables from operating activities |
|
-194 |
-2 045 |
2 253 |
|
Net cash generated by operating activities |
|
3 297 |
402 |
4 749 |
|
|
|
|
|
|
|
Cash flows from investing activities |
|
|
|
|
|
Sales of tangible and intangible assets |
3,4 |
0 |
0 |
2 |
|
Acquisition and improvement of investment property |
3,4 |
-158 |
-37 |
-61 |
|
Acquisition and improvement of investment property |
2 |
-9 062 |
-5 331 |
-4 107 |
|
Interest received |
|
52 |
226 |
30 |
|
Dividends received |
10 |
1 495 |
0 |
1 405 |
|
Other cash inflows from investing activities |
|
0 |
0 |
1 960 |
|
Net cash generated from investing activities |
|
-7 673 |
-5 142 |
-771 |
|
|
|
|
|
|
|
Cash flows from financing activities |
|
|
|
|
|
Loans received (incl. bonds) |
13 |
8 307 |
6 931 |
11 125 |
|
Repayment of loans received |
13 |
-1 441 |
-1 450 |
-7 577 |
|
Lease payments |
|
-19 |
-28 |
-39 |
|
Interest paid |
|
-1 780 |
-1 804 |
-1 395 |
|
Other financial expenses |
|
-35 |
-113 |
-37 |
|
Dividends paid |
12 |
-1 580 |
0 |
-1 500 |
|
Net cash generated from financing activities |
|
3 452 |
3 536 |
577 |
|
|
|
|
|
|
|
Total cash flow |
|
-924 |
-1 204 |
4 555 |
|
|
|
|
|
|
|
Cash and cash equivalents at the beginning of the period |
11 |
12 927 |
14 131 |
9 576 |
|
Net change in cash and cash equivalents |
|
-924 |
-1 204 |
4 555 |
|
Cash and cash equivalents at the end of the period |
11 |
12 003 |
12 927 |
14 131 |
|
|
|
|
|
|
|
Consolidated Statement of Changes in Equity
|
(In thousands of euros) |
Share capital |
Legal
reserve |
Retained earnings |
Total |
|
Balance as at 31.12.2020 |
18 200 |
1 920 |
97 631 |
117 751 |
|
Dividends declared |
0 |
0 |
-1 500 |
-1 500 |
|
Total comprehensive income 01.01-30.06.2021 |
0 |
0 |
3 455 |
3 455 |
|
Balance as at 30.06.2021 |
18 200 |
1 920 |
99 586 |
119 706 |
|
Total comprehensive income 01.07-31.12.2021 |
0 |
0 |
6 813 |
6 813 |
|
Balance as at 31.12.2021 |
18 200 |
1 920 |
106 399 |
126 519 |
|
Dividends declared |
0 |
0 |
-1 580 |
-1 580 |
|
Total comprehensive income 01.01-30.06.2022 |
0 |
0 |
4 170 |
4 170 |
|
Balance as at 30.06.2022 |
18 200 |
1 920 |
108 989 |
129 109 |
Consolidated Interim Report for the 6 month period ended 30.06.2026 (unaudited) is available on the Nasdaq Baltic web page.
Ursel Velve
CEO
Phone: +372 507 9781
Mainor Ülemiste AS
Valukoja 8/1
11415 Tallinn, Estonia
Phone: +372 5304 6992
E-mail: info@mainorulemiste.ee
www.mainorulemiste.ee
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