Published: 2021-05-25 11:55:29 CEST
UPP & CO Kauno 53
Company Announcement

UPP & CO Kauno 53 Q1 of 2021 consolidated interim report (unaudited)

Important events

Apart from the COVID-19 outbreak, there were no significant events or changes in the Company or the consolidation group during the reporting period. There were no changes or major events in the logistics center or its tenants during the reporting period.

No significant R&D projects or related expenditures are foreseen in the current or subsequent periods. Nor has the Group entered into any commitments or guarantees that could materially affect the results of the next financial periods.

As of the end of the reporting period the property is fully leased.

Comment on economic performance and management report

Net rental income was 329 799 euros for the first quarter of 2021 (2020 first quarter: 327 570). Operating profit was 242 647 euros for the first quarter of 2021 (2020 first quarter: 253 301). Net income was 85 666 euros for the first quarter of 2021 (2020 first quarter: 83 045).

The consolidation group is profitable and the increase in retained earnings ensures the required flexibility for bond redemption in the future. The Company is not planning to disburse the retained earnings before bond redemption. The Company has gradually reduced its obligation towards OP Bank, which strengthens the cash flow of the Company and provides the fundamentals for increase in profitability in the future. 

No significant events other than regular operating activities, including the timely receipt of rent and utility charges, took place in the first quarter of 2021.

Financial ratios of the Group   2021 3 months 2020 3 months
Net profit margin % 26% 25%
Debt to equity ratio 9,38 10,36
Debt ratio 0,90 0,92
Long-term debt ratio 0,76 0,92
Return on equity %   5,27% 6,50%
Equity ratio   0,10 0,07
Return on assets %   0,51% 0,49%

Management board and Supervisory board

The management board of UPP & CO Kauno 53 OÜ consists of one member: Marko Tali, Chairman of the Management Board.

The supervisory board of UPP & CO Kauno 53 OÜ consists of three members: Mart Tooming, Tarmo Rooteman, Hallar Loogma.

No remuneration or other benefits are provided to the members of the management board and the supervisory board.

Other than the management board and the supervisory board, the Company has no employees. 

Member of Management Board

Marko Tali


 

CONSOLIDATED INTERIM ANNUAL ACCOUNTS

CONSOLIDATED BALANCE SHEET
(EUR)

 

  31.03.2021   31.03.2020  
         
Cash 512 323   276 921  
Receivables and prepayments 7 973   148 438  
Total current assets 520 296   425 359  
         
Investment properties 15 750 000   15 750 000  
Tangible fixed assets 6 477   12 210  
Goodwill 587 045   800 513  
Total fixed assets 16 343 522   16 562 723  
         
TOTAL ASSETS 16 863 818   16 988 082  
         
Short-term loans payable 460 000   460 000  
Payables and prepayments 181 207   176 074  
Total current liabilities 641 207   636 074  
         
Long-term loans payable 12 310 184   12 770 185  
Long-term provisions 2 287 625   2 304 861  
Total non-current liabilities 14 597 809   15 075 046  
         
TOTAL LIABILITIES 15 239 016   15 711 120  
         
Share capital 2 500   2 500  
Retained earnings 1 622 302   1 274 462  
TOTAL EQUITY 1 624 802   1 276 962  
         
TOTAL LIABILITIES AND EQUITY 16 863 818   16 988 082  

 

CONSOLIDATED INCOME STATEMENT
(EUR)

        2021 1Q   2020 1Q  
               
Sales revenue     329 799   327 570  
               
Other operating expenses     -32 458   -18 982  
Staff costs       -97   -81  
Depreciation of fixed assets     -54 597   -55 206  
Operating profit     242 647   253 301  
               
Financial income (expenses)     -140 132   -139 177  
               
Profit before income tax     102 515   114 124  
Income tax       -16 849   -31 079  
Net profit for financial year     85 666   83 045  
               
including the share of the owners of the parent company in net profit     85 666   83 045  

 

 

 

         Siim Sild
         Managing Director
         +372 5626 0107
         siim.sild@unitedpartners.ee


K53 cons. vahearuanne 31.03.2021_eng.pdf