Published: 2021-04-30 12:36:28 CEST
Mainor Ülemiste
Interim information

Mainor Ülemiste AS Interim Report 1Q 2021

 

MAIN EVENTS IN 1Q 2021

 

15. January 2021

The new Chairman of the Board of Mainor Ülemiste is Ursel Velve

As of February 12, Ursel Velve, who has been the Chief Innovation Officer of the largest business campus in Baltics in recent years, replaced Margus Nõlvak, as the Chairman of the Board of Mainor Ülemiste. Velve, who holds a Master's degree in International Marketing from the University of Liverpool, has been a member of the Board of Mainor Ülemiste since 2015. In 2017, she became the company's development manager and in 2019 started as the Chief Innovation Officer of Ülemiste City. Teet Raudsep, the company's long-term Customer Experience Manager, also joined the Management Board. He worked for Telefonica International before joining Mainor.

 

20. January 2021

Ülemiste City launched a training program to bring companies together with leading universities

The training credit program implemented by the developers of Ülemiste City Mainor AS, Mainor Ülemiste AS and Technopolis Ülemiste AS brings together Ülemiste City companies and the largest universities in Estonia. During the year the community will be offered more than 200 different free trainings with a monetary value of up to 150,000 euros. The aim is to encourage employees of companies to participate in the training offered by higher education institutions, while expanding cooperation between companies and educational institutions in the field of research, consulting, and other development areas.

 

27. January 2021

The title of Quality Deed of the Year 2020 won by the Future City professorship

The Future City professorship, born in cooperation with the developers of Ülemiste City – Mainor AS, Mainor Ülemiste AS and Technopolis Ülemiste AS and TalTech, the City of Tallinn, Ericsson Eesti AS and Telia AS won the title of Quality Deed of the Year 2020 issued by the Estonian Quality Association. The award was given for a holistic and innovative approach in promoting education in collaboration between the private and public sectors to address wider issues that have a much wider impact than just the organizations involved.

 

15. March 2021

An Estonian company developing future technology will build a factory in Ülemiste City costing more than 20 million euros

AS Elcogen signed a contract with Mainor Ülemiste to develop a production unit 50 times larger than the existing plant and to become the world's leading producer of solid oxide fuel cells. Construction of the 10,000 m2 production unit will begin in the summer of 2021. Construction is expected to take 12 months at an estimated cost of 6.3 million euros. Elcogen will invest an additional 20 million euros in the equipment of the production unit.

 

26. March 2021

Ülemiste City will switch to environmentally sustainable district heating and cooling for 11 million euros

Ülemiste City developers Technopolis Ülemiste AS and Mainor Ülemiste AS, together with the energy group Utilitas, are investing 11 million euros to connect the campus to an efficient district heating and cooling network and to give up heating with fossil gas completely. The first phase of the construction will be completed by the autumn of this year, and by the end of 2022, the entire city will be ready for connection.

 

Ülemiste City Key Figures (as of 31.03.2021)

Leasable space                             203,300 square meters

Incl. leasable office space            149,800 square meters

Occupancy Rate                           93.8 %

Incl. Office's Occupancy Rate       94.5 %

 

 

FINANCIAL PERFORMANCE

1Q 2021 - Net profit EUR 1,865 thousand

Net Sales and Net Profit

  • Net sales amounted to EUR 3,033 th in the 1st quarter, increase of 8.6 % compared to the 1st quarter of 2020
  • Operating profit amounted to EUR 2,503 th in the 1st quarter, increase of 4.2 % compared to the 1st quarter of 2020
  • Net profit amounted to EUR 1,865 th, decrease of 6.1% compared to the 1st quarter of 2020.

Expenses

  • Operating expenses increased from EUR 1,494 th (1st quarter 2020) to EUR 1,705 th in the 1st quarter of 2021
  • Interest expense on loans and issued bonds increased from EUR 426 th (1st quarter 2020) to EUR 654 th. 

Interest-bearing liabilities

  • Mainor Ülemiste AS interest-bearing liabilities amounted to EUR 94,357 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 25,050 th in untapped credit facilities.

 

Statement of the management board

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

 

Ursel Velve
Juhatuse esimees
Tallinn, 30.04.2021

 

CONSOLIDATED INCOME STATEMENT

(According to IFRS)                                                                       In thousands Euros

  1Q 2020 2Q 2020 3Q 2020 4Q 2020 1Q 2021
SALES 2 794 2 571 2 810 3 082 3 033
COST OF SALES -773 -588 -726 -884 -850
ADMINISTRATIVE EXPENSES -721 -716 -714 -784 -855
DEPRECIATION -26 -28 -30 -31 -34
INCOME FROM ASSOCIATE COMPANIES* 1 127  754 1 132 1 090 1 212
OTHER OPERATING INCOME 3 40 0 10 0
OTHER OPERATING EXPENSES -3 -1 -2 -12 -3
OPERATING PROFIT* 2 401 2 032 2 470 2 471 2 503
OTHER FINANCE INCOME 12 13 16 135 16
INTEREST PAID AND FEES   -426 -642 -617 -858 -654
INCOME TAX 0 0 0 0 0
NET PROFIT* 1 987 1 403 1 869 1 748 1 865

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

 

CONSOLIDATED BALANCE SHEET

(According to IFRS)                                                                        In thousands Euros

  31.03.2020 30.06.2020 30.09.2020 31.12.2020 31.03.2021
TANGIBLE AND INTANGIBLE ASSETS 257 236 240 246 229   
PROPERTY 142 330 146 900 149 252 151 700 153 423  
OTHER 8 756 8 740 8 770 8 963 8 848  
FINANCIAL ASSETS 41 441 40 811 41 943 44 574 43 826 *
RECEIVABLES 1 115 1 568 1 175 1 154 1 171  
CASH 11 009 9 494 9 478 9 576 10 510  
TOTAL ASSETS 204 908 204 908 210 858 216 213 217 827  
           
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 91 609 91 627 93 496 97 632 99 497  
TOTAL EQUITY 111 729 111 747 113 616 117 752 119 617  
           
LIABILITIES          
DEBT 87 856 91 425 94 139 95 097 94 357  
OTHER LIABILITIES 1 316 1 281 1 255 1 169 1 392  
ACCOUNTS PAYABLE 4 007 3 296 1 848 2 195 2 461  
TOTAL LIABILITIES 93 179 96 002 97 242 98 461 98 210  
TOTAL LIABILITIES & OWNERS' EQUITY 204 908 207 749 210 858 216 213 217 827  

* 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

    

CONSOLIDATED CASH FLOW STATEMENT

In thousands Euros

OPERATING ACTIVITIES 1Q 2020 2Q 2020 3Q 2020 4Q 2020 1Q 2021
NET RESULT FOR THE PERIOD 1 987 1 403 1 869 1 748 1 865
ADJUSTMENT:          
  DEPRECIATION 26 28 30 31 34
  INCOME FROM ASSOCIATE COMPANIES -1 127 -754 -1 132 -1 090 -1 212
  FINANCIAL INCOME AND EXPENSES 414 629 601 723 638
  CHANGE IN OPERATING ASSETS -70 -434 363 -34 -17
  CHANGE IN OPERATING LIABILITIES 486 -746 -1 458 168 498
  DIVIDENDS RECEIVED AND CASH RECEIVED FOR SHARES IN ASSOCIATE COMPANY 0 1 384 0 0 1 960
  INTEREST PAID AND FEES -426 -642 -617 -858 638
  INCOME TAX 0 0 0 0 0
NET CASH FLOW FROM OPERATING ACTIVITIES  1 290   868  -344 688  3 128

 

INVESTING ACTIVITIES                                                    1Q 2020 2Q 2020 3Q 2020 4Q 2020 1Q 2021
INVESTMENTS IN TANGIBLE AND INTANGIBLE ASSETS -46 0 -34 -6 -2
PROCEEDS FROM SALE OF TANGIBLE AND INTANGIBLE ASSETS 31 0 0 0 0
INVESTMENTS IN INVESTMENT PROPRTIES -4 552 -4 568 -2 352 -1 406 -1 451
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 -4 567 -4 568 -2 386 -1 412 -1 453

 

FINANCING ACTIVITIES 1Q 2020 2Q 2020 3Q 2019 4Q 2020 1Q 2021
BOND ISSUE 0 0 0 0 0
INCREASE IN LONG-TERM LOANS 1 976 4 274  3 501 1 621 0
DECREASE IN LONG-TERM LOANS -627 -705 -787 -799 -741
DIVIDENDS PAID 0 -1 384 0 0    0
CASH FLOWS FROM FINANCING ACTIVITIES 1 349 2 185 2 714 822 741
TOTAL CASH FLOW -1 928 -1 515  -16 98 934
CASH AND CASH EQUIVALENTS AT PERIOD-START 12 937 11 009 9 494 9 478 9 576
CHANGE IN CASH AND CASH EQUIVALENTS -1 928 -1 515 -16 98 934
CASH AND CASH EQUIVALENTS AT PERIOD-END 11 009 9 494 9 478 9 576 10 510

 

         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 1Q 2021.pdf