Comment on Q1 of 2024 economic performance
Sales revenue was 337 kEUR in 1Q 2024 (331 kEUR in 1Q 2023).
Operating profit was 306 kEUR in 1Q 2024 (248 kEUR in 1Q 2023). EBITDA was 306 kEUR in 1Q 2024 (302 kEUR in 1Q 2023).
Net income was 117 kEUR in 1Q 2024 (83 kEUR in 1Q 2023).
The higher operating and net profit for the reporting period resulted from the absence of amortization costs related to goodwill during the reporting period, as the goodwill had been fully amortized by December 31, 2023.
| Financial ratios of the Group |
3 months 2024 |
3 months 2023 |
| Debt to equity ratio | 3.60 | 4.25 |
| Debt ratio | 0.81 | 0.84 |
| Long-term debt ratio | 0.66 | 0.80 |
| Return on equity % | 3.73% | 2.99% |
| Equity ratio | 0.19 | 0.16 |
| Return on assets % | 0.70% | 0.49% |
Management board
The management board of UPP & CO Kauno 53 OÜ consists of one member: Marko Tali, Chairman of the Management Board.
No remuneration or other benefits are provided to the members of the management board.
The management board of Promalita UAB has also one member: Siim Sild, who receives symbolic remuneration.
Other than the management board, the Company has no employees.
UPP & CO Kauno 53 OÜ and its subsidiary Promalita UAB are a going concern.
Member of Management Board
Marko Tali
CONSOLIDATED INTERIM ANNUAL ACCOUNTS
CONSOLIDATED BALANCE SHEET
| (EUR) | 31.03.2024 | 31.03.2023 | |
| Cash | 628,368 | 720,393 | |
| Receivables and prepayments | 15,137 | 16,801 | |
| Total current assets | 643,505 | 737,194 | |
| Investment properties | 16,150,000 | 16,150,000 | |
| Tangible fixed assets | 12 | 110 | |
| Goodwill | 0 | 160,108 | |
| Total fixed assets | 16,150,012 | 16,310,218 | |
| TOTAL ASSETS | 16,793,517 | 17,047,412 | |
| Short-term loans payable | 5,160,000 | 460,000 | |
| Payables and prepayments | 72,345 | 101,016 | |
| Total current liabilities | 5,232,345 | 561,016 | |
| Long-term loans payable | 6,130,184 | 11,390,184 | |
| Long-term provisions | 2,297,995 | 2,309,203 | |
| Total non-current liabilities | 8,428,179 | 13,699,387 | |
| TOTAL LIABILITIES | 13,660,524 | 14,260,403 | |
| Share capital | 2,500 | 2,500 | |
| Retained earnings | 3,130,493 | 2,784,509 | |
| TOTAL EQUITY | 3,132,993 | 2,787,009 | |
| TOTAL LIABILITIES AND EQUITY | 16,793,517 | 17,047,412 |
CONSOLIDATED INCOME STATEMENT
| (EUR) |
2024 Q1 |
2023 Q1 |
|||||
| Sales revenue | 337,295 | 331,391 | |||||
| Total revenues from operating activities | 337,295 | 331,391 | |||||
| Cost of goods sold | -10,951 | -4,143 | |||||
| Other operating expenses | -20,295 | -25,291 | |||||
| Staff costs | -129 | -129 | |||||
| Depreciation of fixed assets | 0 | -53,661 | |||||
| Operating profit | 305,920 | 248,167 | |||||
| Financial income (expenses) | -171,859 | -152,073 | |||||
| Profit before income tax | 134,061 | 96,094 | |||||
| Income tax | -17,068 | -12,831 | |||||
| Net profit for financial year | 116,993 | 83,263 | |||||
| incl. net profit share of the owners of the parent company | 116,993 | 83,263 |