Financial commentary for the fourth quarter and twelve months of 2023
Sales revenue was 687 kEUR in 4Q 2023 (675 kEUR in 4Q 2022) and 2.74 mEUR for the twelve months of 2023 (2,67 mEUR for 12 months of 2022).
Operating profit amounted to 503 kEUR in 4Q 2023 (62 kEUR in 4Q 2022) and 2.33 mEUR for the twelve months of 2023 (3.27 mEUR for 12 months of 2022). EBITDA was 612 kEUR in 4Q 2023 (610 kEUR in 4Q 2022) and EBITDA for the twelve months of 2023 was 2.43 mEUR (2.40 mEUR for 12 months of 2022).
Net income was 113 kEUR in 4Q 2023 (-185 kEUR in 4Q 2022) and 937 kEUR for the twelve months of 2023 (2.22 mEUR for 12 months 2022).
The lower operating and net profit for the twelve months is primarily attributed to a higher comparison base in 2022 due to the revaluation of real estate on that year and increased interest expenses, which have increased by ~34% during the current reporting period. It is worth noting that ~69% of interest cost (955 kEUR for 12 months of 2023) is fixed and not influenced by changes in 3-month EURIBOR. To compensate the rise in interest cost we have improved in operating efficiency, resulting in a slight increase in EBITDA compared to last year.
| Financial ratios of the Group | 12 months 2023 | 12 months 2022 |
| Net profit margin % | 34.25% | 83.08% |
| ROA % | 2.62% | 6.73% |
| LTV % | 77.62% | 68.00% |
| DSCR | 1.3 | 1.1 |
Management board
The management board of UPP Olaines OÜ has one member: Marko Tali, the chairman of the board. The management board of Olaines Logistics SIA has also one member: Siim Sild, chairman of the board.
No remuneration or other benefits have been allotted to the member of the management board of UPP Olaines OÜ. The member of board of Olaines Logistics SIA receives remuneration according to Latvian legislation. There are no employees in the company besides the members of the management board.
CONSOLIDATED INTERIM ANNUAL ACCOUNTS
CONSOLIDATED BALANCE SHEET
(in EUR)
| 31.12.2023 | 31.12.2022 | ||
| Cash and cash equivalents | 661 311 | 516 673 | |
| Trade and ohter receivables | 775 597 | 245 822 | |
| Loans issued | 241 332 | 0 | |
| Total current assets | 1 436 908 | 762 495 | |
| Investment property | 32 870 000 | 32 870 000 | |
| Other fixed assets | 312 157 | 0 | |
| Long-term loans | 3 298 224 | 0 | |
| Total non-current assets | 36 480 381 | 32 870 000 | |
| TOTAL ASSETS | 37 917 289 | 33 632 495 | |
| Trade and ohter payables | 1 014 059 | 853 062 | |
| Loans and borrowings | 1 064 000 | 16 137 333 | |
| Total current liabilities | 2 078 059 | 16 990 395 | |
| Loans and borrowings | 27 431 785 | 9 172 028 | |
| Total non-current liabilities | 27 431 785 | 9 172 028 | |
| TOTAL LIABILITIES | 29 509 844 | 26 162 423 | |
| Share capital | 2 500 | 2 500 | |
| Retained earnings | 8 404 945 | 7 467 572 | |
| TOTAL EQUITY | 8 407 445 | 7 470 072 | |
| TOTAL EQUITY AND LIABILITIES | 37 917 28 | 33 632 495 |
KONSOLIDEERITUD KASUMIARUANNE
(in EUR)
|
2023 4Q |
2022 4Q |
2023 12 months |
2022 12 months |
||||
| Sales revenue | 686 907 | 675 000 | 2 736 743 | 2 671 598 | |||
| Cost of goods sold | (24 990) | (20 046) | (98 166) | (113 380) | |||
| Gross profit | 661 917 | 654 954 | 2 638 577 | 2 558 218 | |||
| General and administrative expenses | (49 956) | (40 268) | (197 867) | (155 292) | |||
| Real estate investment revaluation | (108 469) | (547 566) | (108 469) | 886 827 | |||
| Other operating expenses | 0 | (5 035) | (6 125) | (14 211) | |||
| Operating income | 503 492 | 62 085 | 2 326 116 | 3 275 542 | |||
| Financial income / (cost) | (390 608) | (247 190) | (1 388 743) | (1 055 752) | |||
| Profit before income tax | 112 884 | (185 105) | 937 373 | 2 219 790 | |||
| Income tax | 112 884 | (185 105) | 937 373 | 2 219 790 | |||
| Total comprehensive income for the period | 112 884 | (185 105) | 937 373 | 2 219 790 |