In 2023, 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.
Under construction is the new Health Center, project is planned to be complete by July 2024. New Health Center aims to create synergy through new services in the field of personal medicine, surgery, diagnostics and prevention and rehabilitation. The construction of the building was primarily based on its function - healing people, maintaining health and improving the quality of life.
In June 2023 started the construction of the first stage of the Ülemiste educational quarter, where the International School of Tallinn will start working in early 2025, and the Ülemiste community building will be opened. The new educational quarter brings even more international education to the campus, providing international and our talents with the most modern learning environment.
Mainor Ülemiste AS consolidated turnover in 1H 2023 amounted to 8,854 thousand euros (30.06.2022: 7,548 thousand euros) and net income amounted to 2,637 thousand euros (30.06.2022: 4,170 thousand euros). As of the end of this period the total equity of the company was 157,206 thousand euros.
In 1H 2023, a total of 4,223 thousand euros was invested into the construction and improvement of buildings.
The fair value of real estate investments of Mainor Ülemiste AS as of the end of 1H 2023 was 200,870 thousand euros.
Management confirmation and signatures
The financial and other additional information published in the 1H 2023 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 2023 Consolidated financial statements in the report are not audited.
Consolidated Statement of Financial Position
| (In thousands of euros) | Notes | 30.06.2023 | 31.12.2022 | 30.06.2022 |
| ASSETS | ||||
| Investment property | 2 | 200 870 | 196 780 | 176 874 |
| Tangible assets | 3 | 155 | 190 | 230 |
| Intangible assets | 4 | 43 | 49 | 59 |
| Investment accounted for using the equity method | 10 | 57 999* | 58 855 | 47 318* |
| Prepayments | 5 | 203 | 292 | 668 |
| Trade and other receivables | 6 | 10 890 | 11 220 | 10 647 |
| Cash and cash equivalents | 11 | 12 367 | 10 832 | 12 003 |
| TOTAL ASSETS | 282 527 | 278 218 | 247 799 | |
| EQUITY | ||||
| Share capital at nominal value | 12 | 18 200 | 18 200 | 18 200 |
| Legal reserve | 1 920 | 1 920 | 1 920 | |
| Retained earnings | 134 449 | 104 819 | 104 819 | |
| Profit for the financial period | 2 637 | 30 400 | 4 170 | |
| TOTAL EQUITY | 157 206 | 155 339 | 129 109 | |
| LIABILITIES | ||||
| Provisions | 161 | 161 | 197 | |
| Borrowings | 120 583 | 118 541 | 110 916 | |
| Derivatives | 13 | 0 | 0 | 345 |
| Trade and other payables | 3 703 | 3 200 | 6 142 | |
| Prepayments received | 14 | 874 | 977 | 1 090 |
| TOTAL LIABILITIES | 15 | 125 321 | 122 879 | 118 690 |
| TOTAL LIABILITIES AND EQUITY | 282 527 | 278 218 | 247 799 |
*Without change of valuation of Mainor Ülemiste AS’s and associate companies’ investments properties
Consolidated Statement of Comprehensive Income
| (In thousands of euros) | Notes | 01.01-30.06.2023 | 01.01-30.06.2022 | 01.01-31.12.2022 |
| Revenue | 16 | 8 854 | 7 548 | 16 244 |
| Cost of sales | 18 | -3 008 | -2 653 | -6 402 |
| Gross profit | 5 846 | 4 895 | 9 842 | |
| Marketing expenses | 19 | -95 | -131 | -285 |
| Administrative expenses | 20 | -1 753 | -1 651 | -3 429 |
| Income from investments accounted for using the equity method | 10 | 2 028 | 2 323 | 13 860 |
| Other operating income | 17 | 14 | 230 | 13 198 |
| Other operating expenses | 22 | -10 | -4 | -16 |
| Operating profit | 6 030 | 5 662 | 33 170 | |
| Financial income and expenses | ||||
| Interest income | 23 | 207 | 41 | 613 |
| Interest expenses | 24 | -3 268 | -1 482 | -3 299 |
| Other financial income and expenses | 25 | -332 | -34 | -67 |
| Total financial income and expenses | -3 393 | -1 475 | -2 753 | |
| Profit before tax | 2 637 | 4 187 | 30 417 | |
| Income tax | 27 | 0 | -17 | -17 |
| Net profit for the period | 2 637 | 4 170 | 30 400 | |
| Other comprehensive income for the financial year | 0 | 0 | 0 | |
| Comprehensive income for the financial year | 2 637* | 4 170* | 30 400 | |
| Attributable to owners of the parent company | 2 637* | 4 170* | 30 400 |
*Without change of valuation of Mainor Ülemiste AS’s and associate companies’ investments properties
Consolidated Statement of Cash Flows
| (In thousands of euros) | Notes | 01.01- 30.06.2023 | 01.01.- 30.06.2022 | 01.01- 31.12.2022 |
| Cash flows from operating activities | ||||
| Profit before tax | 2 637 | 4 187 | 30 417 | |
| Adjustments: | ||||
| Depreciation, amortization and impairment | 3,4 | 65 | 82 | 155 |
| Change in the fair value of investment property | 2 | 0 | 0 | -12 961 |
| Other adjustments | 0 | 24 | 0 | |
| Profit (loss) from investment accounted for using the equity method | 10 | -2 028 | -2 323 | -13 860 |
| Other financial income and other financial expenses | 25 | 332 | 34 | 67 |
| Interest income/-expenses | 23,24 | 3 061 | 1 441 | 2 686 |
| Changes in receivables and prepayments related to operating activities | 141 | 46 | -206 | |
| Changes in liabilities and prepayments related to operating activities | 874 | -194 | -129 | |
| Net cash generated by operating activities | 5 082 | 3 297 | 6 169 | |
| Cash flows from investing activities | ||||
| Acquisition of tangible and intangible assets | 3,4 | -25 | -158 | -162 |
| Sale of assets accounted as investment property | 28 | 0 | 0 | |
| Acquisition and improvement of investment property | 2 | -4 223 | -9 062 | -17 978 |
| Interest received | 50 | 52 | 82 | |
| Dividends received | 10 | 924 | 1 495 | 1 495 |
| Other cash inflows from investing activities | 1 960 | 0 | 0 | |
| Net cash generated from investing activities | -1 286 | -7 673 | -16 563 | |
| Cash flows from financing activities | ||||
| Loans received | 13 | 1 529 | 8 307 | 17 068 |
| Bond issue | 13 | 8 484 | 0 | 0 |
| Repayment of loans received | 13 | -1 541 | -1 441 | -2 888 |
| Redemption of bonds | 13 | -6 378 | 0 | 0 |
| Lease payments | -51 | -19 | -108 | |
| Interest paid | -3 202 | -1 780 | -4 011 | |
| Other financial expenses | 25 | -332 | -35 | -165 |
| Dividends paid | 12 | -770 | -1 580 | -1 580 |
| Income tax on dividends | 0 | 0 | -17 | |
| Net cash generated from financing activities | -2 261 | 3 452 | 8 299 | |
| Total cash flows | -1 535 | -924 | -2 095 | |
| Cash and cash equivalents at the beginning of the financial year | 11 | 10 832 | 12 927 | 12 927 |
| Change in cash and cash equivalents | -1 535 | -924 | -2 095 | |
| Cash and cash equivalents at the end of the financial year | 11 | 12 367 | 12 003 | 10 832 |
Consolidated Statement of Changes in Equity
| (In thousands of euros) | Share capital | Legal reserve | Retained earnings | Total |
| Balance as at 31.12.2021 | 18 200 | 1 920 | 106 399 | 126 519 |
| Dividends declared | 0 | 0 | -1 580 | -1 580 |
| Profit for period 01.01-30.06.2022 | 0 | 0 | 4 170 | 4 170 |
| Total comprehensive income for the 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 |
| Profit for period 01.07-31.12.2022 | 0 | 0 | 26 230 | 26 230 |
| Total comprehensive income for the 01.07-31.12.2022 | 0 | 0 | 26 230 | 26 230 |
| Balance as at 31.12.2022 | 18 200 | 1 920 | 135 219 | 155 339 |
| Dividends declared | 0 | 0 | -770 | -770 |
| Profit for period 01.01-30.06.2023 | 0 | 0 | 2 637 | 2 637 |
| Total comprehensive income for the 01.01-30.06.2023 | 0 | 0 | 2 637 | 2 637 |
| Balance as at 30.06.2023 | 18 200 | 1 920 | 137 086 | 157 206 |
Consolidated Interim Report for the 6 month period ended 30.06.2023 (unaudited) is available on the Nasdaq Baltic web page.
Ursel Velve
CEO
Phone: +372 507 9781