MAIN EVENTS IN Q1 2023

January 3, 2023

Rauno Mätas joined the management board of Mainor Ülemiste AS

On January 1, Rauno Mätas joined the Management Board of Mainor Ülemiste AS. He has worked in the company since 2020 as a Development Project Manager and Head of Development.

Rauno Mätas has a longstanding international experience in the field of architecture and real estate development. Previously, he has been an architect at Swiss Property and led development projects at Nobe Partners and Endover. On the Management Board of Mainor Ülemiste AS, his area of ​​responsibility will be the development and construction projects in cooperation with the other Ülemiste City developers. 

The Management Board of Mainor Ülemiste AS continues with three members – in addition to Mätas, the Chairman of the Management Board and CEO Ursel Velve and the Head of Customer Experience Julius Stokas.

January 19, 2023

Ülemiste City is expanding the Health Centre

Ülemiste City is investing more than 20 million euros in the construction of the second Health Centre and further expanding the range of healthcare services and opportunities offered. A construction permit was issued at the end of December for the seven-story building to be built at Sepapaja 12 in a year and a half. The main construction contractor is OÜ Fund Ehitus and the construction of the building began in January 2023. The project is planned to be complete by July 2024. The cost of the project is 20.5 million euros, of which 15.4 million euros are financed by the syndicate of SEB and Luminor banks.

February 22, 2023

Alma Tomingas office building received the LEED GOLD certificate

The internationally known LEED (Leadership in Energy and Environmental Design) certificate recognizes buildings whose design, construction and use follow the principles of environmental protection and sustainable development.

Alma Tomingas office building continues tradition on the campus of securing LEED certification for every new office building, ensuring a more environmentally friendly and energy-efficient building with careful design and construction process, taking into account special requirements. The main designer of the over 20,000 square meter house is the architecture office PLUSS, and the builders are the teams of Nordecon and NOBE.

February 27, 2023

Ülemiste City will introduce artificial intelligence-based economical energy management in all its office buildings

Pursuant to the agreement signed between Mainor Ülemiste AS and the technology company R8 Technologies, artificial intelligence-based energy management will be introduced in all commercial buildings managed by Mainor Ülemiste, resulting in significant energy savings in a total of nearly 78,000 square metres of office space.

R8 proactively responsive digital energy management system plays an important role in achieving environmentally sustainable solutions in commercial buildings, which helps the developer to save energy costs. For example, the digital operator helped to save more than 194,000 euros in total last year.

March 2, 2023

Results of the private placement of Mainor Ülemiste bonds

Mainor Ülemiste AS has completed the non-public offering of 4-year unsecured bonds, with initial offering amount of 10 million euros (with the right to increase up to 15 million euros). Investors subscribed the bonds in amount of 12,106,000 euros, i.e., 1.2 times more than the planned volume. The board of Major Ülemiste AS decided to satisfy all subscriptions and increase the issue to 12,106,000 euros.

The offering price of the bond was equal to the nominal value, and the fixed interest rate of the bonds is 8.5% per annum. The completed offering was the first part of the company's unsecured bond program with a maximum total volume of 20 million euros; the proceeds are used for the development of new projects in Ülemiste City and to refinance the Mainor Ülemiste 05.04.2023 bonds issued in April 2018 (ISIN code: EE3300111343). The finished issue was successful in all three Baltic countries with total of 100 investors participating.

Ülemiste City Key Figures (as of 31.03.2023)

Leasable space                           218,100 square meters

Incl. leasable office space           167,300 square meters

Occupancy rate                            92%

Incl. office's occupancy rate         93%

FINANCIAL PERFORMANCE

1Q 2023 - Net profit EUR 1,486 thousand

Net Sales and Net Profit

• Net sales amounted to EUR 4,576 th in the 1^st quarter, increase of 22.5% compared to the 1^st quarter of 2022
• Operating profit amounted to EUR 3,131 th in the 1^st quarter, increase of 5.1% compared to the 1^st quarter of 2022
• Net profit amounted to EUR 1,486 th, decrease of 35.1% compared to the 1^st quarter of 2022.

Expenses

• Operating expenses increased from EUR 2,198 th (1^st quarter 2022) to EUR 2,620 th in the 1^st quarter of 2023
• Interest expense on loans and issued bonds increased from EUR 697 th (1^st quarter 2022) to EUR 1,734 th. 

Interest-bearing liabilities

• Mainor Ülemiste AS interest-bearing liabilities amounted to EUR 126,605 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 14,885 th in untapped credit facilities.

Statement of the management board

The financial and other additional information published in the Interim Report January-March 2023 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 2023 are not audited.

Ursel Velve
CEO
Tallinn, 21.04.2023

CONSOLIDATED INCOME STATEMENT

(According to IFRS)                                                          In thousands Euros

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

CONSOLIDATED BALANCE SHEET

(According to IFRS)                                                                         In thousands Euros

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

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

In thousands of Euros

CONSOLIDATED CASH FLOW STATEMENT

In thousands Euros