Mainor Ülemiste AS Consolidated Interim Report for the 6 month period ended 30.06.2024 (unaudited)
In 2024, the principal activity of Mainor Ülemiste AS continued to be the development of Ülemiste City campus, including the development and construction of new and modernization of already existing buildings, renting premises and providing tenants with necessary services, and developing new real estate projects.
Under construction is
-
the new 7-story 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.
-
the Ülemiste educational quarter, where the International School of Tallinn will start working in early 2025, and the Ülemiste community house 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. The contractor is NOBE, and the total investment is approximately 17.5 million euros. 3+1 Arhitektid is the author of the architectural solution for the Ülemiste Educational Quarter project, and TajuRuum landscape architects designed the outdoor space. The project is financed by OP Corporate Bank.
Mainor Ülemiste AS consolidated turnover in 1H 2024 amounted to 15,766 thousand euros (30.06.2023: 8,854 thousand euros) and net income amounted to 35,311 thousand euros (30.06.2023: 2,637 thousand euros). As of the end of this period the total equity of the company was 220,167 thousand euros (30.06.2023: 157,206 thousand euros).
In 1H 2024, a total of 12,510 thousand euros was invested into the construction and improvement of buildings (1H 2023: 4,309 thousand euros) .
The fair value of real estate investments of Mainor Ülemiste AS as of the end of 1H 2024 was 430,564 thousand euros (30.06.2023: 200,870 thousand euros).
Management confirmation and signatures
The financial and other additional information published in the 1H 2024 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 2024 Consolidated financial statements in the report are not audited.
Consolidated Statement of Financial Position
|
(In thousands of euros) |
Notes |
30.06.2024 |
31.12.2023 |
30.06.2023 |
|
ASSETS |
|
|
|
|
|
Investment property |
2 |
430 564 |
204 410 |
200 870 |
|
Tangible assets |
|
81 |
118 |
155 |
|
Intangible assets |
|
45 |
44 |
43 |
|
Investment property held for sale |
3 |
0 |
2 042 |
0 |
|
Inventories |
4 |
9 888 |
8 700 |
0 |
|
Investment accounted for using the equity method |
10 |
0 |
57 804 |
57 999* |
|
Prepayments |
5 |
692 |
589 |
203 |
|
Trade and other receivables |
6 |
8 257 |
11 547 |
10 890 |
|
Cash and cash equivalents |
11 |
9 520 |
8 646 |
12 367 |
|
TOTAL ASSETS |
|
459 047 |
293 900 |
282 527 |
|
|
|
|
|
|
|
EQUITY |
|
|
|
|
|
Share capital at nominal value |
12 |
25 156 |
18 200 |
18 200 |
|
Share premium |
|
22 377 |
0 |
0 |
|
Legal reserve |
|
1 920 |
1 920 |
1 920 |
|
Retained earnings |
|
135 403 |
133 680 |
134 449 |
|
Profit for the financial period |
|
35 311 |
7 937 |
2 637 |
|
TOTAL EQUITY |
|
220 167 |
161 737 |
157 206 |
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
Provisions |
|
172 |
172 |
161 |
|
Borrowings |
|
222 704 |
124 273 |
120 583 |
|
Trade and other payables |
13 |
10 281 |
6 034 |
3 703 |
|
Prepayments received |
14 |
5 723 |
1 684 |
874 |
|
TOTAL LIABILITIES |
15 |
238 880 |
132 163 |
125 321 |
|
TOTAL LIABILITIES AND EQUITY |
|
459 047 |
293 900 |
282 527 |
|
|
|
|
|
|
*Without change of valuation of investments properties
Consolidated Statement of Comprehensive Income
|
(In thousands of euros) |
Notes |
01.01-30.06.2024 |
01.01-30.06.2023 |
01.01-31.12.2023 |
|
Revenue |
16 |
15 766 |
8 854 |
18 142 |
|
Cost of sales |
18 |
-5 622 |
-3 008 |
- 6 246 |
|
Gross profit |
|
10 144 |
5 846 |
11 896 |
|
|
|
|
|
|
|
Marketing expenses |
|
-127 |
-95 |
-195 |
|
Administrative expenses |
19 |
-2 748 |
-1 753 |
-3 792 |
|
Income from investments accounted for using the equity method |
10 |
932 |
2 028 |
2 448 |
|
Other operating income |
17 |
2 453 |
14 |
4 614 |
|
Other operating expenses |
|
-24 |
-10 |
-20 |
|
Operating profit |
|
10 630 |
6 030 |
14 951 |
|
|
|
|
|
|
|
Financial income from the acquisition of subsidiary |
|
30 133 |
0 |
0 |
|
Interest income |
21 |
135 |
207 |
709 |
|
Interest expenses |
22 |
-5 338 |
-3 268 |
-7 368 |
|
Other financial income and expenses |
|
-249 |
-332 |
-355 |
|
Total financial income and expenses |
|
24 681 |
-3 393 |
-7 014 |
|
|
|
|
|
|
|
Profit before tax |
|
35 311 |
2 637 |
7 937 |
|
Income tax |
|
0 |
0 |
0 |
|
Net profit for the period |
|
35 311* |
2 637* |
7 937 |
|
Other comprehensive income for the financial year |
|
0 |
0 |
0 |
|
Comprehensive income for the financial year |
|
35 311* |
2 637* |
7 937 |
|
|
|
|
|
|
*Without change of valuation of investments properties
Consolidated Statement of Cash Flows
|
(In thousands of euros) |
Notes |
01.01- 30.06.2024 |
01.01.- 30.06.2023 |
01.01- 31.12.2023 |
|
Cash flows from operating activities |
|
|
|
|
|
Profit before tax |
|
35 311 |
2 637 |
7 937 |
|
Adjustments: |
|
|
|
|
|
Deprecation, amortization and impairment |
|
59 |
65 |
125 |
|
Change in the fair value of investment property |
2 |
0 |
0 |
-4 584 |
|
Profit (loss) from the sale of investment property |
3 |
-2 325 |
0 |
0 |
|
Profit (loss) from investment accounted for using the equity method |
10 |
-932 |
-2 028 |
-2 448 |
|
Profit (loss) from acquisition of subsidiary |
|
-30 133 |
0 |
0 |
|
Other financial income and other financial expenses |
|
249 |
332 |
355 |
|
Interest income/-expenses |
21,22 |
5 203 |
3 061 |
6 659 |
|
Changes in inventories related to operating activities |
|
-1 188 |
0 |
0 |
|
Changes in receivables and prepayments related to operating activities |
|
-982 |
141 |
-177 |
|
Changes in liabilities and prepayments related to operating activities |
|
3 018 |
874 |
1 536 |
|
Net cash generated from operating activities |
|
8 280 |
5 082 |
9 403 |
|
Cash flows from investing activities |
|
|
|
|
|
Acquisition of tangible and intangible assets |
|
-23 |
-25 |
-48 |
|
Sale of assets accounted as investment property |
|
0 |
28 |
0 |
|
Acquisition and improvement of investment property |
|
-10 121 |
-4 223 |
-11 737 |
|
Acquisition of a subsidiary |
|
-25 466 |
0 |
0 |
|
Loans granted |
|
0 |
0 |
-25 |
|
Repayment of loans granted |
|
6 202 |
0 |
1 |
|
Interest received |
|
3 525 |
50 |
285 |
|
Dividends received |
|
0 |
924 |
1 539 |
|
Other cash inflows from investing activities |
10 |
0 |
1 960 |
1 960 |
|
Net cash generated from investing activities |
|
-25 883 |
-1 286 |
-8 025 |
|
|
|
|
|
|
|
Cash flows from financing activities |
|
|
|
|
|
Loans received |
|
10 214 |
1 529 |
6 940 |
|
Bond issue |
|
0 |
8 484 |
8 484 |
|
Repayment of loans received |
|
-8 932 |
-1 541 |
-3 226 |
|
Redemption of bonds |
|
0 |
-6 378 |
-6 378 |
|
Lease payments |
|
-35 |
-51 |
-88 |
|
Issued shares |
|
29 333 |
0 |
0 |
|
Sale of treasury shares |
|
667 |
0 |
0 |
|
Purchase of treasury shares |
|
-6 881 |
0 |
0 |
|
Interest paid |
|
-5 743 |
-3 202 |
-7 402 |
|
Other cash outflows from financing activities |
|
-146 |
-332 |
-355 |
|
Dividends paid |
12 |
0 |
-770 |
-1 539 |
|
Net cash generated from financing activities |
|
18 477 |
-2 261 |
3 564 |
|
|
|
|
|
|
|
Total cash flows |
|
874 |
-1 535 |
-2 186 |
|
|
|
|
|
|
|
Cash and cash equivalents at the beginning of the financial year |
11 |
8 646 |
10 832 |
10 832 |
|
Change in cash and cash equivalents |
|
874 |
-1 535 |
-2 186 |
|
Cash and cash equivalents at the end of the financial year |
11 |
9 520 |
12 367 |
8 646 |
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Statement of Changes in Equity
|
(In thousands of euros) |
Share capital |
Share premium |
Treasury shares |
Legal reserve |
Retained earnings |
Total |
|
Balance as at 31.12.2022 |
18 200 |
0 |
0 |
1 920 |
135 219 |
155 339 |
|
Dividends declared |
0 |
0 |
0 |
0 |
-770 |
-770 |
|
Profit for period 01.01-30.06.2023 |
0 |
0 |
0 |
0 |
2 637 |
2 637 |
|
Total comprehensive income for the 01.01-30.06.2023 |
0 |
0 |
0 |
0 |
2 637 |
2 637 |
|
Balance as at 30.06.2023 |
18 200 |
0 |
0 |
1 920 |
137 086 |
157 206 |
|
Dividends declared |
0 |
0 |
0 |
0 |
-769 |
-769 |
|
Profit for period 01.07-31.12.2023 |
0 |
0 |
0 |
0 |
5 300 |
5 300 |
|
Total comprehensive income for the 01.07-31.12.2023 |
0 |
0 |
0 |
0 |
5 300 |
5 300 |
|
Balance as at 31.12.2023 |
18 200 |
0 |
0 |
1 920 |
141 617 |
161 737 |
|
Issued share capital |
6 956 |
22 377 |
0 |
0 |
0 |
29 333 |
|
Acquisition of treasury shares |
0 |
0 |
-6 881 |
0 |
0 |
-6 881 |
|
Sale of treasury shares |
0 |
0 |
6 881 |
0 |
-6 214 |
667 |
|
Profit for period 01.01-30.06.2024 |
0 |
0 |
0 |
0 |
35 311 |
35 311 |
|
Total comprehensive income for the 01.01-30.06.2024 |
0 |
0 |
0 |
0 |
35 311 |
35 311 |
|
Balance as at 30.06.2024 |
25 156 |
22 377 |
0 |
1 920 |
170 714 |
220 167 |
Consolidated Interim Report for the 6 month period ended 30.06.2024 (unaudited) is available on the Nasdaq Baltic web page.
Ursel Velve
Chairman of the Management Board
Phone: +372 507 9781
Mainor Ülemiste AS
Sepise 7
11415 Tallinn, Estonia
Phone: +372 5304 6992
E-mail: info@mainorulemiste.ee
www.mainorulemiste.ee
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