Correction: UPP Olaines OÜ consolidated unaudited financial results for Q3 and 9 months of 2019

Written by Customer Service on . Posted in Public Companies.

Following is a correction to UPP Olaines OÜ consolidated unaudited financial results for Q3 and 9 months of 2019 published 12:36 on November 26th 2019. The company included wrong attachments to the financial results release. With this correction the company has included the correct attachments.
Management commentary for the third quarter of 2019 (‘Q3 2019’)During Q3 2019 the company made 634,901 EUR in operating income and during the first 9 months of 2019 the operating income amounted to 1,879,700 EUR in total. Compared to Q3 2018 the operating income has increased by 6.3% and compared to first 9 months of 2018 the operating income has increased by 7.6%. The difference in operating income on quarterly basis is mainly due to adjustment made in Q3 2018 to correct mistakes of the previous quarters of 2018. 9 month results outperform comparative period of 2018 mainly due to rent indexation and decrease in administrative costs.During Q3 2019 the company’s financial costs amounted to 323,574 EUR and during 9 months of 2019 the financial costs amounted to 1,111,940 EUR in total. Compared to Q3 2019 the financial expenses have increased by 60% and compared to 9 months of 2018 the financial expenses have decreased by 6.6%. The increase of nearly 60% YoY in financial costs in Q3 is caused by the abnormally low financial costs in Q3 2018 which were affected by significant changes in the current value of the interest rate swap agreement. Since the financial cost takes into account the current balance of the interest rate swap agreement, it can affect the quarterly financial income and expenses significantly. Comparing longer periods gives a better indication for trends in company’s cost of financing.The company’s sole business activity is to collect rental revenue, manage the Olaine property and service its liabilities to lenders and investors. Liabilities include the subordinated bonds with a fixed interest rate and the investment loan which’ rate is also fixed with an interest rate swap agreement. On the revenue side the company earns stable triple-net rental income from reputable tenants, which is fixed with medium-term agreements but is subject to indexation. Due to the economically fixed nature of the company, there needs to be major event in the overall economy or in the company’s business activities for them to have significant effect on the company’s financial results.As of reporting date all regular business operations of the company are running smoothly, including duly and timely collection of rental and utilities payments from the tenants.As of the end of Q3 2019, there is no vacancy in the premises.Key indicators of financial performance and position for 9 months 2019
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTSCondensed consolidated interim statement of comprehensive income
Condensed consolidated interim statement of financial position
Siim SildDirector+372 5626 0107siim.sild@unitedpartners.eeAttachmentOlaines Q3 report 2019 ENG

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