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UPP Olaines OÜ consolidated unaudited financial results for Q2 and 6 months of 2020

Written by Customer Service on . Posted in Public Companies.

Management commentary for the 6 months of 2020Net rental income was 1 308 860 euros for the 6 months of 2020 (2019 6 months: 1 291 518). Operating profit was 1 228 236 euros for the 6 months of 2020 (2019 6 months: 1 244 800). Net income was 627 652 euros for the 6 months of 2020 (2019 6 months: 454 710).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.Key indicators of financial performance and position for 6 months 2020

Management board, supervisory board and audit committeeThe management board of UPP Olaines OÜ has one member: Marko Tali, Chairman of the Management Board. The supervisory board of UPP Olaines OÜ has three members: Mart Tooming, Tarmo Rooteman, Hallar Loogma.No remuneration or other benefits are provided to the members of the management board and the supervisory board.Other than the management board and the supervisory board, the Company has no employees.In 2020 UPP Olaines OÜ formed an audit committee, which has three members.
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 Q2 report 2020 ENG

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