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UPP Olaines OÜ consolidated unaudited financial results for Q3 and 9 months of 2020

Written by Customer Service on . Posted in Earnings Releases And Operating Results.

Management commentary for the 9 months of 2020Net rental income was 1 979 158 euros for the nine months of 2020 (2019 9 months: 1 940 078). Operating profit was 1 863 489 euros for the nine months of 2020 (2019 9 months: 1 881 404). Net income was 1 031 187 euros for the nine months of 2020 (2019 9 months: 769 464).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 group, there needs to be major event in the overall economy or in the group’s business activities for them to have significant effect on the group’s financial results.
Key indicators of financial performance and position for 9 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 Group 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 positionSiim SildDirector+372 5626 0107siim.sild@unitedpartners.eeAttachmentOlaines Q3 report 2020 30.09.2020+ENG

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