Main Events in the 1Q 2017
January began with the loan agreement for Öpik II construction
OÜ Öpiku Majad, the subsidiary of Ülemiste City’s developer Mainor Ülemiste, signed 15.8 million euro financing agreement with Nordea bank, which enables to build Estonia’s largest office building’s second office tower and a new parking house.
On the 25 th of January AS Merko Ehitus Eesti and OÜ Öpiku Majad, the subsidiary of Mainor Ülemiste, signed 15 million euro construction contract
Mainor Ülemiste chose Merko Ehitus Eesti as the main contractor for the construction of the 23,500-square meter office tower Öpik II. Construction contract is worth 15 million euros. According to the agreement Merko Ehitus Eesti will construct the second 13-storey office tower, which will be completed by the second half of 2018.
New restaurant Juur was opened at Ülemiste City on 14 th of March
350 square meter top restaurant opened its doors in an old, fully renovated Dvigatel factory. The goal is to provide good meals and entertainment also after working hours to make Ülemiste City more accessible for our guests. It gives also the opportunity for 8,000 people who work on the campus to enjoy finer business lunches and stay in the district also after the end of the workday.
On the 21 st of March, Mainor Ülemiste’s subsidiary Öpiku Majad OÜ and OÜ Nordecon Betoon signed a contract to build a new 14,000 square meter parking house
The cost of the construction contract is EUR 3,995 million, plus VAT. The building will be completed by autumn 2018. The aim is to make the commute as easy as possible for our customers and visitors. The new parking house will provide space for 428 cars and it will improve the parking conditions in the whole Ülemiste campus. The location of the new parking house will be very convenient for people who wish to visit MyFitness Sports Club, newly opened gourmet restaurant or to walk from the campus to the airport.
29 th of March – cornerstone to the Alexandre Liwentaal office building
Technopolis Ülemiste – co-developer of Ülemiste City and affiliated company of Mainor Ülemiste – and AS Nordecon laid the cornerstone of the Liwentaal house. The new 13-storey office building is located right next to the airport and will offer unique views to the airport and to Lake Ülemiste. Office building has a total area of 9,700 square meters and 9,100 square meters of office premises. The building will be completed in the second quarter of 2018.
Changes in the Supervisory Board of AS Mainor Ülemiste
On 06 th of February 2017 the Board of Mainor Ülemiste chose Guido Pärnits to become the new Chairman of the Supervisory Board instead of Ülo Pärnits, who passed away in last December.
Ülemiste City Key Figures as of 31.03.2017
Rented space 161,550 square meters
Occupancy Rate 98%
Financial Performance
1Q 2017 – Net profit EUR 1,383 thousand
Net Sales and Net Profit
- Net sales amounted to EUR 1,837 th in the 1 st quarter, increase of 34.4% compared to the 1 st quarter of 2016
- Net profit amounted to EUR 1,383 th, increase of 20.1% compared to 1 st quarter of 2016
Expenses
- Operating expenses decreased from EUR 1,131 th (4 th quarter 2016) to EUR 1,083 th in the 1 st quarter of 2017
- Interest expense on loans and issued bonds amounted to EUR 402 th, increase of 44.1% compared to the 1 st quarter in 2016 (EUR 279 th)
Interest-bearing liabilities
- Mainor Ülemiste AS interest-bearing liabilities amounted to EUR 49,390 th. The Company’s three largest creditors at the end of the period were Nordea Bank AB, LHV Pank AS and OP Corporate Bank Plc
- At the end of the reporting period, Mainor Ülemiste had EUR 21,300 th in untapped credit facilities
Statement of the Management Board
The financial and other additional information published in the Interim Report January – March 2017 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.
Consolidated financial statements in the report for the period January – March 2017 are not audited.
Margus Nõlvak
Member of the Management Board
Tallinn, 28.04.2017
Consolidated Income Statement
(according to IFRS)
In thousands Euros
| Mainor Ülemiste AS | 1Q 2016 | 2Q 2016 | 3Q 2016 | 4Q 2016 | 1Q 2017 | |||
| Sales | 1 367 | 1 334 | 1 368 | 1 660 | 1 837 | |||
| Cost of Sales | -466 | -456 | -463 | -647 | -651 | |||
| Administrative expenses | -421 | -430 | -402 | -484 | -432 | |||
| Depreciation | -12 | -14 | -14 | -14 | -15 | |||
| Income from associate companies | 881 | 674 | 891 | 930 | 950 | |||
| Other operating income | 0 | 1 | 0 | 0 | 15 | |||
| Other operating expenses | -4 | -3 | -1 | -1 | -2 | |||
| Operating profit | 1 345 | 1 106 | 1 379 | 1 444 | 1 702 | |||
| Other finance income | 86 | 93 | 131 | 335 | 83 | |||
| Interest paid and fees | -279 | -334 | -348 | -431 | -402 | |||
| Income tax | 0 | 0 | 0 | 0 | 0 | |||
| Net profit* | 1 152 | 865 | 1 162 | 1 348 | 1 383 | |||
| * Without change of valuation of Mainor Ülemiste AS's and associate companies' investments properties. | ||||||||
Consolidated Balance Sheet
(according to IFRS)
In thousands Euros
| Mainor Ülemiste AS | 31.03.2016 | 30.06.2016 | 30.09.2016 | 31.12.2016 | 31.03.2017 | |
| Tangible and intangible assets | 120 | 121 | 122 | 111 | 99 | |
| Property | 70 812 | 75 148 | 78 438 | 83 052 | 88 656 | |
| Other | 9 895 | 10 240 | 9 744 | 9 791 | 9 668 | |
| Financial assets* | 25 876 | 25 681 | 26 572 | 27 502 | 28 579 | |
| Receivables | 953 | 1 428 | 842 | 1 107 | 1 267 | |
| Cash | 6 188 | 6 096 | 7 235 | 6 989 | 9 543 | |
| Total assets | 113 844 | 118 714 | 122 953 | 128 552 | 137 812 | |
| Owners' equity | ||||||
| Share capital | 19 200 | 19 200 | 19 200 | 19 200 | 19 200 | |
| Mandatory reserves | 1 920 | 1 920 | 1 920 | 1 920 | 1 920 | |
| Retained earnings* | 58 661 | 58 733 | 59 895 | 61 261 | 64 526 | |
| Total equity | 79 781 | 79 853 | 81 015 | 82 381 | 85 646 | |
| Liabilities | ||||||
| Debt | 31 213 | 35 798 | 39 815 | 42 693 | 49 390 | |
| Other liabilities | 682 | 672 | 632 | 619 | 561 | |
| Accounts payable | 2 168 | 2 391 | 1 491 | 2 859 | 2 215 | |
| Total liabilities | 34 063 | 38 861 | 41 938 | 46 171 | 52 166 | |
| TOTAL LIABILITIES & OWNERS' EQUITY | 113 844 | 118 714 | 122 953 | 128 552 | 137 812 | |
Consolidated Cash Flow Statement
In thousands Euros
| Mainor Ülemiste AS | 1Q 2016 | 2Q 2016 | 3Q 2016 | 4Q 2016 | 1Q 2017 | |
| Operating activities | ||||||
| Net result for the period | 1 152 | 865 | 1 162 | 1 348 | 1 383 | |
| Adjustment: | ||||||
| Depreciation | 12 | 14 | 14 | 14 | 15 | |
| Income from associate companies | -881 | -674 | -891 | -930 | -950 | |
| Financial income and expenses | 86 | 93 | 131 | 96 | 319 | |
| Change in operating assets | -210 | -185 | 220 | -145 | 120 | |
| Change in operating liabilities | 517 | 223 | -728 | 1 444 | -942 | |
| Interest received | 9 | 9 | 85 | 5 | 5 | |
| Dividends received | 0 | 434 | 217 | 217 | 0 | |
| Interest paid and fees | -279 | -319 | -330 | -431 | -402 | |
| Income tax | 0 | 0 | 0 | 0 | 0 | |
| Net cash flow from operating activities | 406 | 460 | -120 | 1 618 | -452 | |
| Investing activities | ||||||
| Investments in tangible and intangible assets | -15 | -10 | -25 | 0 | 0 | |
| Proceeds from sale of tangible and intangible assets | 0 | 0 | 0 | 0 | 0 | |
| Investments in investment properties | -3 506 | -4 336 | -3 226 | -4 613 | -3 692 | |
| Loans granted | -10 | 0 | 0 | 0 | 0 | |
| Repayment of loans granted | 0 | 0 | 490 | 0 | 0 | |
| Acquisition of associates | 0 | 0 | 0 | 0 | 0 | |
| Cash flows from investing activities | -3 531 | -4 346 | -2 761 | -4 613 | -3 692 | |
| Financing activities | ||||||
| Bond issue | 538 | 311 | 0 | 0 | 0 | |
| Increase in long-term loans | 3 226 | 4 479 | 4 226 | 2 959 | 7 037 | |
| Decrease in long-term loans | -209 | -206 | -206 | -210 | -339 | |
| Dividends paid | -120 | -790 | 0 | 0 | 0 | |
| Cash flows from financing activities | 3 435 | 3 794 | 4 020 | 2 749 | 6 698 | |
| Total cash flow | 310 | -92 | 1 139 | -246 | 2 554 | |
| Cash and cash equivalents at period-start | 5 878 | 6 188 | 6 096 | 7 235 | 6 989 | |
| Change in cash and cash equivalents | 310 | -92 | 1 139 | -246 | 2 554 | |
| Cash and cash equivalents at period-end | 6 188 | 6 096 | 7 235 | 6 989 | 9 543 | |
Mainor Ülemiste AS
Valukoja 8
11415 Tallinn, Estonia
Phone: +372 5304 6992
E-mail: info@mainorulemiste.ee
