OREANDA-NEWS. On January 8th ?pik Building rafter party was held.  Among other guests there was the Minister of Entrepreneurship Mrs Liisa Oviir and ex British MP and London mayor candidate Lembit ?pik. The ?pik building is named after Lembit’s grandfather Ernst Julius ?pik - the world-known Estonian rooted astrophysicist. 

Estonian Civil Aviaton Administration moved to ?lemiste City

Estonian CAA office moved to ?lemiste City’s Schmidt Building in the end of January.   “New office location enables us to be closer to where our customers are,” commented Director of ECAA Kristjan Telve.

New tramline to connect ?lemiste City with city centre

Merko Ehitus was selected as the main constructor of the new tramline that will connect Tallinn Airport and ?lemiste City with city centre.  Construction work will begin in June 2016.

First OfficeHotel concept opened in ?lemiste City

In February Technopolis ?lemiste launched its’ first short-term shared office space concept OfficeHotel in Schmidt building.

TEDx Lasnam?e

World famous TEDx local event was held on April 9th in ?lemiste City conference centre.  Centred on creativity theme, TEDx attracted more than 300 participants.

?lemiste City Key Figures as of 31.03.2016

Rented space                152 277 square meters

Occupancy rate            98.5 %

 

Financial Performance

1 Q 2016 – Net profit EUR 1,152 th

Net Sales and Net Profit

  • Net Sales amounted to EUR 1,367 th in 1st quarter, increase of 11.1 % compared to 1st quarter of 2015
  • Net Profit amounted to EUR 1,152 th, increase of 31.6% compared to 1st quarter of 2015

Expenses

  • Operating expenses increased from EUR 876 thousand (Q4 2015) to EUR 899 thousand in 1st quarter of 2016
  • Interest expense on loans and issued bonds amounted to EUR 279 th, increase of 32% compared to 4th quarter of 2015 (EUR 212 th)

 

Interest-bearing liabilities

  • Mainor ?lemiste AS interest-bearing liabilities amounted to EUR 31,213 th. The Company’s three largest creditors at the end of the period were Nordea Bank AB, LHV Pank AS and SEB Pank AS
  • At the end of the reporting period, Mainor ?lemiste AS had EUR 21,500 th in untapped credit facilities

 

Statement of the Management Board

The financial and other additional information published in the Interim Report January – March 2016 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 2016 are not audited.

 

Margus N?lvak

Member of the Management Board

Tallinn, 28.04.2016

 

Consolidated Income Statement

(according to IFRS)

In thousands Euros

Mainor ?lemiste AS 1Q  2015 2Q  2015 3Q  2015 4Q  2015 1Q 2016
Sales*   1,230 1,244 1,252 1,356 1,367
Cost of Sales   -398 -385 -362 -447 -466
Administrative expenses -332 -402 -345 -416 -421
Depreciation   -4 -5 -8 -13 -12
Income from associate companies 495 687 705 826 881
Other operating income 0 2 1 5 0
Other operating expenses -15 -1 -2 2 -4
Operating profit 976 1,140 1,241 1,313 1,345
Other finance income 81 86 83 219 86
Interest paid and fees -182 -227 -249 -258 -279
Income tax   0 -10 0 0 0
Net profit**   875 989 1,075 1,274 1,152
 
* Counting method was changed		          
** Without change of valuation of Mainor ?lemiste AS's and associate companies' investments properties.
                     

 

Consolidated Balance Sheet

(according to IFRS)

In thousands Euros

Mainor ?lemiste AS 31.03.2015 30.06.2015 30.09.2015 31.12.2015 31.03.2016  
Tangible and intangible assets 54 81 118 106 120  
Property 59,212 61,452 63,498 67,130 70,812  
Other 9,773 10,591 9,738 9,817 9,895  
Financial assets 22,986 22,996 23,676 24,995 25,876 *
Receivables 702 1,009 902 766 953  
Cash 4,288 4,827 5,499 5,878 6,188  
Total assets 97,015 100,956 103,431 108,692 113,844  
               
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 53,645 54,634 54,969 57,509 58,661  
Total equity 74,765 75,754 76,089 78,629 79,781  
               
Liabilities            
Debt 20,285 22,511 24,606 27,659 31,213  
Other liabilities 392 389 414 497 682  
Accounts payable 1,573 2,301 2,321 1,907 2,168  
Total liabilities 22,250 25,201 27,341 30,063 34,063  
             
Total Liabilities and Owner's Equity 97,015 100,955 103,430 108,692 113,844  

* Without change of valuation of Mainor ?lemiste AS's and associate companies' investments properties.

 

 

Consolidated Cash Flow Statement

In thousands Euros

Mainor ?lemiste AS 2Q  2015 3Q  2015 4Q  2015 1Q  2016
Operating activities        
Net result for the period 989 1,075 1,274 1,152
Adjustment:        
  Depreciation 5 8 8 12
  Income from associate companies -687 -705 -826 -881
  Financial income and expenses 141 166 39 86
  Change in operating assets 13 -148 -300 -330
  Change in operating liabilities 487 281 80 517
  Interest received 2 4 1 9
  Dividends received 176 176 350 0
  Interest paid and fees -227 -249 -212 -279
  Income tax -10 0 0 0
Net cash flow from operating activities 889 608 414 286
Investing activities        
Investments in tangible and intangible assets -17 -59 -1 -15
Proceeds from sale of tangible and intangible assets 0 0 0 0
Investments in investment properties -2,146 -1,929 -3,052 -3,506
Loans granted -8 -39 -39 -10
Repayment of loans granted 0 0 0 0
Acquisition of associates 0 -1 0 0
Cash flows from investing activities -2,171 -2,028 -3,092 -3 531
Financing activities        
Bond issue 825 461 2,865 538
Increase in long-term loans 1,823 1,837 400 3,226
Decrease in long-term loans -207 -206 -208 -209
Dividends paid -620 0 0 0
Cash flows from financing activities 1,821 2,092 3,057 3,555
Total cash flow 539 672 379 310
Cash and cash equivalents at period-start 4,288 4,827 5,499 5,878
Change in cash and cash equivalents 539 672 379 310
Cash and cash equivalents at period-end 4,827 5,499 5,878 6,188