On 18th of April 2017 the Supervisory Board of UPP & CO Kauno 53 OÜ (the Company) approved the audited consolidated annual report for the year 2017. The annual report together with the Profit Distribution Proposal has been attested with the 18.04.2017 decision by Member of the Board Hallar Loogma.
UPP & CO Kauno 53 OÜ was created with the purpose of managing and raising capital for the Vievis Logistics Centre acquisition.
In 2017 the Company acquired 100% of the shares of Promalita UAB which owns the Vievis Logistics Centre near Vilnius. The centre’s gross leasable area is 21 232 m2 and currently there is no vacancy. The anchor tenant is Rimi Lithuania.
For acquiring the subsidiary, the Company raised capital from Baltic institutional and private investors through means of subordinated note issue in the amount of EUR 4.7 million. The notes are freely transferrable and encumberable. On June 12th, 2017 the notes were admitted for trading on Nasdaq Baltic First North multilateral trading platform.
For the year 2018 the management plans to administer the investment and constantly contribute to raising the quality and the value of the Logistics Centre through regular maintenance.
The macroeconomic conditions in the environment where the Company operates are assessed as good, their influence on the economic outcome of the Company should be neutral. The Company’s business operations are not influence by cyclical trends. There is no significant social or environmental impact caused by the business operations.
During the 2017 financial year and the reporting period, the Company has not been exposed to risks that could be associated with changes in foreign exchange rates or general markets rates. Interest rate risk has been hedged with an interest rate collar.
Currently there’s an ongoing notarized translation into english for the 2017. audited consolidated annual report. We will forward it to the exchange latest by 29.05.2018.
Hallar Loogma
Member of Board
22.05.2018
