Juba 3,990 inimeseni on jõudnud selle ettevõtte bränding ja tema tegevusi jälgib 40 Storybooki kasutajat. Keskmiselt on ettevõtet hinnatud 5.0 punktiga aga kommenteeritud ei ole.

's activity report 2022

General information

The main activity of Ülemiste Center OÜ (hereinafter also the "Company") is the development, leasing and management of shopping centers. Ülemiste Center OÜ operates under the Ülemiste brand on the basis of a management contract concluded with SIA Linstow Baltic. SIA

Linstow Baltic operates and develops shopping centers in Latvia and Estonia.

The 100% owner of Ülemiste Center OÜ is Linstow AS, a real estate company based in the Kingdom of Norway, through the holding company (Ülemiste Holding Nederland registered in the Kingdom of the Netherlands) B.V. Linstow AS is part of AWILHELMSEN AS, owned by members of the Wilhelmsen family.

Main activity and development

Ülemiste Center has established itself as a market leader and the most well-known shopping center among the residents of Tallinn and Harju County after the completion of a 28,500 m2 extension in 2014 and the addition of two more floors to the parking house in 2015. In 2019, an extension was completed, adding 13,000 m2 of retail and entertainment space.

According to the Kantar Emor Tallinn shopping center monitoring study, Ülemiste Center is still the best place to buy industrial goods in 2022 according to the residents of Tallinn and Harju County. A third of the residents consider Ülemiste the best, it is clearly the most well-known and also the shopping center with the widest customer base, from which 34% of the region's residents have bought goods or used services. The breadth of the customer base of Ülemiste Center's industrial goods, as well as the consumption of services, has remained stable, slightly less food has been bought. Ülemiste Center is also a leader in reputation, standing out in the competition as a shopping center offering the widest range of goods and a pleasant shopping environment for the whole family.

In the reporting year, the weighted average rental income per rentable retail space per month at Ülemiste Center was 19.2 euros, which is 3.28 euros higher than in 2021.

As of the reporting date, 1.0% of the total area in the center was vacant (31.12.2021: 1.4%).

In order to better meet the needs of customers, Ülemiste Center OÜ invested in the renovation of a water-themed relaxation area in the general area of the center, outdoor parking lighting and other customer satisfaction related projects during the reporting year.

Several investments are planned for 2023 with a focus on upgrading techno systems. The aim of the investments is primarily to increase customer satisfaction and optimize the costs associated with operating the building.

In addition, preparations are being made for the next expansion project of Ülemiste Center, which is related to the construction of the Rail Baltica terminal in the immediate vicinity of the center and the wider development of the Ülemiste area. Rail Baltica is a green corridor rail transport infrastructure project aimed at integrating the Baltic States into the European rail network, the project is due to be completed in 2027.

Business risks

Managing the risks associated with the Company's business activities is an important and integral part of the Company's management. The aim of risk management is to find an optimal balance between possible damage or lost profit and the resources used to reduce risks. Risk is defined as a possible future event that may affect the achievement of the Company's objectives.

In managing its business activities, the Company's management generally prefers to prevent risk rather than react to a risk event retrospectively.

The Company's ability to identify, measure and control various risks has a significant impact on the Company's profitability.

The basis of the Company's risk management is generally accepted accounting standards and good practice, as well as the Company's internal regulations and policies. Risk management at the general level includes their identification, measurement and control.

The main role in risk management and the approval of risk procedures is the Company's board. According to the Company's board, the biggest risk to the Company is the possible short- and/or long-term negative impact on its financial results and/or reputation.

Currency risk

Given that the majority of the Company's financial assets and liabilities are denominated in euros, the Company does not have a significant currency risk.

Interest rate risk

Interest rate risk means that a change in the interest rate results in a change in the Company's cash flow and profit.

The impact of interest rate risk on the Company's financial results is regularly analyzed. The Company is exposed to cash flow interest rate risk in relation to floating rate borrowings and loans granted. In managing the Company's interest rate risk, it is important to monitor the movement of the money market interest rate curve, which reflects market participants' expectations for market interest rates and allows to assess the trend of EUR interest rates.

Economic environment

The development of the real estate and retail sectors is closely linked to general economic growth and the environment.

In the reporting year, the Company's biggest risks were related to the geopolitical situation and developments in the world economy. During the reporting year, risks that had been considered impossible for many years, such as Russian military aggression, energy crisis and exceptionally rapid inflation, materialized. This was followed by a sharp rise in interest rates in the second half of the reporting year and fears that the cooling effect of central bank interest rate hikes on the economy would reach Estonia, an open economy, first, triggering an economic recession here.