Announcement View
Company EfTEN Real Estate Fund III AS
Type Company Release
Category Other corporate action
Publicize date 12 Oct 2021 08:00:00 +0300
Kell English
Title Net asset value of EfTEN Real Estate Fund III AS as of 30.09.2021 and preliminary financial results 9 months 2021
The  net asset value (NAV) of EfTEN Real Estate Fund III AS was 18.0499 euros as
of  30.09.2021, increasing by 0.9% in September. The net asset value of the EPRA
share  (net book value excluding deferred income tax liability and fair value of
interest  rate derivatives) was 19.07 euros as of 30.09.2021. EPRA NAV increased
by 0.8% in September.

In  September, EfTEN Real  Estate Fund III  AS earned a  total of 1,141 thousand
euros  in consolidated  sales revenue,  which is  28 thousand euros less than in
August.  The lower  rental income  was mainly  due to  the decrease  in seasonal
income and the change of tenants in September in Saules Miestas shopping center.
The  change in consumer behavior over the  last 1.5 years is still significant -
the  number of visitors to the center  is lower, but purchases are higher, which
in  turn keeps the level  of turnover rents. The  Fund's consolidated EBITDA was
975 thousand  euros  in  September,  which  is  25 thousand  euros lower than in
August. The consolidated net profit in September was 772 thousand euros, i.e. 8
thousand euros higher than in August.

During  the first nine months  of this year, the  fund has earned EBITDA of 7.8
(2020:  6.15) million euros with  sales revenue of  9.4 (9 months of 2020: 7.7)
million  euros. Compared  to the  previous year,  sales revenue has increased by
22.5% and  EBITDA by 27%, ie a total of 1.7 million euros, of which 0.94 million
euros  have  been  brought  about  by  the addition of new investment properties
(Rutkausko  office  building,  Pirita  Elderly  Care  home,  Ramygalos logistics
building),  discounts granted to tenants  during the Covid-19 emergency ituation
period during the reference period, as well as the renting of vacant premises in
the  Ulonu and Evolution office buildings in  Vilnius. The fund's net profit for
the  first 9 months of this year is  7.744 million euros (the net profit for the
first  nine  months  of  the  previous  year  was  747 thousand euros due to the
investment properties revaluation loss).

This  year, EfTEN Real Estate  Fund III AS has  earned a total of 3,630 thousand
euros  of free cash flow to  be as base of dividends,  which is 35% more than in
the  same period last  year. As of  30.09.2021, the consolidated cash balance of
the  fund was  11.9 million euros,  including free  funds in  the amount of 6.4
million euros in the parent company's account.

The  consolidated  overdue  debt  of  the  fund  was 37 thousand euros as of 30
September, being historically the lowest level of the fund.

The  consolidated equity  of EfTEN  Real Estate  Fund III  AS was 91.559 million
euros as of 30.09.2021 (31.12.2020: 71.483 million euros).

Marilin Hein
Phone 655 9515
E-mail: (