The fund's economic activity was stable in August. The rental income was 689
thousand euros (688 thousand euros in July) and EBITDA 617 thousand euros (in
July, 580 thousand euros). Net profit amounted to 425 thousand euros (In July:
473 thousand euros) due to negative change in interest rate swap fair value.
Within the eight months of this year, EfTEN Real Estate Fund III has earned
sales of 5,606 thousand euros (an increase compared to last year's + 19%). The
EBITDA for the same period is 4,435 thousand euros (19% more than last year).
The basis for the calculation of dividends (EBITDA minus corporate income tax
expense minus loan and interest payments) would allow 1,616 thousand euros (50
cents per share) net dividends to be paid out on the basis of the results of the
eight months of the fund. EfTEN Real Estate Fund III AS paid 68 cents dividends
per share for the net profit of the previous year.
In the coming months, significant tenant changes will take place at the Saules
Miestas shopping center in Lithuania. The most significant change will be on the
second floor of the center, where SportsDirect will open a 1,300-m² Siauliai
flagship store in the fourth quarter of this year, and the Polish discount
retail chain Pepco will open its new store in March 2019. The addition of these
two new anchor tenants will significantly improve the footfall of the second
floor of the Saules Miestas. The new restaurant, London Grill, opened its doors
in the ground floor of the Saules Miestas last week, 3(rd)of September, 2018. As
a result of the changes, some shopping premises of the shopping center will be
closed during the reconstruction, which in turn will temporarily affect rental
income. After the changes above, the rental income in Saules Miestas will be
increased form the current level.
EfTEN Real Estate Fund III consolidated assets as at 31.08.2018 amounted to
106.740 million euros (31.12.2017: 97.3 million euros) and equity 48.241 million
euros (31.12.2017: 46.4 million euros). The fund's 12-month return on average
paid-in capital is 16.6% at the end of August.
EfTEN Real Estate Fund III AS NAV was EUR 14.97 as at 31.08.2018. NAV grew by
0,9% during August.
Marilin Hein
CFO
Phone 655 9515
E-mail: marilin.hein@eften.ee
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