EfTEN Real Estate Fund III AS earned 784 thousand euros sales revenue in March,
which is 13 thousand euros more than a month earlier. Higher revenue in March is
associated with the first full-month rental income from ABC Motor's sales and
service premises. The increase is also due to the higher sales income in Saules
Miestas Shopping Centre and the increase in other sales income.
The Fund's net profit was 450 thousand euros in March (February: 486 thousand).
The lower net profit is related to the non-monetary loss on the change in the
fair value of the interest rate swap agreement.
During the first three months of this year, EfTEN Real Estate Fund III AS has
earned EUR 2.3 million sales income (16% and 315 thousand more than in the same
period last year), which is due to both new investments (Evolution office
building, ABC Motor sales and service premises) as well as the increase in
rental income of the DSV Latvia after the extension and the decrease in vacancy
of the Ulonu office building. The EBITDA of the Fund in the first quarter of
this year is 1,875 thousand, which is 18% (283 thousand euros) higher than last
year. Net profit for the first quarter totaled 1,368 thousand euros, which is
9% (118 thousand euros) more than in the first quarter of 2018.
Based on the Fund's dividend policy, which stipulates that a minimum of 80% of
the free cash flow will be paid to shareholders, the Fund could pay a dividend
of 656 thousand euros, which is 20 cents per share (net) from its accumulated
profit this year.
As of 31.03.2019, the consolidated assets of EfTEN Real Estate Fund III amounted
to 111.1 million euros (31.12.2018: 108.5 million euros) and equity amounted to
51.9 million euros (31.12.2018: 50.5 million euros).
As of 31.03.2019, EfTEN Real Estate Fund III AS share's Net Asset Value (NAV)
was EUR 16.09. NAV grew by 0,9% in March. EPRA NAV (IFRS book value excluding
deferred tax liability and fair value of interest derivatives) was EUR 17.3 as
of 31.03.2019. EPRA NAV increased by 1% in March. If the Fund's general meeting
approves the distribution of dividends in accordance with the proposal of the
management board and supervisory board (95 cents per share) at its meeting being
held on 17. April 2019, the Fund's equity, including the associated income tax
expense will decrease by a total of 3.2 million euros, i.e. 99 cents per share.
Marilin Hein
CFO
Phone 655 9515
E-mail: marilin.hein@eften.ee
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