Market announcement
EfTEN Real Estate Fund AS
LEI code
4851000008JBI71L7643
Size of the entity
Medium group
Economic activities
Financial and Insurance Activities
Industry sector(s)
Management company
Country of registered office
Estonia
General information
Categories
Other corporate action
Unique data record identifier
10272
Attachments
Submission date and time
27.04.2023 08:00:00
Content of announcement in Estonian
Title
EfTEN Real Estate Fund AS 2023. aasta I kvartali auditeerimata majandustulemused
Message
Bilansipäevaga 01.01.2023 ühines EfTEN Real Estate Fund AS kui ühendav fond
(endise nimega EfTEN Real Estate Fund III AS) EfTEN Kinnisvarafond AS-ga.
Ühinemise järgselt kasvas fondi konsolideeritud varade maht 211 miljoni euro
võrra, s.o 182 miljonilt eurolt 393 miljoni euroni ning fondi omakapital 126
miljoni euro võrra, s.o 104 miljonilt eurolt 230 miljoni euroni. Ühinemine kanti
äriregistrisse 28.02.2023.
Ühinemisel lisandus EfTEN Real Estate Fund AS kinnisvaraportfelli EfTEN
Kinnisvarafond AS'i tütarettevõtetele kuuluvad 17 uut kinnisvarainvesteeringut
Eestis, Lätis ja Leedus õiglases väärtuses 196,3 miljonit eurot ning üks 50%-
lise osalusega ühisettevõttele kuuluv kinnisvarainvesteering õiglase väärtusega
10 miljonit eurot. Ühinemise järgselt on fondi kinnisvaraportfell nii sektorite
kui ka üürnike lõikes veelgi paremini hajutatud.
EfTEN Real Estate Fund AS'i konsolideeritud 2023. aasta I kvartali müügitulu oli
7,788 miljonit eurot (2022 I kvartal: 3,458 miljonit eurot). Kontserni neto
üüritulu oli 2023. aasta I kvartalis kokku 7,298 miljonit eurot (2022: 3,324
miljonit eurot). Kontserni puhaskasum samal perioodil oli 4,634 miljonit eurot
(2022: 2,278 miljonit eurot).
Konsolideeritud neto üüritulu marginaal oli 2023. aasta I kvartalis 94% (2022:
96%), seega moodustasid kinnistute haldamisega otseselt seotud kulud (s.h
maamaks, kindlustus, hooldus- ja parenduskulud) ning turustuskulud 6% (2022:
4%) müügitulust.
Kontserni varade maht 31.03.2023 seisuga oli 395,993 miljonit eurot (31.12.2022:
181,956 miljonit eurot), s.h kinnisvarainvesteeringute õiglane väärtus moodustas
varade mahust 92% (31.12.2022: 93%).
Kinnisvaraportfell
2023. aasta märtsi lõpu seisuga on kontsernil 35 (31.12.2022: 18)
ärikinnisvarainvesteeringut, mille õiglane väärtus bilansipäeval on 365,977
miljonit eurot (31.12.2022: 168,875 miljonit eurot) ning soetusmaksumus 325,583
miljonit eurot (31.12.2022: 151,426 miljonit eurot). Lisaks kuulub kontserni
ühisettevõttele hotell Palace Tallinnas, mille õiglane väärtus 31.03.2023
seisuga oli 10,075 miljonit eurot.
2023. aasta I kvartalis teenis kontsern kokku 7,499 miljonit eurot üüritulu.
Võrreldavatel alustel arvestatud üüritulu oli 2023. aastal I kvartalis kokku
3,427 miljonit eurot, mis on 4% rohkem kui 2022. aastal samal ajal.
Finantseerimine
Järgmise 12 kuu jooksul lõppevad kontserni kaheksa tütarettevõtte laenulepingud,
mille jääk 31.03.2023 seisuga on 45 666 tuhat eurot. Lõppevate laenulepingute
LTV on 34%-52% ning kinnisvarainvesteeringud omavad stabiilselt tugevat
üürirahavoogu, mistõttu kontserni juhtkonna hinnangul ei teki laenulepingute
pikendamisel takistusi. Tütarettevõtetes, kus üürivoog võimaldab teenindada ka
suuremat laenukohustust, kaalub kontserni juhtkond 2023. aastal laenukoormuse
tõstmist ning selle arvel tulevikus investoritele täiendava dividendi maksmist.
Kontserni laenulepingute kaalutud keskmine intressimäär tõusis EURIBOR´i muutuse
mõjul märtsi lõpuks 4,8%-ni (31.12.2022: 3,7%) ning LTV (Loan to Value) oli 41%
(31.12.2022: 40%). Kõik fondi tütarettevõtete laenulepingud on seotud ujuva
intressimääraga. Ühe laenulepingu (jääk seisuga 31.03.2023: 12 332 tuhat eurot)
intressimäära tõusu riski maandamiseks on sõlmitud intressimäära vahetusleping,
kus EURIBOR on fikseeritud 0,35% tasemel. Swapileping lõpeb 2023. aastal ning
selle õiglane väärtus on 31.12.2022 seisuga 53 tuhat eurot.
EfTEN Real Estate Fund AS'i aktsia puhasväärtus (EPRA NDV) seisuga 31.03.2023
oli 21,7 eurot (31.03.2022: 19,55 eurot). EfTEN Real Estate Fund AS´i aktsia
puhasväärtus kasvas 2023. aasta I kvartalis 11,0% (2022 I kvartal: 12,7%).
KONSOLIDEERITUD KOONDKASUMIARUANNE
I kvartal
-----------------
EUR tuhandetes 2023 2022
---------------------------------------------------
Müügitulu 7 788 3 458
---------------------------------------------------
Müüdud teenuste kulu -394 -60
---------------------------------------------------
Brutokasum 7 394 3 398
---------------------------------------------------
---------------------------------------------------
Turustuskulud -96 -74
---------------------------------------------------
Üldhalduskulud -867 -455
---------------------------------------------------
Muud äritulud ja -kulud 10 26
---------------------------------------------------
Ärikasum 6 441 2 895
---------------------------------------------------
---------------------------------------------------
Kasum / kahjum ühisettevõtetest -9 0
---------------------------------------------------
Intressitulud 6 0
---------------------------------------------------
Muud finantstulud ja -kulud -1 550 -362
---------------------------------------------------
Kasum enne tulumaksu 4 888 2 533
---------------------------------------------------
---------------------------------------------------
Tulumaksukulu -254 -255
---------------------------------------------------
Aruandeperioodi puhaskasum 4 634 2 278
---------------------------------------------------
Aruandeperioodi koondkasum 4 634 2 278
---------------------------------------------------
Kasum aktsia kohta
---------------------------------------------------
- tava 0,43 0,45
---------------------------------------------------
- lahustatud 0,43 0,45
---------------------------------------------------
KONSOLIDEERITUD FINANTSSEISUNDI ARUANNE
31.03.2023 31.12.2022
------------------------------------------------------------
EUR tuhandetes
------------------------------------------------------------
VARAD
------------------------------------------------------------
Raha ja raha ekvivalendid 25 166 11 331
------------------------------------------------------------
Nõuded ja viitlaekumised 1 811 1 522
------------------------------------------------------------
Ettemakstud kulud 136 49
------------------------------------------------------------
Varud 1 0
------------------------------------------------------------
Käibevara kokku 27 114 12 902
------------------------------------------------------------
------------------------------------------------------------
Pikaajalised nõuded 51 61
------------------------------------------------------------
Ühisettevõtete osad 2 568 0
------------------------------------------------------------
Kinnisvarainvesteeringud 365 977 168 875
------------------------------------------------------------
Materiaalne põhivara 282 116
------------------------------------------------------------
Immateriaalne põhivara 1 2
------------------------------------------------------------
Põhivara kokku 368 879 169 054
------------------------------------------------------------
VARAD KOKKU 395 993 181 956
------------------------------------------------------------
------------------------------------------------------------
KOHUSTUSED JA OMAKAPITAL
------------------------------------------------------------
Laenukohustused 49 964 22 058
------------------------------------------------------------
Võlad ja ettemaksed 1 963 1 461
------------------------------------------------------------
Lühiajalised kohustused kokku 51 927 23 519
------------------------------------------------------------
------------------------------------------------------------
Laenukohustused 98 854 45 917
------------------------------------------------------------
Muud pikaajalised võlad 1 865 1 008
------------------------------------------------------------
Edasilükkunud tulumaksukohustus 8 543 7 248
------------------------------------------------------------
Pikaajalised kohustused kokku 109 262 54 173
------------------------------------------------------------
Kohustused kokku 161 189 77 692
------------------------------------------------------------
------------------------------------------------------------
Aktsiakapital 108 198 50 725
------------------------------------------------------------
Ülekurss 84 721 16 288
------------------------------------------------------------
Kohustuslik reservkapital 2 149 2 149
------------------------------------------------------------
Jaotamata kasum 39 736 35 102
------------------------------------------------------------
Omakapital kokku 234 804 104 264
------------------------------------------------------------
KOHUSTUSED JA OMAKAPITAL KOKKU 395 993 181 956
------------------------------------------------------------
Marilin Hein
Finantsjuht
Tel. 6559 515
E-mail: [email protected] (mailto:[email protected])
Content of announcement in English
Title
EfTEN Real Estate Fund AS unaudited results for 1st quarter 2023
Message
On the balance sheet date of 01.01.2023, EfTEN Real Estate Fund AS as the
acquiring Fund (formerly EfTEN Real Estate Fund III AS) merged with EfTEN
Kinnisvarafond AS. After the merger, consolidated assets of the fund increased
by 211 million euros, i.e. from 182 million euros to 393 million euros, and the
equity capital of the fund increased by 126 million euros, i.e. from 104 million
euros to 230 million euros. The merger was registered in the business register
on 28.02.2023.
As a result of the merger, the investment portfolio of EfTEN Real Estate Fund AS
was added to the EfTEN Kinnisvarafond AS subsidiaries. 17 new investment
properties in Estonia, Latvia and Lithuania with a fair value of 196.3 million
euros and one investment property owned by a 50% joint venture with a fair value
of 10 million euros were added. After the merger, the fund's investment
portfolio is more diversified across sectors and tenants.
EfTEN Real Estate Fund AS'i consolidated sales income for the first quarter of
2023 was 7.788 million euros (2022 I quarter: 3.458 million euros). The Group's
net rental income in the first quarter of 2023 was 7.298 million euros (2022:
3.324 million euros). The Group's net profit for the same period was 4.634
million euros (2022: 2.278 million euros).
Consolidated net rental income margin for the first quarter of 2023 was 94%
(2022: 96%), so costs directly related to property management (incl. land tax,
insurance, maintenance and improvement costs) and marketing costs accounted for
6% (2022: 4%) of sales.
The Group's total assets as of 31.03.2023 amounted to 395.993 million euros
(31.12.2022: 181.956 million euros), of which the fair value of investment
properties formed 92% (31.12.2022: 93%) of the total assets.
Investment portfolio
As of the end of March 2023 the Group has 35 (31.12.2022: 18) commercial
investment properties with a fair value of 365.977 million euros (31.12.2022:
168.875 million euros) and the acquisition cost is 325.583 million euros
(31.12.2022: 151.426 million euros). In addition, the Group's joint venture owns
the Palace hotel in Tallinn with the fair value of 10.075 million euros as of
31.03.2023.
In the first quarter of 2023 the Group's rental income amounted to 7.499
millions euros. Rental income calculated on a comparable basis in the first
quarter of 2023 totaled 3.427 million euros, which is 4% more as compared to the
same period in 2022.
Financing
Within the next 12 months, the loan agreements of eight subsidiaries of the
group will expire, the balance of which as of 31.03.2023 is 45,666 thousand
euros. The LTV of the expiring loan agreements is 34%-52%, and investment
properties have a stable, strong rental cash flow, therefore, according to the
Group's management, there are no obstacles in extending the loan agreements. In
the subsidiaries where rental cash flow allows to service higher debt level, the
Group's management considers increasing the leverage and dividend payments.
The weighted average interest rate of the group's loan agreements rose to 4.8%
by the end of March (31.12.2022: 3.7%) due to the change in EURIBOR, and the LTV
(Loan to Value) was 41% (31.12.2022: 40%). All loan agreements of the fund's
subsidiaries are linked to a floating interest rate. In order to mitigate the
risk of an increase in the interest rate of one loan agreement (balance as of
31.03.2023: 12,332 thousand euros), an interest rate swap agreement has been
concluded, where the EURIBOR is fixed at the level of 0.35%. The swap agreement
expires in 2023, and its fair value is 53 thousand euros as of 31.12.2022.
Information on shares
The net asset value of the share of EfTEN Real Estate Fund AS (EPRA NDV) as of
31.03.2023 was 21.7 euros (31.03.2021: 19.55 euros). The net asset value of
EfTEN Real Estate Fund AS increased by 11.0% in the first quarter of 2023 (first
quarter of 2022: 12.7%).
CONSOLIDATED STATEMEMT OF COMPREHENSIVE INCOME
1(st) quarter
-----------------
EUR thousands 2023 2022
----------------------------------------------------------------
Sales income 7,788 3,458
----------------------------------------------------------------
Cost of services sold -394 -60
----------------------------------------------------------------
Gross profit 7,394 3,398
----------------------------------------------------------------
----------------------------------------------------------------
Marketing costs -96 -74
----------------------------------------------------------------
General and administrative expenses -867 -455
----------------------------------------------------------------
Other operating income and expense 10 26
----------------------------------------------------------------
Operating profit 6,441 2,895
----------------------------------------------------------------
----------------------------------------------------------------
Profit / loss from joint ventures -9 0
----------------------------------------------------------------
Interest income 6 0
----------------------------------------------------------------
Other finance income and expense -1,550 -362
----------------------------------------------------------------
Profit before income tax 4,888 2,533
----------------------------------------------------------------
----------------------------------------------------------------
Income tax expense -254 -255
----------------------------------------------------------------
Net profit for the reporting period 4,634 2,278
----------------------------------------------------------------
Consolidated profit for the reporting period 4,634 2,278
----------------------------------------------------------------
Earnings per share
----------------------------------------------------------------
- basic 0.43 0.45
----------------------------------------------------------------
- diluted 0.43 0.45
----------------------------------------------------------------
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
31.03.2023 31.12.2022
-----------------------------------------------------------
EUR thousands
-----------------------------------------------------------
ASSETS
-----------------------------------------------------------
Cash and cash equivalents 25,166 11,331
-----------------------------------------------------------
Receivables and accrued income 1,811 1,522
-----------------------------------------------------------
Prepaid expenses 136 49
-----------------------------------------------------------
Inventory 1 0
-----------------------------------------------------------
Total current assets 27,114 12,902
-----------------------------------------------------------
-----------------------------------------------------------
Long-term receivables 51 61
-----------------------------------------------------------
Shares in joint ventures 2,568 0
-----------------------------------------------------------
Investment property 365,977 168,875
-----------------------------------------------------------
Property, plant, and equipment 282 116
-----------------------------------------------------------
Intangible assets 1 2
-----------------------------------------------------------
Total non-current assets 368,879 169,054
-----------------------------------------------------------
TOTAL ASSETS 395,993 181,956
-----------------------------------------------------------
-----------------------------------------------------------
LIABILITIES AND EQUITY
-----------------------------------------------------------
Borrowings 49,964 22,058
-----------------------------------------------------------
Payables and prepayments 1,963 1,461
-----------------------------------------------------------
Total current liabilities 51,927 23,519
-----------------------------------------------------------
-----------------------------------------------------------
Borrowings 98,854 45,917
-----------------------------------------------------------
Other long-term liabilities 1,865 1,008
-----------------------------------------------------------
Deferred income tax liability 8,543 7,248
-----------------------------------------------------------
Total non-current liabilities 109,262 54,173
-----------------------------------------------------------
Total liabilities 161,189 77,692
-----------------------------------------------------------
-----------------------------------------------------------
Share capital 108,198 50,725
-----------------------------------------------------------
Share premium 84,721 16,288
-----------------------------------------------------------
Statutory reserve capital 2,149 2,149
-----------------------------------------------------------
Retained earnings 39,736 35,102
-----------------------------------------------------------
Total equity 234,804 104,264
-----------------------------------------------------------
TOTAL LIABILITIES AND EQUITY 395,993 181,956
-----------------------------------------------------------
Marilin Hein
CFO
Phone +372 6559 515
E-mail: [email protected] (mailto:[email protected])