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
10470
Attachments
Submission date and time
12.07.2023 08:00:00
Content of announcement in Estonian
Title
EfTEN Real Estate Fund AS’i aktsia puhasväärtus seisuga 30.06.2023
Message
EfTEN Real Estate Fund AS'i puhasväärtus aktsia kohta oli 30.06.2023 seisuga 20,3464 eurot ja EPRA NRV 21,0135 eurot. Nii IFRS järgi arvutatud vara puhasväärtus kui ka EPRA NRV langesid juunis 2,1% fondi kinnisvarainvesteeringute õiglase väärtuse languse tõttu. Varade poolaasta hindamised viidi tavapäraselt läbi sõltumatu hindaja Colliers International poolt. Fondi kinnisvarainvesteeringute õiglane väärtus langes ümberhindluste tulemusel 1,7% (6,18 miljoni euro võrra), s.h langes büroosektori varade väärtus 2,8%, logistikasektori varade väärtus 2,3% ja kaubandussektori varade väärtus 0,4%. Portfelli allahindlus on suuresti seotud rahavoogude diskonteerimiseks kasutatava kapitali kaalutud keskmise hinna (WACC) tõusuga seoses EURIBORi kasvuga viimase poole aasta jooksul. WACC on võrreldes 2022. aasta detsembri hindamistega kasvanud keskmiselt 0,4 protsendipunkti. EfTEN Real Estate Fund AS'i konsolideeritud üüritulu oli juunis kokku 2 547 tuhat eurot, s.o 7 tuhat eurot vähem kui mais. Üüritulu vähenes peamiselt seoses ühe üürilepingu lõppemisega Pärnu mnt 102 büroohoones, kus peale üürniku lahkumist jäi vakantseks 1000m2 üüripinda. Fondi konsolideeritud EBITDA oli juunis 2 191 tuhat eurot ja jäi seega kuu varasemaga saale tasemele. Intressikulud kasvasid juunis 667 tuhande euroni (29 tuhande euro võrra). Fondi laenude kaalutud keskmine intressimäär oli juuni lõpus 5,44% (mais 5,13%). Kõiki fondi laene teenindatakse tavapäraselt ning kõikide kinnisvarainvesteeringute äritegevuse rahavoog ületab igakuised laenu- ja intressimaksed. 2023. aasta I poolaasta jooksul on fond teeninud konsolideeritud üüritulu kokku 15,15 miljonit eurot (2022: 6,6 miljonit eurot) ning EBITDA-d 13,02 miljonit eurot (2022: 5,83 miljonit eurot). Selle aasta konsolideeritud üüritulu sisaldab EfTEN Kinnisvarafond AS-ga ühinemisel lisandunud kinnisvarainvesteeringute üüritulu kogusummas 8,15 miljonit eurot, mis võrreldes EfTEN Kinnisvarafond AS'i eelmise aasta sama perioodiga on kasvanud 5,5%. Nende kinnisvarainvesteeringute osas, mis on fondi bilansis olnud vähemalt kahel järjestikusel aastal (Like-for- like), on üüritulu võrreldes eelmise aastaga suurenenud 4,7%. Selle aasta kuue kuu jooksul on EfTEN Real Estate Fund AS teeninud investoritele 43,88 senti (eelmisel aastal 48,13 senti) potentsiaalset brutodividendi aktsia kohta. Potentsiaalne brutodividend aktsia kohta on peamiselt EURIBORi kasvu tulemusel võrreldes eelmise aastaga vähenenud 8,8%. Fondi konsolideeritud raha jääk oli 30.06.2023 seisuga 12 616 tuhat eurot ning raha jääk vähenes juunis 2 056 tuhande euro võrra, s.h paigutasid kontserni ettevõtted kuni 6-kuulistesse tähtajalistesse hoiustesse kokku 2 480 tuhat eurot intressimääraga 2,75% aastas. Marilin Hein Finantsjuht Tel. 6559 515 E-mail: [email protected]
Content of announcement in English
Title
The net asset value of EfTEN Real Estate Fund AS shares as of 30.06.2023
Message
The net asset value per share of EfTEN Real Estate Fund AS was 20.3464 euros as of June 30, 2023, and the EPRA NRV was 21.0135 euros. Both the net asset value, calculated according to IFRS, and EPRA NRV fell by 2.1% in June due to the decrease in the fund's investment properties fair value. Semi-annual asset valuations were carried out as usual by the independent valuator, Colliers International. The fair value of the fund's investment properties fell by 1.7% (a total of 6.18 million euros) as a result of the revaluations. Specifically, the value of office sector assets fell by 2.8%, the value of logistics sector assets fell by 2.3%, and the value of shopping centers fell by 0.4%. The valuation decrease is largely related to the increase in the weighted average cost of capital (WACC) used to discount cash flows due to the rise in EURIBOR over the past six months. The WACC has increased by an average of 0.4 percentage points compared to the valuations in December 2022. The consolidated rental income of EfTEN Real Estate Fund AS was 2,547 thousand euros in June, which is 7 thousand euros less than in May. The decrease in rental income is mainly due to the expiration of one lease in the office building at Pärnu mnt 102, resulting in increased vacancy by 1000m2 of rental space. The fund's consolidated EBITDA was 2,191 thousand euros in June, remaining at the same level as the previous month. Interest expenses increased to 667 thousand euros in June, an increase of 29 thousand euros. The weighted average interest rate of the fund's loans was 5.44% at the end of June (compared to 5.13% in May). All of the fund's loans are being serviced as usual, and the cash flow from the business operations of all real estate investments exceeds the monthly loan amortization and interest payments. During the first half of 2023, the fund earned a consolidated rental income of 15.15 million euros (compared to 6.6 million euros in 2022) and EBITDA of 13.02 million euros (compared to 5.83 million euros in 2022). This year's consolidated rental income includes rental income from investment properties acquired through the merger with EfTEN Kinnisvarafond AS, totaling 8.15 million euros. This represents a 5.5% increase compared to the same period last year for EfTEN Kinnisvarafond AS. In terms of investment properties that have been on the fund's balance sheet for at least two consecutive years (Like-for-like), the rental income has increased by 4.7% compared to last year. During the first six months of this year, EfTEN Real Estate Fund AS has earned 43.88 cents per share (compared to 48.13 cents in the previous year) of potential gross dividend for investors. The potential gross dividend per share has decreased by 8.8% compared to last year, primarily as a result of the increase in EURIBOR. The fund's consolidated cash balance was 12,616 thousand euros as of June 30, 2023, and the cash balance decreased by 2,056 thousand euros in June. The companies within the group placed a total of 2,480 thousand euros in term deposits of up to 6 months with interest rate 2,75% per annum. Marilin Hein CFO Phone +372 6559 515 E-mail: [email protected]