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
10499
Attachments
Submission date and time
27.07.2023 08:00:00
Content of announcement in Estonian
Title
EfTEN Real Estate Fund AS 2023. aasta II kvartali ja 6 kuu auditeerimata majandustulemused
Message
Intressimäärade tõus, mis algas 2022. aasta keskel, jätkus ka 2023. aasta
esimesel poolaastal. Euroalal, sh Balti riikides, kasutatakse laenude
baasintressimäärana EURIBORi, mis sõltuvalt tähtajast kasvas kuue kuuga
ligikaudu 1,5 protsendipunkti võrra. Ühelt poolt tähendab see kinnisvarasektoris
tegutsevate ettevõtete jaoks kasvavaid finantskulusid, teiselt poolt sõltub turu
intressimäärast ka kinnisvarainvesteeringute äritegevuse rahavoogude
diskonteerimiseks kasutatav kapitali kaalutud keskmine intressimäär (WACC),
mille kasv toob üldjuhul kaasa kinnisvarainvesteeringute õiglase väärtuse
languse.
Kõige raskemas olukorras on need kinnisvaraettevõtted ja -fondid, kus
laenukoormus on kõrge ning kus laenuraha on lisaks pankadele kaasatud ka
finantsturgudelt võlakirjade kaudu. Kui veel eelmise aasta alguses oli
kinnisvarasektor võlakirjainvestorite üks n.ö lemmikuid, siis tänavu on olukord
vastupidine. Võlakirju refinantseerivad kinnisvaraettevõtted on nii Euroopas kui
ka Baltikumis pidanud leppima oluliselt väiksemate mahtudega ning kohati
kordades kasvanud laenukuludega. EfTEN Real Estate Fund AS'i tütarettevõtetele
kuuluvate kinnisvarainvesteeringute soetus on täiel määral finantseeritud
pangalaenudega ning laenude LTV jääb vahemikku 29%-52%, mistõttu on laenude
refinantseerimine toimunud tavapäraselt.
Intressimäärade tõusule pakkusid aasta esimeses pooles mõningat leevendust
alanenud energiakulud ja üüritulude kasv. Vaatamata Balti riikide
majanduslangusele, püsis fondi üürnike maksekäitumine tugevana. EfTEN Real
Estate Fund AS'i kinnisvaraportfelli vakantsus oli 2023. aasta juuni lõpu
seisuga alla 2% ning võrreldes 2022. aasta I poolaastaga kasvas võrreldavatel
alustel (Like-for-Like) arvestatud üüritulu 12%.
Juunis viis fondi kinnisvarainvesteeringute hindaja Colliers International läbi
EfTEN Real Estate Fund AS'i kinnisvaraportfelli hindamise. Hindamiste tulemusel
langes fondi kinnisvarainvesteeringute väärtus 1,7% (6,18 miljoni euro võrra).
Portfelli allahindlus on suuresti seotud rahavoogude diskonteerimiseks
kasutatava kapitali kaalutud keskmise hinna (WACC) tõusuga seoses EURIBORi
kasvuga viimase poole aasta jooksul.
Bilansipäevaga 01.01.2023 ühines EfTEN Real Estate Fund AS (endise nimega EfTEN
Real Estate Fund III AS) EfTEN Kinnisvarafond AS´iga. 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 lisandusid EfTEN Real Estate Fund AS'i 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 poolaasta müügitulu
oli 15,749 miljonit eurot (2022 I poolaasta: 6,988 miljonit eurot). Kontserni
neto üüritulu oli 2023. aasta I poolaastal kokku 14,704 miljonit eurot (2022:
6,666 miljonit eurot). Kontserni puhaskasum samal perioodil oli 2,445 miljonit
eurot (2022: 7,882 miljonit eurot).
Kontserni varade maht 30.06.2023 seisuga oli 381 274 miljonit eurot (31.12.2022:
181,956 miljonit eurot), s.h kinnisvarainvesteeringute õiglane väärtus moodustas
varade mahust 95% (31.12.2022: 93%).
2023. aasta juuni lõpu seisuga oli kontsernil 35 (31.12.2022: 18)
ärikinnisvarainvesteeringut, mille õiglane väärtus bilansipäeval oli 361,498
miljonit eurot (31.12.2022: 168,875 miljonit eurot) ning soetusmaksumus 349,119
miljonit eurot (31.12.2022: 151,426 miljonit eurot). Lisaks kuulub kontserni
ühisettevõttele hotell Palace Tallinnas, mille õiglane väärtus 30.06.2023
seisuga oli 9,8 miljonit eurot.
2023. aasta I poolaastal pikendasid fondi tütarettevõtted kokku kuus
laenulepingut. Laenulepingud pikendati kolmeks kuni viieks aastaks. Nelja laenu
intressi marginaal pikendamisel langes 0,05-0,5 protsendipunkti ning viie laenu
puhul lühenes EURIBOR'i periood 6 kuult 1-le kuule ja ühel laenul 6 kuu pealt 3
kuu peale.
Järgmise 12 kuu jooksul lõppevad kontserni kolme tütarettevõtte laenulepingud,
mille jääk 30.06.2023 seisuga oli 5 395 tuhat eurot. Lõppevate laenulepingute
LTV on 37%-51% ning kinnisvarainvesteeringud omavad stabiilselt tugevat
üürirahavoogu, mistõttu kontserni juhtkonna hinnangul ei teki laenulepingute
pikendamisel takistusi.
Kontserni laenulepingute kaalutud keskmine intressimäär tõusis EURIBOR´i muutuse
mõjul juuni lõpuks 5,4%-ni (31.12.2022: 3,7%) ning LTV (Loan to Value) oli 42%
(31.12.2022: 40%). Kõik fondi tütarettevõtete laenulepingud on seotud ujuva
intressimääraga. Kõiki fondi laenulepinguid teenindatakse tavapäraselt ning
kõikide laenu tagatiseks seatud kinnisvarainvesteeringute äritegevuse rahavoog
ületab laenumakseid,
EfTEN Real Estate Fund AS'i aktsia EPRA puhasväärtus (EPRA NDV) seisuga
30.06.2023 oli 20,35 eurot (30.06.2022: 19,86 eurot). EfTEN Real Estate Fund
AS´i aktsia EPRA puhasväärtus vähenes 2023. aasta I poolaastal 1,0% (2022 I
poolaastal: kasvas 4,0%).
KONSOLIDEERITUD KOONDKASUMIARUANNE
II kvartal I poolaasta
--------------------------
EUR tuhandetes 2023 2022 2023 2022
-------------------------------------------------------------------------------
Müügitulu 7 961 3 530 15 749 6 988
-------------------------------------------------------------------------------
Müüdud teenuste kulu -363 -71 -757 -131
-------------------------------------------------------------------------------
Brutokasum 7 598 3 459 14 992 6 857
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Turustuskulud -192 -117 -288 -191
-------------------------------------------------------------------------------
Üldhalduskulud -860 -448 -1 727 -903
-------------------------------------------------------------------------------
Kasum / kahjum kinnisvarainvesteeringute õiglase
väärtuse muutusest -6 182 3 702 -6 182 3 702
-------------------------------------------------------------------------------
Muud äritulud ja -kulud 3 17 13 43
-------------------------------------------------------------------------------
Ärikasum 367 6 613 6 808 9 508
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Kasum / kahjum ühisettevõtetest -100 0 -109 0
-------------------------------------------------------------------------------
Intressitulud 14 0 20 0
-------------------------------------------------------------------------------
Muud finantstulud ja -kulud -1 987 -360 -3 537 -722
-------------------------------------------------------------------------------
Kasum enne tulumaksu -1 706 6 253 3 182 8 786
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Tulumaksukulu -483 -649 -737 -904
-------------------------------------------------------------------------------
Aruandeperioodi koondkasum/- kahjum kokku -2 189 5 604 2 445 7 882
-------------------------------------------------------------------------------
Kasum aktsia kohta
-------------------------------------------------------------------------------
- tava -0,63 1,10 -0,20 1,55
-------------------------------------------------------------------------------
- lahustatud -0,63 1,10 -0,20 1,55
-------------------------------------------------------------------------------
KONSOLIDEERITUD FINANTSSEISUNDI ARUANNE
30.06.2023 31.12.2022
------------------------------------------------------------
EUR tuhandetes
------------------------------------------------------------
VARAD
------------------------------------------------------------
Raha ja raha ekvivalendid 12 616 11 331
------------------------------------------------------------
Lühiajalised hoiused 2 480 0
------------------------------------------------------------
Nõuded ja viitlaekumised 1 546 1 522
------------------------------------------------------------
Ettemakstud kulud 132 49
------------------------------------------------------------
Varud 1 0
------------------------------------------------------------
Käibevara kokku 16 775 12 902
------------------------------------------------------------
------------------------------------------------------------
Pikaajalised nõuded 352 61
------------------------------------------------------------
Ühisettevõtete osad 2 468 0
------------------------------------------------------------
Kinnisvarainvesteeringud 361 498 168 875
------------------------------------------------------------
Materiaalne põhivara 180 116
------------------------------------------------------------
Immateriaalne põhivara 1 2
------------------------------------------------------------
Põhivara kokku 364 499 169 054
------------------------------------------------------------
VARAD KOKKU 381 274 181 956
------------------------------------------------------------
------------------------------------------------------------
KOHUSTUSED JA OMAKAPITAL
------------------------------------------------------------
Laenukohustused 11 416 22 058
------------------------------------------------------------
Võlad ja ettemaksed 1 985 1 461
------------------------------------------------------------
Lühiajalised kohustused kokku 13 401 23 519
------------------------------------------------------------
------------------------------------------------------------
Laenukohustused 138 563 45 917
------------------------------------------------------------
Muud pikaajalised võlad 1 886 1 008
------------------------------------------------------------
Edasilükkunud tulumaksukohustus 7 280 7 248
------------------------------------------------------------
Pikaajalised kohustused kokku 147 729 54 173
------------------------------------------------------------
Kohustused kokku 161 130 77 692
------------------------------------------------------------
------------------------------------------------------------
Aktsiakapital 108 198 50 725
------------------------------------------------------------
Ülekurss 84 721 16 288
------------------------------------------------------------
Kohustuslik reservkapital 2 749 2 149
------------------------------------------------------------
Jaotamata kasum 24 476 35 102
------------------------------------------------------------
Omakapital kokku 220 144 104 264
------------------------------------------------------------
KOHUSTUSED JA OMAKAPITAL KOKKU 381 274 181 956
------------------------------------------------------------
Marilin Hein
Finantsjuht
Tel. 6559 515
E-mail: [email protected]
(https://www.globenewswire.com/Tracker?data=fIdhflUjzOjhlkG1BL0vWGrlbWtt4HDIn7a6
Fhk91zFUPR0O72DL0iQ6p7gxw-51Bimt5D_pPrf51eO-lA3OQa44bF7nCdox79e66KUBHs0=)
Content of announcement in English
Title
EfTEN Real Estate Fund AS unaudited results for 2nd quarter and 6 months 2023
Message
The upward trend in interest rates, which started in mid-2022, continued in the
first half of 2023. Within the euro area, including the Baltic countries, loans
are based on the EURIBOR. Over the past six months, depending on the duration,
the EURIBOR rate increased by approximately 1.5 percentage points. Consequently,
this has resulted in higher financial costs for companies operating in the real
estate sector. Moreover, the market interest rate, which impacts the weighted
average cost of capital (WACC) used to discount the cash flows for valuation of
investment properties, has also increased. Typically, such increases lead to a
decline in the fair value of investment properties.
Real estate companies and funds with significant debt burdens, particularly
those that have raised capital not only from banks but also from financial
markets through bonds, are facing the most challenging circumstances. While the
real estate sector was favored by bond investors in the previous year, the
situation has reversed this year. Real estate companies in Europe and the
Baltics, seeking to refinance their bonds, have had to accept significantly
smaller volumes and, in some cases, significantly higher borrowing costs. The
real estate investments owned by subsidiaries of EfTEN Real Estate Fund AS has
been fully financed through bank loans, with loan-to-value (LTV) ratios ranging
from 29% to 52%. Consequently, refinancing of these loans has proceeded as
usual.
During the first half of the year, the impact of rising interest rates was
somewhat mitigated by lower energy costs and increased rental income. Despite
the economic downturn in the Baltic countries, the fund's tenants exhibited
strong payment behavior. As of the end of June 2023, the vacancy rate in the
real estate portfolio of EfTEN Real Estate Fund AS stood at less than 2%.
Additionally, compared to the first half of 2022, rental income, calculated on a
comparable basis (Like-for-Like), increased by 12%.
In June, Colliers International, the real estate investment appraiser of the
fund, conducted a valuation of EfTEN Real Estate Fund AS's real estate
portfolio. The valuations resulted in a 1.7% decrease (EUR6.18 million) of the
value of the fund's investment properties. This decrease in portfolio value can
be largely attributed to the rise in the weighted average cost of capital (WACC)
used to discount cash flows, resulting from the increase in EURIBOR over the
past six months.
On January 1, 2023, EfTEN Real Estate Fund AS (formerly EfTEN Real Estate Fund
III AS) merged with EfTEN Kinnisvarafond AS. Following the merger, the fund's
consolidated assets increased by EUR211 million, from EUR182 million to EUR393
million, and its equity increased by EUR126 million, from EUR104 million to EUR230
million. The merger was officially recorded in the business register on February
28, 2023.
As a consequence of the merger, EfTEN Real Estate Fund AS's real estate
portfolio was incorporated into the subsidiaries of EfTEN Kinnisvarafond AS.
This addition included 17 new investment properties in Estonia, Latvia, and
Lithuania, with a fair value of EUR196.3 million, and one investment property
owned jointly through a 50% share, valued at EUR10 million. Consequently,
following the merger, the fund's real estate portfolio offers an even better
diversification across sectors and tenants.
EfTEN Real Estate Fund AS consolidated sales revenue was EUR15.749 million in the
first half of 2023 (compared to EUR6.988 million in the first half of 2022). The
group's net rental income amounted to a total of EUR14.704 million in the same
period (compared to EUR6.666 million in 2022). The group's net profit for the
first half of 2023 was EUR2.445 million (compared to EUR7.882 million in 2022).
As of June 30, 2023, the group's assets amounted to EUR381.274 million (compared
to EUR181.956 million on December 31, 2022), with investment properties accounting
for 95% of the assets (compared to 93% on December 31, 2022).
As of the end of June 2023, the group owned 35 investment properties (compared
to 18 on December 31, 2022), with a fair value of EUR361.498 million on the
balance sheet date (compared to EUR168.875 million on December 31, 2022) and an
acquisition cost of EUR349.119 million (compared to EUR151.426 million on December
31, 2022). Furthermore, the group's joint venture held the Palace hotel in
Tallinn, with a fair value of EUR9.8 million as of June 30, 2023.
During the first half of 2023, the fund's subsidiaries extended a total of six
loan agreements for a duration of three to five years. The interest margin on
four loans decreased by 0.05-0.5 percentage points, while the EURIBOR of five
loans was reduced from 6 months to 1 months and from 6 months to 3 months for
one loan.
Within the next 12 months, the loan agreements of three subsidiaries within the
group, with a balance of EUR5,395 thousand as of June 30, 2023, will expire. The
loan-to-value (LTV) ratios for these expiring loan agreements range from 37% to
51%, and given the stable and strong rental cash flow of the investment
properties, the group's management anticipates no obstacles in extending the
loan agreements.
The weighted average interest rate for the group's loan agreements reached 5.4%
by the end of June (compared to 3.7% on December 31, 2022) due to changes in
EURIBOR. The loan-to-value (LTV) ratio stood at 42% (compared to 40% on December
31, 2022). All loan agreements for the fund's subsidiaries are tied to floating
interest rates, and all loans are being serviced as usual. The cash flow
generated from the business operations of all investment properties pledged as
collateral for the loan surpasses the loan payments.
As of June 30, 2023, the EPRA net value (EPRA NDV) of each share of EfTEN Real
Estate Fund AS amounted to EUR20.35 (compared to EUR19.86 on June 30, 2022). The
EPRA net value of the fund's share experienced a 1.0% decrease in the first half
of 2023 (compared to a 4.0% increase in the first half of 2022).
CONSOLIDATED STATEMEMT OF COMPREHENSIVE INCOME
2nd quarter 6 months
--------------------------
EUR thousands 2023 2022 2023 2022
-------------------------------------------------------------------------------
Sales income 7,961 3,530 15,749 6,988
-------------------------------------------------------------------------------
Cost of services sold -363 -71 -757 -131
-------------------------------------------------------------------------------
Gross profit 7,598 3,459 14,992 6,857
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Marketing costs -192 -117 -288 -191
-------------------------------------------------------------------------------
General and administrative expenses -860 -448 -1 727 -903
-------------------------------------------------------------------------------
Profit / loss from the changes in investment
properties fair value -6,182 3,702 -6,182 3,702
-------------------------------------------------------------------------------
Other operating income and expense 3 17 13 43
-------------------------------------------------------------------------------
Operating profit 367 6,613 6,808 9,508
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Profit / loss from joint ventures -100 0 -109 0
-------------------------------------------------------------------------------
Interest income 14 0 20 0
-------------------------------------------------------------------------------
Other finance income and expense -1 987 -360 -3,537 -722
-------------------------------------------------------------------------------
Profit before income tax -1,706 6,253 3,182 8,786
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Income tax expense -483 -649 -737 -904
-----------------------------------------------------+------------+------------
Net profit for the reporting period |-2,189 5,604| 2,445 7,882
-----------------------------------------------------+------------+------------
Consolidated profit for the reporting period |-2,189 5,604| 2,445 7,882
-----------------------------------------------------+------------+------------
Earnings per share
-------------------------------------------------------------------------------
- basic -0.63 1.10 -0.20 1.55
-------------------------------------------------------------------------------
- diluted -0.63 1.10 -0.20 1.55
-------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
30.06.2023 31.12.2022
-----------------------------------------------------------
EUR thousands
-----------------------------------------------------------
ASSETS
-----------------------------------------------------------
Cash and cash equivalents 12,616 11,331
-----------------------------------------------------------
Short-term deposits 2,480 0
-----------------------------------------------------------
Receivables and accrued income 1,546 1,522
-----------------------------------------------------------
Prepaid expenses 132 49
-----------------------------------------------------------
Inventory 1 0
-----------------------------------------------------------
Total current assets 16,775 12,902
-----------------------------------------------------------
-----------------------------------------------------------
Long-term receivables 352 61
-----------------------------------------------------------
Shares in joint ventures 2,468 0
-----------------------------------------------------------
Investment property 361,498 168,875
-----------------------------------------------------------
Property, plant, and equipment 180 116
-----------------------------------------------------------
Intangible assets 1 2
-----------------------------------------------------------
Total non-current assets 364,499 169,054
-----------------------------------------------------------
TOTAL ASSETS 381,274 181,956
-----------------------------------------------------------
-----------------------------------------------------------
LIABILITIES AND EQUITY
-----------------------------------------------------------
Borrowings 11,416 22,058
-----------------------------------------------------------
Payables and prepayments 1,985 1,461
-----------------------------------------------------------
Total current liabilities 13,401 23,519
-----------------------------------------------------------
-----------------------------------------------------------
Borrowings 138,563 45,917
-----------------------------------------------------------
Other long-term liabilities 1,886 1,008
-----------------------------------------------------------
Deferred income tax liability 7,280 7,248
-----------------------------------------------------------
Total non-current liabilities 147,729 54,173
-----------------------------------------------------------
Total liabilities 161,130 77,692
-----------------------------------------------------------
-----------------------------------------------------------
Share capital 108,198 50,725
-----------------------------------------------------------
Share premium 84,721 16,288
-----------------------------------------------------------
Statutory reserve capital 2,749 2,149
-----------------------------------------------------------
Retained earnings 24,476 35,102
-----------------------------------------------------------
Total equity 220,144 104,264
-----------------------------------------------------------
TOTAL LIABILITIES AND EQUITY 381,274 181,956
-----------------------------------------------------------
Marilin Hein
CFO
Phone +372 6559 515
E-mail: [email protected] (mailto:[email protected])