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
18518
Attachments
Submission date and time
30.04.2026 08:00:02
Content of announcement in Estonian
Title
EfTEN Real Estate Fund AS 2026. aasta I kvartali auditeerimata majandustulemused
Message
Fondijuhi kommentaar 2026. aasta I kvartalis astus EfTEN Real Estate Fund AS mitu olulist sammu portfelli ümberkujundamisel, keskendudes kapitali efektiivsemale kasutamisele ning uute investeerimisvõimaluste ettevalmistamisele. Märtsis viis fond lõpule tütarettevõtte EfTEN Krustpils SIA (Läti DSV logistikakeskuse omanikettevõte) müügi, mille tulemusel laekus fondile 5,4 miljonit eurot. Fond soetas logistikakeskuse 2016. aasta juunis ning projekti sisemiseks tulumääraks (IRR) kujunes ligikaudu 10%. Bilansipäevajärgselt, aprillis 2026, viis fondi tütarettevõte EfTEN Menulio UAB lõpule Menulio 11 büroohoone müügi Vilniuses. Kinnisvarainvesteeringu müügihind oli ligikaudu 0,6 miljonit eurot bilansilisest väärtusest kõrgem. Läti DSV logistikakeskuse ning Menulio 11 büroohoone müük loob eelduse uute investeeringute tegemiseks. 2026. aasta aprillis toimunud fondi aktsionäride üldkoosolekul arutati Magistrali kaubanduskeskuse omandamist Tallinnas. Kavandatava tehingu eesmärk on suurendada kvaliteetse ja stabiilse rahavooga kaubanduskinnisvara osakaalu fondi portfellis. Magistrali keskuse oodatav soetusväärtus on 31,69 miljonit eurot ning keskuse oodatav neto üüritulu (NOI) on ligikaudu 2,5-2,6 miljonit eurot aastas. Tehing on plaanis lõpuni viia 2026. aasta suvel. Fondi olemasolev kinnisvaraportfell jätkas stabiilset toimimist - vakantsus püsis madal ning üürnike maksekäitumine oli hea. Fond jätkab aktiivset kinnisvaraportfelli juhtimist, et säilitada portfelli täituvus, maksimeerida kinnisvarainvesteeringute üüritulu ning tagada fondi dividendivõimekus. Langenud EURIBORi tase (võrreldes aasta taguse perioodiga) avaldas I kvartalis fondi rahavoogudele olulist positiivset mõju. Intressikulud vähenesid aastases võrdluses 14%, mis võimaldas fondi konsolideeritud puhaskasumit kasvatada üüritulust kiiremini. Fondi vaba rahavoog suurenes eelmise aasta I kvartaliga võrreldes 31% ning intresside kattekordaja (ICR) paranes 3,4-lt 4,4-le. Kuigi kõik fondi laenulepingud on ujuva intressimääraga, on fond intressimäära võimaliku tõusu kaitseks sõlminud kaks intressimäära vahetuslepingut kogusummas 22,6 miljonit eurot (14,7% laenuportfellist), kus 1 kuu EURIBOR on fikseeritud tasemetel 1,995% ja 2,2%. Majandustulemuste ülevaade EfTEN Real Estate Fund AS-i konsolideeritud 2026. aasta I kvartali müügitulu oli 8,421 miljonit eurot (2025. aasta I kvartal: 7,858 miljonit eurot). Müügitulu kasvas aastataguse perioodiga võrreldes 7,2%. Müügitulu kasvu toetas nii büroosektori vakantsuse vähenemine, üüritulu indekseerimine kui ka uued investeeringud logistika- ja hooldekodude sektoris. Fondi konsolideeritud neto üüritulu (NOI) oli 2026. aasta I kvartalis kokku 7,812 miljonit eurot (2025. aasta I kvartal: 7,211 miljonit eurot), kasvades eelmise aasta sama perioodiga võrreldes 8,3%. Neto üüritulu marginaal oli 2026. aasta I kvartalis 95% (2025: 94%), mis tähendab, et kinnistute haldamisega otseselt seotud kulud (sh maamaks, kindlustus, hooldus- ja parendustööd) ning turunduskulud moodustasid 5% (2025: 6%) fondi konsolideeritud üüritulust. 2026. aasta I kvartalis teenis fond konsolideeritud puhaskasumit 4,924 miljonit eurot, mis on 18,2% rohkem kui eelmisel aastal samal perioodil. Kontsern teenis 2026. aasta I kvartalis korrigeeritud rahavoogu (EBITDA miinus intressikulud ja laenude põhiosade tagasimaksed ja tulumaksukulu) kokku ligikaudu 3,5 miljonit eurot, mis on seoses kõrgema EBITDA taseme ja madalamate intressikuludega võrreldes eelmise aasta sama perioodiga suurenenud 31%. Kontserni varade maht oli 31.03.2026 seisuga 407,044 miljonit eurot (31.12.2025: 405,851 miljonit eurot), sh moodustas kinnisvarainvesteeringute õiglane väärtus varade mahust 92% (31.12.2025: 94%). Kinnisvaraportfell Seisuga 31.03.2026 oli kontsernil 36 (31.12.2025: 37) ärikinnisvarainvesteeringut, mille õiglane väärtus bilansipäeval oli 373,808 miljonit eurot (31.12.2025: 381,032 miljonit eurot) ning soetusmaksumus 373,912 miljonit eurot (31.12.2025: 381,235 miljonit eurot). Lisaks eelnimetatud kinnisvarainvesteeringutele kuulub kontserni 50% osalusega ühisettevõttele EfTEN SPV11 OÜ hotell Palace Tallinnas, mille õiglane väärtus 31.03.2026 seisuga oli 8,688 miljonit eurot (31.12.2025: 8,680 miljonit eurot). Investeeringud 2026. aasta I kvartalis Kontsern investeeris 2026. aasta I kvartalis kokku 1,776 miljonit eurot olemasolevasse kinnisvaraportfelli, sh jätkusid Nõmme hooldekodu ümberehitustööd, mille maht oli I kvartalis kokku 1,2 miljonit eurot. Müügid 2026. aasta I kvartalis 2026. aasta märtsis müüs kontsern 100% osaluse tütarettevõttes EfTEN Krustpils SIA, kellele kuulus DSV logistikakeskus Riias. Kontsern soetas DSV logistikakeskuse 2016. aasta juunis ning fond teenis projektist ligikaudu 10% sisemist tulumäära (IRR). Fondile laekus tütarettevõtte müügist kokku 5,4 miljonit eurot. Bilansipäevajärgselt, 17. aprillil 2026, müüs fondi tütarettevõte EfTEN Menulio UAB talle kuuluva büroohoone Vilniuses aadressil Menulio 11. Kinnisvarainvesteeringu müügihind oli 8,1 miljonit eurot, s.o 571 tuhat eurot kõrgem kui kinnistu bilansiline väärtus. Pärast Menulio 11 soetamiseks võetud laenukohustuste tagastamist ning muude kohustuste katmist laekub fondile ligikaudu 4,6 miljonit eurot. Nii EfTEN Krustpils SIA kui ka Menulio 11 büroohoonest saadud vahendeid plaanitakse kasutada Magistrali kaubanduskeskuse soetuseks 2026. aastal. Üüritulu 2026. aasta I kvartalis teenis kontsern kokku 8,181 miljonit eurot üüritulu, mis on 7% rohkem kui 2025. aastal samal perioodil. Kontsernile kuuluvate kinnisvarainvesteeringute vakantsus portfelli kohta oli 31.03.2026 seisuga 3,3% (31.12.2025: 3,2%). Büroosegmendi vakantsus vähenes esimeses kvartalis - kui 2025. aasta lõpus oli segmendi vakantsus 14,4%, siis märtsi lõpus 13,1%. Kuivõrd olulise osa büroosegmendi vakantsusest moodustasid vabad pinnad Menulio 11 büroohoones, siis Menulio 11 müügitehingu järgselt 2026. aasta aprillis langes segmendi vakantsus 9,5%-le. Finantseerimine EfTEN Real Estate Fund AS-i kaks tütarettevõtet pikendasid 2026. aasta I kvartalis pangaga sõlmitud laenulepinguid kogusummas 6,7 miljonit eurot. Ühe laenulepingu pikendamisel langes laenu marginaal 2,3%-lt 1,85%-le ning teise laenu pikendamisel jäid laenulepingu tingimused samas. Järgmise 12 kuu jooksul lõppevad kontserni kaheksa tütarettevõtte laenulepingud, mille jääk oli seisuga 31.03.2026 kokku 32,354 miljonit eurot. Lõppevate laenulepingute LTV (Loan-to- Value) on 34% - 59% ning kinnisvarainvesteeringud omavad stabiilselt üürirahavoogu, mistõttu kontserni juhtkonna hinnangul ei teki laenulepingute pikendamisel takistusi. Kontserni laenulepingute kaalutud keskmine intressimäär oli 31.03.2026 seisuga 4,00% (31.12.2025: 3,99%) ning LTV (Loan to Value) 40% (31.12.2025: 41%). Kõik fondi tütarettevõtete laenulepingud on seotud ujuva intressimääraga. Intressiriski maandamiseks on kontserni kahel tütarettevõttel sõlmitud intressimäära vahetuslepingud kokku nominaalsummas 22,6 miljonit eurot, millega ujuv intressimäär (1 kuu EURIBOR) on fikseeritud tasemel 1,995% ja 2,2%. Fondi laenude intresside kattekordaja (ICR) oli 31.03.2026 seisuga4,4 (seisuga 31.03.2025: 3,4). ICR kasvas peamiselt madalama EURIBORi toel. Aktsiainfo EfTEN Real Estate Fund AS-i registreeritud aktsiakapitali suurus seisuga 31.03.2026 on 115 248 tuhat eurot (31.12.2025: sama). Aktsiakapital koosnes 11 524 846 aktsiast (31.12.2025: sama) nimiväärtusega 10 eurot (31.12.2025: sama). EfTEN Real Estate Fund AS-i aktsia puhasväärtus (NAV) oli seisuga 31.03.2026 20,75 eurot (31.12.2025: 20,32 eurot). EfTEN Real Estate Fund AS-i aktsia puhasväärtus kasvas 2026. aasta esimese kolme kuuga 2,1%. KONSOLIDEERITUD KOONDKASUMIARUANNE ----------------------------------------------------- 3 kuud ----------------------------------------------------- 2026 2025 ----------------------------------------------------- EUR tuhandetes ----------------------------------------------------- Müügitulu 8 421 7 858 ----------------------------------------------------- Müüdud teenuste kulu -429 -506 ----------------------------------------------------- Brutokasum 7 992 7 352 ----------------------------------------------------- ----------------------------------------------------- Turustuskulud -180 -141 ----------------------------------------------------- Üldhalduskulud -988 -1 006 ----------------------------------------------------- Muud äritulud ja -kulud -22 -37 ----------------------------------------------------- Ärikasum 6 802 6 168 ----------------------------------------------------- ----------------------------------------------------- Kasum/kahjum ühisettevõttest -59 -58 ----------------------------------------------------- Kahjum tütarettevõtte müügist -286 0 ----------------------------------------------------- Intressitulud 59 83 ----------------------------------------------------- Muud finantstulud ja -kulud -1 303 -1 803 ----------------------------------------------------- Kasum enne tulumaksu 5 213 4 390 ----------------------------------------------------- ----------------------------------------------------- Tulumaksukulu -289 -223 ----------------------------------------------------- Aruandeperioodi puhaskasum 4 924 4 167 ----------------------------------------------------- Aruandeperioodi koondkasum kokku 4 924 4 167 ----------------------------------------------------- Kasum aktsia kohta ----------------------------------------------------- - tava 0,43 0,36 ----------------------------------------------------- - lahustatud 0,43 0,36 ----------------------------------------------------- KONSOLIDEERITUD FINANTSSEISUNDI ARUANNE 31.03.2026 31.12.2025 ------------------------------------------------------------ EUR tuhandetes ------------------------------------------------------------ VARAD ------------------------------------------------------------ Raha ja raha ekvivalendid 28 903 19 957 ------------------------------------------------------------ Lühiajalised hoiused 0 320 ------------------------------------------------------------ Tuletisinstrumendid 248 13 ------------------------------------------------------------ Nõuded ja viitlaekumised 1 484 1 697 ------------------------------------------------------------ Ettemakstud kulud 159 293 ------------------------------------------------------------ Käibevara kokku 30 794 22 280 ------------------------------------------------------------ ------------------------------------------------------------ Pikaajalised nõuded 142 164 ------------------------------------------------------------ Ühisettevõtete osad 2 123 2 182 ------------------------------------------------------------ Kinnisvarainvesteeringud 373 808 381 032 ------------------------------------------------------------ Materiaalne põhivara 177 193 ------------------------------------------------------------ Põhivara kokku 376 250 383 571 ------------------------------------------------------------ VARAD KOKKU 407 044 405 851 ------------------------------------------------------------ ------------------------------------------------------------ KOHUSTISED JA OMAKAPITAL ------------------------------------------------------------ Laenukohustised 37 631 42 261 ------------------------------------------------------------ Tuletisinstrumendid 0 6 ------------------------------------------------------------ Võlad ja ettemaksed 2 957 2 913 ------------------------------------------------------------ Lühiajalised kohustised kokku 40 588 45 180 ------------------------------------------------------------ ------------------------------------------------------------ Laenukohustised 112 549 111 727 ------------------------------------------------------------ Muud pikaajalised võlad 1 941 1 992 ------------------------------------------------------------ Edasilükkunud tulumaksukohustus 12 838 12 748 ------------------------------------------------------------ Pikaajalised kohustised kokku 127 328 126 467 ------------------------------------------------------------ KOHUSTISED KOKKU 167 916 171 647 ------------------------------------------------------------ ------------------------------------------------------------ Aktsiakapital 115 248 115 248 ------------------------------------------------------------ Ülekurss 91 076 91 076 ------------------------------------------------------------ Kohustuslik reservkapital 4 156 4 156 ------------------------------------------------------------ Jaotamata kasum 28 648 23 724 ------------------------------------------------------------ OMAKAPITAL KOKKU 239 128 234 204 ------------------------------------------------------------ KOHUSTISED JA OMAKAPITAL KOKKU 407 044 405 851 ------------------------------------------------------------ Marilin Hein Finantsjuht Tel. 6559 515 E-mail: [email protected] (https://www.globenewswire.com/Tracker?data=M77habMbZOv5Lhl_- moPRq1W4Bhxj6d19JM2hSQRTVLerA- QGZxktUezE4VtJ2OBcuBscJhbrIP3bm15uERS0ubz_W2pLvDwaOizDAfs9oNuOQ4lHhXmtHM8V7OGffG _qs1RlPoXVsJcUpqgsME07FE3kcckiDXVzLBkBwW2w534eIMBkaO_YonIpgJjq41C_37LyZcI5RCuifF cNseQ8f4Y5lQaTWUgKW1lLR1H4cMxqoXU_7HGWiBJovAbHY2vTBcDiGh4ca-xKngCXTrcmA==)
Content of announcement in English
Title
EfTEN Real Estate Fund AS unaudited results for 1st quarter 2026
Message
Fund Manager's Commentary In the 1st quarter of 2026, EfTEN Real Estate Fund AS took several significant steps in reshaping the portfolio, focusing on more efficient use of capital and on preparing for new investment opportunities. In March, the fund completed the sale of its subsidiary EfTEN Krustpils SIA (the owner company of the Latvian DSV logistics centre), as a result of which the fund received 5.4 million euros. The fund acquired the logistics centre in June 2016, and the internal rate of return (IRR) of the project amounted to approximately 10%. After the reporting date, in April 2026, the fund's subsidiary EfTEN Menulio UAB completed the sale of the Menulio 11 office building in Vilnius. The sale price of the investment property was approximately 0.6 million euros higher than book value. The sale of the Latvian DSV logistics centre and the Menulio 11 office building provides a basis for making new investments. At the fund's general meeting of shareholders held in April 2026, the acquisition of the Magistral shopping centre in Tallinn was discussed. The purpose of the planned transaction is to increase the share of high-quality retail real estate with stable cash flow in the fund's portfolio. The expected acquisition value of the Magistral centre is 31.69 million euros, and the centre's expected net operating income (NOI) is approximately 2.5-2.6 million euros per year. The transaction is planned to be completed in the summer of 2026. The fund's existing real estate portfolio continued stable operation - vacancy remained low and tenants' payment behaviour was good. The fund continues active management of the real estate portfolio in order to maintain portfolio occupancy, maximize rental income from real estate investments, and ensure the fund's dividend capacity. The decline of the EURIBOR (compared to the period a year earlier) had a significant positive effect on the fund's cash flows in the first quarter. Interest expenses decreased by 14% on a year-on-year basis, which enabled the fund to increase consolidated net profit faster than rental income. The fund's free cash flow increased by 31% compared to the first quarter of the previous year, and the interest coverage ratio (ICR) improved from 3.4 to 4.4. Although all of the fund's loan agreements bear a floating interest rate, in order to hedge against a potential increase in interest rates the fund has entered into two interest rate swap agreements in the total amount of 22.6 million euros (14.7% of the loan portfolio), under which the 1?month EURIBOR is fixed at levels of 1.995% and 2.2% respectively. Overview of Financial Results The consolidated sales revenue of EfTEN Real Estate Fund AS for the 1st quarter of 2026 amounted to 8.421 million euros (1st quarter of 2025: 7.858 million euros). Sales revenue increased by 7.2% compared to the same period a year earlier. The growth in sales revenue was supported by a decrease in vacancy in the office sector, indexation of rental income, as well as new investments in the logistics and care home sectors. The fund's consolidated net rental income (NOI) in the 1st quarter of 2026 totalled 7.812 million euros (1st quarter of 2025: 7.211 million euros), increasing by 8.3% compared to the same period of the previous year. The net rental income margin in the 1st quarter of 2026 was 95% (2025: 94%), which means that costs directly related to the management of properties (incl. land tax, insurance, maintenance and improvement works) and marketing expenses accounted for 5% (2025: 6%) of the fund's consolidated rental income. In the 1st quarter of 2026, the fund earned consolidated net profit of 4.924 million euros, which is 18.2% more than in the same period of the previous year. In the 1st quarter of 2026, the Group generated adjusted cash flow (EBITDA minus interest expenses and repayments of loan principal and income tax expense) in the total amount of approximately 3.5 million euros, which, due to a higher EBITDA level and lower interest expenses, increased by 31% compared to the same period of the previous year. As at 31 March 2026, the total assets of the Group amounted to 407.044 million euros (31 December 2025: 405.851 million euros), incl. the fair value of investment properties accounted for 92% of total assets (31 December 2025: 94%). Real Estate Portfolio As at 31 March 2026, the Group had 36 (31 December 2025: 37) commercial real estate investments, the fair value of which as at the reporting date amounted to 373.808 million euros (31 December 2025: 381.032 million euros) and the acquisition cost to 373.912 million euros (31 December 2025: 381.235 million euros). In addition to the above-mentioned investment properties, the Group holds a 50% interest in the joint venture EfTEN SPV11 OÜ, which owns the Palace Hotel in Tallinn, the fair value of which as at 31 March 2026 amounted to 8.688 million euros (31 December 2025: 8.680 million euros). Investments in the 1st quarter of 2026 In the 1st quarter of 2026, the Group invested a total of 1.776 million euros in the existing real estate portfolio, incl. the continuation of the reconstruction works of the Nõmme care home, the volume of which in the 1st quarter amounted to a total of 1.2 million euros. Sales in the 1(st) quarter of 2026 In March 2026, the Group sold a 100% interest in the subsidiary EfTEN Krustpils SIA, which owned the DSV logistics centre in Riga. The Group acquired the DSV logistics centre in June 2016, and the fund earned an internal rate of return (IRR) of approximately 10% from the project. In total, 5.4 million euros were received by the Group from the sale of the subsidiary. Subsequent to the reporting date, on 17 April 2026, the fund's subsidiary EfTEN Menulio UAB sold the office building owned by it in Vilnius at Menulio 11. The sale price of the investment property was 8.1 million euros, i.e. 571 thousand euros higher than the carrying value of the property. After the repayment of loan obligations taken to acquire Menulio 11 and the settlement of other liabilities, approximately 4.6 million euros will be received by the fund. The funds obtained from both EfTEN Krustpils SIA and the Menulio 11 office building are planned to be used for the acquisition of the Magistral shopping centre in 2026. Rental income In the 1st quarter of 2026, the Group earned a total of 8.181 million euros in rental income, which is 7% more than in the same period in 2025. As at 31 March 2026, the vacancy rate of investment properties owned by the Group across the portfolio was 3.3% (31 December 2025: 3.2%). Vacancy in the office segment decreased in the first quarter - while the segment's vacancy rate was 14.4% at the end of 2025, it was 13.1% at the end of March. As a significant part of the office segment vacancy consisted of vacant space in the Menulio 11 office building, following the sale transaction of Menulio 11 in April 2026 the segment vacancy rate decreased to 9.5%. Financing In the 1st quarter of 2026, two subsidiaries of EfTEN Real Estate Fund AS extended loan agreements concluded with banks in the total amount of 6.7 million euros. Upon the extension of one loan agreement, the loan margin decreased from 2.3% to 1.85%, and upon the extension of the other loan, the terms of the loan agreement remained unchanged. Within the next 12 months, loan agreements of eight subsidiaries of the Group will mature, the outstanding balance of which as at 31 March 2026 amounted to a total of 32.354 million euros. The LTV (Loan-to- Value) of the maturing loan agreements is 34%-59%, and the investment properties have a stable rental cash flow, therefore, in the opinion of the Group's management, no obstacles will arise in extending the loan agreements. As at 31 March 2026, the weighted average interest rate of the Group's loan agreements was 4.00% (31 December 2025: 3.99%) and the LTV (Loan to Value) was 40% (31 December 2025: 41%). All loan agreements of the fund's subsidiaries are linked to a floating interest rate. To hedge interest rate risk, two subsidiaries of the Group have entered into interest rate swap agreements with a total notional amount of 22.6 million euros, whereby the floating interest rate (1?month EURIBOR) is fixed at levels of 1.995% and 2.2%. The interest coverage ratio (ICR) of the fund's loans as at 31 March 2026 was 4.4 (as at 31 March 2025: 3.4). The ICR increased mainly due to a lower EURIBOR. Share information As at 31 March 2026, the registered share capital of EfTEN Real Estate Fund AS amounts to 115,248 thousand euros (31 December 2025: same). The share capital consisted of 11,524,846 shares (31 December 2025: same) with a nominal value of 10 euros (31 December 2025: same). The net asset value (NAV) per share of EfTEN Real Estate Fund AS as at 31 March 2026 was 20.75 euros (31 December 2025: 20.32 euros). The net asset value per share of EfTEN Real Estate Fund AS increased by 2.1% over the first three months of 2026. CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME ---------------------------------------------------------------------- 3 months ---------------------------------------------------------------------- 2026 2025 ---------------------------------------------------------------------- EUR thousands ---------------------------------------------------------------------- Revenue 8,421 7,858 ---------------------------------------------------------------------- Cost of services sold -429 -506 ---------------------------------------------------------------------- Gross profit 7,992 7,352 ---------------------------------------------------------------------- ---------------------------------------------------------------------- Marketing costs -180 -141 ---------------------------------------------------------------------- General and administrative expenses -988 -1,006 ---------------------------------------------------------------------- Other operating income and expense -22 -37 ---------------------------------------------------------------------- Operating profit 6,802 6,168 ---------------------------------------------------------------------- ---------------------------------------------------------------------- Profit / loss from joint ventures -59 -58 ---------------------------------------------------------------------- Loss on sale of subsidiary -286 0 ---------------------------------------------------------------------- Interest income 59 83 ---------------------------------------------------------------------- Other finance income and expense -1,303 -1,803 ---------------------------------------------------------------------- Profit before income tax 5,213 4,390 ---------------------------------------------------------------------- ---------------------------------------------------------------------- Income tax expense -289 -223 ---------------------------------------------------------------------- Net profit for the reporting period 4,924 4,167 ---------------------------------------------------------------------- Net comprehensive profit for the reporting period 4,924 4,167 ---------------------------------------------------------------------- Earnings per share ---------------------------------------------------------------------- - basic 0.43 0.36 ---------------------------------------------------------------------- - diluted 0.43 0.36 ---------------------------------------------------------------------- CONSOLIDATED STATEMENT OF FINANCIAL POSITION 31.03.2026 31.12.2025 ----------------------------------------------------------- EUR thousands ----------------------------------------------------------- ASSETS ----------------------------------------------------------- Cash and cash equivalents 28,903 19,957 ----------------------------------------------------------- Short-term deposits 0 320 ----------------------------------------------------------- Derivatives 248 13 ----------------------------------------------------------- Receivables and accrued income 1,484 1,697 ----------------------------------------------------------- Prepaid expenses 159 293 ----------------------------------------------------------- Total current assets 30,794 22,280 ----------------------------------------------------------- ----------------------------------------------------------- Long-term receivables 142 164 ----------------------------------------------------------- Shares in joint ventures 2,123 2,182 ----------------------------------------------------------- Investment property 373,808 381,032 ----------------------------------------------------------- Property. plant and equipment 177 193 ----------------------------------------------------------- Total non-current assets 376,250 383,571 ----------------------------------------------------------- TOTAL ASSETS 407,044 405,851 ----------------------------------------------------------- ----------------------------------------------------------- LIABILITIES AND EQUITY ----------------------------------------------------------- Borrowings 37,631 42,261 ----------------------------------------------------------- Derivatives 0 6 ----------------------------------------------------------- Liabilities and prepayments 2,957 2,913 ----------------------------------------------------------- Total current liabilities 40,588 45,180 ----------------------------------------------------------- ----------------------------------------------------------- Borrowings 112,549 111,727 ----------------------------------------------------------- Other long-term liabilities 1,941 1,992 ----------------------------------------------------------- Deferred income tax liability 12,838 12,748 ----------------------------------------------------------- Total non-current liabilities 127,328 126,467 ----------------------------------------------------------- Total liabilities 167,916 171,647 ----------------------------------------------------------- ----------------------------------------------------------- Share capital 115,248 115,248 ----------------------------------------------------------- Share premium 91,076 91,076 ----------------------------------------------------------- Statutory reserve capital 4,156 4,156 ----------------------------------------------------------- Retained earnings 28,648 23,724 ----------------------------------------------------------- TOTAL EQUITY 239,128 234,204 ----------------------------------------------------------- TOTAL LIABILITIES AND EQUITY 407,044 405,851 ----------------------------------------------------------- Marilin Hein CFO Phone +372 6559 515 E-mail: [email protected] (https://www.globenewswire.com/Tracker?data=M77habMbZOv5Lhl_- moPRq1W4Bhxj6d19JM2hSQRTVLJXaUq9YMROVLbC1cHfIhR7xxHuSEW4Uzw4Xiz4rRnRM6Bu9VVbV08f 1rSwdb8cUkFDFSYUBrN2ZJ1Yrqd3IzPi3Jjznh-dhb4iieEAX2CiFQq82zWfIofBHy34nJwDT- ywWF1wHQc5JiWKceyYkG3f0UOuZulT4upRCjbVKGgX-9yTPxn- FyalUjxzRY8fh3u0DS5_Rap02OUNgZCQlZSwcnSn0lYaSNxHQEQXU4gsiCuxh4fwtaUb02Q8vMLkNR_W H2NdFNrq_jRMysm8qkUnnpGaTtszoRfGCq83jjPkil3sctv4h0QJ97h32ySg3YNui5Zp58zKuIITC9cz mtpS5-6E6sB6eQrpLHjz7AIibwNun0tK-oAxLd8n_le7x64HRgwu_6i_xURnQRNabi-he-viuwEvoC- chbfYVGKJs2ggEiQ-es720x6uyB8-BtcNEqec6FMBPw6v2vVWLIR)