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
6762
Submission date and time
09.07.2018 16:07:00
Content of announcement in Estonian
Title
EfTEN Real Estate Fund III AS aktsia puhasväärtus seisuga 30.06.2018
Message
EfTEN Real Estate Fund III äritegevus oli juunis stabiilne, sisaldades muuhulgas ka esmakordselt Evolution büroohoone tulusid. Üüritulu teeniti kokku 684 tuhat eurot (mais 624 tuhat eurot) ning EBITDA-d 593 tuhat eurot (mais 533 tuhat eurot). Juunis viis EfTEN Real Estate Fund III AS hindaja Colliers International Advisors läbi tavapärase kinnisvarainvesteeringute hindamisprotsessi. Kinnisvaraportfelli väärtus juunis oluliselt ei muutunud - portfelli väärtus kahanes 0,02%, s.o 22 tuhande euro võrra. Samas kajastas Kontsern mais seoses Evolution büroohoone soetusega vastavalt Colliers International Advisors poolt tehtud hinnangule õiglase väärtuse muutuse kasumi summas 984 tuhat eurot, seega 6 kuu kokkuvõttes on fondi kinnisvaraportfelli väärtus suurenenud 962 tuhande euro võrra. EfTEN Real Estate Fund III AS'i konsolideeritud 2018. aasta I poolaasta müügitulu oli 4,105 miljonit eurot (2017 I poolaasta: 3,537 miljonit eurot), kasvades aastaga 16%. Kontserni kasum enne kinnisvarainvesteeringute ümberhindluseid, amortisatsioonikulu ning finantstulusid/-kulusid ja tulumaksukulu (EBITDA) oli 2018. aasta I poolaastal kokku 2,719 miljonit eurot (2017 I poolaastal: 2,517 miljonit eurot). Kontserni puhaskasum samal perioodil oli 3,149 miljonit eurot (2017 I poolaasta: 4,030 miljonit eurot). Väiksem puhaskasum on tingitud madalamast kinnisvarainvesteeringute ümberhindluse kasumist, mis selle aasta I poolaastal oli kokku 962 tuhat eurot, eelmisel aastal aga 2 316 tuhat eurot. Konsolideeritud brutokasumi marginaal oli 2018. aasta I poolaastal 98% (2017 I poolaasta: sama), seega moodustasid kinnistute haldamisega otseselt seotud kulud (s.h maamaks, kindlustus, hooldus- ja parenduskulud) 2018. aasta esimeses pooles kõigest 2% (2017: sama) müügitulust. Kontserni kinnistutega seotud kulud, turustuskulud, üldkulud ning muud tulud ja -kulud moodustasid 2018. aasta I poolaastal müügitulust 21,2%. 2017. aasta esimeses pooles jäi sama näitaja 21,5% tasemele. Kontserni varade maht 30.06.2018 seisuga oli 106,048 miljonit eurot (31.12.2017: 97,291 miljonit eurot), s.h kinnisvarainvesteeringute õiglane väärtus moodustas varade mahust 95% (31.12.2017: 91%). 2018. aasta I poolaasta jooksul on Kontsern teeninud vaba rahavoogu 1,703 miljonit eurot (2017 I poolaasta: 1,399 miljonit eurot). Pärast Leedu ettevõtete tulumaksukulu mahaarvamist ning arvestusliku dividendide tulumaksukulu arvutamist Eesti ja Läti ettevõtetes saaks EfTEN Real Estate Fund III maksta aktsionäridele netodividende selle aasta esimese kuue kuu kasumist 1,200 miljonit eurot (37 senti aktsia kohta). Terve eelmise aasta eest maksis fond aktsionäridele netodividende 68 senti aktsia kohta. EfTEN Real Estate Fund III AS NAV seisuga 30.06.2018 oli 14,69 eurot. NAV kasvas juunis 0,8%. Marilin Hein Finantsjuht Tel. 655 9515 E-post: [email protected]
Content of announcement in English
Title
EfTEN Real Estate Fund III AS Net Asset Value per share as of 30.06.2018
Message
The fund's ordinary business was stable in June, including first-time rental income from the Evolution office building. The rental income was 684 thousand euros in total (624 thousand euros in May) and EBITDA was 593 thousand euros (in May, 533 thousand euros). In June, Colliers International Advisors carried out the usual half-year valuation process. This time, the fair value of investment properties didn't change significantly, amounting to -22 thousand euros (-0,02% from the value of investments property). However, Group accounted revaluation profit from purchasing the Evolution office building in May, achieving a profit of 982 thousand euros on the transaction date. Therefore, the investment properties value during the first 6 months of 2018 is increased by 962 thousand euros as total. The consolidated sales revenue of EfTEN Real Estate Fund III AS for 1(st) half year of 2018 was EUR 4.105 million (2017 same period: EUR 3.537 million), which increased by 16% in a year. The Group's profit before revaluation of investment properties (including change in the success fee reserve), depreciation and financial income/ -costs and income tax expense (EBITDA) totalled EUR 2.719 million (2017 1(st) HY: EUR 2.517 million). The Group's net profit for the same period amounted to EUR 3.149 million (2017 1(st) HY: EUR 4,030 million). The decrease of net profit is due to the lower profit from investment properties revaluation, totalling to 962 thousand euros this year, compared to 2,316 thousand euros during first 6 months last year. The consolidated gross profit margin during the first 6 months of 2018 was 98% (2018: the same), therefore, expenses directly related to the management of properties (incl. land tax, insurance, maintenance and improvement costs) accounted for only 2% of the revenue. The Group's expenses related to properties, marketing costs, general expenses, other income and expenses accounted for 21,2% of the revenue in 1(st) HY 2018. The respective indicator was 21,5% in 1(st) HY 2017. As of 30.06.2018, the Group's total assets amounted to EUR 106.048 million (31.12.2017: 97.291 million), including fair value of investment property, which accounted for 95% (31.12.2017: 91%) of the total assets. During the first half of 2018, the Group earned a free cash flow of 1.703 million euros (1st half-year of 2017: 1.399 million euros). Following the deduction of Lithuanian income tax expense and the calculation of the potential dividend income tax expense in Estonian and Latvian companies, EfTEN Real Estate Fund III would be able to distribute net dividends to shareholders of 1,200 million euros (37 cents per share) for the first six months of the year. For the entire previous year, the Fund paid to the shareholders a net dividend of 68 cents per share. EfTEN Real Estate Fund III AS NAV was EUR 14.69 as at 30.06.2018. NAV grew by 0,8% in June. Marilin Hein CFO Phone: 655 9515 E-mail: [email protected]