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
7055
Submission date and time
10.01.2019 16:30:59
Content of announcement in Estonian
Title
EfTEN Real Estate Fund III AS aktsia puhasväärtus seisuga 31.12.2018
Message
EfTEN Real Estate Fund III AS teenis detsembris 844 tuhat eurot müügitulu, mis on 12% rohkem kui kuu varem. Kõrgem üür oli seotud aastas korra arvestatava käibeüüriga Saules Miestase kaubanduskeskuses Leedus. Fondi EBITDA oli detsembris kokku 579 tuhat eurot (novembris: 568 tuhat eurot). EBITDA sisaldas detsembris fondivalitseja edukustasukulu summas 46 tuhat eurot, mis arvutatakse valitsemislepingu alusel kahe viimase aasta börsipäevade sulgemishindade vahelt, millest on elimineeritud minimaalne tootlikkus (10%) ning dividendide väljamaksete mõju. Fondivalitseja edukustasuks on 20% selliselt arvutatud viimaste börsipäevade hindade tõusult. Fondi sõltumatu hindaja Colliers International viis detsembris läbi kaks korda aastas teostatava kinnisvarainvesteeringute hindamise, mille tulemusel tõusis fondi kinnisvaraportfelli väärtus 0,6% (600 tuhat eurot). Tänu kinnisvarainvesteeringute ümbrehindluse kasumile oli tavapärasest kõrgem ka fondi puhaskasum, ulatudes 951 tuhande euroni (novembris oli fondi puhaskasum 363 tuhat eurot). 2018. aasta 12 kuu kokkuvõttes on EfTEN Real Estate Fund III auditeerimata andmetel teeninud 8,7 miljonit eurot (2017: 7,3 MEUR) müügitulu ja 6,7 miljonit eurot (2017: 5,6 MEUR) EBITDA-d. EBITDA marginaal on mõlemal aastal 77%, s.t Fondi müügi- ja üldkulud moodustavad müügitulust 23%. Fondi puhaskasum on 2018. aasta 12 kuu kokkuvõttes 6,3 miljonit eurot (2017: 6,6 MEUR). Väiksem puhaskasum tulenes väiksemast kinnisvarainvesteeringute ümberhindluse kasumist, mis 2018. aastal oli kokku 1,6 miljonit eurot ja 2017. aastal 2,8 miljonit eurot. Lähtudes fondi dividendipoliitikast, mis näeb ette, et vabast rahavoost tasutakse minimaalselt 80% aktsionäridele dividendideks, saaks fond maksta 2018. aasta kasumilt kokku dividende 2,4 MEUR, mis on 74 senti aktsia kohta (neto). 2017. aasta kasumilt maksis fond dividende 68 senti aktsia kohta. EfTEN Real Estate Fund III konsolideeritud varade maht oli 31.12.2018 seisuga 108,5 miljonit eurot (31.12.2017: 97,3 miljonit eurot) ning omakapital 50,5 miljonit eurot (31.12.2017: 46,4 miljonit eurot). Fondi 12 kuu tootlus keskmise sisse makstud kapitali kohta on detsembri lõpu seisuga 17,6%. EfTEN Real Estate Fund III AS aktsia puhasväärtus (NAV) seisuga 31.12.2018 oli 15,67 eurot. NAV kasvas detsembris 1,9%. 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 31.12.2018
Message
EfTEN Real Estate Fund III AS earned 844 thousand euros sales revenue in December, which is 12% more than a month earlier. Higher rent was related to the annual turnover rent at Saules Miestas Shopping Center in Lithuania. The total EBITDA of the Fund in December was 579 thousand euros (in November: 568 thousand euros). In December, EBITDA included a management company's success fee of 46 thousand euros, calculated on the basis of a management contract between closing prices of the last trading days of the last two years of the stock exchange, which is corrected by the minimum hurdle rate (10%) and the impact of dividend payments. The Management Company's performance fee is 20% of the price increases of the last trading days, calculated as described previously. An independent property appraiser of the fund, Colliers International, carried out it's usual (performed twice a year) investment property valuation in December, resulting in a 0.6% (EUR 600 thousand) increase in the value of the Fund's real estate portfolio. As a result of the revaluation profit, the Fund's Net Profit was also higher than usual, amounting to 951 thousand euros (in November, the Fund's Net Profit was 363 thousand euros). During the 12 months 2018, EfTEN Real Estate Fund III has, based on unaudited results, earned 8.7 million euros (2017: 7.3 MEUR) of sales revenue and 6.7 million euros (2017: 5.6 MEUR) of EBITDA. EBITDA margin is 77% in both years, i.e. the Fund's sales and general expenses account for 23% of sales revenue. The Net Profit of the Fund for the 12 months of 2018 is 6.3 million euros (2017: 6.6 MEUR). The lower Net Profit was as a result of lower investment properties revaluation profits, which totaled EUR 1.6 million in 2018 and EUR 2.8 million in 2017. Based on the Fund's dividend policy, which stipulates that a minimum of 80% of the free cash flow will be paid to shareholders, the Fund could pay a dividend of MEUR 2.4, which is 74 cents per share (net). From the 2017 profit, the Fund paid dividends of 68 cents per share. As of 31.12.2018, the consolidated assets of EfTEN Real Estate Fund III amounted to 108.5 million euros (31.12.2017: 97.3 million euros) and equity to 50.5 million euros (31.12.2017: 46.4 million euros). The Fund's 12-month return on average paid-in capital is 17.6% at the end of December. As of 31.12.2018, EfTEN Real Estate Fund III AS NAV was EUR 15.67. NAV grew by 1.9% in December. Marilin Hein CFO Phone: 655 9515 E-mail: [email protected]