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
7238
Attachments
Submission date and time
25.04.2019 16:05:00
Content of announcement in Estonian
Title
EfTEN Real Estate Fund III AS auditeerimata majandustulemused I kvartal 2019
Message
Fondijuhi kommentaar
EfTEN Real Estate Fund III AS soetas 2019. aasta veebruaris ABC Motors müügi- ja
teeninduskeskuse Tallinnas. Kinnisvarainvesteeringu soetusmaksumus koos
tehingukuludega oli kokku 3,015 miljonit eurot ning tehingu tegemiseks võeti
laenu summas 1,8 miljonit eurot. Ülejäänud soetussumma finantseeriti Kontserni
vabadest vahenditest. Kinnisvarainvesteeringust lisandus 2149 m² üüripinda ning
Kontserni üüritulu suureneb tehingust 252 tuhat eurot aastas.
2019. aasta kevadel viib EfTEN Real Estate Fund III AS läbi täiendava
aktsiaemissiooni mahus ligikaudu 16 miljonit eurot. Emissioon on kavandatud
tulevikus plaanitavate uute objektide omandamise rahastamiseks.
Fond jätkab investeerimistegevust juhindudes oportunistlikust ja väärtust
lisavast investeerimisstrateegiast.
Finantsülevaade
EfTEN Real Estate Fund III AS'i konsolideeritud 2019. aasta I kvartali müügitulu
oli 2,315 miljonit eurot (2018 I kvartal: 2,000 miljonit eurot), kasvades
aastaga 16%. Kontserni puhaskasum samal perioodil oli 1,369 miljonit eurot (2018
I kvartal: 1,251 miljonit eurot).
Konsolideeritud brutokasumi marginaal oli 2019. aasta I kvartalis 97% (2018 I
kvartal: 98%), seega moodustasid kinnistute haldamisega otseselt seotud kulud
(s.h maamaks, kindlustus, hooldus- ja parenduskulud) 3% (2018: 2%) müügitulust.
Kontserni kinnistutega seotud kulud, turustuskulud, üldkulud ning muud tulud ja
-kulud moodustasid 2019. aasta I kvartali jooksul müügitulust kokku
19,5%. 2018. aasta 12 kuu jooksul jäi sama näitaja 20,7% tasemele.
Kontserni varade maht 31.03.2019 seisuga oli 111,088 miljonit eurot (
EfTEN Real Estate Fund III AS-i aktsia puhasväärtus kasvas 2019. aasta I
kvartali jooksul 2,7% (2018 I kvartal: sama). Investeeritud kapitali aastane
tootlus (ROIC) oli 31.03.2019 seisuga 17,9% (31.12.2018: 17,6%).
Kontserni konkurentsivõimet aitab kasvatada ligipääs paindlikele
finantseerimistingimustele. 2019. aasta I kvartali jooksul laekus Kontsernile
pangalaene seoses uue kinnisvarainvesteeringu soetamise ning olemasolevate
kinnisvarainvesteringute arendusega kogusummas 1,978 miljonit eurot. Kontserni
laenulepingute keskmine intressimäär (s.h arvestades intressiswapi lepinguid) on
märtsi lõpu seisuga 1,8% (31.12.2018: sama) ning LTV (Loan to Value) 52%
(31.12.2018: sama).
EfTEN Real Estate Fund III AS dividendipoliitika näeb ette, et igal
aruandeaastal maksab Kontsern vabast rahavoost 80% aktsionäridele
(bruto)dividendideks. 2019. aasta mais maksab EfTEN Real Estate Fund III AS
aktsionäridele (neto)dividende 95 senti aktsia kohta (kokku 3,061 miljonit
eurot). 2018. aastal maksis Kontsern aktsionäridele dividende 68 senti aktsia
kohta (kokku 2,191 miljonit eurot).
2019. aasta I kvartali jooksul on Kontsern teeninud vaba rahavoogu 0,912
miljonit eurot (2018 I kvartal: 0,776 miljonit eurot). Pärast Leedu ettevõtete
tulumaksukulu mahaarvamist ning arvestusliku dividendide tulumaksukulu
arvutamist Eesti ja Läti ettevõtetes saaks EfTEN Real Estate Fund III AS
vastavalt kehtestatud dividendipoliitikale maksta aktsionäridele netodividende
selle perioodi kasumist 0,656 miljonit eurot (20 senti aktsia kohta).
Kinnisvaraportfell
Kontsern investeerib ärikinnisvarasse, millel on tugev ja pikaajaline üürnike
baas. 2019. aasta 31. märtsi lõpu seisuga on Kontsernil 11 (31.12.2018: 10)
ärikinnisvarainvesteeringut, mille õiglane väärtus bilansipäeval on 106,084
miljonit eurot (31.12.2018: 102,787 miljonit eurot) ning soetusmaksumus 98,292
miljonit eurot (31.12.2018: 94,627 miljonit eurot).
KONSOLIDEERITUD KOONDKASUMIARUANNE
I kvartal
------------
EUR tuhandetes 2019 2018
-------------------------------------------------------------------------------
Müügitulu 2 315 2 000
-------
Müüdud teenuste kulu -76 -49
------------
Brutokasum 2 239 1 951
-------
-------
Turustuskulud -86 -102
-------
Üldhalduskulud -288 -262
-------
Kasum / kahjum kinnisvarainvesteeringute õiglase väärtuse
muutusest 0 0
-------
Muud äritulud ja -kulud -1 0
------------
Ärikasum 1 864 1 587
-------
-------
Intressitulud 0 1
-------
Finantskulud -338 -208
------------
Kasum enne tulumaksu 1 526 1 380
-------
-------
Tulumaksukulu -157 -129
------------
Aruandeperioodi koondkasum kokku 1 369 1 251
-------------------------------------------------------------------------------
Kasum aktsia kohta
-------
- tava 0,42 0,39
-------
- lahustatud 0,42 0,39
-------------------------------------------------------------------------------
KONSOLIDEERITUD FINANTSSEISUNDI ARUANNE
31.03.2019 31.12.2018
--------------
EUR tuhandetes
--------------
VARAD
--------------
Raha ja raha ekvivalendid 4 359 4 859
--------------
Nõuded ja viitlaekumised 440 673
--------------
Ettemakstud kulud 99 46
--------------
Käibevara kokku 4 898 5 578
--------------
--------------
Pikaajalised nõuded 0 24
--------------
Kinnisvarainvesteeringud 106 084 102 787
--------------
Materiaalne põhivara 106 114
--------------
Põhivara kokku 106 190 102 925
--------------------------
VARAD KOKKU 111 088 108 503
------------------------------------------------------------
--------------
KOHUSTUSED JA OMAKAPITAL
--------------
Laenukohustused 2 755 8 105
--------------
Tuletisinstrumendid 264 189
--------------
Võlad ja ettemaksed 673 1 019
--------------------------
Lühiajalised kohustused kokku 3 692 9 313
--------------
--------------
Laenukohustused 51 390 44 743
--------------
Muud pikaajalised võlad 513 457
--------------
Edasilükkunud tulumaksukohustus 3 630 3 496
--------------
Pikaajalised kohustused kokku 55 533 48 696
--------------------------
Kohustused kokku 59 225 58 009
--------------
--------------
Aktsiakapital 32 225 32 225
--------------
Ülekurss 3 658 3 658
--------------
Kohustuslik reservkapital 621 621
--------------
Jaotamata kasum 15 359 13 990
--------------------------
Omakapital kokku 51 863 50 494
--------------------------
KOHUSTUSED JA OMAKAPITAL KOKKU 111 088 108 503
------------------------------------------------------------
Marilin Hein
Finantsjuht
Tel 655 9515
E-post: [email protected] (mailto:[email protected])
Content of announcement in English
Title
EfTEN Real Estate Fund III AS unaudited financial results, 1st quarter 2019
Message
Comment of the Fund manager
In February 2019, EfTEN Real Estate Fund III AS acquired the ABC Motors sales
and service center in Tallinn. The cost of the investment property, including
transaction costs, totaled EUR 3.015 million and a loan of EUR 1.8 million was
taken for the transaction. The remaining acquisition amount was financed from
the Group's free funds. The investment property added 2,149 m2 of rental
property and the Group receives rental income of EUR 252 thousand per year.
In the spring of 2019, EfTEN Real Estate Fund III AS shall carry out an
additional share issue of approximately 16 million euros to finance the
acquisition of new facilities planned for the future.
The Fund will continue its investment activities based on an opportunistic and
value-adding investment strategy.
Financial overview
The consolidated sales revenue of EfTEN Real Estate Fund III AS for the 1(st)
quarter of 2019 was EUR 2.315 million (1(st) quarter of 2018: EUR 2.000
million), which increased by 16% in a year. The Group's net profit for the same
period amounted to EUR 1.369 million (1(st) quarter of 2018: EUR 1.251 million).
The consolidated gross profit margin in the 1(st) quarter of 2019 was 97% (1(st)
quarter of 2018: 98%). Therefore, expenses directly related to management of
properties (incl. land tax, insurance, maintenance and improvement costs)
accounted for 3% (1(st) quarter of 2018: 2%) of the revenue. The Group's
expenses related to properties, marketing costs, general expenses, other income
and expenses accounted for 19.5% of the revenue in the 1(st) quarter of 2019.
The respective indicator was 20.7% in the 1(st) quarter of 2018.
As at 31.03.2019, the Group's total assets were in the amount of EUR 111.088
million (31.12.2018: 108.503 million), including fair value of investment
property, which accounted for 95% (31.12.2018: same) of the total assets.
During the 1(st) quarter of 2019, the net asset value of the share of EfTEN Real
Estate Fund III AS increased by 2.7% (1(st) quarter of 2018: the same). Return
on invested capital (ROIC) was 17.9% as of 31.03.2019 (31.12.2018: 17.6%).
Access to flexible financing conditions will help to increase the Group's
competitiveness. In the 1(st) quarter of 2019, the Group entered into new loan
contracts in the total amount of EUR 1.978 million in connection with the
acquisition of new investment properties and the development of existing
investment propoerties. As at the end of March, the average interest rate on
Group's loan agreements (including interest swap contracts) was 1.8%
(31.12.2018: the same) and the LTV (Loan to Value) ratio was 52% (31.12.2018:
the same).
The dividend policy of EfTEN Real Estate Fund III AS provides that the Group
will pay out 80% of the free cash flow to shareholders as (gross) dividends in
each accounting year. In May 2019, EfTEN Real Estate Fund III AS shall pay the
shareholders (net) dividends 95 cents per share (in the total amount of EUR
3.061 million). In 2018, the Group paid net dividends to the shareholders 68
cents per share (in the total amount of EUR 2.191 million).
During the 1(st) quarter of 2019, the Group earned a free cash flow of EUR
0.912 million (1(st) quarter of 2018: EUR 0.776 million). Following the
deduction of Lithuanian income tax expense and the calculation of the dividend
income tax expense in Estonian and Latvian companies, EfTEN Real Estate Fund III
AS would be able to pay net dividends to the shareholders in the total amount of
EUR 0.656 million (20 cents per share) from the profit earned in this period.
Real estate portfolio
The Group invests in commercial real estate with a strong and long-term tenant
base. At the end of March 2019, the Group had 11 (31.12.2018: 10) commercial
investment properties with a fair value as at the balance sheet date of EUR
106.084 million (31.12.2018: EUR 102.787 million) and acquisition cost of EUR
98.292 million (31.12.2018: EUR 94.627 million).
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
1st quarter
----------------
EUR thousand 2019 2018
------------------------------------------------------------------------
Revenue 2,315 2,000
---------
Cost of services sold -76 -49
----------------
Gross profit 2,239 1,951
---------
---------
Marketing costs -86 -102
---------
General and administrative expenses -288 -262
---------
Gain / loss from revaluation of investment properties 0 0
---------
Other operating income and expense -1 0
----------------
Operating profit 1,864 1,587
---------
---------
Interest income 0 1
---------
Finance costs -338 -208
----------------
Profit before income tax 1,526 1,380
---------
---------
Income tax expense -157 -129
----------------
Total comprehensive income for the financial period 1,369 1,251
------------------------------------------------------------------------
Earnings per share
---------
- Basic 0.42 0.39
---------
- Diluted 0.42 0.39
------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
31.03.2019 31.12.2018
--------------
EUR thousand
--------------
ASSETS
--------------
Cash and cash equivalents 4,359 4,859
--------------
Receivables and accrued income 440 673
--------------
Prepaid expenses 99 46
--------------
Total current assets 4,898 5,578
--------------
--------------
Long-term receivables 0 24
--------------
Investment property 106,084 102,787
--------------
Property, plant and equipment 106 114
--------------
Total non-current assets 106,190 102,925
--------------------------
TOTAL ASSETS 111,088 108,503
-----------------------------------------------------------
--------------
LIABILITIES AND EQUITY
--------------
Borrowings 2,755 8,105
--------------
Derivative instruments 264 189
--------------
Payables and prepayments 673 1,019
--------------------------
Total current liabilities 3,692 9,313
--------------
--------------
Borrowings 51,390 44,743
--------------
Other long-term liabilities 513 457
--------------
Deferred income tax liability 3,630 3,496
--------------
Total non-current liabilities 55,533 48,696
--------------------------
Total liabilities 59,225 58,009
--------------
--------------
Share capital 32,225 32,225
--------------
Share premium 3,658 3,658
--------------
Statutory reserve capital 621 621
--------------
Retained earnings 15,359 13,990
--------------------------
Total equity 51,863 50,494
--------------------------
TOTAL LIABILITIES AND EQUITY 111,088 108,503
-----------------------------------------------------------
Marilin Hein
CFO
Phone 655 9515
E-mail: [email protected] (mailto:[email protected])