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
7350
Submission date and time
10.06.2019 16:07:52
Content of announcement in Estonian
Title
EfTEN Real Estate Fund III AS aktsia puhasväärtus seisuga 31.05.2019
Message
EfTEN Real Estate Fund III AS aktsia puhasväärtus (NAV) seisuga 31.05.2019 oli 15,34 eurot. NAV suurenes mais 0,7%. EPRA aktsia puhasväärtus (raamatupidamislik puhasväärtus ilma edasilükkunud tulumaksukohustust ja intressiderivatiivide õiglast väärtust arvestamata) on 31.05.2019 seisuga 16,60 eurot (30.04.2019: 16,46 eurot). EPRA NAV suurenes mai jooksul 0,9%. EfTEN Real Estate Fund III AS teenis mais 776 tuhat eurot müügitulu, mis on kuu varasemaga võrreldes samal tasemel, kuid sisaldab 21 tuhat eurot üüritulu langust ja 20 tuhat eurot haldustegevuse tulude tõusu. Üüritulu langes seoses Evolution büroohoone ühe üürilepingu lõppemisega, mis jättis vabaks 2319 m2 kontoripinda. Vabaks jäänud pinnast on mai lõpu seisuga üürilepingud sõlmitud 549 m2-le, mille alusel hakkab fondile üüritulu laekuma alates juulist 2019. Antud üürilepingu lõppemine oli fondi juhtkonnale teada juba hoone soetusel eelmisel aastal. Vakantsed pinnad plaanime üürilepingutega täita aasta lõpuks. Fondi EBITDA oli mais 568 tuhat eurot (aprillis 594 tuhat eurot). EBITDA vähenes seoses Evolution büroohoone vakantsuse suurenemisega. Fondi puhaskasum on 2019. aasta mais 367 tuhat eurot (aprill: 251 tuhat eurot). Kuu varasemaga võrreldes on puhaskasumi kasv seotud madalama tulumaksukuluga, mis oli aprillis kõrgem tänu fondi dividendide väljakuulutamisele. Selle aasta esimese viie kuu jooksul on EfTEN Real Estate Fund III AS teeninud 3,9 miljonit eurot müügitulu (16% ja 507 tuhat eurot rohkem kui eelmisel aastal samal perioodil), mis on tulnud nii uutest investeeringutest (Evolution büroohoone, ABC Motorsi müügi- ja teeninduspinnad) kui ka üüritulu suurenemisest Läti DSV kinnistul pärast juurdeehitust. Fondi EBITDA on selle aasta esimese viie kuu jooksul kokku 3 037 tuhat eurot, mis on 15% (391 tuhat eurot) kõrgem kui eelmisel aastal samal perioodil. Lähtudes fondi dividendipoliitikast, mis näeb ette, et vabast rahavoost tasutakse minimaalselt 80% aktsionäridele dividendideks, saaks fond maksta 2019. aasta esimese viie kuu kasumilt kokku dividende 1 007 tuhat eurot (31 senti aktsia kohta). EfTEN Real Estate Fund III konsolideeritud varade maht oli 31.05.2019 seisuga 111,5 miljonit eurot (31.12.2018: 108,5 miljonit eurot) ning omakapital 49,4 miljonit eurot (31.12.2018: 50,5 miljonit eurot). 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 31.05.2019
Message
The net asset value (NAV) of the shares of EfTEN Real Estate Fund III AS as of 31.05.2019 was 15.34 euros. NAV increased by 0,7% in May. The EPRA NAV per share (net book value excluding deferred income tax liability and fair value of interest derivatives) as of 31.05.2019 was 16.60 euros (30.04.2019: 16.46 euros). EPRA NAV increased by 0,9% during May. In May, EfTEN Real Estate Fund III AS earned 776 thousand euros sales income, which is at the same level as in the previous month, but includes the decrease in rental income (-21 thousand) and increase in maintenance income (+20 thousand). The rental income decreased due to the end of a material tenant agreement, which left 2319 m2 rental spaces unoccupied. From the vacant space, new tenant agreements are already signed for 549 m2 and according to those agreements, the rental income will be received starting from July this year. The expiration of this lease was known to the management of the Fund at the time of the acquisition of the investment property last year. We are planning to fill vacant space with lease agreements by the end of the year. The EBITDA of the Fund in May was 568 thousand euros (594 thousand euros in April). EBITDA decreased due to the increase in the vacancy of the Evolution office building. In May 2019, the Fund's net profit was 367 thousand euros (in April: 251 thousand euros). Compared to the previous month, the increase in net profit is related to lower income tax expense, which was higher in April due to the announcement of the Fund's dividends. During the first five months of this year, EfTEN Real Estate Fund III AS has earned 3.9 million euros in sales revenue (16% and 507 thousand more than in the same period last year), which has come from new investments (Evolution office building, sales and service premises of ABC Motors) and the increase in rental income on the DSV Latvia after the extension. The Fund's EBITDA for the first five months of this year totaled 3,037 thousand, which is 15% (391 thousand euros) higher than last year same time. Based on the Fund's dividend policy, which stipulates that at least 80% of the free cash flow will be distributed to the shareholders, the Fund could pay dividends based on the first four months of 2019 in the amount of 1.007 thousand euros (31 cents per share). The volume of consolidated assets of EfTEN Real Estate Fund III as of 31.05.2019 was 111.5 million euros (31.12.2018: 108.5 million euros) and equity was 49.4 million euros (31.12.2018: 50.5 million euros). Marilin Hein CFO Phone 655 9515 E-mail: [email protected]