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
7418
Attachments
Submission date and time
30.07.2019 16:05:00
Content of announcement in Estonian
Title
EfTEN Real Estate Fund III AS auditeerimata majandustulemused I poolaasta 2019
Message
Fondi juhatuse kommentaar
EfTEN Real Estate Fund III AS-i 2019. aasta teise kvartali kõige olulisem
mjandussündmus oli edukas täiendav aktsiaemissioon, mille käigus fond emiteeris
1 miljon uut aktsiat hinnaga 16 eurot aktsia kohta. Emissioon märgiti
kolmekordselt üle. Kokku esitati 2094 märkimiskorraldust summerituna 49 miljoni
euro koguväärtuses. Olemasolevad fondi aktsionärid kasutasid jaotuse eelisõigust
818 tuhande aktsia märkimiseks. Uut kapitali kasutatakse fondi
investeerimistegevuse jätkamiseks. Fondi portfellis olevate varade
majandusnäitajad vastasid juhtkonna ootustele. Hetkel on fondil pooleli üks
arenduprojekt, Hortese aianduskeskuse rajamine Tähesaju kaubanduslinnakus
Tallinnas. Uus Hortese aianduskeskus on kavas avada käesoleva aasta neljandas
kvartalis.
Finantsülevaade
EfTEN Real Estate Fund III AS-i konsolideeritud 2019. aasta II kvartali
müügitulu oli 2,321 miljonit eurot (2018 II kvartal: 2,104 miljonit eurot),
kasvades aastaga 10,3%. Kontserni puhaskasum samal perioodil oli 2,329 miljonit
eurot (2018 II kvartal: 1,896 miljonit eurot). Kõrgem puhaskasum 2019. aastal on
tingitud suuremast kinnisvarainvesteeringute ümberhindluse kasumist, mis sellel
aasta I poolaastal oli kokku 1,460 miljonit eurot, eelmise aasta II kvartalis
aga 0,962 miljonit eurot.
EfTEN Real Estate Fund III AS-i konsolideeritud 2019. aasta I poolaasta
müügitulu oli 4,636 miljonit eurot (2018 I poolaasta: 4,105 miljonit eurot),
kasvades aastaga 12,9%. Kontserni kasum enne kinnisvarainvesteeringute
ümberhindluseid, amortisatsioonikulu ning finantstulusid/-kulusid ja
tulumaksukulu oli 2019. aasta I poolaasta jooksul kokku 3,624 miljonit eurot
(2018 I poolaasta: 3,262 miljonit eurot), kasvades aastaga 11,1%. Kontserni
puhaskasum samal perioodil oli 3,698 miljonit eurot (2018 I poolaasta: 3,149
miljonit eurot).
2019. aasta jaanuaris soetas kontsern ABC Motors Autokeskuse kinnistu Tallinnas,
makstes investeeringu eest 3 miljonit eurot. Lisaks jätkas kontsern Tähesaju tee
Hortese aianduskeskuse ehitust, kuhu investeeriti 2019. aasta esimese poolaasta
jooksul 2,4 miljonit eurot. Tähesaju Hortese aianduskeskuse plaanitud valmimise
aeg on 2019 aasta neljas kvartal.
2019. aasta juunis viis sõltumatu hindaja läbi kontserni
kinnisvarainvesteeringute perioodilise hindamise. Kinnisvarainvesteeringute
väärtus tõusis ümberhindluste tulemusel 1,46 miljoni euro võrra (1,3%) ning oli
peamiselt seotud paranenud rahavoogude prognoosiga.
EfTEN Real Estate Fund III AS suurendas 2019. aasta juunis aktsiakapitali
1 000 000 uue lihtaktsia väljalaskmise teel. Uued aktsiad lasti välja hinnaga
16 eurot aktsia kohta, s.t aktsiakapitali suurendamisel laekus kontsernile 16
miljonit eurot.
EfTEN Real Estate Fund III AS-i aktsia raamatupidamislik puhasväärtus seisuga
30.06.2019 oli 15,90 eurot (31.12.2018: 15,67 eurot). EfTEN Real Estate Fund III
AS-i aktsia puhasväärtus kasvas 2019. aasta I poolaasta jooksul 1,5%. 2019.
aasta mais maksis Fond dividende 2018. aasta kasumist kogusummas 3 061 tuhat
eurot (2018 aasta kevadel: 2 191 tuhat eurot). Ilma dividendide maksmiseta oleks
fondi NAV 2019. aasta I poolaasta jooksul kasvanud 7,5%. Investeeritud kapitali
aastane tootlus (ROIC) oli 2019. aasta 30. juuni seisuga 18,4% (30.06.2018:
16,6%).
Lisaks ülalnimetatud IFRS kohaselt arvutatud aktsia puhasväärtusele (15,90 eurot
seisuga 30.06.2019) arvutab EfTEN Real Estate Fund III AS investoritele
asjakohaseima netovara õiglase väärtuse pakkumiseks ka poolt soovitatud aktsia
puhasväärtust. EfTEN Real Estate Fund III AS-i EPRA NAV seisuga 30.06.2019 oli
16,92 eurot (31.12.2018: 16,81 eurot).
KONSOLIDEERITUD KOONDKASUMIARUANNE
II kvartal I poolaasta
------------------------
EUR tuhandetes 2019 2018 2019 2018
-------------------------------------------------------------------------------
Müügitulu 2 321 2 104 4 636 4 105
------- -------
Müüdud teenuste kulu -71 -37 -147 -85
------------------------
Brutokasum 2 250 2 067 4 489 4 020
------- -------
------- -------
Turustuskulud -134 -122 -220 -224
------- -------
Üldhalduskulud -376 -305 -664 -567
------- -------
Kasum / kahjum kinnisvarainvesteeringute õiglase
väärtuse muutusest 1 460 962 1 460 962
------- -------
Muud äritulud ja -kulud 0 7 -1 7
------------------------
Ärikasum 3 200 2 609 5 064 4 198
------- -------
------- -------
Intressitulud 0 0 0 3
------- -------
Finantskulud -392 -310 -730 -520
------------------------
Kasum enne tulumaksu 2 808 2 299 4 334 3 681
------- -------
------- -------
Tulumaksukulu -479 -403 -636 -532
------------------------
Aruandeperioodi koondkasum kokku 2 329 1 896 3 698 3 149
-------------------------------------------------------------------------------
Kasum aktsia kohta
------- -------
- tava 0,68 0,59 1,11 0,98
------- -------
- lahustatud 0,68 0,59 1,11 0,98
-------------------------------------------------------------------------------
KONSOLIDEERITUD FINANTSSEISUNDI ARUANNE
30.06.2019 31.12.2018
--------------
EUR tuhandetes
--------------
VARAD
--------------
Raha ja raha ekvivalendid 8 597 4 859
--------------
Lühiajalised deposiidid 9 000 0
--------------
Nõuded ja viitlaekumised 669 673
--------------
Ettemakstud kulud 45 46
--------------
Käibevara kokku 18 311 5 578
--------------
--------------
Pikaajalised nõuded 53 24
--------------
Kinnisvarainvesteeringud 109 730 102 787
--------------
Materiaalne põhivara 123 114
--------------
Põhivara kokku 109 906 102 925
--------------------------
VARAD KOKKU 128 217 108 503
------------------------------------------------------------
--------------
KOHUSTUSED JA OMAKAPITAL
--------------
Laenukohustused 2 807 8 105
--------------
Tuletisinstrumendid 365 189
--------------
Võlad ja ettemaksed 1 301 1 019
--------------------------
Lühiajalised kohustused kokku 4 473 9 313
--------------
--------------
Laenukohustused 52 121 44 743
--------------
Muud pikaajalised võlad 553 457
--------------
Edasilükkunud tulumaksukohustus 3 939 3 496
--------------
Pikaajalised kohustused kokku 56 613 48 696
--------------------------
Kohustused kokku 61 086 58 009
--------------
--------------
Aktsiakapital 42 225 32 225
--------------
Ülekurss 9 658 3 658
--------------
Kohustuslik reservkapital 936 621
--------------
Jaotamata kasum 14 312 13 990
--------------------------
Omakapital kokku 67 131 50 494
--------------------------
KOHUSTUSED JA OMAKAPITAL KOKKU 128 217 108 503
------------------------------------------------------------
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 half-year 2019
Message
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Comment of the Management Bord
The most important economic event of EfTEN Real Estate Fund III AS in the second
quarter of 2019 was a successful additional share offering, in which the fund
issued 1 million new shares at a price of EUR 16 per share. The new shares
offered were oversubscribed three times. A total of 2,094 subscription orders
were issued with a total value of EUR 49 million. The pre-emptive subscription
rights of existing shareholders were used to subscribe 818,000 shares. The new
capital will be used to continue the investment activities of the fund. The
economic indicators of the assets of the fund's portfolio were in line with
management expectations. The fund has at the moment one development project in
progress, Hortes Gardening Center, in the Tähesaju commercial centre in Tallinn.
The new Hortes Gardening Center is planned to be opened in the fourth quarter of
this year.
Financial overview
EfTEN Real Estate Fund III AS consolidated revenue for Q2 2019 was EUR 2.321
million (Q2 2018: EUR 2.104 million), showing an increase of 10.3% over the
year. The Group's net profit for the same period was EUR 2.329 million (Q2
2018: EUR 1.896 million). The higher net profit in 2019 is due to higher
investment property revaluation gains, which totaled EUR 1.460 million in the
first half of this year compared to EUR 0.962 million in the second quarter of
last year.
EfTEN Real Estate Fund III AS consolidated revenue for the first half of 2019
was EUR 4.636 million (first half of 2018: EUR 4.105 million), an increase of
12.9% over the year. The Group's profit before revaluation of investment
property, depreciation charge and finance income/-expense and income tax expense
for the first half of 2019 totaled EUR 3.624 million (first half of 2018: EUR
3.262 million), an increase of 11.1% over the year. The Group's net profit for
the same period was EUR 3.698 million (first half of 2018: EUR 3.149 million).
In January 2019, the Group acquired ABC Motors Car Center property in Tallinn
for EUR 3 million. In addition, the Group continued the construction of Tähesaju
tee Hortes, where EUR 2.4 million was invested during the first half of 2019.
The completion of Tähesaju Hortes is scheduled for October 2019.
In June 2019, an independent valuer of the Group's investment properties
conducted a periodic valuation process. The value of investment property
increased by EUR 1.46 million (1.3%) as a result of revaluations and was mainly
related to the improved cash flow forecast.
On June 2019, EfTEN Real Estate Fund III AS increased it's the share capital
by issuing 1,000,000 new ordinary shares. The new shares were issued at a price
of EUR 16 per share, ie EUR 16 million was received by the Group for the
increase of share capital.
The net book value of EfTEN Real Estate Fund III share as at 30.06.2019 was
15.90 euros (31.12.2018: 15.67 euros). The net asset value of EfTEN Real Estate
Fund III AS increased by 1.5% during the first half of 2019. In May 2019, the
Fund paid dividends out of 2018 profit in the total amount of 3,061 thousand
euros (spring 2018: 2,191 thousand euros). Without the payment of dividends, the
NAV of the Fund would have increased 7.5% during the first half of 2019. The
ROIC was 18.4% as at June 30, 2019 (June 30, 2018: 16.6%).
In addition to the aforementioned share net asset value calculated according to
IFRS (EUR 15.90 as at 30.06.2019), EfTEN Real Estate Fund III AS also calculates
the net asset value of the share recommended by EPRA. EfTEN Real Estate Fund III
AS EPRA NAV as at 30.06.2019 was EUR 16.92 (31.12.2018: EUR 16.81).
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
1st half
2nd quarter year
------------------------
EUR thousand 2019 2018 2019 2018
------------------------------------------------------------------------------
Revenue 2,321 2,104 4,636 4,105
------- -------
Cost of services sold -71 -37 -147 -85
------------------------
Gross profit 2,250 2,067 4,489 4,020
------- -------
------- -------
Marketing costs -134 -122 -220 -224
------- -------
General and administrative expenses -376 -305 -664 -567
------- -------
Gain / loss from revaluation of investment properties 1,460 962 1,460 962
------- -------
Other operating income and expense 0 7 -1 7
------------------------
Operating profit 3,200 2,609 5,064 4,198
------- -------
------- -------
Interest income 0 0 0 3
------- -------
Finance costs -392 -310 -730 -520
------------------------
Profit before income tax 2,808 2,299 4,334 3,681
------- -------
------- -------
Income tax expense -479 -403 -636 -532
------------------------
Total comprehensive income for the financial period 2,329 1,896 3,698 3,149
------------------------------------------------------------------------------
Earnings per share
------- -------
- Basic 0.68 0.59 1.11 0.98
------- -------
- Diluted 0.68 0.59 1.11 0.98
------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
30.06.2019 31.12.2018
--------------
EUR thousand
--------------
ASSETS
--------------
Cash and cash equivalents 8,597 4,859
--------------
Short-term deposits 9,000 0
--------------
Receivables and accrued income 669 673
--------------
Prepaid expenses 45 46
--------------
Total current assets 18,311 5,578
--------------
--------------
Long-term receivables 53 24
--------------
Investment property 109,730 102,787
--------------
Property, plant and equipment 123 114
--------------
Total non-current assets 109,906 102,925
--------------------------
TOTAL ASSETS 128,217 108,503
-----------------------------------------------------------
--------------
LIABILITIES AND EQUITY
--------------
Borrowings 2,807 8,105
--------------
Derivative instruments 365 189
--------------
Payables and prepayments 1,301 1,019
--------------------------
Total current liabilities 4,473 9,313
--------------
--------------
Borrowings 52,121 44,743
--------------
Other long-term liabilities 553 457
--------------
Deferred income tax liability 3,939 3,496
--------------
Total non-current liabilities 56,613 48,696
--------------------------
Total liabilities 61,086 58,009
--------------
--------------
Share capital 42,225 32,225
--------------
Share premium 9,658 3,658
--------------
Statutory reserve capital 936 621
--------------
Retained earnings 14,312 13,990
--------------------------
Total equity 67,131 50,494
--------------------------
TOTAL LIABILITIES AND EQUITY 128,217 108,503
-----------------------------------------------------------
Marilin Hein
CFO
Phone 655 9515
E-mail: [email protected] (mailto:[email protected])