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
7699
Submission date and time
10.01.2020 16:10:00
Content of announcement in Estonian
Title
EfTEN Real Estate Fund III AS aktsia puhasväärtus seisuga 31.12.2019
Message
EfTEN Real Estate Fund III AS teenis detsembris 947 tuhat eurot müügitulu, mis on 21% rohkem kui kuu varem. Kõrgem üür oli seotud erakorraliselt kõrge käibeüüriga Saules Miestase kaubanduskeskuses Leedus. Saules Miestase 2019. aasta tulemus on ületanud juhtkonna ootusi, mis on eriti rõõmustav, arvestades, et Saules Miestas on senini fondi suurim ning ka esimene investeering. Saules Miestase keskuses tegutsevate kaupluste ja teenindusfirmade kogukäive kasvas 2019. aastal 11,5% võrreldes aasta varasema perioodiga, jõudes 42,3 miljoni euroni. Fondi EBITDA oli detsembris kokku 228 tuhat eurot (novembris: 648 tuhat eurot). EBITDA sisaldas detsembris üks kord aastas fondivalitsejale arvestatavat edukustasu summas 479 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 1,5% (1 642 tuhat eurot). Tänu kinnisvarainvesteeringute ümberhindluse kasumile oli tavapärasest kõrgem ka fondi puhaskasum, ulatudes 1 600 tuhande euroni (novembris oli fondi puhaskasum 512 tuhat eurot). 2019. aasta 12 kuu kokkuvõttes on EfTEN Real Estate Fund III auditeerimata andmetel teeninud 9,5 miljonit eurot (2018: 8,7 miljonit eurot) müügitulu ja 7 miljonit eurot (2018: 6,7 miljonit eurot) EBITDA-d. Fondi puhaskasum on 2019. aasta 12 kuu kokkuvõttes 7,7 miljonit eurot (2018: 6,3 miljonit eurot). Kõrgem puhaskasum tulenes nii 2019. aastal lisandunud uutest investeeringutest (ABC Motors Autokeskus, esimene Evolutioni büroohoone täisaasta) kui ka suuremast kinnisvarainvesteeringute väärtuse kasvust, mis 2019. aastal oli kokku 3,1 miljonit eurot ja 2018. aastal 1,6 miljonit eurot. Lähtudes fondi dividendipoliitikast, mis näeb ette, et vabast rahavoost tasutakse minimaalselt 80% aktsionäridele dividendideks, saaks fond maksta 2019. aasta kasumilt kokku netodividende 2,6 MEUR. Samas lubab kontserni kinnisvarainvesteeringutest teenitud vaba rahavoog maksta dividende rohkem, mistõttu teeb fondi juhatus 2020. aasta kevadel nõukogule ettepaneku maksta dividende kokku 3,4 miljonit eurot (82 senti aktsia kohta). EfTEN Real Estate Fund III AS konsolideeritud varade maht oli 31.12.2019 seisuga 132,8 miljonit eurot (31.12.2018: 108,5 miljonit eurot) ning omakapital 71,2 miljonit eurot (31.12.2018: 50,5 miljonit eurot). EfTEN Real Estate Fund III AS aktsia puhasväärtus (NAV) seisuga 31.12.2019 oli 16,85 eurot ning EPRA NAV oli seisuga 31.12.2019 17,93 eurot. Nii NAV kui EPRA NAV kasvasid detsembris 2,3%. 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 Net Asset Value per share as of 31.12.2019
Message
EfTEN Real Estate Fund III AS earned 947 thousand euros sales revenue in December, which is 21% more than a month earlier. Higher rent was related to the extraordinary high annual turnover rent at Saules Miestas Shopping Center in Lithuania. The performance of Saules Miestas during 2019 has exceeded management expectations, which is particularly gratifying given that Saules Miestas is still the Fund's largest and also the first investment. The yearly turnover of Saules Miestas tenants grew in year 2019 by 11,5%, reaching 42,3 million euros, compared with year earlier results. The total EBITDA of the Fund in December was 228 thousand euros (in November: 648 thousand euros). In December, EBITDA included a management company's success fee of 479 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 1.5% (EUR 1 642 thousand euros) 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 1 600 thousand euros (in November, the Fund's Net Profit was 512 thousand euros). During the 12 months 2019, EfTEN Real Estate Fund III has, based on unaudited results, earned 9.5 million euros (2018: 8.7 MEUR) of sales revenue and 7 million euros (2018: 6.7 MEUR) of EBITDA. The Net Profit of the Fund for the 12 months of 2019 is 7.7 million euros (2018: 6.3 MEUR). The higher Net Profit was as a result of an increased value of investment properties portfolio, which totaled EUR 3.1 million in 2019 and EUR 1.6 million in 2018. 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 2.6. At the same time, the free cash flow from investment properties allows the Fund to pay more dividends the Fund's Management Board will propose to the Council to pay dividends of EUR 3.4 million (82 cents per share) in spring 2020. As of 31.12.2019, the consolidated assets of EfTEN Real Estate Fund III amounted to 132.8 million euros (31.12.2018: 108.5 million euros) and equity to 71.2 million euros (31.12.2018: 50.5 million euros). As of 31.12.2019, EfTEN Real Estate Fund III AS NAV was EUR 16.85 and EPRA NAV EUR 17.93. Both NAV and EPRA NAV grew by 2,3% in December. Marilin Hein CFO Phone 655 9515 E-mail: [email protected] (mailto:[email protected])