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 price sensitive information
Unique data record identifier
7779
Attachments
Submission date and time
14.02.2020 08:00:00
Content of announcement in Estonian
Title
EfTEN Real Estate Fund III AS 2019. aasta IV kvartali ja 12 kuu auditeerimata majandustulemused
Message
Fondijuhi kommentaar
EfTEN Real Estate Fund III ASi 2019. aasta olulisemaid majandussündmused olid
ABC Motorsi esinduskaupluse ostmine-tagasiüüri tehing, edukalt läbiviidud
aktsiaemissioon kogumahus 16 miljonit eurot ning aasta neljandas kvartalis
Hortese Tähesaju aianduskeskuse avamine. Peale bilansipäeva teatasime, et EfTEN
Real Estate Fund III omandab 2020. aasta esimeses kvartalis Läti riikliku
lennufirma, airBalticu peakontori Riia lennujaama territooriumil ning tootmis-
ja laohoone Riia lähistel Kekava asulas, investeerides seeläbi suure osa 2019.
aastal kaasatud omakapitalist rahavoogu tootvasse kinnisvarasse. Lisaks teeb
fondi juhtkond 2020. aasta aktsionäride üldkoosolekule ettepaneku kiita heaks
ühinemine EfTEN Kinnisvarafond AS'iga, mille tulemusena tekib ca 350 miljoni
eurose varade mahuga kinnisvarafond.
Kontserni tütarettevõtete raha jääk lubab 2019. kasumist maksta investoritele
dividende kokku 3,465 miljonit eurot (82 senti aktsia kohta), mis on üle 35%
rohkem kui seda näeb ette EfTEN Real Estate Fund III dividendipoliitika.
Dividendide väljamakse 2019. aasta kasumilt toimub 2020. aasta kevadise
aktsionäride üldkoosoleku järel.
Finantsülevaade
EfTEN Real Estate Fund III AS'i konsolideeritud 2019. aasta 12 kuu müügitulu oli
9,512 miljonit eurot (2018 12 kuud: 8,672 miljonit eurot), kasvades aastaga
10%. Kontserni neto üüritulu miinus finantskulud oli 2019. aastal kokku 7,571
miljonit eurot (2018: 6,822 miljonit eurot), kasvades aastaga 11%. Kontserni
puhaskasum samal perioodil oli 7,737 miljonit eurot (2018 12 kuud: 6,299
miljonit eurot). Kõrgem puhaskasum 2019. aastal on tingitud nii uute
kinnisvarainvesteeringute lisandunud kasumist kui ka kinnisvarainvesteeringute
õiglase väärtuse muutuse kõrgemast kasumist 2019. aastal (2019
kinnisvarainvesteeringute õiglase väärtuse muutus: 3,101 miljonit eurot vs 2018
kinnisvarainvesteeringute õiglase väärtuse muutus: 1,562 miljonit eurot).
Konsolideeritud brutokasumi marginaal oli 2019. aasta 12 kuu tulemusel 97% (2018
12 kuud: 96%), seega moodustasid kinnistute haldamisega otseselt seotud kulud
(s.h maamaks, kindlustus, hooldus- ja parenduskulud) 3% (2018: 4%) müügitulust.
Kontserni kinnistutega seotud kulud, turustuskulud, üldkulud ning muud tulud ja
-kulud moodustasid 2019. aasta jooksul müügitulust kokku 22%. 2018. aasta 12 kuu
jooksul jäi sama näitaja 22,3 % tasemele.
Kontserni varade maht 31.12.2019 seisuga oli 132,829 miljonit eurot (31.12.2018:
108,503 miljonit eurot), s.h kinnisvarainvesteeringute õiglane väärtus moodustas
varade mahust 85% (31.12.2018: 95%).
EfTEN Real Estate Fund III AS-i aktsia puhasväärtus kasvas 2019. aasta jooksul
7,6%. 2019. aasta mais maksis fond 2018. aasta kasumist dividende kogusummas
3,061 miljonit eurot (2018 aasta kevadel: 2,191 miljonit eurot). Ilma
dividendide maksmiseta oleks fondi NAV 2019. aasta jooksul kasvanud 12%.
Investeeritud kapitali aastane tootlus (ROIC) oli 2019. majandusaasta tulemusel
17,1% (2018 12 kuud: 17,6%).
Kontserni konkurentsivõimet aitab kasvatada ligipääs paindlikele
finantseerimistingimustele. 2019. aasta jooksul laekus Kontsernile pangalaene
seoses uute kinnisvarainvesteeringute soetamise ning arendusega kogusummas
6,768 miljonit eurot. Kontserni laenulepingute kaalutud keskmine intressimäär
(s.h arvestades intressiswapi lepinguid) on detsembri lõpu seisuga 1,8%
(31.12.2018: sama) ning LTV (Loan to Value) 52% (31.12.2018: sama).
2019. aasta jooksul on Kontsern teeninud vaba rahavoogu 3,381 miljonit eurot
(2018 12 kuud: 3,197 miljonit eurot). Pärast Leedu ettevõtete tulumaksukulu
mahaarvamist ning arvestusliku dividendide tulumaksukulu arvutamist Eesti ja
Läti ettevõtetes saaks EfTEN Real Estate Fund III vastavalt kehtestatud
dividendipoliitikale maksta aktsionäridele netodividende selle aasta kasumist
2,545 miljonit eurot (60 senti aktsia kohta). Samas lubab Kontserni
tütarettevõtete raha jääk 2019. aasta lõpul maksta dividendi rohkem kui seda
kehtestab dividendipoliitika, mistõttu teeb Fondi juhatus 2020. aasta kevadel
nõukogule ettepaneku maksta dividendi kokku 3,465 miljonit eurot (82 senti
aktsia kohta).
Kinnisvaraportfell
Kontsern investeerib ärikinnisvarasse, millel on tugev ja pikaajaline üürnike
baas. 2019. aasta lõpu seisuga on Kontsernil 11 (31.12.2018: 10)
ärikinnisvarainvesteeringut, mille õiglane väärtus bilansipäeval on 113,011
miljonit eurot (31.12.2018: 102,787 miljonit eurot) ning soetusmaksumus 101,746
miljonit eurot (31.12.2018: 94,627 miljonit eurot).
6. veebruaril 2019 soetas Kontserni tütarettevõte EfTEN Autokeskus OÜ Tallinnas
Paldiski maanteel ABC Motorsi müügi- ja teeninduskeskuse kinnistud. Kinnistute
soetusmaksumus oli 3,018 miljonit eurot ning soetuseks võeti laenu summas 1,8
miljonit eurot. Laenu lõpptähtaeg on 25.02.2024 ning intressimäär 2,95% + 6 kuu
Euribor. Euriborile on seatud 0% floor. Kinnisvarainvesteeringu oodatav üüritulu
aastas on 258 tuhat eurot.
2019. aasta novembris lõpetas Kontserni tütarettevõte EfTEN Tähesaju tee OÜ
Tallinnas asuva Tähesaju Hortese ehituse. Tähesaju Hortes avati külastajatele
novembri alguses. Aianduskeskuse soetusmaksumumuseks kujunes kokku 5,458
miljonit eurot ning kinnisvarainvesteeringu õiglane väärtus oli 31.12.2019
seisuga 6,180 tuhat eurot. Tähesaju Hortese ehituseks võttis Kontserni
tütarettevõtte pangalaenu kogusummas 3,29 miljonit eurot intressimääraga 1,95% +
1 kuu EURIBOR. Laenu lõpptähtaeg on 11.01.2024.
Bilansipäevajärgselt, 13.01.2020 allkirjastas Kontserni tütarettevõte
võlaõiguslikud ostulepingud kahe ärihoone omandamiseks Lätis, millega soetatakse
Riia lennujaama territooriumil asuv airBalticu peakorteri büroohoone ning Riia
külje all ?ekavas asuv tootmis- ja laohoone. AirBalticu peahoone renoveeriti
täielikult 2016. aastal ning praegune üürileping kestab aastani 2026. ?ekavas
oleva tootmis- ja laohoone suurimad rentnikud on Fristads Kansas Production SIA
ning Forans SIA. Kahe hoone omandamise kogusumma on 15,8 miljonit eurot, millest
7,2 miljonit eurot finantseerivad Swedbank ja Luminor.
KONSOLIDEERITUD KOONDKASUMIARUANNE
IV kvartal 12 kuud
--------------------------
2019 2018 2019 2018
-------------------------------------------------------------------------------
EUR tuhandetes
------- --------
Müügitulu 2 512 2 329 9 512 8 672
------- --------
Müüdud teenuste kulu -100 -135 -329 -319
--------------------------
Brutokasum 2 412 2 194 9 183 8 353
------- --------
------- --------
Turustuskulud -126 -103 -429 -435
------- --------
Üldhalduskulud -870 -389 -1 847 -1 225
------- --------
Kasum / kahjum kinnisvarainvesteeringute õiglase
väärtuse muutusest 1 641 600 3 101 1 562
------- --------
Muud äritulud ja -kulud 38 -4 37 3
--------------------------
Ärikasum 3 095 2 298 10 045 8 258
------- --------
------- --------
Intressitulud 0 0 14 0
------- --------
Finantskulud -161 -380 -1 197 -1 096
--------------------------
Kasum enne tulumaksu 2 934 1 918 8 862 7 162
------- --------
------- --------
Tulumaksukulu -333 -167 -1 125 -863
--------------------------
Aruandeperioodi koondkasum kokku 2 601 1 751 7 737 6 299
-------------------------------------------------------------------------------
Kasum aktsia kohta
------- --------
- tava 0,62 0,54 2,05 1,96
------- --------
- lahustatud 0,62 0,54 2,05 1,96
-------------------------------------------------------------------------------
KONSOLIDEERITUD FINANTSSEISUNDI ARUANNE
31.12.2019 31.12.2018
--------------------------
EUR tuhandetes
--------------
VARAD
--------------
Raha ja raha ekvivalendid 12 986 4 859
--------------
Lühiajalised hoiused 6 000 0
--------------
Nõuded ja viitlaekumised 667 673
--------------
Ettemakstud kulud 51 46
--------------
Käibevara kokku 19 704 5 578
--------------
--------------
Pikaajalised nõuded 0 24
--------------
Kinnisvarainvesteeringud 113 011 102 787
--------------
Materiaalne põhivara 114 114
--------------
Põhivara kokku 113 125 102 925
--------------------------
VARAD KOKKU 132 829 108 503
------------------------------------------------------------
--------------
KOHUSTUSED JA OMAKAPITAL
--------------
Laenukohustused 21 147 8 105
--------------
Tuletisinstrumendid 271 189
--------------
Võlad ja ettemaksed 1 132 1 019
--------------------------
Lühiajalised kohustused kokku 22 550 9 313
--------------
--------------
Laenukohustused 34 225 44 743
--------------
Muud pikaajalised võlad 609 457
--------------
Edasilükkunud tulumaksukohustus 4 274 3 496
--------------------------
Pikaajalised kohustused kokku 39 108 48 696
--------------------------
Kohustused kokku 61 658 58 009
--------------
--------------
Aktsiakapital 42 225 32 225
--------------
Ülekurss 9 658 3 658
--------------
Kohustuslik reservkapital 936 621
--------------
Jaotamata kasum 18 352 13 990
--------------------------
Omakapital kokku 71 171 50 494
--------------------------
KOHUSTUSED JA OMAKAPITAL KOKKU 132 829 108 503
------------------------------------------------------------
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 consolidated interim accounts for the 4th quarter and 12 months of 2019
Message
Comment of the fund manager
The most important economic events of EfTEN Real Estate Fund III AS in 2019 were
the ABC Motors dealership purchase-leaseback transaction, successful issue of
shares in volume of EUR 16 million and opening of Hortes Tähesaju Gardening
Center in the fourth quarter. After the balance sheet date, we announced that in
the first quarter of 2020 EfTEN Real Estate Fund III will acquire Latvian
national airline, airBaltic's headquarters in Riga Airport and a production and
warehouse facility in the Kekava near Riga, thereby investing a significant
amount of its equity raised in 2019 into cash-generating real estate. In
addition, the fund's management proposes to the 2020 general meeting of
shareholders to approve the merger with EfTEN Kinnisvarafond AS, which will
result in a real estate fund of approximately EUR 350 million.
The Group's cash balance allows dividends to be paid from the 2019 profit to
investors in a total amount of EUR 3,465 million (82 cents per share), which is
35% more than determined by the dividend policy of EfTEN Real Estate Fund III.
The dividend pay-out from the year 2019 profit will proceed after the general
shareholders' meeting in spring 2020.
Financial overview
The consolidated sales revenue of EfTEN Real Estate Fund III AS for 12 months of
2019 was EUR 9,512 million (12 months of 2018: EUR 8,672 million), which
increased by 10% in a year. The Group's profit before revaluation of investment
properties, cost of performance fee, depreciation and financial income/-costs
and income tax expense in 2019 totalled EUR 7,571 million (2018: 6,822 million
euros), which increased by 11% in a year. The Group's net profit for the same
period amounted to EUR 7,737 million (12 months of 2018: EUR 6,299 million). The
higher net profit in 2019 is due to additional property profit and higher
investment property revaluation profit, which in the current year was EUR 3,101
million, but EUR 1,562 million last year.
The consolidated gross profit margin in the 12 months of 2019 was 97% (12 months
of 2018: 96%). Therefore, expenses directly related to management of properties
(incl. land tax, insurance, maintenance and improvement costs) accounted for 3%
(12 months of 2018: 4%) of the revenue. The Group's expenses related to
properties, marketing costs, general expenses, other income and expenses
accounted for 22% of the revenue in 2019. The respective indicator was 22.3% in
the 12 months of 2018.
As at 31.12.2019, the Group's total assets were in the amount of EUR 132,829
million (31.12.2018: 108,503 million), including fair value of investment
property, which accounted for 85% (31.12.2018: 95%) of the total assets.
During 2019, the net asset value of the share of EfTEN Real Estate Fund III AS
increased by 7.6%. From the 2018 profit, EUR 3,061 million (in spring 2018: EUR
2.191 million) was paid out in dividends in May 2019. Without the dividend
payment, the Fund's NAV would have increased by 12% in 2019. Return on invested
capital (ROIC) was 17.1% in the 2019 financial year (12 months of 2018: 17.6%).
Access to flexible financing conditions will help to increase the Group's
competitiveness. In 2019, the Group entered into new loan contracts in the total
amount of EUR 6,768 million in connection with the acquisition of new investment
properties. As at the end December, 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).
During 2019, the Group earned a free cash flow of EUR 3,381 million (12 months
of 2018: EUR 3,197 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 would be able to pay net dividends
to the shareholders in the total amount of EUR 2,545 million (60 cents per
share) from the profit earned in this year. However, the Group's cash balance at
the end of 2018 allows to pay more dividends than the dividend policy
establishes, which is why the Management Board of the Fund proposes to the
Council in the spring of 2019 to pay a dividend of EUR 3,465 million (82 cents
per share). For the entire previous year, the fund paid the shareholders a net
dividend of 95 cents per share.
Real estate portfolio
The Group invests in commercial real estate with a strong and long-term tenant
base. At the end of 2019, the Group had 11 (31.12.2018: 10) commercial
investment properties with a fair value as at the balance sheet date of EUR
113.011 million (31.12.2018: EUR 102.787 million) and acquisition cost of EUR
101.746 million (31.12.2018: EUR 94.627 million).
On the 6th of February 2019, the Group's subsidiary EfTEN Autokeskus OÜ acquired
the properties of ABC Motor's sales and service center on Paldiski highway. The
acquisition cost of the properties was EUR 3,018 million and a loan agreement
was entered into in the amount of EUR 1.8 million for the acquisition. The
maturity of the loan is 25.02.2024 and the interest rate is 2.95% + 6 month
Euribor. A 0% floor is set for the Euribor rate. The expected annual rental
income from the investment property is EUR 258 thousand.
In november of 2019 the subsidiary of the Group, EfTEN Tähesaju tee OÜ,
completed the construction of Tähesaju Hortses in Tallinn. Tähesaju Hortes was
opened to visitors in early November. The acquisition cost of the horticultural
center totaled EUR 5,458 million and the fair value of the investment property
as at 31.12.2019 was EUR 6,180 thousand. For the construction of Tähesaju
Hortes, the Group subsidiary took a bank loan in amount of of EUR 3.29 million
at an interest rate of 1.95% + 1 month EURIBOR. The maturity of the loan is
11.01.2024.
After the balance sheet date, on January 13, 2020, a subsidiary of the Group
signed debt-purchase agreements for the acquisition of two commercial buildings
in Latvia to acquire the airBaltic headquarters office building at Riga Airport
and a production and warehouse facility in ?ekava, Riga. AirBaltic's main
building was completely renovated in 2016 and the current lease agreement
expires in 2026. The major tenants of the production and warehouse building in
?ekava are Fristads Kansas Production SIA and Forans SIA. The acquisition of the
two buildings totals to EUR 15.8 million, of which EUR 7.2 million is financed
by Swedbank and Luminor.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
4th quarter 12 months
---------------------------
2019 2018 2019 2018
-------------------------------------------------------------------------------
EUR thousands
-------- --------
Revenue 2,512 2,329 9,512 8,672
-------- --------
Cost of services sold -100 -135 -329 -319
---------------------------
Gross profit 2,412 2,194 9,183 8,353
-------- --------
-------- --------
Marketing costs -126 -103 -429 -435
-------- --------
General and administrative expenses -870 -389 -1,847 -1,225
-------- --------
Gain / loss from revaluation of investment
properties 1, 641 600 3,101 1,562
-------- --------
Other operating income and expense 38 -4 37 3
---------------------------
Operating profit 3,095 2,298 10,045 8,258
-------- --------
-------- --------
Interest income 0 0 14 0
-------- --------
Finance costs -161 -380 -1,197 -1,096
---------------------------
Profit before income tax 2,934 1,918 8,862 7,162
-------- --------
-------- --------
Income tax expense -333 -167 -1,125 -863
---------------------------
Total comprehensive income for the financial period 2,601 1,751 7,737 6,299
-------------------------------------------------------------------------------
Earnings per share
-------- --------
- Basic 0.62 0.54 2.05 1.96
-------- --------
- Diluted 0.62 0.54 2.05 1.96
-------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
31.12.2019 31.12.2018
--------------------------
EUR, thousands
--------------
ASSETS
--------------
Cash and cash equivalents 12,986 4,859
--------------
Short - term deposits 6,000 0
--------------
Receivables and accrued income 667 673
--------------
Prepaid expenses 51 46
--------------
Total current assets 19,704 5,578
--------------
--------------
Long-term receivables 0 24
--------------
Investment property 113,011 102,787
--------------
Property, plant and equipment 114 114
--------------
Total non-current assets 113,125 102,925
--------------------------
TOTAL ASSETS 132,829 108,503
-----------------------------------------------------------
--------------
LIABILITIES AND EQUITY
--------------
Borrowings 21,147 8,105
--------------
Derivative instruments 271 189
--------------
Payables and prepayments 1,132 1,019
--------------------------
Total current liabilities 22,550 9,313
--------------
--------------
Borrowings 34,225 44,743
--------------
Other long-term liabilities 609 457
--------------
Deferred income tax liability 4,274 3,496
--------------------------
Total non-current liabilities 39,108 48,696
--------------------------
Total liabilities 61,658 58,009
--------------
--------------
Share capital 42,225 32,225
--------------
Share premium 9,658 3,658
--------------
Statutory reserve capital 936 621
--------------
Retained earnings 18,352 13,990
--------------------------
Total equity 71,171 50,494
--------------------------
TOTAL LIABILITIES AND EQUITY 132,829 108,503
-----------------------------------------------------------
Marilin Hein
CFO
Phone 655 9515
E-mail: [email protected] (mailto:[email protected])