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
8012
Submission date and time
12.05.2020 08:30:00
Content of announcement in Estonian
Title
EfTEN Real Estate Fund III AS fondijuhi kuukommentaar ja aktsia puhasväärtus seisuga 30.04.2020
Message
Fondijuht Viljar Arakas'e kommentaar Seoses märtsi keskpaigast alguse saanud eriolukorraga võis eeldada, et aprill kujuneb fondi üürnikele aasta kõige keerulisemaks kuuks. Oleme kriisiperioodil koos oma klientidega võtnud kasutusele meetmeid eriolukorra mõju leevendamiseks, mille tulemusel on fondi aprilli tulemused paremad kui me seda kuu alguses eeldasime. On alust uskuda, et mai kujuneb seoses liikumise ja äritegevuse piirangute vähendamisega fondi üürnikele veelgi paremaks. EfTEN Real Estate Fund III AS-i suurim üksikinvesteering on Saules Miestase kaubanduskeskus Shiauliais, Leedus. Leedus avati kaubanduskeskused juba 23. aprillil, s.h avasid kauplused ka Saules Miestase üürnikud. Sellegipoolest võtab kriisieelse keskuse külastatavuse ja käibe saavutamine hinnanguliselt 4 - 5 kuud aega. Leedu valitsus võttis mai alguses vastu üürikulude kompenseerimise meetme rahalise kogumahuga 100 miljonit eurot. Üürikulude kompensatsiooni saavad kaubanduskeskuste üürnikud taotleda kuni 50% ulatuses üüri- ja kõrvalkuludest tingimusel, et keskuse omanik on andnud omalt poolt ajutist üüriallahindlust vähemalt 30% alates karantiiniperioodi algusest kuni 60 päeva peale selle lõpetamist. Antud meede pakub olulist rahalist leevendust ka Saules Miestase üürnikele. Aprilli head tulemused annavad põhjust eeldada, et kriis mõju EfTEN Real Estate Fund III AS-i üüritulule on küll ajutiselt negatiivne, kuid tänu fondi varade heale hajutatusele, olemasolevatele vabadele vahenditele, üürnikega ning pankadega saavutatud kokkulepetele on fondi äritegevus endiselt stabiilne. Finantstulemused ja aktsia puhasväärtus EfTEN Real Estate Fund III AS-i aktsia puhasväärtus (NAV) seisuga 30.04.2020 oli 17,29 eurot. NAV suurenes aprillis 0,6%. EPRA aktsia puhasväärtus (raamatupidamislik puhasväärtus ilma edasilükkunud tulumaksukohustust ja intressiderivatiivide õiglast väärtust arvestamata) oli 30.04.2020 seisuga 18,40 eurot. EPRA NAV suurenes aprilli jooksul 0,7%. Fondi aprilli tulemused kujunesid oodatust paremaks. Eriolukorrast tulenevalt tehti üürnikega kokkuleppeid ajutiseks (kolmeks kuuks) üüritulu alandamiseks peamiselt logistika sektoris kokku 39 tuhande euro ulatuses, s.h pikendades sama perioodi võrra kehtivate üürilepingute lõpptähtaega. Kaubanduse segmendis oli üüritulu 19 tuhande euro võrra kõrgem kui märtsis, seda peamiselt kuu varem tehtud konservatiivsete hinnangute korrigeerimise tõttu. Ühe logistikasektori üürniku üüritulu alandamise ajutine kokkulepe hakkas kehtima 1. maist, mistõttu langeb üüritulu veel 15 tuhande euro võrra. Võrreldes tavapärasel tasemel üürituluga, on Covid-19 põhjustatud eriolukorrast tulenevalt fondi üüritulu ajutiselt langenud keskmiselt 130 tuhande euro võrra kalendrikuu kohta, s.o 15%. Likviidsusriski maandamiseks on fondi 9 tütarettevõtet (13-st) sõlminud kokkuleppeid ajutisteks laenu maksepuhkusteks, mis andis täiendavat likviidsust aprillis 206 tuhande euro väärtuses. Fond teenis aprillis konsolideeritud korrigeeritud rahavoogu (EBITDA miinus intressikulu miinus laenu põhiosamaksed) kokku 454 tuhat eurot. Seega oleks fondi rahavoog ka ilma maksepuhkusteta olnud positiivne summas 248 tuhat eurot, mis on siiski keskmiselt 33% vähem kui on fondi tavapärane korrigeeritud rahavoo tase. Fondi konsolideeritud müügitulu oli aprillis kokku 786 tuhat eurot (märtsis 813 tuhat eurot), EBITDA 624 tuhat eurot (märtsis 556 tuhat eurot) ja puhaskasum 465 tuhat eurot (märtsis 422 tuhat eurot). Aprilli kõrgem EBITDA on peamiselt seotud kuu varem uute kinnistute soetamisega tehtud due diligence kuludega. EfTEN Real Estate Fund III AS-i konsolideeritud raha jääk oli 30.04.2020 seisuga 10,6 miljonit eurot, millest 4,7 miljonit eurot moodustab viimasest aktsiaemissioonist laekunud investeerimata kapitali jääk. EfTEN Real Estate Fund III AS-i konsolideeritud varade maht oli 30.04.2020 seisuga 141,0 miljonit eurot (31.12.2019: 132,8 miljonit eurot) ning omakapital 73,0 miljonit eurot (31.12.2019: 71,17 miljonit eurot). Marilin Hein Finantsjuht Tel 655 9515 E-post: [email protected] (mailto:[email protected])
Content of announcement in English
Title
Monthly commentary of the fund manager and net asset value of EfTEN Real Estate Fund III AS as of 30.04.2020
Message
Comment by fund manager Viljar Arakas Due to the state of an emergency that started in the Baltics in the middle of March, it could have been expected that April will be the most difficult month of the year for the tenants of the fund. During the crisis, we have taken measures with our clients to mitigate the effects of the emergency situation, as a result of which the fund's performance in April was better than we expected initially. There is a reason to believe that May will be even better for the fund's tenants due to the easing of the reduction of movement and business activities restrictions. EfTEN Real Estate Fund III AS's largest single investment is Saules Miestas Shopping Center in Shiauliai, Lithuania. Shopping centers in Lithuania were opened already on April 23, including the tenants of Saules Miestas. However, it is estimated that it will take 4-5 months to reach the pre-crisis traffic and turnover levels in the centers. In early May, the Lithuanian government adopted a rent compensation measure with a total financial value of EUR 100 million, where tenants of shopping centers can claim up to 50% of rental and ancillary costs, if the owner of the shopping center has provided a temporary rental discount of at least 30% from the start of the quarantine period for up to 60 day after the termination date of quarantine period. This measure also offers significant financial relief to the tenants of Saules Miestas. The good results of April give reason to assume that the impact of the crisis on the rental income of EfTEN Real Estate Fund III AS is temporarily negative, but due to the good diversification of the fund's assets, available funds, agreements with tenants and banks, the fund's business is still stable. Monthly commentary of the fund manager and the net asset value of EfTEN Real Estate Fund III AS as of 30.04.2020 The net asset value (NAV) of EfTEN Real Estate Fund III AS as of 30.04.2020 was 17.29 euros. NAV increased by 0.6% in April. The net asset value of the EPRA share (net book value excluding deferred income tax liability and fair value of interest rate derivatives) was 18.40 euros as of 30.04.2020. EPRA NAV increased by 0.7% during April. The fund's April results turned out to better than were initially expected by the fund manager. Due to the emergency situation, agreements were made with the tenants to temporarily (for three months) reduce rental income mainly in the logistics sector by a total of 39 thousand euros, including extending the term of existing leases by the same period. In the retail segment, rental income was 19 thousand euros higher than in March, mainly due to the adjustment of conservative estimates made a month earlier. The temporary agreement to reduce the rental income of one tenant in the logistics sector came into force on May 1st, as a result of which the rental income will decrease by additional 15 thousand euros. Compared to the usual level of rental income, due to the special situation caused by Covid-19, the fund's rental income has temporarily decreased by an average of 130 thousand euros per calendar month, i.e. by 15%. In order to mitigate liquidity risk, the Fund's 9 subsidiaries (out of 13) have entered into agreements for temporary loan grace periods, which provided additional liquidity in April in the amount of 206 thousand euros. In April, the fund earned a consolidated adjusted cash flow (EBITDA less interest expense minus principal on loans) totaling 454 thousand euros. Thus, even without grace periods, the fund's cash flow would have been positive in the amount of 248 thousand euros, which is, however, on average 33% less than the fund's usual adjusted cash flow level. The Fund's consolidated sales revenue in April totaled 786 thousand euros (813 thousand euros in March), EBITDA 624 thousand euros (556 thousand euros in March) and net profit 465 thousand euros (422 thousand euros in March). The higher EBITDA in April is mainly related to the due diligence costs due to to the acquisition of new properties a month earlier. As of 30.04.2020, the consolidated cash balance of EfTEN Real Estate Fund III AS was 10.6 million euros, of which 4.7 million euros is the balance of uninvested capital received from the last share issue. The volume of consolidated assets of EfTEN Real Estate Fund III AS as of 30.04.2020 was 141.0 million euros (31.12.2019: 132.8 million euros) and equity 73.0 million euros (31.12.2019: 71.17 million euros). Marilin Hein CFO Phone 655 9515 E-mail: [email protected] (mailto:[email protected])