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
8336
Attachments
Submission date and time
29.10.2020 08:00:00
Content of announcement in Estonian
Title
EfTEN Real Estate Fund III AS 2020. aasta III kvartali ja 9 kuu auditeerimata majandustulemused
Message
EfTEN Real Estate Fund III AS-i konsolideeritud 2020. aasta III kvartali
müügitulu oli kokku 2,833 miljonit eurot (2019 III kvartal: 2,364 miljonit
eurot), kasvades aastaga 20%. 2020. aasta veebruari lõpus soetatud kahe kinnistu
(airBaltic büroohoone ja Kekava logistikakeskus Riias), eelmise aasta lõpus
valminud Tähesaju Hortese ning 2020. aasta augustus soetatud Vilniuses asuva
Atea büroohoone müügitulu oli samal perioodil kokku 506 tuhat eurot, s.t uusi
soetuseid arvestamata oleks selle aasta kolmanda kvartali müügitulu 1,6%
madalam, võrreldes eelmise aasta sama perioodiga. Müügitulu vähenemine on seotud
Covid-19 kriisist tulenevatest ajutistest allahindlustest. Üüritulu taastus oma
tavapärasele tasemele kvartali viimasel kuul, septembris.
EfTEN Real Estate Fund III AS-i konsolideeritud 2020. aasta 9 kuu müügitulu oli
7,698 miljonit eurot (2019 9 kuud: 7,000 miljonit eurot). Kontserni kasum enne
kinnisvarainvesteeringute ümberhindluseid, intressiswapi õiglase väärtuse
muutust ja tulumaksukulu oli 2020. aasta 9 kuu jooksul kokku 5,141 miljonit
eurot (2019 9 kuud: 4,459 miljonit eurot). Kontserni teenis Covid-19 põhjustatud
majanduslikust ebakindlusest, eeldatavast rahavoogude vähenemisest ning sellest
tulenevast kinnisvarainvesteeringute õiglase väärtuse vähenemisest võrreldes
eelmise aastaga oluliselt väiksema puhaskasumi kogusummas 747 tuhat eurot
(puhaskasum 2019 9 kuud: 5 127 tuhat eurot).
2020. aasta 9 kuu jooksul teenis fond konsolideeritud EBITDA-d 6,1 miljonit
eurot (2019 9 kuud: 5,5 miljonit eurot). Covid-19 kriisist tulenev negatiivne
majanduslik mõju fondi tulemustele on oluliselt väiksem kui seda algselt
eeldati, mis osaliselt on seotud nii EfTEN Real Estate Fund III AS-i
kinnisvaraportfelli hea hajutatusega sektorite ja riikide lõikes kui ka tugeva
üürnikebaasi, hea kapitaliseerituse ja konservatiivse
finantseerimisstrateegiaga.
Konsolideeritud brutokasumi marginaal oli 2020. aasta 9 kuu jooksul 97% (2019 9
kuu jooksul: sama), seega moodustasid kinnistute haldamisega otseselt seotud
kulud (s.h maamaks, kindlustus, hooldus- ja parenduskulud) 3% müügitulust.
Kontserni kinnistutega seotud kulud, turustuskulud, üldkulud ning muud tulud ja
-kulud moodustasid 2020. aasta 9 kuu müügitulust kokku 21% (2019. aasta 9 kuu
jooksul: 22%).
Kontserni varade maht oli 30.09.2020 seisuga 142,872 miljonit eurot (31.12.2019:
132,829 miljonit eurot), s.h kinnisvarainvesteeringute õiglane väärtus moodustas
varade mahust 96% (31.12.2019: 85%).
Järgmise 12 kuu jooksul saabub mitme kontserni tütarettevõtte laenulepingu
tähtaeg. Enamus kontserni laene on sõlmitud 5-aastase tähtajaga, mis
refinantseeritakse laenulepingu lõppemisel. Järgmise 12 kuu jooksul
refinantseeritakse kontserni laenukohustustest 19,317 miljonit eurot, s.o 29%
kogu laenuportfellist. Seisuga 30.09.2020 on kontserni laenulepingute keskmine
intressimäär (s.h arvestades intressiswapi lepinguid) 2,23% (31.12.2019: 1,84)%
ning LTV (Loan to Value) 49% (31.12.2019: 52%).
Muudatused kinnisvaraportfellis 2020. aasta III kvartalis
2020. aasta augustis soetas EfTEN Real Estate Fund III AS 100%-lise
tütarettevõte EfTEN Rutkausko UAB büroohoone Vilniuses soetusmaksumusega 11,8
miljonit eurot. Büroohoone ankurrentnikuks on IT-ettevõte Atea UAB. Soetus
finantseeriti 39% osas omakapitalist, mille tulemusel on kogu fondi eelmise
aasta 16 miljoni euro suurusest emissioonist saadud raha investeeritud.
2020. aasta septembri lõpu seisuga on kontsernil 14 (31.12.2019: 11)
ärikinnisvarainvesteeringut, mille õiglane väärtus bilansipäeval on 137,354
miljonit eurot (31.12.2019: 113,011 miljonit eurot) ning soetusmaksumus 130,079
miljonit eurot (31.12.2019: 101,746 miljonit eurot).
KONSOLIDEERITUD KOONDKASUMIARUANNE
III kvartal 9 kuud
--------------------------
EUR tuhandetes 2020 2019 2020 2019
-------------------------------------------------------------------------------
Müügitulu 2 833 2 364 7 698 7 000
------- --------
Müüdud teenuste kulu -75 -82 -222 -229
--------------------------
Brutokasum 2 758 2 282 7 476 6 771
------- --------
------- --------
Turustuskulud -70 -83 -206 -303
------- --------
Üldhalduskulud -394 -313 -1 166 -977
------- --------
Kasum / kahjum kinnisvarainvesteeringute õiglase
väärtuse muutusest 0 0 -3 986 1 460
------- --------
Muud äritulud ja -kulud 4 0 4 -1
--------------------------
Ärikasum 2 298 1 886 2 122 6 950
------- --------
------- --------
Intressitulud 0 5 0 5
------- --------
Finantskulud -289 -306 -967 -1 036
--------------------------
Kasum enne tulumaksu 2 009 1 585 1 155 5 919
------- --------
------- --------
Tulumaksukulu -197 -156 -408 -792
--------------------------
Aruandeperioodi koondkasum kokku 1 812 1 429 747 5 127
-------------------------------------------------------------------------------
Kasum aktsia kohta
------- --------
- tava 0,43 0,34 0,18 1,41
------- --------
- lahustatud 0,43 0,34 0,18 1,41
-------------------------------------------------------------------------------
KONSOLIDEERITUD FINANTSSEISUNDI ARUANNE
30.09.2020 31.12.2019
--------------
EUR tuhandetes
--------------
VARAD
--------------
Raha ja raha ekvivalendid 4 313 12 986
--------------
Lühiajalised hoiused 0 6 000
--------------
Nõuded ja viitlaekumised 927 667
--------------
Ettemakstud kulud 49 51
--------------
Käibevara kokku 5 289 19 704
--------------
--------------
Kinnisvarainvesteeringud 137 354 113 011
--------------
Materiaalne põhivara 229 114
--------------
Põhivara kokku 137 583 113 125
--------------------------
VARAD KOKKU 142 872 132 829
------------------------------------------------------------
--------------
KOHUSTUSED JA OMAKAPITAL
--------------
Laenukohustused 21 862 21 147
--------------
Tuletisinstrumendid 272 271
--------------
Võlad ja ettemaksed 879 1 132
--------------------------
Lühiajalised kohustused kokku 23 013 22 550
--------------
--------------
Laenukohustused 45 528 34 225
--------------
Muud pikaajalised võlad 871 609
--------------
Edasilükkunud tulumaksukohustus 4 287 4 274
--------------
Pikaajalised kohustused kokku 50 686 39 108
--------------------------
Kohustused kokku 73 699 61 658
--------------
--------------
Aktsiakapital 42 225 42 225
--------------
Ülekurss 9 658 9 658
--------------
Kohustuslik reservkapital 1 323 936
--------------
Jaotamata kasum 15 967 18 352
--------------------------
Omakapital kokku 69 173 71 171
--------------------------
KOHUSTUSED JA OMAKAPITAL KOKKU 142 872 132 829
------------------------------------------------------------
Marilin Hein
Finantsjuht
Tel 6559515
E-mail: [email protected] (mailto:[email protected])
Content of announcement in English
Title
EfTEN Real Estate Fund III unaudited results for 3rd quarter and 9 months 2020
Message
The consolidated sales revenue of EfTEN Real Estate Fund III AS for third
quarter of 2020 was EUR 2.833 million (third quarter of 2019: EUR 2.364
million), which increased by 20% in a year. The sales revenue of two properties
acquired at the end of February 2020 (airBaltic office building and Kekava
logistics center in Riga), Tähesaju Hortes completed at the end of last year and
the Atea office building in Vilnius acquired in August 2020 totalled 506
thousand euros, i.e. excluding new acquisitions, III quarter sales revenue was
1.6% lower compared to the same period last year. The decrease in sales revenue
is related to temporary discounts due to the Covid-19 pandemic. Rental income
returned to its normal level in the last month of the quarter, in September.
EfTEN Real Estate Fund III AS's consolidated sales revenue for 9 months of 2020
was 7.698 million euros (9 months 2019: 7.000 million euros).The Group's profit
before revaluations of investment properties, changes in the fair value of
interest rate swaps and income tax expense totalled 5.141 million euros in the
9 months of 2020 (9 months 2019: 4.459 million euros). The Group earned a
significantly lower net profit of 747 thousand euros (net profit for 9 months of
2019: 5,127 thousand euros) due to the economic uncertainty caused by Covid-19,
the expected decrease in cash flows and the resulting decrease in the fair value
of investment properties.
During the 9 months of 2020, the fund earned consolidated EBITDA of 6.1 million
euros (9 months of 2019: 5.5 million euros). The negative economic impact of the
Covid-19 crisis on the fund's results is significantly smaller than initially
expected, which is partly due to the good diversification of EfTEN Real Estate
Fund III AS's real estate portfolio by sectors and countries, as well as strong
tenant base, good capitalization and conservative financing strategy.
The consolidated gross profit margin was 97% in the first 9 months of 2020 (9
months of 2019: the same), so expenses directly related to the management of
real estate (incl. Land tax, insurance, maintenance and improvement costs)
accounted for 3% of sales revenue. Expenses related to the Group's real estate,
distribution expenses, overheads and other income and expenses accounted for a
total of 21% of sales revenue in the first 9 months of 2020 (during the first 9
months of 2019: 22%).
As at 30.09.2020, the Group's total assets were in the amount of EUR 142.872
million (31.12.2019: EUR 132.829 million), including fair value of investment
property, which accounted for 96% (31.12.2019: 85%) of the total assets.
During the next 12 months, there will be deadlines for several loan agreements
of the Group subsidiaries. Most of the Group's borrowings are concluded with a
term of 5 years, which are refinanced upon the term of the loan agreement. Over
the next 12 months, 19.317 million euros, meaning 29% of the total loan
portfolio, will be refinanced from the Group's loan liabilities. As at
30.09.2020, the average interest rate of the Group's loan agreements (taking
into account interest rate swap agreements) is 2.23% (31.12.2019: 1.84%) and LTV
(Loan to Value) is 49% (31.12.2019: 52%).
Amendments to real estate portfolio, 3(rd) quarter 2020
In August 2020, EfTEN Real Estate Fund III AS's 100% subsidiary EfTEN Rutkausko
UAB acquired an office building in Vilnius with an acquisition cost of 11.8
million euros. The anchor tenant of the office building is the IT company Atea
UAB. The acquisition was financed with 39% of the equity, as a result of which
the entire fund's last year's emission of 16 million euros has been invested.
As at end of September 2020, the Group has 14 (31.12.2019: 11) commercial
investment properties with a fair value as at the balance sheet date of EUR
137.354 million (31.12.2019: EUR 113.011 million) and acquisition cost of EUR
130.079 million (31.12.2019: EUR 101.746 million).
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
III quarter 9 months
--------------------------
EUR thousands 2020 2019 2020 2019
-------------------------------------------------------------------------------
Revenue 2,833 2,364 7,698 7,000
------- --------
Cost of services sold -75 -82 -222 -229
--------------------------
Gross profit 2,758 2,282 7,476 6,771
------- --------
------- --------
Marketing costs -70 -83 -206 -303
------- --------
General and administrative expenses -394 -313 -1,166 -977
------- --------
Gain/ loss on change in fair value of investment
property 0 0 -3,986 1,460
------- --------
Other operating income and expense 4 0 4 -1
--------------------------
Operating profit 2,298 1,886 2,122 6,950
------- --------
------- --------
Interest income 0 5 0 5
------- --------
Finance costs -289 -306 -967 -1,036
--------------------------
Profit before income tax 2,009 1,585 1,155 5,919
------- --------
------- --------
Income tax expense -197 -156 -408 -792
--------------------------
Total comprehensive income for the financial period 1,812 1,429 747 5,127
-------------------------------------------------------------------------------
Earnings per share
------- --------
- Basic 0.43 0.34 0.18 1.41
------- --------
- Diluted 0.43 0.34 0.18 1.41
-------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
30.09.2020 31.12.2019
--------------
EUR thousands
--------------
ASSETS
--------------
Cash and cash equivalents 4,313 12,986
--------------
Short-term deposits 0 6,000
--------------
Receivables and accrued income 927 667
--------------
Prepaid expenses 49 51
--------------
Total current assets 5,289 19,704
--------------
--------------
Investment property 137,354 113,011
--------------
Property, plant and equipment 229 114
--------------
Total non-current assets 137,583 113,125
--------------------------
TOTAL ASSETS 142,872 132,829
-----------------------------------------------------------
--------------
LIABILITIES AND EQUITY
--------------
Borrowings 21,862 21,147
--------------
Derivative instruments 272 271
--------------
Payables and prepayments 879 1,132
--------------------------
Total current liabilities 23,013 22,550
--------------
--------------
Borrowings 45,528 34,225
--------------
Other long-term liabilities 871 609
--------------
Deferred income tax liability 4,287 4,274
--------------
Total non-current liabilities 50,686 39,108
--------------------------
Total liabilities 73,699 61,658
--------------
--------------
Share capital 42,225 42,225
--------------
Share premium 9,658 9,658
--------------
Statutory reserve capital 1,323 936
--------------
Retained earnings 15,967 18,352
--------------------------
Total equity 69,173 71,171
--------------------------
TOTAL LIABILITIES AND EQUITY 142,872 132,829
-----------------------------------------------------------
Marilin Hein
CFO
Tel 6559515
Email: [email protected] (mailto:[email protected])