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
Management interim statement or quarterly financial report
Unique data record identifier
8935
Attachments
Submission date and time
13.07.2021 08:00:00
Content of announcement in Estonian
Title
EfTEN Real Estate Fund III AS fondijuhi kommentaar ja aktsia puhasväärtus seisuga 30.06.2021
Message
Fondijuht, Viljar Arakase kommentaar: EfTEN Real Estate Fund III AS'i majandustulemused on olnud 2021. aasta esimesel poolaastal üle ootuse head. Fondi selle aasta kuue kuu EBITDA on kokku 4,89 miljonit eurot, mis 27% kõrgem eelmise aasta sama perioodi EBITDA-st. Aasta alguseks oli koroonaviiruse ehmatavalt kiire levik tugevalt piiranud äritegevust eelkõige Lätis ja Leedus ning väljavaated pessimistlikud. Eestis hakkasid olulised liikumispiirangud kehtima veebruarist. Sellele vaatamata suutsime hoida kõik fondi varad edukalt töös - nii palju kui piirangud seda võimaldasid, ning rakendasime väga ranget jooksvate kulude kontrolli. Juhtimislikult oli I poolaastal tähelepanu suunatud eelkõige meie klientidele ehk üürnikele. Kliendispetsiifilised lahendused leiti kõikvõimalikele pandeemiast tingitud ärikatkestustele ning fondi üüripindade täituvus on olnud väga hea. Juuni lõpu seisuga on fondi kinnisvaraportfelli vakantsus vaid 0,7%. Koroonakriisist tulenevatest maksete hilinemisest (peamiselt Saules Miestase kaubanduskeskuses) hoolimata on olnud hea ka üürnike maksekäitumine. Makseprobleemidega seoses oleme teinud üürnikega ka kokkuleppeid maksetähtaja edasilükkamise osas peamiselt kuni augusti lõpuni ning üürnike vahetumise oleme suutnud hoida minimaalsena. Veel väärib esimesest poolaastast märkimist eduka aktsiaemisiooni läbiviimine kogumahus 15,13 miljonit eurot. Kokku esitati emissioonis 4 564 märkimiskorraldust ning emissioon märgiti 3,6-kordselt üle. Emissiooni läbiviimise kulud olid investoritele taaskord minimaalsed, moodustades vaid ligikaudu 0,4% emissiooni mahust. Emissiooni korraldamisse kaasas fondivalitseja minimaalselt väliseid nõustajaid ning pakkumine viidi läbi ainult Eestis. Fondi olemasoleva portfelli lisainvesteeringud tegime 2021. aasta I poolaastal peamiselt Leedus Shiauliais asuva Saules Miestase kaubanduskeskuse territooriumile, kuhu fondi tütarettevõte ehitas eraldiseisva KFC kiirtoidurestorani hoone. Fondijuhtidena otsime pidevalt võimalusi, kuidas meie olemasolevat varade väärtust läbi lisaarenduste kasvatada. Lisanäitena sellistest investeeringutest saame tuua päikesepargi rajamise Laagri Selveri kaubanduskeskuse hoone katusele. Esimeses poolaastas tegime ühe uue investeeringu, omandades Leedus Panevezhyses kokku 10 miljoni euro eest kaks tööstus- ja laohoonet. Tehingu pangalaenuga võimendamata sisenemistootlus oli 8,0% ning hoone ostuhind ühe ruutmeetri kohta oli 500 eurot, mis on madalam kui maja taastamisväärtus. Hoonet üürib 16 aastase üürilepingu alusel ADAX UAB. Tehingut finantseeris 6 miljoni euro ulatuses Siauliu bankas. Fondi edukas esimene poolaasta lubab vaadata optimistliku pilguga ka 2021. aasta teisele poolaastale. Finantsülevaade EfTEN Real Estate Fund III AS aktsia puhasväärtus (NAV) seisuga 30.06.2021 oli 17,6021 eurot, kasvades juunis 3,6%. EPRA aktsia puhasväärtus (raamatupidamislik puhasväärtus ilma edasilükkunud tulumaksukohustust ja intressiderivatiivide õiglast väärtust arvestamata) oli 30.06.2021 seisuga 18,60 eurot. EPRA NAV suurenes juunis 2,6% võrra. Juunis viis fond läbi oma tavapärase kinnisvarainvesteeringute hindamise, mille käigus kasvas fondi kinnisvaraportfelli väärtus 1,4% (2,020 miljoni euro) võrra. Väärtuse muutus tuli peamiselt rahavoo-ootuste paranemisest Saules Miestases ja Ulonu büroohoones. Ülejäänud objektide väärtuse kasv tuli peamiselt väljumistootlikkuse (exit yield) langetamisest poole või neljandiku protsendipunkti võrra. Juunis teenis EfTEN Real Estate Fund III AS konsolideeritud müügitulu kokku 1 097 tuhat eurot, mis on 57 tuhat eurot rohkem kui mais, sisaldades ka 15 päeva üüritulu juunis soetatud tööstus- ja laohoonetelt Panevezhyses, Leedus. Lisaks suurenes juunis seoses Covid 19 piirangute järk-järgulise lõpetamisega ka Saules Miestase kaubanduskeskuse üüritulu, mis on nüüd veel keskmiselt 4% alla tavapärase taseme. Fondi konsolideeritud EBITDA oli juunis 827 tuhat eurot, mis on seoses Panevezhyses asuva tööstus- ja laohoonete soetuse ja sellega kaasnevate kulude ning aktsiaemissiooni läbiviimisega seotud kulude tõttu 26 tuhande euro võrra madalam kui mais. Selle aasta kuue kuu jooksul on fond teeninud 5,96 miljoni euro (2020 6 kuud: 4,86 miljoni euro) suuruse müügitulu juures 4,89 miljonit eurot (2020: 3,83 miljonit eurot) EBITDA-d. EBITDA on võrreldes eelmise aastaga kasvanud kokku 1,06 miljonit eurot, millest 740 tuhat eurot on toonud uute kinnisvarainvesteeringute lisandumine. Enne uusi investeeringuid olemas olnud (like-for-like) kinnisvaraportfelli EBITDA on selle aasta 6 kuu jooksul olnud kokku 3,8 miljonit eurot, mis on 320 tuhat eurot (9%) rohkem kui eelmisel aastal samal ajal. Fondi konsolideeritud üle tähtaja võlgnevus oli 30. juuni seisuga 148 tuhat eurot, vähenedes juunis 43 tuhande euro võrra. Üle tähtaja võlgnevus on täies ulatuses seotud Saules Miestase ajatatud võlgnevusega, mis jätkuvad osaliselt augusti lõpuni. Fondi konsolideeritud raha jääk kasvas juunis 3,574 miljoni euro võrra ning oli seisuga 30.06.2021 9,9 miljonit eurot. Aktsiaemissioonist saadud vahenditest maksime juunis tagasi Pirita hooldekodu jaoks võetud emaettevõtte pangalaenu 3,1 miljonit eurot, tegime laenukovenantidele vastamiseks osalise EfTEN Riga Airport SIA pangalaenu tagasimakse summas 0,9 miljonit eurot ning Panevezhyses asuvate tööstus- ja laohoonete investeeringu, kuhu kulus omavahendeid 4 011 tuhat eurot. Fondil on juuni lõpu seisuga investeerimata kapitali 7,1 miljonit eurot. EfTEN Real Estate Fund III AS-i konsolideeritud omakapital oli 30.06.2021 seisuga 89,287 miljonit eurot (31.12.2020: 71,483 miljonit eurot). Marilin Hein Finantsjuht Tel 655 9515 E-post: [email protected] (mailto:[email protected])
Content of announcement in English
Title
Comment of the fund manager of EfTEN Real Estate Fund III AS and net asset value of the share as of 30.06.2021
Message
Comment by Fund manager Viljar Arakas: The financial results of EfTEN Real Estate Fund III AS in the first half of 2021 have been better than expected. The fund's EBITDA for the first six months of this year totals 4.89 million euros, which is 27% higher than the EBITDA for the same period last year. By the beginning of the year, the alarmingly rapid spread of the coronavirus had severely limited business in Latvia and Lithuania, and the outlook was pessimistic. In Estonia, significant movement restrictions came into force in February. Nevertheless, we were able to keep all the fund's assets running successfully - as far as restrictions allowed, and we applied very strict controls on running costs. In terms of management, the first half of the year focused primarily on our customers / tenants. Client-specific solutions were found for all kinds of business interruptions caused by the pandemic, and the occupancy rate of the fund's rental space has been very good. As of the end of June, the vacancy rate of the fund's real estate portfolio is only 0.7%. Despite the delays in payments due to the corona crisis (mainly in the Saules Miestas shopping center), the payment behavior of tenants has also been good. In connection with payment behavior issues, we have also made agreements with the tenants to defer the payments mostly until the end of August, and we have managed to keep the change of tenants to a minimum. It is also worth noting the successful issue of shares in the first half of the year in the total amount of 15.13 million euros. A total of 4,564 subscription orders were submitted in the issue and the issue was oversubscribed 3.6 times. The costs of share issue were again minimal for the fund's investors, amounting to only approximately 0.4% of the issue volume. The offer was made only in Estonia and external advisers were minimally involved. In the first half of 2021, we made additional investments in the fund's existing portfolio, mainly in the territory of the Saules Miestas shopping center in Shiauliai, Lithuania, where the fund's subsidiary built a separate KFC fast food restaurant building. As fund managers, we are constantly looking for ways to increase the value of our existing assets through additional developments. As an additional example of such investments, we can cite the construction of a solar park on the roof of Laagri Selver shopping center. In the first half of the year, we made one new investment, acquiring two industrial and industrial buildings in Panevezys, Lithuania, for a total of 10 million euros. The unleveraged entry yield of the transaction was 8.0% and the purchase price of the building was 500 euros per square meter, which is below the reconstruction value. The building is leased by ADAX UAB on the basis of a 16-year lease agreement. The transaction was financed by Siauliu banka in the amount of 6 million euros. The successful first half year of the fund allows us to look at the second half 2021 with an optimistic look. Financial overview The net asset value (NAV) of EfTEN Real Estate Fund III AS as of 30.06.2021 was 17.6021 euros, increasing by 3.6% in June. The net asset value of the EPRA share (net book value excluding deferred income tax liability and fair value of interest rate derivatives) as of 30.06.2021 was 18.60 euros. EPRA NAV increased by 2.6% in June. In June, the fund conducted its usual valuation of investment properties, during which the value of the fund's real estate portfolio increased by 1.4% (2.020 million euros). The change in value was mainly due to improved cash flow expectations in Saules Miestas and the Ulonu office building. The increase in the value of other objects was mainly due to the decrease in exit yield by half or a quarter of a percentage point. In June, EfTEN Real Estate Fund III AS earned a total of 1,097 thousand euros in consolidated sales revenue, which is 57 thousand euros more than in May, including 15-day rental income from industrial buildings acquired in June in Panevezys, Lithuania. In addition, due to the phasing out of Covid-19 restrictions in June, rental income from the Saules Miestas shopping center increased, which is now still on average 4% below normal levels. The fund's consolidated EBITDA was 827 thousand euros in June, which is 26 thousand euros lower than in May due to the acquisition of the industrial buildings in Panevezhys and the related expenses and expenses related to the share issue. During the six months of this year, the fund has earned EBITDA of 4.89 million euros (2020: 3.83 million euros) with sales revenue of 5.96 million euros (2020 6 months: 4.86 million euros). EBITDA has increased by a total of 1.06 million euros compared to the previous year, of which 740 thousand euros has been brought about by the addition of new real estate investments. The EBITDA of the existing real estate portfolio before new investments during the 6 months of this year (like-for-like) has been 3.8 million euros , which is 0.32 million euros (9%) more than in the same period last year. The consolidated overdue debt of the fund was 148 thousand euros as of 30 June, decreasing by 43 thousand euros, compared to May. The overdue debt is fully related to the deferred debt of Saules Miestas, which will continue in part until the end of August. The consolidated cash balance of the fund increased by 3.574 million euros in June and was 9.9 million euros as of 30.06.2021. In June, we repaid the parent company's bank loan of 3.1 million euros , that was taken for Pirita elderly home investment in December 2020. Also, we partly repaid the EfTEN Riga Airport SIA bank loan of 0.9 million euros from the funds received from the share issue to comply with bank loan covenants and made an investment in Panevezys industrial buildings, which required 4,011 thousand euros of equity. As of the end of June, the fund has 7.1 million euros of uninvested capital. The consolidated equity of EfTEN Real Estate Fund III AS was 89.287 million euros as of 30.06.2021 (31.12.2020: 71.483 million euros). Marilin Hein CFO Phone 655 9515 E-mail: [email protected] (mailto:[email protected])