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
9125
Attachments
Submission date and time
28.10.2021 08:00:00
Content of announcement in Estonian
Title
EfTEN Real Estate Fund III AS 2021. aasta III kvartali ja 9 kuu auditeerimata majandustulemused
Message
EfTEN Real Estate Fund III AS'i konsolideeritud 2021. aasta III kvartali
müügitulu oli kokku 3,458 miljonit eurot (2020 III kvartal: 2,833 miljonit
eurot), kasvades aastaga 22%. Müügitulu kasv on tulnud 68% osas tänu uutele
soetustele (Ramygalos logistikahoone, Rutkausko büroohoone, Pirita hooldekodu)
ning 32% osas on müügitulu kasvanud seoses eelmisel aastal üürnikele antud
Covid-19 ajutiste allahindluste lõppemisega ning ka vakantsete pindade
väljaüürimisega. Mitte ühegi kinnisvarainvesteeringu üüritulu ei ole selle aasta
kolmandas kvartalis madalam kui see oli eelmise aasta kolmandas kvartalis.
EfTEN Real Estate Fund III AS'i konsolideeritud 2021. aasta 9 kuu müügitulu oli
9,413 miljonit eurot (2020 9 kuud: 7,698 miljonit eurot), kasvades aastaga 22%.
Kontserni kasum enne kinnisvarainvesteeringute ümberhindluseid, intressiswapi
õiglase väärtuse muutust ja tulumaksukulu oli 2021. aasta 9 kuu jooksul kokku
6,439 miljonit eurot (2020 9 kuud: 5,142 miljonit eurot).
2021. aasta 9 kuu jooksul teenis fond konsolideeritud EBITDA-d 7,8 miljonit
eurot (2020 9 kuud: 6,1 miljonit eurot), seega on fondi EBITDA suurenenud kokku
1,7 miljonit eurot (27%). EBITDA suurenemisest omakorda moodustab uute soetuste
lisandumisest tulnud äritegevuse kasum 56%.
EfTEN Real Estate Fund III AS on sellel aastal teeninud dividendimaksete aluseks
olevat vaba rahavoogu kokku 3 630 tuhat eurot (70 senti aktsia kohta), mis on
35% rohkem kui eelmisel aastal samal ajal. Fondi konsolideeritud raha jääk oli
seisuga 30.09.2021 11,9 miljonit eurot, s.h on emaettevõtte kontol vabu
vahendeid investeerimiseks summas 6,4 miljonit eurot.
Kontserni varade maht 30.09.2021 seisuga oli 170,446 miljonit eurot (31.12.2020:
151,632 miljonit eurot), s.h kinnisvarainvesteeringute õiglane väärtus moodustas
varade mahust 92% (31.12.2020: 95%).
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 8,828 miljonit eurot, s.o 12%
kogu laenuportfellist. Seisuga 30.09.2021 on kontserni laenulepingute keskmine
intressimäär (s.h arvestades intressiswapi lepinguid) 2,2% (31.12.2020: 2,3%)
ning LTV (Loan to Value) 46% (31.12.2020: 50%).
Kinnisvaraportfell
2021. aasta juuni keskel soetas kontsern uue kinnisvarainvesteeringu Leedus
Panevezhyses. Kinnisvarainvesteeringu maksumus koos tehingukuludega oli kokku
10,011 miljonit eurot ja hoone aastane üüritulu on 799 tuhat eurot.
2021. aasta septembri lõpu seisuga on kontsernil 16 (31.12.2020: 15)
ärikinnisvarainvesteeringut, mille õiglane väärtus bilansipäeval on 157,402
miljonit eurot (31.12.2020: 144,235 miljonit eurot) ning soetusmaksumus 147,964
miljonit eurot (31.12.2020: 136,349 miljonit eurot).
Aktsiainfo
EfTEN Real Estate Fund III AS aktsia puhasväärtus seisuga 30.09.2021 oli 18,05
eurot (31.12.2020: 16,93 eurot). EfTEN Real Estate Fund III AS´i aktsia
puhasväärtus tõusis 2021. aasta 9 kuu jooksul kokku 6,6%.
2021. aasta aprillis otsustas fondi üldkoosolek jaotada 2020. aasta
puhaskasumist netodividende kokku 2 798 tuhat eurot (66,3 eurosenti aktsia
kohta). Ilma dividende jagamata oleks fondi aktsia puhasväärtus 2021. aasta 9
kuu jooksul kasvanud 10,1%.
2021. aasta mais viis EfTEN Real Estate Fund III AS läbi aktsiate avaliku
pakkumise, mille tulemusel suurenes fondi aktsiakapital 8 500 tuhande euro
võrra. Fondi aktsiakapitali tehti aktsiaemissiooni käigus makseid kokku
kogusummas 15 130 tuhat eurot.
Lisaks ülalnimetatud IFRS kohaselt arvutatud aktsia puhasväärtusele arvutab
EfTEN Real Estate Fund III AS investoritele asjakohaseima netovara õiglase
väärtuse pakkumiseks ka EPRA (Euroopa kinnisvarasektori ettevõtjate liit -
European Public Real Estate Association) poolt soovitatud aktsia puhasväärtust.
EPRA soovituslik juhend eeldab kinnisvaraettevõtete pikaajalist majanduslikku
strateegiat, mistõttu ajutised erinevused olukorras, kus varade müüki
tõenäoliselt lähitulevikus ei toimu, hägustavad fondi netovara õiglase väärtuse
läbipaistvust. Seetõttu elimineeritakse EPRA puhasväärtuse saamisest IFRS
kohaselt arvutatud puhasväärtusest kinnisvarainvesteeringutega seotud
edasilükkunud tulumaksukulu ning finantsinstrumentide (intressiswap) õiglane
väärtus.
Seisuga 30.09.2021 oli EfTEN Real Estate Fund III AS´l 5935 aktsionäri, kellest
17% olid juriidilised isikud. Juriidilistele isikutele kuulus kokku 78,31% kogu
fondi aktsiakapitalist.
KONSOLIDEERITUD KOONDKASUMIARUANNE
III kvartal 9 kuud
--------------------------
EUR tuhandetes 2021 2020¹ 2021 2020¹
-------------------------------------------------------------------------------
Müügitulu 3 458 2 833 9 413 7 698
-------------------------------------------------------------------------------
Müüdud teenuste kulu -54 -75 -193 -222
-------------------------------------------------------------------------------
Brutokasum 3 404 2 758 9 220 7 476
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-------------------------------------------------------------------------------
Turustuskulud -54 -70 -144 -206
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Üldhalduskulud -426 -394 -1 302 -1 166
-------------------------------------------------------------------------------
Kasum / kahjum kinnisvarainvesteeringute õiglase
väärtuse muutusest 0 0 2 020 -3 986
-------------------------------------------------------------------------------
Muud äritulud ja -kulud 12 4 18 4
-------------------------------------------------------------------------------
Ärikasum 2 936 2 298 9 812 2 122
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Muud finantstulud ja -kulud -419 -289 -1 258 -967
-------------------------------------------------------------------------------
Kasum enne tulumaksu 2 517 2 009 8 554 1 155
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Tulumaksukulu -243 63 -810 -148
-------------------------------------------------------------------------------
Aruandeperioodi koondkasum kokku 2 274 2 072 7 744 1 007
-------------------------------------------------------------------------------
Kasum aktsia kohta
-------------------------------------------------------------------------------
- tava 0,45 0,49 1,69 0,24
-------------------------------------------------------------------------------
- lahustatud 0,45 0,49 1,69 0,24
-------------------------------------------------------------------------------
KONSOLIDEERITUD FINANTSSEISUNDI ARUANNE
30.09.2021 31.12.2020
------------------------------------------------------------
EUR tuhandetes
------------------------------------------------------------
VARAD
------------------------------------------------------------
Raha ja raha ekvivalendid 11 888 5 128
------------------------------------------------------------
Nõuded ja viitlaekumised 955 2 018
------------------------------------------------------------
Ettemakstud kulud 17 128
------------------------------------------------------------
Varud 28 0
------------------------------------------------------------
Käibevara kokku 12 888 7 274
------------------------------------------------------------
------------------------------------------------------------
Pikaajalised nõuded 3 18
------------------------------------------------------------
Kinnisvarainvesteeringud 157 402 144 235
------------------------------------------------------------
Materiaalne põhivara 150 101
------------------------------------------------------------
Immateriaalne põhivara 3 4
------------------------------------------------------------
Põhivara kokku 157 558 144 358
------------------------------------------------------------
VARAD KOKKU 170 446 151 632
------------------------------------------------------------
------------------------------------------------------------
KOHUSTUSED JA OMAKAPITAL
------------------------------------------------------------
Laenukohustused 11 985 28 781
------------------------------------------------------------
Tuletisinstrumendid 151 246
------------------------------------------------------------
Võlad ja ettemaksed 683 1 995
------------------------------------------------------------
Lühiajalised kohustused kokku 12 819 31 022
------------------------------------------------------------
------------------------------------------------------------
Laenukohustused 59 995 43 587
------------------------------------------------------------
Muud pikaajalised võlad 1 010 957
------------------------------------------------------------
Edasilükkunud tulumaksukohustus 5 063 4 583
------------------------------------------------------------
Pikaajalised kohustused kokku 66 068 49 127
------------------------------------------------------------
Kohustused kokku 78 887 80 149
------------------------------------------------------------
------------------------------------------------------------
Aktsiakapital 50 725 42 225
------------------------------------------------------------
Ülekurss 16 288 9 658
------------------------------------------------------------
Kohustuslik reservkapital 1 489 1 323
------------------------------------------------------------
Jaotamata kasum 23 057 18 277
------------------------------------------------------------
Omakapital kokku 91 559 71 483
------------------------------------------------------------
KOHUSTUSED JA OMAKAPITAL KOKKU 170 446 151 632
------------------------------------------------------------
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 results for 3rd quarter and nine months 2021
Message
EfTEN Real Estate Fund III AS's consolidated sales revenue for the third quarter
of 2021 totalled 3.458 million euros (3rd quarter of 2020: 2.833 million euros),
increasing by 22% year-on-year. The increase in sales revenue is 68% due to new
acquisitions (Ramygalos logistics building, Rutkausko office building, Pirita
care home) and 32% increase in sales revenue due to the end of Covid-19
temporary discounts granted to tenants last year and also renting out vacant
premises. The rental income of no real estate investment is lower in the third
quarter of this year than in the third quarter of the previous year.
EfTEN Real Estate Fund III AS's consolidated sales revenue for the first 9
months of 2021 was 9.413 million euros (9 months of 2020: 7.698 million euros),
increasing by 22% year-on-year. The Group's profit before revaluations of
investment properties, changes in the fair value of interest rate swaps and
income tax expense totalled 6.439 million euros in the first 9 months of 2021 (9
months of 2020: 5.142 million euros).
During the 9 months of 2021, the fund earned consolidated EBITDA of 7.8 million
euros (9 months of 2020: 6.1 million euros), thus the fund's EBITDA has
increased by a total of 1.7 million euros (27%). The increase in EBITDA, in
turn, is 56% of the operating profit from the addition of new acquisitions.
This year, EfTEN Real Estate Fund III AS has earned a total of 3,630 thousand
euros (70 cents per share) of free cash flow to be as base of dividends, which
is 35% more than in the same period last year. As of 30.09.2021, the
consolidated cash balance of the fund was 11.9 million euros, including free
funds in the amount of 6.4 million euros in the parent company's account.
The volume of the Group's assets as of 30.09.2021 was 170.446 million euros
(31.12.2020: 151.632 million euros), including the fair value of investment
properties accounted for 92% of the volume of assets (31.12.2020: 95%).
Over the next 12 months, the loan agreements of several group subsidiaries will
mature. Most of the Group's loans are concluded with a 5-year term, which is
refinanced upon termination of the loan agreement. Over the next 12 months,
8.888 million euros of the Group's loan liabilities will be refinanced, i.e.
12% of the total loan portfolio. As of 30.09.2021, the average interest rate of
the Group's loan agreements (incl. taking into account interest rate swap
agreements) is 2.2% (31.12.2020: 2.3%) and LTV (Loan to Value) 46% (31.12.2020:
50%).
Real estate portfolio
In mid-June 2021. the Group acquired a new investment property in Panevezhys.
Lithuania. The cost of the investment property. including transaction costs.
totalled 10.011 million euros and the annual rental income of the building is
799 thousand euros.
As of the end of September, 2021, the Group has 16 (31.12.2020: 15) commercial
real estate investments with a fair value of 157.402 million euros (31.12.2020:
144.235 million euros) and an acquisition cost of 147.964 million euros
(31.12.2020: 136.349 million euros) at the balance sheet date.
Information on shares
The net asset value of the share of EfTEN Real Estate Fund III as of 30.09.2021
was 18.05 euros (31.12.2020: 16.93 euros). The net asset value of EfTEN Real
Estate Fund III AS increased by 6.6% during the first 9 months of 2021.
In April, 2021, the general meeting of the fund decided to distribute a total of
2.798 thousand euros (66.3 eurocents per share) in net dividends from the net
profit for 2020. Without dividends. the net asset value of the fund's share
would have increased by 10.1% during the first 9 months of 2021.
In May 2021, EfTEN Real Estate Fund III AS conducted a public offering of
shares, as a result of which the share capital of the fund increased by 8,500
thousand euros. Payments were made to the share capital of the Fund in the total
amount of 15,130 thousand euros.
In addition to the net asset value per share calculated in accordance with the
above IFRS. EfTEN Real Estate Fund III AS also calculates the net asset value
recommended by EPRA (European Public Real Estate Association) to provide
investors with the most appropriate net asset value, EPRA's indicative guidance
presupposes a long-term economic strategy for real estate companies, so that
temporary differences in a situation where assets are not likely to be sold in
the near future will obscure the transparency of the fair value of the fund's
net assets. Therefore, deferred income tax expense on investment property and
the fair value of financial instruments (interest rate swaps) are eliminated
from the net asset value calculated in accordance with IFRS from the net asset
value of EPRA.
As of 30.09.2021, EfTEN Real Estate Fund III AS had 5,935 shareholders. of which
17% were legal entities. Legal entities owned a total of 78.31% of the total
share capital of the fund.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
3rd quarter 9 months
--------------------------
EUR thousands 2021 2020¹ 2021 2020¹
-------------------------------------------------------------------------------
Revenue 3,458 2,833 9,413 7,698
-------------------------------------------------------------------------------
Cost of sales -54 -75 -193 -222
-------------------------------------------------------------------------------
Gross profit 3,404 2,758 9,220 7,476
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Marketing costs -54 -70 -144 -206
-------------------------------------------------------------------------------
General and administrative expenses -426 -394 -1,302 -1,166
-------------------------------------------------------------------------------
Gain / loss from revaluation of investment
properties 0 0 2,020 -3,986
-------------------------------------------------------------------------------
Other operating income and expense 12 4 18 4
-------------------------------------------------------------------------------
Operating profit 2,936 2,298 9,812 2,122
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Other finance income and expense -419 -289 -1,258 -967
-------------------------------------------------------------------------------
Profit before income tax 2,517 2,009 8,554 1,155
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Income tax expense -243 63 -810 -148
-------------------------------------------------------------------------------
Net profit for the financial year 2,274 2,072 7,744 1,007
-------------------------------------------------------------------------------
Earnings per share
-------------------------------------------------------------------------------
- Basic 0.45 0.49 1.69 0.24
-------------------------------------------------------------------------------
- Diluted 0.45 0.49 1.69 0.24
-------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
30.09.2021 31.12.2020
-----------------------------------------------------------
EUR thousands
-----------------------------------------------------------
ASSETS
-----------------------------------------------------------
Cash and cash equivalents 11,888 5,128
-----------------------------------------------------------
Receivables and accrued income 955 2,018
-----------------------------------------------------------
Prepaid expenses 17 128
-----------------------------------------------------------
Inventory 28 0
-----------------------------------------------------------
Total current assets 12,888 7,274
-----------------------------------------------------------
-----------------------------------------------------------
Long-term receivables 3 18
-----------------------------------------------------------
Investment property 157,402 144,235
-----------------------------------------------------------
Property. plant and equipment 150 101
-----------------------------------------------------------
Intangible assets 3 4
-----------------------------------------------------------
Total non-current assets 157,558 144,358
-----------------------------------------------------------
TOTAL ASSETS 170,446 151,632
-----------------------------------------------------------
-----------------------------------------------------------
LIABILITIES AND EQUITY
-----------------------------------------------------------
Borrowings 11,985 28,781
-----------------------------------------------------------
Derivative instruments 151 246
-----------------------------------------------------------
Payables and prepayments 683 1,995
-----------------------------------------------------------
Total current liabilities 12,819 31,022
-----------------------------------------------------------
-----------------------------------------------------------
Borrowings 59,995 43,587
-----------------------------------------------------------
Other long-term debt 1,010 957
-----------------------------------------------------------
Deferred income tax liability 5,063 4,583
-----------------------------------------------------------
Total non-current liabilities 66,068 49,127
-----------------------------------------------------------
Total liabilities 78,887 80,149
-----------------------------------------------------------
-----------------------------------------------------------
Share capital 50,725 42,225
-----------------------------------------------------------
Share premium 16,288 9,658
-----------------------------------------------------------
Statutory reserve capital 1,489 1,323
-----------------------------------------------------------
Retained earnings 23,057 18,277
-----------------------------------------------------------
Total equity 91,559 71,483
-----------------------------------------------------------
TOTAL LIABILITIES AND EQUITY 170,446 151,632
-----------------------------------------------------------
Marilin Hein
CFO
Phone 655 9515
E-mail: [email protected] (mailto:[email protected])