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
9292
Attachments
Submission date and time
01.02.2022 08:00:00
Content of announcement in Estonian
Title
EfTEN Real Estate Fund III AS 2021. aasta 4 kvartali ja 12 kuu auditeerimata majandustulemused
Message
Fondijuhi kommentaar 2021. aasta majandustulemuste kohta
2021. aasta kujunes EfTEN Real Estate Fund III AS-le üle ootuste edukaks.
Hoolimata kahest aasta jooksul aset leidnud koroonaviiruse lainest, kasvatas
kontsern nii üüritulu kui ka EBITDA'd igas ärikinnisvara segmendis ning seda ka
ilma uute ärihoonete tulusid arvestamata. Portfelli äripindade vakantsus püsis
rekordmadalal tasemel, alla 1%. Kinnisvarahinnangute ümberhindlus tõi 2021.
aasta peale kokku kasumit 6,4 miljonit eurot ning portfelli võimendamata esmane
puhastootlus oli aasta lõpu seisuga 7,1%. Fond teenis 2021. aastal vaba
rahavoogu kokku 4,55 miljonit eurot, millest vastavalt fondi
dividendipoliitikale oleks brutodividendide kogusumma 3,64 miljonit eurot.
Arvestades fondi tütarettevõtete laenude eritingimustest tulenevat minimaalse
raha jäägi hoidmise kohustust ning lühiajalist likviidsusvajadust teeb fondi
juhatus nõukogule ettepaneku maksta dividende rohkem kui dividendipoliitika ette
näeb - kokku 4,06 miljonit eurot (80 senti aktsia kohta).
Seisuga 31.12.2021 on fondil 5,9 miljonit eurot investeerimata omakapitali,
mille turvaline investeerimine on fondi juhtkonna prioriteet. Arvestades
asjaolu, et Balti ärikinnisvaraturu tehingute tootluse tase on viimastel
aastatel järjest langenud, ei plaani fondi juhtkond antud olukorda arvestades
korraldada alanud majandusaasta jooksul uut aktsiaemissiooni.
Finantsülevaade
EfTEN Real Estate Fund III AS-i konsolideeritud 2021. aasta 12 kuu müügitulu oli
12,921 miljonit eurot (2020 12 kuud: 10,731 miljonit eurot), kasvades aastaga
20%. Kontserni neto üüritulu oli 2021. aastal kokku 12,412 miljonit eurot (2020:
10,103 miljonit eurot), kasvades 23%. Kontserni puhaskasum samal perioodil oli
13,099 miljonit eurot (2020 12 kuud: 3,317 miljonit eurot).
Fond teenis 2021. aasta neljandas kvartalis müügitulu kokku 3,508 miljonit
eurot, mis on 475 tuhat eurot (16%) rohkem kui eelmisel aastal samal ajal. Fondi
neljanda kvartali puhas üüritulu oli 2021. aastal 2,916 tuhat eurot, s.o 17,7%
rohkem kui eelmisel aastal samal ajal.
2021. aasta detsembris viis Colliers International läbi fondi
kinnisvaraportfelli korralise hindamise, mille tulemusel kinnisvaraportfelli
väärtus tõusis 2,8% (4,423 miljoni euro võrra) peamiselt seoses oodatava
üüritegevuse rahavoo ning alanenud väljumistootlikkuse tulemusel. Fondi
konsolideeritud 4. kvartali puhaskasum oli 5,355 miljonit eurot (2020 IV
kvartal: 2,310 miljonit eurot).
Konsolideeritud neto üüritulu marginaal oli 2021. aasta 12 kuu tulemusel 96%
(2020 12 kuud: 94%), seega moodustasid kinnistute haldamisega otseselt seotud
kulud (s.h maamaks, kindlustus, hooldus- ja parenduskulud) ning turustuskulud
4% (2020: 6%) müügitulust. Intressikulud on 2021. aastal kasvanud seoses uute
kinnisvarainvesteeringute soetusel võetud laenude lisandumisega, kuid samuti ka
Ulonu büroohoone ja DSV logistikakeskuste jaoks võetud laenude refinantseerimise
tulemusel kasvanud intressimäära tõttu 0,3-0,5 protsendipunkti võrra.
Kontserni varade maht 31.12.2021 seisuga oli 176,401 miljonit eurot (31.12.2020:
151,632 miljonit eurot), s.h kinnisvarainvesteeringute õiglane väärtus moodustas
varade mahust 92% (31.12.2020: 95%).
2021. aasta jooksul laekus kontsernile pangalaene seoses uute
kinnisvarainvesteeringute soetamise ning arendusega kogusummas 6,3 miljonit
eurot. Kontserni laenulepingute kaalutud keskmine intressimäär (s.h arvestades
intressiswapi lepinguid) on detsembri lõpu seisuga 2,3% (31.12.2020: sama) ning
LTV (Loan to Value) 44% (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 detsembri lõpu seisuga on kontsernil 16 (31.12.2020: 15)
ärikinnisvarainvesteeringut, mille õiglane väärtus bilansipäeval on 161,961
miljonit eurot (31.12.2020: 144,235 miljonit eurot) ning soetusmaksumus 147,557
miljonit eurot (31.12.2020: 136,349 miljonit eurot).
2021. aastal teenis Kontsern kokku 12 165 tuhat eurot üüritulu. Võrreldavatel
alustel arvestatud üüritulu oli 2021. aastal kokku 9 283 tuhat eurot, mis on 7%
rohkem kui 2020. aastal. Covid-19 kriisiga seotud allahindluseid andis kontsern
2021. aastal kokku 369 tuhande euro ulatuses, s.t ilma nimetatud allahindlusteta
oleks kontserni üüritulu 2021. aastal olnud 2,9% kõrgem.
Aktsiainfo
EfTEN Real Estate Fund III AS-i aktsia puhasväärtus seisuga 31.12.2021 oli
19,11 eurot (31.12.2020: 16,93 eurot). EfTEN Real Estate Fund III AS aktsia
puhasväärtus kasvas 2021. aasta jooksul 12,9%. 2021. aasta juunis maksis fond
2020. aasta kasumist dividende kogusummas 2,798 miljonit eurot (2020 aasta
kevadel: 2,745 miljonit eurot). Ilma dividendide maksmiseta oleks fondi aktsia
puhasväärtus 2021 aasta jooksul kasvanud 16,3%.
2021. aasta jooksul on kontsern teeninud vaba rahavoogu 4,550 miljonit eurot
(2020 12 kuud: 3,747 miljonit eurot), millest vastavalt fondi
dividendipoliitikale oleks brutodividendide kogusumma 3,64 miljonit eurot.
Arvestades fondi tütarettevõtete laenude eritingimustest tulenevat minimaalse
raha jäägi hoidmise kohustust ning lühiajalist likviidsusvajadust teeb fondi
juhatus nõukogule ettepaneku maksta dividende rohkem kui dividendipoliitika ette
näeb - kokku 4,06 miljonit eurot (80 senti aktsia kohta).
KONSOLIDEERITUD KOONDKASUMIARUANNE
IV kvartal 12 kuud
---------------------------
2021 2020 2021 2020
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EUR tuhandetes
-------------------------------------------------------------------------------
Müügitulu 3 508 3 033 12 921 10 731
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Müüdud teenuste kulu -48 -103 -241 -325
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Brutokasum 3 460 2 930 12 680 10 406
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Turustuskulud -124 -97 -268 -303
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Üldhalduskulud -1 024 -431 -2 326 -1 597
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Kasum / kahjum kinnisvarainvesteeringute õiglase 4 422 612 6 442 -3 374
väärtuse muutusest
-------------------------------------------------------------------------------
Muud äritulud ja -kulud -17 -7 1 -3
-------------------------------------------------------------------------------
Ärikasum 6 717 3 007 16 529 5 129
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Muud finantskulud ja -kulud -420 -355 -1 678 -1 322
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Kasum enne tulumaksu 6 297 2 652 14 851 3 807
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Tulumaksukulu -942 -342 -1 752 -490
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Aruandeperioodi koondkasum kokku 5 355 2 310 13 099 3 317
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Kasum aktsia kohta
-------------------------------------------------------------------------------
- tava 1,06 0,55 2,79 0,79
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- lahustatud 1,06 0,55 2,79 0,79
-------------------------------------------------------------------------------
KONSOLIDEERITUD FINANTSSEISUNDI ARUANNE
31.12.2021 31.12.2020
----------------------------------------------------------------
EUR tuhandetes
----------------------------------------------------------------
VARAD
----------------------------------------------------------------
Raha ja raha ekvivalendid 13 074 5 128
----------------------------------------------------------------
Nõuded ja viitlaekumised 876 2 018
----------------------------------------------------------------
Ettemakstud kulud 314 128
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Varud 29 0
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Käibevara kokku 14 293 7 274
----------------------------------------------------------------
----------------------------------------------------------------
Pikaajalised nõuded 4 18
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Kinnisvarainvesteeringud 161 961 144 235
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Materiaalne põhivara 140 101
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Immateriaalne põhivara 3 4
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Põhivara kokku 162 108 144 358
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VARAD KOKKU 176 401 151 632
----------------------------------------------------------------
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KOHUSTUSED JA OMAKAPITAL
----------------------------------------------------------------
Laenukohustused 7 645 28 781
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Tuletisinstrumendid 121 246
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Võlad ja ettemaksed 1 349 1 995
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Lühiajalised kohustused kokku 9 115 31 022
----------------------------------------------------------------
----------------------------------------------------------------
Laenukohustused 63 440 43 587
----------------------------------------------------------------
Muud pikaajalised võlad 987 957
----------------------------------------------------------------
Edasilükkunud tulumaksukohustus 5 945 4 583
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Pikaajalised kohustused kokku 70 372 49 127
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Kohustused kokku 79 487 80 149
----------------------------------------------------------------
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Aktsiakapital 50 725 42 225
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Ülekurss 16 288 9 658
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Kohustuslik reservkapital 1 489 1 323
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Jaotamata kasum 28 412 18 277
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Omakapital kokku 96 914 71 483
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KOHUSTUSED JA OMAKAPITAL KOKKU 176 401 151 632
----------------------------------------------------------------
Marilin Hein
Finantsjuht
Tel. 6559 515
E-mail: [email protected] (mailto:[email protected])
Content of announcement in English
Title
EfTEN Real Estate Fund III AS unaudited results for 4th quarter and 12 months 2021
Message
Comment of the fund manager regarding the 2021. year's results
The year 2021 turned out to be a successful year above expectations for EfTEN
Real Estate Fund III AS. Despite the two coronavirus waves that occurred during
the year, the group increased both rental income and EBITDA in each commercial
real estate segment, even excluding revenues from the new commercial buildings.
The portfolio's commercial areas' vacancy rate remained at a record low of less
than 1%. The revaluation of investment property generated a total profit of EUR
6.4 million for 2021 and the portfolio's unleveraged primary net yield was 7.1%
at year-end. The fund generated total free cash flow of EUR 4.55 million in
2021, of which the total gross dividend would be EUR 3.64 million according to
the fund's dividend policy. Taking into account the obligation to maintain
minimum cash balances resulting from the special terms of the Fund's
subsidiaries' loans and the short-term liquidity needs, the Fund's Management
Board proposes to the Supervisory Board to pay dividends in excess of the
dividend policy, totalling EUR 4.06 million (80 cents per share).
As at 31.12.2021, the Fund has EUR 5.9 million of uninvested equity, the safe
investment of which is a priority for the Fund's management. In view of the fact
that the level of yield on transactions in the Baltic commercial real estate
market has been steadily declining in recent years, the Fund's management does
not plan to organise a new share issue in the current financial year.
Financial overview
EfTEN Real Estate Fund III AS's consolidated revenue for the 12 months of 2021
amounted to EUR 12.921 million (12 months 2020: EUR 10.731 million), up 20%
year-on-year. The group's net rental income for 2021 totalled EUR 12.412 million
(2020: EUR 10.103 million), increasing 23%. The Group's net profit for the same
period amounted to EUR 13.099 million (2020 12 months: EUR 3.317 million).
The Fund generated total revenue of EUR3.508 million in the fourth quarter of
2021, up EUR475 thousand (16%) on the same period last year. The Fund's net rental
income for the fourth quarter of 2021 amounted to EUR 2,916 thousand, an
increase of 17.7% compared to the same period last year.
In December 2021, Colliers International carried out a regular valuation of the
Fund's real estate portfolio, which resulted in an increase of 2.8% (EUR 4.423
million) in the value of the real estate portfolio, mainly due to the expected
rental cash flow and lower exit yields. The Fund's consolidated net profit for
Q4 amounted to EUR 5.355 million (Q4 2020: EUR 2,310 million).
Consolidated net rental income margin for the 12 months of 2021 was 96% (2020
12 months: 94%), so costs directly related to property management (including
land tax, insurance, maintenance and improvement costs) and marketing costs
accounted for 4% (2020: 6%) of revenue. Interest expenses have increased in
2021 due to the addition of loans taken out for the acquisition of new real
estate investments, but also due to an increase in the interest rate of 0.3-0.5
percentage points as a result of the refinancing of loans taken out for the
Ulonu office building and the DSV logistics centres.
The Group's assets as at 31.12.2021 amounted to EUR 176.401 million (31.12.2020:
EUR 151.632 million), i.e. the fair value of investment properties accounted for
92% of the assets (31.12.2020: 95%).
2021, the Group received bank loans for the acquisition and development of new
real estate investments totalling EUR 6.3 million. The weighted average interest
rate on the Group's loan agreements (including interest rate swap agreements) at
the end of December is 2.3% (31.12.2020: same) and LTV (Loan to Value) 44%
(31.12.2020: 50%).
Real estate portfolio
In mid-June 2021, the Group acquired a new real estate investment in Panevezhyse,
Lithuania. The total cost of the real estate investment, including transaction
costs, amounted to EUR 10.011 million and the annual rental income of the
building is EUR 799 thousand.
At the end of December 2021, the Group has 16 (31.12.2020: 15) commercial
property investments with a fair value at the balance sheet date of EUR 161.961
million (31.12.2020: EUR 144.235 million) and an acquisition cost of EUR
147.557 million (31.12.2020: EUR 136.349 million).
In 2021, the Group earned a total rental income of EUR 12,165 thousand. Rental
income calculated on a comparable basis totalled EUR 9,283 thousand in 2021, 7%
more than in 2020. In 2021, the Group granted a total of EUR 369 thousand in
write-downs related to the Covid-19 crisis, i.e. without these write-downs, the
Group's rental income in 2021 would have been 2.9% higher.
Information on shares
The net asset value per share of EfTEN Real Estate Fund III AS as of 31.12.2021
was EUR 19.11 (31.12.2020: EUR 16.93). The net asset value of the share of EfTEN
Real Estate Fund III AS increased by 12.9% during 2021. In June 2021, the fund
paid dividends from the profit for 2020 totalling EUR 2.798 million (spring
2020: EUR 2.745 million). Without the payment of dividends, the Fund's net asset
value would have increased by 16.3% in 2021.
In addition to the net asset value per share calculated in accordance with the
IFRS mentioned above, EfTEN Real Estate Fund III AS also calculates the net
asset value per share recommended by EPRA (European Public Real Estate
Association) to provide investors with the most appropriate fair value of net
assets. EPRA's recommended guidance assumes a long-term economic strategy for
real estate companies, so temporary differences in a situation where no sale of
assets is likely to take place in the foreseeable future will cloud the
transparency of the fair value of the net assets of the fund. Therefore, the
deferred income tax charge related to investment property and the fair value of
financial instruments (interest rate swaps) are eliminated from the net asset
value calculated under IFRS in arriving at the net asset value of EPRA.
During 2021, the Group has generated a free cash flow of EUR 4.550 million (2020
12 months: EUR 3.747 million), of which the total gross dividend would be EUR
3.64 million, in line with the Fund's dividend policy. In view of the obligation
to maintain minimum cash balances resulting from the special terms of the Fund's
subsidiaries' loans and the short-term liquidity needs, the Fund's Board of
Directors proposes to the Board of Governors to pay a dividend in excess of the
dividend policy of EUR 4.06 million (80 cents per share).
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
IV quarter 12 months
---------------------------
2021 2020 2021 2020
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EUR thousands
-------------------------------------------------------------------------------
Revenue 3,508 3,033 12,921 10,731
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Cost of sales -48 -103 -241 -325
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Gross profit 3,460 2,930 12,680 10,406
-------------------------------------------------------------------------------
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Marketing costs -124 -97 -268 -303
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General and administrative expenses -1,024 -431 -2,326 -1,597
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Gain / loss from revaluation of investment 4,422 612 6,442 -3,374
properties
-------------------------------------------------------------------------------
Other operating income and expense -17 -7 1 -3
-------------------------------------------------------------------------------
Operating profit 6,717 3,007 16,529 5,129
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Other finance income and expense -420 -355 -1,678 -1,322
-------------------------------------------------------------------------------
Profit before income tax 6,297 2,652 14,851 3,807
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Income tax expense -942 -342 -1,752 -490
-------------------------------------------------------------------------------
Net profit for the financial year 5,355 2,310 13,099 3,317
-------------------------------------------------------------------------------
Earnings per share
-------------------------------------------------------------------------------
- Basic 1.06 0.55 2.79 0.79
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- Diluted 1.06 0.55 2.79 0.79
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CONSOLIDATED STATEMENT OF FINANCIAL POSITION
31.12.2021 31.12.2020
---------------------------------------------------------------
EUR thousands
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ASSETS
---------------------------------------------------------------
Cash and cash equivalents 13,074 5,128
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Receivables and accrued income 876 2,018
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Prepaid expenses 314 128
---------------------------------------------------------------
Inventory 29 0
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Total current assets 14,293 7,274
---------------------------------------------------------------
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Long-term receivables 4 18
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Investment property 161,961 144,235
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Property, plant and equipment 140 101
---------------------------------------------------------------
Intangible assets 3 4
---------------------------------------------------------------
Total non-current assets 162,108 144,358
---------------------------------------------------------------
TOTAL ASSETS 176,401 151,632
---------------------------------------------------------------
---------------------------------------------------------------
LIABILITIES AND EQUITY
---------------------------------------------------------------
Borrowings 7,645 28,781
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Derivative instruments 121 246
---------------------------------------------------------------
Payables and prepayments 1,349 1,995
---------------------------------------------------------------
Total current liabilities 9,115 31,022
---------------------------------------------------------------
---------------------------------------------------------------
Borrowings 63,440 43,587
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Other long-term debt 987 957
---------------------------------------------------------------
Deferred income tax liability 5,945 4,583
---------------------------------------------------------------
Total non-current liabilities 70,372 49,127
---------------------------------------------------------------
Total liabilities 79,487 80,149
---------------------------------------------------------------
---------------------------------------------------------------
Share capital 50,725 42,225
---------------------------------------------------------------
Share premium 16,288 9,658
---------------------------------------------------------------
Statutory reserve capital 1,489 1,323
---------------------------------------------------------------
Retained earnings 28,412 18,277
---------------------------------------------------------------
Total equity 96,914 71,483
---------------------------------------------------------------
TOTAL LIABILITIES AND EQUITY 176,401 151,632
---------------------------------------------------------------
Marilin Hein
CFO
Phone: 6559 515
E-mail: [email protected] (mailto:[email protected])