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
9491
Attachments
Submission date and time
28.04.2022 08:00:00
Content of announcement in Estonian
Title
EfTEN Real Estate Fund III AS 2022. aasta I kvartali auditeerimata majandustulemused
Message
EfTEN Real Estate Fund III AS'i konsolideeritud 2022. aasta I kvartali müügitulu
oli 3,458 miljonit eurot (2021 I kvartal: 2,867 miljonit eurot), kasvades
aastaga 21%. Kontserni neto üüritulu oli 2022. aasta I kvartalis kokku 3,324
miljonit eurot (2021: 2,770 miljonit eurot), kasvades 20%. Kontserni puhaskasum
samal perioodil oli 2,278 miljonit eurot (2021: 1,795 miljonit eurot).
2022. aasta I kvartalis teenis kontsern kokku 3,284 miljonit eurot üüritulu.
Võrreldavatel alustel arvestatud üüritulu oli 2022. aastal I kvartalis kokku
3,084 miljonit eurot, mis on 14% rohkem kui 2021. aastal samal ajal. Covid-19
kriisiga seotud allahindluseid tegi kontsern 2022. aasta I kvartalis kokku 3
tuhande euro ulatuses (2021 I kvartal: 237 tuhande euro ulatuses), s.t ilma
nimetatud allahindlusteta oleks kontserni üüritulu 2022. aasta I kvartalis olnud
5,1% kõrgem.
Konsolideeritud neto üüritulu marginaal oli 2022. aasta I kvartalis 96% (2021:
97%), seega moodustasid kinnistute haldamisega otseselt seotud kulud (s.h
maamaks, kindlustus, hooldus- ja parenduskulud) ning turustuskulud 4% (2021:
3%) müügitulust.
Kontserni varade maht 31.03.2022 seisuga oli 177,293 miljonit eurot (31.12.2021:
176,401 miljonit eurot), s.h kinnisvarainvesteeringute õiglane väärtus moodustas
varade mahust 91% (31.12.2021: 92%).
2022. aasta märtsi lõpu seisuga on kontsernil 16 (31.12.2021: sama)
ärikinnisvarainvesteeringut, mille õiglane väärtus bilansipäeval on 162,099
miljonit eurot (31.12.2021: 161,961 miljonit eurot) ning soetusmaksumus 147,771
miljonit eurot (31.12.2021: 147,633 miljonit eurot).
Fondi tütarettevõte EfTEN Valkla OÜ sõlmis märtsis Harjumaal, Kuusalu vallas,
Valkla külas, Valklaranna tee 36 asuva kinnistu omandamiseks võlaõigusliku
lepingu. Fond kavandab hooldekodu hoone ümberehitust u?ldhooldekoduks, mis võiks
tulevikus mahutada kuni 250 klienti. Hooldekodu hooneid jääb pikaajalise
üürilepingu alusel kasutama Südamekodud AS-i 100%-line tütarettevõte Valkla
Südamekodu OÜ. Renoveerimistööd viiakse läbi etapiviisiliselt. Kinnistu
müügihind on 2 005 tuhat eurot, mis tasutakse asjaõiguslepingu sõlmimisel ning
lisaks kohustub fondi tütarettevõte tegema investeeringuid mahus kuni 2 000
tuhat eurot. Kinnistu ostu ja investeeringuid finantseeritakse fondi
omavahendite arvel. Tehingu lõpule viimiseks s.t kinnistu omandi üleandmiseks
asjaõiguslepingu sõlmimine on kavandatud hiljemalt aprilli lõpuks.
Fondi tütarettevõtja EfTEN Ermi OÜ sõlmis märtsis Tartumaal Tartu vallas, Tila
külas, Ermi tn 13 asuva hoonestusõiguse, omandamiseks võlaõigusliku lepingu.
Fond kavandab hoonestusõiguse alusel kasutatavale maale rajada hooldekodu
minimaalselt kuni 120-le kliendile. Hoonestusõiguse tähtaeg on 50 aastat, mida
võib maaomanikuga kokkuleppel pikendada kuni 99 aastani. Käesolevaks ajaks ei
ole ehitushanget korraldatud ja see on kavas läbi viia asjaõiguslepingu
sõlmimise järgselt. Kinnisasjale hooldekodu ehitamise järgselt võtab selle
pikaajalise üürilepingu alusel üürile Südamekodud AS-i 100%-line tütarettevõte
Tartu Südamekodu OÜ. Hoonestusõiguse müügihind on 233 tuhat eurot.
Hoonestusõiguse ostu ja investeeringuid finantseeritakse fondi omavahendite
arvel. Tehingu lõpule viimiseks s.t hoonestusõiguse omandi üleandmiseks
asjaõiguslepingu sõlmimine on kavandatud hiljemalt aprilli lõpuks.
Järgmise 12 kuu jooksul lõppevad kontserni kolme tütarettevõtte - EfTEN Seljaku
OÜ, EfTEN Laagri OÜ ning EfTEN Piepilsetas SIA laenulepingud, mille jääk
31.03.2022 seisuga on kokku 7 092 tuhat eurot. Lõppevate laenulepingute LTV on
32%-39% ning kinnisvarainvesteeringud omavad stabiilselt tugevat üürirahavoogu,
mistõttu kontserni juhtkonna hinnangul ei teki laenulepingute pikendamisel
eelduslikult takistusi.
Kontserni laenulepingute kaalutud keskmine intressimäär (s.h arvestades
intressiswapi lepinguid) on märtsi lõpu seisuga 2,3% (31.12.2021: sama) ning LTV
(Loan to Value) 43% (31.12.2021: 44%). Enamus fondi tütarettevõtete
laenulepingutest on seotud ujuva intressimääraga ning vaid üks laen (moodustab
2% laenuportfellist) on fikseeritud baasintressimääraga. Ühe laenulepingu
intressmäära tõusu riski maandamiseks on sõlmitud intressimäära vahetusleping,
mis lõpeb 2023. aastal.
EfTEN Real Estate Fund III AS'i aktsia puhasväärtus (EPRA NDV) seisuga
31.03.2022 oli 19,55 eurot (31.03.2021: 17,35 eurot). EfTEN Real Estate Fund III
AS´i aktsia puhasväärtus kasvas 2021. aasta I kvartalis 12,7% (2021 I
kvartal:2,5%).
KONSOLIDEERITUD KOONDKASUMIARUANNE
I kvartal
----------------
EUR tuhandetes 2022 2021
---------------------------------------------------
Müügitulu 3 458 2 867
---------------------------------------------------
Müüdud teenuste kulu -60 -66
---------------------------------------------------
Brutokasum 3 398 2 801
---------------------------------------------------
---------------------------------------------------
Turustuskulud -74 -31
---------------------------------------------------
Üldhalduskulud -455 -384
---------------------------------------------------
Muud äritulud ja -kulud 26 3
---------------------------------------------------
Ärikasum 2 895 2 389
---------------------------------------------------
---------------------------------------------------
Muud finantstulud ja -kulud -362 -421
---------------------------------------------------
Kasum enne tulumaksu 2 533 1 968
---------------------------------------------------
---------------------------------------------------
Tulumaksukulu -255 -173
---------------------------------------------------
Aruandeperioodi koondkasum kokku 2 278 1 795
---------------------------------------------------
Kasum aktsia kohta
---------------------------------------------------
- tava 0,45 0,43
---------------------------------------------------
- lahustatud 0,45 0,43
---------------------------------------------------
KONSOLIDEERITUD FINANTSSEISUNDI ARUANNE
31.03.2022 31.12.2021
------------------------------------------------------------
EUR tuhandetes
------------------------------------------------------------
VARAD
------------------------------------------------------------
Raha ja raha ekvivalendid 13 751 13 074
------------------------------------------------------------
Nõuded ja viitlaekumised 1 255 876
------------------------------------------------------------
Ettemakstud kulud 53 314
------------------------------------------------------------
Varud 0 29
------------------------------------------------------------
Käibevara kokku 15 059 14 293
------------------------------------------------------------
------------------------------------------------------------
Pikaajalised nõuded 8 4
------------------------------------------------------------
Kinnisvarainvesteeringud 162 099 161 961
------------------------------------------------------------
Materiaalne põhivara 125 140
------------------------------------------------------------
Immateriaalne põhivara 2 3
------------------------------------------------------------
Põhivara kokku 162 234 162 108
------------------------------------------------------------
VARAD KOKKU 177 293 176 401
------------------------------------------------------------
------------------------------------------------------------
KOHUSTUSED JA OMAKAPITAL
------------------------------------------------------------
Laenukohustused 10 244 7 645
------------------------------------------------------------
Tuletisinstrumendid 56 121
------------------------------------------------------------
Võlad ja ettemaksed 722 1 349
------------------------------------------------------------
Lühiajalised kohustused kokku 11 022 9 115
------------------------------------------------------------
------------------------------------------------------------
Laenukohustused 59 949 63 440
------------------------------------------------------------
Muud pikaajalised võlad 1 007 987
------------------------------------------------------------
Edasilükkunud tulumaksukohustus 6 123 5 945
------------------------------------------------------------
Pikaajalised kohustused kokku 67 079 70 372
------------------------------------------------------------
Kohustused kokku 78 101 79 487
------------------------------------------------------------
------------------------------------------------------------
Aktsiakapital 50 725 50 725
------------------------------------------------------------
Ülekurss 16 288 16 288
------------------------------------------------------------
Kohustuslik reservkapital 1 489 1 489
------------------------------------------------------------
Jaotamata kasum 30 690 28 412
------------------------------------------------------------
Omakapital kokku 99 192 96 914
------------------------------------------------------------
KOHUSTUSED JA OMAKAPITAL KOKKU 177 293 176 401
------------------------------------------------------------
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 1st quarter 2021
Message
EfTEN Real Estate Fund III AS's consolidated revenue for the first quarter of
2022 was 3.458 million euros (2021 I quarter: 2.867 million euros), increased by
21% compared to previous year. The Group's net rental income in the first
quarter of 2022 was 3.324 million euros (2021: 2.770 million euros), increased
by 20% compared to previous year. The Group's net profit for the same period was
2.278 million euros (2021: 1.795 million euros).
In the first quarter of 2022 the Group's rental income amounted to 3.284 million
euros. Rental income calculated on a comparable basis in the first quarter of
2022 totalled 3.084 million euros, which is 14% more than the same period in
2021. The Group's discounts related to the Covid-19 crisis totalled 3 thousand
euros in the first quarter of 2022 (first quarter of 2021: 237 thousand euros),
i.e., without these discounts the Group's rental income in the first quarter of
2022 would have been 5.1% higher.
Consolidated net rental income margin for the first quarter of 2022 was 96%
(2021: 97%), so costs directly related to property management (incl. land tax,
insurance, maintenance and improvement costs) and marketing costs accounted for
4% (2021: 3%) of revenue.
The Group's total assets as at 31.03.2022 amounted for 177.293 million euros
(31.12.2021: 176.401 million euros), including the fair value of investment
properties forming 91% (31.12.2021: 92%) of the total assets.
As of the end of March 2022 the Group has 16 (31.12.2021: same) commercial real
estate investments, the fair value of which forms 162.099 million euros as of
balance sheet date (31.12.2021: 161.961 million euros) and the acquisition cost
is 147.771 million euros (31.12.2021: 147.633 million euros).
In March, EfTEN Valkla OÜ, a subsidiary of the Fund, entered into a contract
under the law of obligations for the acquisition of a real estate located at
Valklaranna road 36 in Valkla village, Harju County. The fund plans to convert
the nursing home building into a general care home, which could accommodate up
to 250 clients in the future. The buildings of the care home will be used by
Valkla Südamekodu OÜ, a 100% subsidiary of Südamekodud AS, on the basis of a
long-term lease agreement. Renovation work will be carried out in stages. The
sale price of the property is 2,005 thousand euros, which will be paid upon
concluding a real estate contract, and in addition, the subsidiary of the fund
undertakes to make investments in the amount of up to 2,000 thousand euros. The
purchase will be financed from the fund's equity. In order to complete the
transaction, i.e. to transfer the ownership of the real estate, the conclusion
of a real rights agreement is planned by the end of April at the latest.
In March, EfTEN Ermi OÜ, a subsidiary of the Fund, entered a contract under the
law of obligations for the acquisition of the right of superficies located at
Ermi street 13 in Tartu County, Tartu County. The fund plans to build a care
home for a minimum of 120 clients on the land used on the basis of the building
right. The term of the right of superficies is 50 years, which can be extended
up to 99 years by agreement with the landowner. To date, no construction
procurement has been organized and it is planned to carry it out after signing
the real right agreement. Following the construction of a care home on the
property, Tartu Südamekodu OÜ, a 100% subsidiary of Südamekodud AS, will lease
it on the basis of a long-term lease agreement. The sale price of the right of
superficies is 233 thousand euros. The purchase of the right of superficies and
investments are financed from the fund's own resources. In order to complete the
transaction, the consent of Tartu municipality, the conclusion of a lease
agreement and the consent of the Estonian Competition Authority are required.
During the next 12 months, the loan agreements of the Group's three subsidiaries
- EfTEN Seljaku OÜ, EfTEN Laagri OÜ and EfTEN Piepilsetas SIA, with a total
balance of 7,092 thousand euros as of 31.03.2022, will expire. The LTV of the
expiring loan agreements is 32% -39% and the real estate investments have a
stable strong rental cash flow, which is why, according to the Group's
management, there are no expected obstacles to extending the loan agreements.
The weighted average interest rate of the Group's loan agreements (incl. taking
into account interest rate swap agreements) at the end of March is 2.3%
(31.12.2021: same) and LTV (Loan to Value) 43% (31.12.2021: 44%). Most of the
loan agreements of the fund's subsidiaries are linked to a floating interest
rate and only one loan (accounting for 2% of the loan portfolio) has a fixed
base interest rate. In order to hedge the risk of an increase in the interest
rate of one loan agreement, an interest rate swap agreement has been entered,
which expires in 2023.
The net asset value of the share of EfTEN Real Estate Fund III AS (EPRA NDV) as
of 31.03.2022 was 19.55 euros (31.03.2021: 17.35 euros). The net asset value of
EfTEN Real Estate Fund III AS increased by 12.7% in the first quarter of 2021
(first quarter of 2021: 2.5%).
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
1(st) quarter
----------------
EUR thousands 2022 2021
------------------------------------------------------
Revenue 3,458 2,867
------------------------------------------------------
Cost of services sold -60 -66
------------------------------------------------------
Gross profit 3,398 2,801
------------------------------------------------------
------------------------------------------------------
Marketing costs -74 -31
------------------------------------------------------
General and administrative expenses -455 -384
------------------------------------------------------
Other operating income and expense 26 3
------------------------------------------------------
Operating profit 2,895 2,389
------------------------------------------------------
------------------------------------------------------
Other finance income and expense -362 -421
------------------------------------------------------
Profit before income tax 2,533 1,968
------------------------------------------------------
------------------------------------------------------
Income tax expense -255 -173
------------------------------------------------------
Comprehensive income for the period 2,278 1,795
------------------------------------------------------
Earnings per share
------------------------------------------------------
- basic 0.45 0.43
------------------------------------------------------
- diluted 0.45 0.43
------------------------------------------------------
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
31.03.2022 31.12.2021
-----------------------------------------------------------
EUR thousands
-----------------------------------------------------------
ASSETS
-----------------------------------------------------------
Cash and cash equivalents 13,751 13,074
-----------------------------------------------------------
Receivables and accrued income 1,255 876
-----------------------------------------------------------
Prepaid expenses 53 314
-----------------------------------------------------------
Inventory 0 29
-----------------------------------------------------------
Total current assets 15,059 14,293
-----------------------------------------------------------
-----------------------------------------------------------
Long-term receivables 8 4
-----------------------------------------------------------
Investment property 162,099 161,961
-----------------------------------------------------------
Property, plant, and equipment 125 140
-----------------------------------------------------------
Intangible assets 2 3
-----------------------------------------------------------
Total non-current assets 162,234 162,108
-----------------------------------------------------------
TOTAL ASSETS 177,293 176,401
-----------------------------------------------------------
-----------------------------------------------------------
LIABILITIES AND EQUITY
-----------------------------------------------------------
Borrowings 10,244 7,645
-----------------------------------------------------------
Derivative instruments 56 121
-----------------------------------------------------------
Payables and prepayments 722 1,349
-----------------------------------------------------------
Total current liabilities 11,022 9,115
-----------------------------------------------------------
-----------------------------------------------------------
Borrowings 59,949 63,440
-----------------------------------------------------------
Other long-term liabilities 1,007 987
-----------------------------------------------------------
Deferred income tax liability 6,123 5,945
-----------------------------------------------------------
Total non-current liabilities 67,079 70,372
-----------------------------------------------------------
Total liabilities 78,101 79,487
-----------------------------------------------------------
-----------------------------------------------------------
Share capital 50,725 50,725
-----------------------------------------------------------
Share premium 16,288 16,288
-----------------------------------------------------------
Statutory reserve capital 1,489 1,489
-----------------------------------------------------------
Retained earnings 30,690 28,412
-----------------------------------------------------------
Total equity 99,192 96,914
-----------------------------------------------------------
TOTAL LIABILITIES AND EQUITY 177,293 176,401
-----------------------------------------------------------
Marilin Hein
CFO
Phone: 655 9515
E-mail: [email protected] (mailto:[email protected])