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EfTEN Real Estate Fund AS
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31.07.2024 08:00:00
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EfTEN Real Estate Fund AS 2024. aasta II kvartali ja I poolaasta auditeerimata majandustulemused
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Koondtulemusena vastab 2024. aasta esimene poolaasta fondivalitseja ootustele. Vakantsus püsib portfelli tasemel alla 3% kõikidest pindadest, mis üldist ärikeskkonda arvestades on väga hea tulemus. Kui välja jätta Hortese kinnistutega seotud üürniku makseraskused, on klientide maksekäitumine hea ning võlgnevuste tase püsib madal. Fondivalitseja hinnangul on Hortese kinnistutega seonduv käsitletav üksiku kliendispetsiifilise juhtumina ega kajasta laiemat üürnike olukorra halvenemist. Fondivalitseja on juba mõlema Hortese kaupluse osas alustanud uute toimivate lahenduste otsimist. Suurim vakantsus on hetkel büroopindade sektoris, moodustades kogu portfelli vakantsusest 76%. See jaguneb aga kümne erineva büroohoone vahel ning uusi üürnike järjest lisandub. Büroopindade nõrgem nõudlus on selge trend nii globaalselt kui ka tuntav igas Balti riigi pealinnas. Laiemalt on intressimäärade pöördumine langustrendi toomas 2024. aasta teises pooles kaasa suureneva tehingute aktiivsuse, mis aitab kasvatada EfTEN Real Estate Fund AS-i konservatiivselt hinnastatud portfelli õiglast väärtust. EfTEN Real Estate Fund AS'i konsolideeritud 2024. aasta II kvartali müügitulu oli 7,957 miljonit eurot (2023 II kvartal: 7,961 miljonit eurot). EfTEN Real Estate Fund AS'i konsolideeritud 2024. aasta I poolaasta müügitulu oli 15,918 miljonit eurot (2023 I poolaasta: 15,749 miljonit eurot). Kontserni neto üüritulu oli 2024. aasta I poolaastal kokku 14,781 miljonit eurot (2023: 14,704 miljonit eurot). Kontserni puhaskasum samal perioodil oli 6,250 miljonit eurot (2023: 2,445 miljonit eurot). Konsolideeritud neto üüritulu marginaal oli 2024. aasta I poolaastal 93% (2023: 93%), seega moodustasid kinnistute haldamisega otseselt seotud kulud (s.h maamaks, kindlustus, hooldus- ja parenduskulud) ning turustuskulud 7% (2023: 7%) müügitulust. Kontserni varade maht 30.06.2024 seisuga oli 376 332 miljonit eurot (31.12.2023: 380,944 miljonit eurot), s.h kinnisvarainvesteeringute õiglane väärtus moodustas varade mahust 96% (31.12.2023: 94%). Kinnisvaraportfell 2024. aasta juuni lõpu seisuga on kontsernil 35 (31.12.2023: sama) ärikinnisvarainvesteeringut, mille õiglane väärtus bilansipäeval on 361,391 miljonit eurot (31.12.2023: 357,916 miljonit eurot) ning soetusmaksumus 359,405 miljonit eurot (31.12.2023: 354,408 miljonit eurot). Lisaks kuulub kontserni ühisettevõttele hotell Palace Tallinnas, mille õiglane väärtus 30.06.2024 seisuga oli 8,540 miljonit eurot (31.12.2023: 9,0 miljonit eurot). 2024. aasta esimese 6 kuuga teenis kontsern kokku 15,342 miljonit eurot üüritulu, mis on 1% rohkem kui 2023. aastal samal ajal. Kontsernile kuuluvate kinnisvarainvesteeringute vakantsus portfelli kohta oli 30.06.2024 seisuga 2,9% (31.12.2023: 2,6%). Suurim on vakantsus büroohoonete segmendis (12,4%), kus vakantsete üüripindade täitmine võtab varasemast rohkem aega. EfTEN Real Estate Fund AS hindab korraliselt kinnisvarainvesteeringuid kaks korda aastas - juunis ja detsembris. 2024. aasta juunis langes fondi kinnisvarainvesteeringute õiglane väärtus ümberhindluste tulemusel 0,4% (1,454 miljoni euro võrra), s.h büroosektori varade väärtus langes 1,3%, logistikasektori varade väärtus tõusis 0,7% ja kaubandussektori varade väärtus langes 0,7%. Portfelli allahindlus on suuresti seotud konservatiivsemate rahavoogude prognoosiga, seda eriti büroopindade segmendis. Finantseerimine 2024. aasta esimese 6 kuu jooksul pikendasid fondi tütarettevõtted EfTEN Autokeskus OÜ ja EfTEN Jurkalne SIA laenulepinguid. Järgmise 12 kuu jooksul lõpeb kontserni ühe tütarettevõtte laenuleping, mille jääk 30.06.2024 seisuga on 2 196 tuhat eurot. Lõppeva laenulepingu LTV on 30,6% ning kinnisvarainvesteering omab stabiilselt tugevat üürirahavoogu, mistõttu kontserni juhtkonna hinnangul ei teki laenulepingu pikendamisel takistusi. Kontserni laenulepingute kaalutud keskmine intressimäär on 30.06.2024 seisuga 5,65% (31.12.2023: 5,91) ning LTV (Loan to Value) 42% (31.12.2023: 42%). Kõik fondi tütarettevõtete laenulepingud on seotud ujuva intressimääraga. Aktsiainfo EfTEN Real Estate Fund AS'i aktsia puhasväärtus seisuga 30.06.2024 oli 19,79 eurot (31.12.2023: 20,21 eurot). EfTEN Real Estate Fund AS´i aktsia puhasväärtus vähenes 2024. aasta I poolaastal 2%. Fond maksis 2024. aasta aprillis dividende kogusummas 10,82 miljonit eurot. Ilma kasumit jaotamata oleks EfTEN Real Estate AS'i aktsia puhasväärtus I poolaastal suurenenud 3,5%. Fondil on 30.06.2024 seisuga 10 819 796 aktsiat. KONSOLIDEERITUD KOONDKASUMIARUANNE ------------------------------------------------------------------------------- II kvartal I poolaasta ------------------------------------------------------------------------------- 2024 2023 2024 2023 ------------------------------------------------------------------------------- EUR tuhandetes ------------------------------------------------------------------------------- Müügitulu 7 957 7 961 15 918 15 749 ------------------------------------------------------------------------------- Müüdud teenuste kulu -341 -363 -759 -757 ------------------------------------------------------------------------------- Brutokasum 7 616 7 598 15 159 14 992 ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- Turustuskulud -178 -192 -378 -288 ------------------------------------------------------------------------------- Üldhalduskulud -880 -860 -1 819 -1 727 ------------------------------------------------------------------------------- Kasum / kahjum kinnisvarainvesteeringute õiglase väärtuse muutusest -1 454 -6 182 -1 454 -6 182 ------------------------------------------------------------------------------- Muud äritulud ja -kulud 44 3 86 13 ------------------------------------------------------------------------------- Ärikasum 5 148 367 11 594 6 808 ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- Kasum / kahjum ühisettevõtetest -204 -100 -254 -109 ------------------------------------------------------------------------------- Intressitulud 64 14 165 20 ------------------------------------------------------------------------------- Muud finantstulud ja -kulud -2 238 -1 987 -4 473 -3 537 ------------------------------------------------------------------------------- Kasum enne tulumaksu 2 770 -1 706 7 032 3 182 ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- Tulumaksukulu -328 -483 -782 -737 ------------------------------------------------------------------------------- Aruandeperioodi puhaskasum 2 442 -2 189 6 250 2 445 ------------------------------------------------------------------------------- Aruandeperioodi koondkasum kokku 2 442 -2 189 6 250 2 445 ------------------------------------------------------------------------------- Kasum aktsia kohta ------------------------------------------------------------------------------- - tava 0,23 -0,20 0,58 0,23 ------------------------------------------------------------------------------- - lahustatud 0,23 -0,20 0,58 0,23 ------------------------------------------------------------------------------- KONSOLIDEERITUD FINANTSSEISUNDI ARUANNE 30.06.2024 31.12.2023 ------------------------------------------------------------ EUR tuhandetes ------------------------------------------------------------ VARAD ------------------------------------------------------------ Raha ja raha ekvivalendid 10 772 14 712 ------------------------------------------------------------ Lühiajalised hoiused 50 3 400 ------------------------------------------------------------ Nõuded ja viitlaekumised 1 555 2 360 ------------------------------------------------------------ Ettemakstud kulud 133 106 ------------------------------------------------------------ Käibevara kokku 12 510 20 578 ------------------------------------------------------------ ------------------------------------------------------------ Pikaajalised nõuded 409 214 ------------------------------------------------------------ Ühisettevõtete osad 1 824 2 078 ------------------------------------------------------------ Kinnisvarainvesteeringud 361 391 357 916 ------------------------------------------------------------ Materiaalne põhivara 198 158 ------------------------------------------------------------ Põhivara kokku 363 822 360 366 ------------------------------------------------------------ VARAD KOKKU 376 332 380 944 ------------------------------------------------------------ ------------------------------------------------------------ KOHUSTISED JA OMAKAPITAL ------------------------------------------------------------ Laenukohustused 8 758 16 907 ------------------------------------------------------------ Võlad ja ettemaksed 2 255 3 417 ------------------------------------------------------------ Lühiajalised kohustised kokku 11 013 20 324 ------------------------------------------------------------ ------------------------------------------------------------ Laenukohustised 140 618 130 849 ------------------------------------------------------------ Muud pikaajalised võlad 1 892 1 790 ------------------------------------------------------------ Edasilükkunud tulumaksukohustus 8 681 9 283 ------------------------------------------------------------ Pikaajalised kohustised kokku 151 191 141 922 ------------------------------------------------------------ KOHUSTISED KOKKU 162 204 162 246 ------------------------------------------------------------ ------------------------------------------------------------ Aktsiakapital 108 198 108 198 ------------------------------------------------------------ Ülekurss 84 721 84 721 ------------------------------------------------------------ Kohustuslik reservkapital 2 799 2 749 ------------------------------------------------------------ Jaotamata kasum 18 410 23 030 ------------------------------------------------------------ OMAKAPITAL KOKKU 214 128 218 698 ------------------------------------------------------------ KOHUSTISED JA OMAKAPITAL KOKKU 376 332 380 944 ------------------------------------------------------------ Marilin Hein Finantsjuht Tel. 6559 515 E-mail: marilin.hein@eften.ee (https://connect- eu.notified.com/Tracker?data=jJnWpdj- mEUjxBNLVHtK7UC2Ku5_G0zYEUfCUw3dB0QfxUUktKhpWGAsZK5m3sUaRKf53V8fgBw- c6XkFiVy3I_b8WHbxihQfQx_zj8QxX8=000300640967)
Pealkiri
EfTEN Real Estate Fund AS unaudited results for 2nd quarter ja 1st half-year 2024
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The performance of EfTEN Real Estate Fund for the first half of 2024 meets the fund manager's expectations. Vacancy rates remain below 3% of total leasable area, which is an excellent result considering the overall business environment. Excluding the payment difficulties related to the tenant in Hortese properties, the payment behavior of clients is good, and the level of arrears remains low. The fund manager considers the issues related to Hortese properties as isolated cases specific to the tenant and not indicative of a broader deterioration. The fund manager has already begun to seek new solutions for both Hortes stores. Currently, the highest vacancy rates are in the office sector, accounting for 76% of the total portfolio vacancy. However, this is spread across ten different office buildings, and new tenants are continually being added. The weaker demand for office space is a clear trend globally and is noticeable in every Baltic capital. More broadly, the downward trend in interest rates in the second half of 2024 is expected to increase transaction activity, which will help to grow the fair value of EfTEN Real Estate Fund AS's conservatively priced portfolio. EfTEN Real Estate Fund AS consolidated sales income for the second quarter of 2024 was 7.957 million euros (2023 II quarter: 7.961 million euros). The consolidated sales revenue of EfTEN Real Estate Fund AS for the first half of 2024 was 15.918 million euros (2023 first half: 15.749 million euros). The group's net rental income totalled 14.781 million euros in the first half of 2024 (2023: 14.704 million euros). The net profit of the group in the same period was 6.250 million euros (2023: 2.445 million euros). The consolidated net rental income margin was 93% (2023: 93%), in the first half of 2024, so costs directly related to property management (including land tax, insurance, maintenance and improvement costs) and distribution costs constituted 7% (2023: 7%) of sales revenue. The volume of the Group's assets as at 30.06.2024 was 376.332 million euros (31.12.2023: 380.944 million euros), including the fair value of real estate investments made up 96% of the volume of asset (31.12.2023: 94%). Investment portfolio As of the end of June 2024 the Group has 35 (31.12.2023: same) commercial investment properties with a fair value as at the balance sheet date of 361.391 million euros (31.12.2023: 357.916 million euros) and the acquisition cost of 359.405 million euros (31.12.2023: 354.408 million euros). In addition, the Group's joint venture owns the Palace hotel in Tallinn, the fair value of which as of 30.06.2024 was 8.540 million euros (31.12.2023: 9.0 million euros). In the first 6 months of 2024, the group earned a total of 15.342 million euros in rental income, which is 1% more than in the same period of 2023. The vacancy of investment portfolio was 2.9% as of 30.06.2024 (31.12.2023: 2.6%). The highest vacancy is in the office segment (12.4%), where it takes longer than before to fill vacant rental premises. EfTEN Real Estate Fund AS regularly evaluates investment properties twice a year - in June and December. In June 2024, the fair value of the Fund's investment properties decreased by 0.4% (by EUR 1.454 million) as a result of revaluations, including the value of office sector assets decreased by 1.3%, the value of logistics sector assets increased by 0.7%, and the value of commercial sector assets decreased by 0.7%. The portfolio's downward valuation is largely related to a more conservative cash flow forecast, especially in the office segment. Financing During the first 6 months of 2024, the Fund's subsidiaries EfTEN Autokeskus OÜ and EfTEN Jurkalne SIA extended their loan agreements. Within the next 12 months, the loan agreement of one of the Group's subsidiaries will expire, the balance of which is 2,196 thousand euros as of 30.06.2024. The LTV of the expiring loan agreement is 30.6%, and the investment property has a stable and strong rental cash flow, therefore, according to the management of the Group, there will be no obstacles to the extension of the loan agreement. The weighted average interest rate of the Group's loan agreements is 5.65% as of 30.06.2024 (31.12.2023: 5.91) and the LTV (Loan to Value) is 42% (31.12.2023: 42%). All loan agreements of the fund's subsidiaries are linked to a floating interest rate. Information on shares The net value of the share of EfTEN Real Estate Fund AS as of 30.06.2024 was 19.79 euros (31.12.2023: 20.21 euros). The net value of EfTEN Real Estate Fund AS shares decreased by 2% in the first half of 2024. In April 2024, the fund distributed dividends in the total amount of 10.82 million euros. Without profit distribution, the net value of EfTEN Real Estate AS shares would have increased by 3.5% in the first half of the year. As of 30.06.2024, the Fund has 10,819,796 shares. CONSOLIDATED STATEMEMT OF COMPREHENSIVE INCOME ------------------------------------------------------------------------------- II quarter 1st half-year ------------------------------------------------------------------------------- 2024 2023 2024 2023 ------------------------------------------------------------------------------- EUR thousands ------------------------------------------------------------------------------- Revenue 7,957 7,961 15,918 15,749 ------------------------------------------------------------------------------- Cost of services sold -341 -363 -759 -757 ------------------------------------------------------------------------------- Gross profit 7,616 7,598 15,159 14,992 ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- Marketing costs -178 -192 -378 -288 ------------------------------------------------------------------------------- General and administrative expenses -880 -860 -1,819 -1,727 ------------------------------------------------------------------------------- Profit / loss from the change in the fair value of investment property -1,454 -6,182 -1,454 -6,182 ------------------------------------------------------------------------------- Other operating income and expense 44 3 86 13 ------------------------------------------------------------------------------- Operating profit 5,148 367 11,594 6,808 ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- Profit / loss from joint ventures -204 -100 -254 -109 ------------------------------------------------------------------------------- Interest income 64 14 165 20 ------------------------------------------------------------------------------- Other finance income and expense -2,238 -1,987 -4,473 -3,537 ------------------------------------------------------------------------------- Profit before income tax 2,770 -1,706 7,032 3,182 ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- Income tax expense -328 -483 -782 -737 ------------------------------------------------------------------------------- Net profit for the reporting period 2,442 -2,189 6,250 2,445 ------------------------------------------------------------------------------- Total consolidated profit for the reporting period 2,442 -2,189 6,250 2,445 ------------------------------------------------------------------------------- Earnings per share ------------------------------------------------------------------------------- - basic 0.23 -0.20 0.58 0.23 ------------------------------------------------------------------------------- - diluted 0.23 -0.20 0.58 0.23 ------------------------------------------------------------------------------- CONSOLIDATED STATEMENT OF FINANCIAL POSITION 30.06.2024 31.12.2023 ----------------------------------------------------------- EUR thousands ----------------------------------------------------------- ASSETS ----------------------------------------------------------- Cash and cash equivalents 10,772 14,712 ----------------------------------------------------------- Current deposits 50 3,400 ----------------------------------------------------------- Receivables and accrued income 1,555 2,360 ----------------------------------------------------------- Prepaid expenses 133 106 ----------------------------------------------------------- Total current assets 12,510 20,578 ----------------------------------------------------------- ----------------------------------------------------------- Long-term receivables 409 214 ----------------------------------------------------------- Shares in joint ventures 1,824 2,078 ----------------------------------------------------------- Investment property 361,391 357,916 ----------------------------------------------------------- Property, plant, and equipment 198 158 ----------------------------------------------------------- Total non-current assets 363,822 360,366 ----------------------------------------------------------- TOTAL ASSETS 376,332 380,944 ----------------------------------------------------------- ----------------------------------------------------------- LIABILITIES AND EQUITY ----------------------------------------------------------- Borrowings 8,758 16,907 ----------------------------------------------------------- Payables and prepayments 2,255 3,417 ----------------------------------------------------------- Total current liabilities 11,013 20,324 ----------------------------------------------------------- ----------------------------------------------------------- Borrowings 140,618 130,849 ----------------------------------------------------------- Other non-current liabilities 1,892 1,790 ----------------------------------------------------------- Deferred income tax liability 8,681 9,283 ----------------------------------------------------------- Total non-current liabilities 151,191 141,922 ----------------------------------------------------------- Total liabilities 162,204 162,246 ----------------------------------------------------------- ----------------------------------------------------------- Share capital 108,198 108,198 ----------------------------------------------------------- Share premium 84,721 84,721 ----------------------------------------------------------- Statutory reserve capital 2,799 2,749 ----------------------------------------------------------- Retained earnings 18,410 23,030 ----------------------------------------------------------- TOTAL EQUITY 214,128 218,698 ----------------------------------------------------------- TOTAL LIABILITIES AND EQUITY 376,332 380,944 ----------------------------------------------------------- Marilin Hein CFO Phone +372 6559 515 E-mail: marilin.hein@eften.ee (mailto:marilin.hein@eften.ee)