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EfTEN Real Estate Fund AS
Kategooria
Muud korporatiivtoimingud
Manused
Kuupäev
30.04.2025 08:00:00
Pealkiri
EfTEN Real Estate Fund AS 2025. aasta I kvartali auditeerimata majandustulemused
Teade
2025. aasta I kvartalis investeeris EfTEN Real Estate Fund AS märkimisväärse osa
eelnevas kvartalis kaasatud kapitalist. Fond tegi uusi kinnisvarainvesteeringuid
peamiselt hooldekodude segmendis. Veebruaris sõlmis EfTEN Real Estate Fund AS-i
100% tütarettevõtja EfTEN Hiiu OÜ võlaõigusliku lepingu Hiiu 42 kinnistu
omandamiseks Tallinnas, eesmärgiga rajada koostöös Südamekodud AS-iga
üldhooldekodu. Kinnistu soetusmaksumus oli 4 miljonit eurot, millele lisandub
kuni 2,5 miljonit eurot hoone ümberehitusse. Investeeringu oodatav tootlus on
8% aastas. Märtsi lõpus sõlmiti asjaõigusleping ja viidi tehing lõpuni. EfTEN
Hiiu OÜ sõlmis tehingu raames pikaajalise (10+10 aastat) üürilepingu Hiiu
Südamekodu OÜ-ga. Osaliselt jätkab kinnistu kasutamist Põhja-Eesti
Regionaalhaigla. Hoone ehitatakse osaliselt ümber ?Nõmme Südamekodu"
üldhooldekoduks, mis hakkab tulevikus mahutama kuni 170 klienti.
2025. aasta jaanuaris alustas fondi tütarettevõtja EfTEN Ermi OÜ Tartu
Südamekodu II etapi ehitust, mille valmimisel lisandub olemasolevale
hooldekodule 60 voodikohta ning päikesepark. Projekti kogumaksumus on ligikaudu
1,3 miljonit eurot. Ehitustööde valmimine on planeeritud juuliks 2025 ning
investeeringu oodatav tootlus on 8,1% aastas.
Kõigi ülalkirjeldatud investeeringute realiseerumisel omab EfTEN Real Estate
Fund AS nelja hooldekodu, milles on kokku pea 800 voodikohta.
31.03.2025 lõpetas fondi tütarettevõtja EfTEN Seljaku OÜ üürilepingu
aktsiaseltsiga Hortes (pankrotis) Laagri Hortese kinnistute osas. Kinnistute
osas on sõlmitud uus üürileping Rikets Aianduskeskus OÜ-ga, kes jätkab
kinnistutel tegevust alates 1. aprillist 2025.
2025. aasta aprillis valmis fondi tütarettevõttele EfTEN Paemurru OÜ kuuluv
ICONFIT logistikahoone. Üüritulu hakkas fond kinnistult teenima alates 15.
aprillist.
Majandustulemuste ülevaade
EfTEN Real Estate Fund AS-i konsolideeritud 2025. aasta I kvartali müügitulu oli
7,858 miljonit eurot (2024 I kvartal: 7,961 miljonit eurot) ja fondi
konsolideeritud 2025. aasta I kvartali neto üüritulu (NOI) oli kokku 7,211
miljonit eurot (2024 I kvartal: 7,343 miljonit eurot). Konsolideeritud neto
üüritulu marginaal oli 92% (2024: 92%), seega moodustasid kinnistute haldamisega
otseselt seotud kulud (s.h maamaks, kindlustus, hooldus- ja parenduskulud) ning
turustuskulud 8% (2024: 8%) müügitulust.
Fondi konsolideeritud puhaskasum oli 2025. aasta I kvartalis 4,167 miljonit
eurot (2024 I kvartal: 3,808 miljonit eurot). Puhaskasumi suurenemises oli
oluline osa EURIBOR'i langusest tulenenud intressikulu vähenemisel - võrreldes
2024. aasta I kvartaliga vähenes fondi intressikulu 432 tuhat eurot ehk 19%
võrra.
Kinnisvaraportfell
Seisuga 31.03.2025 on kontsernil 37 (31.12.2024: 36)
ärikinnisvarainvesteeringut, mille õiglane väärtus bilansipäeval on 380,160
miljonit eurot (31.12.2024: 373,815 miljonit eurot) ning soetusmaksumus 376,906
miljonit eurot (31.12.2024: 370,561 miljonit eurot). Lisaks fondi
tütarettevõtetele kuuluvatele kinnisvarainvesteeringutele kuulub kontserni 50%-
osalusega ühisettevõttele hotell Palace Tallinnas, mille õiglane väärtus
31.03.2025 seisuga oli 8,632 miljonit eurot (31.12.2024: 8,630 miljonit eurot).
Kontsern tegi 2025. aasta I kvartalis investeeringuid nii uutesse kinnistutesse
kui ka olemasolevasse portfelli kokku 6,345 miljoni euro ulatusest.
Kontserni tütarettevõte EfTEN Hiiu OÜ soetas 2025. aasta märtsis kinnistu
Tallinnas, Hiiu tn 42, makstes kinnistu eest 4 miljonit eurot. Kehtiva
üürilepingu alusel jätkab kinnistu osalist kasutamist sihtasutus Põhja-Eesti
Regionaalhaigla. Ülejäänud osas sõlmiti pikaajaline üürileping Südamekodud AS-i
tütarettevõtte Hiiu Südamekodu OÜ-ga.
2025. aasta I kvartalis jätkusid Valkla hooldekodu C-korpuse ehitusööd, kokku
oli tööde maht I kvartalis 343 tuhat eurot. Alustati Tartus Ermi hooldekodu II
etapi töödega, tööde maht oli I kvartalis kokku 192 tuhat eurot. Jätkusid
Paemurru logistikakeskuse ehitustööd, kokku investeeriti I kvartalis 1 515 tuhat
eurot.
2025. aasta I kvartalis teenis kontsern kokku 7,673 miljonit eurot üüritulu,
jäädes samale tasemele 2024. aastaga.
Kontsernile kuuluvate kinnisvarainvesteeringute vakantsus portfelli kohta oli
31.03.2025 seisuga 4,4% (31.12.2024: 2,6%). Suurim oli vakantsus büroohoonete
segmendis (17,7%), kus vakantsete üüripindade täitmine on võtnud varasemast
rohkem aega.
Finantseerimine
2025. aasta I kvartalis pikendas fondi tütarettevõte EfTEN Riga Airport SIA
pangaga sõlmitud laenulepingu. Järgmise 12 kuu jooksul lõppevad kontserni kuue
tütarettevõtte laenulepingud, mille jääk 31.03.2025 seisuga oli kokku 20 380
tuhat eurot. Lõppevate laenulepingute LTV on 29% - 48% ning
kinnisvarainvesteeringud omavad stabiilselt üürirahavoogu, mistõttu kontserni
juhtkonna hinnangul ei teki laenulepingute pikendamisel takistusi.
Kontserni laenulepingute kaalutud keskmine intressimäär oli 31.03.2025 seisuga
4,37% (31.12.2024: 4,89%) ning LTV (Loan to Value) 40% (31.12.2024: 40%). Kõik
fondi tütarettevõtete laenulepingud on seotud ujuva intressimääraga. Fondi
laenude intresside kattekordaja (ICR) seisuga 31.03.2025 oli 3,4 (31.03.2024:
2,9).
Aktsiainfo
EfTEN Real Estate Fund AS-i registreeritud aktsiakapitali suurus seisuga
31.03.2025 on 114 403 tuhat eurot (31.12.2024: sama). Aktsiakapital koosnes
11 440 340 aktsiast (31.12.2024: sama) nimiväärtusega 10 eurot (31.12.2024:
sama).
EfTEN Real Estate Fund AS-i aktsia puhasväärtus seisuga 31.03.2024 oli 20,74
eurot (31.12.2024: 20,37 eurot). EfTEN Real Estate Fund AS-i aktsia puhasväärtus
kasvas 2025. aasta esimese kolme kuuga 1,8%.
KONSOLIDEERITUD KOONDKASUMIARUANNE
-----------------------------------------------------
I kvartal
-----------------------------------------------------
2025 2024
-----------------------------------------------------
EUR tuhandetes
-----------------------------------------------------
Müügitulu 7 858 7 961
-----------------------------------------------------
Müüdud teenuste kulu -506 -418
-----------------------------------------------------
Brutokasum 7 352 7 543
-----------------------------------------------------
-----------------------------------------------------
Turustuskulud -141 -200
-----------------------------------------------------
Üldhalduskulud -1 006 -939
-----------------------------------------------------
Muud äritulud ja -kulud -37 42
-----------------------------------------------------
Ärikasum 6 168 6 446
-----------------------------------------------------
-----------------------------------------------------
Kahjum ühisettevõtetest -58 -50
-----------------------------------------------------
Intressitulud 83 101
-----------------------------------------------------
Muud finantstulud ja -kulud -1 803 -2 235
-----------------------------------------------------
Kasum enne tulumaksu 4 390 4 262
-----------------------------------------------------
-----------------------------------------------------
Tulumaksukulu -223 -454
-----------------------------------------------------
Aruandeperioodi puhaskasum 4167 3808
-----------------------------------------------------
Aruandeperioodi koondkasum kokku 4 167 3 808
-----------------------------------------------------
Kasum aktsia kohta
-----------------------------------------------------
- tava 0,36 0,35
-----------------------------------------------------
- lahustatud 0,36 0,35
-----------------------------------------------------
KONSOLIDEERITUD FINANTSSEISUNDI ARUANNE
31.03.2025 31.12.2024
------------------------------------------------------------
EUR tuhandetes
------------------------------------------------------------
VARAD
------------------------------------------------------------
Raha ja raha ekvivalendid 19 038 18 415
------------------------------------------------------------
Lühiajalised hoiused 0 2 092
------------------------------------------------------------
Nõuded ja viitlaekumised 1 645 2 055
------------------------------------------------------------
Ettemakstud kulud 128 138
------------------------------------------------------------
Käibevara kokku 20 811 22 700
------------------------------------------------------------
------------------------------------------------------------
Pikaajalised nõuded 140 154
------------------------------------------------------------
Ühisettevõtete osad 1 902 1 960
------------------------------------------------------------
Kinnisvarainvesteeringud 380 160 373 815
------------------------------------------------------------
Materiaalne põhivara 121 134
------------------------------------------------------------
Põhivara kokku 382 323 376 063
------------------------------------------------------------
VARAD KOKKU 403 134 398 763
------------------------------------------------------------
------------------------------------------------------------
KOHUSTISED JA OMAKAPITAL
------------------------------------------------------------
Laenukohustised 25 858 30 300
------------------------------------------------------------
Võlad ja ettemaksed 3 056 3 245
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Lühiajalised kohustised kokku 28 914 33 545
------------------------------------------------------------
------------------------------------------------------------
Laenukohustised 123 813 119 120
------------------------------------------------------------
Muud pikaajalised võlad 1 923 1 928
------------------------------------------------------------
Edasilükkunud tulumaksukohustus 11 244 11 097
------------------------------------------------------------
Pikaajalised kohustised kokku 136 980 132 145
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KOHUSTISED KOKKU 165 894 165 690
------------------------------------------------------------
------------------------------------------------------------
Aktsiakapital 114 403 114 403
------------------------------------------------------------
Ülekurss 90 306 90 306
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Kohustuslik reservkapital 2 799 2 799
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Jaotamata kasum 29 732 25 565
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OMAKAPITAL KOKKU 237 240 233 073
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KOHUSTISED JA OMAKAPITAL KOKKU 403 134 398 763
------------------------------------------------------------
Marilin Hein
Finantsjuht
Tel. 6559 515
E-mail: [email protected] (https://connect-
eu.notified.com/Tracker?data=jJnWpdj-
mEUjxBNLVHtK7UC2Ku5_G0zYEUfCUw3dB0QfxUUktKhpWGAsZK5m3sUaRKf53V8fgBw-
c6XkFiVy3I_b8WHbxihQfQx_zj8QxX8=000300640967)
Pealkiri
EfTEN Real Estate Fund AS unaudited results for 1st quarter 2025
Teade
In the first quarter of 2025, EfTEN Real Estate Fund AS invested a significant
part of the capital raised in the previous quarter, primarily in the elderly
care home segment. In February, the Fund's 100% subsidiary EfTEN Hiiu OÜ signed
a binding agreement to acquire the property at Hiiu 42 in Tallinn, with the aim
to developing a general care home in cooperation with Südamekodud AS. The
acquisition price of the property was EUR4 million, with up to an additional EUR2.5
million for the reconstruction of the building. The expected return on the
investment is 8% per annum. At the end of March, the real rights contract was
concluded and the transaction finalized. As part of the transaction, EfTEN Hiiu
OÜ signed a long-term (10+10 years) lease agreement with Hiiu Südamekodu OÜ.
Part of the property continues to be used by the North Estonia Medical Centre
Foundation. The building will be partially reconstructed into the "Nõmme
Südamekodu" general care home, with future capacity for up to 170 clients.
In January 2025, the Fund's subsidiary EfTEN Ermi OÜ commenced construction of
the second phase of Tartu Südamekodu, which will add 60 beds and a solar park to
the existing care home. The total project cost is approximately EUR1.3 million,
with construction expected to be completed by July 2025. The expected return on
this investment is 8.1% per annum.
Upon completion of these projects, EfTEN Real Estate Fund AS will own four
elderly care homes with a combined capacity of nearly 800 beds.
On 31 March 2025, the Fund's subsidiary EfTEN Seljaku OÜ terminated the lease
agreement with AS Hortes (in bankruptcy) concerning the Laagri Hortes
properties. A new lease agreement has been signed with Rikets Aianduskeskus OÜ,
which will commence operations on the premises as of 1 April 2025.
In April 2025, the ICONFIT logistics building owned by the fund's subsidiary
EfTEN Paemurru OÜ was completed. The fund began earning rental income from the
property starting from April 15.
Financial Overview
The consolidated sales revenue of EfTEN Real Estate Fund AS for Q1 2025 amounted
to EUR7.858 million (Q1 2024: EUR7.961 million), and the consolidated net rental
income (NOI) totaled EUR7.211 million (Q1 2024: EUR7.343 million). The net rental
income margin remained stable at 92% (2024: 92%), indicating that costs directly
related to property management (including land tax, insurance, maintenance and
improvement expenses) and marketing accounted for 8% (2024: 8%) of revenue.
The Fund's consolidated net profit for Q1 2025 was EUR4.167 million (Q1 2024:
EUR3.808 million). A key contributor to the profit growth was the decrease in
interest expenses due to the decline in EURIBOR-interest costs fell by EUR432
thousand, or 19%, compared to Q1 2024.
Real Estate Portfolio
As of 31 March 2025, the Group held 37 (31 December 2024: 36) investment
properties with a total fair value of EUR380.160 million (31 December 2024:
EUR373.815 million) and an acquisition cost of EUR376.906 million (31 December
2024: EUR370.561 million). In addition to properties held by subsidiaries, the
Group owns a 50% stake in the joint venture operating the Palace Hotel in
Tallinn, with a fair value of EUR8.632 million as of 31 March 2025 (31 December
2024: EUR8.630 million).
In Q1 2025, the Group made new and follow-on investments totalling EUR6.345
million.
In March 2025, EfTEN Hiiu OÜ acquired the property at Hiiu 42, Tallinn, for EUR4
million. The North Estonia Medical Centre Foundation continues to use part of
the property under an existing lease. A long-term (10+10 years) lease was signed
with Hiiu Südamekodu OÜ, a subsidiary of Südamekodud AS, which will develop the
premises into the "Nõmme Südamekodu" general care home with capacity for up to
170 clients.
Construction of the C-building at Valkla Care Home continued in Q1 2025, with a
total investment of EUR343 thousand. Construction of the second phase of Ermi Care
Home in Tartu began, with works totalling EUR192 thousand during the quarter. In
addition, construction at the Paemurru Logistics Centre progressed, with Q1
investment totalling EUR1.515 million.
In Q1 2025, the Group earned EUR7.673 million in rental income, remaining on par
with the previous year.
As of 31 March 2025, the vacancy rate of the Group's real estate portfolio was
4.4% (31 December 2024: 2.6%). The highest vacancy was in the office segment at
17.7%, where filling vacant spaces has taken longer than previously.
Financing
In Q1 2025, the Fund's subsidiary EfTEN Riga Airport SIA extended its loan
agreement with the bank. Over the next 12 months, six of the Group's
subsidiaries have loan agreements maturing, with a total outstanding balance of
EUR20.38 million as of 31 March 2025. These maturing loans have LTVs between 29%
and 48%. Given the stable rental cash flows of the properties, the Group's
management does not foresee obstacles in refinancing these loans.
As of 31 March 2025, the Group's weighted average interest rate on loans was
4.37% (31 December 2024: 4.89%) and the loan-to-value (LTV) ratio stood at 40%
(31 December 2024: 40%). All loan agreements of the subsidiaries are based on
floating interest rates. The Fund's interest coverage ratio (ICR) was 3.4 as of
31 March 2025 (31 March 2024: 2.9).
Share Information
As of 31 March 2025, the registered share capital of EfTEN Real Estate Fund AS
was EUR114.403 million (unchanged from 31 December 2024), consisting of
11,440,340 shares with a nominal value of EUR10 each.
The net asset value (NAV) per share as of 31 March 2025 was EUR20.74 (31 December
2024: EUR20.37), representing an increase of 1.8% over the first three months of
2025.
CONSOLIDATED STATEMEMT OF COMPREHENSIVE INCOME
--------------------------------------------------------------
I quarter
--------------------------------------------------------------
2025 2024
--------------------------------------------------------------
EUR thousands
--------------------------------------------------------------
Sales revenue 7,858 7,961
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Cost of services sold -506 -418
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Gross profit 7,352 7,543
--------------------------------------------------------------
--------------------------------------------------------------
Marketing costs -141 -200
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General and administrative expenses -1,006 -939
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Other operating income and expense -37 42
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Operating profit 6,168 6,446
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--------------------------------------------------------------
Profit/-loss from joint ventures -58 -50
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Interest income 83 101
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Other finance income and expense -1,803 -2,235
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Profit before income tax 4,390 4,262
--------------------------------------------------------------
--------------------------------------------------------------
Income tax expense -223 -454
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Net profit of the financial year 4,167 3,808
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Total comprehensive income for the period 4,167 3,808
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Earnings per share
--------------------------------------------------------------
- basic 0.36 0.35
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- diluted 0.36 0.35
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CONSOLIDATED STATEMENT OF FINANCIAL POSITION
31.03.2025 31.12.2024
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EUR thousands
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ASSETS
-----------------------------------------------------------
Cash and cash equivalents 19,038 18,415
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Short-term deposits 0 2,092
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Receivables and accrued income 1,645 2,055
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Prepaid expenses 128 138
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Total current assets 20,811 22,700
-----------------------------------------------------------
-----------------------------------------------------------
Long-term receivables 140 154
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Shares in joint ventures 1,902 1,960
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Investment property 380,160 373,815
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Property, plant and equipment 121 134
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Total non-current assets 382,323 376,063
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TOTAL ASSETS 403,134 398,763
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-----------------------------------------------------------
LIABILITIES AND EQUITY
-----------------------------------------------------------
Borrowings 25,858 30,300
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Liabilities and prepayments 3,056 3,245
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Total current liabilities 28,914 33,545
-----------------------------------------------------------
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Borrowings 123,813 119,120
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Other long-term liabilities 1,923 1,928
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Deferred income tax liability 11,244 11,097
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Total non-current liabilities 136,980 132,145
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TOTAL LIABILITIES 165,894 165,690
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Share capital 114,403 114,403
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Share premium 90,306 90,306
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Statutory reserve capital 2,799 2,799
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Retained earnings 29,732 25,565
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TOTAL EQUITY 237,240 233,073
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TOTAL LIABILITIES AND EQUITY 403,134 398,763
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Marilin Hein
CFO
Phone +372 6559 515
E-mail: [email protected] (mailto:[email protected])