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EfTEN Real Estate Fund AS
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31.07.2025 08:00:33
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EfTEN Real Estate Fund AS 2025. aasta II kvartali ja I poolaasta auditeerimata majandustulemused
Teade
Fondijuhi kommentaar Baltikumi ärikinnisvaraturul jätkusid 2025. aasta II kvartalis eelnevatele kvartalitele sarnased trendid. Tehinguaktiivsus püsis väga madalal peamiselt omakapitali puuduse tõttu ning tagasihoidlik majanduskasv ei toonud turule uusi suuremaid üürnikke. Positiivse poole pealt jätkus EURIBORi langus, millega kaasnes laenukulude vähenemine. Vaatamata tihedale konkurentsile üürnike turul, õnnestus EfTEN Real Estate Fund AS-il kvartaliga vähendada portfelli vakantsust 0,7 protsendipunkti võrra - 3,7%le. Uusi üürnikke lisandus kaubanduspindade segmendis ning lisaks on üle pika aja näha esimesi õrnu positiivsemaid märke ka Eesti büroohoonete segmendis. Seevastu viimaste aastate uusarenduste suur maht hoiab Vilniuse bürooturgu endiselt surve all. Teises kvartalis valmis fondi portfellis olev Paemurru logistikakeskus ning lõppesid Valkla hooldekodu C-korpuse ehitustööd. Kõige selle tulemusena kasvas fondi müügitulu II kvartalis aasta esimese kolme kuuga võrreldes 4,5% ning eelmise aasta II kvartaliga võrreldes 3,1%. EfTEN Real Estate Fund AS-i tütarettevõtete pangalaenud on sõlmitud ujuva intressi baasil. EURIBORi kiire languse tingimustes on sellega kaasnenud fondi intressikulude märkimisväärne alanemine. Tänaseks on aga euro intressimäärad jõudnud tasemele, kus nende edasine suurem alanemine on järjest väiksema tõenäosusega. Sellistes tingimustes alustas fond järkjärgulist intressimäärade fikseerimist - juunis sõlmis üks tütarettevõte intressimäära vahetuslepingu nominaalsummas 11,6 miljonit eurot tasemel 1,995%. Soodsate intressimäära vahetustehingute pakkumiste juures plaanib fond jätkata ujuva intressimäära fikseerimist kuni poole fondi laenuportfelli ulatuses. Majandustulemuste ülevaade EfTEN Real Estate Fund AS-i konsolideeritud 2025. aasta II kvartali müügitulu oli 8,210 miljonit eurot (2024. aasta II kvartal: 7,957 miljonit eurot) ning I poolaasta konsolideeritud müügitulu 16,068 miljonit eurot (2024. aasta I poolaasta: 15,918 miljonit eurot). II kvartali müügitulu kasvas aastataguse perioodiga võrreldes 3,1% ning I poolaasta müügitulu 1,0%. Müügitulu kasvu toetasid eelkõige uued investeeringud logistika- ja hooldekodude sektoris. Fondi konsolideeritud neto üüritulu (NOI) 2025. aasta I poolaastal oli 14,845 miljonit eurot (2024. aasta I poolaasta: 14,781 miljonit eurot), kasvades 0,4%. Neto üüritulu marginaal oli I poolaastal 92% (2024: 93%), mis tähendab, et kinnistute haldamisega otseselt seotud kulud (sh maamaks, kindlustus, hooldus- ja parendustööd) ning turunduskulud moodustasid 8% fondi müügitulust (2024: 7%). 2025. aasta II kvartalis teenis fond konsolideeritud puhaskasumit 4,025 miljonit eurot (2024. aasta II kvartal: 2,442 miljonit eurot). Puhaskasumi kasv tulenes eelkõige kinnisvarainvesteeringute õiglasest väärtuse muutusest, mis 2025. aasta juunis oli 546 tuhat eurot, samas kui 2024. aasta samal perioodil teenis fond kinnisvarainvesteeringute ümberhindlusest kahjumit summas 1,454 miljonit eurot. Lisaks avaldas kvartali puhaskasumile positiivset mõju intressikulude vähenemine seoses EURIBORi langusega - intressikulud olid 2025. aasta II kvartalis kokku 1,697 miljonit eurot, võrreldes 2,237 miljoni euroga eelmisel aastal. Fondi 2025. aasta I poolaasta konsolideeritud puhaskasum oli 8,192 miljonit eurot (2024. aasta I poolaasta: 6,250 miljonit eurot). Intressikulu vähenes aastaga 973 tuhande euro ehk 22% võrra. Kontserni varade maht oli 30.06.2025 seisuga 399,517 miljonit eurot (31.12.2024: 398,763 miljonit eurot), s.h moodustas kinnisvarainvesteeringute õiglane väärtus varade mahust 95,6% (31.12.2024: 93,7%). Kinnisvaraportfell Seisuga 30.06.2025 on kontsernil 37 (31.12.2024: 36) ärikinnisvarainvesteeringut, mille õiglane väärtus bilansipäeval on 382,018 miljonit eurot (31.12.2024: 373,815 miljonit eurot) ning soetusmaksumus 378,218 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 30.06.2025 seisuga oli 8,630 miljonit eurot (31.12.2024: 8,630 miljonit eurot). Kontsern investeeris 2025. aasta I poolaastal kokku 7,657 miljonit eurot nii uutesse kinnistutesse kui ka olemasoleva kinnisvaraportfelli arendamisse. Kontserni tütarettevõte EfTEN Hiiu OÜ soetas märtsis kinnistu Tallinnas, Hiiu tn 42, makstes selle eest 4 miljonit eurot. Kehtiva üürilepingu alusel jätkab kinnistu osalist kasutamist Sihtasutus Põhja-Eesti Regionaalhaigla, ülejäänud pindadele sõlmiti pikaajaline (10 + 10 aastat) üürileping ettevõttega Hiiu Südamekodu OÜ, mis kuulub Südamekodud AS-i kontserni. Koostöös üürniku ja Südamekodud AS-iga ehitatakse hoone osaliselt ümber üldhooldekoduks "Nõmme Südamekodu", mis tulevikus mahutab kuni 170 hooldekodu klienti. 2025. aasta I poolaastal lõpetati Valkla hooldekodu C-korpuse ehitustööd ning alustati Tartus Ermi hooldekodu II etapi ehitusega. 2025. aasta aprillis valmis eelmise aasta sügisel soetatud Paemurru logistikakeskus, kuhu investeeriti I poolaastal kokku 1,743 miljonit eurot. 2025. aasta esimese 6 kuuga teenis kontsern kokku 15,571 miljonit eurot üüritulu, mis on 1% rohkem kui 2024. aastal samal perioodil. Kontsernile kuuluvate kinnisvarainvesteeringute vakantsus portfelli kohta oli 30.06.2025 seisuga 3,7% (31.12.2024: 2,6%). Suurim oli vakantsus büroohoonete segmendis (16,2%), kus vakantsete üüripindade täitmine on võtnud varasemast rohkem aega. Võrreldes eelmise aasta lõpuga on vakantsus enim suurenenud Pärnu mnt 102 büroohoones Tallinnas, kus võrreldes eelmise aasta lõpuga on lisandunud 2,2 tuhat m² vabu pindu. EfTEN Real Estate Fund AS hindab korraliselt kinnisvarainvesteeringuid kaks korda aastas - 30. juuni ja 31. detsembri seisuga. Colliers International poolt 2025. aasta juunis läbi viidud kinnisvarainvesteeringute hindamiste tulemusel tõusis kinnisvarainvesteeringute õiglane väärtus 0,1% ning fond sai kinnisvarainvesteeringute ümberhindlusest 0,5 miljonit eurot kasumit. Finantseerimine EfTEN Real Estate Fund AS tütarettevõtted suurendasid seoses parema finantsvõimekusega oma pangalaenude kogusummat 2025. aasta aprillis 7,32 miljoni euro võrra. Lisaks rahastati I poolaastal pangalaenudega Valkla hooldekodu ning Paemurru logistikakeskuse ehitustöid kogusummas 2,67 miljonit eurot. Fondi tütarettevõte EfTEN Hiiu OÜ sõlmis aprillis laenulepingu Hiiu tn. 42 hoone ümberehitustööde finantseerimiseks summas 3 250 tuhat eurot. Juuni lõpu seisuga ei olnud laenu veel kasutusse võetud. Järgmise 12 kuu jooksul lõppevad kontserni üheteistkümne tütarettevõtte laenulepingud, mille jääk oli 30.06.2025 seisuga kokku 40,641 miljonit eurot. Lõppevate laenulepingute LTV (Loan-to-Value) on 37% - 46% ning kinnisvarainvesteeringud omavad stabiilselt üürirahavoogu, mistõttu kontserni juhtkonna hinnangul ei teki laenulepingute pikendamisel takistusi. Kontserni laenulepingute kaalutud keskmine intressimäär oli 30.06.2025 seisuga 3,95% (31.12.2024: 4,89%) ning LTV (Loan to Value) 41% (31.12.2024: 40%). Kõik fondi tütarettevõtete laenulepingud on seotud ujuva intressimääraga. Intressiriski maandamiseks sõlmis kontserni üks tütarettevõte 2025. aasta juunis intressimäära vahetuslepingu nominaalsummas 11,6 miljonit eurot, millega fikseeriti ujuv intressimäär (1 kuu EURIBOR) tasemel 1,995%. Fondi laenude intresside kattekordaja (ICR) seisuga 30.06.2025 oli 3,7 (seisuga 30.06.2024: 2,9). ICR kasvas peamiselt madalama EURIBOR'i toel. Aktsiainfo EfTEN Real Estate Fund AS-i registreeritud aktsiakapitali suurus seisuga 30.06.2025 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 (NAV) oli seisuga 30.06.2025 19,98 eurot (31.12.2024: 20,37 eurot). EfTEN Real Estate Fund AS-i aktsia puhasväärtus vähenes 2025. aasta I poolaastal 1,9%. Ilma dividende jaotamata oleks fondi NAV I poolaastal kasvanud 4,1%. Seisuga 30.06.2025 kuulus fondi nõukogu ja juhatuse liikmetele ning nendega seotud isikutele 32,18% aktsiatest. KONSOLIDEERITUD KOONDKASUMIARUANNE ------------------------------------------------------------------------------- II kvartal 6 kuud ------------------------------------------------------------------------------- 2025 2024 2025 2024 ------------------------------------------------------------------------------- EUR tuhandetes ------------------------------------------------------------------------------- Müügitulu 8 210 7 957 16 068 15 918 ------------------------------------------------------------------------------- Müüdud teenuste kulu -389 -341 -895 -759 ------------------------------------------------------------------------------- Brutokasum 7 821 7 616 15 173 15 159 ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- Turustuskulud -187 -178 -328 -378 ------------------------------------------------------------------------------- Üldhalduskulud -941 -880 -1 947 -1 819 ------------------------------------------------------------------------------- Kasum / kahjum kinnisvarainvesteeringute õiglase väärtuse muutusest 546 -1 454 546 -1 454 ------------------------------------------------------------------------------- Muud äritulud ja -kulud 15 44 -22 86 ------------------------------------------------------------------------------- Ärikasum 7 254 5 148 13 422 11 594 ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- Kasum/-kahjum ühisettevõtetest 87 -204 29 -254 ------------------------------------------------------------------------------- Intressitulud 35 64 118 165 ------------------------------------------------------------------------------- Muud finantstulud ja -kulud -1 739 -2 238 -3 542 -4 473 ------------------------------------------------------------------------------- Kasum enne tulumaksu 5 637 2 770 10 027 7 032 ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- Tulumaksukulu -1 612 -328 -1 835 -782 ------------------------------------------------------------------------------- Aruandeperioodi puhaskasum 4025 2442 8 192 6 250 ------------------------------------------------------------------------------- Aruandeperioodi koondkasum kokku 4 025 2 442 8 192 6 250 ------------------------------------------------------------------------------- Kasum aktsia kohta ------------------------------------------------------------------------------- - tava 0,35 0,23 0,72 0,58 ------------------------------------------------------------------------------- - lahustatud 0,35 0,23 0,72 0,58 ------------------------------------------------------------------------------- KONSOLIDEERITUD FINANTSSEISUNDI ARUANNE 30.06.2025 31.12.2024 ---------------------------------------------------------------- EUR tuhandetes ---------------------------------------------------------------- VARAD ---------------------------------------------------------------- Raha ja raha ekvivalendid 13 449 18 415 ---------------------------------------------------------------- Lühiajalised hoiused 0 2 092 ---------------------------------------------------------------- Nõuded ja viitlaekumised 1 671 2 055 ---------------------------------------------------------------- Ettemakstud kulud 137 138 ---------------------------------------------------------------- Käibevara kokku 15 257 22 700 ---------------------------------------------------------------- ---------------------------------------------------------------- Pikaajalised nõuded 133 154 ---------------------------------------------------------------- Ühisettevõtete osad 1 989 1 960 ---------------------------------------------------------------- Kinnisvarainvesteeringud 382 018 373 815 ---------------------------------------------------------------- Materiaalne põhivara 120 134 ---------------------------------------------------------------- Põhivara kokku 384 260 376 063 ---------------------------------------------------------------- VARAD KOKKU 399 517 398 763 ---------------------------------------------------------------- ---------------------------------------------------------------- KOHUSTISED JA OMAKAPITAL ---------------------------------------------------------------- Laenukohustised 45 418 30 300 ---------------------------------------------------------------- Tuletisinstrumendid 42 0 ---------------------------------------------------------------- Võlad ja ettemaksed 2 705 3 245 ---------------------------------------------------------------- Lühiajalised kohustised kokku 48 165 33 545 ---------------------------------------------------------------- ---------------------------------------------------------------- Laenukohustised 110 688 119 120 ---------------------------------------------------------------- Muud pikaajalised võlad 2 090 1 928 ---------------------------------------------------------------- Edasilükkunud tulumaksukohustus 10 008 11 097 ---------------------------------------------------------------- Pikaajalised kohustised kokku 122 786 132 145 ---------------------------------------------------------------- KOHUSTISED KOKKU 170 951 165 690 ---------------------------------------------------------------- ---------------------------------------------------------------- Aktsiakapital 114 403 114 403 ---------------------------------------------------------------- Ülekurss 90 306 90 306 ---------------------------------------------------------------- Kohustuslik reservkapital 4 156 2 799 ---------------------------------------------------------------- Jaotamata kasum 19 701 25 565 ---------------------------------------------------------------- OMAKAPITAL KOKKU 228 566 233 073 ---------------------------------------------------------------- KOHUSTISED JA OMAKAPITAL KOKKU 399 517 398 763 ---------------------------------------------------------------- Marilin Hein Finantsjuht Tel. 6559 515 E-mail: [email protected] (mailto:[email protected])
Pealkiri
EfTEN Real Estate Fund AS unaudited results for 2nd quarter and 1st half-year 2025
Teade
Fund Manager's Commentary In Q2 2025, the Baltic commercial real estate market continued to reflect similar trends as in previous quarters. Transaction activity remained very low, primarily due to a lack of equity capital, and modest economic growth did not bring new major tenants to the market. On a positive side, the decline in EURIBOR continued, resulting in reduced borrowing costs. Despite intense competition in the tenant market, EfTEN Real Estate Fund AS managed to decrease portfolio's vacancy by 0.7 percentage points during the quarter, down to 3.7%. New tenants were added in the retail segment, and after a long pause, the first faintly positive signs were also observed in the Estonian office segment. On the other hand, the high volume of new developments in recent years continues to pressure the Vilnius office market. In Q2, the Paemurru logistics center within the fund's portfolio was completed, and construction of Block C at the Valkla elderly home was finalized. As a result, the fund's sales revenue increased by 4.5% compared to Q1 and by 3.1% year-on-year. The fund's subsidiaries have floating interest rate bank loans. With the rapid decline in EURIBOR, interest expenses have decreased significantly. However, euro interest rates have now reached a level where further substantial decrease is unlikely. In this context, the fund has started fixing interest rates-one subsidiary entered into an interest rate swap agreement in June with a nominal value of EUR11.6 million at a rate of 1.995%. Given favourable swap terms, the fund plans to continue fixing interest rates for up to half of its loan portfolio. Financial Performance Overview EfTEN Real Estate Fund AS earned consolidated sales revenue of EUR8.210 million for Q2 2025 (Q2 2024: EUR7.957 million), and consolidated revenue for H1 2025 was EUR16.068 million (H1 2024: EUR15.918 million). This represents a 3.1% year-on-year increase for Q2 and a 1.0% increase for H1. Revenue increase was primarily driven by new investments in the logistics and elderly care sectors. The fund's consolidated net operating income (NOI) for H1 2025 was EUR14.845 million (H1 2024: EUR14.781 million), reflecting a 0.4% increase. The NOI margin was 92% in H1 (2024: 93%), indicating that direct property-related costs (including land tax, insurance, maintenance and improvement works), along with marketing expenses, accounted for 8% of the fund's revenue (2024: 7%). In Q2 2025, the fund earned a consolidated net profit of EUR4.025 million (Q2 2024: EUR2.442 million). The increase in net profit was primarily due to the positive change in the fair value of investment properties, which amounted to EUR546 thousand in June 2025, compared to a revaluation loss of EUR1.454 million in the same period in 2024. Additionally, the decrease in interest expenses resulting from the decline in EURIBOR had a positive impact on quarterly net profit-interest costs totalled EUR1.697 million in Q2 2025, down from EUR2.237 million a year earlier. The consolidated net profit for H1 2025 was EUR8.192 million (H1 2024: EUR6.250 million). Interest expenses decreased by EUR973 thousand, or 22%, year-on-year. As of 30 June 2025, the Group's total assets amounted to EUR399.517 million (31 December 2024: EUR398.763 million), of which the fair value of investment properties accounted for 95.6% (31 December 2024: 93.7%). Real estate portfolio As of 30 June 2025, the Group held 37 (31 December 2024: 36) commercial real estate investments with a fair value of EUR382.018 million (31 December 2024: EUR373.815 million) and an acquisition cost of EUR378.218 million (31 December 2024: EUR370.561 million). In addition to the investment properties owned by the fund's subsidiaries, the Group also holds a 50% interest in a joint venture that owns the Palace Hotel in Tallinn, with a fair value of EUR8.630 million as of 30 June 2025 (31 December 2024: EUR8.630 million). In the first half of 2025, the Group invested a total of EUR7.657 million in both new properties and the development of the existing real estate portfolio. In March, the Group's subsidiary EfTEN Hiiu OÜ acquired a property located at Hiiu 42 in Tallinn for EUR4 million. Under an existing lease agreement, the North Estonia Medical Centre Foundation continues to occupy part of the property, while a long-term (10 + 10 years) lease was signed for the remaining space with Hiiu Südamekodu OÜ, a company within the Südamekodud AS group. In cooperation with the tenant and Südamekodud AS, the building will be partially redeveloped into a general elderly home called "Nõmme Südamekodu," which will eventually accommodate up to 170 residents. In H1 2025, construction of Block C at the Valkla care home was completed, and phase II construction began at the Ermi elderly home in Tartu. In April 2025, the Paemurru logistics center-acquired in autumn of the previous year-was completed, with an additional EUR1.743 million invested in the property during the first half of the year. In the first six months of 2025, the Group earned a total of EUR15.571 million in rental income, representing a 1% increase compared to the same period in 2024. As of 30 June 2025, the vacancy rate for the Group's investment properties stood at 3.7% (31 December 2024: 2.6%). The highest vacancy was in the office segment at 16.2%, where leasing of vacant space has taken longer than in previous periods. Compared to the end of last year, the most notable increase in vacancy occurred in the office building at Pärnu mnt 102 in Tallinn, where an additional 2.2 thousand sqm of space became vacant. EfTEN Real Estate Fund AS conducts regular valuations of its investment properties twice a year-as of 30 June and 31 December. Based on the valuations carried out by Colliers International in June 2025, the fair value of the investment properties increased by 0.1%, resulting in a revaluation gain of EUR0.5 million for the fund. Financing In April 2025, subsidiaries of EfTEN Real Estate Fund AS increased their total bank loan commitments by EUR7.32 million, reflecting improved financial capacity. Additionally, bank financing totalling EUR2.67 million was used in the first half of the year for the construction of the Valkla elderly home and the Paemurru logistics center. In April, the fund's subsidiary EfTEN Hiiu OÜ entered into a loan agreement of EUR3.25 million to finance the redevelopment of the building at Hiiu 42. As of the end of June, this loan had not yet been drawn down. Over the next 12 months, loan agreements of eleven subsidiaries will mature, with a total outstanding balance of EUR40.641 million as of 30 June 2025. The LTV (Loan-to-Value) ratios of these maturing loans range from 37% to 46%, and the related investment properties generate stable rental cash flows. Therefore, management of the Fund does not foresee any obstacles to refinancing. As of 30 June 2025, the Group's weighted average interest rate on loan agreements was 3.95% (31 December 2024: 4.89%), and the overall LTV stood at 41% (31 December 2024: 40%). All loan agreements of the fund's subsidiaries are based on floating interest rates. To mitigate interest rate risk, one of the Group's subsidiaries entered into an interest rate swap agreement in June 2025 with a notional amount of EUR11.6 million, fixing the 1-month EURIBOR at 1.995%. As of 30 June 2025, the fund's interest coverage ratio (ICR) was 3.7 (30 June 2024: 2.9), with the improvement primarily driven by the decrease in EURIBOR. Share information As of 30 June 2025, the registered share capital of EfTEN Real Estate Fund AS was EUR114,403 thousand (31 December 2024: unchanged). The share capital consisted of 11,440,340 shares (31 December 2024: unchanged), each with a nominal value of EUR10 (31 December 2024: unchanged). The net asset value (NAV) per share of EfTEN Real Estate Fund AS was EUR19.98 as of 30 June 2025 (31 December 2024: EUR20.37), reflecting a 1.9% decrease during the first half of 2025. Excluding dividend distributions, the fund's NAV would have increased by 4.1% over the same period. As of 30 June 2025, 32.18% of the shares belonged to the fund's board and management members and persons associated with them. CONSOLIDATED STATEMEMT OF COMPREHENSIVE INCOME ------------------------------------------------------------------------------- 2nd quarter 6 months ------------------------------------------------------------------------------- 2025 2024 2025 2024 ------------------------------------------------------------------------------- EUR thousands ------------------------------------------------------------------------------- Sales revenue 8 210 7 957 16 068 15 918 ------------------------------------------------------------------------------- Cost of services sold -389 -341 -895 -759 ------------------------------------------------------------------------------- Gross profit 7 821 7 616 15 173 15 159 ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- Marketing costs -187 -178 -328 -378 ------------------------------------------------------------------------------- General and administrative expenses -941 -880 -1 947 -1 819 ------------------------------------------------------------------------------- Profit / loss from investment properties fair value changes 546 -1 454 546 -1 454 ------------------------------------------------------------------------------- Other operating income and expense 15 44 -22 86 ------------------------------------------------------------------------------- Operating profit 7 254 5 148 13 422 11 594 ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- Profit/-loss from joint ventures 87 -204 29 -254 ------------------------------------------------------------------------------- Interest income 35 64 118 165 ------------------------------------------------------------------------------- Other finance income and expense -1 739 -2 238 -3 542 -4 473 ------------------------------------------------------------------------------- Profit before income tax 5 637 2 770 10 027 7 032 ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- Income tax expense -1 612 -328 -1 835 -782 ------------------------------------------------------------------------------- Net profit of the financial year 4025 2442 8 192 6 250 ------------------------------------------------------------------------------- Total comprehensive income for the period 4 025 2 442 8 192 6 250 ------------------------------------------------------------------------------- Earnings per share ------------------------------------------------------------------------------- - basic 0,35 0,23 0,72 0,58 ------------------------------------------------------------------------------- - diluted 0,35 0,23 0,72 0,58 ------------------------------------------------------------------------------- CONSOLIDATED STATEMENT OF FINANCIAL POSITION 30.06.2025 31.12.2024 --------------------------------------------------------------- EUR thousands --------------------------------------------------------------- ASSETS --------------------------------------------------------------- Cash and cash equivalents 13 449 18 415 --------------------------------------------------------------- Short-term deposits 0 2 092 --------------------------------------------------------------- Receivables and accrued income 1 671 2 055 --------------------------------------------------------------- Prepaid expenses 137 138 --------------------------------------------------------------- Total current assets 15 257 22 700 --------------------------------------------------------------- --------------------------------------------------------------- Long-term receivables 133 154 --------------------------------------------------------------- Shares in joint ventures 1 989 1 960 --------------------------------------------------------------- Investment property 382 018 373 815 --------------------------------------------------------------- Property, plant and equipment 120 134 --------------------------------------------------------------- Total non-current assets 384 260 376 063 --------------------------------------------------------------- TOTAL ASSETS 399 517 398 763 --------------------------------------------------------------- --------------------------------------------------------------- LIABILITIES AND EQUITY --------------------------------------------------------------- Borrowings 45 418 30 300 --------------------------------------------------------------- Derivatives 42 0 --------------------------------------------------------------- Liabilities and prepayments 2 705 3 245 --------------------------------------------------------------- Total current liabilities 48 165 33 545 --------------------------------------------------------------- --------------------------------------------------------------- Borrowings 110 688 119 120 --------------------------------------------------------------- Other long-term liabilities 2 090 1 928 --------------------------------------------------------------- Deferred income tax liability 10 008 11 097 --------------------------------------------------------------- Total non-current liabilities 122 786 132 145 --------------------------------------------------------------- TOTAL LIABILITIES 170 951 165 690 --------------------------------------------------------------- --------------------------------------------------------------- Share capital 114 403 114 403 --------------------------------------------------------------- Share premium 90 306 90 306 --------------------------------------------------------------- Statutory reserve capital 4 156 2 799 --------------------------------------------------------------- Retained earnings 19 701 25 565 --------------------------------------------------------------- TOTAL EQUITY 228 566 233 073 --------------------------------------------------------------- TOTAL LIABILITIES AND EQUITY 399 517 398 763 --------------------------------------------------------------- Marilin Hein CFO Phone +372 6559 515 E-mail: [email protected] (mailto:[email protected])