Börsiteade
EfTEN Real Estate Fund AS
LEI kood
4851000008JBI71L7643
Emitendi suuruskategooria
Keskmise suurusega kontsern
Majandustegevusalad
Finants- ja kindlustustegevus
Sektor(id)
Fondivalitseja
Emitendi registreeritud asukoht
Eesti
Üldandmed
Kategooriad
Muud korporatiivtoimingud
Teate ID
8751
Manused
Esitamise kuupäev ja aeg
29.04.2021 07:00:00
Teate sisu eesti keeles
Pealkiri
EfTEN Real Estate Fund III AS 2021. aasta I kvartali auditeerimata majandustulemused
Teade
Covid-19 kiirenenud leviku ja kasvanud piirangute taustal on fondi tulemused
2021.aasta I kvartalis üle ootuste head. Saules Miestase kaubanduskeskuses
Leedus on üüritulu küll seoses ajutiste allahindlustega võrreldes eelmise aasta
I kvartaliga keskmiselt 22% võrra langenud, kuid ülejäänud kinnistute üüritulule
kriis 2021. aasta I kvartalis olulist mõju ei avaldanud. Samas on osade
üürnikega sõlmitud lisakokkuleppeid üürimaksete edasilükkamiseks kuni maikuuni,
mis omakorda avaldab ajutist negatiivset mõju fondi rahavoogudele.
EfTEN Real Estate Fund III AS-i konsolideeritud 2021. aasta I kvartali müügitulu
oli 2,867 miljonit eurot (2020 I kvartal: 2,443 miljonit eurot), kasvades
aastatagusega võrreldes 17,4%. Kontserni neto renditulu oli 2021. aasta I
kvartalis kokku 2,770 miljonit eurot (2020 I kvartal: 2,262 miljonit eurot),
kasvades aastatagusega võrreldes 22,5%. Kontserni puhaskasum samal perioodil oli
1,795 miljonit eurot (2020: 1,368 miljonit eurot). Paremad kasuminäitajad
tulenevad peamiselt uute, 2020. aastal tehtud kinnisvarainvesteeringute üüritulu
lisandumisest, kuid ka vakantsuse vähenemisest Leedu büroohoonetes. Covid-19
negatiivne mõju fondi üüritulule võrreldes eelmise aasta I kvartaliga on
ligikaudu 150 tuhat eurot. Ilma ajutiste Covid-19 allahindlusteta teeniks fondi
konsolideeritud kinnisvaraportfell 8,3% kõrgemat müügitulu.
2021. aasta I kvartalis sõlmiti muuhulgas uued üürilepingud Ulonu ja Laisvese
büroohoonetes Leedus, mis vähendas fondi vakantsuse määra 0,8%-ni, s.t kogu
üüriportfellist (124 tuhat m2) on fondi kinnisvaraportfellis vakantseid pindu
märtsi lõpu seisuga ainult 934 m2.
Konsolideeritud neto renditulu marginaal oli 2021. aasta I kvartalis 97% (2020:
93%), seega moodustasid kinnistute haldamisega otseselt seotud kulud (s.h
maamaks, kindlustus, hooldus- ja parenduskulud ning turustuskulud) 3% (2020:
7%) müügitulust. Fondi kulud on madalamad peamiselt seoses koroonakriisist
tulenevate piirangutega kaubanduskeskustele ning sellest tulenevast
turustuskulude vähendamisest.
Kontserni varade maht 31.03.2021 seisuga oli 151,727 miljonit eurot (31.12.2020:
151,632 miljonit eurot), s.h kinnisvarainvesteeringute õiglane väärtus moodustas
varade mahust 95% (31.12.2020: sama).
2021. aasta I kvartalis on kontsern teeninud vaba rahavoogu (EBITDA miinus
laenumaksed ja intressikulud) 1,049 miljonit eurot (2020 I kvartal: 873 tuhat
eurot). Kõiki laene teenindati 2021. aasta I kvartalis tavapäraselt ning
maksepuhkuseid fondi tütarettevõtted ei võtnud.
Kontserni laenulepingute kaalutud keskmine intressimäär (s.h arvestades
intressiswapi lepinguid) on märtsi lõpu seisuga 2,3% (31.12.2020: sama) ning LTV
(Loan to Value) 50% (31.12.2020: sama).
Kinnisvaraportfell
2021. aasta märtsi lõpu seisuga on kontsernil 15 (31.12.2020: sama)
ärikinnisvarainvesteeringut, mille õiglane väärtus bilansipäeval on 144,762
miljonit eurot (31.12.2020: 144,235 miljonit eurot) ning soetusmaksumus 136,757
miljonit eurot (31.12.2020: 136,349 miljonit eurot).
Aktsiainfo
EfTEN Real Estate Fund III AS-i aktsia puhasväärtus seisuga 31.03.2021 oli
17,35 eurot (31.12.2020: 16,93 eurot). EfTEN Real Estate Fund III AS-i aktsia
puhasväärtus kasvas 2021. aasta I kvartalis 2,5% (2020 I kvartal: 1,9%).
KONSOLIDEERITUD KOONDKASUMIARUANNE
I kvartal
----------------
EUR tuhandetes 2021 2020
---------------------------------------------------
Müügitulu 2 867 2 443
---------
Müüdud teenuste kulu -66 -88
----------------
Brutokasum 2 801 2 355
---------
---------
Turustuskulud -31 -93
---------
Üldhalduskulud -384 -414
---------
Muud äritulud ja -kulud 3 5
----------------
Ärikasum 2 389 1 853
---------
---------
Muud finantstulud ja -kulud -421 -333
----------------
Kasum enne tulumaksu 1 968 1 520
---------
---------
Tulumaksukulu -173 -152
----------------
Aruandeperioodi koondkasum kokku 1 795 1 368
---------------------------------------------------
Kasum aktsia kohta
---------
- tava 0,43 0,32
---------
- lahustatud 0,43 0,32
---------------------------------------------------
KONSOLIDEERITUD FINANTSSEISUNDI ARUANNE
31.03.2021 31.12.2020
--------------
EUR tuhandetes
--------------
VARAD
--------------
Raha ja raha ekvivalendid 5 702 5 128
--------------
Nõuded ja viitlaekumised 1 063 2 018
--------------
Ettemakstud kulud 49 128
--------------
Käibevara kokku 6 814 7 274
--------------
--------------
Pikaajalised nõuded 3 18
--------------
Kinnisvarainvesteeringud 144 762 144 235
--------------
Materiaalne põhivara 145 101
--------------
Immateriaalne põhivara 3 4
--------------
Põhivara kokku 144 913 144 358
--------------------------
VARAD KOKKU 151 727 151 632
------------------------------------------------------------
--------------
KOHUSTUSED JA OMAKAPITAL
--------------
Laenukohustused 28 460 28 781
--------------
Tuletisinstrumendid 216 246
--------------
Võlad ja ettemaksed 755 1 995
--------------
Lühiajalised kohustused kokku 29 431 31 022
--------------
--------------
Laenukohustused 43 320 43 587
--------------
Muud pikaajalised võlad 974 957
--------------
Edasilükkunud tulumaksukohustus 4 724 4 583
--------------
Pikaajalised kohustused kokku 49 018 49 127
--------------------------
Kohustused kokku 78 449 80 149
--------------
--------------
Aktsiakapital 42 225 42 225
--------------
Ülekurss 9 658 9 658
--------------
Kohustuslik reservkapital 1 323 1 323
--------------
Jaotamata kasum 20 072 18 277
--------------------------
Omakapital kokku 73 278 71 483
--------------------------
KOHUSTUSED JA OMAKAPITAL KOKKU 151 727 151 632
------------------------------------------------------------
Marilin Hein
Finantsjuht
Tel 655 9515
E-post: [email protected]
Teate sisu inglise keeles
Pealkiri
EfTEN Real Estate Fund III AS unaudited results for 1st quarter 2021
Teade
Despite of accelerated spread of Covid-19 and increased restrictions, the fund's
results for the first quarter of 2021 are beyond expectations good. The rental
income of Saules Miestas shopping centre in Lithuania has decreased by 22% on
average compared to the first quarter of previous year, due to temporary
discounts, but the rental income of other properties was not materially affected
by the crisis. At the same time, there are additional agreements in place with
some of the tenants to postpone rental payments until May, which may have
negative impact to fund's cash flows.
The consolidated revenue of EfTEN Real Estate fund III AS for the first quarter
of 2021 was 2.867 million euros (2020 I quarter: 2.443 million euros), increased
by 17.4% compared to previous year. The Group's net rental income in the first
quarter of 2021 was 2.770 million euros (2020 I quarter: 2.262 million euros),
increased by 22.5% compared to previous year. The Group's net profit for the
same period was 1.795 million euros (2020: 1.368 million euros). Better profit
indicators are mainly a result of added rental income from new real estate
investments made in 2020, yet also due to a decrease in vacancy in office
buildings in Lithuania. The negative effect of Covid-19 to the fund's rental
income is approximately 150 thousand euros compared to the first quarter of
previous year. Without the temporary Covid-19 discounts the fund's consolidated
real estate portfolio would earn 8.3% higher revenue.
In the first quarter of 2021 new rental agreements were signed in Ulonu and
Laisves office buildings in Lithuania, which decreased the fund's vacancy rate
to 0.8%, i.e. out of the whole rental portfolio (124 thousand sqm) only 934 sqm
of area was vacant at the end of March.
The margin of consolidated net rental income for the first quarter of 2021 was
97% (2020: 93%), thus, the expenses (incl. land tax, insurance, maintenance and
repair cost and marketing expense) related to managing the buildings form 3%
(2020: 7%) of the revenue. The fund's expenses were lower mainly due to corona
crisis related restrictions implemented in shopping centres and resulted lower
marketing cost.
The total assets of the Group as of 31.03.2021 was 151.727 million euros
(31.12.2020: 151.632 million euros), incl. the fair value of investment
properties that formed 95% of the total assets (31.12.2020: same).
In the 1(st) quarter of 2021, the Group has earned free cash flow (EBITDA minus
loan repayments and interest expense) 1.049 million euros (2020 1(st) quarter:
873 thousand euros). All of the loans were serviced as usual in the 1(st)
quarter of 2021 and the subsidiaries of the fund did not use period of grace.
The weighted average interest rate of the Group's loan agreements (incl.
interest swap agreements) is 2.3% as of the end of March (31.12.2020: same) and
LTV (loan to value) is 50% (31.12.2020: same).
Real estate portfolio
As of the end of March, 2021, the Group has 15 (31.12.2020: same) commercial
real estate investments, the fair value of which forms 144.762 million euros as
of balance sheet date (31.12.2020: 144.235 million euros) and the acquisition
cost is 136.757 million euros (31.12.2020: 136.349 million euros).
Information on shares
EfTEN Real Estate Fund III net asset value as of 31.03.2021 was 17.35 euros
(31.12.2020: 16.93 euros). The net asset value of EfTEN Real Estate fund
increased by 2.5% in the first quarter of 2021 (2020 1(st) quarter: 1.9%).
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
1(st) quarter
----------------
EUR thousands 2021 2020
------------------------------------------------------
Revenue 2,867 2,443
---------
Cost of services sold -66 -88
----------------
Gross profit 2,801 2,355
---------
---------
Marketing costs -31 -93
---------
General and administrative expenses -384 -414
---------
Other operating income and expense 3 5
----------------
Operating profit 2,389 1,853
---------
---------
Other finance income and expense -421 -333
----------------
Profit before income tax 1,968 1,520
---------
---------
Income tax expense -173 -152
----------------
Net profit for the reporting period 1,795 1,368
------------------------------------------------------
Earnings per share
---------
- basic 0.43 0.32
---------
- diluted 0.43 0.32
------------------------------------------------------
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
31.03.2021 31.12.2020
--------------
EUR thousands
--------------
ASSETS
--------------
Cash and cash equivalents 5,702 5,128
--------------
Receivables and accrued income 1,063 2,018
--------------
Prepaid expenses 49 128
--------------
Total current assets 6,814 7,274
--------------
--------------
Long-term receivables 3 18
--------------
Investment property 144,762 144,235
--------------
Property, plant and equipment 145 101
--------------
Intangible assets 3 4
--------------
Total non-current assets 144,913 144,358
--------------------------
TOTAL ASSETS 151,727 151,632
-----------------------------------------------------------
--------------
LIABILITIES AND EQUITY
--------------
Borrowings 28,460 28,781
--------------
Derivative instruments 216 246
--------------
Payables and prepayments 755 1,995
--------------
Total current liabilities 29,431 31,022
--------------
--------------
Borrowings 43,320 43,587
--------------
Other long-term debt 974 957
--------------
Deferred income tax liability 4,724 4,583
--------------
Total non-current liabilities 49,018 49,127
--------------------------
Total liabilities 78,449 80,149
--------------
--------------
Share capital 42,225 42,225
--------------
Share premium 9,658 9,658
--------------
Statutory reserve capital 1,323 1,323
--------------
Retained earnings 20,072 18,277
--------------------------
Total equity 73,278 71,483
--------------------------
TOTAL LIABILITIES AND EQUITY 151,727 151,632
-----------------------------------------------------------
Marilin Hein
CFO
Phone 655 9515
E-mail: [email protected]