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
9700
Manused
Esitamise kuupäev ja aeg
28.07.2022 08:00:00
Teate sisu eesti keeles
Pealkiri
EfTEN Real Estate Fund III AS 2022. aasta II kvartali ja I poolaasta auditeerimata majandustulemused
Teade
Fondijuhi kommentaar 2022. aasta I poolaasta majandustulemuste kohta
2022. aasta esimene poolaasta kujunes EfTEN Real Estate Fund III AS-le edukaks.
Fondi müügitulu kasvas 6,988 miljoni euroni, s.t 17,3%, võrreldes eelmise aasta
esimese poolaastaga. Juunis hindas fondi sõltumatu hindaja Colliers
International fondi kinnisvaraportfelli, mille tulemusel tõusis
kinnisvarainvesteeringute väärtus 2,2% ning fond sai õiglase väärtuse muutusest
kasumit 3,702 miljonit eurot.
Esimesel poolaastal soetas fond kaks uut kinnisvarainvesteeringut - Valkla ning
Ermi hooldekodude kinnistud, kuhu valmimisel plaanitakse mahutada kokku kuni
370 klienti. Hooldekodude soetuseks ning esmasteks investeeringuteks on seisuga
30.06.2022 kulunud 2,343 miljonit eurot.
2022. aasta juunis pikendas fondi tütarettevõte EfTEN Laagri OÜ oma pangalaenu
endistel tingimustel (intressi marginaaliga 1,4%) järgmiseks viieks aastaks.
Fondil saabuvad järgmise 12 kuu jooksul tähtajad kolmel laenulepingul, mille
hüpoteekideks on Laagri Hortes, Evolution büroohoone ning Piepilsetas
logistikakeskus. Kõikidel pangalaenude tagatiseks seatud
kinnisvarainvesteeringutel on tugev üürirahavoog ning LTV jääb 31% ja 41%
vahele, mistõttu ei näe fondi juhtkond riski laenulepingute pikendamisel nende
tähtaja saabumisel. Pigem, arvestades LTV madalat taset, näeb kontserni juhtkond
siin võimalust laenusummasid suurendada ning saadud vahendite arvel maksta
investoritele kõrgemat dividendi.
Seisuga 30.06.2022 on fondil 3,5 miljonit eurot investeerimata kapitali, mida
plaanitakse kasutada soetatud hooldekodude kinnistute arendamiseks.
Majandustulemuste ülevaade
EfTEN Real Estate Fund III AS'i konsolideeritud 2022. aasta II kvartali
müügitulu oli 3,530 miljonit eurot (2021 II kvartal: 3,088 miljonit eurot),
kasvades aastaga 14%.
EfTEN Real Estate Fund III AS'i konsolideeritud 2022. aasta I poolaasta
müügitulu 6,988 miljonit eurot (2021 I poolaasta: 5,955 miljonit eurot),
kasvades aastatagusega võrreldes 17% (1,033 miljonit eurot). Kontserni neto
üüritulu oli 2022. aasta I poolaastal kokku 6,666 miljonit eurot (2021: 5,726
miljonit eurot), kasvades 17%. Kontserni puhaskasum samal perioodil oli 7,882
miljonit eurot (2021: 5,470 miljonit eurot).
Konsolideeritud neto üüritulu marginaal oli 2022. aasta I poolaasta 95% (2021:
96%), seega moodustasid kinnistute haldamisega otseselt seotud kulud (s.h
maamaks, kindlustus, hooldus- ja parenduskulud) ning turustuskulud 5% (2021:
4%) müügitulust.
Kontserni varade maht 30.06.2022 seisuga oli 178,422 miljonit eurot (31.12.2021:
176,401 miljonit eurot), s.h kinnisvarainvesteeringute õiglane väärtus moodustas
varade mahust 95% (31.12.2021: 92%).
Kinnisvaraportfell
2022. aasta juuni lõpu seisuga on kontsernil 18 (31.12.2021: 16)
ärikinnisvarainvesteeringut, mille õiglane väärtus bilansipäeval on 168,604
miljonit eurot (31.12.2021: 161,961 miljonit eurot) ning soetusmaksumus 150,575
miljonit eurot (31.12.2021: 147,633 miljonit eurot).
Fondi tütarettevõte EfTEN Valkla OÜ ostis aprillis Valklas, Valklaranna tee 36
asuva kinnistu. Fond kavandab hooldekodu hoone ümberehitust u?ldhooldekoduks,
mis võiks tulevikus mahutada kuni 250 klienti. Renoveerimistööd viiakse läbi
etapiviisiliselt. Kinnistu seotushind oli 2 005 tuhat eurot ning lisaks kohustub
fondi tütarettevõte tegema investeeringuid mahus kuni 2 000 tuhat eurot.
Kinnistu ostu ja investeeringuid finantseeritakse fondi omavahendite arvel.
Fondi tütarettevõtja EfTEN Ermi OÜ ostis aprillis Tartumaal Tartu vallas, Tila
külas, Ermi tn 13 asuva hoonestusõiguse. 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. Kinnisasjale hooldekodu ehitamise järgselt võtab
selle pikaajalise üürilepingu alusel üürile Südamekodud AS. Hoonestusõiguse
soetushind on 233 tuhat eurot. Hoonestusõiguse ostu ja investeeringuid
finantseeritakse fondi omavahendite arvel.
2022. aasta I poolaastal teenis kontsern kokku 6,610 miljonit eurot üüritulu.
Võrreldavatel alustel arvestatud üüritulu oli 2022. aastal I poolaastal kokku
6,184 miljonit eurot, mis on 11% (619 tuhat eurot) rohkem kui 2021. aastal samal
ajal. Covid-19 kriisiga seotud allahindluseid tegi kontsern 2022. aasta I
poolaastal kokku 9 tuhande euro ulatuses (2021 I poolaastal: 317 tuhande euro
ulatuses), s.t üüritulude kasv seoses indekseerimiste ja vakantsuse
väljaüürimisega on 2022. aasta I poolaastal kokku 311 tuhat eurot (5%, võrreldes
2021. aastaga).
Finantseerimine
Järgmise 12 kuu jooksul lõppevad kontserni kolme tütarettevõtte - Evolution
büroohoone, Laagri Hortese ning Piepilsetas logistikakeskuse laenulepingud,
mille jääk 30.06.2022 seisuga on 8 916 tuhat eurot. Lõppevate laenulepingute LTV
on 31%-41% ning kinnisvarainvesteeringud omavad stabiilselt tugevat
üürirahavoogu, mistõttu kontserni juhtkonna hinnangul ei teki laenulepingute
pikendamisel takistusi.
Kontserni laenulepingute kaalutud keskmine intressimäär (s.h arvestades
intressiswapi lepinguid) on juuni lõpu seisuga 2,2% (31.12.2021: sama) ning LTV
(Loan to Value) 42% (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.
Aktsiainfo
EfTEN Real Estate Fund III AS aktsia puhasväärtus (EPRA NDV) seisuga 30.06.2022
oli 19,86 eurot (31.12.2021: 19,11 eurot). EfTEN Real Estate Fund III AS´i
aktsia puhasväärtus kasvas 2022. aasta I poolaastal 4,0%.
KONSOLIDEERITUD KOONDKASUMIARUANNE
II kvartal I poolaasta
------------------------
EUR tuhandetes 2022 2021 2022 2021
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Müügitulu 3 530 3 088 6 988 5 955
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Müüdud teenuste kulu -71 -73 -131 -139
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Brutokasum 3 459 3 015 6 857 5 816
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Turustuskulud -117 -59 -191 -90
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Üldhalduskulud -448 -492 -903 -876
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Kasum kinnisvarainvesteeringute õiglase väärtuse
muutusest 3 702 2 020 3 702 2 020
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Muud äritulud ja -kulud 17 3 43 6
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Ärikasum 6 613 4 487 9 508 6 876
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Muud finantstulud ja -kulud -360 -418 -722 -839
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Kasum enne tulumaksu 6 253 4 069 8 786 6 037
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Tulumaksukulu -649 -394 -904 -567
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Aruandeperioodi koondkasum kokku 5 604 3 675 7 882 5 470
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Kasum aktsia kohta
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- tava 1,10 0,83 1,55 1,27
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- lahustatud 1,10 0,83 1,55 1,27
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KONSOLIDEERITUD FINANTSSEISUNDI ARUANNE
30.06.2022 31.12.2021
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EUR tuhandetes
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VARAD
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Raha ja raha ekvivalendid 8 489 13 074
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Nõuded ja viitlaekumised 1 113 876
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Ettemakstud kulud 53 314
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Varud 0 29
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Käibevara kokku 9 655 14 293
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Pikaajalised nõuded 3 4
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Kinnisvarainvesteeringud 168 604 161 961
------------------------------------------------------------
Materiaalne põhivara 158 140
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Immateriaalne põhivara 2 3
------------------------------------------------------------
Põhivara kokku 168 767 162 108
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VARAD KOKKU 178 422 176 401
------------------------------------------------------------
------------------------------------------------------------
KOHUSTUSED JA OMAKAPITAL
------------------------------------------------------------
Laenukohustused 11 873 7 645
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Tuletisinstrumendid 0 121
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Võlad ja ettemaksed 923 1 349
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Lühiajalised kohustused kokku 12 796 9 115
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Laenukohustused 57 410 63 440
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Muud pikaajalised võlad 962 987
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Edasilükkunud tulumaksukohustus 6 516 5 945
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Pikaajalised kohustused kokku 64 888 70 372
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Kohustused kokku 77 684 79 487
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Aktsiakapital 50 725 50 725
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Ülekurss 16 288 16 288
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Kohustuslik reservkapital 2 149 1 489
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Jaotamata kasum 31 576 28 412
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Omakapital kokku 100 738 96 914
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KOHUSTUSED JA OMAKAPITAL KOKKU 178 422 176 401
------------------------------------------------------------
Marilin Hein
Finantsjuht
Tel. 6559 515
E-mail: [email protected] (mailto:[email protected])
Teate sisu inglise keeles
Pealkiri
EfTEN Real Estate Fund III AS unaudited financial results for 2nd quarter and 1st half-year 2022
Teade
The fund manager's comments on the financial results of the first half-year of
2022
The first half-year of 2022 turned out to be successful for EfTEN Real Estate
Fund III AS. The fund's revenue increased to EUR 6.988 million, i.e. 17.3%
compared to the last year's first half-year. In June, the fund's independent
appraiser Colliers International valued the fund's real estate portfolio, as a
result of that the value of the fund's investment properties increased by 2.2%
and the fund earned profit in the amount of EUR 3.702 from the revaluation.
In the first half-year. The fund purchased two new investment properties - land
plots for Valkla and Ermi care homes which are planned to accommodate up to 370
customers when finished. To purchase the care homes and initial investments
total of EUR 2.343 million has been spent as of June 30, 2022.
In June, 2022, the fund's subsidiary EfTEN Laagri OÜ extended its bank loan on
current conditions (interest with the margin of 1.4%) for the next five years.
In the following 12 months, the fund's three loans that have mortgage on Laagri
Hortes, Evolution office building and Piepilsetas logistics centre will meet
its' maturity dates. All investment properties that are set as collateral have
strong rental cash flow and LTV is between 31% and 41%, due to which the
management does not see risk related to extending the loan contracts when the
maturity date arrives. Rather, given the low level of LTV, Group managers see an
opportunity to increase loan amounts and pay investors a higher dividend from
the funds received.
As of June 30, 2022, the fund has EUR 3.5 million uninvested capital that is
planned to use for development of purchased care home land plots.
Financial overview
The consolidated revenue of EfTEN Real Estate Fund III AS for the second quarter
of 2022 was EUR 3.530 million (2021 second quarter: EUR 3.088 million),
increasing by 14% during the year.
The consolidated revenue of EfTEN Real Estate Fund III AS for the first half-
year of 2022 was EUR 6.988 million (2021 first half-year: EUR 5.955 million),
increasing by 17% compared to last year (EUR 1.033 million). The Group's net
rental income of the first half-year of 2022 was EUR 6.666 million (2021: EUR
5.726 million), increasing by 17%. The Group's net profit for the same period
was EUR 7.882 million (2021: EUR 5.470 million).
In the first half-year of 2022, the consolidated net rental income margin was
95% (2021: 96%), thus, the expenses directly related to the management of real
estate (incl. land tax, insurance, maintenance, and improvement costs) and
marketing expenses accounted for 5% (2021: 4%) of revenue.
As of June 30, 2022, the volume of the Group's total assets was EUR 178.422
million (31.12.2021: EUR 176.401 million), incl. the fair value of the
investment properties that accounted for 95% of the total assets (31.12.2021:
92%).
Real estate portfolio
As of the on June, 2022, the Group had 18 (31.12.2021: 16) commercial real
estate investments with a fair value as of balance sheet date in the amount of
EUR 168.604 million (31.12.2021: EUR 161.961 million) and acquisition cost of
EUR 150.575 million (31.12.2021: EUR 147.633 million).
In April, the fund's subsidiary EfTEN Valkla OÜ acquired real estate located in
Valklaranna tee 36, Valkla. The fund plans to remodel the building from care
home to general care home that could accommodate up to 250 customers in the
future. Renovation work is performed in stages. The purchase price of the real
estate plot was EUR 2,005 thousand and in addition, the fund's subsidiary is
required to carry out investments on the amount of EUR 2,000 thousand. Purchase
of the real estate plot and investments are financed by the fund's own assets.
In April, the fund's subsidiary EfTEN Ermi OÜ acquired building rights located
in Ermi tn 13, Tila village, Tartu parish in Tartu county. The fund plans to
develop a care home for minimum of 120 customers on the land plot used based on
the building rights. The building rights' maturity date is 50 years, which is
possible to extend up to 99 years in agreement with the landowner. After
developing a care home in the land plot, it will be leased to Südamekodud AS
based on a long-term lease contract. The purchase price of the building rights
was EUR 233 thousand- Purchase of the building rights and investments are
financed by the fund's own assets.
In the first half-year of 2022, the Group earned rental revenue of EUR 6.610
million. Rental income calculated in comparative terms was EUR 6.184 million in
the first half-year on 2022, which is 11% (EUR 619 thousand) more than in 2021
at the same time. In the first half-year of 2022 the Group gave discounts
related to Covid-19 crisis in the amount of EUR 9 thousand (2021 first half-
year: EUR 317 thousand), i.e. the increase in rental income from indexation and
decrease in vacancy is EUR 311 thousand (5%, compared to 2021) in the first
half-year of 2022.
Financing
In the following 12 months, the Group's three subsidiaries' - Evolution office
building, Laagri Hortes and Piepilsetas logistics centre - loan contracts will
end, the balance of the loans as of 30 June, 2022, is EUR 8,916 thousand euros.
The LTV of maturing loan contracts is 31%-41% and investment properties have
stabile strong rental cash flow, due to which the Group's management does not
see risk related to extending the contracts.
The weighted average interest rate of the Group's loan agreements (incl. taking
into account interest rate swap agreements) as of at the end of June is 2.2%
(2021: the same) and LTV (Loan to Value) is 42% (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
into, which expires in 2023.
Information on shares
As of 30 June, 2022, the net asset value per share (ERPA NDV) of EfTEN Real
Estate Fund III AS was 19.86 euros (31.12.2021: 19.11 euros). The net asset
value per share of EfTEN Real Estate Fund III AS increased by 4.0% in the first
half-year of 2022.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
First half-
2nd quarter year
--------------------------
EUR thousands 2022 2021 2022 2021
-------------------------------------------------------------------------------
Revenue 3,530 3,088 6,988 5,955
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Cost of sales -71 -73 -131 -139
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Gross profit 3,459 3,015 6,857 5,816
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Marketing costs -117 -59 -191 -90
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General and administrative expenses -448 -492 -903 -876
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Gain / loss from revaluation of investment
properties 3,702 2,020 3,702 2,020
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Other operating income and expense 17 3 43 6
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Operating profit 6,613 4,487 9,508 6,876
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Other finance income and expense -360 -418 -722 -839
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Profit before income tax 6,253 4,069 8,786 6,037
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-------------------------------------------------------------------------------
Income tax expense -649 -394 -904 -567
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Net profit for the financial year 5,604 3,675 7,882 5,470
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Earnings per share
-------------------------------------------------------------------------------
- Basic 1.10 0.83 1.55 1.27
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- Diluted 1.10 0.83 1.55 1.27
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CONSOLIDATED STATEMENT OF FINANCIAL POSITION
30.06.2022 31.12.2021
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EUR thousands
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ASSETS
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Cash and cash equivalents 8,489 13,074
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Receivables and accrued income 1,113 876
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Prepaid expenses 53 314
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Inventory 0 29
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Total current assets 9,655 14,293
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Long-term receivables 3 4
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Investment property 168,604 161,961
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Property. plant and equipment 158 140
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Intangible assets 2 3
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Total non-current assets 168,767 162,108
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TOTAL ASSETS 178,422 176,401
-----------------------------------------------------------
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LIABILITIES AND EQUITY
-----------------------------------------------------------
Borrowings 11,873 7,645
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Derivative instruments 0 121
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Payables and prepayments 923 1,349
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Total current liabilities 12,796 9,115
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-----------------------------------------------------------
Borrowings 57,410 63,440
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Other long-term debt 962 987
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Deferred income tax liability 6,516 5,945
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Total non-current liabilities 64,888 70,372
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Total liabilities 77,684 79,487
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Share capital 50,725 50,725
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Share premium 16,288 16,288
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Statutory reserve capital 2,149 1,489
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Retained earnings 31,576 28,412
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Total equity 100,738 96,914
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TOTAL LIABILITIES AND EQUITY 178,422 176,401
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Marilin Hein
CFO
Phone +372 6559 515
E-mail: [email protected] (mailto:[email protected])