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
10082
Manused
Esitamise kuupäev ja aeg
01.02.2023 08:00:00
Teate sisu eesti keeles
Pealkiri
EfTEN Real Estate Fund III AS 2022. aasta IV kvartali ja 12 kuu auditeerimata majandustulemused
Teade
Fondijuhi kommentaar 2022. aasta majandustulemuste kohta
Euroopa ja Balti riikide ärikinnisvaraturul toimusid 2022. aastal suured
muutused. Inflatsioonitempo hüppeline kiirenemine ajendas keskpanku lõpetama pea
kümme aastat kestnud nn null-intresside poliitika. Kui veel 2022. a alguses oli
enamike euros välja antavate laenude aluseks kasutatav EURIBORi määr negatiivne,
siis aasta lõpuks kerkis 6 kuu EURIBOR 2,7 %-le ja 1 kuu EURIBOR 1,9 %-le.
Kinnisvarasektoris, kus investeeringuid tehakse tavaliselt finantsvõimendusega,
tähendas see olulist laenukulude kasvu ning tehinguaktiivsuse vähenemist.
Balti riikide kinnisvaraturul on laenuraha kasutamine olnud üldjuhul madalam
võrreldes nn arenenud Euroopa riikidega. Peamiselt seetõttu ei toonud
intressimäärade tõus siin kohe kaasa kinnisvarahindade langust. Eelkõige kaasnes
intressimäärade tõusuga siin regioonis märkimisväärne kinnisvaratehingute arvu
langus. Balti riikide ärikinnisvaraturu ebakindlus ja madal tehinguaktiivsus
jääb tõenäoliselt püsima ka 2023. a esimesel poolel.
2022. a detsembris kiitsid EfTEN Real Estate Fund III AS´i aktsionärid heaks
fondi ühinemise EfTEN Kinnisvarafond AS´ga (ühendatav fond), mille tulemusel
saab kiitsid EfTEN Real Estate Fund III AS´st Balti riikide suurim
ärikinnisvarafond. Ühinemise bilansipäev oli 01.01.2023 ning ühinemise järgselt
suureneb EfTEN Real Estate Fund III AS'i konsolideeritud varade maht rohkem kui
kaks korda. Peale ühinemist saab EfTEN Real Estate Fund III AS'i ärinimeks EfTEN
Real Estate Fund AS. Käesoleva aasta alguses on fondivalitseja üheks oluliseks
prioriteediks fondide juriidilise ühinemise korrektne lõpule viimine.
Majandustulemuste ülevaade
EfTEN Real Estate Fund III AS'i konsolideeritud 2022. aasta 12 kuu müügitulu oli
14,299 miljonit eurot (2021 12 kuud: 12,921 miljonit eurot), kasvades aastaga
10,7%. Kontserni neto üüritulu oli 2022. aastal kokku 13,665 miljonit eurot
(2021: 12,412 miljonit eurot), kasvades 10,1%. Kontserni puhaskasum samal
perioodil oli 11,408 miljonit eurot (2021 12 kuud: 13,099 miljonit eurot).
Väiksem puhaskasum on seotud kinnisvarainvesteeringute ümberhindlusega, mis
sellel aastal oli 3,119 miljonit eurot ja 2021. aastal 6,442 miljonit eurot.
Fond teenis 2022. aasta neljandas kvartalis müügitulu kokku 3,699 miljonit
eurot, mis on 191 tuhat eurot rohkem kui eelmisel aastal samal ajal. Fondi
neljanda kvartali puhas üüritulu oli 2022. aastal 2,948 miljonit eurot, s.o
1,1% rohkem kui eelmisel aastal samal ajal. Fondi konsolideeritud neljanda
kvartali puhaskasum oli 1,199 miljonit eurot (2021 IV kvartal: 5,355 miljonit
eurot).
Kontserni varade maht 31.12.2022 seisuga oli 181,956 miljonit eurot (31.12.2021:
176,401 miljonit eurot), s.h kinnisvarainvesteeringute õiglane väärtus moodustas
varade mahust 93% (31.12.2021: 92%).
2022. aasta detsembri lõpu seisuga on kontsernil 18 (31.12.2021: 16)
ärikinnisvarainvesteeringut, mille õiglane väärtus bilansipäeval on 168,875
miljonit eurot (31.12.2021: 161,961 miljonit eurot) ning soetusmaksumus 151,426
miljonit eurot (31.12.2021: 147,633 miljonit eurot).
Fondi tütarettevõte EfTEN Valkla OÜ ostis 2022. aasta aprillis Harjumaal,
Valklas, Valklaranna tee 36 asuva kinnistu. Fond ehitab hooldekodu hoone ümber
üldhooldekoduks, mis võiks tulevikus mahutada kuni 250 klienti. Renoveerimistööd
viiakse läbi etapiviisiliselt. Kinnistu soetushind oli 2,005 miljonit eurot ning
lisaks kohustub fondi tütarettevõte tegema investeeringuid mahus kuni 2 miljonit
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 oli 233 tuhat eurot. Hoonestusõiguse ostu ja investeeringuid
finantseeritakse fondi omavahendite arvel.
2022. aastal teenis kontsern kokku 13,489 miljonit eurot üüritulu. Võrreldavatel
alustel (like-for-like) arvestatud üüritulu oli 2022. aastal kokku 12,588
miljonit eurot, mis on 7% rohkem kui 2021. aastal.
EfTEN Real Estate Fund III AS hindab korraliselt kinnisvarainvesteeringuid kaks
korda aastas - juunis ja detsembris. Seoses ühinemisega EfTEN Kinnisvarafond
AS´ga hindas fond lisaks kinnisvarainvesteeringuid erakorraliselt 30.11.2022
seisuga. Seisuga 31.12.2022 on fondi kinnisvaraportfelli õiglane väärtus
168,875 miljonit eurot. 2022. aastal kasvas fondi investeeringute väärtus
ümberhindluste tulemusel 1,9 % ning fond sai õiglase väärtuse muutustest kasumit
kokku 3,119 miljonit eurot. Kinnisvarainvesteeringute väärtus kasvas peamiselt
inflatsiooni toel oodatava kõrgema üürirahavoo tulemusel. EURIBORI suurenemise
ning investorite tuluootustest tingituna hindamistes rahavoogude nüüdisväärtuse
arvutamiseks kasutatavad diskontomäärad kasvasid 2022. aastal peaaegu kõikides
investeeringuobjektides.
Finantseerimine
Järgmise 12 kuu jooksul lõppevad kontserni kolme tütarettevõtte -EfTEN Evolution
UAB, Saules Miestas UAB ning EfTEN Piepilsetas SIA laenulepingud, mille jääk
31.12.2022 seisuga on 19,841 miljonit eurot. Lõppevate laenulepingute LTV on 30
% - 40 % ning kinnisvarainvesteeringud omavad stabiilselt tugevat üürirahavoogu,
mistõttu kontserni juhtkonna hinnangul ei teki laenulepingute pikendamisel
takistusi.
Kontserni laenulepingute kaalutud keskmine intressimäär (sh arvestades
intressiswapi lepinguid) EURIBOR´i tõusu mõjul on detsembri lõpu seisuga 3,7 %
(31.12.2021: 2,3 %) ning LTV (Loan to Value) 40 % (31.12.2021: 44 %). Kõik fondi
tütarettevõtete laenulepingud on seotud ujuva intressimääraga. Ühe laenulepingu
intressmäära tõusu riski maandamiseks on sõlmitud intressimäära vahetusleping,
kus EURIBOR on fikseeritud 0,35% tasemel. Swapileping lõpeb 2023. aastal ning
selle õiglane väärtus on 31.12.2022 seisuga 53 tuhat eurot.
Aktsiainfo
EfTEN Real Estate Fund III AS'i aktsia puhasväärtus seisuga 31.12.2022 oli
20,55 eurot (31.12.2021: 19,11 eurot). EfTEN Real Estate Fund III AS´i aktsia
puhasväärtus kasvas 2022. aasta jooksul 7,5%. 2022. aasta mais maksis fond
2021. aasta kasumist dividende kogusummas 4,058 miljonit eurot (2021 aasta
juunis: 2,798 miljonit eurot). Ilma dividendide maksmiseta oleks fondi aktsia
puhasväärtus 2022. aasta jooksul kasvanud 12,0%.
2022. aasta jooksul on kontsern teeninud vaba rahavoogu 6,182 miljonit eurot
(2021 12 kuud: 4,550 miljonit eurot), millest vastavalt fondi
dividendipoliitikale oleks netodividendide kogusumma 4,638 miljonit eurot (2021:
3,401 miljonit eurot). Arvestades fondi tütarettevõtete laenulepingute
eritingimustest tulenevat minimaalse raha jäägi hoidmise kohustust ning
lühiajalist likviidsusvajadust, samuti aga fondi tütarettevõtte EfTEN Laagri OÜ
kehtivast laenulepingust tulenevalt laenusumma suurendamise võimalust 1 miljoni
euro võrra, teeb fondi juhatus nõukogule ettepaneku maksta 2022. aasta eest
dividende rohkem kui dividendipoliitika ette näeb - kokku 5,438 miljonit eurot.
Seoses EfTEN Real Estate Fund III AS (ühendav fond) ja EfTEN Kinnisvarafond AS
(ühendatav fond) ühinemisega makstakse lisaks EfTEN Real Estate Fund III AS'i
dividendidele 2023. aasta kevadel fondist välja ka EfTEN Kinnisvarafond AS'i
vaba rahavoog. Kuivõrd ühinemiseks teeb EfTEN Real Estate Fund III AS EfTEN
Kinnisvarafond AS aktsionäridele vastavalt aktsiate asendussuhtele suunatud
aktsiaemissiooni ja emissiooni tulemusel suureneb ka EfTEN Real Estate Fund III
AS'i aktsiate arv, teatatakse täpne netodividend aktsia kohta läbi börsisüsteemi
2023. aasta märtsis.
KONSOLIDEERITUD KOONDKASUMIARUANNE
IV kvartal 12 kuud
---------------------------
2022 2021 2022 2021
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EUR tuhandetes
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Müügitulu 3 699 3 508 14 299 12 921
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Müüdud teenuste kulu -56 -48 -267 -241
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Brutokasum 3 643 3 460 14 032 12 680
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Turustuskulud -113 -124 -367 -268
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Üldhalduskulud -525 -1 024 -1 916 -2 326
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Kasum / kahjum kinnisvarainvesteeringute õiglase
väärtuse muutusest -582 4 422 3 119 6 442
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Muud äritulud ja -kulud -25 -17 23 1
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Ärikasum 2 398 6 717 14 891 16 529
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Muud finantstulud ja -kulud -582 -420 -1 680 -1 678
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Kasum enne tulumaksu 1 816 6 297 13 211 14 851
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Tulumaksukulu -617 -942 -1 803 -1 752
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Aruandeperioodi koondkasum kokku 1 199 5 355 11 408 13 099
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Kasum aktsia kohta
-------------------------------------------------------------------------------
- tava 0,24 1,06 2,25 2,79
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- lahustatud 0,24 1,06 2,25 2,79
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KONSOLIDEERITUD FINANTSSEISUNDI ARUANNE
31.12.2022 31.12.2021
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EUR tuhandetes
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VARAD
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Raha ja raha ekvivalendid 11 331 13 074
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Nõuded ja viitlaekumised 1 522 876
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Ettemakstud kulud 49 314
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Varud 0 29
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Käibevara kokku 12 902 14 293
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Pikaajalised nõuded 61 4
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Kinnisvarainvesteeringud 168 875 161 961
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Materiaalne põhivara 116 140
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Immateriaalne põhivara 2 3
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Põhivara kokku 169 054 162 108
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VARAD KOKKU 181 956 176 401
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KOHUSTUSED JA OMAKAPITAL
----------------------------------------------------------------
Laenukohustused 22 058 7 645
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Tuletisinstrumendid 0 121
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Võlad ja ettemaksed 1 461 1 349
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Lühiajalised kohustused kokku 23 519 9 115
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Laenukohustused 45 917 63 440
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Muud pikaajalised võlad 1 008 987
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Edasilükkunud tulumaksukohustus 7 248 5 945
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Pikaajalised kohustused kokku 54 173 70 372
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Kohustused kokku 77 692 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 35 102 28 412
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Omakapital kokku 104 264 96 914
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KOHUSTUSED JA OMAKAPITAL KOKKU 181 956 176 401
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Marilin Hein
Finantsjuht
Tel. 6559 515
E-mail: [email protected]
Teate sisu inglise keeles
Pealkiri
EfTEN Real Estate Fund III AS unaudited results for 4th quarter and 12 months 2022
Teade
Fund manager's comment on the 2022 financial results
In 2022, major changes took place in the European and Baltic commercial real
estate market. The rapid acceleration of the inflation rate prompted the central
banks to end the so-called zero interest policy that had lasted for almost ten
years. While at the beginning of 2022, the EURIBOR rate used as the basis for
most loans issued in euro was negative, by the end of the year the 6-month
EURIBOR rose to 2.7 % and the 1-month EURIBOR to 1.9 %. In the real estate
sector, where investments are usually made with financial leverage, this meant a
significant increase in borrowing costs and a decrease in transaction activity.
In the real estate market of the Baltic countries, the use of leverage has
generally been lower compared to the so-called developed European countries.
Mainly because of this, the rise in interest rates here did not immediately lead
to a fall in real estate prices. In particular, the increase in interest rates
was accompanied by a significant decrease in the number of real estate
transactions in this region. The uncertainty and low transaction activity of the
commercial real estate market in the Baltic countries will probably remain in
the first half of 2023.
In December 2022, the shareholders of EfTEN Real Estate Fund III AS approved the
fund's merger with EfTEN Kinnisvarafond AS (the fund being acquired), resulting
in the largest commercial real estate fund in the Baltic States. The balance
sheet date of the merger was 01.01.2023, and after the merger, the consolidated
assets of EfTEN Real Estate Fund III AS will increase more than twice. After the
merger, the business name of EfTEN Real Estate Fund III AS will be EfTEN Real
Estate Fund AS. At the beginning of this year, one of the important priorities
of the management company is to correctly close the legal merger of the funds.
Financial overview
The consolidated sales revenue of EfTEN Real Estate Fund III AS for the 12
months of 2022 was 14.299 million euros (2021 12 months: 12.921 million euros),
increasing by 10.7 % during the year. The Group's net rental income in 2022
totalled to 13.665 million euros in 2022 (2021: 12.412 million euros),
increasing by 10.1 %. The Group's net profit for the same period was 11.408
million euros (2021 12 months: 13.099 million euros). The decreased net profit
is related to the smaller revaluation of real estate investments, which was
3.119 million euros this year and 6.442 million euros in 2021. The Fund earned a
total revenue of 3.699 million euros in the fourth quarter of 2022, up 191
thousand euros compared to the same period last year. The Fund's net rental
income for the fourth quarter of 2022 amounted to 2.948 million euros, an
increase of 1.1 % compared to the same period last year. The Fund's consolidated
net profit for Q4 was 1.199 million euros (2021 Q4: 5.355 million euros).
The Group's total assets as at 31.12.2022 was 181.956 million euros (31.12.2021:
176,401 million euros), incl. the fair value of the investment properties that
accounted for 93 % of the total assets (31.12.2021: 92 %).
At the end of December 2022, the Group has 18 (31.12.2021: 16) commercial
property investments with a fair value at the balance sheet date of 168.875
million euros (31.12.2021: 161.961 million euros) and an acquisition cost of
151.426 million euros (31.12.2021: 147.633 million euros).
In April, the Fund's subsidiary EfTEN Valkla OÜ acquired real estate located in
Valklaranna tee 36, Valkla in Harju county. The Fund reconstructs the building
from nursery home to general nursery 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 million and in addition, the Fund's
subsidiary is required to carry out investments on the amount of EUR 2.000
million. Purchase of the real estate plot and investments are financed by the
Fund's equity.
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 nursery 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 nursery home on 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 equity.
In 2022, the Group earned a total rental income of 13.489 million euros. The
rental income calculated on a comparable basis was a total of 12.588 million
euros in 2022, which is a 7% increase compared to 2021.
EfTEN Real Estate Fund III AS revalued it's investment properties twice this
year - in June and December. In connection with the merger with EfTEN
Kinnisvarafond AS, the Fund also evaluated extraordinary investment property as
of 30.11.2022. As of 31.12.2022, the fair value of the Fund's real estate
portfolio is 168.875 million euros. In 2022, the value of the Fund's investments
increased by 1.9% as a result of revaluations, and the fund received a total
profit of 3.119 million euros from fair value changes. The value of investment
property increased mainly as a result of higher expected rental cash flow driven
by increased inflation. Due to the increase in EURIBOR and investors' return
expectations, the discount rates used to calculate the present value of cash
flows in appraisal increased in almost all investment objects in 2022.
Financing
In the following 12 months, the loan agreements of the Group's three
subsidiaries - EfTEN Evolution UAB, Saules Miestas UABand EfTEN Piepilsetas SIA
- will expire, the balance of the loans as at 31.12.2022 is 19.841 million
euros. The LTV of the expiring loan agreements is 30%-40%, and investment
properties have a stable and strong rental cash flow, therefore, according to
the Group's management, no complications is expected in extending the loan
agreements.
The weighted average interest rate of the Group's loan agreements (including
taking into account interest rate swap agreements) due to the increase in
EURIBOR is 3.7 % (31.12.2021: 2.3 %) and LTV (Loan to Value) 40 % (31.12.2021:
44 %) as of the end of December). All loan agreements of the Fund's subsidiaries
are linked to a floating interest rate. In order to mitigate the risk of an
increase in the interest rate of one loan agreement, an interest rate swap
agreement has been concluded, where the Euribor is fixed at 0.35 %. The swap
agreement expires in 2023, and its fair value is 53 thousand euros as of
31.12.2022.
Information on shares
The net value of the share of EfTEN Real Estate Fund III AS as of 31.12.2022 was
20.55 euros (31.12.2021: 19.11 euros). The net value of EfTEN Real Estate Fund
III AS shares increased by 7.5% during 2022. In May 2022, the Fund paid
dividends from the profit of 2021 in the total amount of 4.058 million euros (in
June 2021: 2.798 million euros). Without the payment of dividends, the net value
of the Fund's shares would have increased by 12.0 % during 2022.
During 2022, the Group has earned a free cash flow of 6.182 million euros (12
months 2021: 4.550 million euros), of which, according to the Fund's dividend
policy, the total amount of net dividends would be 4.638 million euros (2021:
3.401 million euros). Taking into account the obligation to keep a minimum cash
balance resulting from the special conditions of the loan of the fund's
subsidiaries and the short-term need for liquidity, as well as the possibility
of increasing the loan amount by 1 million euros due to the current loan
agreement of the Fund's subsidiary EfTEN Laagri OÜ, the Fund's board proposes to
the council to pay dividends for 2022 more than the dividend policy stipulates -
in total 5.438 million euros.
In connection with the merger of EfTEN Real Estate Fund III AS (the acquiring
fund) and EfTEN Kinnisvarafond AS (the fund being acquired), in addition to the
dividends of EfTEN Real Estate Fund III AS, the free cash flow of EfTEN
Kinnisvarafond AS will also be paid out of the Fund in the spring of 2023.
Insofar as EfTEN Real Estate Fund III AS makes a share issue for the
shareholders of EfTEN Kinnisvarafond AS in accordance with the share exchange
ratio and the number of EfTEN Real Estate Fund III AS shares increases as a
result of the issue, the exact net dividend per share will be announced through
the stock exchange system in March 2023.
CONSOLIDATED STATEMEMT OF COMPREHENSIVE INCOME
4th quarter 12 months
---------------------------
EUR thousands 2022 2021 2022 2021
-------------------------------------------------------------------------------
Revenue 3,699 3,508 14,299 12,921
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Cost of services sold -56 -48 -267 -241
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Gross profit 3,643 3,460 14,032 12,680
-------------------------------------------------------------------------------
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Marketing costs -113 -124 -367 -268
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General and administrative expenses -525 -1,024 -1,916 -2,326
-------------------------------------------------------------------------------
Gain / loss from valuation of investment
properties -582 4,422 3,119 6,442
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Other operating income and expense -25 -17 23 1
-------------------------------------------------------------------------------
Operating profit 2,398 6,717 14,891 16,529
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Other finance income and expense -582 -420 -1,680 -1,678
-------------------------------------------------------------------------------
Profit before income tax 1,816 6,297 13,211 14,851
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Income tax expense -617 -942 -1,803 -1,752
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Net profit for the financial year 1,199 5,355 11,408 13,099
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Earnings per share
-------------------------------------------------------------------------------
- basic 0.24 1.06 2.25 2.79
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- diluted 0.24 1.06 2.25 2.79
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CONSOLIDATED STATEMENT OF FINANCIAL POSITION
31.12.2022 31.12.2021
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EUR thousands
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ASSETS
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Cash and cash equivalents 11,331 13,074
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Receivables and accrued income 1,522 876
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Prepaid expenses 49 314
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Inventory 0 29
---------------------------------------------------
Total current assets 12,902 14,293
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Long-term receivables 61 4
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Investment property 168,875 161,961
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Property. plant and equipment 116 140
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Intangible assets 2 3
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Total non-current assets 169,054 162,108
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TOTAL ASSETS 181,956 176,401
---------------------------------------------------------------
---------------------------------------------------------------
LIABILITIES AND EQUITY
---------------------------------------------------------------
Borrowings 22,058 7,645
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Derivative instruments 0 121
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Payables and prepayments 1,461 1,349
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Total current liabilities 23,519 9,115
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Borrowings 45,917 63,440
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Other long-term debt 1,008 987
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Deferred income tax liability 7,248 5,945
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Total non-current liabilities 54,173 70,372
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Total liabilities 77,692 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 35,102 28,412
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Total equity 104,264 96,914
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TOTAL LIABILITIES AND EQUITY 181,956 176,401
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Marilin Hein
CFO
Phone +372 6559 515
E-mail: [email protected]