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EfTEN Real Estate Fund AS
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26.10.2023 08:00:00
Pealkiri
EfTEN Real Estate Fund AS 2023. aasta III kvartali ja 9 kuu auditeerimata majandustulemused
Teade
Intressimäärade tõus, mis on viimase aasta jooksul olnud kinnisvarasektori
peamiseks mõjutajaks, näitas 2023.a III kvartalis esimesi peatumise märke. Kolme
kuuga tõusis Euroalal ja Balti riikides laenuintresside baasmäärana kasutatav
EURIBOR sõltuvalt tähtajast 0,2-0,4 protsendipunkti võrra. See on aeglaseim tõus
alates 2022.a I kvartalist. Finantsturgudel hinnatakse, et Euroalal hakkavad
baasintressid langema juba järgmise aasta esimesel poolel. Kuigi selline ootus
võib osutuda liiga ennatlikuks, viitab globaalne inflatsioonisurvete (sh
energiahindade) taandumine ning Euroala majandusaktiivsuse pidurdumine sellele,
et intressimäärad on oma tipu saavutanud.
Madala finantsvõimenduse taseme toel on kinnisvarasektor pidanud Balti riikides
intressikulude tõusule siiani oluliselt paremini vastu kui paljudes teistes
Euroopa riikides, sh meie peamiste kaubanduspartnerite juures Skandinaavias.
Euroala nõrga majandusaktiivsuse püsimisel pole lähivkartalites tõenäoliselt
oodata Balti riikide majanduskasvu taastumist. Sellises olukorras muutub
ärikinnisvara sektoris järjest olulisemaks objektide täituvus ja üüritulu
hoidmine. Uute rentnike leidmine ja olemasolevate säilitamine on üha aeganõudvam
ja kulukam (nõudes sageli objektide ümberehitusi jms). Suurima surve all on
erinevad büroopinnad, kus süvenev n.ö kodust töötamine hoiab nõudlust viimaste
aastate madalaimana. EfTEN Real Estate Fund AS kontserni
kinnisvarainvesteeringute portfell on jaotatud suhteliselt ühtlaselt
ärikinnisvara kolme peamise segmendi (kaubandus, logistika, bürood) vahel ning
selle vakantsus on jätkuvalt väga madal (2%).
Kolmandas kvartalis avaldasid Enlight Research ning LHV Pank analüüsi EfTEN Real
Estate Fund AS (EFT1T) aktsia kohta. Mõlemad analüüsid toovad fondi juures välja
järgmised tugevused: (i) mõõdukas võlakoormus, mis aitab ilma raskusteta toime
tulla ka tõusvate intressimäärade keskkonnas; (ii) üüripindade väga madal
vakantsus; (iii) konservatiivselt hinnastatud portfell.
Finantsülevaade
EfTEN Real Estate Fund AS teenis 2023. aasta III kvartali konsolideeritud
müügitulu kokku 7,965 miljonit eurot (2022 III kvartal: 3,612 miljonit eurot),
jäädes II kvartaliga samale tasemele. Fondi 2023. aasta 9 kuu konsolideeritud
müügitulu oli 23,714 miljonit eurot (2022: 10,600 miljonit eurot), sisaldades
EfTEN Kinnisvarafond AS-ga ühinemisest lisandunud kinnisvarainvesteeringute
müügitulu summas 12,644 miljonit eurot. Like-for-like põhimõttel arvestatud
müügitulu on 9 kuuga kasvanud aastatagusega võrreldes 4,4%.
Fondi konsolideeritud 2023. aasta 9 kuu neto üüritulu (NOI) on kokku 22,201
miljonit eurot (2022 9 kuud: 10,135 miljonit eurot). Selle aasta neto üüritulu
sisaldab EfTEN Kinnisvarafond AS-ga ühinemisest lisandunud
kinnisvarainvesteeringute neto üüritulu kogusummas 11,616 miljonit eurot. Like-
for-like põhimõttel arvestatud NOI on kasvanud aastatagusega võrreldes samuti
4,4%. Konsolideeritud neto üüritulu marginaal oli sellel aastal 94% (2022:
96%), seega moodustasid kinnistute haldamisega otseselt seotud kulud (s.h
maamaks, kindlustus, hooldus- ja parenduskulud) ning turustuskulud 6% (2022:
4%) müügitulust.
Kontserni varade maht 30.09.2023 seisuga oli 385,183 miljonit eurot (31.12.2022:
181,956 miljonit eurot), s.h kinnisvarainvesteeringute õiglane väärtus moodustas
varade mahust 94% (31.12.2022: 93%).
2023. aasta septembri lõpu seisuga on kontsernil 35 (31.12.2022: 18)
ärikinnisvarainvesteeringut, mille õiglane väärtus bilansipäeval on 363,289
miljonit eurot (31.12.2022: 168,875 miljonit eurot) ning soetusmaksumus 350,004
miljonit eurot (31.12.2022: 151,426 miljonit eurot). Lisaks kuulub kontserni
ühisettevõttele hotell Palace Tallinnas, mille õiglane väärtus 30.09.2023
seisuga oli 9,8 miljonit eurot.
2023. aasta 9 kuuga teenis kontsern kokku 23,714 miljonit eurot üüritulu.
Võrreldavatel alustel arvestatud üüritulu oli 2023. aasta 9 kuul kokku 10,343
miljonit eurot, mis on 4% rohkem kui 2022. aastal samal ajal.
2023. aasta 9 kuu jooksul pikendasid fondi tütarettevõtted kokku kuus
laenulepingut. Pikendamisel langes nelja laenu intressi marginaal 0,05-0,5
protsendipunkti ning ühe laenulepingu intressi marginaal tõusis 0,14
protsendipunkti. Pikendamisel lühendatakse võimaluse korral kõikide
laenulepingute EURIBORI perioodi. Laenulepingud pikendati kolmeks kuni viieks
aastaks.
Järgmise 12 kuu jooksul lõppevad kontserni nelja tütarettevõtte laenulepingud,
mille jääk 30.09.2023 seisuga on 14 734 tuhat eurot. Lõppevate laenulepingute
LTV on 35%-51% ning kinnisvarainvesteeringud omavad stabiilselt tugevat
üürirahavoogu, mistõttu kontserni juhtkonna hinnangul ei teki laenulepingute
pikendamisel takistusi.
Kontserni laenulepingute kaalutud keskmine intressimäär tõusis EURIBOR´i muutuse
mõjul septembri lõpuks 5,8%-ni (31.12.2022: 3,7%) ning LTV (Loan to Value) oli
41% (31.12.2022: 40%). Kõik fondi tütarettevõtete laenulepingud on seotud ujuva
intressimääraga. Kõiki fondi laenulepinguid teenindatakse tavapäraselt ning
kõikide laenu tagatiseks seatud kinnisvarainvesteeringute äritegevuse rahavoog
ületab laenude põhiosa- ja intressimakseid.
EfTEN Real Estate Fund AS aktsia EPRA puhasväärtus (EPRA NRV) oli seisuga
30.09.2023 20,76 eurot (30.09.2022: 20,32 eurot). EfTEN Real Estate Fund AS´i
aktsia EPRA puhasväärtus kasvas 2023. aasta 9 kuuga 2,0% (2022 9 kuud: kasvas
6,3%).
KONSOLIDEERITUD KOONDKASUMIARUANNE
III kvartal 9 kuud
---------------------------
EUR tuhandetes 2023 2022 2023 2022
-------------------------------------------------------------------------------
Müügitulu 7 965 3 612 23 714 10 600
-------------------------------------------------------------------------------
Müüdud teenuste kulu -363 -80 -1 120 -211
-------------------------------------------------------------------------------
Brutokasum 7 602 3 532 22 594 10 389
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Turustuskulud -105 -63 -393 -254
-------------------------------------------------------------------------------
Üldhalduskulud -841 -488 -2 568 -1 391
-------------------------------------------------------------------------------
Kasum / kahjum kinnisvarainvesteeringute õiglase
väärtuse muutusest 0 -1 -6 182 3 701
-------------------------------------------------------------------------------
Muud äritulud ja -kulud 10 5 23 48
-------------------------------------------------------------------------------
Ärikasum 6 666 2 985 13 474 12 493
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Kasum / kahjum ühisettevõtetest 84 0 -25 0
-------------------------------------------------------------------------------
Intressitulud 77 0 97 0
-------------------------------------------------------------------------------
Muud finantstulud ja -kulud -2 156 -376 -5 693 -1 098
-------------------------------------------------------------------------------
Kasum enne tulumaksu 4 671 2 609 7 853 11 395
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Tulumaksukulu -236 -282 -973 -1 186
-------------------------------------------------------------------------------
Aruandeperioodi koondkasum kokku 4 435 2 327 6 880 10 209
-------------------------------------------------------------------------------
Kasum aktsia kohta
-------------------------------------------------------------------------------
- tava 0,41 0,46 0,64 2,01
-------------------------------------------------------------------------------
- lahustatud 0,41 0,46 0,64 2,01
-------------------------------------------------------------------------------
KONSOLIDEERITUD FINANTSSEISUNDI ARUANNE
30.09.2023 31.12.2022
------------------------------------------------------------
EUR tuhandetes
------------------------------------------------------------
VARAD
------------------------------------------------------------
Raha ja raha ekvivalendid 14 167 11 331
------------------------------------------------------------
Lühiajalised hoiused 2 880 0
------------------------------------------------------------
Nõuded ja viitlaekumised 1 805 1 522
------------------------------------------------------------
Ettemakstud kulud 138 49
------------------------------------------------------------
Varud 1 0
------------------------------------------------------------
Käibevara kokku 18 991 12 902
------------------------------------------------------------
------------------------------------------------------------
Pikaajalised nõuded 175 61
------------------------------------------------------------
Ühisettevõtete osad 2 552 0
------------------------------------------------------------
Kinnisvarainvesteeringud 363 289 168 875
------------------------------------------------------------
Materiaalne põhivara 175 116
------------------------------------------------------------
Immateriaalne põhivara 1 2
------------------------------------------------------------
Põhivara kokku 366 192 169 054
------------------------------------------------------------
VARAD KOKKU 385 183 181 956
------------------------------------------------------------
------------------------------------------------------------
KOHUSTUSED JA OMAKAPITAL
------------------------------------------------------------
Laenukohustused 20 589 22 058
------------------------------------------------------------
Võlad ja ettemaksed 2 419 1 461
------------------------------------------------------------
Lühiajalised kohustused kokku 23 008 23 519
------------------------------------------------------------
------------------------------------------------------------
Laenukohustused 128 221 45 917
------------------------------------------------------------
Muud pikaajalised võlad 1 901 1 008
------------------------------------------------------------
Edasilükkunud tulumaksukohustus 7 474 7 248
------------------------------------------------------------
Pikaajalised kohustused kokku 137 596 54 173
------------------------------------------------------------
Kohustused kokku 160 604 77 692
------------------------------------------------------------
------------------------------------------------------------
Aktsiakapital 108 198 50 725
------------------------------------------------------------
Ülekurss 84 721 16 288
------------------------------------------------------------
Kohustuslik reservkapital 2 749 2 149
------------------------------------------------------------
Jaotamata kasum 28 911 35 102
------------------------------------------------------------
Omakapital kokku 224 579 104 264
------------------------------------------------------------
KOHUSTUSED JA OMAKAPITAL KOKKU 385 183 181 956
------------------------------------------------------------
Marilin Hein
Finantsjuht
Tel. 6559 515
E-mail: marilin.hein@eften.ee (mailto:marilin.hein@eften.ee)
Pealkiri
EfTEN Real Estate Fund AS unaudited results for 3nd quarter and 9 months 2023
Teade
The increase in interest rates, which has been the main factor influencing the
real estate sector over the past year, showed the first signs of stabilisation
in the third quarter of 2023. Over three months, the EURIBOR, used as the base
interest rate in the Eurozone and Baltic countries, increased by 0.2-0.4
percentage points across different maturities. This is the slowest increase
since the first quarter of 2022. Financial markets price in that base interest
rates in the Eurozone will start to fall in the first half of the next year.
Although such expectation may prove to be premature, the global easing of
inflationary pressures (including energy prices) and the decelarating economic
activity in the Eurozone suggest that interest rates have reached their peak.
Due to the low level of financial leverage, the real estate sector in the Baltic
countries has so far coped significantly better with the rise in interest costs
compared to many other European countries, including our main trading partners
in Scandinavia. With the persistent weak economic activity in the Eurozone,
business cycle recovery in the Baltic countries is unlikely in the near
quarters. In such a situation, maintaining occupancy and rental income levels
are becoming increasingly important in the commercial real estate sector.
Finding new tenants and retaining existing ones is becoming more time-consuming
and costly (often requiring property modifications etc). The greatest pressure
is on various office spaces, where the increasing trend of working from home
keeps demand at its lowest in recent years. The EfTEN Real Estate Fund AS
group's real estate investment portfolio is relatively evenly distributed among
the three main segments of commercial real estate (retail, logistics, offices),
and its vacancy rate remains very low (2%).
In the third quarter, Enlight Research and LHV Bank published equity analysis of
the EfTEN Real Estate Fund AS (EFT1T). Both analyses highlight the following
strengths of the fund: (i) moderate leverage, which allows the fund to navigate
through a rising interest rate environment with ease; (ii) very low vacancy of
rental spaces; (iii) conservatively priced portfolio.
Financial overview
The consolidated sales income of the EfTEN Real Estate Fund AS for the third
quarter of 2023 was 7.965 million euros (2022 III quarter: 3.612 million euros),
remaining at the same level as the II quarter. The Fund's consolidated revenue
for the 9 months of 2023 was 23.714 million euros (2022: 10.600 million euros),
including revenue from investment property added from the merger with EfTEN
Kinnisvarafond AS in the amount of 12.644 million euros. The revenue calculated
on the Like-for-like basis has increased by 4.4% in 9 months compared to a year
ago.
The consolidated net rental income (NOI) of the Fund for the 9 months of 2023 is
22.201 million euros (2022 9 months: 10.135 million euros). This year's net
rental income includes the net rental income from investment properties added by
the merger with EfTEN Kinnisvarafond AS in the total amount of 11.616 million
euros. Therefore, NOI calculated on the like-for-like basis has also increased
by 4.4% compared to a year ago. The consolidated net rental income margin was
94% (2022: 96%) this year, so costs directly related to property management
(including land tax, insurance, maintenance and improvement costs) and
distribution constituted 6% (2022: 4%) of revenue.
The gross value of the Group's assets as of 30.09.2023 was 385.183 million euros
(31.12.2022: 181.956 million euros), of which the fair value of investment
properties made up 94% (31.12.2022: 93%).
As of the end of September 2023 the Group has 35 (31.12.2022: 18) commercial
investment properties with the fair value as at the balance sheet date of
363.289 million euros (31.12.2022: 168.875 million euros) and with the
acquisition cost of 350.004 million euros (31.12.2022: 151.426 million euros).
In addition, the Group's joint venture owns the Palace hotel in Tallinn with the
fair value of 9.8 million euros as of 30.09.2023.
In the first 9 months of 2023, the Group earned a total of 23.714 million euros
in rental income. The rental income calculated on a comparable basis in the
first 9 months of 2023 was a total of 10.343 million euros, which is 4% more
than at the same time in 2022.
In 9 months of 2023, the Fund's subsidiaries extended a total of six loan
agreements. The interest margin for the extension of four loans fell by
0.05-0.5 percentage points and of one loan increased by 0.14 percentage points.
Upon extension, the EURIBOR period of all loan agreements will be shortened
where possible. Loan agreements were extended for three to five years.
Within the next 12 months, the loan agreements of the Group's four subsidiaries
will expire, the balance of which as of 30.09.2023 is 14,734 thousand euros. The
LTV (Loan to Value) of the expiring loan agreements is 35%-51%, and investment
properties have a stable, strong rental cash flow. Therefore, according to the
Group's management, there are no obstacles in extending the loan agreements.
The weighted average interest rate of the Group's loan agreements rose to 5.8%
by the end of September (31.12.2022: 3.7%) due to the change in EURIBOR, and the
LTV was 41% (31.12.2022: 40%). All loan agreements of the Fund's subsidiaries
are linked to a floating interest rate. All loan agreements of the Fund are
serviced correctly, and the cash flow from the business activities of all
investment properties exceeds the principal and interest payments of the loans.
The net asset value of the EfTEN Real Estate Fund AS (EPRA NRV) share as of
30.09.2023 was 20.76 euros (30.09.2022: 20.32 euros). The EPRA net value of
EfTEN Real Estate Fund AS share increased by 2.0% in the 9 months of 2023 (9
months of 2022: increased by 6.3%).
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
III quarter 9 months
---------------------------
EUR thousands 2023 2022 2023 2022
-------------------------------------------------------------------------------
Sales income 7,965 3,612 23,714 10,600
-------------------------------------------------------------------------------
Cost of services sold -363 -80 -1,120 -211
-------------------------------------------------------------------------------
Gross profit 7,602 3,532 22,594 10,389
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Marketing costs -105 -63 -393 -254
-------------------------------------------------------------------------------
General and administrative expenses -841 -488 -2,568 -1,391
-------------------------------------------------------------------------------
Profit / loss from the change in the fair value of
investment property 0 -1 -6,182 3,701
-------------------------------------------------------------------------------
Other operating income and expense 10 5 23 48
-------------------------------------------------------------------------------
Operating profit 6,666 2,985 13,474 12,493
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Profit / loss from joint ventures 84 0 -25 0
-------------------------------------------------------------------------------
Interest income 77 0 97 0
-------------------------------------------------------------------------------
Other finance income and expense -2,156 -376 -5,693 -1,098
-------------------------------------------------------------------------------
Profit before income tax 4,671 2,609 7,853 11,395
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Income tax expense -236 -282 -973 -1,186
-------------------------------------------------------------------------------
Net comprehensive profit/loss for the reporting
period 4,435 2,327 6,880 10,209
-------------------------------------------------------------------------------
Earnings per share
-------------------------------------------------------------------------------
- basic 0.41 0.46 0.64 2.01
-------------------------------------------------------------------------------
- diluted 0.41 0.46 0.64 2.01
-------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
30.09.2023 31.12.2022
-----------------------------------------------------------
EUR thousands
-----------------------------------------------------------
ASSETS
-----------------------------------------------------------
Cash and cash equivalents 14,167 11,331
-----------------------------------------------------------
Current deposits 2,880 0
-----------------------------------------------------------
Receivables and accrued income 1,805 1,522
-----------------------------------------------------------
Prepaid expenses 138 49
-----------------------------------------------------------
Inventory 1 0
-----------------------------------------------------------
Total current assets 18,991 12,902
-----------------------------------------------------------
-----------------------------------------------------------
Long-term receivables 175 61
-----------------------------------------------------------
Shares in joint ventures 2,552 0
-----------------------------------------------------------
Investment property 363,289 168,875
-----------------------------------------------------------
Property, plant, and equipment 175 116
-----------------------------------------------------------
Intangible assets 1 2
-----------------------------------------------------------
Total non-current assets 366,192 169,054
-----------------------------------------------------------
TOTAL ASSETS 385,183 181,956
-----------------------------------------------------------
-----------------------------------------------------------
LIABILITIES AND EQUITY
-----------------------------------------------------------
Borrowings 20,589 22,058
-----------------------------------------------------------
Payables and prepayments 2,419 1,461
-----------------------------------------------------------
Total current liabilities 23,008 23,519
-----------------------------------------------------------
-----------------------------------------------------------
Borrowings 128,221 45,917
-----------------------------------------------------------
Other long-term liabilities 1,901 1,008
-----------------------------------------------------------
Deferred income tax liability 7,474 7,248
-----------------------------------------------------------
Total non-current liabilities 137,596 54,173
-----------------------------------------------------------
Total liabilities 160,604 77,692
-----------------------------------------------------------
-----------------------------------------------------------
Share capital 108,198 50,725
-----------------------------------------------------------
Share premium 84,721 16,288
-----------------------------------------------------------
Statutory reserve capital 2,749 2,149
-----------------------------------------------------------
Retained earnings 28,911 35,102
-----------------------------------------------------------
Total equity 224,579 104,264
-----------------------------------------------------------
TOTAL LIABILITIES AND EQUITY 385,183 181,956
-----------------------------------------------------------
Marilin Hein
CFO
Phone +372 6559 515
E-mail: marilin.hein@eften.ee (mailto:marilin.hein@eften.ee)