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EfTEN Real Estate Fund AS
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25.04.2024 08:00:00
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EfTEN Real Estate Fund AS 2024. aasta I kvartali auditeerimata majandustulemused
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Euroala intressiturgude ja Balti riikide majanduste stabiliseerumise märgid kajastusid ka EfTEN Real Estate Fund ASi konsolideeritud 2024. aasta esimese kvartali tegevuses. Fondi neto üüritulu kasvas aastases arvestuses 0,6% ning kinnisvaraportfelli vakantsus säilis madalal tasemel (2,9%). Esimese kvartali intressikulu oli aastataguse perioodiga võrreldes kõrgem, kuid veidi madalam 2023. aasta neljanda kvartali intressikulust. Ehitustööd jätkusid Tartusse Eesti Rahvamuuseumi kõrvale rajatavas hooldekodus. Tööde lõppemine on planeeritud eelolevasse suvesse ning sügisel avatakse uus hooldekodu ka klientidele. EfTEN Real Estate Fund AS teenis 2024. aasta I kvartalis konsolideeritud müügitulu kokku 7,961 miljonit eurot (2023 I kvartal: 7,788 miljonit eurot). Müügitulu kasvas peamiselt kaubanduse sektoris. Fondi konsolideeritud 2024. aasta I kvartali neto üüritulu (NOI) on kokku 7,343 miljonit eurot (2023 I kvartal: 7,298 miljonit eurot). Konsolideeritud neto üüritulu marginaal oli 92% (2023: 94%), seega moodustasid kinnistute haldamisega otseselt seotud kulud (s.h maamaks, kindlustus, hooldus- ja parenduskulud) ning turustuskulud 8% (2023: 6%) müügitulust. Fondi konsolideeritud puhaskasum oli 2024. aasta I kvartalis 3,808 miljonit eurot (2023 I kvartal: 4,634 miljonit eurot). Puhaskasumi vähenemine võrreldes eelmise aastaga tuleneb EURIBOR'i kasvust. Kontserni varade maht seisuga 31.03.2024 oli 384,846 miljonit eurot (31.12.2023: 380,944 miljonit eurot), s.h kinnisvarainvesteeringute õiglane väärtus moodustas varade mahust 94% (31.12.2023: sama). Kinnisvaraportfell 2024. aasta märtsi lõpu seisuga on kontsernil 35 (31.12.2023: sama) ärikinnisvarainvesteeringut, mille õiglane väärtus bilansipäeval on 360,327 miljonit eurot (31.12.2023: 357,916 miljonit eurot) ning soetusmaksumus 356,819 miljonit eurot (31.12.2023: 354,408 miljonit eurot). Lisaks kuulub kontserni ühisettevõttele hotell Palace Tallinnas, mille õiglane väärtus 31.03.2024 seisuga oli 9,0 miljonit eurot (31.12.2023: sama). 2024. aasta esimese 3 kuuga teenis kontsern kokku 7,637 miljonit eurot üüritulu, mis on 2% rohkem kui 2023. aastal samal ajal. Kontsernile kuuluvate kinnisvarainvesteeringute vakantsus portfelli kohta oli 31.03.2024 seisuga 2,9% (31.12.2023: 2,6%). Suurim on vakantsus büroohoonete segmendis (12%), kus vakantsete üüripindade täitmine võtab varasemast rohkem aega. Finantseerimine Euroala intresside kasv on avaldanud olulist mõju kontserni rahavoogudele, viies intresside kattekordaja (ICR) 2,9 tasemele. Aasta tagasi, 2023. aastas I kvartalis, oli fondi laenude ICR 4,2. 2024. aasta esimese 3 kuu jooksul pikendasid fondi tütarettevõtted EfTEN Autokeskus OÜ ja EfTEN Jurkalne SIA laenulepinguid. Järgmise 12 kuu jooksul lõpeb kontserni ühe tütarettevõtte laenuleping, mille jääk 31.03.2024 seisuga on 2 240 tuhat eurot. Lõppeva laenulepingu LTV on 33% ning kinnisvarainvesteering omab stabiilselt tugevat üürirahavoogu, mistõttu kontserni juhtkonna hinnangul ei teki laenulepingu pikendamisel takistusi. Kontserni laenulepingute kaalutud keskmine intressimäär on 31.03.2024 seisuga 5,9% (31.12.2023: sama) ning LTV (Loan to Value) 42% (31.12.2023: sama). Kõik fondi tütarettevõtete laenulepingud on seotud ujuva intressimääraga. Aktsiainfo EfTEN Real Estate Fund AS-i aktsia puhasväärtus seisuga 31.03.2024 oli 20,56 eurot (31.12.2023: 20,21 eurot). EfTEN Real Estate Fund ASi aktsia puhasväärtus kasvas 2024. aasta esimese kolme kuuga 1,7%. KONSOLIDEERITUD KOONDKASUMIARUANNE ----------------------------------------------------- I kvartal ----------------------------------------------------- 2024 2023 ----------------------------------------------------- EUR tuhandetes ----------------------------------------------------- Müügitulu 7 961 7 788 ----------------------------------------------------- Müüdud teenuste kulu -418 -394 ----------------------------------------------------- Brutokasum 7 543 7 394 ----------------------------------------------------- ----------------------------------------------------- Turustuskulud -200 -96 ----------------------------------------------------- Üldhalduskulud -939 -867 ----------------------------------------------------- Muud äritulud ja -kulud 42 10 ----------------------------------------------------- Ärikasum 6 446 6 441 ----------------------------------------------------- ----------------------------------------------------- Kasum / kahjum ühisettevõtetest -50 -9 ----------------------------------------------------- Intressitulud 101 6 ----------------------------------------------------- Muud finantstulud ja -kulud -2 235 -1 550 ----------------------------------------------------- Kasum enne tulumaksu 4 262 4 888 ----------------------------------------------------- ----------------------------------------------------- Tulumaksukulu -454 -254 ----------------------------------------------------- Aruandeperioodi puhaskasum 3 808 4 634 ----------------------------------------------------- Aruandeperioodi koondkasum kokku 3 808 4 634 ----------------------------------------------------- Kasum aktsia kohta ----------------------------------------------------- - tava 0,35 0,43 ----------------------------------------------------- - lahustatud 0,35 0,43 ----------------------------------------------------- KONSOLIDEERITUD FINANTSSEISUNDI ARUANNE 31.03.2024 31.12.2023 ------------------------------------------------------------ EUR tuhandetes ------------------------------------------------------------ VARAD ------------------------------------------------------------ Raha ja raha ekvivalendid 16 868 14 712 ------------------------------------------------------------ Lühiajalised hoiused 3 400 3 400 ------------------------------------------------------------ Nõuded ja viitlaekumised 1 741 2 360 ------------------------------------------------------------ Ettemakstud kulud 139 106 ------------------------------------------------------------ Käibevara kokku 22 148 20 578 ------------------------------------------------------------ ------------------------------------------------------------ Pikaajalised nõuded 199 214 ------------------------------------------------------------ Ühisettevõtete osad 2 028 2 078 ------------------------------------------------------------ Kinnisvarainvesteeringud 360 327 357 916 ------------------------------------------------------------ Materiaalne põhivara 144 158 ------------------------------------------------------------ Põhivara kokku 362 698 360 366 ------------------------------------------------------------ VARAD KOKKU 384 846 380 944 ------------------------------------------------------------ ------------------------------------------------------------ KOHUSTISED JA OMAKAPITAL ------------------------------------------------------------ Laenukohustused 8 604 16 907 ------------------------------------------------------------ Võlad ja ettemaksed 2 529 3 417 ------------------------------------------------------------ Lühiajalised kohustised kokku 11 133 20 324 ------------------------------------------------------------ ------------------------------------------------------------ Laenukohustised 139 644 130 849 ------------------------------------------------------------ Muud pikaajalised võlad 1 834 1 790 ------------------------------------------------------------ Edasilükkunud tulumaksukohustus 9 729 9 283 ------------------------------------------------------------ Pikaajalised kohustised kokku 151 207 141 922 ------------------------------------------------------------ KOHUSTISED KOKKU 162 340 162 246 ------------------------------------------------------------ ------------------------------------------------------------ Aktsiakapital 108 198 108 198 ------------------------------------------------------------ Ülekurss 84 721 84 721 ------------------------------------------------------------ Kohustuslik reservkapital 2 749 2 749 ------------------------------------------------------------ Jaotamata kasum 26 838 23 030 ------------------------------------------------------------ OMAKAPITAL KOKKU 222 506 218 698 ------------------------------------------------------------ KOHUSTISED JA OMAKAPITAL KOKKU 384 846 380 944 ------------------------------------------------------------ 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 1st quarter 2024
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Signs of stabilization in the Eurozone interest markets and Baltic economies were reflected in the consolidated results of EfTEN Real Estate Fund AS for the first quarter of 2024. The fund's net rental income increased by 0.6% on an annual basis, and the vacancy rate in the real estate portfolio remained low at 2.9%. Interest expenses in the first quarter were higher compared to the same period last year but slightly lower than the fourth quarter of 2023. Construction continued on the elderly home being built next to the Estonian National Museum in Tartu. Completion of the works is scheduled for the upcoming summer, and the new elderly home is set to open to clients in the fall. The consolidated sales income of EfTEN Real Estate Fund AS for the first quarter of 2024 was 7.961 million euros (2023 I quarter: 7.788 million euros). Sales revenue increased mainly in the retail sector. The Fund's net rental income (NOI) totalled 7.343 million euros in 2024 I quarter (2023 I quarter: 7.298 million euros). The consolidated net rental income margin was 92% (2023: 94%), so costs directly related to property management (including land tax, insurance, maintenance and improvement costs) and distribution costs were 8% (2023: 6%) of sales income. The Fund's consolidated net profit was 3.808 million euros in the I quarter of 2024 (2023 I quarter: 4.634 million euros). The decrease in net profit compared to the previous year is due to the increase in EURIBOR. The volume of the Group's assets as of 31.03.2024 was 384.846 million euros (31.12.2023: 380.944 million euros), including the fair value of investment properties made up 94% of the volume of assets (31.12.2023: the same). Investment portfolio As of the end of March 2024, the Group has 35 (31.12.2023: 35) commercial investment properties, the fair value of which on the balance sheet date is 360.327 million euros (31.12.2023: 357.916 million euros) and the acquisition cost was 356.819 million euros (31.12.2023: 354.408 million euros). In addition, the group's joint venture owns the Palace hotel in Tallinn, the fair value of which as of 31.03.2024 was 9.0 million euros (31.12.2023: same). In the first 3 months of 2024, the Group earned a total of 7.637 million euros in rental income, which is 2% more than at the same time in 2023. As of 31.03.2024 the vacancy of investment properties belonging to the Group per portfolio was 2.9% (31.12.2023: 2.6%). The largest vacancy is in the office buildings segment (12%), where it takes longer than before to fill vacant rental premises. Financing The increase in Eurozone interest rates has had a significant impact on the Group's cash flows, bringing the interest coverage ratio (ICR) to a 2,9 instead of 4,2 last year same time. During the first 3 months of 2024, the fund's subsidiaries EfTEN Autokeskus OÜ and EfTEN Jurkalne SIA extended their loan agreements. Within the next 12 months, the loan agreement of one of the Group's subsidiaries will expire, the balance of which is 2,240 thousand euros as of 31.03.2024. The LTV of the expiring loan agreement is 33%, and the investment properties a stable, strong rental cash flow, so according to the Group's management, there are no obstacles to extending the loan agreement. The weighted average interest rate of the Group's loan agreements is 5.9% as of 31.03.2024 (31.12.2023: the same) and the LTV (Loan to Value) is 42% (31.12.2023: the same). All loan agreements of the Fund's subsidiaries are linked to a floating interest rate. Share information The net value of the share of EfTEN Real Estate Fund AS as of 31.03.2024 was 20.56 euros (31.12.2023: 20.21 euros). The net value of EfTEN Real Estate Fund AS shares increased by 1.7% in the first three months of 2024. CONSOLIDATED STATEMEMT OF COMPREHENSIVE INCOME -------------------------------------------------------------- I quarter -------------------------------------------------------------- 2024 2023 -------------------------------------------------------------- EUR thousands -------------------------------------------------------------- Sales income 7,961 7,788 -------------------------------------------------------------- Cost of services sold -418 -394 -------------------------------------------------------------- Gross profit 7,543 7,394 -------------------------------------------------------------- -------------------------------------------------------------- Marketing costs -200 -96 -------------------------------------------------------------- General and administrative expenses -939 -867 -------------------------------------------------------------- Other operating income and expense 42 10 -------------------------------------------------------------- Operating profit 6,446 6,441 -------------------------------------------------------------- -------------------------------------------------------------- Profit / loss from joint ventures -50 -9 -------------------------------------------------------------- Interest income 101 6 -------------------------------------------------------------- Other finance income and expense -2,235 -1,550 -------------------------------------------------------------- Profit before income tax 4,262 4,888 -------------------------------------------------------------- -------------------------------------------------------------- Income tax expense -454 -254 -------------------------------------------------------------- Net profit for the financial year 3,808 4,634 -------------------------------------------------------------- Total comprehensive income for the period 3,808 4,634 -------------------------------------------------------------- Earnings per share -------------------------------------------------------------- - basic 0.35 0.43 -------------------------------------------------------------- - diluted 0.35 0.43 -------------------------------------------------------------- CONSOLIDATED STATEMENT OF FINANCIAL POSITION 31.03.2024 31.12.2023 ----------------------------------------------------------- EUR thousands ----------------------------------------------------------- ASSETS ----------------------------------------------------------- Cash and cash equivalents 16,868 14,712 ----------------------------------------------------------- Short-term deposits 3,400 3,400 ----------------------------------------------------------- Receivables and accrued income 1,741 2,360 ----------------------------------------------------------- Prepaid expenses 139 106 ----------------------------------------------------------- Total current assets 22,148 20,578 ----------------------------------------------------------- ----------------------------------------------------------- Long-term receivables 199 214 ----------------------------------------------------------- Shares in joint ventures 2,028 2,078 ----------------------------------------------------------- Investment property 360,327 357,916 ----------------------------------------------------------- Property. plant and equipment 144 158 ----------------------------------------------------------- Total non-current assets 362,698 360,366 ----------------------------------------------------------- TOTAL ASSETS 384,846 380,944 ----------------------------------------------------------- ----------------------------------------------------------- LIABILITIES AND EQUITY ----------------------------------------------------------- Borrowings 8,604 16,907 ----------------------------------------------------------- Liabilities and prepayments 2,529 3,417 ----------------------------------------------------------- Total current liabilities 11,133 20,324 ----------------------------------------------------------- ----------------------------------------------------------- Borrowings 139,644 130,849 ----------------------------------------------------------- Other long-term liabilities 1,834 1,790 ----------------------------------------------------------- Deferred income tax liability 9,729 9,283 ----------------------------------------------------------- Total non-current liabilities 151,207 141,922 ----------------------------------------------------------- TOTAL LIABILITIES 162,340 162,246 ----------------------------------------------------------- ----------------------------------------------------------- Share capital 108,198 108,198 ----------------------------------------------------------- Share premium 84,721 84,721 ----------------------------------------------------------- Statutory reserve capital 2,749 2,749 ----------------------------------------------------------- Retained earnings 26,838 23,030 ----------------------------------------------------------- TOTAL EQUITY 222,506 218,698 ----------------------------------------------------------- TOTAL LIABILITIES AND EQUITY 384,846 380,944 ----------------------------------------------------------- Marilin Hein CFO Phone +372 6559 515 E-mail: marilin.hein@eften.ee (mailto:marilin.hein@eften.ee)