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EfTEN Real Estate Fund AS

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25.04.2024 08:00:00

Pealkiri

EfTEN Real Estate Fund AS 2024. aasta I kvartali auditeerimata majandustulemused

Teade

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

Teade

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)