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
Juhtkonna vaheteadaanne või kvartaalne finantsaruanne
Teate ID
7109
Manused
Esitamise kuupäev ja aeg
14.02.2019 08:05:00
Teate sisu eesti keeles
Pealkiri
2018. aasta IV kvartali ja 12 kuu auditeerimata majandustulemused
Teade
2018. aasta jooksul on EfTEN Real Estate Fund III AS teeninud vaba rahavoogu
3,151 miljonit eurot (2017 12 kuud: 2,408 miljonit eurot). Pärast Leedu
ettevõtete tulumaksukulu mahaarvamist, ning arvestusliku dividendide
tulumaksukulu arvutamist Eesti ja Läti ettevõtetes, saaks EfTEN Real Estate Fund
III vastavalt kehtestatud dividendipoliitikale (80% vabast rahavoost moodustab
brutodividend) maksta aktsionäridele netodividende selle aasta kasumist 2,378
miljonit eurot (74 senti aktsia kohta). Samas lubab kontserni raha jääk 2018.
aasta lõpul maksta dividendi rohkem, mistõttu teeb Fondi juhatus 2019. aasta
kevadel nõukogule ja üldkoosolekule ettepaneku maksta dividendi 3,055 miljonit
eurot (95 senti aktsia kohta), mis on 28% kõrgem dividendi määr kui näeb ette
fondi dividendipoliitika. Terve eelmise aasta eest maksis fond aktsionäridele
netodividende 68 senti aktsia kohta.
Finantsülevaade
EfTEN Real Estate Fund III AS'i konsolideeritud 2018. aasta 12 kuu müügitulu oli
8,672 miljonit eurot (2017 12 kuud: 7,300 miljonit eurot), kasvades aastaga
19%. Kontserni kasum enne kinnisvarainvesteeringute ümberhindluseid,
edukustasukulu, amortisatsioonikulu ning finantstulusid/-kulusid ja
tulumaksukulu oli 2018. aasta jooksul kokku 6,763 miljonit eurot (2017 12 kuud:
5,659 miljonit eurot), kasvades aastaga 19,5%. Kontserni puhaskasum samal
perioodil oli 6,299 miljonit eurot (2017 12 kuud: 6,574 miljonit eurot). Väiksem
puhaskasum 2018. aastal on tingitud madalamast kinnisvarainvesteeringute
ümberhindluse kasumist, mis sellel aastal oli kokku 1,562 miljonit eurot,
eelmisel aastal aga 2,855 miljonit eurot.
Konsolideeritud brutokasumi marginaal oli 2018. aasta 12 kuu tulemusel 96% (2017
12 kuud: 98%). Seega moodustasid kinnistute haldamisega otseselt seotud kulud
(s.h maamaks, kindlustus, hooldus- ja parenduskulud) 4% (2017: 2%) müügitulust.
Kontserni kinnistutega seotud kulud, turustuskulud, üldkulud ning muud tulud ja
-kulud moodustasid 2018. aasta jooksul müügitulust kokku 22,3%. 2017. aasta 12
kuu jooksul jäi sama näitaja 22,8 % tasemele.
Kontserni varade maht 31.12.2018 seisuga oli 108,503 miljonit eurot (31.12.2017:
97,291 miljonit eurot), s.h kinnisvarainvesteeringute õiglane väärtus moodustas
varade mahust 95% (31.12.2017: 91%).
EfTEN Real Estate Fund III AS-i aktsia puhasväärtus kasvas 2018. aasta jooksul
8,9%. 2018. aasta aprillis maksti dividende 2017. aasta kasumist kogusummas
2,191 miljonit eurot (2017 aasta kevadel: 1,503 miljonit eurot). Ilma
dividendide maksmiseta oleks fondi NAV 2018. aasta jooksul kasvanud 13,7%.
Investeeritud kapitali aastane tootlus (ROIC) oli 2018. majandusaasta tulemusel
17,6% (2017 12 kuud: 21,6%).
2018. aasta jooksul laekus Kontsernile pangalaene seoses uute
kinnisvarainvesteeringute soetamise ning arendusega kogusummas 7,692 miljonit
eurot. Lisaks refinantseeris Leedus Saules Miestase kaubanduskeskust omav
tütarettevõte oma laenu, saades 1,8 miljonit eurot lisavahendeid, mida Kontsern
kasutas investeeringuteks uutesse projektidesse. Kontserni laenulepingute
keskmine intressimäär (s.h arvestades intressiswapi lepinguid) on detsembri lõpu
seisuga 1,8% (31.12.2017: 1,73%) ning LTV (Loan to Value) 52% (31.12.2017:
sama).
EfTEN Real Estate Fund III AS dividendipoliitika näeb ette, et igal
aruandeaastal maksab kontsern vabast rahavoost 80% aktsionäridele
(bruto)dividendideks. 2018. aasta aprillis maksis EfTEN Real Estate Fund III AS
aktsionäridele (neto)dividende 2,191 miljonit eurot (2017: 1,5 miljonit eurot).
Kinnisvaraportfell
Kontsern investeerib ärikinnisvarasse, millel on tugev ja pikaajaline üürnike
baas. 2018. aasta lõpu seisuga on kontsernil 10 (31.12.2017: 8)
ärikinnisvarainvesteeringut, mille õiglane väärtus bilansipäeval on 102,787
miljonit eurot (31.12.2017: 88,4 miljonit eurot) ning soetusmaksumus 94,627
miljonit eurot (31.12.2017: 81,7 miljonit eurot).
Bilansipäevajärgselt, 6. veebruaril 2019, soetas kontserni tütarettevõte EfTEN
Kolmas OÜ Paldiski maanteel ABC Motorsi müügi- ja teeninduskeskuse kinnistud.
Kinnistute soetusmaksumus on 3 miljonit eurot ning soetuseks võeti laenu summas
1,8 miljonit eurot.
KONSOLIDEERITUD KOONDKASUMIARUANNE
IV kvartal 12 kuud
--------------------------
2018 2017 2018 2017
-------------------------------------------------------------------------------
EUR tuhandetes
------- --------
Müügitulu 2 329 1 965 8 672 7 300
------- --------
Müüdud teenuste kulu -135 -91 -319 -167
--------------------------
Brutokasum 2 194 1 874 8 353 7 133
------- --------
------- --------
Turustuskulud -103 -109 -435 -444
------- --------
Üldhalduskulud -389 -361 -1 225 -1 556
------- --------
Kasum / kahjum kinnisvarainvesteeringute õiglase
väärtuse muutusest 600 539 1 562 2 855
------- --------
Muud äritulud ja -kulud -4 32 3 45
--------------------------
Ärikasum 2 298 1 975 8 258 8 033
------- --------
------- --------
Finantskulud -380 -189 -1 096 -691
--------------------------
Kasum enne tulumaksu 1 918 1 786 7 162 7 342
------- --------
------- --------
Tulumaksukulu -167 -510 -863 -768
--------------------------
Aruandeperioodi koondkasum kokku 1 751 1 276 6 299 6 574
-------------------------------------------------------------------------------
Kasum aktsia kohta
------- --------
- tava 0,54 0,42 1,96 2,39
------- --------
- lahustatud 0,54 0,42 1,96 2,39
-------------------------------------------------------------------------------
KONSOLIDEERITUD FINANTSSEISUNDI ARUANNE
31.12.2018 31.12.2017
--------------
EUR tuhandetes
--------------
VARAD
--------------
Raha ja raha ekvivalendid 4 859 8 133
--------------
Nõuded ja viitlaekumised 673 641
--------------
Ettemakstud kulud 46 37
--------------
Käibevara kokku 5 578 8 811
--------------
--------------
Pikaajalised nõuded 24 49
--------------
Kinnisvarainvesteeringud 102 787 88 390
--------------
Materiaalne põhivara 114 37
--------------
Immateriaalne põhivara 0 4
--------------
Põhivara kokku 102 925 88 480
--------------------------
VARAD KOKKU 108 503 97 291
------------------------------------------------------------
--------------
KOHUSTUSED JA OMAKAPITAL
--------------
Laenukohustused 8 105 2 109
--------------
Tuletisinstrumendid 189 58
--------------
Võlad ja ettemaksed 1 019 1 848
--------------------------
Lühiajalised kohustused kokku 9 313 4 015
--------------
--------------
Laenukohustused 44 743 43 667
--------------
Muud pikaajalised võlad 457 360
--------------
Edasilükkunud tulumaksukohustus 3 496 2 864
--------------
Pikaajalised kohustused kokku 48 696 46 891
--------------------------
Kohustused kokku 58 009 50 906
--------------
--------------
Aktsiakapital 32 225 32 225
--------------
Ülekurss 3 658 3 658
--------------
Kohustuslik reservkapital 621 293
--------------
Jaotamata kasum 13 990 10 209
--------------------------
Omakapital kokku 50 494 46 385
--------------------------
KOHUSTUSED JA OMAKAPITAL KOKKU 108 503 97 291
------------------------------------------------------------
Marilin Hein
Finantsjuht
Tel 655 9515
E-post: [email protected] (mailto:[email protected])
Manus
* EfTEN Real Estate Fund III_vahearuanne_12kuud_IV kvartal_2018_EST
(https://ml-eu.globenewswire.com/Resource/Download/6697ee23-0162-432a-8a29-
e84b7331d405)
Teate sisu inglise keeles
Pealkiri
Unaudited consolidated interim accounts for the fourth quarter and twelve months of 2018
Teade
During 2018, the Group earned a free cash flow of EUR 3.151 million (12 months
of 2017: EUR 2.408 million). Following the deduction of Lithuanian income tax
expense and the calculation of the dividend income tax expense in Estonian and
Latvian companies, EfTEN Real Estate Fund III would be able to pay net dividends
according to the fund's dividend policy (80% from free cashflow as bruto
dividends) to the shareholders in the total amount of EUR 2.378 million (74
cents per share) from the profit earned in this year. However, the Group's cash
balance at the end of 2018 allows to pay more dividends than the dividend policy
establishes, which is why the Management Board of the Fund proposes to the
Council and to the General Meeting of Shareholders in the spring of 2019 to pay
a dividend of EUR 3.055 million (95 cents per share), which is 28% higher
dividend than sets the fund's the dividend policy. For the entire previous year,
the fund paid the shareholders a net dividend of 68 cents per share.
Financial overview
The consolidated sales revenue of EfTEN Real Estate Fund III AS for 12 months of
2018 was EUR 8.672 million (12 months of 2017: EUR 7.300 million), which
increased by 19% in a year. The Group's profit before revaluation of investment
properties, cost of performance fee, depreciation and financial income/-costs
and income tax expense in 2018 totalled EUR 6.763 million (12 months of 2017:
EUR 5.659 million), which increased by 19.5% in a year. The Group's net profit
for the same period amounted to EUR 6.299 million (12 months of 2017: EUR 6.574
million). The smaller net profit in 2018 is due to lower investment property
revaluation profit, which in the current year was EUR 1.562 million, but EUR
2.855 million last year.
The consolidated gross profit margin in the 12 months of 2018 was 96% (12 months
of 2017: 98%). Therefore, expenses directly related to management of properties
(incl. land tax, insurance, maintenance and improvement costs) accounted for 4%
(12 months of 2017: 2%) of the revenue. The Group's expenses related to
properties, marketing costs, general expenses, other income and expenses
accounted for 22.3% of the revenue in 2018. The respective indicator was 22.8%
in the 12 months of 2017.
As at 31.12.2018, the Group's total assets were in the amount of EUR 108.503
million (31.12.2017: 97.291 million), including fair value of investment
property, which accounted for 95% (31.12.2017: 91%) of the total assets.
During 2018, the net asset value of the share of EfTEN Real Estate Fund III AS
increased by 8.9%. From the 2017 profit, EUR 2.191 million (in spring 2017: EUR
1.503 million) was paid out in dividends in April 2018. Without the dividend
payment, the Fund's NAV would have increased by 13.7% in 2018. Return on
invested capital (ROIC) was 17.6% in the 2018 financial year (12 months of
2017: 21.6%).
In 2018, the Group entered into new loan contracts in the total amount of EUR
7.692 million in connection with the acquisition of new investment properties.
In addition, the subsidiary which owns the Saules Miestas shopping center in
Lithuania refinanced its loan, receiving EUR 1.8 million of additional funds
that the Group used for investments in new projects. As at the end December, the
average interest rate on Group's loan agreements (including interest swap
contracts) was 1.8% (31.12.2017: 1.73%) and the LTV (Loan to Value) ratio was
52% (31.12.2017: the same).
The dividend policy of EfTEN Real Estate Fund III AS provides that the Group
will pay out 80% of the free cash flow to shareholders as (gross) dividends in
each accounting year. In April 2018, EfTEN Real Estate Fund III AS paid the
shareholders (net) dividends in the amount of EUR 2.191 million (2017: EUR 1.5
million).
Real estate portfolio
The Group invests in commercial real estate with a strong and long-term tenant
base. At the end of 2018, the Group had 10 (31.12.2017: 8) commercial investment
properties with a fair value as at the balance sheet date of EUR 102.787 million
(31.12.2017: EUR 88.4 million) and acquisition cost of EUR 94.627 million
(31.12.2017: EUR 81.7 million).
After the balance sheet date, on 6 February, 2019, the Group's subsidiary EfTEN
Kolmas OÜ acquired the properties of ABC Motor's sales and service center on
Paldiski highway. The acquisition cost of the properties is EUR 3 million and a
loan agreement was entered into in the amount of EUR 1.8 million for the
acquisition.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
4th quarter 12 months
--------------------------
2018 2017 2018 2017
-------------------------------------------------------------------------------
EUR thousand
------- --------
Revenue 2,329 1,965 8,672 7,300
------- --------
Cost of services sold -135 -91 -319 -167
--------------------------
Gross profit 2,194 1,874 8,353 7,133
------- --------
------- --------
Marketing costs -103 -109 -435 -444
------- --------
General and administrative expenses -389 -361 -1,225 -1,556
------- --------
Gain / loss from revaluation of investment
properties 600 539 1,562 2,855
------- --------
Other operating income and expense -4 32 3 45
--------------------------
Operating profit 2,298 1,975 8,258 8,033
------- --------
------- --------
Finance costs -380 -189 -1,096 -691
--------------------------
Profit before income tax 1,918 1,786 7,162 7,342
------- --------
------- --------
Income tax expense -167 -510 -863 -768
--------------------------
Total comprehensive income for the financial period 1,751 1,276 6,299 6,574
-------------------------------------------------------------------------------
Earnings per share
------- --------
- Basic 0.54 0.42 1.96 2.39
------- --------
- Diluted 0.54 0.42 1.96 2.39
-------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
31.12.2018 31.12.2017
--------------
EUR thousand
--------------
ASSETS
--------------
Cash and cash equivalents 4,859 8,133
--------------
Receivables and accrued income 673 641
--------------
Prepaid expenses 46 37
--------------
Total current assets 5,578 8,811
--------------
--------------
Long-term receivables 24 49
--------------
Investment property 102,787 88,390
--------------
Property, plant and equipment 114 37
--------------
Intangible assets 0 4
--------------
Total non-current assets 102,925 88,480
--------------------------
TOTAL ASSETS 108,503 97,291
-----------------------------------------------------------
--------------
LIABILITIES AND EQUITY
--------------
Borrowings 8,105 2,109
--------------
Derivative instruments 189 58
--------------
Payables and prepayments 1,019 1,848
--------------------------
Total current liabilities 9,313 4,015
--------------
--------------
Borrowings 44,743 43,667
--------------
Other long-term liabilities 457 360
--------------
Deferred income tax liability 3,496 2,864
--------------
Total non-current liabilities 48,696 46,891
--------------------------
Total liabilities 58,009 50,906
--------------
--------------
Share capital 32,225 32,225
--------------
Share premium 3,658 3,658
--------------
Statutory reserve capital 621 293
--------------
Retained earnings 13,990 10,209
--------------------------
Total equity 50,494 46,385
--------------------------
TOTAL LIABILITIES AND EQUITY 108,503 97,291
-----------------------------------------------------------
Marilin Hein
CFO
Phone 655 9515
E-mail: [email protected]
Attachment
* EfTEN_Real_Estate_Fund_III_12months_IV quarter_interim_report_2018_ENG
(https://ml-eu.globenewswire.com/Resource/Download/660db579-cee0-4326-a938-
d673e17a8c84)