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
7545
Manused
Esitamise kuupäev ja aeg
29.10.2019 08:20:00
Teate sisu eesti keeles
Pealkiri
EfTEN Real Estate Fund III AS auditeerimata majandustulemused III kvartal ja 9 kuud 2019
Teade
EfTEN Real Estate Fund III AS'i konsolideeritud 2019. aasta III kvartali
müügitulu oli 2,364 miljonit eurot (2018 III kvartal: 2,238 miljonit eurot),
kasvades aastaga 5,6%. Kontserni puhaskasum samal perioodil oli 1,429 miljonit
eurot (2018 III kvartal: 1,399 miljonit eurot).
EfTEN Real Estate Fund III AS'i konsolideeritud 2019. aasta 9 kuu müügitulu oli
7,000 miljonit eurot (2018 9 kuud: 6,343 miljonit eurot), kasvades aastaga
10,4%. Kontserni kasum enne kinnisvarainvesteeringute ümberhindluseid,
amortisatsioonikulu ning finantstulusid/-kulusid ja tulumaksukulu oli 2019.
aasta 9 kuu jooksul kokku 4,459 miljonit eurot (2018 9 kuud: 4,282 miljonit
eurot), kasvades aastaga 4,1%. Kontserni puhaskasum samal perioodil oli 5,127
miljonit eurot (2018 9 kuud: 4,548 miljonit eurot), sisaldades kasumit
kinnisvarainvesteeringute ümberhindlusest 2019. aastal 1,46 miljonit eurot (2018
9 kuud: 0,962 miljonit eurot).
Konsolideeritud brutokasumi marginaal oli 2019. aasta 9 kuu jooksul 97% (2018 9
kuud: sama), seega moodustasid kinnistute haldamisega otseselt seotud kulud (s.h
maamaks, kindlustus, hooldus- ja parenduskulud) 3% müügitulust. Kontserni
kinnistutega seotud kulud, turustuskulud, üldkulud ning muud tulud ja -kulud
moodustasid 2019. aasta 9 kuu jooksul müügitulust kokku 22%. 2018. aasta 9 kuu
jooksul jäi sama näitaja 21% tasemele.
Kontserni varade maht 30.09.2019 seisuga oli 130,297 miljonit eurot (31.12.2018:
108,503 miljonit eurot), s.h kinnisvarainvesteeringute õiglane väärtus moodustas
varade mahust 85% (31.12.2018: 95%). Varade maht on 2019. aastal kasvanud
peamiselt seoses aktsiaemissiooniga, mis tõi kontsernile lisavahendeid
investeeringute tegemiseks summas 16 miljonit eurot. Investeeringud
kinnisvarasse on varade mahtu selle aasta 9 kuu jooksul kasvatanud kogusummas
6,865 miljonit eurot.
EfTEN Real Estate Fund III AS-i aktsia puhasväärtus kasvas 2019. aasta 9 kuu
jooksul 3,6%. 2019. aasta mais maksis fond dividende 2018. aasta kasumist
kogusummas 3 061 tuhat eurot (2018 aasta kevadel: 2 191 tuhat eurot). Ilma
dividendide maksmiseta oleks fondi NAV 2019. aasta 9 kuu jooksul kasvanud 9,7%.
Investeeritud kapitali aastane tootlus (ROIC) oli 2019. aasta 30. septembri
seisuga 16,7% (30.09.2018: 16,4%).
Kontserni konkurentsivõimet aitab kasvatada ligipääs paindlikele
finantseerimistingimustele. 2019. aasta 9 kuu jooksul laekus kontsernile
pangalaene seoses uute kinnisvarainvesteeringute soetamise ning arendusega
kogusummas 6,399 miljonit eurot. Kontserni laenulepingute keskmine intressimäär
(s.h arvestades intressiswapi lepinguid) on septembri lõpu seisuga 1,8%
(31.12.2018: sama) ning LTV (Loan to Value) 50% (31.12.2018: 52%).
2019. aasta 9 kuu jooksul on kontsern teeninud vaba rahavoogu 2,5 miljonit eurot
(2018 9 kuud: 2,4 miljonit eurot). Pärast Leedu ettevõtete tulumaksukulu maha
arvamist ning arvestusliku dividendide tulumaksukulu arvutamist Eesti ja Läti
ettevõtetes saaks EfTEN Real Estate Fund III AS vastavalt kehtestatud
dividendipoliitikale maksta aktsionäridele netodividende selle aasta 9 kuu
kasumist 1,9 miljonit eurot (46 senti aktsia kohta).
Kontsern investeerib ärikinnisvarasse, millel on tugev ja pikaajaline üürnike
baas. 2019. aasta septembri lõpu seisuga on kontsernil 11 (31.12.2018: 10)
ärikinnisvarainvesteeringut, mille õiglane väärtus bilansipäeval on 111,112
miljonit eurot (31.12.2018: 102,787 miljonit eurot) ning soetusmaksumus 101,553
miljonit eurot (31.12.2018: 94,627 miljonit eurot).
2019. aasta jaanuaris soetas kontsern ABC Motors Autokeskuse kinnistu Tallinnas,
makstes investeeringu eest 3 miljonit eurot. Lisaks jätkas kontsern Tähesaju tee
Hortese ehitust, kuhu investeeriti 2019. aasta 9 kuu jooksul 3,7 miljonit eurot.
Tähesaju Hortese ehitustööd lõppesid 2019. aasta oktoobri alguses.
2019. aasta juunis viis kontserni kinnisvarainvesteeringute sõltumatu hindaja
läbi perioodilise hindamisprotsessi. Kinnisvarainvesteeringute väärtus tõusis
ümberhindluste tulemusel 1,46 miljoni euro võrra (1,3%) ning oli peamiselt
seotud paranenud rahavoogude prognoosiga.
EfTEN Real Estate Fund III AS otsustas 17. aprillil 2019 aktsionäride
üldkoosoleku otsuse alusel suurendada aktsiakapitali kuni 1 000 000 uue
lihtaktsia väljalaskmise teel. Uued aktsiad lasti välja koguväärtusega 16 eurot
aktsia kohta, s.t aktsiakapitali suurendamisel laekus kontsernile 16 miljonit
eurot.
EfTEN Real Estate Fund III AS-i aktsia raamatupidamislik puhasväärtus seisuga
30.09.2019 oli 16,24 eurot (31.12.2018: 15,67 eurot). EfTEN Real Estate Fund III
AS aktsiad on Tallinna Börsil vabalt kaubeldavad. EFT1T aktsia sulgemishind oli
seisuga 30.09.2019 17,8 eurot, tõustes 9 kuuga 9,9% (hinnatasemelt 16,2 eurot
seisuga 31.12.2018). 2019. aasta 9 kuu jooksul kaubeldi EFT1T aktsiaga
tasemetel 16,0 kuni 19,1 eurot aktsia kohta ning mediaan sulgemishind oli 9 kuu
jooksul 17,5 eurot. 2019. aasta 9 kuu jooksul oli tehingute maht EFT1T
aktsiatega kokku 1 667 tuhat eurot.
Lisaks ülalnimetatud IFRS kohaselt arvutatud aktsia puhasväärtusele (16,24 eurot
seisuga 30.09.2019) arvutab EfTEN Real Estate Fund III AS investoritele
asjakohaseima netovara õiglase väärtuse pakkumiseks ka EPRA (Euroopa
kinnisvarasektori ettevõtjate liit - European Public Real Estate Association)
poolt soovitatud aktsia puhasväärtust. EPRA soovituslik juhend eeldab
kinnisvaraettevõtete pikaajalist majanduslikku strateegiat, mistõttu ajutised
erinevused olukorras, kus varade müüki tõenäoliselt lähitulevikus ei toimu,
hägustavad fondi netovara õiglase väärtuse läbipaistvust. EfTEN Real Estate Fund
III AS EPRA NAV seisuga 30.09.2019 oli 17,29 eurot (31.12.2018: 16,81 eurot).
KONSOLIDEERITUD KOONDKASUMIARUANNE
III kvartal 9 kuud
-------------------------
EUR tuhandetes 2019 2018 2019 2018
-------------------------------------------------------------------------------
Müügitulu 2 364 2 238 7 000 6 343
------- --------
Müüdud teenuste kulu -82 -99 -229 -184
-------------------------
Brutokasum 2 282 2 139 6 771 6 159
------- --------
------- --------
Turustuskulud -83 -108 -303 -332
------- --------
Üldhalduskulud -313 -269 -977 -836
------- --------
Kasum / kahjum kinnisvarainvesteeringute õiglase
väärtuse muutusest 0 0 1 460 962
------- --------
Muud äritulud ja -kulud 0 0 -1 7
-------------------------
Ärikasum 1 886 1 762 6 950 5 960
------- --------
------- --------
Intressitulud 5 0 5 3
------- --------
Finantskulud -306 -199 -1 036 -719
-------------------------
Kasum enne tulumaksu 1 585 1 563 5 919 5 244
------- --------
------- --------
Tulumaksukulu -156 -164 -792 -696
-------------------------
Aruandeperioodi koondkasum kokku 1 429 1 399 5 127 4 548
-------------------------------------------------------------------------------
Kasum aktsia kohta
------- --------
- tava 0,34 0,43 1,41 1,41
------- --------
- lahustatud 0,34 0,43 1,41 1,41
-------------------------------------------------------------------------------
KONSOLIDEERITUD FINANTSSEISUNDI ARUANNE
30.09.2019 31.12.2018
--------------
EUR tuhandetes
--------------
VARAD
--------------
Raha ja raha ekvivalendid 9 293 4 859
--------------
Lühiajalised deposiidid 9 000 0
--------------
Nõuded ja viitlaekumised 705 673
--------------
Ettemakstud kulud 53 46
--------------
Käibevara kokku 19 051 5 578
--------------
--------------
Pikaajalised nõuded 0 24
--------------
Kinnisvarainvesteeringud 111 112 102 787
--------------
Materiaalne põhivara 134 114
--------------
Põhivara kokku 111 246 102 925
--------------------------
VARAD KOKKU 130 297 108 503
------------------------------------------------------------
--------------
KOHUSTUSED JA OMAKAPITAL
--------------
Laenukohustused 17 245 8 105
--------------
Tuletisinstrumendid 391 189
--------------
Võlad ja ettemaksed 936 1 019
--------------------------
Lühiajalised kohustused kokku 18 572 9 313
--------------
--------------
Laenukohustused 38 449 44 743
--------------
Muud pikaajalised võlad 677 457
--------------
Edasilükkunud tulumaksukohustus 4 039 3 496
--------------
Pikaajalised kohustused kokku 43 165 48 696
--------------------------
Kohustused kokku 61 737 58 009
--------------
--------------
Aktsiakapital 42 225 32 225
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Ülekurss 9 658 3 658
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Kohustuslik reservkapital 936 621
--------------
Jaotamata kasum 15 741 13 990
--------------------------
Omakapital kokku 68 560 50 494
--------------------------
KOHUSTUSED JA OMAKAPITAL KOKKU 130 297 108 503
------------------------------------------------------------
Marilin Hein
Finantsjuht
Tel 655 9515
E-post: [email protected] (mailto:[email protected])
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Pealkiri
EfTEN Real Estate Fund III AS unaudited financial results, 3rd quarter and 9 months 2019
Teade
The consolidated sales revenue of EfTEN Real Estate Fund III AS for third
quarter of 2019 was EUR 2.364 million (third quarter of 2018: EUR 2.238
million), which increased by 5.6% in a year. The Group's net profit for the same
period amounted to EUR 1.429 million (third quarter of 2018: EUR 1.399 million).
The consolidated sales revenue of EfTEN Real Estate Fund III AS for 9 months of
2019 was EUR 7.000 million (9 months of 2018: EUR 6.343 million), which
increased by 10.4% in a year. The Group's profit before revaluation of
investment properties, depreciation and financial income/ -costs and income tax
expense (EBITDA) totaled EUR 4.459 million (9 months of 2018: EUR 4.282
million), which increased by 4.1% in a year. The Group's net profit for the same
period was EUR 5.127 million (9 months of 2018: EUR 4.548 million), including
profit from revaluation of investment properties in 2019 EUR 1.46 million (9
months of 2018: EUR 0.962 million).
The consolidated gross profit margin in the first nine months of 2019 was 97% (9
months of 2018: same). Therefore, expenses directly related to management of
properties (incl. land tax, insurance, maintenance and improvement costs)
accounted for only 3% of the revenue. The Group's expenses related to
properties, marketing costs, general expenses, other income and expenses
accounted for 22% of the revenue in the first nine months of 2019. The
respective indicator was 21% in the first nine months of 2018.
As at 30.09.2019, the Group's total assets were in the amount of EUR 130.297
million (31.12.2018: 108.503 million), including fair value of investment
property, which accounted for 85% (31.12.2018: 95%) of the total assets. The
volume of assets increased in year of 2019 mainly due to the share issue, which
raised additional funds for the Group in the amount of EUR 16 million and real
estate investments in the nine months of the year 2019 for a total of EUR 6.865
million.
In the first nine months of the year, the net asset value of the share of EfTEN
Real Estate Fund III AS increased by 3.6%. From the 2018 profit, EUR 3,061
thousand (in spring 2018: EUR 2,191 thousand) was paid out in dividends in May
2019. Without the dividend payment, the Fund's NAV would have increased by 9.7%
in the first nine months of 2019. Return on invested capital (ROIC) was 16.7% in
the first nine months of 2019 (30.09.2018: 16.4%).
Access to flexible financing conditions will help to increase the Group's
competitiveness. In the first nine months of 2019, the Group entered into new
loan contracts in the total amount of EUR 6.399 million in connection with the
acquisition of new investment properties and developments. As at the end of the
first nine months of 2019, the average interest rate on Group's loan agreements
(including interest swap contracts) was 1.8% (31.12.2018: same) and the LTV
(loan to value) ratio was 50% (31.12.2018: 52%).
During the first nine months of 2019, the Group earned free cash flow of EUR
2.5 million (9 months of 2018: EUR 2.4 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 to the shareholders in the total amount of EUR 1.9
million (46 cents per share) from the profit earned in the first nine months of
the year.
The Group invests in commercial real estate with a strong and long-term tenant
base. At the end of the first nine months of 2019, the Group had 11 (31.12.2018:
10) commercial investment properties with a fair value as at the balance sheet
date of EUR 111.112 (31.12.2018: EUR 102.787) million and acquisition cost of
EUR 101.553 (31.12.2018: EUR 94.627) million.
In January 2019, the Group acquired ABC Motors Autokeskus property in Tallinn
for EUR 3 million. In addition, the Group continued the construction of Tähesaju
tee Hortes, where EUR 3.7 million was invested during the first 9 months of
2019. The construction of Tähesaju Hortes was completed in the beginning of
October 2019.
In June 2019, an independent valuator of the Group's investment properties
conducted a periodic valuation process. The value of investment property
increased by EUR 1.46 million (1.3%) as a result of revaluations and was mainly
related to the improved cash flow forecast.
On 17th of April 2019 EfTEN Real Estate Fund III AS decided to increase the
share capital by issuing up to 1,000,000 new ordinary shares based on the
decision of the general meeting of shareholders. The new shares were issued at a
total value of EUR 16 per share, ie EUR 16 million was received by the Group for
the increase of share capital.
The net book value of EfTEN Real Estate Fund III share as at 30.09.2019 was
16.24 euros (31.12.2018: 15.67 euros). EfTEN Real Estate Fund III AS shares are
freely traded on the Tallinn Stock Exchange. The closing price of the EFT1T
share as at 30.09.2019 was 17.8 euros, rising by 9.9% over the 9 months (from
16.2 euros at 31.12.2018). During the 9 months of 2019, EFT1T shares traded at
EUR 16.0 to EUR 19.1 per share, and the median closing price during the 9 months
was EUR 17.5. During the 9 months, the volume of transactions with EFT1T shares
totaled 1,667 thousand euros.
In addition to the aforementioned share net asset value calculated according to
IFRS (EUR 16.24 as at 30.09.2019), EfTEN Real Estate Fund III AS also calculates
the net asset value of the share recommended by EPRA (European Public Real
Estate Association) to provide investors with the most relevant net asset value.
The EPRA recommended guide assumes a long-term economic strategy for real estate
companies, so temporary differences in the situation where asset sales are
unlikely to occur in the near future obscure the transparency of the fair value
of the fund's net assets. EfTEN Real Estate Fund III AS EPRA NAV as at
30.09.2019 was EUR 17.29 (31.12.2018: EUR 16.81).
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
3rd quarter 9 months
-------------------------
EUR thousand 2019 2018 2019 2018
-------------------------------------------------------------------------------
Revenue 2,364 2,238 7,000 6,343
------- --------
Cost of services sold -82 -99 -229 -184
-------------------------
Gross profit 2,282 2,139 6,771 6,159
------- --------
------- --------
Marketing costs -83 -108 -303 -332
------- --------
General and administrative expenses -313 -269 -977 -836
------- --------
Gain / loss from revaluation of investment properties 0 0 1,460 962
------- --------
Other operating income and expense 0 0 -1 7
-------------------------
Operating profit 1,886 1,762 6,950 5,960
------- --------
------- --------
Interest income 5 0 5 3
------- --------
Finance costs -306 -199 -1,036 -719
-------------------------
Profit before income tax 1,585 1,563 5,919 5,244
------- --------
------- --------
Income tax expense -156 -164 -792 -696
-------------------------
Total comprehensive income for the financial period 1,429 1,399 5,127 4,548
-------------------------------------------------------------------------------
Earnings per share
------- --------
- Basic 0.34 0.43 1.41 1.41
------- --------
- Diluted 0.34 0.43 1.41 1.41
-------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
30.09.2019 31.12.2018
--------------
EUR thousand
--------------
ASSETS
--------------
Cash and cash equivalents 9,293 4,859
--------------
Short-term deposits 9,000 0
--------------
Receivables and accrued income 705 673
--------------
Prepaid expenses 53 46
--------------
Total current assets 19,051 5,578
--------------
--------------
Long-term receivables 0 24
--------------
Investment property 111,112 102,787
--------------
Property, plant and equipment 134 114
--------------
Total non-current assets 111,246 102,925
--------------------------
TOTAL ASSETS 130,297 108,503
-----------------------------------------------------------
--------------
LIABILITIES AND EQUITY
--------------
Borrowings 17,245 8,105
--------------
Derivative instruments 391 189
--------------
Payables and prepayments 936 1,019
--------------------------
Total current liabilities 18,572 9,313
--------------
--------------
Borrowings 38,449 44,743
--------------
Other long-term liabilities 677 457
--------------
Deferred income tax liability 4,039 3,496
--------------
Total non-current liabilities 43,165 48,696
--------------------------
Total liabilities 61,737 58,009
--------------
--------------
Share capital 42,225 32,225
--------------
Share premium 9,658 3,658
--------------
Statutory reserve capital 936 621
--------------
Retained earnings 15,741 13,990
--------------------------
Total equity 68,560 50,494
--------------------------
TOTAL LIABILITIES AND EQUITY 130,297 108,503
-----------------------------------------------------------
Marilin Hein
CFO
Phone 655 9515
E-mail: [email protected] (mailto:[email protected])