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
7953
Manused
Esitamise kuupäev ja aeg
24.04.2020 08:10:00
Teate sisu eesti keeles
Pealkiri
EfTEN Real Estate Fund III AS 2020. aasta I kvartali auditeerimata majandustulemused
Teade
EfTEN Real Estate Fund III AS-i konsolideeritud 2020. aasta I kvartali müügitulu
oli 2,443 miljonit eurot (2019 I kvartal: 2,315 miljonit eurot), kasvades
aastatagusega võrreldes 5,5%. Kontserni neto üüritulu miinus finantskulud oli
2020. aasta I kvartalis kokku 1,929 miljonit eurot (2019 I kvartal: 1,815
miljonit eurot), kasvades aastatagusega võrreldes 6,2%. Kontserni puhaskasum
samal perioodil oli 1,368 miljonit eurot (2019: 1,369 miljonit eurot).
Puhaskasumi suhteliselt väiksem kasv võrreldes müügitulu ja neto üüritulu
kasvuga on seotud kõrgemate üldhalduskuludega, mis 2020. aasta I kvartalis
sisaldasid kahe uue kinnisvarainvesteeringu due diligence kulusid summas 60
tuhat eurot.
Konsolideeritud brutokasumi marginaal oli 2020. aasta I kvartalis 96% (2019:
97%), seega moodustasid kinnistute haldamisega otseselt seotud kulud (s.h
maamaks, kindlustus, hooldus- ja parenduskulud) 4% (2019: 3%) müügitulust.
Kontserni kinnistutega seotud kulud, turustuskulud, üldkulud ning muud tulud ja
-kulud moodustasid 2020. aasta I kvartali jooksul müügitulust kokku 24,2% (2019
I kvartal: 19,5%).
2020. aasta I kvartalis on kontsern teeninud vaba rahavoogu (EBITDA miinus
laenumaksed ja intressikulud) 0,873 miljonit eurot (2019 I kvartal: 0,934
miljonit eurot). Väiksem vaba rahavoog sellel aastal on tingitud peamiselt
märtsis tehtud provisjonidest seoses Covid-19 pandeemia ja eriolukorra
kehtestamisega Eestis, Lätis ja Leedus, kahe 2020. aastal soetatud
kinnisvarainvesteeringuid omava ettevõtete endiste laenulepingute ülevõtmise
ühekordsetest kuludest ja due diligence kuludest.
Seoses Covid-19 pandeemiast tingitud eriolukorraga ja potentsiaalse üüritulu
vähenemise ning klientide maksekäitumise halvenemisega alates 2020. aasta
märtsist on kontserni juhtkond taotlenud enamike kinnisvarainvesteeringute
laenulepingute maksepuhkuseid kuni kuueks kuuks alates 2020. aasta märtsist ja
aprillist. 2020. aasta märtsist hakkasid maksepuhkused kehtima kahel
kinnisvarainvesteeringul ning ülejäänud hakkasid kehtima bilansipäevajärgselt,
2020. aasta aprillist. Laenulepingute järgsed igakuised tagasimaksed vähenevad
kontsernis maksepuhkuste ajal keskmiselt 197 tuhat eurot kuus.
Kontserni laenulepingute kaalutud keskmine intressimäär (s.h arvestades
intressiswapi lepinguid) on märtsi lõpu seisuga 2,0% (31.12.2019: 1,8%) ning LTV
(Loan to Value) 50% (31.12.2019: 52%).
10. jaanuaril 2020. a sõlmis EfTEN Real Estate Fund III AS võlaõiguslikud
ostulepingud Riia lennujaamas asuva Air Balticu peahoone ja Riia külje all
Kekavas asuva Piepilsetas tootmis- ja laohoone omanikettevõtete omandamiseks.
Tehingud viidi lõpuni 12. märtsil ja 13. märsil 2020. a. ning kahe uue
tütarettevõtte finantsnäitajad on kontserni aruannetesse konsolideeritud alates
1. märtsist 2020. Tütarettevõtete eest maksti kokku 8 873 tuhat eurot, s.h võeti
üle endiste omanike laenunõudeid tütarettevõtete vastu summas 3 780 tuhat eurot.
2020. aasta märtsi lõpu seisuga on kontsernil 13 (31.12.2019: 11)
ärikinnisvarainvesteeringut, mille õiglane väärtus bilansipäeval on 129,132
miljonit eurot (31.12.2019: 113,011 miljonit eurot) ning soetusmaksumus 117,869
miljonit eurot (31.12.2019: 101,746 miljonit eurot).
EfTEN Real Estate Fund III AS hindab oma kinnisvarainvesteeringuid kaks korda
aasta - 31. detsembri ja 30. juuni seisuga. Kinnisvarainvesteeringute õiglase
väärtuse hindamise peamised sisendid on kinnisvarainvesteeringutelt teenitav
rahavoog, vakantsuse prognoosid, diskontomäär (WACC) ja väljumistootlikkus. Kõik
kontserni ettevõtete poolt seoses Covid-19 kriisiga sõlmitud üürilepingute
muudatused on ajutised (tähtajaga peamiselt 1-3 kuud, mõnede lepingute puhul ka
kuni 4 ja 6 kuud), mistõttu kaugemasse tulevikku jäävat rahavoogu hetkel
sõlmitud kokkulepped ei mõjuta. Vahearuande koostamise seisuga on sõlmitud
ajutisi üürilepingute kokkuleppeid üüri peatamiseks või alandamiseks kogusummas
204 tuhat eurot kuu kohta (25% igakuisest tavapärasest üüritulust).
Diskontomäärade ja väljumistootlikkuse muutus sõltub nii turu kui laenuvõtja
intressimääradest kui ka kinnisvaraturul tehtavate tehingute hinnatasemetest,
mille osas annab sisendinfot kontserni sõltumatu hindaja Colliers International.
Kontserni järgmised kinnisvarainvesteeringute hindamised viiakse läbi 2020.
aasta juunis.
EfTEN Real Estate Fund III AS-i aktsia puhasväärtus seisuga 31.12.2020 oli
17,18 eurot (31.12.2019: 16,85 eurot). EfTEN Real Estate Fund III AS-i aktsia
puhasväärtus kasvas 2020. aasta I kvartalis 1,9% (2019 I kvartal: 2,7%).
KONSOLIDEERITUD KOONDKASUMIARUANNE
I kvartal
----------------
EUR tuhandetes 2020 2019
---------------------------------------------------
Müügitulu 2 443 2 315
---------
Müüdud teenuste kulu -88 -76
----------------
Brutokasum 2 355 2 239
---------
---------
Turustuskulud -93 -86
---------
Üldhalduskulud -414 -288
---------
Muud äritulud ja -kulud 5 -1
----------------
Ärikasum 1 853 1 864
---------
---------
Finantskulud -333 -338
----------------
Kasum enne tulumaksu 1 520 1 526
---------
---------
Tulumaksukulu -152 -157
----------------
Aruandeperioodi koondkasum kokku 1 368 1 369
---------------------------------------------------
Kasum aktsia kohta
---------
- tava 0,32 0,42
---------
- lahustatud 0,32 0,42
---------------------------------------------------
KONSOLIDEERITUD FINANTSSEISUNDI ARUANNE
31.03.2020 31.12.2019
--------------
EUR tuhandetes
--------------
VARAD
--------------
Raha ja raha ekvivalendid 10 419 12 986
--------------
Lühiajalised hoiused 0 6 000
--------------
Nõuded ja viitlaekumised 913 667
--------------
Ettemakstud kulud 59 51
--------------
Käibevara kokku 11 391 19 704
--------------
--------------
Kinnisvarainvesteeringud 129 132 113 011
--------------
Materiaalne põhivara 126 114
--------------
Põhivara kokku 129 258 113 125
--------------------------
VARAD KOKKU 140 649 132 829
------------------------------------------------------------
--------------
KOHUSTUSED JA OMAKAPITAL
--------------
Laenukohustused 21 394 21 147
--------------
Tuletisinstrumendid 276 271
--------------
Võlad ja ettemaksed 866 1 132
--------------------------
Lühiajalised kohustused kokku 22 536 22 550
--------------
--------------
Laenukohustused 40 430 34 225
--------------
Muud pikaajalised võlad 769 609
--------------
Edasilükkunud tulumaksukohustus 4 375 4 274
--------------
Pikaajalised kohustused kokku 45 574 39 108
--------------------------
Kohustused kokku 68 110 61 658
--------------
--------------
Aktsiakapital 42 225 42 225
--------------
Ülekurss 9 658 9 658
--------------
Kohustuslik reservkapital 936 936
--------------
Jaotamata kasum 19 720 18 352
--------------------------
Omakapital kokku 72 539 71 171
--------------------------
KOHUSTUSED JA OMAKAPITAL KOKKU 140 649 132 829
------------------------------------------------------------
Marilin Hein
Finantsjuht
Tel 655 9515
E-post: [email protected] (mailto:[email protected])
Teate sisu inglise keeles
Pealkiri
EfTEN Real Estate Fund III AS unaudited results for 1st quarter 2020
Teade
The consolidated sales revenue of EfTEN Real Estate Fund III AS for the 1(st)
quarter of 2020 was EUR 2.443 million eurot (1st quarter of 2019: EUR 2.315
million), which increased by 5.5% in a year. The Group's net rental revenue less
finance costs for the 1(st) quarter of 2020 was EUR 1.929 million (1(st) quarter
of 2019: EUR 1.815 million), which increased by 6.2% in a year. The Group's net
profit for the same period amounted to EUR 1,368 million (2019: EUR 1.369
million). The relatively smaller increase in net profit compared to the increase
in sales revenue and net rental income is related to higher general
administrative expenses, which in the first quarter of 2020 included due
diligence expenses of two new real estate investments in the amount of EUR 60
thousand.
The consolidated gross profit margin in the 1(st) quarter of 2020 was 96% (2019:
97%). Therefore, expenses directly related to management of properties (incl.
land tax, insurance, maintenance and improvement costs) accounted for 4% (2019:
3%) of the revenue. The Group's expenses related to properties, marketing costs,
general expenses, other income and expenses accounted for 24.2% of the revenue
in the 1(st) quarter of 2020 (1(st) quarter of 2019: 19.5%).
In the first quarter of 2020, the Group has earned a free cash flow (EBITDA less
loan payments and interest expenses) of EUR 0.873 million (Q1 2019: EUR 0.934
million). The lower free cash flow this year is mainly due to provisions made in
March in connection with the Covid-19 pandemic and the establishment of a state
of emergency in Estonia, Latvia and Lithuania, one-off takeover costs and due
diligence costs of two real estate investment companies acquired in 2020.
Due to the emergency situation caused by the Covid-19 pandemic and the decrease
in potential rental income and deteriorating customer payment behavior from
March 2020, the Group's management has requested payment leave for most real
estate investment loan agreements for up to six months from March and April
2020. From March 2020, payment leave became effective for two investment
properties, and the rest became effective after the balance sheet date, from
April 2020. The monthly repayments under the loan agreements decrease by an
average of 197 thousand euros per month during the Group's borrowings' payment
leave.
The weighted average interest rate of the Group's loan agreements (incl. taking
into account interest rate swap agreements) as of the end of March is 2.0%
(31.12.2019: 1.8%) and LTV (Loan to Value) 50% (31.12.2019: 52%)
On 10 January 2020, EfTEN Real Estate Fund III AS entered into debt purchase
agreements for the acquisition of the owners of the Air Baltic head office at
Riga Airport and Piepilsetas production and warehouse building in Kekava near
Riga. The transactions were completed on March 12 and March 13, 2020. and the
financial indicators of the two new subsidiaries have been consolidated line by
line in the Group's financial statements since 1 March 2020. A total of EUR
8,873 thousand was paid for the subsidiaries, including loan receivables from
the former owners in the amount of EUR 3,780 thousand.
At the end of March 2020, the Group had 13 (31.12.2019: 11) commercial
investment properties with a fair value as at the balance sheet date of EUR
129.132 million (31.12.2019: EUR 113.011 million) and acquisition cost of EUR
117.869 million (31.12.2019: EUR 101.746 million).
EfTEN Real Estate Fund III AS evaluates its real estate investments twice a year
- as of 31 December and 30 June. The main inputs to the fair value measurement
of investment property are cash flow from investment property, vacancy
forecasts, discount rate (WACC) and exit productivity. All changes in the lease
agreements entered into by the Group companies in connection with the Covid-19
crisis are temporary (mainly 1-3 months, in some cases also up to 4 and 6
months), therefore the long-term cash flow is not affected by the current
agreements. As of the preparation of the interim report, temporary lease
agreements have been entered into to suspend or reduce the rent in the total
amount of 204 thousand euros per month (25% of the usual monthly rental income).
The change in discount rates and exit yields depends on both market and borrower
interest rates, as well as the price levels of transactions in the real estate
market, for which input information is provided by the Group's independent
appraiser Colliers International. The next valuations of the Group's real estate
investments will be performed in June 2020.
The net asset value of the share of EfTEN Real Estate Fund III AS at 31.03.2020
was EUR 17.18 (31.12.2019: EUR 16.85).The net value of the share of EfTEN Real
Estate Fund III AS increased in the 1(st) quarter of 2020 1.9% (1(st) quarter of
2019: 2.7%).
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
1st quarter
----------------
EUR thousand 2020 2019
----------------------------------------------------------------------
Revenue 2,443 2,315
---------
Cost of services sold -88 -76
----------------
Gross profit 2,355 2,239
---------
---------
Marketing costs -93 -86
---------
General and administrative expenses -414 -288
---------
Other operating income and expense 5 -1
----------------
Operating profit 1,853 1,864
---------
---------
Finance costs -333 -338
----------------
Profit before income tax 1,520 1,526
---------
---------
Income tax expense -152 -157
----------------
Total comprehensive income for the financial period 1,368 1,369
----------------------------------------------------------------------
Earnings per share
---------
- Basic 0.32 0.42
---------
- Diluted 0.32 0.42
----------------------------------------------------------------------
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
31.03.2020 31.12.2019
--------------
EUR thousand
--------------
ASSETS
--------------
Cash and cash equivalents 10,419 12,986
--------------
Short-term deposits 0 6,000
--------------
Receivables and accrued income 913 667
--------------
Prepaid expenses 59 51
--------------
Total current assets 11,391 19,704
--------------
--------------
Investment property 129,132 113,011
--------------
Property, plant and equipment 126 114
--------------
Total non-current assets 129,258 113,125
--------------------------
TOTAL ASSETS 140,649 132,829
-----------------------------------------------------------
--------------
LIABILITIES AND EQUITY
--------------
Borrowings 21,394 21,147
--------------
Derivative instruments 276 271
--------------
Payables and prepayments 866 1,132
--------------------------
Total current liabilities 22,536 22,550
--------------
--------------
Borrowings 40,430 34,225
--------------
Other long-term liabilities 769 609
--------------
Deferred income tax liability 4,375 4,274
--------------
Total non-current liabilities 45,574 39,108
--------------------------
Total liabilities 68,110 61,658
--------------
--------------
Share capital 42,225 42,225
--------------
Share premium 9,658 9,658
--------------
Statutory reserve capital 936 936
--------------
Retained earnings 19,720 18,352
--------------------------
Total equity 72,539 71,171
--------------------------
TOTAL LIABILITIES AND EQUITY 140,649 132,829
-----------------------------------------------------------
Marilin Hein
CFO
Phone 655 9515
E-mail: [email protected] (mailto:[email protected])