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
Muud korporatiivtoimingud
Teate ID
8500
Esitamise kuupäev ja aeg
12.01.2021 08:30:00
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Pealkiri
EfTEN Real Estate Fund III AS aktsia puhasväärtus seisuga 31.12.2020
Teade
EfTEN Real Estate Fund III AS teenis detsembris 950 tuhat eurot müügitulu, mis on 8 tuhat eurot rohkem kui novembris. Seoses kaubanduskeskuste turustuskulude vähendamisega teenis fond detsembris puhast renditulu 21 tuhat eurot rohkem kui kuu varem, kokku 954 tuhat eurot. Fondi sõltumatu kinnisvarahindaja Colliers International viis detsembris läbi kaks korda aastas korraliselt teostatava kinnisvarainvesteeringute hindamise, mille tulemusel tõusis fondi kinnisvaraportfelli väärtus 0,4% (611 tuhat eurot). Tänu kinnisvarainvesteeringute ümberhindluse kasumile oli detsembris tavapärasest kõrgem ka fondi puhaskasum, ulatudes 1 347 tuhande euroni (novembris oli fondi puhaskasum 616 tuhat eurot). Fondi tegelik varade puhastootlus oli 2020. aasta 4. kvartali puhta renditulu baasil finantsvõimendust arvestamata 8,0% aastas. 2020. aasta 12 kuu kokkuvõttes on EfTEN Real Estate Fund III AS auditeerimata andmetel teeninud 10,7 miljonit eurot (2019: 9,5 miljonit eurot) müügitulu ja 8,5 miljonit eurot (2019: 7,0 miljonit eurot) EBITDA-d. Fondi konsolideeritud puhas renditulu on 2020. aastal 10,1 miljonit eurot, mis on 16% rohkem kui eelmisel aastal. Arvestades 12 kuu intressikulu ning laenude annuiteetmakseid, on fond aasta jooksul teeninud 3,7 miljonit eurot vaba rahavoogu (eelmisel aastal: 3,4 miljonit eurot). Hinnanguliselt oli Covid-19 negatiivne mõju fondi 2020. aasta rahavoole 0,5 miljonit eurot, s.t tavaolukorras oleks fond teeninud dividendimaksete aluseks olevat rahavoogu 14% rohkem. Hoolimata Covid-19 negatiivsest mõjust kontserni rahavoogudele, on fondi juhtkond 2020. aasta tulemusega rahul. Kokkuvõttes eeldasime kevadel isegi suuremat üüritulu langust, mis portfelli head hajutatust arvestades jäi siiski suhteliselt tagasihoidlikuks. Lisaks varasemale portfellile soetas fond 2020. aastal neli uut kinnisvarainvesteeringut koguväärtuses 33,6 miljonit eurot, mis üüritulu languse mõju fondi rahavoogudele veelgi enam lahjendas. Fondi ning fondi tütarettevõtete kontodel on seisuga 31.12.2020 raha kokku 5,1 miljonit eurot. Arvestades fondi dividendipoliitikat, dividendide maksmisega seotud tulumaksukulu, laenu eritingimustest tulenevat minimaalse raha jäägi hoidmise kohustust ning lühiajalist likviidsusvajadust saaks fond maksta 2020. aasta tulemuste alusel 2,8 miljonit eurot netodividende (66,3 senti aktsia kohta). 2020. aastal maksis EfTEN Real Estate Fund III AS varasema aasta eest dividende kokku 2,7 miljonit eurot (65 senti aktsia kohta). Dividendimakse saaks fond teha pärast plaanitavat kevadist aktsiaemissiooni, millega eelisjärjekorras on fondil kohustus refinantseerida emaettevõttele detsembris Pirita pansionaadi soetuseks võetud laen summas 3,1 miljonit eurot. Nii dividendmakse suurus ja ajastus kui ka plaanitava lisaemissiooni ärilised tingimused eeldavad fondi üldkoosoleku heakskiitu. Fondi korraline üldkoosolek on plaanitud 15. aprillile 2021. aastal. Fondi puhaskasum on 2020. aasta 12 kuu kokkuvõttes 3,3 miljonit eurot (2019*: 7,5 MEUR). Väiksem puhaskasum on seotud fondi kinnisvaraportfelli allahindlusega, mis aasta peale kokku moodustab 3,4 miljonit eurot (2019. aastal sai fond kinnisvaraportfelli üleshindluse kasumit summas 3,1 miljonit eurot). EfTEN Real Estate Fund III AS konsolideeritud varade maht oli 31.12.2020 seisuga 150,4 miljonit eurot (31.12.2019: 132,8 miljonit eurot) ning omakapital 71,5 miljonit eurot (31.12.2019: 70,9 miljonit eurot). EfTEN Real Estate Fund III AS-i aktsia puhasväärtus (NAV) seisuga 31.12.2020 oli 16,93 eurot, kasvades detsembris 1,5%. EPRA NAV oli seisuga 31.12.2020 18,07 eurot ning EPRA NAV kasvas detsembris 1,4%. * 2019. aasta puhaskasumit on edasilükkunud tulumaksuarvestuse arvestuspõhimõtte muutuse tõttu 260 tuhande euro võrra allapoole korrigeeritud. Marilin Hein Finantsjuht Tel. 6559 515 E-mail: [email protected]
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Pealkiri
Net asset value of EfTEN Real Estate Fund III AS as of 31.12.2020
Teade
EfTEN Real Estate Fund III AS earned 950 thousand euros in sales income in December, which is 8 thousand euros more than in November. In connection with the reduction of marketing activities in shopping centers, the fund earned a net rental income of 21 thousand euros more in December than a month earlier, a total of 954 thousand euros. In December, Colliers International, an independent real estate appraiser of the Fund, performed a regular twice-yearly valuation of investment properties, as a result of which the value of the Fund's real estate portfolio increased by 0.4% (611 thousand euros). Due to the revaluation gain on investment properties, the fund's net profit was also higher than usual in December, reaching 1,347 thousand euros (in November, the fund's net profit was 616 thousand euros). The actual net yield on assets of the fund was 8.0% pa. on the basis of net rental income in the 4th quarter of 2020, excluding financial leverage. In the 12 months of 2020, EfTEN Real Estate Fund III AS has earned 10.7 million euros (2019: 9.5 million euros) in sales revenue and 8.5 million euros (2019: 7.0 million euros) in EBITDA according to unaudited data. The fund's consolidated net rental income in 2020 is 10.1 million euros, which is 16% more than last year. Taking into account the 12-month interest expense and loan annuity payments, the Fund has earned 3.7 million euros of free cash flow during the year (last year: 3.4 million euros). It is estimated that the negative impact of Covid-19 on the fund's cash flow in 2020 was 0.5 million euros, i.e. under normal circumstances the fund would have earned 14% more cash flow, resulting a potentially higher dividend payments. Despite the negative impact of Covid-19 on the Group's cash flows, the fund's management is satisfied with the 2020 result. All in all, we expected an even larger decline in rental income in the spring, which, however, remained relatively modest given the good diversification of this portfolio. In addition, the fund acquired four new investment properties in 2020 with a total value of 33.6 million euros, which further diluted the impact of the decline in rental income on the fund's cash flows. As of 31.12.2020, the accounts of the Fund and the Fund's subsidiaries have a total of 5.1 million euros. Taking into account the fund's dividend policy, income tax expense related to the payment of dividends, the obligation to maintain a minimum cash balance arising from the covenants of the bank loan and short-term liquidity needs, the fund could pay 2.8 million euros net dividends (66.3 cents per share) based on 2020 results. In 2020, EfTEN Real Estate Fund III AS paid a total of 2.7 million euros (65 cents per share) in dividends for the previous year. The fund could make a dividend payment after the planned share issue in spring 2021, with which the fund is primarily obliged to refinance the parent company loan in the amount of 3.1 million euros taken for the acquisition of Pirita elderly home in December. Both the amount and timing of the dividend payment and the commercial conditions of the planned additional share issue require the approval of the general meeting of the fund. The annual general meeting of the Fund is scheduled for April 15, 2021. The fund's net profit for the 12 months of 2020 totals 3.3 million euros (2019 *: 7.5 MEUR). The lower net profit is related to the downward revaluation of the fund's real estate portfolio, which totals 3.4 million euros for the year (in 2019, the fund received a revaluation gain of 3.1 million euros for the real estate portfolio). The consolidated assets of EfTEN Real Estate Fund III AS as of 31.12.2020 were 150.4 million euros (31.12.2019: 132.8 million euros) and the equity was 71.5 million euros (31.12.2019: 70.9 million euros). The net asset value (NAV) of EfTEN Real Estate Fund III AS as of 31.12.2020 was 16.93 euros, increasing by 1.5% in December. As of 31.12.2020, EPRA NAV was 18.07 euros and EPRA NAV increased by 1.4% in December. * The net profit for 2019 has been adjusted downwards by 260 thousand euros due to the change in the accounting principle of deferred income tax. Marilin Hein CFO Phone: 6559 515 E-mail: [email protected] (mailto:[email protected])