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

9700

Esitamise kuupäev ja aeg

28.07.2022 08:00:00

Teate sisu eesti keeles

Pealkiri

EfTEN Real Estate Fund III AS 2022. aasta II kvartali ja I poolaasta auditeerimata majandustulemused

Teade

Fondijuhi kommentaar 2022. aasta I poolaasta majandustulemuste kohta

2022. aasta  esimene poolaasta kujunes EfTEN Real Estate Fund III AS-le edukaks.
Fondi  müügitulu kasvas 6,988 miljoni euroni, s.t 17,3%, võrreldes eelmise aasta
esimese   poolaastaga.   Juunis   hindas   fondi   sõltumatu   hindaja  Colliers
International     fondi     kinnisvaraportfelli,    mille    tulemusel    tõusis
kinnisvarainvesteeringute  väärtus 2,2% ning fond sai õiglase väärtuse muutusest
kasumit 3,702 miljonit eurot.

Esimesel  poolaastal soetas fond kaks uut kinnisvarainvesteeringut - Valkla ning
Ermi  hooldekodude kinnistud,  kuhu valmimisel  plaanitakse mahutada  kokku kuni
370 klienti.  Hooldekodude soetuseks ning esmasteks investeeringuteks on seisuga
30.06.2022 kulunud 2,343 miljonit eurot.

2022. aasta  juunis pikendas fondi tütarettevõte  EfTEN Laagri OÜ oma pangalaenu
endistel  tingimustel  (intressi  marginaaliga  1,4%) järgmiseks viieks aastaks.
Fondil  saabuvad järgmise  12 kuu jooksul  tähtajad kolmel  laenulepingul, mille
hüpoteekideks   on   Laagri   Hortes,   Evolution  büroohoone  ning  Piepilsetas
logistikakeskus.       Kõikidel       pangalaenude       tagatiseks       seatud
kinnisvarainvesteeringutel  on  tugev  üürirahavoog  ning  LTV  jääb 31% ja 41%
vahele,  mistõttu ei näe fondi  juhtkond riski laenulepingute pikendamisel nende
tähtaja saabumisel. Pigem, arvestades LTV madalat taset, näeb kontserni juhtkond
siin  võimalust  laenusummasid  suurendada  ning  saadud  vahendite arvel maksta
investoritele kõrgemat dividendi.

Seisuga  30.06.2022 on fondil  3,5 miljonit eurot  investeerimata kapitali, mida
plaanitakse kasutada soetatud hooldekodude kinnistute arendamiseks.

Majandustulemuste ülevaade

EfTEN  Real  Estate  Fund  III  AS'i  konsolideeritud  2022. aasta  II  kvartali
müügitulu  oli  3,530 miljonit  eurot  (2021  II kvartal: 3,088 miljonit eurot),
kasvades aastaga 14%.

EfTEN  Real  Estate  Fund  III  AS'i  konsolideeritud  2022. aasta  I  poolaasta
müügitulu   6,988 miljonit  eurot  (2021  I  poolaasta:  5,955 miljonit  eurot),
kasvades  aastatagusega  võrreldes  17% (1,033  miljonit  eurot). Kontserni neto
üüritulu  oli 2022. aasta I poolaastal  kokku 6,666 miljonit eurot (2021: 5,726
miljonit  eurot), kasvades 17%. Kontserni puhaskasum  samal perioodil oli 7,882
miljonit eurot (2021: 5,470 miljonit eurot).

Konsolideeritud  neto üüritulu marginaal oli  2022. aasta I poolaasta 95% (2021:
96%), seega  moodustasid  kinnistute  haldamisega  otseselt  seotud  kulud  (s.h
maamaks,  kindlustus,  hooldus-  ja  parenduskulud) ning turustuskulud 5% (2021:
4%) müügitulust.

Kontserni varade maht 30.06.2022 seisuga oli 178,422 miljonit eurot (31.12.2021:
176,401 miljonit eurot), s.h kinnisvarainvesteeringute õiglane väärtus moodustas
varade mahust 95% (31.12.2021: 92%).

Kinnisvaraportfell

2022. aasta    juuni   lõpu   seisuga   on   kontsernil   18 (31.12.2021:   16)
ärikinnisvarainvesteeringut,  mille  õiglane  väärtus  bilansipäeval on 168,604
miljonit eurot (31.12.2021: 161,961 miljonit eurot) ning soetusmaksumus 150,575
miljonit eurot (31.12.2021: 147,633 miljonit eurot).

Fondi  tütarettevõte EfTEN Valkla OÜ ostis aprillis Valklas, Valklaranna tee 36
asuva  kinnistu. Fond  kavandab hooldekodu  hoone ümberehitust u?ldhooldekoduks,
mis  võiks tulevikus  mahutada kuni  250 klienti. Renoveerimistööd  viiakse läbi
etapiviisiliselt. Kinnistu seotushind oli 2 005 tuhat eurot ning lisaks kohustub
fondi   tütarettevõte  tegema  investeeringuid  mahus  kuni  2 000 tuhat  eurot.
Kinnistu ostu ja investeeringuid finantseeritakse fondi omavahendite arvel.

Fondi  tütarettevõtja EfTEN Ermi OÜ ostis  aprillis Tartumaal Tartu vallas, Tila
külas,  Ermi tn  13 asuva hoonestusõiguse.  Fond kavandab hoonestusõiguse alusel
kasutatavale   maale  rajada  hooldekodu  minimaalselt  kuni  120-le  kliendile.
Hoonestusõiguse   tähtaeg  on  50 aastat,  mida  võib  maaomanikuga  kokkuleppel
pikendada  kuni  99 aastani.  Kinnisasjale  hooldekodu  ehitamise järgselt võtab
selle  pikaajalise  üürilepingu  alusel  üürile  Südamekodud AS. Hoonestusõiguse
soetushind   on   233 tuhat   eurot.  Hoonestusõiguse  ostu  ja  investeeringuid
finantseeritakse fondi omavahendite arvel.

2022. aasta  I poolaastal  teenis kontsern  kokku 6,610 miljonit eurot üüritulu.
Võrreldavatel  alustel arvestatud  üüritulu oli  2022. aastal I poolaastal kokku
6,184 miljonit eurot, mis on 11% (619 tuhat eurot) rohkem kui 2021. aastal samal
ajal.  Covid-19 kriisiga  seotud  allahindluseid  tegi  kontsern  2022. aasta  I
poolaastal  kokku 9 tuhande euro  ulatuses (2021 I  poolaastal: 317 tuhande euro
ulatuses),   s.t   üüritulude   kasv   seoses   indekseerimiste   ja  vakantsuse
väljaüürimisega on 2022. aasta I poolaastal kokku 311 tuhat eurot (5%, võrreldes
2021. aastaga).

Finantseerimine

Järgmise  12 kuu  jooksul  lõppevad  kontserni  kolme tütarettevõtte - Evolution
büroohoone,  Laagri  Hortese  ning  Piepilsetas  logistikakeskuse laenulepingud,
mille jääk 30.06.2022 seisuga on 8 916 tuhat eurot. Lõppevate laenulepingute LTV
on    31%-41% ning    kinnisvarainvesteeringud    omavad   stabiilselt   tugevat
üürirahavoogu,  mistõttu  kontserni  juhtkonna  hinnangul ei teki laenulepingute
pikendamisel takistusi.

Kontserni   laenulepingute   kaalutud   keskmine  intressimäär  (s.h  arvestades
intressiswapi  lepinguid) on juuni lõpu seisuga 2,2% (31.12.2021: sama) ning LTV
(Loan    to   Value)   42% (31.12.2021:   44%). Enamus   fondi   tütarettevõtete
laenulepingutest  on seotud ujuva intressimääraga  ning vaid üks laen (moodustab
2% laenuportfellist)   on   fikseeritud  baasintressimääraga.  Ühe  laenulepingu
intressmäära  tõusu riski maandamiseks  on sõlmitud intressimäära vahetusleping,
mis lõpeb 2023. aastal.

Aktsiainfo

EfTEN Real Estate Fund III AS aktsia puhasväärtus (EPRA NDV) seisuga 30.06.2022
oli  19,86 eurot  (31.12.2021:  19,11 eurot).  EfTEN  Real  Estate Fund III AS´i
aktsia puhasväärtus kasvas 2022. aasta I poolaastal 4,0%.

KONSOLIDEERITUD KOONDKASUMIARUANNE

                                                        II kvartal  I poolaasta
                                                       ------------------------
 EUR tuhandetes                                            2022  2021  2022  2021
-------------------------------------------------------------------------------
 Müügitulu                                              3 530 3 088 6 988 5 955
-------------------------------------------------------------------------------
 Müüdud teenuste kulu                                     -71   -73  -131  -139
-------------------------------------------------------------------------------
 Brutokasum                                             3 459 3 015 6 857 5 816
-------------------------------------------------------------------------------

-------------------------------------------------------------------------------
 Turustuskulud                                           -117   -59  -191   -90
-------------------------------------------------------------------------------
 Üldhalduskulud                                          -448  -492  -903  -876
-------------------------------------------------------------------------------
 Kasum kinnisvarainvesteeringute õiglase väärtuse
 muutusest                                              3 702 2 020 3 702 2 020
-------------------------------------------------------------------------------
 Muud äritulud ja -kulud                                   17     3    43     6
-------------------------------------------------------------------------------
 Ärikasum                                               6 613 4 487 9 508 6 876
-------------------------------------------------------------------------------

-------------------------------------------------------------------------------
 Muud finantstulud ja -kulud                             -360  -418  -722  -839
-------------------------------------------------------------------------------
 Kasum enne tulumaksu                                   6 253 4 069 8 786 6 037
-------------------------------------------------------------------------------

-------------------------------------------------------------------------------
 Tulumaksukulu                                           -649  -394  -904  -567
-------------------------------------------------------------------------------
 Aruandeperioodi koondkasum kokku                       5 604 3 675 7 882 5 470
-------------------------------------------------------------------------------
 Kasum aktsia kohta
-------------------------------------------------------------------------------
 - tava                                                  1,10  0,83  1,55  1,27
-------------------------------------------------------------------------------
 - lahustatud                                            1,10  0,83  1,55  1,27
-------------------------------------------------------------------------------

KONSOLIDEERITUD FINANTSSEISUNDI ARUANNE

                                    30.06.2022   31.12.2021
------------------------------------------------------------
  EUR tuhandetes
------------------------------------------------------------
  VARAD
------------------------------------------------------------
  Raha ja raha ekvivalendid              8 489       13 074
------------------------------------------------------------
  Nõuded ja viitlaekumised               1 113          876
------------------------------------------------------------
  Ettemakstud kulud                         53          314
------------------------------------------------------------
  Varud                                      0           29
------------------------------------------------------------
  Käibevara kokku                        9 655       14 293
------------------------------------------------------------

------------------------------------------------------------
  Pikaajalised nõuded                        3            4
------------------------------------------------------------
  Kinnisvarainvesteeringud             168 604      161 961
------------------------------------------------------------
  Materiaalne põhivara                     158          140
------------------------------------------------------------
  Immateriaalne põhivara                     2            3
------------------------------------------------------------
  Põhivara kokku                       168 767      162 108
------------------------------------------------------------
  VARAD KOKKU                          178 422      176 401
------------------------------------------------------------

------------------------------------------------------------
  KOHUSTUSED JA OMAKAPITAL
------------------------------------------------------------
  Laenukohustused                       11 873        7 645
------------------------------------------------------------
  Tuletisinstrumendid                        0          121
------------------------------------------------------------
  Võlad ja ettemaksed                      923        1 349
------------------------------------------------------------
  Lühiajalised kohustused kokku         12 796        9 115
------------------------------------------------------------

------------------------------------------------------------
  Laenukohustused                       57 410       63 440
------------------------------------------------------------
  Muud pikaajalised võlad                  962          987
------------------------------------------------------------
  Edasilükkunud tulumaksukohustus        6 516        5 945
------------------------------------------------------------
  Pikaajalised kohustused kokku         64 888       70 372
------------------------------------------------------------
  Kohustused kokku                      77 684       79 487
------------------------------------------------------------

------------------------------------------------------------
  Aktsiakapital                         50 725       50 725
------------------------------------------------------------
  Ülekurss                              16 288       16 288
------------------------------------------------------------
  Kohustuslik reservkapital              2 149        1 489
------------------------------------------------------------
  Jaotamata kasum                       31 576       28 412
------------------------------------------------------------
  Omakapital kokku                     100 738       96 914
------------------------------------------------------------
  KOHUSTUSED JA OMAKAPITAL KOKKU       178 422      176 401
------------------------------------------------------------

Marilin Hein
Finantsjuht
Tel. 6559 515
E-mail: [email protected] (mailto:[email protected])

Teate sisu inglise keeles

Pealkiri

EfTEN Real Estate Fund III AS unaudited financial results for 2nd quarter and 1st half-year 2022

Teade

The  fund manager's comments on the financial  results of the first half-year of
2022

The  first half-year of 2022 turned  out to be successful  for EfTEN Real Estate
Fund  III AS.  The fund's  revenue increased  to EUR  6.988 million, i.e. 17.3%
compared  to the  last year's  first half-year.  In June, the fund's independent
appraiser  Colliers International valued the fund's  real estate portfolio, as a
result  of that the value of the fund's investment properties increased by 2.2%
and the fund earned profit in the amount of EUR 3.702 from the revaluation.

In  the first half-year. The fund purchased two new investment properties - land
plots for Valkla and Ermi care homes which are planned to accommodate up to 370
customers  when finished.  To purchase  the care  homes and  initial investments
total of EUR 2.343 million has been spent as of June 30, 2022.

In  June, 2022, the fund's subsidiary EfTEN Laagri  OÜ extended its bank loan on
current  conditions (interest with the margin  of 1.4%) for the next five years.
In  the following 12 months, the fund's three loans that have mortgage on Laagri
Hortes,  Evolution office  building and  Piepilsetas logistics  centre will meet
its'  maturity dates. All investment properties  that are set as collateral have
strong  rental  cash  flow  and  LTV  is  between  31% and 41%, due to which the
management  does not see risk  related to extending the  loan contracts when the
maturity date arrives. Rather, given the low level of LTV, Group managers see an
opportunity  to increase loan  amounts and pay  investors a higher dividend from
the funds received.

As  of June  30, 2022, the fund  has EUR  3.5 million uninvested capital that is
planned to use for development of purchased care home land plots.

Financial overview

The consolidated revenue of EfTEN Real Estate Fund III AS for the second quarter
of   2022 was  EUR  3.530 million  (2021  second  quarter:  EUR  3.088 million),
increasing by 14% during the year.

The  consolidated revenue of EfTEN  Real Estate Fund III  AS for the first half-
year  of 2022 was EUR  6.988 million (2021 first  half-year: EUR 5.955 million),
increasing  by 17% compared  to last  year (EUR  1.033 million). The Group's net
rental  income of the  first half-year of  2022 was EUR 6.666 million (2021: EUR
5.726 million),  increasing by 17%. The  Group's net profit  for the same period
was EUR 7.882 million (2021: EUR 5.470 million).

In  the first half-year  of 2022, the consolidated  net rental income margin was
95% (2021:  96%), thus, the expenses directly related  to the management of real
estate  (incl.  land  tax,  insurance,  maintenance,  and improvement costs) and
marketing expenses accounted for 5% (2021: 4%) of revenue.

As  of June 30, 2022, the  volume of the  Group's total assets  was EUR 178.422
million   (31.12.2021:  EUR  176.401 million),  incl.  the  fair  value  of  the
investment  properties that accounted  for 95% of the  total assets (31.12.2021:
92%).

Real estate portfolio

As  of  the  on  June,  2022, the  Group had 18 (31.12.2021: 16) commercial real
estate  investments with a fair value as of  balance sheet date in the amount of
EUR  168.604 million (31.12.2021:  EUR 161.961 million)  and acquisition cost of
EUR 150.575 million (31.12.2021: EUR 147.633 million).

In  April, the fund's subsidiary EfTEN Valkla OÜ acquired real estate located in
Valklaranna  tee 36, Valkla.  The fund  plans to  remodel the building from care
home  to general  care home  that could  accommodate up  to 250 customers in the
future.  Renovation work is performed in stages.  The purchase price of the real
estate  plot was  EUR 2,005 thousand  and in  addition, the fund's subsidiary is
required  to carry out investments on the amount of EUR 2,000 thousand. Purchase
of the real estate plot and investments are financed by the fund's own assets.

In  April, the fund's subsidiary EfTEN  Ermi OÜ acquired building rights located
in  Ermi tn 13, Tila  village, Tartu parish  in Tartu county.  The fund plans to
develop  a care home for minimum of 120 customers on the land plot used based on
the  building rights. The  building rights' maturity  date is 50 years, which is
possible  to  extend  up  to  99 years  in  agreement  with the landowner. After
developing  a care home  in the land  plot, it will  be leased to Südamekodud AS
based  on a long-term lease contract. The  purchase price of the building rights
was  EUR  233 thousand-  Purchase  of  the  building  rights and investments are
financed by the fund's own assets.

In  the first half-year of  2022, the Group earned rental  revenue of EUR 6.610
million.  Rental income calculated in comparative terms was EUR 6.184 million in
the  first half-year on 2022, which is 11% (EUR 619 thousand) more than in 2021
at  the  same  time.  In  the  first  half-year of 2022 the Group gave discounts
related  to Covid-19 crisis  in the  amount of  EUR 9 thousand (2021 first half-
year:  EUR 317 thousand), i.e. the increase in rental income from indexation and
decrease  in vacancy  is EUR  311 thousand (5%,  compared to  2021) in the first
half-year of 2022.

Financing

In  the following 12 months, the Group's  three subsidiaries' - Evolution office
building,  Laagri Hortes and Piepilsetas logistics  centre - loan contracts will
end,  the balance of the loans as of 30 June, 2022, is EUR 8,916 thousand euros.
The  LTV of  maturing loan  contracts is  31%-41% and investment properties have
stabile  strong rental cash flow,  due to which the  Group's management does not
see risk related to extending the contracts.

The  weighted average interest rate of the Group's loan agreements (incl. taking
into  account interest rate swap  agreements) as of at  the end of June is 2.2%
(2021:  the same) and LTV (Loan to  Value) is 42% (31.12.2021: 44%). Most of the
loan  agreements of  the fund's  subsidiaries are  linked to a floating interest
rate  and only one  loan (accounting for  2% of the loan  portfolio) has a fixed
base  interest rate. In order  to hedge the risk  of an increase in the interest
rate  of one loan  agreement, an interest  rate swap agreement  has been entered
into, which expires in 2023.

Information on shares

As  of 30 June,  2022, the net  asset value  per share  (ERPA NDV) of EfTEN Real
Estate  Fund III  AS was  19.86 euros (31.12.2021:  19.11 euros). The  net asset
value  per share of EfTEN Real Estate Fund III AS increased by 4.0% in the first
half-year of 2022.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

                                                                   First half-
                                                      2nd quarter     year
                                                     --------------------------
 EUR thousands                                           2022  2021  2022    2021
-------------------------------------------------------------------------------
 Revenue                                              3,530 3,088 6,988   5,955
-------------------------------------------------------------------------------
 Cost of sales                                          -71   -73  -131    -139
-------------------------------------------------------------------------------
 Gross profit                                         3,459 3,015 6,857   5,816
-------------------------------------------------------------------------------

-------------------------------------------------------------------------------
 Marketing costs                                       -117   -59  -191     -90
-------------------------------------------------------------------------------
 General and administrative expenses                   -448  -492  -903    -876
-------------------------------------------------------------------------------
 Gain / loss from revaluation of investment
 properties                                           3,702 2,020 3,702   2,020
-------------------------------------------------------------------------------
 Other operating income and expense                      17     3    43       6
-------------------------------------------------------------------------------
 Operating profit                                     6,613 4,487 9,508   6,876
-------------------------------------------------------------------------------

-------------------------------------------------------------------------------
 Other finance income and expense                      -360  -418  -722    -839
-------------------------------------------------------------------------------
 Profit before income tax                             6,253 4,069 8,786   6,037
-------------------------------------------------------------------------------

-------------------------------------------------------------------------------
 Income tax expense                                    -649  -394  -904    -567
-------------------------------------------------------------------------------
 Net profit for the financial year                    5,604 3,675 7,882   5,470
-------------------------------------------------------------------------------
 Earnings per share
-------------------------------------------------------------------------------
 - Basic                                               1.10  0.83  1.55    1.27
-------------------------------------------------------------------------------
 - Diluted                                             1.10  0.83  1.55    1.27
-------------------------------------------------------------------------------

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

                                   30.06.2022   31.12.2021
-----------------------------------------------------------
  EUR thousands
-----------------------------------------------------------
  ASSETS
-----------------------------------------------------------
  Cash and cash equivalents             8,489       13,074
-----------------------------------------------------------
  Receivables and accrued income        1,113          876
-----------------------------------------------------------
  Prepaid expenses                         53          314
-----------------------------------------------------------
  Inventory                                 0           29
-----------------------------------------------------------
  Total current assets                  9,655       14,293
-----------------------------------------------------------

-----------------------------------------------------------
  Long-term receivables                     3            4
-----------------------------------------------------------
  Investment property                 168,604      161,961
-----------------------------------------------------------
  Property. plant and equipment           158          140
-----------------------------------------------------------
  Intangible assets                         2            3
-----------------------------------------------------------
  Total non-current assets            168,767      162,108
-----------------------------------------------------------
  TOTAL ASSETS                        178,422      176,401
-----------------------------------------------------------

-----------------------------------------------------------
  LIABILITIES AND EQUITY
-----------------------------------------------------------
  Borrowings                           11,873        7,645
-----------------------------------------------------------
  Derivative instruments                    0          121
-----------------------------------------------------------
  Payables and prepayments                923        1,349
-----------------------------------------------------------
  Total current liabilities            12,796        9,115
-----------------------------------------------------------

-----------------------------------------------------------
  Borrowings                           57,410       63,440
-----------------------------------------------------------
  Other long-term debt                    962          987
-----------------------------------------------------------
  Deferred income tax liability         6,516        5,945
-----------------------------------------------------------
  Total non-current liabilities        64,888       70,372
-----------------------------------------------------------
  Total liabilities                    77,684       79,487
-----------------------------------------------------------

-----------------------------------------------------------
  Share capital                        50,725       50,725
-----------------------------------------------------------
  Share premium                        16,288       16,288
-----------------------------------------------------------
  Statutory reserve capital             2,149        1,489
-----------------------------------------------------------
  Retained earnings                    31,576       28,412
-----------------------------------------------------------
  Total equity                        100,738       96,914
-----------------------------------------------------------
  TOTAL LIABILITIES AND EQUITY        178,422      176,401
-----------------------------------------------------------

Marilin Hein

CFO
Phone +372 6559 515
E-mail: [email protected] (mailto:[email protected])