Net asset value of the real estate fund EfTEN III AS at 30.09.2021 and preliminary financial results 9 months 2021

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The net asset value (NAV) of EfTEN Real Estate Fund III AS amounted to 18.0499 euros at 30.09.2021, up 0.9% in September. The net assets of the EPRA share (net book value excluding deferred tax liabilities and fair value of interest rate derivatives) amounted to 19.07 euros at 30.09.2021. EPRA NAV rose 0.8% in September.

In September, EfTEN Real Estate Fund III AS achieved a consolidated turnover of 1,141 thousand euros, or 28 thousand euros less than in August. The decrease in rental income is mainly due to the fall in seasonal income and the change of tenants in September in the Saules Miestas shopping center. The change in consumer behavior over the past 1.5 years is still significant – the number of visitors to the center is lower, but purchases are higher, which maintains the level of rents in turnover. The Fund’s consolidated EBITDA amounted to 975 thousand euros in September, or 25 thousand euros less than in August. The consolidated net income for September amounted to 772 thousand euros, or 8 thousand euros more than in August.

In the first nine months of this year, the fund achieved an EBITDA of 7.8 (2020: 6.15) million euros with a turnover of 9.4 (9 months of 2020: 7.7 ) millions of euros. Compared to the previous year, turnover increased by 22.5% and EBITDA by 27%, for a total of 1.7 million euros, of which 0.94 million euros were generated by the addition of new investment properties (Rutkausko office building, Pirita Elderly Rest home, Ramygalos logistics building), discounts granted to tenants during the Covid-19 emergency period during the reference period, as well as the rental of vacant premises in Ulonu and Evolution office buildings in Vilnius. The net profit of the fund for the first 9 months of this year is 7.744 million euros (the net profit for the first nine months of the previous year was 747 thousand euros due to the loss of revaluation of buildings shift).

This year, EfTEN Real Estate Fund III AS generated a total of € 3,630,000 in free cash flow serving as the basis for dividends, which is 35% more than in the same period last year. As of 09/30/2021, the fund’s consolidated cash position amounted to € 11.9 million, including € 6.4 million of funds available on the account of the parent company.

The fund’s consolidated outstandings amounted to 37 thousand euros as of September 30, which is historically the fund’s lowest level.

The consolidated equity of EFTEN Real Estate Fund III AS amounted to 91.559 million euros as of 30.09.2021 (31.12.2020: 71.483 million euros).

Marilin Hein
CFO
Telephone 655 9515
E-mail: [email protected]

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