Baltic, Financial Services, Funds, Real Estate

The net profit for the comparison period, June, included the gain from the change in the fair value of investment properties in the amount of 1.46 mln euros. The increase in sales revenue was mainly due to the increase in seasonal turnover in the entertainment areas and restaurants of the Saules Miestas shopping center, Eften told the stock exchange.

The net asset value (NAV) of the shares of EfTEN Real Estate Fund III AS as of July 31 was 16 euros per share. NAV increased by 0,6% in July.

The EPRA NAV per share (net book value excluding deferred income tax liability and fair value of interest derivatives) as of July 31 was 17.03 euros. EPRA NAV increased by 0,7% during July.

The EBITDA of the fund in July was 614,000 euros, compared with 589,000 euros in June. 

During the first seven months of this year, EfTEN Real Estate Fund III AS has earned 5.4 mln euros in sales -- 12 %, or 0.5 mln euros, more than in the same period last year. The fund's EBITDA for the first seven months of this year is 4.2 mln euros -- 11 %, or 0.4 mln euros, more than in the same period last year.

Based on the fund's dividend policy, which stipulates that at least 80 % of the free cash flow will be distributed to the shareholders, the fund could pay dividends based on the first seven months of 2019 in the amount of 1.47 mln euros, or 35 cents per share.

As of the end of July, EfTEN Real Estate Fund III AS has 14 mln euros of uninvested equity at its accounts. Finding suitable projects for investment is the first priority of the fund's management. The Hortes Tahesaju construction is going according to the schedule and the new gardening center will be opened in the fourth quarter of 2019. 

The volume of consolidated assets of EfTEN Real Estate Fund III AS as of July 31 was 128.9 mln euros and equity was 67.6 mln euros.