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Estonia`s Eften Real Estate Fund III posts EUR 4.1 mln revenue for 6 mos

BC, Tallinn, 10.07.2018.Print version
The consolidated sales revenue of Eften Real Estate Fund III AS in the first six months of 2018 totaled 4.1 mln euros, marking an increase of 16% over the same period in 2017, while its net profit dropped 22 % to 3.2 mln euros, Eften Real Estate Fund III told the stock exchange.

The decrease in net profit is due to the lower profit from the revaluation of investment properties, which totaled 962,000 euros, compared to 2.3 mln euros in the first half of last year.


The fund's regular business was stable in June, and included first-time rental income from the Evolution office building. Rental income totaled 684,000 euros, up from 624,000 euros in May, and EBITDA totaled 593,000 euros, compared with 533,000 euros in May.


In June, Colliers International Advisors carried out the usual half-year valuation of Eften Real Estate Fund III. This time, the fair value of investment properties did not change significantly. The size of the contraction was 22,000 euros, representing 0.02% of the value of investments property.


The group accounted a revaluation from the purchase of the Evolution office building in May at 982,000 euros on the transaction date. Therefore, the value of investment properties increased by 962,000 euros in total during the first six months of the year.


As at the end of June, the group's total assets amounted to 106.1 mln euros, up from 97.3 mln euros at the end of 2017, including fair value of investment property, which accounted for 95% of the total assets, compared with 91% at the end of 2017.


During the first half of 2018, the group generated a free cash flow of 1.703 mln euros, compared with 1.399 mln euros in the first half of 2017. Following the deduction of Lithuanian income tax expense and the calculation of the potential dividend income tax expense in Estonian and Latvian companies, EfTEN Real Estate Fund III would be able to distribute net dividends to shareholders in the amount of 1.2 mln euros or 37 cents per share for the first six months of the year. The fund paid to shareholders a net dividend of 68 cents per share for 2017.

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