Estonia, Financial Services, Funds, Good for Business, Real Estate
International Internet Magazine. Baltic States news & analytics
Saturday, 27.04.2024, 02:49
Estonia`s Eften Real Estate Fund III posts EUR 4.1 mln revenue for 6 mos
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.