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ICR - eref-reports-monthly-02-2025.pdf (155.41 KB)

Company: EfTEN Real Estate Fund III sh. Date: 2025-03-12 Language: English Register to download
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## **EfTEN Real Estate Fund AS, consolidated financial overview 28.02.2025**

| INCOME STATEMENT                                            | 02.25         |              | 01.25 Δ MOM YTD25 |              | YTD24 YOY%    |               | BALANCE SHEET                                                                                                     | 28.02.25                                                             | 31.12.24 YTD%                                      |                                  | Trade receivables                                                 |                                                                                        |                                                             |                                           |                         |  |
|-------------------------------------------------------------|---------------|--------------|-------------------|--------------|---------------|---------------|-------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------|----------------------------------------------------|----------------------------------|-------------------------------------------------------------------|----------------------------------------------------------------------------------------|-------------------------------------------------------------|-------------------------------------------|-------------------------|--|
| € in thousands                                              |               |              |                   |              |               |               | € in thousands                                                                                                    |                                                                      |                                                    |                                  |                                                                   | Due more than 60 days Due 30-60 days Due less than 30 days Undue                       |                                                             |                                           |                         |  |
| Rental income                                               | 2 566         | 2 556        | 9                 | 5 122        | 5 092         | 0,6%          | Cash and cash equivalents                                                                                         | 21 368                                                               | 18 415                                             | 16%                              |                                                                   |                                                                                        |                                                             |                                           |                         |  |
| Other sales income                                          | 61            | 59           | 2                 | 121          | 238           | -49%          | Short-term deposits                                                                                               | 1 020                                                                | 2 092                                              |                                  | 1 000                                                             |                                                                                        |                                                             |                                           |                         |  |
| Sales cost                                                  | -109          | -177         | 68                | -286         | -277          | 3%            | Trade receivables, incl.                                                                                          | 1 099                                                                | 1 173                                              |                                  | € tuhandetes                                                      |                                                                                        |                                                             |                                           |                         |  |
| Distribution and marketing costs<br>Net rental income (NOI) | -46<br>2 472  | -40<br>2 399 | -7<br>73          | -86<br>4 871 | -121<br>4 932 | -30%<br>-1,2% | overdue and not provisioned<br>Other current receivables                                                          | 300<br>827                                                           | 168<br>1 020                                       |                                  | 500                                                               |                                                                                        |                                                             |                                           |                         |  |
| NOI margin                                                  | 96%           | 94%          |                   | 95%          | 97%           |               | Current assets total                                                                                              | 24 314                                                               | 22 700                                             | 7%                               |                                                                   |                                                                                        |                                                             |                                           |                         |  |
| Management fees                                             | -188          | -188         | 0                 | -375         | -359          | 4%            | Investment properties                                                                                             | 375 337                                                              | 373 815                                            | 0%                               | 0                                                                 |                                                                                        |                                                             |                                           |                         |  |
| Other operating costs                                       | -138          | -131         | -7                | -269         | -288          | -7%           | Other long-term assets                                                                                            | 2 039                                                                | 2 248                                              |                                  | 02.24<br>03.24<br>04.24                                           | 05.24<br>06.24<br>07.24<br>08.24                                                       | 09.24<br>10.24<br>11.24                                     | 12.24<br>01.25                            | 02.25                   |  |
| Amortization costs                                          | -3            | -3           | 0                 | -6           | -7            |               | Assets total                                                                                                      | 401 690                                                              | 398 763                                            | 1%                               | MAIN INDICATORS                                                   | 28.02.25                                                                               | 31.01.25 31.12.24                                           |                                           | 30.11.24                |  |
| Changes in IP fair value                                    | 0             | 0            | 0                 | 0            | 0             |               |                                                                                                                   |                                                                      |                                                    |                                  | Weight. Aver. Int. Rate                                           | 4,58%                                                                                  | 4,78%                                                       | 4,89%                                     | 5,15%                   |  |
| Loss from sale of investment property                       | 0             | 0            | 0                 | 0            | 0             |               | Short-term loan liabilities                                                                                       | 25 873                                                               | 25 679                                             |                                  | Loan to value                                                     | 40%                                                                                    | 40%                                                         | 40%                                       | 41%                     |  |
| Other income and other costs                                | 1             | -39          | 40                | -38          | 39            |               | Long-term loan liabilities                                                                                        | 123 741                                                              | 123 873                                            |                                  | Debt to capital                                                   | 42%                                                                                    | 42%                                                         | 42%                                       | 44%                     |  |
| Operating profit                                            | 2 144         | 2 039        | 106               | 4 183        | 4 316         | -3%           | Other liabilities                                                                                                 | 16 189                                                               | 16 138                                             |                                  | Adjusted cash-flows                                               | 989                                                                                    | 840                                                         | 1 142                                     | 1 041                   |  |
| EBITDA                                                      | 2 149         | 2 043        | 106               | 4 192        | 4 326         | -3,1%         | Liabilities total                                                                                                 | 165 803                                                              | 165 690                                            | 0%                               | Portfolio net yield /a                                            | 7,6%                                                                                   | 7,6%                                                        | 7,6%                                      | 7,7%                    |  |
| EBITDA margin                                               | 82%           | 78%          |                   | 80%          | 81%           |               |                                                                                                                   |                                                                      |                                                    |                                  | DSCR                                                              | 1,8                                                                                    | 1,7                                                         | 1,7                                       | 1,7                     |  |
| Other financial income and expenses                         | -6            | 16           | -22               | 9            | 20            |               | Share capital and premium                                                                                         | 204 709                                                              | 204 709                                            | 0%                               | NAV                                                               | 20,62                                                                                  | 20,49                                                       | 20,37                                     | 20,41                   |  |
| Interest rate swap fair value changes                       | 0             | 0            | 0                 | 0            | 0             |               | Reserves                                                                                                          | 2 799                                                                | 2 799                                              |                                  | NAV change                                                        | 0,6%                                                                                   | 0,6%                                                        | -0,2%                                     | 0,7%                    |  |
| Interest costs                                              | -589          | -640         | 51                | -1 229       | -1 476        | -17%          | Retained earnings                                                                                                 | 28 379                                                               | 25 564                                             | 11%                              | ROIC*, annual basis                                               | 7,0%                                                                                   | 7,0%                                                        | 7,0%                                      | 2,3%                    |  |
| Icome tax                                                   | -80           | -69          | -11               | -149         | -166          | -10%          | Equity total                                                                                                      | 235 887                                                              | 233 073                                            | 1%                               | * ROIC is calculated as actual cumul. net profit/invested capital |                                                                                        |                                                             |                                           |                         |  |
| NET PROFIT                                                  | 1 469         | 1 346        | 123               | 2 814        | 2 694         | 4%            | Liabilities and equity total                                                                                      | 401 690                                                              | 398 763                                            | 1%                               |                                                                   |                                                                                        |                                                             |                                           |                         |  |
| EPRA PROFIT                                                 | 1 520         | 1 394        | 126               | 2 914        | 2 854         | 2%            |                                                                                                                   |                                                                      |                                                    |                                  |                                                                   |                                                                                        |                                                             |                                           |                         |  |
| EPRA profit per share, in cents                             | 13,28         | 12,19        | 1,10              | 25,47        | 26,38         | -3,5%         |                                                                                                                   | Vacancy                                                              |                                                    |                                  |                                                                   | NAV                                                                                    |                                                             |                                           |                         |  |
| EPRA cost ratio                                             | 16,5%         | 18,7%        | -2,3%             | 17,6%        | 16,0%         | 10,0%         |                                                                                                                   |                                                                      |                                                    |                                  |                                                                   |                                                                                        |                                                             |                                           |                         |  |
| Potential gross dividend per share (cents)                  | 6,92          | 5,88         | 1,04              | 12,79        | 12,44         | 2,9%          | Leased out, m2                                                                                                    | Vacancy, m2                                                          |                                                    | Vacancy, % from m2               | 28,00<br>26,00                                                    |                                                                                        |                                                             |                                           |                         |  |
|                                                             |               |              |                   |              |               |               | 400                                                                                                               |                                                                      |                                                    | 4,50%                            | 24,00                                                             |                                                                                        |                                                             |                                           |                         |  |
| CASH-FLOW STATEMENT                                         | 02.25         |              | 01.25 Δ MOM YTD25 |              | YTD24 YOY%    |               | 350                                                                                                               |                                                                      |                                                    | 4,00%                            | 22,00<br>20,00                                                    |                                                                                        |                                                             |                                           |                         |  |
| EBITDA                                                      | 2 149         | 2 043        | 106               | 4 192        | 4 326         | -3%           | 300                                                                                                               |                                                                      |                                                    | 3,50%<br>3,00%                   | 18,00                                                             |                                                                                        |                                                             |                                           |                         |  |
| Changes in working capital                                  | -198          | 417          | -615              | 219          | 622           |               | m2, thousands<br>250<br>200                                                                                       |                                                                      |                                                    | 2,50%                            | 16,00                                                             |                                                                                        |                                                             |                                           |                         |  |
| Intrerests received                                         | 37            | 30           | 7                 | 68           | 41            |               | 150                                                                                                               |                                                                      |                                                    | 2,00%                            | Vacancy, %<br>14,00<br>12,00                                      |                                                                                        |                                                             |                                           |                         |  |
| Cash flows in operating activities                          | 1 988         | 2 491        | -503              | 4 479        | 4 989         |               | 100                                                                                                               |                                                                      |                                                    | 1,50%<br>1,00%                   | 10,00                                                             |                                                                                        |                                                             |                                           |                         |  |
| Aqcuisition of PPE                                          | -612          | -808         | 196               | -1 420       | -2 004        |               | 50                                                                                                                |                                                                      |                                                    | 0,50%                            | 02.20<br>04.20<br>06.20<br>08.20<br>10.20<br>12.20                | 02.22<br>04.22<br>06.22<br>08.22<br>02.21<br>04.21<br>06.21<br>08.21<br>10.21<br>12.21 | 10.22<br>12.22<br>02.23<br>04.23<br>06.23<br>08.23<br>10.23 | 12.23<br>02.24<br>04.24<br>06.24<br>08.24 | 10.24<br>12.24<br>02.25 |  |
| Short-term desposits                                        | 1 072         | 0            | 1 072             | 1 072        | 0             |               | 0                                                                                                                 |                                                                      |                                                    | 0,00%                            |                                                                   |                                                                                        |                                                             |                                           |                         |  |
| Sale of investment properties                               | 0             | 0            | 0                 | 0            | 0             |               | 02.22<br>05.22<br>08.22<br>11.22<br>02.21<br>05.21<br>08.21<br>11.21                                              | 02.23<br>05.23<br>08.23<br>11.23<br>02.24                            | 05.24<br>08.24<br>11.24                            | 02.25                            |                                                                   | NAV                                                                                    | Dividend per share (gross)                                  |                                           |                         |  |
| Cash from merger<br>Cash-flows in investing activities      | 0             | 0            | 0                 | 0            | 0             |               |                                                                                                                   |                                                                      |                                                    |                                  |                                                                   |                                                                                        |                                                             |                                           |                         |  |
| Bank loans received                                         | 460           | -808         | 1 268             | -348         | -2 004        |               |                                                                                                                   |                                                                      |                                                    |                                  |                                                                   |                                                                                        |                                                             |                                           |                         |  |
| Bank loan repayment (annuity)                               | 524           | 621          | -97               | 1 146        | 1 696         |               |                                                                                                                   | Sales income by segments                                             |                                                    |                                  |                                                                   | EBITDA by segments                                                                     |                                                             |                                           |                         |  |
| Bank loan repayment on property sale                        | -541          | -543         | 1                 | -1 084       | -1 163        | -7%           | 3 000                                                                                                             |                                                                      |                                                    |                                  | 2 400                                                             |                                                                                        |                                                             |                                           |                         |  |
|                                                             | 0             | 0            | 0                 | 0            | 0             |               | 2 500                                                                                                             |                                                                      |                                                    |                                  | 2 100                                                             |                                                                                        |                                                             |                                           |                         |  |
| Interests paid from bank loan                               | -597          | -643         | 46                | -1 239       | -1 622        | -24%          | Thousands<br>2 000                                                                                                |                                                                      |                                                    |                                  | Thousands<br>1 800                                                |                                                                                        |                                                             |                                           |                         |  |
| Dividend, dividend income tax paid                          | 0             | 0            | 0                 | 0            | 0             |               | 1 500                                                                                                             |                                                                      |                                                    |                                  | 1 500<br>1 200                                                    |                                                                                        |                                                             |                                           |                         |  |
| Share issues                                                | 0             | 0            | 0                 | 0            | 0             |               | 1 000                                                                                                             |                                                                      |                                                    |                                  | 900                                                               |                                                                                        |                                                             |                                           |                         |  |
| Cash flows in financing activities                          | -614          | -564         | -50               | -1 178       | -1 089        |               |                                                                                                                   | 600                                                                  |                                                    |                                  |                                                                   |                                                                                        |                                                             |                                           |                         |  |
| Cash-flows total                                            | 1 834         | 1 119        | 715               | 2 953        | 1 895         |               | 500                                                                                                               |                                                                      |                                                    |                                  | 300                                                               |                                                                                        |                                                             |                                           |                         |  |
| Cash balance at the beginning of period                     | 19 534 18 415 |              |                   | 18 415       | 14 712        |               | 0                                                                                                                 |                                                                      |                                                    |                                  | 0                                                                 |                                                                                        |                                                             |                                           |                         |  |
| Increase/decrease                                           | 1 834         | 1 119        | 715               | 2 953        | 1 895         |               | 02.20<br>04.20<br>06.20<br>08.20<br>10.20<br>12.20<br>02.22<br>02.21<br>04.21<br>06.21<br>08.21<br>10.21<br>12.21 | 04.22<br>06.22<br>08.22<br>10.22<br>12.22<br>02.23<br>04.23<br>06.23 | 08.23<br>10.23<br>12.23<br>02.24<br>04.24<br>06.24 | 08.24<br>10.24<br>12.24<br>02.25 | 02.20<br>04.20<br>06.20<br>08.20<br>10.20<br>12.20                | 02.22<br>04.22<br>06.22<br>08.22<br>02.21<br>04.21<br>06.21<br>08.21<br>10.21<br>12.21 | 02.23<br>04.23<br>06.23<br>08.23<br>10.23<br>10.22<br>12.22 | 12.23<br>02.24<br>04.24<br>06.24<br>08.24 | 10.24<br>12.24<br>02.25 |  |
| Cash balance at the end of period                           | 21 368 19 534 |              |                   | 21 368       | 16 607        |               | Retail<br>Logistics                                                                                               | Office<br>Elderly Care                                               | Governmental                                       |                                  |                                                                   | Retail Logistics Office Elderly care Governmental Non-allocated                        |                                                             |                                           |                         |  |

| BALANCE SHEET                | 28.02.25 | 31.12.24 | YTD% |
|------------------------------|----------|----------|------|
| € in thousands               |          |          |      |
| Cash and cash equivalents    | 21 368   | 18 415   | 16%  |
| Short-term deposits          | 1 020    | 2 092    |      |
| Trade receivables, incl.     | 1 099    | 1 173    |      |
| overdue and not provisioned  | 300      | 168      |      |
| Other current receivables    | 827      | 1 020    |      |
| Current assets total         | 24 314   | 22 700   | 7%   |
| Investment properties        | 375 337  | 373 815  | 0%   |
| Other long-term assets       | 2 039    | 2 248    |      |
| Assets total                 | 401 690  | 398 763  | 1%   |
|                              |          |          |      |
| Short-term loan liabilities  | 25 873   | 25 679   |      |
| Long-term loan liabilities   | 123 741  | 123 873  |      |
| Other liabilities            | 16 189   | 16 138   |      |
| Liabilities total            | 165 803  | 165 690  | 0%   |
|                              |          |          |      |
| Share capital and premium    | 204 709  | 204 709  | 0%   |
| Reserves                     | 2 799    | 2 799    |      |
| Retained earnings            | 28 379   | 25 564   | 11%  |
| Equity total                 | 235 887  | 233 073  | 1%   |
| Liabilities and equity total | 401 690  | 398 763  | 1%   |

| Trade receivables<br>Due more than 60 days Due 30-60 days Due less than 30 days Undue |       |       |       |       |       |       |       |       |       |       |       |       |       |  |  |
|---------------------------------------------------------------------------------------|-------|-------|-------|-------|-------|-------|-------|-------|-------|-------|-------|-------|-------|--|--|
| € tuhandetes<br>1 000<br>500<br>0                                                     |       |       |       |       |       |       |       |       |       |       |       |       |       |  |  |
|                                                                                       | 02.24 | 03.24 | 04.24 | 05.24 | 06.24 | 07.24 | 08.24 | 09.24 | 10.24 | 11.24 | 12.24 | 01.25 | 02.25 |  |  |
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