EfTEN Real Estate Fund III AS Net Asset Value per share as of 30.04.2018

In April, EfTEN Real Estate Fund III AS made 681 thousand euros of sales income, the decrease in 11 thousand euros from March. The decrease in sales income is mainly related to the management and rental income in Saules Miestas. The sales expenses and distribution expenses were 55 thousand in April (in March: 47 thousand euros). The consolidated gross profit was 626 thousand euros in April (In March: 645 thousand euros). In connection with the general meeting of shareholders and quarterly bonus-salaries in Saules Miestas, the other general expenses increased by 27 thousand euros, compared to March. The net profit of the Fund was 318 thousand euros (363 thousand euros in March). 

During the first 4 month of 2018, EfTEN Real Estate Fund III have made a sales income of 2,681 thousand euros with an EBITDA of 2,112 thousand euros (the EBITDA margin is 79%). The year before, during the first 4 months of 2017, the Fund made a sales income of 2.350 thousand euros with an EBITDA of 1.863 thousand euros (EBITDA margin was also 79%). The Fund’s net profit for the first 4 months of 2018 is 1.568 thousand euros (1st 4 months of 2017: 1.451 thousand euros).

The base of dividend calculation (EBITDA minus corporate income tax minus loan and interest payments) would allow to pay net dividends 815 thousand euros (25 cents per share), as a result of 4 months this year. The net dividend, paid in April 2018 (based on the year 2017 profit), was 68 cents per share. 
The Fund’s consolidated asset value as of 30.04.2018 is 95.8 million euros (31.12.2017: 97.3 million euros), and equity is 45.8 million euros (31.12.2017: 46.4 million euros). The Fund’s 12-month return for the average paid-in share capital is 20.0%.

The Net Asset Value of EfTEN Real Estate Fund III AS as of 30.04.2018 is 14.20 euros. This decreased by 3,9%, compared to the NAV as of 31.03.2018. Without dividend payment, the NAV as of 30.04.2018 would have increased by 0,8%, compared to March 2018.

Marilin Hein
CFO
Phone: 655 9515
E-mail: marilin.hein@eften.ee