EfTEN Real Estate Fund III AS Net Asset Value per share as of 31.03.2018

In March, EfTEN Real Estate Fund III made 692 thousand euros of sales income, which, after the rent increase in DSV Latvia following an expansion, the vacancy decrease in Ulonu, and the turnover increase for the Saules Miestas shopping center playground, is an increase of 40 thousand euros compared to February. The sales expenses and distribution expenses remained the same, resulting in a gross profit of 645 thousand euros (in February: 607 thousand euros). Due to the negative change in interest rate swap fair value, the Fund’s consolidated net profit remained the same, amounting to 363 thousand euros (in February 2018: 366 thousand euros).

During the 1st quarter of 2018, EfTEN Real Estate Fund III have made a sales income of 2,000 thousand euros with an EBITDA of 1.592 thousand euros (the EBITDA margin is 80%). The year before, in the 1st quarter of 2017, the Fund made a sales income of 1.764 thousand euros with an EBITDA of 1.424 thousand euros (EBITDA margin was 81%). The Fund’s net profit for the 1st quarter of 2018 is 1.250 thousand euros (1st quarter of 2017: 1.102 thousand euros).

The Fund’s consolidated asset value as of 31.03.2018 is 97.5 million euros (31.12.2017: 97.3 million euros), and equity is 47.6 million euros (31.12.2017: 46.4 million euros). The Fund’s 12-month return for the average paid-in share capital is 20.6%.

The Net Asset Value of EfTEN Real Estate Fund III AS as of 31.03.2018 is 14.78 euros. This increased by 0,8%, compared to the NAV as of 28.02.2018. Without interest rate fair value changes, the NAV as of 31.03.2018 would be 14,80 euros per share and would have increased by 0,9%, compared to February.

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