LHV Institutional Baltic Insight, July 14th, 2021
* EfTEN Real Estate Fund III (EFT1T ET) published its preliminary financial indicators and NAV numbers for June and Q2 2021, indicating a decent y-o-y improvement in its underlying revenues and profits from its rental activities, driven mostly by the recent acquisitions. Further, the Fund’s independent real estate appraiser, Colliers International, upgraded the total value of investment properties during its regular semi-annual valuation process, leading to an additional reversal of the property write-downs recorded in June 2020. The latest revaluation of the properties boosted the net profit figures for June and Q2 2021, while we did not account for any potential revaluations in our Q2 earnings previews.* Tallinna Kaubamaja Group’s (TKM1T ET) results for Q2 2021 came in stronger than anticipated, with the car trade segment again being a major contributor to the total revenue and profit growth.
* Please also refer to the tables in the attachment.
Tallinna Kaubamaja is engaged in footwear trade, car trade and retail trade in supermarkets and real estate development in Latvia; and in car trade in Lithuania. Supermarkets focus on the sale of foodstuffs and convenience goods, the department stores on the sale of beauty and fashion products, the car trade on the sale of cars and spare parts to cars. In the car trade segment, cars are sold at wholesale prices to authorised car dealers. In the footwear trade segment, footwear is sold at wholesale prices to family markets. The real estate segment deals with the management and maintenance of real estate owned by Co., and with the rental of commercial premises.
LHV Bank is an independent pan-Baltic bank, based on Estonian capital. The company was founded in 1999 by two founders of Hansapank (today’s Swedbank in the Baltics) and has been offering a full range of investment services for 15 years. In May 2009, LHV received a credit institution licence allowing it to provide all banking services.
The head office is situated in Tallinn, Estonia. Cross-border services are offered in Vilnius, Lithuania and in Riga, Latvia. LHV provides brokerage (institutional and retail), asset management, banking and capital markets services. Compared to other banks, we are more innovative and have more solid experience in investment and entrepreneurship.
The Bank, together with the Group asset management company employs over 320 people. LHV Group shares are listed on Nasdaq Tallinn.
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