February 25, 2024
Property

EfTEN United Property Fund unaudited financial results for


EfTEN United Property Fund earned 60 thousand euros of revenue in 2023 (1.67 million in 2022). While interest income increased by 228 thousand euros and dividend income by 150 thousand, the decrease in total income was related to the non-monetary revaluation of investments. From the revaluation of investments, the fund earned a loss of 828 thousand euros in 2023 (1.15 million euros profit in 2022).

The downward valuation on investments was primarily related to the increase in the discount rate due to higher market interest rates and the fund’s investment in the shares of EfTEN Real Estate Fund AS, which price on the Tallinn Stock Exchange fell by 4% over the year. As a result of the revaluation, the fund earned a loss of 179 thousand euros in 2023 (1.44 million euros profit in 2022), of which 620 thousand euros resulted from the change in the stock market price of EfTEN Real Estate Fund AS. If the shares of EfTEN Real Estate Fund AS were reflected in its net asset value (NAV), the fund would have earned 97 thousand euros in profit in 2023.

The fund’s commercial real estate investments maintained a positive cash flow in 2023, which allows the fund to continue distributing regular income in 2024. As of now, the fund management company plans to make two distributions to investors from the EfTEN United Property Fund in the coming year. The first in the late spring, when the dividends from the underlying funds have been received, and the second in the fall, when the interest earned from the investments made in the form of loan capital is received and the additional funds will be released by the possible refinancing of the loans.

Statement of the comprehensive income

  4th quarter 12 months
  2023 2022 2023 2022
€ thousand        
INCOME        
Interest income 152 88 536 308
Dividend income 0 0 352 212
Net profit / loss from assets recognised in fair value through profit or loss -194 239 -828 1 148
   Investments in subsidiaries -68 -381 -98 -199
   Investments in funds -126 620 -730 1 346
Total income -42 327 60 1 668
         
COSTS        
Operating expenses        
   Management fee -30 -28 -115 -96
   Costs of administering the Fund -5 -2 -34 -90
   Other operating expenses -15 -13 -90 -44
Total operating expenses -50 -43 -239 -229
         
Profit / loss for the period -92 284 -179 1 439
Total profit / loss for the period -92 284 -179 1 439
         
Ordinary and diluted earnings / loss per share (EUR) -0,04 0,11 -0,07 0,66

Statement of financial position

  31.12.2023 31.12.2022
€ thousand    
ASSETS    
Current assets    
Cash and cash equivalents 5 731 8 769
Short-term deposits 1 795 0
Other receivables and accrued income 711 385
Total current assets 8 237 9 154
     
Non-current assets    
Financial assets at fair value through profit or loss 12 354 12 942
  Investments in subsidiaries 1 054 1 152
  Real estate funds 11 300 11 790
Loans granted 5 668 5 376
Total non-current assets 18 022 18 318
TOTAL ASSETS 26 259 27 472
     
LIABILITIES    
Current liabilities 3 586
Total liabilities, excluding net asset value of the fund attributable to shareholders 3 586
     
NET ASSET VALUE OF THE FUND    
Net asset value of the fund attributable to shareholders 26 256 26 886
Total liabilities and net asset value of the fund attributable to shareholders 26 259 27 472

The unaudited 4th quarter and 12 months report of the EfTEN United Property Fund can be found on the fund’s website: https://eftenunitedpropertyfund.ee/en/reports-documents/

EfTEN Capital AS will hold a webinar in English on 15.02.2024, starting at 13:00 (EET), to introduce the results and outlook of the EfTEN United Property Fund. Questions can be asked during the webinar as well as by sending them in advance by e-mail at: united@eften.ee no later than February 14 at 17:00 (EET). To participate in the webinar, please register at: https://nasdaq.zoom.us/webinar/register/WN_hE6LlryURl2BpwsgmunLYQ#/registration. Participants will be sent a reminder email one hour before the start of the webinar. The webinar will be recorded and made public on the fund’s website https://eftenunitedpropertyfund.ee and on the YouTube channel.

  

Kristjan Tamla
Managing Director
Phone 655 9515
E-mail: kristjan.tamla@eften.ee



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