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Published: 2024-02-08 07:05:00 CET
EfTEN United Property Fund / EfTEN Capital
Interim Management statement

EfTEN United Property Fund unaudited financial results for the 12 months and 4th quarter of 2023

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 quarter12 months
 2023202220232022
€ thousand    
INCOME    
Interest income15288536308
Dividend income00352212
Net profit / loss from assets recognised in fair value through profit or loss-194239-8281 148
   Investments in subsidiaries-68-381-98-199
   Investments in funds-126620-7301 346
Total income-42327601 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-92284-1791 439
Total profit / loss for the period-92284-1791 439
     
Ordinary and diluted earnings / loss per share (EUR)-0,040,11-0,070,66


Statement of financial position

 31.12.202331.12.2022
€ thousand  
ASSETS  
Current assets  
Cash and cash equivalents5 7318 769
Short-term deposits1 7950
Other receivables and accrued income711385
Total current assets8 2379 154
   
Non-current assets  
Financial assets at fair value through profit or loss12 35412 942
  Investments in subsidiaries1 0541 152
  Real estate funds11 30011 790
Loans granted5 6685 376
Total non-current assets18 02218 318
TOTAL ASSETS26 25927 472
   
LIABILITIES  
Current liabilities3586
Total liabilities, excluding net asset value of the fund attributable to shareholders3586
   
NET ASSET VALUE OF THE FUND  
Net asset value of the fund attributable to shareholders26 25626 886
Total liabilities and net asset value of the fund attributable to shareholders26 25927 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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EUPF_12_kuud_2023_ENG.pdf