EfTEN United Property Fund earned 1.821 million euros in income in 2024 (60 thousand in 2023). Interest and dividend income increased by 29 thousand euros and 50 thousand euros respectively over the year. The largest increase in income came from the revaluation of investments, where the fund earned 851 thousand euros in 2024 (828 thousand euros in loss in 2023). In total, EfTEN United Property Fund earned 1.623 million euros in profit in 2024 (179 thousand euros in loss in 2023). At the same time, the fund's expenses decreased by 41 thousand euros to -198 thousand euros over the year.
The profit from the change in the fair value of investments was primarily related to the investment in Kristiine Center acquired at a discount of more than 10% from the market price through the EfTEN Real Estate Fund 5 and the increase in the value of the Uus-Järveküla residential development owned by the subsidiary. The value of the investment in the listed EfTEN Real Estate Fund AS shares did not change substantially in 2024, decreasing by 22 thousand euros in the year. If the EfTEN Real Estate Fund AS shares were recorded at their net asset value (NAV) instead of the stock exchange price, the fund would have earned an additional 57 thousand euros in profit in the year.
The fund's investments in rental real estate showed a positive cash flow in 2024, and with the decline in interest costs, this is expected to continue in the coming year. As of now, the fund management company plans to distribute income from EfTEN United Property Fund three times in 2025: in late spring, when dividends from the underlying funds are received, and twice in the second half of the year, when interest on investments made in the form of loan capital is received.
2025 is the first full year in which the financial results of EfTEN United Property Fund are based on the fully invested portfolio. In addition, the fund's development investment, Uus-Järveküla residential area, is expected to be completed by the end of this year or early 2026.
Statement of the comprehensive income
| 4th quarter | 12 months | |||
| 2024 | 2023 | 2024 | 2023 | |
| € thousand | ||||
| INCOME | ||||
| Interest income | 118 | 152 | 565 | 536 |
| Dividend income | 142 | 0 | 402 | 352 |
| Interest expenses | -2 | 0 | -2 | 0 |
| Other financial income | 0 | 0 | 5 | 0 |
| Net profit / loss from assets recognised in fair value through profit or loss | 877 | -194 | 851 | -828 |
| Investments in subsidiaries | 214 | -68 | 100 | -98 |
| Investments in funds | 663 | -126 | 751 | -730 |
| Total income | 1 135 | -42 | 1 821 | 60 |
| COSTS | ||||
| Operating expenses | ||||
| Management fee | -28 | -30 | -112 | -115 |
| Costs of administering the Fund | -10 | -5 | -31 | -34 |
| Other operating expenses | -9 | -15 | -55 | -90 |
| Total operating expenses | -47 | -50 | -198 | -239 |
| Profit / loss for the period | 1 088 | -92 | 1 623 | -179 |
| Total profit / loss for the period | 1 088 | -92 | 1 623 | -179 |
| Ordinary and diluted earnings / loss per share (EUR) | 0,44 | -0,04 | 0,65 | -0,07 |
Statement of financial position
| 31.12.2024 | 31.12.2023 | |
| € thousand | ||
| ASSETS | ||
| Current assets | ||
| Cash and cash equivalents | 0 | 5 731 |
| Short-term deposits | 120 | 1 795 |
| Loans granted | 3 519 | 0 |
| Other receivables and accrued income | 1 039 | 711 |
| Total current assets | 4 678 | 8 237 |
| Non-current assets | ||
| Financial assets at fair value through profit or loss | 21 063 | 12 354 |
| Investments in subsidiaries | 1 154 | 1 054 |
| Real estate funds | 19 909 | 11 300 |
| Loans granted | 2 149 | 5 668 |
| Total non-current assets | 23 213 | 18 022 |
| TOTAL ASSETS | 27 890 | 26 259 |
| LIABILITIES | ||
| Bank overdraft | 400 | 0 |
| Current liabilities | 12 | 3 |
| Total liabilities, excluding net asset value of the fund attributable to shareholders | 412 | 3 |
| NET ASSET VALUE OF THE FUND | ||
| Net asset value of the fund attributable to shareholders | 27 478 | 26 256 |
| Total liabilities and net asset value of the fund attributable to shareholders | 27 890 | 26 259 |
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 Estonian on 10.02.2025, starting at 11:00 (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 7 at 17:00 (EET). To participate in the webinar, please register at: https://nasdaq.zoom.us/webinar/register/WN_f904p8lKStqXwtU1hGAgqA#/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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