EfTEN United Property Fund (hereinafter the Fund) earned 94 thousand euros in
net profit in the first quarter of 2024 (2023 first quarter: 34 thousand euros
in net loss). The fund's revenues increased from 56 thousand euros to 155
thousand euros during the year, and expenses decreased from 90 thousand euros to
61 thousand euros.
In the first quarter of 2024, EfTEN United Property Fund operated in an
environment of stabilizing real estate market and euro interest rates. Although
transaction activity in the residential and especially commercial real estate
market remains relatively low, certain signs of stabilization and recovery were
noticeable at the beginning of the year. For example, the sales of the fund's
Uus-Järveküla residential development project accelerated somewhat. In the
stabilizing real estate market environment, the goal of the fund is to invest
most of the free capital in cash-flow commercial real estate and to distribute
income to investors twice in 2024.
The assets of EfTEN United Property Fund are 26,354 thousand euros as of
31.03.2024 (31.12.2023: 26,259 thousand euros), of which long-term investments
make up 69.2% as of the end of March 2024 (31.12.2023: 68.6%).
In January 2024, EfTEN United Property Fund increased its investment in the
EfTEN Residential Fund by 250 thousand euros in connection with the development
project of rental apartments in Vilnius. The Vilnius rental building is expected
to be completed and to start generating cash flow for the fund in the summer of
2024. EfTEN United Property Fund is planning the last investment in the Vilnius
residential rental building in May 2024. After that, no new investments in
residential rental buildings are planned.
In the residential district of Uus-Järveküla, approximately 50 parts of terraced
houses were handed over to customers in the first quarter of 2023. In addition,
the construction works of the II stage started, where 16 semi-detached houses
and 14 of terraced houses will be completed by the beginning of 2025. Of these,
only 2 semi-detached houses and 4 terraced houses have not been booked by
customers.
Statement of the comprehensive income
+----------+
| 1st |
| quarter |
+----+-----+
|2024|2023 |
+-------------------------------------------------------------------+----+-----+
|EUR thousand | | |
+-------------------------------------------------------------------+----+-----+
|INCOME | | |
+-------------------------------------------------------------------+----+-----+
|Interest income | 151| 106|
+-------------------------------------------------------------------+----+-----+
|Dividend income | 22| 23|
+-------------------------------------------------------------------+----+-----+
|Other financial income | 5| 0|
+-------------------------------------------------------------------+----+-----+
|Net profit / loss from assets recognised in fair value through | | |
|profit or loss | -23| -73|
+-------------------------------------------------------------------+----+-----+
| Investments in subsidiaries |-148| 28|
+-------------------------------------------------------------------+----+-----+
| Investments in funds | 125| -101|
+-------------------------------------------------------------------+----+-----+
|Total income | 155| 56|
+-------------------------------------------------------------------+----+-----+
| | | |
+-------------------------------------------------------------------+----+-----+
|COSTS | | |
+-------------------------------------------------------------------+----+-----+
|Operating expenses | | |
+-------------------------------------------------------------------+----+-----+
| Management fee | -28| -27|
+-------------------------------------------------------------------+----+-----+
| Costs of administering the Fund | -6| -12|
+-------------------------------------------------------------------+----+-----+
| Other operating expenses | -27| -51|
+-------------------------------------------------------------------+----+-----+
|Total operating expenses | -61| -90|
+-------------------------------------------------------------------+----+-----+
| | | |
+-------------------------------------------------------------------+----+-----+
|Profit / loss for the period | 94| -34|
+-------------------------------------------------------------------+----+-----+
|Total profit / loss for the period | 94| -34|
+-------------------------------------------------------------------+----+-----+
| | | |
+-------------------------------------------------------------------+----+-----+
|Ordinary and diluted earnings / loss per share (EUR) |0,04|-0,01|
+-------------------------------------------------------------------+----+-----+
Statement of financial position
+----------+----------+
|31.03.2024|31.12.2023|
+--------------------------------------------------------+----------+----------+
|EUR thousand | | |
+--------------------------------------------------------+----------+----------+
|ASSETS | | |
+--------------------------------------------------------+----------+----------+
|Current assets | | |
+--------------------------------------------------------+----------+----------+
|Cash and cash equivalents | 5 788| 5 731|
+--------------------------------------------------------+----------+----------+
|Short-term deposits | 1 563| 1 795|
+--------------------------------------------------------+----------+----------+
|Other receivables and accrued income | 754| 711|
+--------------------------------------------------------+----------+----------+
|Total current assets | 8 105| 8 237|
+--------------------------------------------------------+----------+----------+
| | | |
+--------------------------------------------------------+----------+----------+
|Non-current assets | | |
+--------------------------------------------------------+----------+----------+
|Financial assets at fair value through profit or loss | 12 581| 12 354|
+--------------------------------------------------------+----------+----------+
| Investments in subsidiaries | 906| 1 054|
+--------------------------------------------------------+----------+----------+
| Real estate funds | 11 675| 11 300|
+--------------------------------------------------------+----------+----------+
|Loans granted | 5 668| 5 668|
+--------------------------------------------------------+----------+----------+
|Total non-current assets | 18 249| 18 022|
+--------------------------------------------------------+----------+----------+
|TOTAL ASSETS | 26 354| 26 259|
+--------------------------------------------------------+----------+----------+
| | | |
+--------------------------------------------------------+----------+----------+
|LIABILITIES | | |
+--------------------------------------------------------+----------+----------+
|Current liabilities | 4| 3|
+--------------------------------------------------------+----------+----------+
|Total liabilities, excluding net asset value of the fund| | |
|attributable to shareholders | 4| 3|
+--------------------------------------------------------+----------+----------+
| | | |
+--------------------------------------------------------+----------+----------+
|NET ASSET VALUE OF THE FUND | | |
+--------------------------------------------------------+----------+----------+
|Net asset value of the fund attributable to shareholders| 26 350| 26 256|
+--------------------------------------------------------+----------+----------+
|Total liabilities and net asset value of the fund | | |
|attributable to shareholders | 26 354| 26 259|
+--------------------------------------------------------+----------+----------+
The unaudited 1(st) quarter 2024 report of the EfTEN United Property Fund is
attached to the release and can be found on the Fund's website:
https://eftenunitedpropertyfund.ee/en/reports-documents/
Kristjan Tamla
Managing Director
Phone 655 9515
E-mail: kristjan.tamla@eften.ee (mailto:kristjan.tamla@eften.ee)
|