Market announcement
EfTEN United Property Fund / EFTEN Capital AS
LEI code
984500E070A0V4E8CO64
Size of the entity
Small group
Economic activities
Financial and Insurance Activities
Industry sector(s)
Management company
Country of registered office
Estonia
General information
Categories
Management interim statement or quarterly financial report
Unique data record identifier
10097
Attachments
Submission date and time
09.02.2023 08:25:00
Content of announcement in Estonian
Title
EfTEN United Property Fund 2022. aasta IV kvartali ja 12 kuu auditeerimata majandustulemused
Message
EfTEN United Property Fund teenis 2022. aastal 1,68 miljonit eurot tulusid (2021
aastal: 0,8 miljonit eurot) ning 1,44 miljonit eurot puhaskasumit (2021 aastal:
0,78 miljonit eurot). Neljandas kvartalis ulatusid tulud 0,33 miljoni euroni
ning kasum 0,28 miljoni euroni. Fondi varade puhasväärtus oli 2022. aasta lõpus
26,9 miljonit eurot, kasvades aastaga 10,5 miljoni euro võrra.
?Eelmine aasta toimusid kinnisvarasektoris suured muutused. Aastaid kestnud
null-intresside poliitika lõpp tõi alates suvest kaasa laenukulude kasvu ning
tehinguaktiivsuse sisulise peatumise Baltikumi ärikinnisvarasektoris. Ostjate ja
müüjate hinnaootused lahknesid - müüjad polnud veel nõus lahti laskma aasta
alguses kehtinud hinnatasemetest, samas kui ostupoolel sellist hinda maksta enam
ei tahetud. Samas püsis vakantsuse tase üle turu madal ning enamike rentnike
puhul polnud täheldada halvenevat maksekäitumist", kirjeldas eelmisel aastal
toimunut EfTEN Capitali jaeärisuuna juht Kristjan Tamla
Kõige suurem osa EfTEN United Property Fund investeeringutest (43%) on seisuga
31.12.2022 paigutatud EfTEN Capital AS poolt valitsetavatesse fondidesse ning
kinnisvarainvesteeringuid teinud tütarettevõtetesse on fond investeeritud 24%.
Ülejäänud osa on fondi pangakontol uute investeeringute ootuses.
EfTEN United Property Fund investeeringud on läbi fondide ja tütarettevõtete
hajutatud 30 erineva kinnisvaraobjekti vahel. Sellega on EfTEN United Property
Fund Baltikumi kõige hajutatuma portfelliga kinnisvarafond. 2022. aastal tegi
fond esimese otseinvesteeringu rahavoogu tootvasse ärikinnisvarasse, asutades
veebruaris Leedus asuva tütarettevõtte EfTEN Menulio 7 UAB, kes soetas Vilniuses
Menulio 7 asuva büroohoone. Aasta jooksul lisandus suuremate investeeringutena
fondi portfelli veel EfTEN Kinnisvarafond AS, kuhu fond investeeris kahel korral
kokku 4 miljonit eurot.
?EfTEN United Property Fundil on 2022.a lõpu seisuga investeerimata omakapitali
üle 8 miljoni euro. Kõik olemasolevad investeeringud toimivad ja hetkel pole
näha, et need vajaksid tavapärasest suuremaid kapitalisüste. Kuna ärikinnisvara
hinnad alles otsivad Baltikumis n.ö. uut tasakaalutaset, ei tee me tõenäoliselt
2023. aasta esimestel kuudel uusi suuremaid investeeringuid. Seetõttu võib
eeldada, et fondi investeerimata kapitali maht püsib kõrgel veel mitu kuud. Enne
olemasoleva vaba kapitali investeerimist, pole uut kapitali plaanis kaasata",
kommenteeris fondi ettevaadet Kristjan Tamla.
EfTEN United Property Fund'i osakud on alates 31.05.2022 kaubeldavad Nasdaq
Tallinna Väärtpaberituru fondide nimekirjas. Fond tegi investoritele esimese
väljamakse (212 tuhat eurot, ca 0,9% fondi turukapitalisatsioonist) 2022. aasta
juulis ning kuulutas detsembris välja teise väljamakse (584 tuhat eurot, ca
2,5% fondi turukapitalisatsioonist) mis teostati 2023. aasta jaanuaris.
Koondkasumiaruanne
+---------+----------+
| IV | |
| kvartal | 12 kuud |
+----+----+-----+----+
|2022|2021|2022 |2021|
+---------------------------------------------------------+----+----+-----+----+
|EUR tuhandetes | | | | |
+---------------------------------------------------------+----+----+-----+----+
|Tulud | | | | |
+---------------------------------------------------------+----+----+-----+----+
|Intressitulu | 88| 51| 308| 78|
+---------------------------------------------------------+----+----+-----+----+
|Dividenditulud | 0| 0| 212| 0|
+---------------------------------------------------------+----+----+-----+----+
|Neto kasum / kahjum õiglases väärtuses muutusega läbi | | | | |
|koondkasumiaruande kajastatud varadelt | 239| 707|1 148| 725|
+---------------------------------------------------------+----+----+-----+----+
|Tütarettevõtetelt |-381| 628| -199| 626|
+---------------------------------------------------------+----+----+-----+----+
|Alusfondidelt | 620| 79|1 346| 99|
+---------------------------------------------------------+----+----+-----+----+
|Tulud kokku | 327| 758|1 668| 803|
+---------------------------------------------------------+----+----+-----+----+
| | | | | |
+---------------------------------------------------------+----+----+-----+----+
|Kulud | | | | |
+---------------------------------------------------------+----+----+-----+----+
|Tegevuskulud | | | | |
+---------------------------------------------------------+----+----+-----+----+
|Valitsemistasud | -28| -10| -96| -13|
+---------------------------------------------------------+----+----+-----+----+
|Fondi administreerimise kulud | -2| -9| -90| -11|
+---------------------------------------------------------+----+----+-----+----+
|Muud tegevuskulud | -13| -2| -44| -3|
+---------------------------------------------------------+----+----+-----+----+
|Tegevuskulud kokku | -43| -21| -229| -27|
+---------------------------------------------------------+----+----+-----+----+
| | | | | |
+---------------------------------------------------------+----+----+-----+----+
|Ärikasum | 284| 737|1 439| 776|
+---------------------------------------------------------+----+----+-----+----+
|OSAKUOMANIKELE KUULUV FONDI PUHASVÄÄRTUSE KASV | 284| 737|1 439| 776|
+---------------------------------------------------------+----+----+-----+----+
| | | | | |
+---------------------------------------------------------+----+----+-----+----+
|Tava- ja lahustatud kasum / -kahjum osaku kohta (eurodes)|0,11|0,68| 0,66|1,04|
+---------------------------------------------------------+----+----+-----+----+
Finantsseisundi aruanne
+----------+----------+
|31.12.2022|31.12.2021|
+--------------------------------------------------------+----------+----------+
|EUR tuhandetes | | |
+--------------------------------------------------------+----------+----------+
|VARAD | | |
+--------------------------------------------------------+----------+----------+
|Käibevarad | | |
+--------------------------------------------------------+----------+----------+
|Raha ja raha ekvivalendid | 8 769| 2 743|
+--------------------------------------------------------+----------+----------+
|Muud nõuded ja viitlaekumised | 385| 3 216|
+--------------------------------------------------------+----------+----------+
|Käibevarad kokku | 9 154| 5 959|
+--------------------------------------------------------+----------+----------+
| | | |
+--------------------------------------------------------+----------+----------+
|Põhivarad | | |
+--------------------------------------------------------+----------+----------+
|Finantsvarad õiglases väärtuses muutusega läbi tulude ja| | |
|kulude aruande | 12 942| 7 924|
+--------------------------------------------------------+----------+----------+
|Tütarettevõtted | 1 152| 628|
+--------------------------------------------------------+----------+----------+
|Kinnisvarafondid | 11 790| 7 296|
+--------------------------------------------------------+----------+----------+
|Antud laenud | 5 376| 2 500|
+--------------------------------------------------------+----------+----------+
|Põhivarad kokku | 18 318| 10 424|
+--------------------------------------------------------+----------+----------+
|VARAD KOKKU | 27 472| 16 383|
+--------------------------------------------------------+----------+----------+
| | | |
+--------------------------------------------------------+----------+----------+
|KOHUSTUSED | | |
+--------------------------------------------------------+----------+----------+
|Lühiajalised kohustused | 586| 4|
+--------------------------------------------------------+----------+----------+
|Kohustused kokku, v.a osakuomanikele kuuluv fondi vara | | |
|puhasväärtus | 586| 4|
+--------------------------------------------------------+----------+----------+
| | | |
+--------------------------------------------------------+----------+----------+
|FONDI VARA PUHASVÄÄRTUS | | |
+--------------------------------------------------------+----------+----------+
|Osakuomanikele kuuluv fondi vara puhasväärtus | 26 886| 16 379|
+--------------------------------------------------------+----------+----------+
|Kohustused ja osakuomanikele kuuluv fondi vara | | |
|puhasväärtus kokku | 27 472| 16 383|
+--------------------------------------------------------+----------+----------+
EfTEN United Property Fund 2022. aasta IV kvartali ja 12 kuu auditeerimata
majandustulemused on leitavad fondi kodulehel:
https://eftenunitedpropertyfund.ee/aruanded-ja-dokumendid/
Fondivalitseja EfTEN Capital AS viib EfTEN United Property Fundi tulemuste ja
ettevaate tutvustamiseks 15.02.2023, algusega kell 13:00 (EET) läbi
internetipõhise inglise keelse ettekande (webinari). Huvilistel on võimalik
küsimusi esitada nii veebiseminari ajal kui ka saates need ette hiljemalt 14.
veebruaril kella 17.00-ks (EET) e-kirja teel: [email protected]
(mailto:[email protected]). Veebiseminaril osalemiseks palume registreeruda
aadressil: https://nasdaq.zoom.us/webinar/register/WN_4OT7KU-9T7SqQqmOtLHSfw.
Osalejatele saadetakse üks tund enne veebiseminari algust meeldetuletuseks e-
kiri. Veebiseminar salvestatakse ja avalikustatakse fondi kodulehel
https://eftenunitedpropertyfund.ee kui YouTube kanalis.
Kristjan Tamla
Jaeärisuuna juht
Tel: 655 9515
E-post: [email protected] (mailto:[email protected])
Content of announcement in English
Title
EfTEN United Property Fund unaudited financial results for the 4th quarter and 12 months of 2022
Message
The EfTEN United Property Fund earned 1,68 million euros in revenue (0,8 million
euros in 2021) and 1,44 million euros in net profit (0,78 million euros in
2021) in 2022. In the 4(th) quarter of 2022 revenues amounted to 0,33 million
euros and net profit to 0,28 million euros. The fund's equity capital was 26,9
million euros as of the end of 2022, increasing by 10,5 million euros in 2022.
"Big changes in the real estate sector took place last year. The end of the
zero-interest policy that lasted for years led to an increase in the cost of
leverage and brought transaction activity in the Baltic commercial real estate
sector almost to a halt from summer onwards. The price expectations of buyers
and sellers diverged - sellers were not yet willing to lower price expectations
that existed at the beginning of the year, while the buy side was ready to make
transactions already at lower price levels. At the same time, the vacancy level
across the commercial property market remained unchanged, and no deterioration
in payment behavior was observed for among most tenants", commented Kristjan
Tamla, EfTEN Capital head of retail.
As of 31.12.2022, the majority of EfTEN United Property Fund's investments (43%)
have been placed in funds managed by EfTEN Capital AS, and 24% has been invested
in real estate through subsidiaries. The rest is uninvested is in the fund's
bank account, awaiting new investments.
EfTEN United Property Fund's investments are diversified across 30 different
properties through funds and subsidiaries. This makes EfTEN United Property Fund
with the most diversified real estate portfolio in the Baltics. In 2022, the
fund made its first direct investment in cash-flow-generating commercial real
estate - established in February the Lithuanian subsidiary EfTEN Menulio 7 UAB,
which acquired the office building at Menulio 7 in Vilnius. During the year the
fund invested 4 million euros to EfTEN Kinnisvarafond AS.
"As of the end of 2022, EfTEN United Property Fund has over 8 million euros of
uninvested equity. All the existing investments are performing as expected and
it is not seen at the moment that they need unexpected capital injections. Since
commercial real estate prices in the Baltics have not reached the new so-called
"equilibrium level", we are unlikely to make sizable new investments in the
first months of 2023. As a result, uninvested capital is likely to remain high
for several months. There are no plans to raise new capital before the existing
one is invested", noted Kristjan Tamla.
The units of EfTEN United Property Fund are traded on the fund list of Nasdaq
Tallinn Stock Market starting from 31.05.2022. The fund made the first
distribution to investors (212 thousand euros, approx. 0.9% of the fund's market
capitalization) in July 2022 and announced the second distribution in December
(584 thousand euros, approx. 2.5% of the fund's market capitalization), which
was made in January 2023.
Statement of the comprehensive income
+---------+----------+
| q4 |12 months |
+----+----+-----+----+
|2022|2021|2022 |2021|
+---------------------------------------------------------+----+----+-----+----+
|EUR thousand | | | | |
+---------------------------------------------------------+----+----+-----+----+
|Income | | | | |
+---------------------------------------------------------+----+----+-----+----+
|Interest income | 88| 51| 308| 78|
+---------------------------------------------------------+----+----+-----+----+
|Dividend income | 0| 0| 212| 0|
+---------------------------------------------------------+----+----+-----+----+
|Net profit / loss from assets recognised in fair value | | | | |
|through profit or loss | 239| 707|1,148| 725|
+---------------------------------------------------------+----+----+-----+----+
|Investments in subsidiaries |-381| 628| -199| 626|
+---------------------------------------------------------+----+----+-----+----+
|Underlying assets | 620| 79|1,346| 99|
+---------------------------------------------------------+----+----+-----+----+
|Total income | 327| 758|1,668| 803|
+---------------------------------------------------------+----+----+-----+----+
| | | | | |
+---------------------------------------------------------+----+----+-----+----+
|Costs | | | | |
+---------------------------------------------------------+----+----+-----+----+
|Operating expenses | | | | |
+---------------------------------------------------------+----+----+-----+----+
|Management fee | -28| -10| -96| -13|
+---------------------------------------------------------+----+----+-----+----+
|Costs of administering the Fund | -2| -9| -90| -11|
+---------------------------------------------------------+----+----+-----+----+
|Other operating expenses | -13| -2| -44| -3|
+---------------------------------------------------------+----+----+-----+----+
|Total operating expenses | -43| -21| -229| -27|
+---------------------------------------------------------+----+----+-----+----+
| | | | | |
+---------------------------------------------------------+----+----+-----+----+
|Operating profit | 284| 737|1,439| 776|
+---------------------------------------------------------+----+----+-----+----+
|INCREASE IN THE NET ASSET VALUE OF THE FUND ATTRIBUTABLE | | | | |
|TO THE SHAREHOLDERS | 284| 737|1,439| 776|
+---------------------------------------------------------+----+----+-----+----+
| | | | | |
+---------------------------------------------------------+----+----+-----+----+
|Ordinary and diluted profit / loss per share (EUR) |0.11|0.68| 0.66|0,84|
+---------------------------------------------------------+----+----+-----+----+
Statement of financial position
+--------------------------------------------------------+----------+----------+
| |31.12.2022|31.12.2021|
+--------------------------------------------------------+----------+----------+
|EUR thousand | | |
+--------------------------------------------------------+----------+----------+
|ASSETS | | |
+--------------------------------------------------------+----------+----------+
|Current assets | | |
+--------------------------------------------------------+----------+----------+
|Cash and cash equivalents | 8,769| 2,743|
+--------------------------------------------------------+----------+----------+
|Other receivables and accrued income | 385| 3,216|
+--------------------------------------------------------+----------+----------+
|Total current assets | 9,154| 5,959|
+--------------------------------------------------------+----------+----------+
| | | |
+--------------------------------------------------------+----------+----------+
|Non- current assets | | |
+--------------------------------------------------------+----------+----------+
|Financial assets at fair value through profit or loss | 12,942| 7,924|
+--------------------------------------------------------+----------+----------+
|Investments in subsidiaries | 1,152| 628|
+--------------------------------------------------------+----------+----------+
|Investment Funds | 11,79| 7,296|
+--------------------------------------------------------+----------+----------+
|Loans granted | 5,376| 2,5|
+--------------------------------------------------------+----------+----------+
|Total non-current assets | 18,318| 10,424|
+--------------------------------------------------------+----------+----------+
|TOTAL ASSETS | 27,472| 16,383|
+--------------------------------------------------------+----------+----------+
| | | |
+--------------------------------------------------------+----------+----------+
|LIABILITIES | | |
+--------------------------------------------------------+----------+----------+
|Current liabilities | 586| 4|
+--------------------------------------------------------+----------+----------+
|Total liabilities, excluding net asset value of the Fund| | |
|attributable to shareholders | 586| 4|
+--------------------------------------------------------+----------+----------+
| | | |
+--------------------------------------------------------+----------+----------+
|NET ASSET VALUE OF THE FUND | | |
+--------------------------------------------------------+----------+----------+
|Net asset value of the Fund attributable to shareholders| 26,886| 16,379|
+--------------------------------------------------------+----------+----------+
|Total liabilities and net asset value of the Fund | | |
|attributable to shareholders | 27,472| 16,383|
+--------------------------------------------------------+----------+----------+
The unaudited 4(th) 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 an online presentation (webinar) in English on
15.02.2023, 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: [email protected]
(mailto:[email protected]) no later than February 14 at 17:00 (EET). To
participate in the webinar, please register at:
https://nasdaq.zoom.us/webinar/register/WN_4OT7KU-9T7SqQqmOtLHSfw. 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
Head of Retail
Phone 655 9515
E-mail: [email protected] (mailto:[email protected])