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
Half-yearly financial report
Unique data record identifier
10516
Attachments
Submission date and time
03.08.2023 08:15:00
Content of announcement in Estonian
Title
EfTEN United Property Fund 2023. aasta I poolaasta ja II kvartali auditeerimata majandustulemused
Message
EfTEN United Property Fund teenis 2023. aasta esimesel poolaastal 71 tuhat eurot
puhaskahjumit, millest 37 tuhat eurot II kvartalis. Kahjum oli eelkõige seotud
alusfondide ümberhindluste ja väärtuste vähenemisega kokku 453 tuhat eurot
esimesel poolaastal, sh 352 tuhat eurot II kvartalis.
Kinnisvarasektor on majanduses üks suuremaid laenuraha kasutajaid. Seetõttu
mõjutavad järsud muutused intressimäärades ja laenuraha kättesaadavuses seda
sektorit otseselt. Kõrgemad intressid kajastuvad ka EfTEN United Property Fund'i
tütarettevõtete ja alusfondide kasvanud finantskuludes, kus kaalutud keskmine
intressimäär suurenes poolaastaga 1,3 protsendipunkti võrra. Lisaks kasvanud
finantskuludele sõltub turu intressimäärast ka kinnisvarainvesteeringute
äritegevuse rahavoogude diskonteerimiseks kasutatav kapitali kaalutud keskmine
intressimäär (WACC). Selle kasv toob üldjuhul kaasa kinnisvarainvesteeringute
õiglase väärtuse languse. Nii kahanes 30.06 seisuga ümberhindamise tulemusena
fondi tütarettevõtetele kuuluvate kinnisvarainvesteeringute ja alusfondide
väärtus 0,9% võrra.
Fondi tütarettevõttele kuuluvas Uus-Järveküla elurajooni arenduses toimusid
2023. aasta esimesel poolaastal suuremad arengud. Veebruaris väljastas Rae vald
selle arenduse esimese etapi ehitistele ehitusload ning koheselt algasid seal ka
vastavad ehitustööd. 2023. aasta aprillis sõlmis Uus-Järveküla OÜ Coop Pank AS-
ga ehituse finantseerimiseks laenulepingu. Mais ja juunis lisandusid elurajooni
arenduses lisaks ridamajadele müüki ka esimesed 10 paarismaja, millest kahe
kuuga olid pooled klientide poolt broneeritud.
2023. aasta esimesel poolaastal tegi fond investoritele oma tegutsemisaja
suurimad kaks väljamakset kogusummas 1,04 miljonit eurot (584 tuhat eurot
jaanuaris ja 451 tuhat eurot juunis) ehk 0,417 eurot osaku kohta.
EfTEN United Property Fund varade maht on 30.06.2023 seisuga 26 391 tuhat eurot
(31.12.2022: 27 472 tuhat eurot), millest juuni lõpu seisuga moodustavad 79%
pikaajalised investeeringud (31.12.2022: 67%).
EfTEN United Property Fund on kaasanud kapitali kokku 25,466 miljonit eurot,
millest 2023. aasta esimese poolaasta seisuga on investeerimata 6,9 miljonit
eurot. Kõik olemasolevad investeeringud toimivad hästi ja hetkel ei ole näha, et
need vajaksid tavapärasest kõrgemaid kapitalisüste.
Koondkasumiaruanne
+----------+----------+
|II kvartal| 6 kuud |
+-----+----+-----+----+
|2023 |2022|2023 |2022|
+--------------------------------------------------------+-----+----+-----+----+
|EUR tuhandetes | | | | |
+--------------------------------------------------------+-----+----+-----+----+
|Tulud | | | | |
+--------------------------------------------------------+-----+----+-----+----+
|Intressitulu | 135| 79| 241| 140|
+--------------------------------------------------------+-----+----+-----+----+
|Dividenditulud | 329| 212| 352| 212|
+--------------------------------------------------------+-----+----+-----+----+
|Neto kasum / kahjum õiglases väärtuses muutusega läbi | | | | |
|koondkasumiaruande kajastatud varadelt | -456| 533| -529| 628|
+--------------------------------------------------------+-----+----+-----+----+
| Tütarettevõtetelt | -104| 180| -76| 159|
+--------------------------------------------------------+-----+----+-----+----+
| Alusfondidelt | -352| 353| -453| 468|
+--------------------------------------------------------+-----+----+-----+----+
|Tulud kokku | 8| 824| 64| 980|
+--------------------------------------------------------+-----+----+-----+----+
| | | | | |
+--------------------------------------------------------+-----+----+-----+----+
|Kulud | | | | |
+--------------------------------------------------------+-----+----+-----+----+
|Tegevuskulud | | | | |
+--------------------------------------------------------+-----+----+-----+----+
|Valitsemistasud | -27| -26| -54| -43|
+--------------------------------------------------------+-----+----+-----+----+
|Fondi administreerimise kulud | -18| -58| -81| -66|
+--------------------------------------------------------+-----+----+-----+----+
|Muud tegevuskulud | 0| -14| 0| -25|
+--------------------------------------------------------+-----+----+-----+----+
|Tegevuskulud kokku | -45| -98| -135|-133|
+--------------------------------------------------------+-----+----+-----+----+
| | | | | |
+--------------------------------------------------------+-----+----+-----+----+
|Ärikasum | -37| 726| -71| 847|
+--------------------------------------------------------+-----+----+-----+----+
|Aruandeperioodi puhaskasum /-kahjum | -37| 726| -71| 847|
+--------------------------------------------------------+-----+----+-----+----+
| | | | | |
+--------------------------------------------------------+-----+----+-----+----+
|Tava- ja lahustatud kasum / -kahjum osaku kohta | | | | |
|(eurodes) |-0,01|0,36|-0,03|0,42|
+--------------------------------------------------------+-----+----+-----+----+
Finantsseisundi aruanne
+----------+----------+
|30.06.2023|31.12.2022|
+--------------------------------------------------------+----------+----------+
|EUR tuhandetes | | |
+--------------------------------------------------------+----------+----------+
|VARAD | | |
+--------------------------------------------------------+----------+----------+
|Käibevarad | | |
+--------------------------------------------------------+----------+----------+
|Raha ja raha ekvivalendid | 5 068| 8 769|
+--------------------------------------------------------+----------+----------+
|Muud nõuded ja viitlaekumised | 479| 385|
+--------------------------------------------------------+----------+----------+
|Käibevarad kokku | 5 547| 9 154|
+--------------------------------------------------------+----------+----------+
| | | |
+--------------------------------------------------------+----------+----------+
|Põhivarad | | |
+--------------------------------------------------------+----------+----------+
|Finantsvarad õiglases väärtuses muutusega läbi kasumi | | |
|aruande | 12 654| 12 942|
+--------------------------------------------------------+----------+----------+
| Investeeringud tütarettevõtjatesse | 1 076| 1 152|
+--------------------------------------------------------+----------+----------+
| Alusfondidesse | 11 578| 11 790|
+--------------------------------------------------------+----------+----------+
|Antud laenud | 6 395| 5 376|
+--------------------------------------------------------+----------+----------+
|Pikaajaline nõue | 1 795| 0|
+--------------------------------------------------------+----------+----------+
|Põhivarad kokku | 20 844| 18 318|
+--------------------------------------------------------+----------+----------+
|VARAD KOKKU | 26 391| 27 472|
+--------------------------------------------------------+----------+----------+
| | | |
+--------------------------------------------------------+----------+----------+
|KOHUSTUSED | | |
+--------------------------------------------------------+----------+----------+
|Lühiajalised kohustused | 27| 586|
+--------------------------------------------------------+----------+----------+
|Kohustused kokku, v.a osakuomanikele kuuluv fondi vara | | |
|puhasväärtus | 27| 586|
+--------------------------------------------------------+----------+----------+
| | | |
+--------------------------------------------------------+----------+----------+
|FONDI VARA PUHASVÄÄRTUS | | |
+--------------------------------------------------------+----------+----------+
|Osakuomanikele kuuluv fondi vara puhasväärtus | 26 364| 26 886|
+--------------------------------------------------------+----------+----------+
|Kohustused ja osakuomanikele kuuluv fondi vara | | |
|puhasväärtus kokku | 26 391| 27 472|
+--------------------------------------------------------+----------+----------+
EfTEN United Property Fund 2023. aasta I poolaasta ja II kvartali auditeerimata
majandustulemused on leitavad fondi kodulehel:
https://eftenunitedpropertyfund.ee/aruanded-ja-dokumendid/
Kristjan Tamla
Tegevjuht
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 1st half-year and 2nd quarter of 2023
Message
EfTEN United Property Fund earned a net loss of 71 thousand euros in the first
half of 2023, including 37 thousand euros in the second quarter. The loss was
primarily related to the revaluation and decrease in the value of the underlying
funds - 453 thousand euros in the first half of the year, including 352 thousand
euros in the second quarter.
The real estate sector is one of the most leveraged sectors. Therefore, sudden
changes in interest rates and availability of credit have a direct impact on
this sector. Higher interest rates are also reflected in the increased financial
costs of EfTEN United Property Fund's subsidiaries and underlying funds, where
the weighted average interest rate increased by 1.3 percentage points in the
first half of the year. In addition to the increased financial costs, the
weighted average interest rate of capital (WACC) used to discount the cash flows
of real estate investments also depends on the market interest rate. Its
increase generally leads to a lower fair value of real estate investments. Thus,
the value of real estate investments belonging to the fund's subsidiaries and
the underlying funds decreased by 0.9% after the regular evaluation that took
place in June
In the first half of 2023 the biggest developments took place in the Uus-
Järveküla residential development. In February, the municipality of Rae issued
building permits for the first stage of the development, and the corresponding
construction works were started. In April 2023, Uus-Järveküla OÜ signed a loan
agreement with Coop Pank AS to finance the construction phase. In May and June,
in addition to the existing terraced houses the first 10 semi-detached houses
were added for sale, half of which were booked by customers in two months.
In the first half of 2023, the fund made the largest two distributions since
inception to investors in the total amount of 1.04 million euros (584 thousand
euros in January and 451 thousand euros in June), or 0.417 euros per unit.
The EfTEN United Property Fund assets as of 30.06.2023 stood at 26,391 thousand
euros (31.12.2022: 27,472 thousand euros), of which long-term investments made
up 79% (31.12.2022: 67%).
EfTEN United Property Fund has raised a total of 25.466 million euros in
capital, of which 6.9 million euros are uninvested as of the first half of
2023. All existing investments are performing well and do not currently require
higher capital injections than usual.
Statement of the comprehensive income
+----------+----------+
| 2nd | |
| quarter | 6 months |
+-----+----+-----+----+
|2023 |2022|2023 |2022|
+--------------------------------------------------------+-----+----+-----+----+
|EUR thousand | | | | |
+--------------------------------------------------------+-----+----+-----+----+
|Income | | | | |
+--------------------------------------------------------+-----+----+-----+----+
|Interest income | 135| 79| 241| 140|
+--------------------------------------------------------+-----+----+-----+----+
|Dividend income | 329| 212| 352| 212|
+--------------------------------------------------------+-----+----+-----+----+
|Net profit / loss from assets recognised in fair value | | | | |
|through profit or loss | -456| 533| -529| 628|
+--------------------------------------------------------+-----+----+-----+----+
| Investments in subsidiaries | -104| 180| -76| 159|
+--------------------------------------------------------+-----+----+-----+----+
| Underlying funds | -352| 353| -453| 468|
+--------------------------------------------------------+-----+----+-----+----+
|Total income | 8| 824| 64| 980|
+--------------------------------------------------------+-----+----+-----+----+
| | | | | |
+--------------------------------------------------------+-----+----+-----+----+
|Costs | | | | |
+--------------------------------------------------------+-----+----+-----+----+
|Operating expenses | | | | |
+--------------------------------------------------------+-----+----+-----+----+
|Management fee | -27| -26| -54| -43|
+--------------------------------------------------------+-----+----+-----+----+
|Costs of administering the Fund | -18| -58| -81| -66|
+--------------------------------------------------------+-----+----+-----+----+
|Other operating expenses | 0| -14| 0| -25|
+--------------------------------------------------------+-----+----+-----+----+
|Total operating expenses | -45| -98| -135|-133|
+--------------------------------------------------------+-----+----+-----+----+
| | | | | |
+--------------------------------------------------------+-----+----+-----+----+
|Profit / loss for the period | -37| 726| -71| 847|
+--------------------------------------------------------+-----+----+-----+----+
|Total profit / loss for the period | -37| 726| -71| 847|
+--------------------------------------------------------+-----+----+-----+----+
| | | | | |
+--------------------------------------------------------+-----+----+-----+----+
|Ordinary and diluted earnings / loss per share (EUR) |-0,01|0,36|-0,03|0,42|
+--------------------------------------------------------+-----+----+-----+----+
Statement of financial position
+----------+----------+
|30.06.2023|31.12.2022|
+--------------------------------------------------------+----------+----------+
|EUR thousand | | |
+--------------------------------------------------------+----------+----------+
|ASSETS | | |
+--------------------------------------------------------+----------+----------+
|Current assets | | |
+--------------------------------------------------------+----------+----------+
|Cash and cash equivalents | 5 068| 8 769|
+--------------------------------------------------------+----------+----------+
|Other receivables and accrued income | 479| 385|
+--------------------------------------------------------+----------+----------+
|Total current assets | 5 547| 9 154|
+--------------------------------------------------------+----------+----------+
| | | |
+--------------------------------------------------------+----------+----------+
|Non-current assets | | |
+--------------------------------------------------------+----------+----------+
|Financial assets at fair value through profit or loss | 12 654| 12 942|
+--------------------------------------------------------+----------+----------+
| Investments in subsidiaries | 1 076| 1 152|
+--------------------------------------------------------+----------+----------+
| Real estate funds | 11 578| 11 790|
+--------------------------------------------------------+----------+----------+
|Loans granted | 6 395| 5 376|
+--------------------------------------------------------+----------+----------+
|Non-current receivables | 1 795| 0|
+--------------------------------------------------------+----------+----------+
|Total non-current assets | 20 844| 18 318|
+--------------------------------------------------------+----------+----------+
|TOTAL ASSETS | 26 391| 27 472|
+--------------------------------------------------------+----------+----------+
| | | |
+--------------------------------------------------------+----------+----------+
|LIABILITIES | | |
+--------------------------------------------------------+----------+----------+
|Current liabilities | 27| 586|
+--------------------------------------------------------+----------+----------+
|Total liabilities, excluding net asset value of the fund| | |
|attributable to shareholders | 27| 586|
+--------------------------------------------------------+----------+----------+
| | | |
+--------------------------------------------------------+----------+----------+
|NET ASSET VALUE OF THE FUND | | |
+--------------------------------------------------------+----------+----------+
|Net asset value of the fund attributable to shareholders| 26 364| 26 886|
+--------------------------------------------------------+----------+----------+
|Total liabilities and net asset value of the fund | | |
|attributable to shareholders | 26 391| 27 472|
+--------------------------------------------------------+----------+----------+
The unaudited 1(st) half and 2(nd) quarter 2023 report of the EfTEN United
Property Fund can be found on the fund's website:
https://eftenunitedpropertyfund.ee/en/reports-documents/
Kristjan Tamla
Managing Director
Phone 655 9515
E-mail: [email protected] (mailto:[email protected])