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
9915
Attachments
Submission date and time
31.10.2022 09:00:00
Content of announcement in Estonian
Title
EfTEN United Property Fund 2022. aasta 9 kuu ja III kvartali auditeerimata majandustulemused ning osaku puhasväärtus seisuga 30.09.2022
Message
EfTEN United Property Fund teenis 2022. aasta üheksa kuuga 1,34 miljonit eurot
tulusid ning 1,16 miljonit eurot puhaskasumit. Kolmandas kvartalis ulatusid
tulud 361 tuhande euroni ning puhaskasum 308 tuhande euroni. Fondi omakapitali
maht oli septembri lõpu seisuga 27,2 miljonit eurot.
Fondi investeeringute osas leidsid III kvartalis suurimad arengud aset Uus-
Järveküla elurajooni arenduses. Septembri alguses väljastas Rae vald ehitusloa
arenduse esimese etapi teede ja trasside välja ehitamiseks ning kvartali lõpus
algas ehitusloale vastav ehitustegevus. Lisaks tuli arenduses müüki 10 uut
ridamaja boksi. Seni müügis olnud 52st boksist on 50 klientide poolt
broneeritud. Kvartaliga tegi EfTEN United Property Fund ühe investeeringu -
suurendas 366 tuhande euro väärtuses osalust usaldusfondis EfTEN Residential
Fund. Investeering läheb Kaunase üürimajade arenduse lõpetamiseks ning
üürimajade arenduse jätkamiseks Vilniuses. Nende investeeringute valmimisel on
EfTEN United Property Fund investeeringud hajutatud 29 erineva kinnisvaraobjekti
vahel. Sellega on EfTEN United Property Fund Baltikumi kõige hajutatuma
portfelliga kinnisvarafond.
EfTEN United Property Fundi 2022. aasta üheksa kuu tootluseks kujunes 4,6%,
millest 3,9 protsendipunkti oli osaku puhasväärtuse (NAV) kasv ja 0,7
protsendipunkti investoritele tehtud rahaline väljamakse. Kvartali lõpu seisuga
on kolmandik fondi omakapitalist investeerimata. Fondivalitseja hinnangul on
Baltikumi kinnisvaraturul soodsamad ostukohad veel ees.
Koondkasumiaruanne
+---------+----------+
| III | |
| kvartal | 9 kuud |
+----+----+-----+----+
|2022|2021| 2022|2021|
+---------------------------------------------------------+----+----+-----+----+
|EUR tuhandetes | | | | |
+---------------------------------------------------------+----+----+-----+----+
|Tulud | | | | |
+---------------------------------------------------------+----+----+-----+----+
|Intressitulu | 80| 27| 220| 27|
+---------------------------------------------------------+----+----+-----+----+
|Dividenditulud | 0| 0| 212| 0|
+---------------------------------------------------------+----+----+-----+----+
|Neto kasum / kahjum õiglases väärtuses muutusega läbi | | | | |
|koondkasumiaruande kajastatud varadelt | 281| 18| 909| 18|
+---------------------------------------------------------+----+----+-----+----+
|Tütarettevõtetelt | 23| -2| 182| -2|
+---------------------------------------------------------+----+----+-----+----+
|Alusfondidelt | 258| 20| 726| 20|
+---------------------------------------------------------+----+----+-----+----+
|Tulud kokku | 361| 45|1 341| 45|
+---------------------------------------------------------+----+----+-----+----+
| | | | | |
+---------------------------------------------------------+----+----+-----+----+
|Kulud | | | | |
+---------------------------------------------------------+----+----+-----+----+
|Tegevuskulud | | | | |
+---------------------------------------------------------+----+----+-----+----+
|Valitsemistasud | -25| -3| -68| -3|
+---------------------------------------------------------+----+----+-----+----+
|Fondi administreerimise kulud | -22| -2| -88| -2|
+---------------------------------------------------------+----+----+-----+----+
|Muud tegevuskulud | -6| -1| -31| -1|
+---------------------------------------------------------+----+----+-----+----+
|Tegevuskulud kokku | -53| -6| -186| -6|
+---------------------------------------------------------+----+----+-----+----+
|Ärikasum | 308| 39|1 155| 39|
+---------------------------------------------------------+----+----+-----+----+
|OSAKUOMANIKELE KUULUV FONDI PUHASVÄÄRTUSE KASV | 308| 39|1 155| 39|
+---------------------------------------------------------+----+----+-----+----+
| | | | | |
+---------------------------------------------------------+----+----+-----+----+
|Tava- ja lahustatud kasum / -kahjum osaku kohta (eurodes)|0,12|0,10| 0,56|0,10|
+---------------------------------------------------------+----+----+-----+----+
Finantsseisundi aruanne
+----------+----------+
|30.09.2022|31.12.2021|
+--------------------------------------------------------+----------+----------+
|EUR tuhandetes | | |
+--------------------------------------------------------+----------+----------+
|VARAD | | |
+--------------------------------------------------------+----------+----------+
|Käibevarad | | |
+--------------------------------------------------------+----------+----------+
|Raha ja raha ekvivalendid | 9 227| 2 743|
+--------------------------------------------------------+----------+----------+
|Muud nõuded ja viitlaekumised | 297| 3 216|
+--------------------------------------------------------+----------+----------+
|Käibevarad kokku | 9 524| 5 959|
+--------------------------------------------------------+----------+----------+
| | | |
+--------------------------------------------------------+----------+----------+
|Põhivarad | | |
+--------------------------------------------------------+----------+----------+
|Finantsvarad õiglases väärtuses muutusega läbi tulude ja| | |
|kulude aruande | 12 290| 7 924|
+--------------------------------------------------------+----------+----------+
|Tütarettevõtted | 1 533| 628|
+--------------------------------------------------------+----------+----------+
|Kinnisvarafondid | 10 757| 7 296|
+--------------------------------------------------------+----------+----------+
|Antud laenud | 5 376| 2 500|
+--------------------------------------------------------+----------+----------+
|Põhivarad kokku | 17 666| 10 424|
+--------------------------------------------------------+----------+----------+
|VARAD KOKKU | 27 190| 16 383|
+--------------------------------------------------------+----------+----------+
| | | |
+--------------------------------------------------------+----------+----------+
|KOHUSTUSED | | |
+--------------------------------------------------------+----------+----------+
|Lühiajalised kohustused | 4| 4|
+--------------------------------------------------------+----------+----------+
|Kohustused kokku, v.a osakuomanikele kuuluv fondi vara | | |
|puhasväärtus | 4| 4|
+--------------------------------------------------------+----------+----------+
| | | |
+--------------------------------------------------------+----------+----------+
|FONDI VARA PUHASVÄÄRTUS | | |
+--------------------------------------------------------+----------+----------+
|Osakuomanikele kuuluv fondi vara puhasväärtus | 27 186| 16 379|
+--------------------------------------------------------+----------+----------+
|Kohustused ja osakuomanikele kuuluv fondi vara | | |
|puhasväärtus kokku | 27 190| 16 383|
+--------------------------------------------------------+----------+----------+
EfTEN United Property Fund 2022. aasta 9 kuu ja III kvartali auditeerimata
majandustulemused on leitavad fondi kodulehel:
https://eftenunitedpropertyfund.ee/aruanded-ja-dokumendid/
EfTEN United Property Fund osaku puhasväärtus seisuga 30.09.2022
EfTEN United Property Fund osaku puhasväärtus (NAV) oli septembri lõpus 10,95
eurot, kasvades kuuga 0,5%. Alates fondi loomisest 2021.a juuni lõpus, on fondi
tootlus olnud 10,3% ning investeeritud kapitali tootlus 12%.
Septembris andis fondi tootlusele suurima panuse Danske büroohoone Vilniuses
(fond omab hoonet läbi usaldusfondi EfTEN Real Estate Fund 5), mille rahavoog
kasvatas investeeringu väärtust 1,1% võrra. Oleme alates hoone ostmisest eelmise
aasta lõpus vahetanud välja suurema osa rentnikest. Sellega on hoone keskmine
üüritase kasvanud pea 15% võrra. Kõrgem üüritulu võimaldab ettevaates suurendada
objekti suhteliselt madalat laenukoormust (45% objekti väärtusest) ning selle
arvel teha investoritele täiendav väljamakse.
Täpsem ülevaade EfTEN United Property Fund portfellist on leitav fondi
kodulehel: https://eftenunitedpropertyfund.ee/fondi-tulemused/
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 9 months and 3rd quarter of 2022 and net asset value of the EfTEN United Property Fund as of 30.09.2022
Message
The EfTEN United Property Fund earned 1,34 million euros in revenue and 1,16
million euros in net profit in the nine months of 2022. In the 3(rd) quarter of
2022 revenues amounted to 361k euros and net profit to 308k euros. The fund's
equity capital was 27,2 million euros as of the end of September.
In the fund's investment portfolio the biggest changes during the III quarter
took place in the development project of the Uus-Järveküla residential district.
At the beginning of September, the Rae municipality issued a building permit for
the construction of the roads and infrastructure of the first stage of the
development. At the end of the quarter respective construction activities were
started. In addition, 10 new terraced houses in Uus-Järveküla residential
development were put on sale during September. Out of the 52 terraced houses
that have been on sale so far, 50 have been booked by customers. During the
quarter, EfTEN United Property Fund made one investment - increased investment
in the EfTEN Residential Fund by 366 thousand euros. This will be used towards
the completion of the development of rental houses in Kaunas and the
continuation of the development of rental houses in Vilnius. Upon completion of
these investments, EfTEN United Property Fund's portfolio will be diversified
across 29 different properties in the three Baltic countries. With this the
EfTEN United Property Fund has the most diversified portfolio among the Baltics
property funds.
The EfTEN United Property Fund's total return for the nine months of 2022 was
4,6%, of which 3,9%points was the increase in the NAV and 0,7%points was profit
distribution for investors. The fund holds a third of capital as uninvested as
of the end of Q3. The manager believes that better buying opportunities in
Blatic real estate market are ahead.
Statement of the comprehensive income
+---------+----------+
| 3rd | |
| quarter | 9 months |
+----+----+-----+----+
|2022|2021| 2022|2021|
+---------------------------------------------------------+----+----+-----+----+
|EUR thousand | | | | |
+---------------------------------------------------------+----+----+-----+----+
|Income | | | | |
+---------------------------------------------------------+----+----+-----+----+
|Interest income | 80| 27| 220| 27|
+---------------------------------------------------------+----+----+-----+----+
|Dividend income | 0| 0| 212| 0|
+---------------------------------------------------------+----+----+-----+----+
|Net profit / loss from assets recognised in fair value | | | | |
|through profit or loss | 281| 18| 909| 18|
+---------------------------------------------------------+----+----+-----+----+
|Investments in subsidiaries | 23| -2| 182| -2|
+---------------------------------------------------------+----+----+-----+----+
|Underlying funds | 258| 20| 726| 20|
+---------------------------------------------------------+----+----+-----+----+
|Total income | 361| 45|1 341| 45|
+---------------------------------------------------------+----+----+-----+----+
| | | | | |
+---------------------------------------------------------+----+----+-----+----+
|Costs | | | | |
+---------------------------------------------------------+----+----+-----+----+
|Operating expenses | | | | |
+---------------------------------------------------------+----+----+-----+----+
|Management fee | -25| -3| -68| -3|
+---------------------------------------------------------+----+----+-----+----+
|Costs of administering the Fund | -22| -2| -88| -2|
+---------------------------------------------------------+----+----+-----+----+
|Other operating expenses | -6| -1| -31| -1|
+---------------------------------------------------------+----+----+-----+----+
|Total operating expenses | -53| -6| -186| -6|
+---------------------------------------------------------+----+----+-----+----+
|Operating profit | 308| 39|1 155| 39|
+---------------------------------------------------------+----+----+-----+----+
|INCREASE IN THE NET ASSET VALUE OF THE FUND ATTRIBUTABLE | | | | |
|TO THE SHAREHOLDERS | 308| 39|1 155| 39|
+---------------------------------------------------------+----+----+-----+----+
| | | | | |
+---------------------------------------------------------+----+----+-----+----+
|Ordinary and diluted earnings / loss per share (EUR) |0,12|0,10| 0,56|0,10|
+---------------------------------------------------------+----+----+-----+----+
Statement of financial position
+----------+----------+
|30.09.2022|31.12.2021|
+--------------------------------------------------------+----------+----------+
|EUR thousand | | |
+--------------------------------------------------------+----------+----------+
|ASSETS | | |
+--------------------------------------------------------+----------+----------+
|Current assets | | |
+--------------------------------------------------------+----------+----------+
|Cash and cash equivalents | 9 227| 2 743|
+--------------------------------------------------------+----------+----------+
|Other receivables and accrued income | 297| 3 216|
+--------------------------------------------------------+----------+----------+
|Total current assets | 9 524| 5 959|
+--------------------------------------------------------+----------+----------+
| | | |
+--------------------------------------------------------+----------+----------+
|Non-current assets | | |
+--------------------------------------------------------+----------+----------+
|Financial assets at fair value through profit or loss | 12 290| 7 924|
+--------------------------------------------------------+----------+----------+
|Investments in subsidiaries | 1 533| 628|
+--------------------------------------------------------+----------+----------+
|Real estate funds | 10 757| 7 296|
+--------------------------------------------------------+----------+----------+
|Loans given | 5 376| 2 500|
+--------------------------------------------------------+----------+----------+
|Total non-current assets | 17 666| 10 424|
+--------------------------------------------------------+----------+----------+
|TOTAL ASSETS | 27 190| 16 383|
+--------------------------------------------------------+----------+----------+
| | | |
+--------------------------------------------------------+----------+----------+
|LIABILITIES | | |
+--------------------------------------------------------+----------+----------+
|Current liabilities | 4| 4|
+--------------------------------------------------------+----------+----------+
|Total liabilities, excluding net asset value of the fund| | |
|attributable to shareholders | 4| 4|
+--------------------------------------------------------+----------+----------+
| | | |
+--------------------------------------------------------+----------+----------+
|NET ASSET VALUE OF THE FUND | | |
+--------------------------------------------------------+----------+----------+
|Net asset value of the fund attributable to shareholders| 27 186| 16 379|
+--------------------------------------------------------+----------+----------+
|Total liabilities and net asset value of the fund | | |
|attributable to shareholders | 27 190| 16 383|
+--------------------------------------------------------+----------+----------+
The unaudited 9 months and 3(rd) quarter report of the EfTEN United Property
Fund can be found on the fund's website:
https://eftenunitedpropertyfund.ee/en/reports-documents/
Net asset value of the EfTEN United Property Fund as of 30.09.2022
The net asset value (NAV) of the EfTEN United Property Fund was 10.95 euros as
of September 30, 2022, increasing by 0,5% over the month. Since the start of the
fund in late June 2021 the total return has been 10,3% and the return on
invested capital 12%.
In September, the biggest contribution to the fund's performance came from the
Danske office building in Vilnius (the fund owns through the EfTEN Real Estate
Fund 5). The value of the investment increased by 1,1% due to higher rental
income. Since purchasing the building at the end of last year, we have replaced
most of the tenants. With this, the average rental level of the building has
increased by almost 15%. A higher rental income allows in the future to increase
the object's current relatively low debt level (45% of the object's value) and
to make an additional distribution to the investors.
A more detailed overview of EfTEN United Property Fund's portfolio can be found
on the fund's website: https://eftenunitedpropertyfund.ee/en/fund-results-2/
Kristjan Tamla
Head of Retail
Phone: 655 9515
E-mail: [email protected] (mailto:[email protected])