Börsiteade
EfTEN United Property Fund / EFTEN Capital AS
Kategooria
Juhtkonna vaheteadaanne või kvartaalne finantsaruanne
Manused
Kuupäev
02.11.2023 08:15:00
Pealkiri
EfTEN United Property Fund 2023. aasta 9 kuu ja III kvartali auditeerimata majandustulemused
Teade
EfTEN United Property Fund teenis 2023. aasta III kvartalis 16 tuhat eurot
puhaskahjumit ja 2023. aasta 9 kuuga 87 tuhat eurot puhaskahjumit. Kahjum on
seotud fondi investeerimisportfellis oleva börsil noteeritud fondi, EfTEN Real
Estate Fund AS-i aktsia turuväärtuse muutusega, mis langes III kvartalis pea
6%. Kui fondi puhasväärtuse määramiseks võtta aluseks EfTEN Real Estate Fund AS-
i aktsia raamatupidamislik puhasväärtus, oleks EfTEN United Property Fund
teeninud III kvartalis 330 tuhat eurot puhaskasumit.
Madala finantsvõimenduse taseme ja suhteliselt suure investeerimata kapitali
tõttu on viimase aasta jooksul aset leidnud intressimäärade tõus avaldanud EfTEN
United Property Fund'ile väiksemat negatiivset mõju võrreldes paljude teiste
Euroopa ja Balti riikide kinnisvarafondidega. Euroala nõrga majandusaktiivsuse
püsimisel pole lähikvartalites tõenäoliselt oodata Balti riikide majanduskasvu
taastumist. Sellises olukorras muutub ärikinnisvara sektoris järjest olulisemaks
objektide täituvus ja üüritulu hoidmine. Uute üürnike leidmine ja olemasolevate
säilitamine on üha aeganõudvam ja kulukam (nõudes sageli objektide ümberehitusi
jms). Suurima surve all on erinevad büroopinnad, kus süvenev n.ö kodust
töötamine hoiab nõudlust viimaste aastate madalaimana. EfTEN United Property
Fund'i portfell on nn look-through põhimõttel hajutatud 45 ärikinnisvara hoone
vahel (lisaks on fond investeerinud Uus-Järveküla elurajooni arendusse ja läbi
usaldusfondi EfTEN Residential Fund'i kolme üürimajasse), mille vakantsus oli
III kvartali lõpus alla 5%.
2023. aasta III kvartalis EfTEN United Property Fund uusi investeeringuid ei
teinud ning jätkas olemasoleva investeeringute portfelli juhtimist. Fondi
tütarettevõttele kuuluvas Uus-Järveküla elurajooni arenduses jätkus III
kvartalis klientide suur huvi mais ja juunis müüki tulnud paarismajade suhtes.
Septembri lõpu seisuga olid kliendid broneerinud 11 müügis olnud 16st
paarismajast. Arenduse esimese etapi 86 ridamaja valmimine on planeeritud IV
kvartali lõppu ja I kvartali algusesse.
EfTEN United Property Fund'i varade maht oli 30.09.2023 seisuga 26 355 tuhat
eurot (31.12.2022: 27 472 tuhat eurot), millest septembri 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 septembri seisuga on investeerimata 6,8 miljonit eurot. Kõik
olemasolevad investeeringud toimivad hästi ja hetkel ei ole näha, et need
vajaksid tavapärasest kõrgemaid kapitalisüste.
Koondkasumiaruanne
+----------+-----------+
| III | |
| kvartal | 9 kuud |
+-----+----+-----+-----+
|2023 |2022|2023 |2022 |
+-------------------------------------------------------+-----+----+-----+-----+
|EUR tuhandetes | | | | |
+-------------------------------------------------------+-----+----+-----+-----+
|TULUD | | | | |
+-------------------------------------------------------+-----+----+-----+-----+
|Intressitulu | 143| 80| 384| 220|
+-------------------------------------------------------+-----+----+-----+-----+
|Dividenditulud | 0| 0| 352| 212|
+-------------------------------------------------------+-----+----+-----+-----+
|Neto kasum / kahjum õiglases väärtuses muutusega läbi | | | | |
|koondkasumiaruande kajastatud varadelt | -105| 281| -634| 909|
+-------------------------------------------------------+-----+----+-----+-----+
| Tütarettevõtetelt | 46| 23| -30| 182|
+-------------------------------------------------------+-----+----+-----+-----+
| Alusfondidelt | -151| 258| -604| 726|
+-------------------------------------------------------+-----+----+-----+-----+
|Tulud kokku | 38| 361| 102|1 341|
+-------------------------------------------------------+-----+----+-----+-----+
| | | | | |
+-------------------------------------------------------+-----+----+-----+-----+
|KULUD | | | | |
+-------------------------------------------------------+-----+----+-----+-----+
|Tegevuskulud | | | | |
+-------------------------------------------------------+-----+----+-----+-----+
| Valitsemistasud | -31| -25| -85| -68|
+-------------------------------------------------------+-----+----+-----+-----+
| Fondi administreerimise kulud | -23| -22| -104| -88|
+-------------------------------------------------------+-----+----+-----+-----+
| Muud tegevuskulud | 0| -6| 0| -31|
+-------------------------------------------------------+-----+----+-----+-----+
|Tegevuskulud kokku | -54| -53| -189| -186|
+-------------------------------------------------------+-----+----+-----+-----+
| | | | | |
+-------------------------------------------------------+-----+----+-----+-----+
|Ärikasum/ -kahjum | -16| 308| -87|1 155|
+-------------------------------------------------------+-----+----+-----+-----+
|Aruandeperioodi puhaskasum /-kahjum | -16| 308| -87|1 155|
+-------------------------------------------------------+-----+----+-----+-----+
| | | | | |
+-------------------------------------------------------+-----+----+-----+-----+
|Tava- ja lahustatud kasum / -kahjum osaku kohta | | | | |
|(eurodes) |-0,01|0,12|-0,04| 0,56|
+-------------------------------------------------------+-----+----+-----+-----+
Finantsseisundi aruanne
+----------+----------+
|30.09.2023|31.12.2022|
+--------------------------------------------------------+----------+----------+
|EUR tuhandetes | | |
+--------------------------------------------------------+----------+----------+
|VARAD | | |
+--------------------------------------------------------+----------+----------+
|Käibevarad | | |
+--------------------------------------------------------+----------+----------+
|Raha ja raha ekvivalendid | 5 018| 8 769|
+--------------------------------------------------------+----------+----------+
|Muud nõuded ja viitlaekumised | 599| 385|
+--------------------------------------------------------+----------+----------+
|Käibevarad kokku | 5 617| 9 154|
+--------------------------------------------------------+----------+----------+
| | | |
+--------------------------------------------------------+----------+----------+
|Põhivarad | | |
+--------------------------------------------------------+----------+----------+
|Finantsvarad õiglases väärtuses muutusega läbi kasumi | | |
|aruande | 12 548| 12 942|
+--------------------------------------------------------+----------+----------+
| Investeeringud tütarettevõtjatesse | 1 122| 1 152|
+--------------------------------------------------------+----------+----------+
| Alusfondidesse | 11 426| 11 790|
+--------------------------------------------------------+----------+----------+
|Antud laenud | 6 395| 5 376|
+--------------------------------------------------------+----------+----------+
|Pikaajaline nõue | 1 795| 0|
+--------------------------------------------------------+----------+----------+
|Põhivarad kokku | 20 738| 18 318|
+--------------------------------------------------------+----------+----------+
|VARAD KOKKU | 26 355| 27 472|
+--------------------------------------------------------+----------+----------+
| | | |
+--------------------------------------------------------+----------+----------+
|KOHUSTUSED | | |
+--------------------------------------------------------+----------+----------+
|Lühiajalised kohustused | 7| 586|
+--------------------------------------------------------+----------+----------+
|Kohustused kokku, v.a osakuomanikele kuuluv fondi vara | | |
|puhasväärtus | 7| 586|
+--------------------------------------------------------+----------+----------+
| | | |
+--------------------------------------------------------+----------+----------+
|FONDI VARA PUHASVÄÄRTUS | | |
+--------------------------------------------------------+----------+----------+
|Osakuomanikele kuuluv fondi vara puhasväärtus | 26 348| 26 886|
+--------------------------------------------------------+----------+----------+
|Kohustused ja osakuomanikele kuuluv fondi vara | | |
|puhasväärtus kokku | 26 355| 27 472|
+--------------------------------------------------------+----------+----------+
EfTEN United Property Fund 2023. aasta 9 kuu ja III kvartali auditeerimata
majandustulemused on leitavad fondi kodulehel:
https://eftenunitedpropertyfund.ee/aruanded-ja-dokumendid/
Kristjan Tamla
Tegevjuht
Tel: 655 9515
E-post: kristjan.tamla@eften.ee (mailto:kristjan.tamla@eften.ee)
Pealkiri
EfTEN United Property Fund unaudited financial results for the 9 months and 3rd quarter of 2023
Teade
EfTEN United Property Fund earned a net loss of 16 thousand euros in the 3(rd)
quarter of 2023, and 87 thousand euros in 9 months of 2023. The loss was due to
the market value change in listed EfTEN Real Estate Funs AS shares, which fell
by almost 6% during the Q3. In a situation where the balance sheet net asset
value of the EfTEN Real Estate Fund AS shares would be used as a basis for
determining the net value of the EfTEN United Property Fund, the fund would have
earned 330 thousand euros of net profit in the 3(rd) quarter.
Due to the low level of financial leverage and relatively large uninvested
capital, the increase in interest rates has had a smaller negative impact on the
EfTEN United Property Fund compared to many other European and Baltic investment
property funds. With the persistent weak economic activity in the Eurozone,
business cycle recovery in the Baltic countries is unlikely in the coming
quarters. In such a situation, maintaining the occupancy and rental income
levels are becoming more and more important in the commercial real estate
sector. Finding new tenants and retaining existing ones is increasingly time-
consuming and costly (often requiring reconstruction of objects, etc.). Various
office spaces are under the greatest pressure, where the increasing trend of
working from home keeps demand at its lowest level in recent years. EfTEN United
Property Fund's portfolio is spread across 45 commercial investment property
buildings based on the so-called look-through principle (in addition, the Fund
has invested in the development of the Uus-Järveküla residential district and in
three rental houses through the EfTEN Residential Fund), the vacancy rate of
which was less than 5% at the end of the third quarter.
In the III quarter of 2023, EfTEN United Property Fund did not make new
investments and continued to manage the existing investment portfolio. In the
development of the Uus-Järveküla residential district, which is owned by the
Fund's subsidiary, customers continued to show great interest in the semi-
detached houses that went on sale in May and June in the third quarter. As of
the end of September, customers had booked 11 of the 16 semi-detached houses on
sale. The completion of the 86 terraced houses in the first stage of the
development is planned for the end of the IV quarter and the beginning of the I
quarter.
The volume of assets of EfTEN United Property Fund as of 30.09.2023 is 26,355
thousand euros (31.12.2022: 27,472 thousand euros), of which, as of the end of
September, 79% are long-term investments (31.12.2022: 67%).
As of 30.09.2023, EfTEN United Property Fund has raised a total of 25.466
million euros of capital, of which 6.8 million euros are uninvested as of 9
months of 2023. All existing investments are performing well and do not
currently appear to require higher capital injections than usual.
Statement of the comprehensive income
+----------+-----------+
| 3rd | |
| quarter | 9 months |
+-----+----+-----+-----+
|2023 |2022|2023 |2022 |
+-------------------------------------------------------+-----+----+-----+-----+
|EUR thousand | | | | |
+-------------------------------------------------------+-----+----+-----+-----+
|INCOME | | | | |
+-------------------------------------------------------+-----+----+-----+-----+
|Interest income | 143| 80| 384| 220|
+-------------------------------------------------------+-----+----+-----+-----+
|Dividend income | 0| 0| 352| 212|
+-------------------------------------------------------+-----+----+-----+-----+
|Net profit / loss from assets recognised in fair value | | | | |
|through profit or loss | -105| 281| -634| 909|
+-------------------------------------------------------+-----+----+-----+-----+
| Investments in subsidiaries | 46| 23| -30| 182|
+-------------------------------------------------------+-----+----+-----+-----+
| Underlying funds | -151| 258| -604| 726|
+-------------------------------------------------------+-----+----+-----+-----+
|Total income | 38| 361| 102|1 341|
+-------------------------------------------------------+-----+----+-----+-----+
| | | | | |
+-------------------------------------------------------+-----+----+-----+-----+
|COSTS | | | | |
+-------------------------------------------------------+-----+----+-----+-----+
|Operating expenses | | | | |
+-------------------------------------------------------+-----+----+-----+-----+
| Management fee | -31| -25| -85| -68|
+-------------------------------------------------------+-----+----+-----+-----+
| Costs of administering the Fund | -23| -22| -104| -88|
+-------------------------------------------------------+-----+----+-----+-----+
| Other operating expenses | 0| -6| 0| -31|
+-------------------------------------------------------+-----+----+-----+-----+
|Total operating expenses | -54| -53| -189| -186|
+-------------------------------------------------------+-----+----+-----+-----+
| | | | | |
+-------------------------------------------------------+-----+----+-----+-----+
|Profit / loss for the period | -16| 308| -87|1 155|
+-------------------------------------------------------+-----+----+-----+-----+
|Total profit / loss for the period | -16| 308| -87|1 155|
+-------------------------------------------------------+-----+----+-----+-----+
| | | | | |
+-------------------------------------------------------+-----+----+-----+-----+
|Ordinary and diluted earnings / loss per share (EUR) |-0,01|0,12|-0,04| 0,56|
+-------------------------------------------------------+-----+----+-----+-----+
Statement of financial position
+----------+----------+
|30.09.2023|31.12.2022|
+--------------------------------------------------------+----------+----------+
|EUR thousand | | |
+--------------------------------------------------------+----------+----------+
|ASSETS | | |
+--------------------------------------------------------+----------+----------+
|Current assets | | |
+--------------------------------------------------------+----------+----------+
|Cash and cash equivalents | 5 018| 8 769|
+--------------------------------------------------------+----------+----------+
|Other receivables and accrued income | 599| 385|
+--------------------------------------------------------+----------+----------+
|Total current assets | 5 617| 9 154|
+--------------------------------------------------------+----------+----------+
| | | |
+--------------------------------------------------------+----------+----------+
|Non-current assets | | |
+--------------------------------------------------------+----------+----------+
|Financial assets at fair value through profit or loss | 12 548| 12 942|
+--------------------------------------------------------+----------+----------+
| Investments in subsidiaries | 1 122| 1 152|
+--------------------------------------------------------+----------+----------+
| Real estate funds | 11 426| 11 790|
+--------------------------------------------------------+----------+----------+
|Loans granted | 6 395| 5 376|
+--------------------------------------------------------+----------+----------+
|Non-current receivables | 1 795| 0|
+--------------------------------------------------------+----------+----------+
|Total non-current assets | 20 738| 18 318|
+--------------------------------------------------------+----------+----------+
|TOTAL ASSETS | 26 355| 27 472|
+--------------------------------------------------------+----------+----------+
| | | |
+--------------------------------------------------------+----------+----------+
|LIABILITIES | | |
+--------------------------------------------------------+----------+----------+
|Current liabilities | 7| 586|
+--------------------------------------------------------+----------+----------+
|Total liabilities, excluding net asset value of the fund| | |
|attributable to shareholders | 7| 586|
+--------------------------------------------------------+----------+----------+
| | | |
+--------------------------------------------------------+----------+----------+
|NET ASSET VALUE OF THE FUND | | |
+--------------------------------------------------------+----------+----------+
|Net asset value of the fund attributable to shareholders| 26 348| 26 886|
+--------------------------------------------------------+----------+----------+
|Total liabilities and net asset value of the fund | | |
|attributable to shareholders | 26 355| 27 472|
+--------------------------------------------------------+----------+----------+
The unaudited 9 months and 3(rd) 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: kristjan.tamla@eften.ee (mailto:kristjan.tamla@eften.ee)