Börsiteade

Pealkiri

EfTEN United Property Fund unaudited financial results for the 1st half-year and 2nd quarter of 2022

Teade

The EfTEN United Property Fund earned 981 thousand euros in revenue and 848
thousand euros in net profit in the first six months of 2022. The fund's equity
capital was 26.9 million euros as of the end of June. The fund's investments are
diversified between 27 properties in three Baltic countries directly and through
funds managed by the EfTEN Capital.

At  the end of May, the EfTEN United Property Fund units were listed on the fund
list  of the Nasdaq Tallinn  Stock Exchange. This was  preceded by an IPO (up to
460,000 units),  which was more than twice  oversubscribed. The EfTEN Capital AS
used  the right  to upsize  the offer,  issuing 660,000 units and raising equity
capital  in the amount of  7 million euros. As of  30.06.2022, the fund had more
than  6,500 investors, up by more than 2,000 investors in half a year. Since the
launch of the fund, the fund has attracted 25.5 million euros from investors, of
which almost 10 million euros in the first half of 2022.

The  EfTEN United Property  Fund's total return  for the first  half of 2022 was
3.5%, of  which  2.7 percentage  points  was  the  increase  in the NAV and 0.8
percentage  points was dividends calculated for  investors. In the first year of
operation, the fund's total return reached 9.4%.


Statement of the comprehensive income

+----------------------------------------------------------+---------+---------+
|                                                          |   II    |         |
|                                                          | quarter |6 months |
+----------------------------------------------------------+----+----+----+----+
|                                                          |2022|2021|2022|2021|
+----------------------------------------------------------+----+----+----+----+
|EUR thousand                                                |    |    |    |    |
+----------------------------------------------------------+----+----+----+----+
|Income                                                    |    |    |    |    |
+----------------------------------------------------------+----+----+----+----+
|Interest income                                           |  79|   0| 140|   0|
+----------------------------------------------------------+----+----+----+----+
|Dividend income                                           | 212|   0| 212|   0|
+----------------------------------------------------------+----+----+----+----+
|Net profit / loss from assets recognised in fair value    |    |    |    |    |
|through profit or loss                                    | 534|   0| 629|   0|
+----------------------------------------------------------+----+----+----+----+
|Investments in subsidiaries                               | 180|   0| 159|   0|
+----------------------------------------------------------+----+----+----+----+
|Underlying funds                                          | 354|   0| 470|   0|
+----------------------------------------------------------+----+----+----+----+
|Total income                                              | 825|   0| 981|   0|
+----------------------------------------------------------+----+----+----+----+
|                                                          |    |    |    |    |
+----------------------------------------------------------+----+----+----+----+
|Costs                                                     |    |    |    |    |
+----------------------------------------------------------+----+----+----+----+
|Operating expenses                                        |    |    |    |    |
+----------------------------------------------------------+----+----+----+----+
|Management fee                                            | -26|   0| -42|   0|
+----------------------------------------------------------+----+----+----+----+
|Costs of administering the Fund                           | -58|   0| -65|   0|
+----------------------------------------------------------+----+----+----+----+
|Other operating expenses                                  | -15|   0| -26|   0|
+----------------------------------------------------------+----+----+----+----+
|Total operating expenses                                  | -99|   0|-133|   0|
+----------------------------------------------------------+----+----+----+----+
|Operating profit                                          | 726|   0| 848|   0|
+----------------------------------------------------------+----+----+----+----+
|INCREASE IN THE NET ASSET VALUE OF THE FUND ATTRIBUTABLE  |    |    |    |    |
|TO THE SHAREHOLDERS                                       | 726|   0| 848|   0|
+----------------------------------------------------------+----+----+----+----+
|                                                          |    |    |    |    |
+----------------------------------------------------------+----+----+----+----+
|Ordinary and diluted earnings / loss per share (EUR)      |0.36|0.00|0.42|0.00|
+----------------------------------------------------------+----+----+----+----+


Statement of financial position

+--------------------------------------------------------+----------+----------+
|                                                        |30.06.2022|31.12.2021|
+--------------------------------------------------------+----------+----------+
|EUR thousand                                              |          |          |
+--------------------------------------------------------+----------+----------+
|ASSETS                                                  |          |          |
+--------------------------------------------------------+----------+----------+
|Current assets                                          |          |          |
+--------------------------------------------------------+----------+----------+
|Cash and cash equivalents                               |     9,879|     2,743|
+--------------------------------------------------------+----------+----------+
|Other receivables and accrued income                    |       218|     3,215|
+--------------------------------------------------------+----------+----------+
|Total current assets                                    |    10,097|     5,958|
+--------------------------------------------------------+----------+----------+
|                                                        |          |          |
+--------------------------------------------------------+----------+----------+
|Non-current assets                                      |          |          |
+--------------------------------------------------------+----------+----------+
|Financial assets at fair value through profit or loss   |    11,643|     7,925|
+--------------------------------------------------------+----------+----------+
|Investments in subsidiaries                             |     1,510|       628|
+--------------------------------------------------------+----------+----------+
|Real estate funds                                       |    10,133|     7,297|
+--------------------------------------------------------+----------+----------+
|Loans given                                             |     5,376|     2,500|
+--------------------------------------------------------+----------+----------+
|Total non-current assets                                |    17,019|    10,425|
+--------------------------------------------------------+----------+----------+
|TOTAL ASSETS                                            |    27,116|    16,383|
+--------------------------------------------------------+----------+----------+
|                                                        |          |          |
+--------------------------------------------------------+----------+----------+
|LIABILITIES                                             |          |          |
+--------------------------------------------------------+----------+----------+
|Current liabilities                                     |       237|         4|
+--------------------------------------------------------+----------+----------+
|Total liabilities, excluding net asset value of the fund|          |          |
|attributable to shareholders                            |       237|         4|
+--------------------------------------------------------+----------+----------+
|                                                        |          |          |
+--------------------------------------------------------+----------+----------+
|NET ASSET VALUE OF THE FUND                             |          |          |
+--------------------------------------------------------+----------+----------+
|Net asset value of the fund attributable to shareholders|    26,879|    16,379|
+--------------------------------------------------------+----------+----------+
|Total liabilities and net asset value of the fund       |          |          |
|attributable to shareholders                            |    27,116|    16,383|
+--------------------------------------------------------+----------+----------+



Kristjan Tamla
Head of Retail
Phone 655 9515
E-mail: [email protected] (mailto:[email protected])