EfTEN United Property Fund unaudited financial results for 1st quarter of 2024
30 April 2024 - 6:05AM
EfTEN United Property Fund unaudited financial results for 1st
quarter of 2024
EfTEN United Property Fund (hereinafter the
Fund) earned 94 thousand euros in net profit in the first quarter
of 2024 (2023 first quarter: 34 thousand euros in net loss). The
fund's revenues increased from 56 thousand euros to 155 thousand
euros during the year, and expenses decreased from 90 thousand
euros to 61 thousand euros.
In the first quarter of 2024, EfTEN United
Property Fund operated in an environment of stabilizing real estate
market and euro interest rates. Although transaction activity in
the residential and especially commercial real estate market
remains relatively low, certain signs of stabilization and recovery
were noticeable at the beginning of the year. For example, the
sales of the fund's Uus-Järveküla residential development project
accelerated somewhat. In the stabilizing real estate market
environment, the goal of the fund is to invest most of the free
capital in cash-flow commercial real estate and to distribute
income to investors twice in 2024.
The assets of EfTEN United Property Fund are
26,354 thousand euros as of 31.03.2024 (31.12.2023: 26,259 thousand
euros), of which long-term investments make up 69.2% as of the end
of March 2024 (31.12.2023: 68.6%).
In January 2024, EfTEN United Property Fund
increased its investment in the EfTEN Residential Fund by 250
thousand euros in connection with the development project of rental
apartments in Vilnius. The Vilnius rental building is expected to
be completed and to start generating cash flow for the fund in the
summer of 2024. EfTEN United Property Fund is planning the last
investment in the Vilnius residential rental building in May 2024.
After that, no new investments in residential rental buildings are
planned.
In the residential district of Uus-Järveküla,
approximately 50 parts of terraced houses were handed over to
customers in the first quarter of 2023. In addition, the
construction works of the II stage started, where 16 semi-detached
houses and 14 of terraced houses will be completed by the beginning
of 2025. Of these, only 2 semi-detached houses and 4 terraced
houses have not been booked by customers.
Statement of the comprehensive income
|
1st quarter |
|
2024 |
2023 |
€ thousand |
|
|
INCOME |
|
|
Interest income |
151 |
106 |
Dividend income |
22 |
23 |
Other financial income |
5 |
0 |
Net profit / loss from assets recognised in fair value through
profit or loss |
-23 |
-73 |
Investments in subsidiaries |
-148 |
28 |
Investments in funds |
125 |
-101 |
Total income |
155 |
56 |
|
|
|
COSTS |
|
|
Operating expenses |
|
|
Management fee |
-28 |
-27 |
Costs of administering the Fund |
-6 |
-12 |
Other operating expenses |
-27 |
-51 |
Total operating expenses |
-61 |
-90 |
|
|
|
Profit / loss for the period |
94 |
-34 |
Total profit / loss for the period |
94 |
-34 |
|
|
|
Ordinary and diluted earnings / loss per share
(EUR) |
0,04 |
-0,01 |
Statement of financial position
|
31.03.2024 |
31.12.2023 |
€ thousand |
|
|
ASSETS |
|
|
Current assets |
|
|
Cash and cash equivalents |
5 788 |
5 731 |
Short-term deposits |
1 563 |
1 795 |
Other receivables and accrued income |
754 |
711 |
Total current assets |
8 105 |
8 237 |
|
|
|
Non-current assets |
|
|
Financial assets at fair value through profit or loss |
12 581 |
12 354 |
Investments in subsidiaries |
906 |
1 054 |
Real estate funds |
11 675 |
11 300 |
Loans granted |
5 668 |
5 668 |
Total non-current assets |
18 249 |
18 022 |
TOTAL ASSETS |
26 354 |
26 259 |
|
|
|
LIABILITIES |
|
|
Current liabilities |
4 |
3 |
Total liabilities, excluding net asset value of the fund
attributable to shareholders |
4 |
3 |
|
|
|
NET ASSET VALUE OF THE FUND |
|
|
Net asset value of the fund attributable to shareholders |
26 350 |
26 256 |
Total liabilities and net asset value of the fund attributable to
shareholders |
26 354 |
26 259 |
The unaudited 1st quarter 2024 report of the
EfTEN United Property Fund is attached to the release and can be
found on the Fund's website:
https://eftenunitedpropertyfund.ee/en/reports-documents/
Kristjan TamlaManaging DirectorPhone 655
9515E-mail: kristjan.tamla@eften.ee