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EfTEN United Property Fund generated revenues of €60,000 in 2023 (€1,670,000 in 2022). Although interest income increased by 228 thousand euros and dividend income increased by 150 thousand euros, the decrease in total income is related to the non-monetary revaluation of investments. Due to the revaluation of investments, the fund suffered a loss of 828,000 euros in 2023 (a gain of 1,150,000 euros in 2022).
The downward revision of the investment rating was mainly due to the increase in the discount rate due to the increase in market interest rates and the Fund’s investment in the shares of Eften Real Estate Fund AS, whose price on the Tallinn Stock Exchange has fallen by 4% during the year. It was related. As a result of the revaluation, the fund recorded a loss of 179,000 euros in 2023 (compared to a profit of 1,440,000 euros in 2022), of which 620,000 euros was due to share price fluctuations in the EfTEN real estate fund AS. If the shares of the EfTEN real estate fund AS were reflected in the net asset value (NAV), the fund would have earned him a profit of 97,000 euros in 2023.
The Fund’s commercial real estate investments maintained positive cash flow in 2023, allowing the Fund to continue distributing regular income in 2024. At present, the fund management company plans to make two distributions to investors from EfTEN United Property Fund within the next year. Year. The first time is in late spring, when dividends from the underlying fund are received, and the second time, when interest earned on investments made in the form of loan capital is received, and additional funds are released in the fall. Possibility of refinancing the loan.
statement of comprehensive income
| 4th quarter | 12 months | |||
| 2023 | 2022 | 2023 | 2022 | |
| thousand euros | ||||
| income | ||||
| interest income | 152 | 88 | 536 | 308 |
| dividend income | 0 | 0 | 352 | 212 |
| Gain or loss on assets recognized at fair value through profit or loss | -194 | 239 | -828 | 1 148 |
| Investment in subsidiaries | -68 | -381 | -98 | -199 |
| Investing in funds | -126 | 620 | -730 | 1 346 |
| total income | -42 | 327 | 60 | 1 668 |
| cost | ||||
| Operating expenses | ||||
| management fee | -30 | -28 | -115 | -96 |
| Fund management costs | -Five | -2 | -34 | -90 |
| Other operating expenses | -15 | -13 | -90 | -44 |
| total operating expenses | -50 | -43 | -239 | -229 |
| Profit and loss for the period | -92 | 284 | -179 | 1 439 |
| Total period profit/loss | -92 | 284 | -179 | 1 439 |
| Ordinary and diluted earnings per share (Euro) | -0,04 | 0,11 | -0,07 | 0,66 |
statement of financial position
| 2023.12.31 | 2022.12.31 | |
| thousand euros | ||
| assets | ||
| current assets | ||
| cash and cash equivalents | 5 731 | 8 769 |
| short term deposit | 1 795 | 0 |
| Other receivables and accrued income | 711 | 385 |
| Total current assets | 8 237 | 9 154 |
| non-current assets | ||
| Financial assets measured at fair value through profit or loss | 12 354 | 12 942 |
| Investment in subsidiaries | 1 054 | 1 152 |
| real estate fund | 11 300 | 11 790 |
| Number of loans | 5 668 | 5 376 |
| Total fixed assets | 18 022 | 18 318 |
| Total assets | 26 259 | 27 472 |
| liabilities | ||
| Current Liabilities | 3 | 586 |
| Total liabilities excluding net asset value of the fund attributable to shareholders | 3 | 586 |
| Net asset value of the fund | ||
| Amount of net assets attributable to shareholders of the fund | 26 256 | 26 886 |
| Total liabilities and net assets of the fund attributable to shareholders | 26 259 | 27 472 |
Unaudited 4th EfTEN United Property Fund’s quarterly and 12-month reports are available on the fund’s website. https://eftenunitedpropertyfund.ee/en/reports-documents/
EfTEN Capital AS will host a webinar in English on February 15, 2024 from 13:00 (EET) to present the achievements and prospects of the EfTEN United Property Fund. Questions can be asked during the webinar or in advance by email to: united@eften.ee No later than 17:00 (EET) on February 14th. To attend the webinar, please register at: https://nasdaq.zoom.us/webinar/register/WN_hE6LlryURl2BpwsgmunLYQ#/registration. Participants will receive a reminder email one hour prior to the start of the webinar. The webinar will be recorded and published on the Fund’s website. https://eftenunitedpropertyfund.ee And also on my YouTube channel.
Christian Tamra
President
Phone number 655 9515
Email: kristjan.tamla@eften.ee
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