EfTEN United Property Fund (the Fund) made a net profit of EUR 94 thousand in the first quarter of 2024 (Q1 2023: net loss of EUR 34 thousand). The fund's income increased from 56,000 euros to 155,000 euros during the year, while expenditures fell from 90,000 euros to 61,000 euros.
In the first quarter of 2024, EfTEN United Property Fund operated in an environment of stability in the real estate market and euro interest rates. Although transaction activity in the residential and especially commercial real estate markets remains relatively low, there were significant signs of stabilization and recovery at the beginning of the year. For example, sales of the fund's Us Järvekula housing development project accelerated slightly. As the real estate market environment stabilizes, the fund's goal is to invest most of its free capital in cash-flowing commercial real estate, with two distributions of proceeds to investors in 2024.
EfTEN United Property Fund's assets amounted to €26,354 thousand at March 31, 2024 (December 31, 2023: €26,259 thousand), with long-term investments accounting for 69.2% at the end of March 2024 (2023 December 31st: 68.6%).
In January 2024, EfTEN United Property Fund increased its investment in EfTEN Residential Fund by €250,000 in connection with a rental apartment development project in Vilnius. The rental building in Vilnius is expected to be completed in summer 2024 and begin generating cash flow for the Fund. EfTEN United Property Fund plans to make its final investment in a rental residential building in Vilnius in May 2024. After that, no new investments will be made. Construction of rental housing is planned.
In the residential area of Us Järvekula, around 50 terraced houses were handed over to customers in the first quarter of 2023. In addition, construction work on Phase II has begun, with 16 semi-detached houses and 14 terraced houses constructed. Of these, only two semi-detached houses and four terrace houses have not been booked by customers.
statement of comprehensive income
|
1st quarter |
||
|
2024 |
2023 |
|
|
thousand euros |
||
|
income |
||
|
interest income |
151 |
106 |
|
dividend income |
twenty two |
twenty three |
|
Other financial income |
Five |
0 |
|
Gain or loss on assets recognized at fair value through profit or loss |
-twenty three |
-73 |
|
Investment in subsidiaries |
-148 |
28 |
|
Investing in funds |
125 |
-101 |
|
total income |
155 |
56 |
|
cost |
||
|
Operating expenses |
||
|
management fee |
-28 |
-27 |
|
Fund management costs |
-6 |
-12 |
|
Other operating expenses |
-27 |
-51 |
|
total operating expenses |
-61 |
-90 |
|
Profit and loss for the period |
94 |
-34 |
|
Total period profit/loss |
94 |
-34 |
|
|
|
|
|
Ordinary and diluted earnings per share (Euro) |
0,04 |
-0,01 |
statement of financial position
|
2024.03.31 |
2023.12.31 |
|
|
thousand euros |
||
|
assets |
||
|
current assets |
||
|
cash and cash equivalents |
5 788 |
5 731 |
|
short term deposit |
1 563 |
1 795 |
|
Other receivables and accrued income |
754 |
711 |
|
Total current assets |
8 105 |
8 237 |
|
non-current assets |
||
|
Financial assets measured at fair value through profit or loss |
12 581 |
12 354 |
|
Investment in subsidiaries |
906 |
1 054 |
|
real estate fund |
11 675 |
11 300 |
|
Number of loans |
5 668 |
5 668 |
|
Total fixed assets |
18 249 |
18 022 |
|
Total assets |
26 354 |
26 259 |
|
liabilities |
||
|
Current Liabilities |
Four |
3 |
|
Total liabilities excluding net asset value of the fund attributable to shareholders |
Four |
3 |
|
Net asset value of the fund |
||
|
Amount of net assets attributable to shareholders of the fund |
26 350 |
26 256 |
|
Total liabilities and net assets of the fund attributable to shareholders |
26 354 |
26 259 |
Unaudited 1cent EfTEN United Property Fund's 2024 Quarterly Report is attached to the release and available on the Fund's website. https://eftenunitedpropertyfund.ee/en/reports-documents/
Christian Tamra
President
Phone number 655 9515
Email: kristjan.tamla@eften.ee
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