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

·3-min read
EFTEN UNITED PROPERTY FUND
EFTEN UNITED PROPERTY FUND

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

€ 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

€ 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: kristjan.tamla@eften.ee

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