EfTEN: EfTEN United Property Fund unaudited financial results for the 4th quarter and 12 months of 2022

EfTEN United Property FundThe EfTEN United Property Fund earned 1,68 million euros in revenue (0,8 million euros in 2021) and 1,44 million euros in net profit (0,78 million euros in 2021) in 2022. In the 4th quarter of 2022 revenues amounted to 0,33 million euros and net profit to 0,28 million euros. The fund’s equity capital was 26,9 million euros as of the end of 2022, increasing by 10,5 million euros in 2022.

“Big changes in the real estate sector took place last year. The end of the zero-interest policy that lasted for years led to an increase in the cost of leverage and brought transaction activity in the Baltic commercial real estate sector almost to a halt from summer onwards. The price expectations of buyers and sellers diverged – sellers were not yet willing to lower price expectations that existed at the beginning of the year, while the buy side was ready to make transactions already at lower price levels. At the same time, the vacancy level across the commercial property market remained unchanged, and no deterioration in payment behavior was observed for among most tenants”, commented Kristjan Tamla, EfTEN Capital head of retail.

As of 31.12.2022, the majority of EfTEN United Property Fund’s investments (43%) have been placed in funds managed by EfTEN Capital AS, and 24% has been invested in real estate through subsidiaries. The rest is uninvested is in the fund’s bank account, awaiting new investments.

EfTEN United Property Fund’s investments are diversified across 30 different properties through funds and subsidiaries. This makes EfTEN United Property Fund with the most diversified real estate portfolio in the Baltics. In 2022, the fund made its first direct investment in cash-flow-generating commercial real estate – established in February the Lithuanian subsidiary EfTEN Menulio 7 UAB, which acquired the office building at Menulio 7 in Vilnius. During the year the fund invested 4 million euros to EfTEN Kinnisvarafond AS.

“As of the end of 2022, EfTEN United Property Fund has over 8 million euros of uninvested equity. All the existing investments are performing as expected and it is not seen at the moment that they need unexpected capital injections. Since commercial real estate prices in the Baltics have not reached the new so-called “equilibrium level”, we are unlikely to make sizable new investments in the first months of 2023. As a result, uninvested capital is likely to remain high for several months. There are no plans to raise new capital before the existing one is invested”, noted Kristjan Tamla.

The units of EfTEN United Property Fund are traded on the fund list of Nasdaq Tallinn Stock Market starting from 31.05.2022. The fund made the first distribution to investors (212 thousand euros, approx. 0.9% of the fund’s market capitalization) in July 2022 and announced the second distribution in December (584 thousand euros, approx. 2.5% of the fund’s market capitalization), which was made in January 2023.

Statement of the comprehensive income

q4 12 months
2022 2021 2022 2021
€ thousand
Interest income 88 51 308 78
Dividend income 0 0 212 0
Net profit / loss from assets recognised in fair value through profit or loss 239 707 1,148 725
Investments in subsidiaries -381 628 -199 626
Underlying assets 620 79 1,346 99
Total income 327 758 1,668 803
Operating expenses
Management fee -28 -10 -96 -13
Costs of administering the Fund -2 -9 -90 -11
Other operating expenses -13 -2 -44 -3
Total operating expenses -43 -21 -229 -27
Operating profit 284 737 1,439 776
Ordinary and diluted profit / loss per share (EUR) 0.11 0.68 0.66 0,84


Statement of financial position

31.12.2022 31.12.2021
€ thousand
Current assets
Cash and cash equivalents 8,769 2,743
Other receivables and accrued income 385 3,216
Total current assets 9,154 5,959
Non- current assets
Financial assets at fair value through profit or loss 12,942 7,924
Investments in subsidiaries 1,152 628
Investment Funds 11,79 7,296
Loans granted 5,376 2,5
Total non-current assets 18,318 10,424
TOTAL ASSETS 27,472 16,383
Current liabilities 586 4
Total liabilities, excluding net asset value of the Fund attributable to shareholders 586 4
Net asset value of the Fund attributable to shareholders 26,886 16,379
Total liabilities and net asset value of the Fund attributable to shareholders 27,472 16,383


The unaudited 4th quarter and 12 months report of the EfTEN United Property Fund can be found on the fund’s website: https://eftenunitedpropertyfund.ee/en/reports-documents/

EfTEN Capital AS will hold an online presentation (webinar) in English on 15.02.2023, starting at 13:00 (EET), to introduce the results and outlook of the EfTEN United Property Fund. Questions can be asked during the webinar as well as by sending them in advance by e-mail at: united@eften.ee no later than February 14 at 17:00 (EET). To participate in the webinar, please register at: https://nasdaq.zoom.us/webinar/register/WN_4OT7KU-9T7SqQqmOtLHSfw.  Participants will be sent a reminder email one hour before the start of the webinar. The webinar will be recorded and made public on the fund’s website https://eftenunitedpropertyfund.ee and on the YouTube channel.


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