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 |
