Eften United Property Fund Unaudited Financial Results For 3Rd Quarter And 9 Months Of 2024

(MENAFN- GlobeNewsWire - Nasdaq) EfTEN United Property Fund (hereinafter the Fund) earned 134 thousand euros in net profit in the third quarter of 2024 (2023 third quarter: 16 thousand euros in net loss). The fund's revenues increased from 38 thousand euros to 176 thousand euros during the year. During the 9 months of 2024 the Fund earned 535 thousand euros in net profit (2023 9 months: 87 thousand euros net loss).

The Fund's assets amounted to 26,545 thousand euros as of 30.09.2024 (31.12.2023: 26,259 thousand euros), of which long-term investments make up 74.5% as of the end of September 2024 (31.12.2023: 68.6%).

With the support of declining Euro interest rates, the outlook for the European and Baltic real estate markets is improving. The shares value of real estate companies listed on stock exchanges in many European countries (including the Nordic countries) began to increase at the end of last year. This has been followed by a decrease in the risk premiums of bonds listed by these companies, and the transaction activity in the real estate market is showing the first signs of recovery.

The central objective of the EfTEN United Property Fund has been the active deployment of uninvested capital in the recovering economic conditions. In August, the fund made its largest historical investment – investing 4.78 million euros into the EfTEN Real Estate Fund 5. This investment enabled the acquisition of the newly completed UNA shopping center in Vilnius, with Kesko Senukai and Rimi as anchor tenants. Following the transaction, more than 90% of the assets of the EfTEN United Property Fund have been invested.

Construction works at the Uus-Järveküla residential area, financed by the Fund, continued on the second phase (16 semi-detached houses and 14 terraced houses) and were started in June on the third phase (18 terraced houses). As of the end of the third quarter, only 2 terraced houses from the second phase, which will be completed at the beginning of next year, remain unreserved. Out of the planned 165 terraced and semi-detached houses in the residential area, 133 have been completed or are under construction, and 102 have been purchased or reserved by clients.

In the last quarter of the year, EfTEN United Property Fund will make its second distribution of the year from the income received from the EfTEN Real Estate Fund 5. The uninvested capital of the Fund is planned to be allocated in the coming months to a cash-flow-generating commercial real estate project and, to a smaller extent, to various real estate development projects in need of capital through the EfTEN Special Opportunities Fund.

Statement of the comprehensive income

	3rd quarter	9 months
	2024	2023	2024	2023
€ thousand
INCOME
Interest income	137	143	447	384
Dividend income	0	0	260	352
Other financial income	0	0	5	0
Net profit / loss from assets recognised in fair value through profit or loss	39	-105	-26	-634
Investments in subsidiaries	26	46	-114	-30
Investments in funds	13	-151	88	-604
Total income	176	38	686	102
COSTS
Operating expenses
Management fee	-28	-31	-84	-85
Costs of administering the Fund	-5	-11	-21	-29
Other operating expenses	-9	-12	-46	-75
Total operating expenses	-42	-54	-151	-189
Profit / loss for the period	134	-16	535	-87
Total profit / loss for the period	134	-16	535	-87
Ordinary and diluted earnings / loss per share (EUR)	0,05	-0,01	0,22	-0,04

Statement of financial position

	30.09.2024	31.12.2023
€ thousand
ASSETS
Current assets
Cash and cash equivalents	709	5 731
Short-term deposits	1 563	1 795
Loans granted	3 519	0
Other receivables and accrued income	970	711
Total current assets	6 761	8 237
Non-current assets
Financial assets at fair value through profit or loss	17 635	12 354
Investments in subsidiaries	940	1 054
Real estate funds	16 695	11 300
Loans granted	2 149	5 668
Total non-current assets	19 784	18 022
TOTAL ASSETS	26 545	26 259
LIABILITIES
Current liabilities	13	3
Total liabilities, excluding net asset value of the fund attributable to shareholders	13	3
NET ASSET VALUE OF THE FUND
Net asset value of the fund attributable to shareholders	26 532	26 256
Total liabilities and net asset value of the fund attributable to shareholders	26 545	26 259

The unaudited 3rd quarter and 9 months 2024 report of the EfTEN United Property Fund is attached to the release and can be found on the Fund's website:

Kristjan Tamla
Managing Director
Phone 655 9515
E-mail: ...

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