Key indicators of the group as of 12/31/2024

Overview of the group's key financial indicators – equity, property portfolio value and indebtedness, LTV, planned investments, and EBITDA.

Key indicators
Amount of equity of e-Finance Group
513.41
mil. CZK

According to the audited financial statements for the period of 2024

The value of the e-Finance portfolio is
1.98
billion CZK

for income properties

External sources
1.31
billion CZK

for income properties

Net LTV
66.4
%

external resources on portfolio value

Consolidated real estate portfolio of the e-Finance Group

As of 12/31/2024

Multifunctional building eFi Palace, Brno, Building A

Multifunctional building eFi Palace
SPV company within the e-Finance group eFi Palace, s.r.o.
Value CZK 384,337,000
Estimated future investment cost CZK 0
Expert opinion | Other way to determine price

Page 84 of appraisal ref.no. 010283/2025.

The complex located near the wider center of Brno, covering an area of more than 3,500 m2, has undergone a multi-phase reconstruction and redevelopment. The first phase, completed in November 2013, includes 53 smaller apartments (studio and one-bedroom), 6 maisonettes (one-bedroom and two-bedroom), office and retail spaces, a restaurant, and 40 parking spaces, with a total floor area of 2,874 m2. The second phase, completed in February 2015, added a six-story courtyard wing with 29 apartments (studio to three-bedroom), a conference hall, and fitness/wellness facilities, with a rentable area of 2,052 m2. These are operated as a hotel under the eFi Hotel brand, and additional accommodation is intended for long-term rentals. Currently, construction of the third phase is underway, which will add more apartments, garage parking spaces, a congress hall, and offices.  More

Multifunctional building eFi Palace, Brno, Building B

Multifunctional building eFi Palace,
SPV company within the e-Finance group eFi Palace, s.r.o.
Value CZK 233 400 000
Estimated future investment cost CZK 0
Expert opinion | Other way to determine price

Land for extension and addition to the multifunctional building eFi Palace, Brno

Land for extension and addition to the multifunctional building eFi Palace
SPV company within the e-Finance group eFi Palace Resort, s.r.o.
Value CZK 44,500,000
Estimated future investment cost CZK 300,000,000
Expert opinion | Other way to determine price

Page 37 of appraisal ref.no. 010284/2025.

The multifunctional complex eFi Palace Hotel in Brno, Zábrdovice, will undergo an expansion with a ten-story extension consisting of two underground and eight above-ground floors, and a two-story addition above the existing hotel. The project includes a zoning decision issued in March 2018 and a building permit from spring 2019. The extension, which will be connected to the existing hotel structure, will provide space for congress and wellness facilities and long-term apartment rentals. The complex will offer three-story covered parking, a hotel lobby, offices, apartments, and 52 accommodation units on floors 3 to 7, with the top floors containing apartments and conference spaces.  More

EFI SPA Hotel

EFI SPA Hotel
SPV company within the e-Finance group e-Finance EU, a.s.
Value CZK 433,000,000
Estimated future investment cost CZK 0
Expert opinion | Other way to determine price

Page 74 of appraisal reg.no. 010286/2025.

This is a historic building located in the center of Brno at náměstí 28. října 23, which was used for many years by the South Moravian Region Emergency Medical Service. This house from the second half of the 19th century was converted, in agreement with the National Heritage Institute, into a four-star hotel with 35 apartments, a restaurant, the craft EFI Brewery, a wellness center, and also forty-six covered parking spaces. At the beginning of 2018, a complete reconstruction of the building and construction of underground garages began. The hotel was approved and opened in December 2020.  More

Zámek Račice

Zámek Račice
SPV company within the e-Finance group e-Finance Račice Castle, s.r.o.
Value CZK 432,840,000
Estimated future investment cost CZK 60,000,000
Expert opinion | Other way to determine price

Page 126 of appraisal reg.no. 054743-2025

The Renaissance castle complex, situated in a forest park covering 5.5 hectares between the Drahanská Highlands and the Moravian Karst, is undergoing reconstruction in three stages; the first two stages have been completed and are already operational. In 2020, a building permit was issued for converting the castle into exhibition spaces, a training center, and a wellness hotel. In total, 40 apartments, several conference halls, representative spaces, and wellness facilities in Podzámčí and the main castle building will be created. The castle offers tours, and since 2023, accommodation, a restaurant, conference halls, and wellness facilities in Podzámčí and Předzámčí.  More

Multifunctional building eFi Shopping Gallery, Jihlava

Multifunctional building eFi Shopping Gallery
SPV company within the e-Finance group e-Finance Jihlava, a.s.
Value CZK 181,300,000
Estimated future investment cost CZK 35,000,000
Expert opinion | Other way to determine price

Page 86 appraisal report ref.no. 010290/2025.

The building in a central location on Žižkova Street in Jihlava has undergone extensive reconstruction. This five-story commercial building with an elevator is 95% leased. On the first and second floors, there is a shopping gallery with 22 retail units. The third and fourth floors offer office spaces and apartments, while garages and storage areas are located in the basement.  More

Apartment Building Holzova, Brno-Líšeň

Apartment Building Holzova
SPV company within the e-Finance group EFI Byty, s.r.o.
Value CZK 59,000,000
Estimated future investment cost CZK 0
Expert opinion | Other way to determine price

Page 66 of appraisal ref.no. 010291/2025.

Completed development project in Líšeň on Holzova street. It consists of 9 residential units, 7 garages, and 4 parking spaces. Currently, the apartments are rented to long-term and short-term tenants.  More

Residence Bílovice n. Sv., Brno-countryside, luxury villa house with three apartments.

luxury villa house with three apartments
SPV company within the e-Finance group e-Finance, a.s.
Value CZK 33,090,000
Estimated future investment cost CZK 0
Expert opinion | Other way to determine price

Page 60 of appraisal ref.no. 010293/2025.

Apartments in a family house and plots, Bílovice nad Svitavou, Brno-Countryside  More

Land plots, roads, and networks for the construction of family houses and photovoltaic power plants in the municipality of Tučapy

Land plots, roads, and networks for the construction of family houses and photovoltaic power plants in the municipality of Tučapy
SPV company within the e-Finance group Czech Property Fund, s.r.o.
Value CZK 10,427,632
Estimated future investment cost CZK 20,000,000
Expert opinion | Other way to determine price Acquisition price

Building plots and future building plots, utilities, and roads in the municipality of Tučapy (approx. 20 km from Brno) with a total area of approx. 22 thousand m2.

eFi Aparthotel Phase Ia

eFi Aparthotel Phase Ia
SPV company within the e-Finance group e-Finance Apart Hotel, s.r.o.
Value CZK 50,000,000
Estimated future investment cost CZK 40,000,000
Expert opinion | Other way to determine price

This is a complex of 10,000 m2, where the first property has currently been completed. A valid zoning decision has been issued for a property with 15 apartments of 2+1 type, as well as a building permit for a property serving as a wellness center. Price according to the Page 107-108 of appraisal ref.no. 010292/2025.

Residential building with fourteen 2+1 apartments and one 2+kk apartment. Apartments are rented for recreation or long-term living.  More

eFi Aparthotel Phase Ib + Phase II

eFi Aparthotel Phase Ib
SPV company within the e-Finance group e-Finance Apart Hotel, s.r.o.
Value CZK 16,750,000
Estimated future investment cost CZK 100,000,000
Expert opinion | Other way to determine price

Estimated property value for 2024, based on a qualified appraisal | Page 107+108 of appraisal ref. no. 010292/2025.

The project includes land and documentation for the construction of 15 residential apartments, for which a final building permit was issued in 2024. The contractor selection process is currently underway. Upon completion, the building will replicate the one constructed in Phase I. Additionally, the project encompasses land and a valid building permit for the development of a wellness center, congress hall, and recreational apartments. A modification of the existing permit is currently being considered to allow for the construction of spa residences.  More

Apartment buildings in Břeclav, construction of 39 apartments.

Apartment buildings in Břeclav
SPV company within the e-Finance group eFi Břeclav, s.r.o.
Value CZK 27,250,000
Estimated future investment cost CZK 100,000,000
Expert opinion | Other way to determine price

Page 60 of appraisal ref.no. 010293/2025.

These are plots intended for the construction of two apartment buildings with a total of 39 apartments. Currently, building proceedings for issuing zoning decisions and building permits are underway.  More

Prušánky Gas Station

Prušánky Gas Station
SPV company within the e-Finance group eFi Břeclav, s.r.o.
Value CZK 17,735,000
Estimated future investment cost CZK 0
Expert opinion | Other way to determine price

Str. 67 znaleckého posudku 054745/2025

Prušánky gas station. Parking spaces for motorhomes, premises for car service available for rent.  More

Omice, building plot for construction of three family houses

Omice, building plot for construction of three family houses
SPV company within the e-Finance group e-Finance Reality, s.r.o.
Value CZK 8,478,261
Expert opinion | Other way to determine price

The price is determined by market comparison and contracts for project documentation.

Hodonín u Kunštátu

Hodonín u Kunštátu
SPV company within the e-Finance group eFi Sport Centrum, s.r.o.
Value CZK 21,570,000
Expert opinion | Other way to determine price

Page 106 of appraisal ref.no. 054746-2025.

BD Jeseník

BD Jeseník
SPV company within the e-Finance group e-Finance Reality, s.r.o.
Value CZK 10,730,000
Expert opinion | Other way to determine price

Page 52 of appraisal ref.no. 054749-2025.

EFI Brewery: technology and structural modifications of eFi Brewery in Brno at Nám. 28 října 23.

EFI Brewery
SPV company within the e-Finance group e-Finance EU, a.s.
Value CZK 20,000,000
Expert opinion | Other way to determine price

Price according to contracts for work.

Key indicators as of 12/31/2024:

  • Real estate portfolio value: CZK 1,984,407,893
  • Net Debt: CZK 1,317,597,000
  • Loan-to-value ratio (LTV): 66,4%
  • Planned future real estate investments: CZK 655,000,000
  • Portfolio value after completion of planned investments: CZK 2,639,407,893
 
  Company EBITDA1
EBITDA as of 12/31/2023 (earnings before interest, taxes, depreciation, and amortization) EBITDA as of 12/31/2024 (earnings before interest, taxes, depreciation, and amortization)
The e-Finance Group
Group company:
e-Finance, a.s. 12 947 000 CZK 7 293 000 CZK
Subsidiaries of e-Finance Group:
Czech Property Fund, s.r.o. 6 090 000 CZK 12 553 000 CZK
e-Finance Apart Hotel, s.r.o. 1 075 000 CZK 9 257 000 CZK
e-Finance CZ, a.s. 34 790 000 CZK 59 337 000 CZK
EFI Hostinec, s.r.o. -1 000 CZK -1 000 CZK
eFi Břeclav, s.r.o. -354 000 CZK 36 000 CZK
EFI Byty, s.r.o. 1 334 000 CZK 1 298 000 CZK
e-Finance Zámek Račice, s.r.o. -645 000 CZK -107 000 CZK
e-Finance Reality, s.r.o. -669 000 CZK -651 000 CZK
e-Finance Developer, s.r.o. 1 135 000 CZK 5 719 000 CZK
eFi Sport Centrum, s.r.o. -178 000 CZK -88 000 CZK
Group EFI Hotels & Properties Group
The subsidiary of e-Finance, a.s., forming an independent group:
EFI Hotels & Properties, a.s. -154 000 CZK -861 000 CZK
Subsidiaries of EFI Hotels & Properties, a.s.:
e-Finance EU, a.s. 14 804 000 CZK 12 970 000 CZK
eFi Palace, s.r.o. 14 943 000 CZK 11 693 000 CZK
e-Finance Jihlava, a.s. 6 436 000 CZK 6 300 000 CZK
eFi Palace Resort, s.r.o. 101 000 CZK -81 000 CZK
  Total 91 654 000 CZK 124 667 000 CZK

1EBITDA of group companies in 2023 and 2024

1EBITDA is an abbreviation for "Earnings Before Interest, Taxes, Depreciation, and Amortization," which translates into Czech as "zisk před úroky, daněmi, odpisy a amortizací." This financial indicator is used to measure a company's performance at the operational level, as it eliminates the effects of financing (interest), taxation environment, and asset depreciation (in the case of companies within the e-Finance Group, primarily accounting depreciation of fixed assets, especially real estate), allowing for a more comparable view of operational efficiency among different companies or sectors. EBITDA is calculated from the Profit and Loss Statement as follows: EBITDA = **Profit or loss before taxation + J. Interest expenses and similar costs + E.1. Adjustments to values of intangible and tangible fixed assets. Profit and Loss Statements of all companies within the group are available in the public document collection at the justice.cz portal.

Definition of Terms


Loan-to-Value Ratio (LTV)

LTV, or Loan-to-Value ratio (the ratio of net debt to the value of real estate assets), is a financial indicator primarily used in real estate investment lending to express the ratio between the loan amount and the value of the secured asset (for example, real estate). A healthy LTV value depends on specific market conditions and the requirements of lending institutions and investors, but generally, several principles apply: 


Lower LTV is safer:

A lower LTV means that the borrower has borrowed a smaller amount relative to the value of the collateral. This implies lower risk for both the lender and the borrower, which can lead to better interest rates. Typical values: In many countries, an LTV ratio of around 80% or less is considered healthy. This means that external financing does not exceed 80% of the property's value.


100% LTV and above:

Some specific loan products may offer loans with an LTV of 100% or higher, meaning the borrower does not need to have any equity. However, these products typically carry significantly higher risk and are associated with higher interest rates. Regulations and requirements: Regulatory authorities in many countries set maximum allowable LTV values to limit risks associated with real estate lending and protect the economy.  


Net Debt

Net debt is a financial indicator measuring the total amount of a company's debts (such as bonds and bank loans) after subtracting available cash and cash equivalents. This indicator provides a more accurate picture of how much the company actually owes beyond its immediately available cash reserves. It expresses the company's effective debt burden and is useful for assessing its ability to repay obligations. Net debt is a key indicator for investors and creditors because it provides a better understanding of the company's financial health and risk than gross debt alone.