Investment Beverage Business Fund 2025 Unaudited Financial Statements: EUR27,249 Distribution per Unit, Dividend and Growth Performance35

Investment Beverage Business Fund: Semester Ended 30 June 2025 Financial Analysis

The Investment Beverage Business Fund has released its unaudited financial statements for the semester ended 30 June 2025. Below, we analyze the key financial metrics, performance trends, distributions, and notable events affecting the fund. This review is designed for investors seeking an in-depth understanding of the fund’s current position and outlook.

Key Financial Metrics and Performance Comparison

Below is a summary table presenting year-over-year (YoY) performance comparisons for selected metrics. Quarter-over-quarter (QoQ) data is not provided in the report, so only annual semester comparisons are shown.

Metric	Semester Ended Jun 2025	Semester Ended Jun 2024	YoY Change
Gain Attributable to Unitholders (EUR/unit)	36,717	19,608	+87.3%
Total Net Assets (EUR/unit)	2,171,104	2,535,117	-14.4%
Dividend Income (EUR/unit)	35,510	19,022	+86.6%
Distribution to Unitholders (EUR/unit)	27,249	15,843	+72.1%
Unrealised Gain on Unquoted Assets (EUR/unit)	1,952	1,753	+11.4%
Units on Issue	3,945	3,945	No Change

Historical Performance Trends

Profitability: The gain attributable to unitholders rose sharply (+87%) compared to the previous year, driven by higher dividend income and improved unrealized gains on assets.
Asset Base: Despite improved earnings, total net assets per unit declined by 14.4%, likely due to significant distributions and revaluation of unquoted assets.
Distributions: The fund increased distributions to unitholders by 72%, indicating a commitment to returning capital to investors amid strong income performance.

Dividends and Distributions

The Investment Manager declared a total distribution of EUR27,249.68314 per unit to unitholders at record dates 13 May 2025 and 26 June 2025, with some distributions remaining unpaid as of 30 June 2025. This is a substantial increase versus the EUR15,843 per unit distributed in the prior year.

Asset Valuation and Fund Flows

Quoted Assets: Valued at latest trade price, reported at EUR43,415 per unit (2025), up from EUR22,844 per unit (2024).
Unquoted Assets: Comprise private equities, valued using income multiples and net asset approaches. Unrealized gains posted for the semester were EUR1,952 per unit (2025) versus EUR1,753 (2024).
Loan Receivables: Fund has two loans outstanding to related parties, totaling EUR60,000,000 with 4% interest. These are notable related-party transactions and represent a significant portion of fund assets.
Units on Issue: No new units issued or redeemed, indicating stability in capital base.

Expenses and Fees

Management Fee: EUR1,061 per unit (2025) vs. EUR1,190 (2024).
Custodian Fee: EUR164 per unit (2025) vs. EUR156 (2024).
Administration Fee: EUR32 per unit (2025) vs. EUR11 (2024).
Performance Fee: None reported this period.

Exceptional Items, Errors, and Risks

Related-Party Loans: The fund has sizable loans to a director of the Investment Manager and a related entity, Altaya Pte. Ltd. While interest is accruing, repayment is overdue on one loan. This may represent a risk to liquidity and asset recovery.
No Major Operational Changes: The Investment Manager notes no significant changes in operations that would adversely affect results for the period.
No Consolidation of Controlled Entities: Despite controlling interests in unquoted assets, the fund does not consolidate financial statements, potentially obscuring underlying risk or asset value.

Chairman’s Statement

(No Chairman’s Statement is included in the report. Therefore, no tone analysis is available.)

Corporate Actions and Events

No mention of share buybacks, asset sales, IPOs, fundraising, or restructuring.
No reported legal disputes, policy changes, or macroeconomic event impacts.
No details on directors’ remuneration.

Conclusion and Investment Recommendations

Overall Assessment: The Investment Beverage Business Fund posted strong earnings and increased distributions, signaling robust performance for the semester ended 30 June 2025. However, the decline in total net assets and exposure to related-party loans are notable risks. The absence of performance fees and stable units on issue point to a mature, income-focused fund. Lack of consolidation for controlled assets and some unpaid distributions also introduce transparency and liquidity concerns.

Recommendations

If you currently hold this fund: Consider holding your position to continue benefiting from strong distributions and income, but monitor related-party exposures and unpaid distributions. Reassess if asset recovery or liquidity issues worsen.
If you do not hold this fund: Consider waiting before initiating a position until the fund demonstrates improved asset recovery from related-party loans and greater clarity on unpaid distributions. The increased yield is attractive, but risk factors require careful scrutiny.

Disclaimer: This analysis is based solely on the contents of the latest unaudited financial report. It does not constitute personalized investment advice. Investors should consider their own risk tolerance and consult a financial adviser before making investment decisions.