Announcement View
Company Baltic Horizon Fund / Northern Horizon Capital AS
Type Company Release
Category Other corporate action
Publicize date 17 Jan 2022 23:20:00 +0200
Kell English
Title Baltic Horizon Fund publishes its NAV for December 2021
The  net asset  value (NAV)  of Baltic  Horizon Fund  (the Fund)  unit at end of
December  2021 amounted to EUR 1.1082 per unit.  Compared to the previous month,
NAV  per unit increased by +5.63%. The total net asset value of the Fund rose to
EUR  132.6 million over the month.  The NAV increase was  mainly affected by the
operating   performance   and   positive   year-end  revaluation  of  investment
properties.  The  EPRA  NRV  as  of  31 December  2021 was  EUR 1.1884 per unit,
corresponding to an increase of +5.72% over the last month.

As  of 31 December  2021, the fair  value of  the Baltic  Horizon Fund portfolio
increased  to  EUR  327.4 million  (31  December  2020: EUR  340.0 million).  In
December  2021, the portfolio revaluation  resulted in a  fair value gain of EUR
7.1 million  (+2.2% of portfolio value). The portfolio valuation is based on the
valuations  conducted  by  an  independent  real estate appraiser Colliers. Fair
values  of investment  properties in  the portfolio  increased primarily  due to
upward  adjustments of future  cash flow projections  and changes in exit yields
for  most of the office  properties. The summary of  property valuations will be
published on the Fund`s webpage during week 6. More information will be provided
in the annual report.

The  Fund has earned EUR 1.4 million  from operations in December 2021 resulting
from  unaudited  consolidated  net  rental  income  and  COVID-19 grant from the
Latvian  government. In  December, the  Fund has  utilised a  grant of  EUR 0.4
million from the Latvian government with the aim to partially support tenants of
Galerija  Centrs with discounts  due to a  brief lockdown in  November. The Fund
recognized  an unaudited consolidated net profit  of EUR 7.0 million in December
2021. For  the entire year of 2021, the  Fund achieved an unaudited consolidated
net profit of EUR 1.4 million (2020: net loss of EUR 13.5 million).

At  the end of December 2021, the  Fund's consolidated cash and cash equivalents
amounted  to EUR 16.1 million (30  November 2021: EUR 19.6 million). Investments
into  (re)development projects and  partial bank loan  repayments were among the
main  reasons for the decrease  in cash balance. The  Fund is planning to invest
part of outstanding cash to (re)development projects during the upcoming year.

As  of  31 December  2021, the  total  consolidated  assets of the Fund were EUR
346.4 million  (31 December 2020: EUR  355.6 million). The Fund  has invested an
additional  EUR  1.2 million  into  ongoing  constructions  of the Meraki office
building and Europa SC reconstruction during December 2021.

Additional information:

Tarmo Karotam
Baltic Horizon Fund manager

The Fund is a registered contractual public closed-end real estate fund that is
managed by Alternative Investment Fund Manager license holder Northern Horizon
Capital AS. Both the Fund and the Management Company are supervised by the
Estonian Financial Supervision Authority.

Distribution: GlobeNewswire, Nasdaq Tallinn, Nasdaq Stockholm,