Market announcement
Baltic Horizon Fund / Northern Horizon Capital AS
LEI code
5299008IKT93E4SA0G49
Size of the entity
Small undertaking
Economic activities
Financial and Insurance Activities
Industry sector(s)
Management company
Country of registered office
Estonia
General information
Categories
Other corporate action
Unique data record identifier
10120
Attachments
Submission date and time
15.02.2023 23:50:00
Content of announcement in Estonian
Title
Baltic Horizon Fondi 2022. aasta IV kvartali konsolideeritud auditeerimata majandustulemused
Message
Northern Horizon Capital AS-i juhatus on kinnitanud Baltic Horizon Fondi (Fond)
auditeerimata konsolideeritud vahearuande tulemused IV kvartali 2022. aasta
kohta.
Kinnisvarainvesteeringute hindamine
Kontserni 2022. aasta puhaskasum oli 3,9 miljonit eurot (2021: 1,4 miljonit
eurot). Tulemile avaldas suurt mõju Galerija Centrsi majandustulemuste
taastumine, mis saavutati tänu sellele, et rentnikele tehti 2022. aastal vähem
pandeemiast tingitud rendisoodustusi ja rendi indekseerimine kasvas. 2021. aasta
tulemit mõjutas märkimisväärselt ühekordne kinnisvarainvesteeringute
ümberhindluse kahjum summas 7,1 miljonit eurot. 2022. aastal oli ümberhindluse
tulemuseks kahjum summas 2,9 miljonit eurot (-1,8% portfelli väärtusest). Puhta
renditulu kasvu positiivset mõju vähendasid osaliselt
kinnisvarainvesteeringutega seotud kulud, mida pole võimalik rentnikele edasi
esitada. 2022. aasta kasum osaku kohta oli 0,03 eurot (2021: 0,01 eurot).
2022. aastal teenis kontsern 17,4 miljonit eurot puhast renditulu (2021: 17,0
miljonit eurot). 2021. aasta tulemustes kajastus 2021. aasta IV kvartalis müüdud
G4S-i peahoone puhas renditulu summas 1,0 miljonit eurot. 2022. aasta tulemusi
G4S enam ei mõjutanud. Portfelli EPRA võrreldav puhas renditulu suurenes eelmise
aasta sama perioodiga võrreldes 9,6% peamiselt kaubandussegmendi, sealhulgas
eelkõige Galerija Centrsi, paremate tulemuste tõttu.
Fondi kaubandussegment ei ole koroonapandeemiast tingitud täitumuse langusest
veel täielikult taastunud. Kui kaubandussegmenti kuuluvate varade tulemused
taastuvad koroonaeelsele tasemele ja Meraki esimese torni väljarentimine läheb
edukalt, võib portfelli tootlus kerkida ajaloolise 6,5-7,0%-ni.
Domus PRO büroohoone ja kaubanduskeskuse müük
2023. aasta alguses sõlmis Fond lepingu ettevõttega UAB PREF III, et müüa 100%
osalus ettevõttes BH Domus PRO UAB, mis omab Domus Pro büroohoonet ja
kaubanduskeskust Vilniuses. Kokkulepitud müügihind oli ligikaudu 23,5 miljonit
eurot. Üle 9-aastase hoidmisperioodi sisemine tasuvusmäär (IRR) oli ligikaudu
15,8% ja omakapitali kordaja 2,1. Tehingust laekuvat raha plaanitakse kasutada
peamiselt Fondi laenukohustuste vähendamiseks, sealhulgas osaliselt Fondi 2023.
aasta mais lunastustähtajani jõudvate võlakirjade lunastamiseks. Tehing viiakse
eeldatavasti lõpule 2023. aasta veebruari lõpuks.
Europa ostukeskuse parkimismaja müük
30. detsembril 2022 sõlmis Baltic Horizon Fund ostu-müügilepingu ettevõttega UAB
Prime Location Property Fund, viies lõpule tehingu millega müüs oma osaluse
Europa ostukeskuse parkimismajas, mis oli varem ostjaga kaasomandis. Müügihind
oli 4 miljonit eurot. Tehingust saadud tulu kasutati finantsseisundi aruande
struktuuri optimeerimiseks ja Fondi finantsvõimenduse vähendamiseks. Pärast
tehingut kahanes Fondi tasumata laenujääk 3,5 miljoni euro võrra. Müügilepinguga
on ette nähtud teatavad garantiid, et ostukeskuse sujuvaks opereerimiseks oleks
tagatud piisaval arvul parkimiskohti ja et Europa ostukeskuse klientidele oleks
võimalik pakkuda tasuta parkimist. Baltic Horizon Fund jääb Europa ostukeskuse
ainuomanikuks.
Varade brutoväärtus (GAV)
Fondi varade brutoväärtus kahanes aruandeperioodil 0,7%, langedes 2022. aasta IV
kvartali lõpuks 344,0 miljoni euroni (31. detsember 2021: 346,3 miljonit eurot).
Languse peamine põhjus oli kinnisvarainvesteeringute ümberhindamise kahjum
summas 2,9 miljonit eurot.
Varade puhasväärtus (NAV)
Fondi varade puhasväärtus pisut suurenes ja oli 2022. aasta lõpu seisuga 133,7
miljonit eurot (31. detsember 2021: 132,6 miljonit eurot). Fondi varade
puhasväärtus suurenes eelmise aasta lõpuga võrreldes 0,8%. Perioodi positiivseid
tegevustulemusi ja positiivset rahavoo riskimaandamise reservi muutust summas
2,5 miljonit eurot tasakaalustas osaliselt osakuomanikele tehtud väljamakse
summas 5,4 miljonit eurot. Seisuga 31. detsember 2022 oli osaku IFRS
puhasväärtus 1,1172 eurot (31. detsember 2021: 1,1082 eurot) ning EPRA puhas
materiaalne põhivara ja EPRA puhas taastamisväärtus olid 1,1865 eurot (31.
detsember 2021: 1,1884 eurot) osaku kohta. EPRA puhas võõrandamisväärtus oli
1,1143 eurot (31. detsember 2021: 1,1086 eurot) osaku kohta.
Kinnisvarainvesteeringud
2022. aasta lõpus kuulus Baltic Horizoni portfelli 15 Balti riikide pealinnades
asuvat rahavooga kinnisvarainvesteeringut. Fondi portfelli õiglane väärtus oli
333,1 miljonit eurot (31. detsember 2021: 327,4 miljonit eurot) ja renditavat
netopinda oli kokku 151 870 m2. Fondi portfelli kuuluvat pinda on suurendanud
Meraki büroohoone esimene torn, mis võeti kasutusele 2022. aasta septembris.
Intressikandvad laenud ja võlakirjad
Intressikandvad laenud ja võlakirjad (ei sisalda rendikohustisi) moodustasid
194,6 miljonit eurot, jäädes 2021. aasta lõpuga sarnasele tasemele (31.
detsember 2021: 198,6 miljonit eurot). Pangalaenude jääk vähenes veidi Europa
ostukeskuse laenu osalise tagasimaksmise, Meraki võlakirjade lunastamise ja
graafikujärgse laenuamortisatsiooni tõttu. Aastane laenuamortisatsioon moodustab
0,7% kogu tasumata laenujäägist.
Rahavood
2022. aasta äritegevuse rahavoog oli positiivne summas 15.3 miljonit eurot
(2021: positiivne summas 14,7 miljonit eurot). Investeerimistegevuse rahavoog
oli olemasolevasse kinnisvaraportfelli tehtud täiendavate investeeringute ning
Meraki, Postimaja ja CC Plaza kompleksi ning Europa ja Galerija Centrsi
arendusprojektide rahastamise tõttu negatiivne summas 9,7 miljonit eurot (2021:
negatiivne summas 6,9 miljonit eurot). Finantseerimistegevuse rahavoog oli
negatiivne summas 16,4 miljonit eurot (2021: negatiivne summas 18,7 miljonit
eurot). 2022. aastal tegi Fond osakuomanikele rahalise väljamakse summas 5,4
miljonit eurot, maksis pangalaenudelt ja võlakirjadelt graafikujärgseid intresse
ning preemiat intressi ülemmääralt. Novembris lunastas Fond Meraki võlakirjad ja
detsembris maksis Europa ostukeskuse parkimismaja müügist saadud tulust tagasi
3,5 miljonit eurot Europa laenust. 2022. aasta lõpus oli Fondil raha ja raha
ekvivalente summas 5,3 miljonit eurot (31. detsember 2021: 16,1 miljonit eurot).
Tegevuskulud on täielikult kaetud renditegevusest laekuvate rahavoogudega.
Peamised kasumlikkuse näitajad
Tuhandetes eurodes IV kv 2022 IV kv 2021 Muutus (%)
-------------------------------------------------------------------------------
Puhas renditulu 4 457 3 798 17,4%
Halduskulud -996 -633 -57,3%
Muu äritulu - 440 -100,0%
Kahjum kinnisvarainvesteeringu müügist -423 -71 -495,8%
Kinnisvarainvesteeringute ümberhindluse
kasum/kahjum -3 072 7 103
Ärikasum (34) 10 637 (100,3%)
Finantstulud ja -kulud
(neto) (1 849) (1 484) (24,6%)
Maksueelne kasum -1 883 9 153 -120,6%
Tulumaks (310) (861) (64,0%)
-------------------------------------------------------------------------------
Perioodi puhaskasum -2 193 8 292 -126,4%
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Ringluses olevate osakute kaalutud
keskmine arv 119 635 429 119 635 429 -
Kasum/kahjum osaku kohta
(eurodes) -0,02 0,07 -
-------------------------------------------------------------------------------
Peamised finantsseisundi näitajad
Tuhandetes
eurodes 31.12.2022 31.12.2021 Muutus (%)
-------------------------------------------------------------------------------
Kasutuses olevad
kinnisvarainvesteeringud 333 123 315 959 5,4%
Lõpetamata
kinnisvarainvesteeringud - 11 400 -100,0%
Varade brutoväärtus (GAV) 343 963 346 338 -0,7%
Intressikandvad laenud ja
võlakirjad 194 569 198 571 -2,0%
Kohustised
kokku 210 308 213 754 -1,6%
-------------------------------------------------------------------------------
IFRS varade puhasväärtus (IFRS
NAV) 133 665 132 584 0,8%
EPRA puhas taastamisväärtus (EPRA
NRV) 141 943 142 176 -0,2%
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Ringluses olevate osakute arv 119 635 429 119 635 429 -
Osaku puhasväärtus - IFRS NAV osaku kohta
(eurodes) 1,1172 1,1082 0,8%
EPRA puhas taastamisväärtus (NRV) osaku
kohta (eurodes) 1,1865 1,1884 -0,2%
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Laenu tagatuse suhtarv (%) 58,4% 60,7% -
Keskmine sisemine intressimäär (%) 3,0% 2,7% -
-------------------------------------------------------------------------------
Fondi kinnisvarainvesteeringute portfelli keskmine tegelik täitumus oli 2022.
aasta IV kvartalis 90,2% (III kv 2022: 92,5%). Seisuga 31. detsember 2022 oli
täitumus 90,5% (30. september 2022: 90,0%). Portfelli üldist täitumust mõjutas
Meraki esimese torni arenduse valmimine. Esimesed rentnikud kolisid sisse 2022.
aasta septembris. Detsembris suurenes portfelli täitumus ilma Meraki hoone
mõjuta 93,9%-ni (III kv 2022: 93,8%). Täitumuse kasvu toetasid uued
rendilepingud North Stari ja Vainodes I ärikeskustes. 2022. aasta IV kvartalis
renditi Vainodes I ja North Stari hoonetes olemasolevatele rentnikele lisapinda
vastavalt peaaegu 500 m2 ja 200 m2.
Büroosegmendi täitumust mõjutas tugevalt Meraki büroohoone valmimine. Hoone
võeti kasutusele septembris täitumusega 23,4%. Kui Meraki välja arvata, näitas
büroosegment endiselt tugevaid tulemusi: 2022. aasta IV kvartalis oli täitumus
ligikaudu 97,6%. Enamik vabadest pindadest olid ajutised, kuna rendilepingud on
sõlmitud ja rentnikud kolivad varsti sisse. Näiteks Duetto II, North Star, LNK
Centre ja Vainodes I on praeguseks täielikult välja renditud. Rendiprotsessi
kiirendamiseks suurendati 2022. aastal nii kaubandus- kui ka büroosegmendis
rentimisega tegelevaid meeskondi. 2022. aasta detsembris sõlmiti leping Galerija
Centrsi ankurrentnikuga.
Paljusid rendilepinguid pikendati 2022. aasta III ja IV kvartalis, mis suurendas
Fondi WAULT-i (kaalutud keskmine kehtiv rendiperiood). Kinnisvarainvesteeringute
keskmine otsene tootlus oli 2022. aasta IV kvartalis 5,0% (III kv 2022: 5,0%) ja
kogu portfelli esmane puhastootlus 5,3% (III kv 2022: 5,3%).
Ülevaade Fondi kinnisvarainvesteeringutest seisuga 31. detsember 2022
Õiglane Otsene Esmane
väärtus(1) Renditav tootlus puhastootlus
(tuhandetes netopind IV kv IV kv Täitumuse
Kinnisvarainvesteering Segment eurodes) (m(2)) 2022(2) 2022(3) määr
-------------------------------------------------------------------------------------
Vilnius, Leedu
Duetto I Büroo 18 845 8 587 8,0% 6,5% 97,6%
Duetto II Büroo 20 253 8 674 7,9% 7,2% 100,0%
Europa ostukeskus Kaubandus 35 658 16 901 3,5% 3,9% 85,5%
Domus Pro ostukeskus Kaubandus 17 047 11 226 8,2% 7,7% 98,5%
Domus Pro ärikeskus Büroo 8 040 4 831 8,7% 7,0% 91,4%
North Star ärikeskus Büroo 21 788 10 579 6,9% 6,7% 100,0%
Meraki arendus(1) Büroo 17 330 8 113 -1,3% -1,5% 30.9%
-------------------------------------------------------------------------------------
Vilniuses kokku 138 961 68 911 5,2% 5,1% 87.2%
-------------------------------------------------------------------------------------
Riia, Läti
Upmalas Biroji
bürookompleks Büroo 20 961 10 459 8,0% 8,9% 98,8%
Vainodes I Büroo 18 010 8 128 6,0% 7,2% 100,0%
LNK Centre Büroo 17 000 7 452 6,5% 6,4% 100,0%
Sky ostukeskus Kaubandus 5 761 3 241 9,5% 8,5% 98,5%
Galerija Centrs Kaubandus 67 130 19 137 2,9% 3,4% 80,6%
-------------------------------------------------------------------------------------
Riias kokku 128 862 48 417 4,9% 5,5% 92,0%
-------------------------------------------------------------------------------------
Tallinn, Eesti
Postimaja ja CC Plaza Kaubandus 26 715 9 232 3,4% 4,5% 95,6%
Postimaja ja CC Plaza Vaba aeg 14 385 9 094 4,5% 3,7% 100,0%
Lincona Büroo 15 200 10 775 6,7% 6,5% 91,5%
Pirita ostukeskus Kaubandus 9 000 5 441 5,6% 7,6% 92,6%
-------------------------------------------------------------------------------------
Tallinnas kokku 65 300 34 542 4,6% 5,2% 95,0%
-------------------------------------------------------------------------------------
Portfell kokku 333 123 151 870 5,0% 5,3% 90,5%
-------------------------------------------------------------------------------------
1. Põhineb viimasel, seisuga 31. detsember 2022 teostatud hindamisel,
hilisematel kapitalikuludel ja kajastatud kasutusõiguse varadel.
2. Otsese tootluse leidmiseks jagatakse puhas äritulu kinnisvarainvesteeringu
soetusmaksumuse ja hilisemate kapitalikulude summaga.
3. Esmase puhastootluse leidmiseks jagatakse puhas äritulu
kinnisvarainvesteeringu turuväärtusega.
4. Fondil valmis 2022. aasta septembris Meraki esimese torni arendus. Renditulu
teenitakse alates 2022. aasta oktoobrist.
KONSOLIDEERITUD KASUMI- JA MUU KOONDKASUMI ARUANNE
01.01.2021-
Tuhandetes eurodes 01.10.2022-31.12.2022 01.10.2021- 31.12.2021 01.01.2022-31.12.2022 31.12.2021
---------------------------------------------------------------------------------------------------------
Renditulu 5 060 4 651 20 482 19 495
Teenustasutulu 1 967 1 204 5 974 4 901
Renditegevuse kulud -2 570 -2 057 -9 026 -7 392
---------------------------------------------------------------------------------------------------------
Puhas renditulu 4 457 3 798 17 430 17 004
---------------------------------------------------------------------------------------------------------
Halduskulud -996 -633 -3 133 -2 869
Muu äritulu - 440 278 444
Kahjum
kinnisvarainvesteeringu
müügist -423 -71 -423 -71
Kinnisvarainvesteeringute
ümberhindluse
kasum/kahjum -3 072 7 103 -2 914 -7 161
---------------------------------------------------------------------------------------------------------
Ärikasum/-kahjum -34 10 637 11 238 7 347
---------------------------------------------------------------------------------------------------------
Finantstulud - - 1 1
Finantskulud -1 849 -1 484 -6 312 -5 706
---------------------------------------------------------------------------------------------------------
Finantstulud ja -kulud
kokku -1 849 -1 484 -6 311 -5 705
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
Maksueelne kasum/kahjum -1 883 9 153 4 927 1 642
---------------------------------------------------------------------------------------------------------
Tulumaks -310 -861 -983 -229
---------------------------------------------------------------------------------------------------------
Perioodi kasum/kahjum -2 193 8 292 3 944 1 413
---------------------------------------------------------------------------------------------------------
Tulevikus kasumisse või kahjumisse ümberliigitatav muu koondkasum/-kahjum
Rahavoogude
riskimaandamise
puhaskasum 142 279 2 746 898
Rahavoogude
riskimaandamise
puhaskasumiga/
-kahjumiga seotud
tulumaks -19 -32 -236 -66
---------------------------------------------------------------------------------------------------------
Tulevikus kasumisse või
kahjumisse
ümberliigitatav
tulumaksujärgne muu
koondkasum kokku 123 247 2 510 832
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
Perioodi tulumaksujärgne
koondkasum/-kahjum kokku -2 070 8 539 6 454 2 245
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
Tava- ja lahustatud
kasum/kahjum osaku kohta
(eurodes) -0,02 0,07 0,03 0,01
---------------------------------------------------------------------------------------------------------
KONSOLIDEERITUD FINANTSSEISUNDI ARUANNE
Tuhandetes eurodes 31.12.2022 31.12.2021
------------------------------------------------------------------------
Põhivarad
Kinnisvarainvesteeringud 333 123 315 959
Lõpetamata kinnisvarainvesteeringud - 11 400
Immateriaalsed põhivarad 6 9
Materiaalsed põhivarad 1 2
Tuletisinstrumendid 2 228 -
Muud põhivarad - 23
------------------------------------------------------------------------
Põhivarad kokku 335 358 327 393
------------------------------------------------------------------------
Käibevarad
Nõuded ostjate vastu ja muud nõuded 2 693 2 708
Ettemaksed 273 137
Tuletisinstrumendid 292 -
Raha ja raha ekvivalendid 5 347 16 100
------------------------------------------------------------------------
Käibevarad kokku 8 605 18 945
------------------------------------------------------------------------
Varad kokku 343 963 346 338
------------------------------------------------------------------------
Omakapital
Sissemakstud kapital 145 200 145 200
Rahavoogude riskimaandamise reserv 1 681 -829
Jaotamata kahjum -13 226 -11 787
------------------------------------------------------------------------
Omakapital kokku 133 655 132 584
------------------------------------------------------------------------
Pikaajalised kohustised
Intressikandvad võlakohustised 124 017 157 471
Edasilükkunud tulumaksukohustised 7 490 6 297
Tuletisinstrumendid - 756
Muud pikaajalised kohustised 1 240 1 103
------------------------------------------------------------------------
Pikaajalised kohustised kokku 132 747 165 627
------------------------------------------------------------------------
Lühiajalised kohustised
Intressikandvad võlakohustised 71 094 41 676
Võlad tarnijatele ja muud võlad 5 644 5 223
Tulumaksukohustis 10 5
Tuletisinstrumendid - 109
Muud lühiajalised kohustised 813 1 114
------------------------------------------------------------------------
Lühiajalised kohustised kokku 77 561 48 127
------------------------------------------------------------------------
Kohustised kokku 210 308 213 754
------------------------------------------------------------------------
Omakapital ja kohustised kokku 343 963 346 338
------------------------------------------------------------------------
Lisainformatsiooni saamiseks palume kontakteeruda:
Tarmo Karotam
Baltic Horizon Fond, fondijuht
E-mail: [email protected]
www.baltichorizon.com
Baltic Horizon Fond on registreeritud lepinguline avalik kinnine kinnisvarafond,
mida valitseb alternatiivfondivalitseja Northern Horizon Capital AS. Avaldamine:
GlobeNewswire, Nasdaq Tallinn, Nasdaq Stockholm, www.baltichorizon.com
Käesolev teade sisaldab informatsiooni, mille Fondivalitseja on kohustatud
avaldama Euroopa Liidu turukuritarvituse määruse kohaselt. Informatsioon esitati
avaldamiseks 15.02.2023 kell 23:50 Eesti aja järgi ülalmainitud
avaldamiskanalite esindajatele.
Content of announcement in English
Title
Baltic Horizon Fund consolidated unaudited results for Q1-Q4 2022
Message
Management Board of Northern Horizon Capital AS has approved the unaudited
consolidated interim financial statements of Baltic Horizon Fund (the Fund) for
the twelve months of 2022.
Net result and net rental income
In 2022, the Group recorded a net profit of EUR 3.9 million against EUR 1.4
million for 2021. The net result was mainly driven by strong recovery of the
Galerija Centrs operating performance as fewer COVID-19 rent reliefs were
granted to tenants in 2022 and increased rent indexation. The net result in
2021 was significantly impacted by the one-off negative valuation result of EUR
7.1 million. In 2022, the valuation resulted in a net fair value loss of EUR
2.9 million (-1.8% of portfolio value). The positive impact of the increase in
net rental income was partly offset by non-recovered property costs. Earnings
per unit for 2022 were EUR 0.03 (2021: EUR 0.01).
The Group earned net rental income of EUR 17.4 million in 2022 compared to 17.0
million in 2021. The results for 2021 still included EUR 1.0 million of net
rental income from G4S Headquarters, which was sold in Q4 2021 and did not
contribute to 2022 results. Rent indexations and the recovery of income improved
the net rental income of the same portfolio mix (like-for-like portfolio). On an
EPRA like-for-like basis, portfolio net rental income increased by 9.6% year on
year, mainly due to higher performance in the retail segment, especially in
Galerija Centrs.
Retail assets still have not fully recovered from decreased occupancy levels
caused by the COVID-19 pandemic. Assuming the recovery of retail assets to pre-
COVID levels and successful leasing progress on the first tower of Meraki, the
portfolio yield could reach historical levels of 6.5%-7.0%.
Domus PRO complex disposal
On 9 February 2023, the Fund signed an agreement with UAB PREF III to sell 100%
shares of BH Domus PRO UAB which owns Retail park and Office building in
Vilnius, Lithuania. The agreed sales price of the property was approximately EUR
23.5 million. The internal rate of return (IRR ) for the holding period of more
than 9 years was around 15.8%, while equity multiple was 2.1. The proceeds of
the transaction will be used mainly to decrease the loan obligations of the Fund
and partially to redeem the Fund's bonds which mature in May 2023. Closing of
the transaction is expected to take place by the end of February 2023.
Europa parking house disposal
On 30 December 2022, Baltic Horizon Fund signed a real estate sale and purchase
agreement with UAB Prime Location Property Fund, closing the deal for selling
its share in the parking house of Europa Shopping Centre which was previously
co-owned with the purchaser. The sales price was EUR 4 million. The proceeds of
the transaction were used to optimise balance sheet structure and reduce the
financial leverage of the Fund. Following the transaction, the Fund's
outstanding loan balance decreased by EUR 3.5 million. The sale agreement
stipulates certain guarantees to ensure a sufficient number of parking spaces
for the proper operation of the shopping centre as well as a possibility to
ensure free parking for the customers of the Europa Shopping Centre. Baltic
Horizon Fund remains the sole owner of the Europa Shopping Centre.
Gross Asset Value (GAV)
At the end of Q4 2022, the Fund's GAV was EUR 344.0 million (31 December 2021:
EUR 346.3 million), 0.7% lower than at the end of the previous period. The
decrease is mainly related to a negative property revaluation of EUR 2.9
million.
Net Asset Value (NAV)
At the end of 2022, the Fund's NAV slightly increased to EUR 133.7 million (31
December 2021: EUR 132.6 million). Compared to the year-end 2021 NAV, the Fund's
NAV increased by 0.8%. The increase in operational performance, positive cash
flow hedge reserve movement of EUR 2.5 million over the period was partially
offset by a EUR 5.4 million dividend distribution to the unitholders. As of 31
December 2022, IFRS NAV per unit rose to EUR 1.1172 (31 December 2021: EUR
1.1082), while EPRA net tangible assets and EPRA net reinstatement value was EUR
1.1865 per unit (31 December 2021: EUR 1.1884). EPRA net disposal value was EUR
1.1143 per unit (31 December 2021: EUR 1.1086).
Investment properties
At the end of 2022, the Baltic Horizon Fund portfolio consisted of 15 cash flow
generating investment properties in the Baltic capitals. The fair value of the
Fund's portfolio was EUR 333.1 million (31 December 2021: EUR 327.4 million) and
incorporated a total net leasable area of 151,870 sq. m. The first tower of the
Meraki office building was commissioned in September 2022, which added
additional area to the Fund's portfolio.
Interest-bearing loans and bonds
Interest-bearing loans and bonds (excluding lease liabilities) were EUR 194.6
million, remaining at a level similar to year-end 2021 (31 December 2021: EUR
198.6 million). Outstanding bank loans decreased slightly due to repayment of
part of the Europa loan, the Meraki bond and regular bank loan amortisation.
Annual loan amortisation accounted for 0.7% of total debt outstanding.
Cash flow
Cash inflow from core operating activities in 2022 amounted to EUR 15.3 million
(2021: cash inflow of EUR 14.7 million). Cash outflow from investing activities
was EUR 9.7 million (2021: cash outflow of EUR 6.9 million) due to subsequent
capital expenditure on existing portfolio properties and investments in the
Meraki, Postimaja and CC Plaza complex, Europa and Galerija Centrs development
projects. Cash outflow from financing activities was EUR 16.4 million (2021:
cash outflow of EUR 18.7 million). 2022, the Fund made a cash distribution of
EUR 5.4 million, paid regular interest on bank loans and bonds, paid premiums on
interest rate caps and. In November the Fund repaid Meraki bonds and in December
2022 the Fund also repaid EUR 3.5 million of Europa loan from the sales proceeds
of Europa parking house. At the end of 2022, the Fund's consolidated cash and
cash equivalents amounted to EUR 5.3 million (31 December 2021: EUR 16.1
million). Operating costs are fully covered by cash flows generated by rental
activities.
Key earnings figures
EUR '000 Q4 2022 Q4 2021 Change (%)
-------------------------------------------------------------------------------
Net rental income 4,457 3,798 17.4%
Administrative
expenses (996) (633) (57.3%)
Other operating income - 440 (100.0%)
Losses on disposal of investment properties (423) (71) (495.8%)
Valuation gains (losses) on investment
properties (3,072) 7,103 (143.2%)
Operating profit (34) 10,637 (100.3%)
Net financing
costs (1,849) (1,484) (24.6%)
Profit before tax (1,883) 9,153 (120.6%)
Income tax (310) (861) (64.0%)
-------------------------------------------------------------------------------
Net profit for the
period (2,193) 8,292 (126.4%)
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Weighted average number of units
outstanding (units) 119,635,429 119,635,429 -
Earnings per unit
(EUR) (0.02) 0.07 -
-------------------------------------------------------------------------------
Key financial position figures
EUR '000 31.12.2022 31.12.2021 Change (%)
-------------------------------------------------------------------------------
Investment properties in use 333,123 315,959 5.4%
Investment property under
construction - 11,400 (100.0%)
Gross asset value (GAV) 343,963 346,338 (0.7%)
Interest-bearing loans and bonds 194,569 198,571 (2.0%)
Total
liabilities 210,308 213,754 (1.6%)
-------------------------------------------------------------------------------
IFRS Net asset value (IFRS NAV) 133,655 132,584 0.8%
EPRA Net Reinstatement Value
(EPRA NRV) 141,943 142,176 0.2%
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Number of units outstanding
(units) 119,635,429 119,635,429 -
IFRS Net asset value (IFRS NAV) per unit
(EUR) 1.1172 1.1082 0.8%
EPRA Net Reinstatement Value (EPRA NRV) per
unit (EUR) 1.1865 1.1884 (0.2%)
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Loan-to-Value ratio (%) 58.4% 60.7% -
Average effective interest rate
(%) 3.0% 2.7% -
-------------------------------------------------------------------------------
During Q4 2022, the average actual occupancy of the portfolio was 90.2% (Q3
2022: 92.5%). The occupancy rate as of 31 December 2022 was 90.5% (30 September
2022: 90.0%). The overall occupancy rate was impacted by the completion of the
development of the first tower of the Meraki building. The first tenants moved
to the premises in September 2022. As of December 2022, the occupancy rate of
the portfolio, excluding the impact of the Meraki building, increased to 93.9%
(Q3 2022: 93.8%). Occupancy figures were supported by new lease agreements
signed in Northstar and Vainodes I. Additional premises of almost 500 and 200
sq. m were leased to the existing tenants in Vainodes I and Northstar buildings
respectively in Q4 2022.
Occupancy rates in the office segment were strongly impacted by the completed
Meraki office development. The building was commissioned in September with an
occupancy rate of 23.4%. Excluding the Meraki building, the office segment
remained strong at around 97.6% occupancy during Q4 2022. Most remaining
vacancies were temporary as lease agreements have been signed and tenants will
be moving in soon. Duetto II, Northstar LNK and Vainodes I are now fully
occupied. The Fund's retail and office leasing teams were expanded in 2022 to
speed up the leasing process. Agreement with the anchor tenant was signed in
Galerija Centrs in December 2022.
Many leases in the portfolio were prolonged during Q3 and Q4 2022 resulting in
the increased Fund's WAULT. The average direct property yield remained stable
during Q4 2022 was 5.0% (Q3 2022: 5.0%). The net initial yield for the whole
portfolio for Q4 2022 was 5.3% (Q3 2022: 5.3%).
Overview of the Fund's investment properties as of 31 December 2022
Direct Net
Property name Sector Fair property initial
value(1) NLA yield yield Occupancy
(EUR '000) (sq. m) Q4 2022(2) Q4 2022(3) rate
-------------------------------------------------------------------------------
Vilnius,
Lithuania
Duetto I Office 18,845 8,587 8.0% 6.5% 97.6%
Duetto II Office 20,253 8,674 7.9% 7.2% 100.0%
Europa SC Retail 35,658 16,901 3.5% 3.9% 85.5%
Domus Pro Retail
Retail Park 17,047 11,226 8.2% 7.7% 98.5%
Domus Pro Office
Office 8,040 4,831 8.7% 7.0% 91.4%
North Star Office 21,788 10,579 6.9% 6.7% 100.0%
Meraki(4 ) Office 17,330 8,113 (1.3%) (1.5%) 30.9%
-------------------------------------------------------------------------------
Total Vilnius 138,961 68,911 5.2% 5.1% 87.2%
-------------------------------------------------------------------------------
Riga, Latvia
Upmalas Office
Biroji BC 20,961 10,459 8.0% 8.9% 98.8%
Vainodes I Office 18,010 8,128 6.0% 7.2% 100.0%
LNK Centre Office 17,000 7,452 6.5% 6.4% 100.0%
Sky SC Retail 5,761 3,241 9.5% 8.5% 98.5%
Galerija Retail
Centrs 67,130 19,137 2.9% 3.4% 80.6%
-------------------------------------------------------------------------------
Total Riga 128,862 48,417 4.9% 5.5% 92.0%
-------------------------------------------------------------------------------
Tallinn,
Estonia
Postimaja & Retail
CC Plaza
complex 26,715 9,232 3.4% 4.5% 95.6%
Postimaja & Leisure
CC Plaza
complex 14,385 9,094 4.5% 3.7% 100.0%
Lincona Office 15,200 10,775 6.7% 6.5% 91.5%
Pirita SC Retail 9,000 5,441 5.6% 7.6% 92.6%
-------------------------------------------------------------------------------
Total Tallinn 65,300 34,542 4.6% 5.2% 95.0%
-------------------------------------------------------------------------------
Total
portfolio 333,123 151,870 5.0% 5.3% 90.5%
-------------------------------------------------------------------------------
1. Based on the latest valuation as of 31 December 2022, subsequent capital
expenditure and recognised right-of-use assets,
2. Direct property yield (DPY) is calculated by dividing annualized NOI by the
acquisition value and subsequent capital expenditure of the property.
3. The net initial yield (NIY) is calculated by dividing annualized NOI by the
market value of the property.
4. The Fund completed the development of the first tower of the Meraki building
in September 2022. Rental income is generated starting from October 2022.
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
01.01.2021-
EUR '000 01.10.2022-31.12.2022 01.10.2021- 31.12.2021 01.01.2022-31.12.2022 31.12.2021
--------------------------------------------------------------------------------------------------
Rental income 5,060 4,651 20,482 19,495
Service charge
income 1,967 1,204 5,974 4,901
Cost of rental
activities (2,570) (2,057) (9,026) (7,392)
--------------------------------------------------------------------------------------------------
Net rental
income 4,457 3,798 17,430 17,004
--------------------------------------------------------------------------------------------------
Administrative
expenses (996) (633) (3,133) (2,869)
Other
operating
income - 440 278 444
Losses on
disposal of
investment
properties (423) (71) (423) (71)
Valuation
gains (losses)
on investment
properties (3,072) 7,103 (2,914) (7,161)
--------------------------------------------------------------------------------------------------
Operating
profit (loss) (34) 10,637 11,238 7,347
--------------------------------------------------------------------------------------------------
Financial
income - - 1 1
Financial
expenses (1,849) (1,484) (6,312) (5,706)
--------------------------------------------------------------------------------------------------
Net financial
expenses (1,849) (1,484) (6,311) (5,705)
--------------------------------------------------------------------------------------------------
Profit (loss)
before tax (1,883) 9,153 4,927 1,642
Income tax
charge (310) (861) (983) (229)
--------------------------------------------------------------------------------------------------
Profit (loss)
for the period (2,193) 8,292 3,944 1,413
--------------------------------------------------------------------------------------------------
Other comprehensive income that is or may be reclassified to profit or loss in subsequent periods
Net gain on
cash flow
hedges 142 279 2,746 898
Income tax
relating to
net gain
(loss) on cash
flow hedges (19) (32) (236) (66)
--------------------------------------------------------------------------------------------------
Other
comprehensive
income, net of
tax, that is
or may be
reclassified
to profit or
loss in
subsequent
periods 123 247 2,510 832
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
Total
comprehensive
income
(expense) for
the period,
net of tax (2,070) 8,539 6,454 2,245
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
Basic and
diluted
earnings per
unit (EUR) (0.02) 0.07 0.03 0.01
--------------------------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
EUR '000 31.12.2022 31.12.2021
-----------------------------------------------------------------------
Non-current assets
Investment properties 333,123 315,959
Investment property under construction - 11,400
Intangible assets 6 9
Property, plant and equipment 1 2
Derivative financial instruments 2,228 -
Other non-current assets - 23
-----------------------------------------------------------------------
Total non-current assets 335,358 327,393
-----------------------------------------------------------------------
Current assets
Trade and other receivables 2,693 2,708
Prepayments 273 137
Derivative financial instruments 292 -
Cash and cash equivalents 5,347 16,100
-----------------------------------------------------------------------
Total current assets 8,605 18,945
-----------------------------------------------------------------------
Total assets 343,963 346,338
-----------------------------------------------------------------------
Equity
Paid in capital 145,200 145,200
Cash flow hedge reserve 1,681 (829)
Retained earnings (13,226) (11,787)
-----------------------------------------------------------------------
Total equity 133,655 132,584
-----------------------------------------------------------------------
Non-current liabilities
Interest-bearing loans and borrowings 124,017 157,471
Deferred tax liabilities 7,490 6,297
Derivative financial instruments - 756
Other non-current liabilities 1,240 1,103
-----------------------------------------------------------------------
Total non-current liabilities 132,747 165,627
-----------------------------------------------------------------------
Current liabilities
Interest-bearing loans and borrowings 71,094 41,676
Trade and other payables 5,644 5,223
Income tax payable 10 5
Derivative financial instruments - 109
Other current liabilities 813 1,114
-----------------------------------------------------------------------
Total current liabilities 77,561 48,127
-----------------------------------------------------------------------
Total liabilities 210,308 213,754
-----------------------------------------------------------------------
Total equity and liabilities 343,963 346,338
-----------------------------------------------------------------------
For more information, please contact:
Tarmo Karotam
Baltic Horizon Fund manager
E-mail [email protected]
www.baltichorizon.com
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.
This announcement contains information that the Management Company is obliged to
disclose pursuant to the EU Market Abuse Regulation. The information was
submitted for publication, through the agency of the above distributors, at
23:50 EET on 15 February 2023.