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
Annual financial report
Unique data record identifier
10210
Attachments
Submission date and time
01.04.2023 00:12:00
Content of announcement in Estonian
Title
BALTIC HORIZON FONDI 2022. AASTA KONSOLIDEERITUD NING AUDITEERITUD MAJANDUSTULEMUSED
Message
Northern Horizon Capital AS-i juhatus on kinnitanud Baltic Horizon Fondi (fond)
2022. aasta auditeeritud majandustulemused. Finantstulemused jäid samaks,
võrreldes esialgse avalikustamisega 15. veebruaril 2023.
Tulem ja puhas renditulu
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
edastada. 2022. aasta kasum osaku kohta oli 0,03 eurot (2021: 0,07 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. 2022. aasta tulemust mõjutas Meraki hoone negatiivne
puhas renditulu (0,1 miljonit eurot). Fond lõpetas Meraki hoone esimese torni
arenduse 2022. aasta septembris. Üüritulu on laekunud alates 2022. aasta
oktoobrist. Esialgsed üürikulud kajastati 2022. aasta septembris. Üüriindeksid
ja tulude taastumine parandasid sama puhast üüritulu portfelli segu.
2022. aasta puhas renditulu jagunes segmentide vahel järgmiselt: büroo 56,2%
(2021: 63,0%), kaubandus 38,8% (2021: 32,4%) ja vaba aeg 5,0% (2021: 4,6%).
Fondi 2022. aasta puhas renditulu jagunes riikide vahel järgmiselt: Läti 39,5%
(2021: 38,1%), Leedu 38,6% (2021: 31,6%) ja Eesti 21,9% (2021: 25,9%).
Varade brutoväärtus (GAV)
Fondi varade brutoväärtus kahanes aruandeperioodil 0,7%, langedes 2022. aasta
lõpuks 344,0 miljoni euroni (31. detsember 2021: 346,3 miljonit eurot). Languse
peamine põhjus oli kinnisvarainvesteeringute ümberhindamise kahjum summas 2,9
miljonit eurot. Kontsern tegi 2022. aasta jooksul kapitaliinvesteeringuid (5,7
miljonit eurot) Meraki büroohoone arendusprojekti. Lisaks investeeris Fond 4,6
miljonit eurot Europa rekonstrueerimisprojekti ja 1,3 miljonit eurot teistesse
(ümber)arendusprojektidesse.
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
Seisuga 31. detsember 2022 kuulub 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 võlakirja lunastamise ja
graafikujärgse laenuamortisatsiooni tõttu. Aastane laenuamortisatsioon moodustab
0,7% kogu tasumata laenujäägist.
2022. aasta IV kvartalis õnnestus Grupil pikendada Lincona ja Duetto pangalaene,
jõudes kokkuleppele samade pankadega. Panga krediidikomitee kiitis heaks Lincona
laenu (laenusumma 7,2 miljonit eurot) pikendamise kuni 2027. aasta detsembrini.
Duetto laenu suurendati summas 4,0 miljonit eurot. 2022. aasta IV kvartali lõpus
sai Fond siduvad pakkumised CC Plaza ja Postimaja, Duetto ja Sky ostukeskuse
pangalaenude pikendamiseks. Seepärast liigitati need ümber pikaajalisteks
laenudeks. Fond on käivitanud ka protsessi 2023. aasta mais aeguvate 5-aastaste
tagamata võlakirjade refinantseerimiseks. Fond kaalub erinevaid
rahastusvõimalusi, et tingimused oleksid Baltic Horizoni investorite jaoks kõige
soodsamad. Osa võlakirjadest on kavas lunastada varade müügist laekuvate tulude
ning kontserni tütarettevõtete poolt võetavate täiendavate pangalaenude abil.
Ülejäänud võlakirjade lunastamiseks kaalutakse uut võlakirjaemissiooni ja laenu
erainvestoritelt.
Seisuga 31. detsember 2022 oli 80,3% laenukohustistest intressimäärariskide
suhtes maandatud ning 19,7% laenukohustistest olid ujuvad intressimäärad. Fond
soetab osade laenukohustiste intressimäärariskide maandamiseks intressimäära
vahetuslepinguid või piirab tõusvate intressimäärade mõju intressi ülemmäära
(CAP) instrumentidega.
Peamised kasumi näitajad
Tuhandetes eurodes 2022 2021 Muutus (%)
-------------------------------------------------------------------------------
Puhas renditulu 17 430 17 004 2,5%
-------------------------------------------------------------------------------
Halduskulud -3 133 -2 869 -9,2%
-------------------------------------------------------------------------------
Muu äritulu 278 444 -37,4%
-------------------------------------------------------------------------------
Kahjum kinnisvarainvesteeringu müügist - 423 - 71 -495,8%
-------------------------------------------------------------------------------
Kinnisvarainvesteeringute ümberhindluse
kahjum -2 914 -7 161 59,3%
-------------------------------------------------------------------------------
Ärikasum 11 238 7 347 53,0%
-------------------------------------------------------------------------------
Finantstulud ja -kulud (neto) -6 311 -5 705 -10,6%
-------------------------------------------------------------------------------
Maksueelne kasum 4 927 1 642 200,1%
-------------------------------------------------------------------------------
Tulumaks - 983 - 229 -329,3%
-------------------------------------------------------------------------------
Perioodi puhaskasum 3 944 1 413 179,1%
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Ringluses olevate osakute kaalutud keskmine
arv 119,635,429 119,635,429 -
-------------------------------------------------------------------------------
Kahjum/kasum osaku kohta (eurodes) 0.03 0.01 200.0%
-------------------------------------------------------------------------------
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) 133 655 132 584 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) 11,172 11,082 0,8%
-------------------------------------------------------------------------------
EPRA puhas taastamisväärtus (NRV) osaku
kohta (eurodes) 11,865 11,884 -0,2%
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Laenu ja väärtuse suhe (%) 58,4% 60,7% -
-------------------------------------------------------------------------------
Keskmine sisemine intressimäär (%) 3,0% 2,7% -
-------------------------------------------------------------------------------
Fondi kinnisvaraportfelli keskmine tegelik täitumus oli 2022. aastal 92,1%
(2021: 93,4%). Seisuga 31. detsember 2022 oli täitumus 90,5% (31. detsember
2021: 92,1%). Portfelli üldist täitumust mõjutas Meraki esimese torni valmimine.
Esimesed rentnikud kolisid sisse 2022. aasta septembris. Detsembris suurenes
portfelli täitumus ilma Meraki mõjuta 93,3%-ni. Täitumuse kasvu toetasid uued
rendilepingud Europa SC, 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.
Õiglane
Kinnisvarainvesteering Segment väärtus(1) Renditav Esmane
(tuhandetes netopind Otsene puhas- Täitumuse
eurodes) (m(2)) tootlus(2) tootlus(3) määr
--------------------------------------------------------------------------------------
Vilnius, Leedu
--------------------------------------------------------------------------------------
Duetto I Büroo 18 845 8 587 7,9% 6,6% 97,6%
--------------------------------------------------------------------------------------
Duetto II Büroo 20 253 8 674 7,6% 7,0% 100,0%
--------------------------------------------------------------------------------------
Europa SC Kaubandus 35 658 16 901 2,4% 2,6% 85,5%
--------------------------------------------------------------------------------------
Domus Pro Retail Park Kaubandus 17 047 11 226 8,1% 7,8% 98,5%
--------------------------------------------------------------------------------------
Domus Pro Office Büroo 8 040 4 831 8,5% 6,9% 91,4%
--------------------------------------------------------------------------------------
North Star Büroo 21 788 10 579 6,5% 6,5% 100,0%
--------------------------------------------------------------------------------------
Meraki(4) Büroo 17 330 8 113 -1,6% -1,8% 30,9%
--------------------------------------------------------------------------------------
Vilniuses kokku 138 961 68 911 5,4% 5,3% 87,2%
--------------------------------------------------------------------------------------
Riia, Läti
--------------------------------------------------------------------------------------
Upmalas Biroji BC Büroo 20 961 10 459 7,3% 8.0% 98,8%
--------------------------------------------------------------------------------------
Vainodes I Büroo 18 010 8 128 6,4% 7,6% 100,0%
--------------------------------------------------------------------------------------
LNK Centre Kaubandus 17 000 7 452 6,6% 6,6% 100,0%
--------------------------------------------------------------------------------------
Sky SC Kaubandus 5 761 3 241 8,3% 7,8% 98,5%
--------------------------------------------------------------------------------------
Galerija Centrs Büroo 67 130 19 137 2,9% 3,3% 80,6%
--------------------------------------------------------------------------------------
Riias kokku 128 862 48 417 4,8% 5,4% 92.0%
--------------------------------------------------------------------------------------
Tallinn, Eesti
--------------------------------------------------------------------------------------
Postimaja & CC Plaza Kaubandus
complex 26 715 9 232 3,3% 4,3% 95,6%
--------------------------------------------------------------------------------------
Postimaja & CC Plaza Vaba aeg
complex 14 385 9 094 7,2% 6,0% 100,0%
--------------------------------------------------------------------------------------
Lincona Büroo 15 200 10 775 6,9% 6,5% 91,5%
--------------------------------------------------------------------------------------
Pirita SC Kaubandus 9 000 5 441 5,3% 7,1% 92,6%
--------------------------------------------------------------------------------------
Tallinnas kokku 65 300 34 542 5,0% 5,6% 95,0%
--------------------------------------------------------------------------------------
Portfell kokku 333 123 151 870 5,1% 5,4% 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
Tuhandetes eurodes 2022 2021
-------------------------------------------------------------------------------
Renditulu 20 482 19 495
-------------------------------------------------------------------------------
Teenustasutulu 5 974 4 901
-------------------------------------------------------------------------------
Renditegevuse kulud -9 026 -7 392
-------------------------------------------------------------------------------
Puhas renditulu 17 430 17 004
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Halduskulud -3 133 -2 869
-------------------------------------------------------------------------------
Muu äritulu 278 444
-------------------------------------------------------------------------------
Kahjum kinnisvarainvesteeringu müügist -423 -71
-------------------------------------------------------------------------------
Kinnisvarainvesteeringute ümberhindluse kahjum -2 914 -7 161
-------------------------------------------------------------------------------
Ärikasum 11 238 7 347
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Finantstulud 1 1
-------------------------------------------------------------------------------
Finantskulud -6 312 -5 706
-------------------------------------------------------------------------------
Finantstulud ja -kulud kokku -6 311 -5 705
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Maksueelne kasum 4 927 1 642
-------------------------------------------------------------------------------
Tulumaks -983 -229
-------------------------------------------------------------------------------
Perioodi kasum 3 944 1 413
-------------------------------------------------------------------------------
Tulevikus kasumisse või kahjumisse ümberliigitatav muu
koondkasum
-------------------------------------------------------------------------------
Rahavoogude riskimaandamise puhaskasum 2 746 898
-------------------------------------------------------------------------------
Rahavoogude riskimaandamise puhaskasumiga seotud tulumaks -236 -66
-------------------------------------------------------------------------------
Tulevikus kasumisse või kahjumisse ümberliigitatav
tulumaksujärgne muu koondkasum kokku 2 510 832
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Perioodi tulumaksujärgne koondkasum kokku 6 454 2 245
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Tava- ja lahustatud kasum osaku kohta (eurodes) 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. Nii fondi
kui ka fondivalitseja üle teostab järelevalvet Finantsinspektsioon.
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 01.04.2023 kell 00:05 Eesti aja järgi ülalmainitud
avaldamiskanalite esindajatele.
Content of announcement in English
Title
BALTIC HORIZON FUND CONSOLIDATED AUDITED RESULTS FOR 2022
Message
Management Board of Northern Horizon Capital AS has approved the audited
financial results of Baltic Horizon Fund (the Fund) for the year 2022. The
financial results remained unchanged compared to the preliminary disclosure on
15 February 2023.
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 0.07).
In 2022, 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. The 2022 result was impacted by negative net rental
income of EUR 0.1 million generated by the Meraki property. The Fund completed
the development of the first tower of the Meraki building in September 2022.
Rental income has been received since October 2022. Initial rental costs were
recognised in September 2022. Rent indexations and the recovery of income
improved the net rental income of the same portfolio mix (like-for-like
portfolio).
Portfolio properties in the office segment contributed 56.2% (2021: 63.0%) of
net rental income in 2022, followed by the retail segment with 38.8% (2021:
32.4%) and the leisure segment with 5.0% (2021: 4.6%).
During 2022, investment properties in Latvia and Lithuania contributed 39.5%
(2021: 38.1%) and 38.6% (2021: 31.6%) of net rental income, respectively, while
investment properties in Estonia contributed 21.9% (2021: 25.9%).
Gross Asset Value (GAV)
At the end of 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. The
Group made capital investments (EUR 5.7 million) in the Meraki office building
development project during 2022. An additional EUR 4.6 million was invested in
Europa reconstruction project and EUR 1.3 million in other (re)development
projects.
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
The Baltic Horizon Fund portfolio consisted of 15 cash flow generating
investment properties in the Baltic capitals as of 31 December 2022. 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
During 2022, 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.
During Q4 2022, the Group successfully extended its Lincona and Duetto bank
loans with the same banks. The bank's credit committee approved the extension of
the Lincona loan in the amount of EUR 7.2 million until 2027 December. The
Duetto loan was increased in the amount of EUR 4.0 million. At the end of 2022,
the Fund received binding offers for CC Plaza and Postimaja, Duetto and Sky SC
bank loan prolongations. Therefore, these bank loans were reclassified to long-
term loans. The Fund has also started the procedures for refinancing the 5-year
unsecured bonds maturing in May 2023. Various refinancing options are being
considered to ensure the finest financing terms for Baltic Horizon investors. It
is planned that a part of the bonds will be redeemed using proceeds from asset
sales and additional bank loans taken by Group companies. A new bond issue as
well as a private debt are being considered for the remaining part of the bonds.
As of 31 December 2022, 80.3% of total debt was hedged against interest rate
risks while the remaining 19.7% had floating interest rates. The Fund hedges
interest rates on a portion of its debt by acquiring IRS-type hedging
instruments or limits the impact of rising interest rates with interest rate cap
instruments (CAP).
Key earnings figures
EUR '000 2022 2021 Change (%)
-------------------------------------------------------------------------------
Net rental income 17,430 17,004 2.5%
-------------------------------------------------------------------------------
Administrative expenses (3,133) (2,869) (9.2%)
-------------------------------------------------------------------------------
Other operating income 278 444 (37.4%)
-------------------------------------------------------------------------------
Losses on disposal of investment properties (423) (71) (495.8%)
-------------------------------------------------------------------------------
Valuation losses on investment properties (2,914) (7,161) 59.3%
-------------------------------------------------------------------------------
Operating profit 11,238 7,347 53.0%
-------------------------------------------------------------------------------
Net financing costs (6,311) (5,705) (10.6%)
-------------------------------------------------------------------------------
Profit before tax 4,927 1,642 200.1%
-------------------------------------------------------------------------------
Income tax (983) (229) (329.3%)
-------------------------------------------------------------------------------
Net profit for the period 3,944 1,413 179.1%
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Weighted average number of units
outstanding (units) 119,635,429 119,635,429 -
-------------------------------------------------------------------------------
Earnings per unit (EUR) 0.03 0.01 200.0%
-------------------------------------------------------------------------------
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 (%) 58.40% 60.70% -
-------------------------------------------------------------------------------
Average effective interest rate (%) 3.00% 2.70% -
-------------------------------------------------------------------------------
During 2022, the average actual occupancy of the portfolio was 92.1% (2021:
93.4%). The occupancy rate as of 31 December 2022 was 90.5% (31 December
2021: 92.1%). 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 93.3%
Occupancy figures were supported by new lease agreements signed in Europa SC,
North Star and Vainodes I. Additional premises of almost 500 and 200 sq. m were
leased to the existing tenants in Vainodes I and North Star buildings
respectively in Q4 2022.
Property Fair Direct Net
name Sector value(1) NLA (sq. property initial Occupancy
(EUR '000) m) yield(2) yield(3) rate
-------------------------------------------------------------------------------
Vilnius,
Lithuania
-------------------------------------------------------------------------------
Duetto I Office 18,845 8,587 7.9% 6.6% 97.6%
-------------------------------------------------------------------------------
Duetto II Office 20,253 8,674 7.6% 7.0% 100.0%
-------------------------------------------------------------------------------
Europa SC Retail 35,658 16,901 2.4% 2.6% 85.5%
-------------------------------------------------------------------------------
Domus Pro Retail
Retail Park 17,047 11,226 8.1% 7.8% 98.5%
-------------------------------------------------------------------------------
Domus Pro Office
Office 8,040 4,831 8.5% 6.9% 91.4%
-------------------------------------------------------------------------------
North Star Office 21,788 10,579 6.5% 6.5% 100.0%
-------------------------------------------------------------------------------
Meraki(4) Office
17,330 8,113 (1.6%) (1.8%) 30.9%
-------------------------------------------------------------------------------
Total
Vilnius 138,961 68,911 5.4% 5.3% 87.2%
-------------------------------------------------------------------------------
Riga, Latvia
-------------------------------------------------------------------------------
Upmalas Office
Biroji BC 20,961 10,459 7.3% 8.0% 98.8%
-------------------------------------------------------------------------------
Vainodes I Office 18,010 8,128 6.4% 7.6% 100.0%
-------------------------------------------------------------------------------
LNK Centre Office 17,000 7,452 6.6% 6.6% 100.0%
-------------------------------------------------------------------------------
Sky SC Retail 5,761 3,241 8.3% 7.8% 98.5%
-------------------------------------------------------------------------------
Galerija Retail
Centrs 67,130 19,137 2.9% 3.3% 80.6%
-------------------------------------------------------------------------------
Total Riga 128,862 48,417 4.8% 5.4% 92.0%
-------------------------------------------------------------------------------
Tallinn,
Estonia
-------------------------------------------------------------------------------
Postimaja &
CC Plaza Retail
complex 26,715 9,232 3.3% 4.3% 95.6%
-------------------------------------------------------------------------------
Postimaja &
CC Plaza Leisure
complex 14,385 9,094 7.2% 6.0% 100.0%
-------------------------------------------------------------------------------
Lincona Office 15,200 10,775 6.9% 6.5% 91.5%
-------------------------------------------------------------------------------
Pirita SC Retail 9,000 5,441 5.3% 7.1% 92.6%
-------------------------------------------------------------------------------
Total
Tallinn 65,300 34,542 5.0% 5.6% 95.0%
-------------------------------------------------------------------------------
Total
portfolio 333,123 151,870 5.1% 5.4% 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
EUR '000 2022 2021
-------------------------------------------------------------------------------
Rental income 20,482 19,495
-------------------------------------------------------------------------------
Service charge income 5,974 4,901
-------------------------------------------------------------------------------
Cost of rental activities (9,026) (7,392)
-------------------------------------------------------------------------------
Net rental income 17,430 17,004
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Administrative expenses (3,133) (2,869)
-------------------------------------------------------------------------------
Other operating income 278 444
-------------------------------------------------------------------------------
Losses on disposal of investment properties (423) (71)
-------------------------------------------------------------------------------
Valuation losses on investment properties (2,914) (7,161)
-------------------------------------------------------------------------------
Operating profit 11,238 7,347
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Financial income 1 1
-------------------------------------------------------------------------------
Financial expenses (6,312) (5,706)
-------------------------------------------------------------------------------
Net financing costs (6,311) (5,705)
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Profit before tax 4,927 1,642
-------------------------------------------------------------------------------
Income tax charge (983) (229)
-------------------------------------------------------------------------------
Profit before tax 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 2,746 898
-------------------------------------------------------------------------------
Income tax relating to net loss on cash flow hedges (236) (66)
-------------------------------------------------------------------------------
Other comprehensive expense, net of tax, that is or may be
reclassified to profit or loss in subsequent periods 2,510 832
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Total comprehensive income for the period, net of tax 6,454 2,245
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Basic and diluted earnings per unit (EUR) 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.
Distribution: GlobeNewswire, Nasdaq Tallinn, Nasdaq Stockholm,
www.baltichorizon.com
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
00:12 EET on 1 April 2023.