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
10953
Attachments
Submission date and time
15.02.2024 22:10:00
Content of announcement in Estonian
Title
Baltic Horizon Fondi 2023. aasta I-IV kvartali konsolideeritud auditeerimata majandustulemused
Message
Northern Horizon Capital AS-i juhatus on kinnitanud Baltic Horizon Fondi (Fond)
auditeerimata konsolideeritud vahearuande tulemused 2023. aasta kaheteistkümne
kuu kohta.
Rentimisaktiivsus
2023. aastal õnnestus Fondil pikendada olulisi rendilepinguid ostukeskuste
ankurrentnikega. Eriti märkimisväärne on toidukaupade alade ankurrentnikuga Rimi
sõlmitud rendilepingute pikendamine soodsatel tingimustel nii Postimajas kui ka
Galerija Centrsis. Tugevat rentnikebaasi aitab hoida ka rendilepingute
pikendamine suurte moebrändidega, mida haldavad Inditex, LPP ja Apranga Group.
Lisaks tegime strateegilisi jõupingutusi, et täiendada H&M-i kauplust Postimajas
H&M Home'i kontseptsiooniga, tugevdamaks meie pikaajalist partnerlust selle
võtmerentnikuga.
Europa ostukeskuses kasvas rentimisaktiivsus 2023. aastal: sõlmisime lepingud
kokku 2 941 m2 suuruse pinna rendile andmiseks 13 rentnikule, kelle seas on
sellised tuntud ettevõtted nagu Pi Pilates, Optometrijos Centras, Codekus jt.
Lisaks allkirjastas Fond hiljuti uue lepingu tuntud ankurrentnikuga IKI,
sõlmides kümneaastase rendilepingu ligikaudu 1 900 m2 pinnale. Uuest
ankurrentniku kauplusest, mille avamist ootame 2024. aasta alguses, saab keskuse
uuendatud kontseptsiooni tuum.
Uute rentnike lisandumine Europa ostukeskuses koos Pirita tugevate tulemustega
2023. aastal tõi kaasa kaubandussegmendi puhta äritulu märkimisväärse kasvu
võrreldes 2022. aastaga. Fond peab aktiivselt läbirääkimisi üle 8 000 m2 suuruse
kaubanduspinna välja rentimiseks. Eesmärk on sõlmida rendilepingud 2024. aasta
alguses.
Büroosegmendis toimus pandeemia ajal nihe töökorralduses ja paljud rentnikud
läksid võimaluse korral üle kaugtööle. Töötajate seas kasvab siiski soov käia ka
kontoris, et vahetult suhelda ja tulemuslikumalt koostööd teha. Kontoritöös
toimuvaid muutusi arvestades on Baltic Horizon uuendanud suuremaid vabu
kontoripindu, kohandades neid väiksemate rentnike vajadustele sobivateks
paindlikeks tööruumideks. North Stari kontorihotell ja samalaadsed algatused
Merakis on andnud häid tulemusi.
Turul toimuvate muutuste tõttu otsib Fond vabadele ja vabanevatele
büroopindadele aktiivselt uusi rentnikke, arvestades muu hulgas EMERGN-i otsust
vähendada pinda LNK kompleksis ja SEB lahkumist Upmalas Biroji bürookompleksist.
Vabaks jääva pinna täitmisega tegeletakse aktiivselt. Näiteks on Fond leidnud
ligikaudu 4 128 m2 pinnale Upmalas Biroji bürookompleksis rentnikuks Läti
Politsei, mis aitab osaliselt kompenseerida SEB lahkumisega tekkivat vakantsust.
Rendileping Läti Politseiga sõlmiti 2023. aasta novembris.
Väljavaade
Rahastamise valdkonnas oli oluliseks teetähiseks 50 miljoni euro suuruse
võlakirjaemissiooni lunastamine 2023. aasta II kvartalis. Uue
võlakirjaemissiooniga kaasasime Fondi kapitalistruktuuri optimeerimiseks 42
miljonit eurot. Emissiooni esimese osa (20 miljonit eurot) lunastustähtaeg on
2024. aasta mais. Pärast Duetto I ja II võõrandamist lunastas Fond 2023. aasta
augustis ennetähtaegselt esimese osa võlakirju 7,5 miljoni euro ulatuses. Fondi
juhtkond on kindlalt otsustanud vähendada finantsvõimendust nii kiiresti kui
võimalik.
Juhtkond jätkab võimaluste otsimist veel mõnest investeeringust väljumiseks või
refinantseerimis-lahenduste leidmiseks, et ka ülejäänud emissiooni esimese osa
võlakirjad mahus 12,5 miljonit eurot enne tähtaega lunastada. Selle kohustuse
täitmiseks pidasime Shiauli? pangaga edukalt läbirääkimisi uute Europa ja North
Stari laenude üle, mille tulemusel suurenesid nende varade laenujäägid 8,6
miljoni euro võrra.
Suurem osa nendest laenudest saadavast tulust suunatakse võlakirjade
lunastamiseks ja üldiste rahastamiskulude vähendamiseks. Oleme otsustanud teha
2024. aasta alguses refinantseerimiste ja potentsiaalsete varade võõrandamiste
abil mitu ennetähtaegset võlakirjade lunastusmakset. See on kooskõlas meie
üldise strateegiaga, mille kohaselt soovime järk-järgult vähendada
finantsvõimendust, tuues selle lõpuks ligikaudu 50-55% tasemele pärast kõiki
kavandatud refinantseerimisi 2024. aastal.
Tulem ja puhas renditulu
Kontserni 2023. aasta puhaskahjum oli 23,0 miljonit eurot (2022: puhaskasum 3,9
miljonit eurot). Tulemit mõjutas tugevalt kinnisvaraportfelli õiglase väärtuse
hindamisest saadud kahjum 21,9 miljonit eurot (2022: kahjum 2,9 miljonit eurot).
Lisaks müüs kontsern osalused ettevõtetes BH Domus Pro UAB, millele kuulub
kaubanduskeskus ja büroohoone, ja BH Duetto UAB, millele kuulub kaks
büroohoonet, millest tekkis müügikahjum 4,0 miljonit eurot. Tulemit mõjutasid ka
suurenenud finantskulud. 2023. aasta kahjum osaku kohta oli 0,19 eurot (2022:
kasum 0,03 eurot).
Kontsern teenis 2023. aastal 14,6 miljonit eurot puhast renditulu (2022: 17,4
miljonit eurot). 2023. aasta tulemustes kajastub 2023. aasta veebruaris müüdud
Domus Pro ostu- ja ärikeskuse kahe kuu puhas renditulu summas 0,3 miljonit eurot
ja 2023. aasta mais müüdud Duetto hoonete viie kuu puhas renditulu summas 1,2
miljonit eurot. Sama koosseisuga (võrreldava) portfelli puhas renditulu jäi
eelmise aastaga sarnasele tasemele.
Portfelli EPRA võrreldav puhas renditulu jäi veidi eelmisele aastale alla (-
0,2%). Seda tingisid peamiselt vakantsed pinnad Läti büroohoonetes, kuna lõppes
rendileping Upmalas Biroji bürookompleksi põhirentnikuga ja EMERGN otsustas
renditavat pinda LNK Centres vähendada.
Kõigil Baltic Horizoni portfelli kuuluvatel hoonetel on nüüd BREEAM-i
sertifikaat
Baltic Horizon fond teatas ka oma ülejäänud ostukeskuste edukast BREEAM-i
sertifitseerimisest. Sellega jõudsime kinnisvarasse investeerivate Balti
ettevõtete eliitgruppi, kelle kogu portfell on sertifitseeritud kõrgeimate
rahvusvaheliste keskkonnastandardite alusel. Praegu kuulub Fondi portfelli 12
kinnisvarainvesteeringut. Viimasena sai BREEAM-i sertifikaadi ajalooline
Galerija Centrsi hoone Riias, millele anti muljetavaldav hinnang ?väga hea".
GRESB-i hindamine
2023. aasta III kvartalis pälvis Baltic Horizon teist aastat järjest GRESB-ilt
(rahvusvaheline kinnisvarainvesteeringute jätkusuutlikkuse hindamise
organisatsioon) 4 tärni hinnangu. Hindamisel saavutas Fond kokku 82 punkti 100-
st võimalikust, mis oli kolmas kõrgeim GRESB-i punktisumma võrdlusgrupis ?Põhja-
Euroopa | Hajutatud - büroo-/kaubandushooned | Börsil noteeritud". GRESB-i
kinnisvarahinnang on investorite huvidest lähtuv ülemaailmne börsil noteeritud
kinnisvaraettevõtete, kinnisvarasse investeerivate erakapitalifondide,
arendajate ja kinnisvarasse otseinvesteeringuid tegevate investorite võrdlus- ja
aruandlusraamistik. GRESB-i kõrged hinnangud peegeldavad Fondi järjepidevat tööd
ESG valdkonnas.
Varade brutoväärtus (GAV)
Fondi varade brutoväärtus kahanes aruandeperioodil 24,1% ja oli 2023. aasta IV
kvartali lõpus 261,1 miljonit eurot (31. detsember 2022: 344,0 miljonit eurot).
Languse peamised põhjused olid BH Domus Pro UAB ja BH Duetto UAB müük ning
kinnisvarainvesteeringute ümberhindluse negatiivne tulemus.
Varade puhasväärtus (NAV)
Fondi varade puhasväärtus oli 2023. aasta lõpus 109,5 miljonit eurot (31.
detsember 2022: 133,7 miljonit eurot). Fondi varade puhasväärtus vähenes eelmise
aasta lõpuga võrreldes 18,0%. Perioodi positiivseid tegevustulemusi vähendasid
kinnisvaraportfelli ümberhindlusest saadud kahjum summas 21,9 miljonit eurot
ning BH Domus Pro UAB ja BH Duetto UAB müügist saadud kahjum summas 4,0 miljonit
eurot. Need olid peamised põhjused, miks Fondi varade puhasväärtus langes.
Hindamiste mõju arvestamata oleks varade puhasväärtus 2023. aasta lõpus olnud
131,4 miljonit eurot ehk 1,098 eurot osaku kohta. Seisuga 31. detsember 2023 oli
osaku IFRS puhasväärtus 0,9156 eurot (31. detsember 2022: 1,1172 eurot) ning
EPRA puhas materiaalne põhivara ja EPRA puhas taastamisväärtus olid 0,9546 eurot
(31. detsember 2022: 1,1865 eurot) osaku kohta. EPRA puhas võõrandamisväärtus
oli 0,9122 eurot (31. detsember 2022: 1,1143 eurot) osaku kohta.
Kinnisvarainvesteeringud
2023. aasta lõpus kuulus Baltic Horizoni portfelli 12 Balti riikide pealinnades
asuvat rahavooga kinnisvarainvesteeringut. Fondi portfelli õiglane väärtus oli
250,4 miljonit eurot (31. detsember 2022: 333,1 miljonit eurot) ja renditavat
netopinda oli kokku 119,7 tuhat m2. 2023. aastal müüs kontsern ligikaudu 23,5
miljoni euro eest Domus Pro hooned ja ligikaudu 37 miljoni euro eest Duetto I ja
Duetto II hooned ning investeeris 1,1 miljonit eurot renoveerimisprojektidesse
ja 2,3 miljonit eurot olemasolevasse kinnisvarainvesteeringute portfelli.
Intressikandvad laenud ja võlakirjad
Seisuga 31. detsember 2023 moodustasid intressikandvad laenud ja võlakirjad
(ilma rendikohustisteta) 143,5 miljonit eurot (31. detsember 2022: 194,6
miljonit eurot). Pangalaenude jääk vähenes Domus Pro ja Duetto laenude
tagasimaksmise ning Europa ja Kontor SIA laenude osalise tagasimaksmise ja
graafikujärgse laenuamortisatsiooni tõttu. Lisaks lunastas Fond 1. augustil
2023 7,5 miljoni euro suuruse osa võlakirjadest, millega kaasnes võlakirjade
nimiväärtuse vähendamine. Uus nimiväärtus on 82 142,85 eurot võlakirja kohta.
Enne lunastamist oli võlakirjade nominaalsumma kokku 42 000 000 eurot. Pärast
lunastamist on see 34 499 997 eurot. Aastane laenuamortisatsioon moodustas 1,4%
kogu tasumata laenujäägist.
Rahavood
2023. aasta äritegevuse rahavoog oli positiivne summas 11,4 miljonit eurot
(2022: positiivne summas 15,3 miljonit eurot). Investeerimistegevuse rahavoog
oli tänu BH Domus Pro UAB ja BH Duetto UAB müügile positiivne summas 19,9
miljonit eurot (2022: negatiivne summas 9,7 miljonit eurot).
Finantseerimistegevuse rahavoog oli negatiivne summas 30,5 miljonit eurot (2022:
negatiivne summas 16,4 miljonit eurot). 2023. aastal Fond lunastas ja emiteeris
võlakirju, maksis tagasi Domus Pro pangalaenu ja osa Europa pangalaenust ning
maksis võlakirjade ja pangalaenude graafikujärgseid intresse. 2023. aasta
märtsis tasus Fond BH Domus Pro UAB müügist saadud vahendite abil Domus Pro
pangalaenu (11,0 miljonit eurot) ja 6,0 miljonit eurot Europa pangalaenust. Mais
lunastas Fond viieaastaste tagamata võlakirjade emissiooni mahus 50 miljonit
eurot, viis lõpule viieaastaste võlakirjade suunatud pakkumise ja emiteeris
võlakirju kogumahus 42 miljonit eurot. Augustis lunastas Fond ennetähtaegselt
7,5 miljoni euro suuruse osa võlakirjadest. Augustis refinantseeris Fond edukalt
Kontor SIA laenu aastani 2028, vähendades esialgset laenu 1,2 miljoni euro
võrra.
2023. aasta lõpus oli Fondil raha ja raha ekvivalente summas 6,2 miljonit eurot
(31. detsember 2022: 5,3 miljonit eurot).
Peamised kasumlikkuse näitajad
Tuhandetes eurodes IV kv 2023 IV kv 2022 Muutus
-------------------------------------------------------------------------------
Puhas renditulu 2 894 4 457 -35,1%
Halduskulud -631 -996 -36,6%
Kahjum kinnisvarainvesteeringu müügist -237 -423 -44,0%
Kinnisvarainvesteeringute ümberhindluse
kasum/kahjum -7 250 -3 072 136,0%
Ärikasum/-kahjum -5 195 -34 15 179,4%
Finantskulud (neto) -2 509 -1 849 35,7%
Maksueelne kasum/kahjum -7 704 -1 883 309,1%
Tulumaks -53 -310 -82,9%
-------------------------------------------------------------------------------
Perioodi puhaskasum/-kahjum -7 757 -2 193 253,7%
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Ringluses olevate osakute kaalutud keskmine
arv 119 635 429 119 635 429 -
Kasum/kahjum osaku kohta (eurodes) -0,06 -0,02 -
-------------------------------------------------------------------------------
Peamised finantsseisundi näitajad
Tuhandetes eurodes 31.12.2023 31.12.2022 Muutus
-------------------------------------------------------------------------------
Kasutuses olevad kinnisvarainvesteeringud 250 385 333 123 -24,8%
Varade brutoväärtus (GAV) 261 138 343 963 -24,1%
Intressikandvad laenud ja võlakirjad 143 487 194 569 -26,3%
Kohustised kokku 151 606 210 308 -27,9%
IFRS varade puhasväärtus (IFRS NAV) 109 532 133 655 -18,0%
EPRA puhas taastamisväärtus (EPRA NRV) 114 205 141 943 -19,5%
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Ringluses olevate osakute arv 119 635 429 119 635 429 -
Osaku puhasväärtus - IFRS NAV osaku kohta
(eurodes) 0,9156 1,1172 -18,0%
EPRA puhas taastamisväärtus (NRV) osaku kohta
(eurodes) 0,9546 1,1865 -19,5%
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Laenu ja väärtuse suhe (%) 57,3% 58,4% -
Keskmine sisemine intressimäär (%) 5,2% 3,0% -
-------------------------------------------------------------------------------
Fondi portfelli keskmine tegelik täitumus oli 2023. aasta IV kvartalis 78,4%
(III kv 2023: 79,5%). Seisuga 31. detsember 2023 oli täitumus 81,1% (30.
september 2023: 77,1%). Üldise täitumuse kasv tulenes uutest büroosegmendi
(Upmalas Biroji ja Meraki) rentnikest. Fond sõlmis pikaajalise lepingu, mille
alusel annab rendile 4 128 m2 pinna nimekas Upmalas Biroji bürookompleksis.
Uueks ankurrentnikuks on Läti Politsei, kes täidab osa SEB poolt 2023. aasta
augustis tühjaks jäänud pinnast. Mõned uued rendilepingud sõlmiti 2023. aasta IV
kvartalis ka Meraki büroohoones 1 223 m2 pinna rendile andmiseks.
Oma olemasolevate kinnisvarainvesteeringute arendamise strateegia kohaselt on
Fond valinud Lätis asuvate büroo- ja kaubandushoonete haldamiseks uued
partnerid. Juhtkond usub, et see muudab Lätis pindade väljarentimise kiiremaks.
Kinnisvarainvesteeringute tootlust mõjutasid 2023. aasta III ja IV kvartalis
negatiivselt Upmalas Biroji bürookompleksi suurima rentniku rendilepingu
lõppemine ja EMERGN-i otsus vähendada renditavat pinda LNK kompleksis.
Kinnisvarainvesteeringute keskmine otsene tootlus oli 2023. aasta IV kvartalis
3,8% (III kv 2023: 4,3%) ja kogu portfelli esmane puhastootlus 4,5% (III kv
2023: 5,0%).
KONSOLIDEERITUD KASUMI- JA MUU KOONDKASUMI ARUANNE
01.10.2023- 01.10.2022- 01.01.2023- 01.01.2022-
Tuhandetes eurodes 31.12.2023 31.12.2022 31.12.2023 31.12.2022
-------------------------------------------------------------------------------
Renditulu 3 755 5 060 17 743 20 482
Teenustasutulu 1 487 1 967 6 008 5 974
Renditegevuse kulud -2 348 -2 570 -9 134 -9 026
-------------------------------------------------------------------------------
Puhas renditulu 2 894 4 457 14 617 17 430
-------------------------------------------------------------------------------
Halduskulud -631 -996 -2 617 -3 133
Muu äritulu 29 - 44 278
Kahjum kinnisvarainvesteeringu
müügist -237 -423 -4 047 -423
Kinnisvarainvesteeringute
ümberhindluse kasum/kahjum -7 250 -3 072 -21 876 -2 914
-------------------------------------------------------------------------------
Ärikasum/-kahjum -5 195 - 34 -13 879 11 238
-------------------------------------------------------------------------------
Finantstulud 29 - 104 1
Finantskulud -2 538 -1 849 -9 854 -6 312
-------------------------------------------------------------------------------
Finantstulud ja -kulud kokku -2 509 -1 849 -9 750 -6 311
-------------------------------------------------------------------------------
- - - -
-------------------------------------------------------------------------------
Maksueelne kasum/kahjum -7 704 -1 883 -23 629 4 927
-------------------------------------------------------------------------------
Tulumaks - 53 - 310 656 - 983
-------------------------------------------------------------------------------
Perioodi kasum/kahjum -7 757 -2 193 -22 973 3 944
-------------------------------------------------------------------------------
Tulevikus kasumisse või kahjumisse
ümberliigitatav muu koondkasum/-kahjum
Rahavoogude riskimaandamise
puhaskasum/-kahjum -759 142 -1 273 2 746
Rahavoogude riskimaandamise
puhaskahjumiga/?kasumiga
seotud tulumaks 64 -19 123 -236
-------------------------------------------------------------------------------
Tulevikus kasumisse või
kahjumisse ümberliigitatav
tulumaksujärgne muu
koondkasum/-kahjum kokku -695 123 -1 150 2 510
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Perioodi tulumaksujärgne
koondkasum/ ?kahjum kokku -8 452 -2 070 -24 123 6 454
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Tava- ja lahustatud
kasum/kahjum osaku kohta
(eurodes) -0,06 -0,02 -0,19 0,03
-------------------------------------------------------------------------------
KONSOLIDEERITUD FINANTSSEISUNDI ARUANNE
Tuhandetes eurodes 31.12.2023 31.12.2022
--------------------------------------------------------------------
Põhivarad
Kinnisvarainvesteeringud 250 385 333 123
Immateriaalsed põhivarad 11 6
Materiaalsed põhivarad 4 1
Tuletisinstrumendid 295 2 228
Muud põhivarad 647 -
--------------------------------------------------------------------
Põhivarad kokku 251 342 335 358
--------------------------------------------------------------------
Käibevarad
Nõuded ostjate vastu ja muud nõuded 2 591 2 693
Ettemaksed 402 273
Tuletisinstrumendid 621 292
Raha ja raha ekvivalendid 6 182 5 347
--------------------------------------------------------------------
Käibevarad kokku 9 796 8 605
--------------------------------------------------------------------
Varad kokku 261 138 343 963
--------------------------------------------------------------------
Omakapital
Sissemakstud kapital 145 200 145 200
Rahavoogude riskimaandamise reserv 531 1 681
Jaotamata kahjum -36 199 -13 226
--------------------------------------------------------------------
Omakapital kokku 109 532 133 655
--------------------------------------------------------------------
Pikaajalised kohustised
Intressikandvad võlakohustised 64 158 124 017
Edasilükkunud tulumaksukohustised 2 774 7 490
Muud pikaajalised kohustised 1 079 1 240
--------------------------------------------------------------------
Pikaajalised kohustised kokku 68 011 132 747
--------------------------------------------------------------------
Lühiajalised kohustised
Intressikandvad võlakohustised 79 584 71 094
Võlad tarnijatele ja muud võlad 3 343 5 644
Tulumaksukohustis 6 10
Muud lühiajalised kohustised 662 813
--------------------------------------------------------------------
Lühiajalised kohustised kokku 83 595 77 561
--------------------------------------------------------------------
Kohustised kokku 151 606 210 308
--------------------------------------------------------------------
Omakapital ja kohustised kokku 261 138 343 963
--------------------------------------------------------------------
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
(http://www.baltichorizon.com)
Saamaks börsiteateid ning uudiseid Baltic Horizon Fondilt tema projektide,
plaanide ja muu kohta, registreeruge aadressil www.baltichorizon.com
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Content of announcement in English
Title
Baltic Horizon Fund consolidated unaudited results for Q1-Q4 2023
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 2023.
Leasing activity
Throughout 2023, the Fund secured important lease extensions with anchor tenants
in retail assets. Particularly noteworthy is the extension of leases with anchor
grocery tenant Rimi, which were maintained on favourable terms at both Postimaja
and Galerija Centrs. Furthermore, lease prolongations were achieved with major
fashion brands operated by Inditex, LPP, and Apranga Group, reinforcing the
foundation of our tenant base. Additionally, strategic efforts were made to
enhance the H&M store at Postimaja, incorporating the H&M Home concept to
strengthen the long-term partnership between the Fund and this key tenant.
Meanwhile, Europa SC demonstrated a surge in letting activity during 2023, with
the Fund successfully securing deals for a total of 2,941 sq. m with 13 tenants,
including prominent names like Pi Pilates, Optometrijos Centras, Codekus and
others. In addition, the Fund recently finalized a new lease agreement with the
prominent anchor tenant IKI at Europa SC, signing a ten-year lease for an
approximate total lettable area of 1,900 sq. m. The opening of the new anchor
tenant's store, which will be at the heart of the upgraded concept of the
shopping centre, is anticipated to take place in early 2024.
The increased leasing activity at Europa SC, coupled with the robust performance
of Pirita in 2023, resulted in a notable rise in the NOI of the retail segment
compared to the 2022 figures. The Fund is actively engaged in negotiations for
over 8,000 sq. m of retail space, with the intention of finalizing these
agreements in early 2024.
The office segment witnessed a shift in working practices during the pandemic,
with many tenants adopting remote working arrangements where possible. However,
there is a growing eagerness among employees to return to offices for social
interaction and productive collaboration in physical settings. To address the
evolving office reality, Baltic Horizon has been revitalizing larger vacant
office areas, transforming them into flexible working spaces to cater to smaller
tenants' needs. Initiatives like the office hotel in North Star and similar
concepts in Meraki have yielded favourable results.
In response to evolving market dynamics, the Fund is actively engaged in
reletting current and forthcoming office vacancies, particularly in light of
EMERGN's decision to reduce their rented area in LNK and the SEB exit from
Upmalas Biroji. Proactive measures are being taken to fill these vacancies, with
the Fund securing the Latvian State Police as a tenant for approximately 4,128
sq. m in Upmalas Biroji to partially offset the vacancy from SEB premises. The
agreement with the Latvian State Police was signed in November 2023.
Outlook
An important milestone in our financial journey was the refinancing of our EUR
50 million bond issue in Q2 2023. We initiated a new bond issue, raising EUR 42
million to optimize our capital structure. The first tranche, amounting to EUR
20 million, matures in May 2024. Following the disposal of the Duetto
properties, the Fund proactively redeemed EUR 7.5 million of the first tranche
in August 2023. The Fund's management team remains resolute in reducing
financial leverage at the earliest viable opportunity.
Our management team remains committed to exploring additional divestment and
refinancing opportunities aimed at repaying the outstanding EUR 12.5 million of
the first tranche before its maturity date. In line with this commitment, we
have successfully negotiated new loans with Shiauli? bankas for Europa and North
Star, resulting in an increase in the outstanding loan amounts for these assets
by EUR 8.6 million. The majority of the proceeds from these loans will be
allocated towards bond redemption and lowering the overall cost of financing.
Looking ahead, the Fund is determined to execute multiple early redemptions of
bonds in early 2024 through a combination of refinancing activities and
potential asset disposals. These actions are aligned with our overarching
strategy to gradually reduce leverage levels, with the ultimate goal of reaching
a leverage ratio of approximately 50-55% following all planned refinancing
activities in 2024.
Net result and net rental income
In 2023, The Group recorded a net loss of EUR 23.0 million against a net profit
of EUR 3.9 million for 2022. The net result was strongly impacted by the
negative valuation result of EUR 21.9 million. Meanwhile in 2022, the valuation
resulted in a net fair value loss of EUR 2.9 million. The sale of the shares in
BH Domus Pro UAB, which owns a retail park and an office building, and BH Duetto
UAB, which owns two office buildings, resulted in the loss on disposal of EUR
4.0 million. The net result was also impacted by the higher financial expenses.
Earnings per unit for 2023 were negative at EUR -0.19 (2022: positive at EUR
0.03).
The Group earned net rental income of EUR 14.6 million in 2023 (2022: EUR 17.4
million). The results for 2023 include two months' net rental income of the
Domus Pro Retail and Office property (EUR 0.3 million) and five months' net
rental income of the Duetto properties (EUR 1.2 million), which were sold in
February and May 2023, respectively. The net rental income of the same portfolio
mix (like-for-like portfolio) remained at a level similar to the previous year.
On an EPRA like-for-like basis, portfolio net rental income was slightly below
the previous year (-0.2%), mainly due to vacancies in office properties in
Latvia due to expiry of the agreement with the main tenant in Upmalas Biroji BC
and EMERGN's decision to reduce their rented area in LNK Centre.
Baltic Horizon achieves a 100% BREEAM certified portfolio
Baltic Horizon Fund announced the successful BREEAM certification of its
remaining retail assets thus becoming member of an elite group of Baltic real
estate investment companies to certify its entire portfolio according to the
highest international environmental standards. The portfolio currently consists
of 12 properties. The last to receive its certification was the historic
building of Galerija Centrs in Riga that received an impressive BREEAM Very Good
certification.
GRESB benchmarking
In Q3 2023, Baltic Horizon maintained the GRESB 4 star rating for the second
year in a row. In the assessment, the fund achieved a total score of 82 out of
100, representing the third highest GRESB score in the 'Northern Europe |
Diversified - Office/Retail | Listed' peer group. The GRESB Real Estate
Assessment is an investor-driven global ESG benchmark and reporting framework
for listed property companies, private property funds, developers and investors
that invest directly in real estate. The achievement of GRESB ratings confirms
the Fund's continuous efforts in the ESG field.
Gross Asset Value (GAV)
At the end of Q4 2023, the Fund's GAV was EUR 261.1 million (31 December 2022:
EUR 344.0 million), 24.1% lower than at the end of the previous period. The
decrease is mainly related to the sale of the shares in BH Domus Pro UAB and BH
Duetto UAB and the negative property revaluation.
Net Asset Value (NAV)
At the end of 2023, the Fund's NAV was EUR 109.5 million (31 December 2022: EUR
133.7 million). Compared to the year-end 2022, the Fund's NAV decreased by
18.0%. The operational performance result was offset by the EUR 21.9 million
loss on property valuations and EUR 4.0 million loss from the disposal of the BH
Domus Pro UAB and BH Duetto UAB shares. These were the main factors behind the
fall in the Fund's NAV. Excluding the impact of valuations, the NAV at the end
of 2023 would have been EUR 131.4 million or EUR 1.098 per unit. As of 31
December 2023, IFRS NAV per unit decreased to EUR 0.9156 (31 December 2022: EUR
1.1172), while EPRA net tangible assets and EPRA net reinstatement value were
EUR 0.9546 per unit (31 December 2022: EUR 1.1865). EPRA net disposal value was
EUR 0.9122 per unit (31 December 2022: EUR 1.1143).
Investment properties
At the end of 2023, the Baltic Horizon Fund portfolio consisted of 12 cash flow
generating investment properties in the Baltic capitals. The fair value of the
Fund's portfolio was EUR 250.4 million (31 December 2022: EUR 333.1 million) and
incorporated a total net leasable area of 119.7 thousand sq. m. During 2023 the
Group sold the Domus PRO buildings for approximately EUR 23.5 million and the
Duetto I and Duetto II buildings for approximately EUR 37 million, invested EUR
1.1 million in reconstruction projects and EUR 2.3 million in the existing
property portfolio.
Interest-bearing loans and bonds
As of 31 December 2023 interest-bearing loans and bonds (excluding lease
liabilities) were EUR 143.5 million (31 December 2022: EUR 194.6 million).
Outstanding bank loans decreased due to the repayment of the Domus Pro and
Duetto loans, part of Europa and Kontor SIA loans and regular bank loan
amortisation. Also, the Fund redeemed a part of the bonds in the amount of EUR
7.5 million on 1 August 2023. The redemption was accompanied by the reduction of
the nominal value of the bonds to EUR 82,142.85 per bond. The total nominal
amount of the bonds before the redemption was EUR 42,000,000 and after the
redemption is EUR 34,499,997. Annual loan amortisation accounted for 1.4% of
total debt outstanding.
Cash flow
Cash inflow from core operating activities in 2023 amounted to EUR 11.4 million
(2022: cash inflow of EUR 15.3 million). Cash inflow from investing activities
was EUR 19.9 million (2022: cash outflow of EUR 9.7 million) due to the sale of
the shares in BH Domus Pro UAB and BH Duetto UAB. Cash outflow from financing
activities was EUR 30.5 million (2022: cash outflow of EUR 16.4 million). In
2023, the Fund redeemed and issued bonds, repaid the Domus Pro and part of the
Europa loan, and paid regular interest on bank loans and bonds. In March 2023,
the Fund repaid the Domus Pro loan (EUR 11.0 million) and EUR 6.0 million of the
Europa loan using the proceeds from the sale of the shares in BH Domus Pro UAB.
In May the Fund redeemed its EUR 50 million unsecured 5-year bond issue,
completed a private placement of 5-year bonds and issued bonds in the total
volume of EUR 42 million. In August the Fund early redeemed a part of the bonds
in the amount of EUR 7.5 million. During August, the Fund successfully
refinanced the Kontor SIA loan until 2028, reducing the original Kontor SIA loan
by EUR 1.2 million. At the end of 2023, the Fund's consolidated cash and cash
equivalents amounted to EUR 6.2 million (31 December 2022: EUR 5.3 million).
Key earnings figures
EUR '000 Q4 2023 Q4 2022 Change (%)
-------------------------------------------------------------------------------
Net rental income 2,894 4,457 (35.1%)
Administrative expenses (631) (996) (36.6%)
Losses on disposal of investment properties (237) (423) (44.0%)
Valuation gains (losses) on investment
properties (7,250) (3,072) 136.0%
Operating profit (loss) (5,195) (34) 15179.4%
Net financial expenses (2,509) (1,849) 35.7%
Profit (loss) before tax (7,704) (1,883) 309.1%
Income tax (53) (310) (82.9%)
-------------------------------------------------------------------------------
Net profit (loss) for the period (7,757) (2,193) 253.7%
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Weighted average number of units
outstanding (units) 119,635,429 119,635,429 -
Earnings per unit (EUR) (0.06) (0.02) -
-------------------------------------------------------------------------------
Key financial position figures
EUR '000 31.12.2023 31.12.2022 Change (%)
-------------------------------------------------------------------------------
Investment properties in use 250,385 333,123 (24.8%)
Gross asset value (GAV) 261,138 343,963 (24.1%)
Interest-bearing loans and bonds 143,487 194,569 (26.3%)
Total liabilities 151,606 210,308 (27.9%)
IFRS Net asset value (IFRS NAV) 109,532 133,655 (18.0%)
EPRA Net Reinstatement Value (EPRA NRV) 114,205 141,943 (19.5%)
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Number of units outstanding (units) 119,635,429 119,635,429 -
IFRS Net asset value (IFRS NAV) per unit
(EUR) 0.9156 1.1172 (18.0%)
EPRA Net Reinstatement Value (EPRA NRV) per
unit (EUR) 0.9546 1.1865 (19.5%)
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Loan-to-Value ratio (%) 57.3% 58.4% -
Average effective interest rate (%) 5.2% 3.0% -
-------------------------------------------------------------------------------
During Q4 2023, the average actual occupancy of the portfolio was 78.4% (Q3
2023: 79.5%). The occupancy rate as of 31 December 2023 was 81.1% (30 September
2023: 77.1%). The overall occupancy rate increase was influenced by the new
tenants in the office segment (Upmalas Biroji BC and Meraki). The Fund signed a
long-term lease for 4,128 sq. m in the renowned Upmalas Biroji building with the
anchor tenant Latvian State Police, which partially filled the space vacated by
SEB in August 2023. Some new lease agreements were also signed in Meraki office
building in Q4 2023 for a total area of 1,223 sq. m.
As part of its strategy for the development of existing properties, the Fund has
chosen new partners to manage its office and retail properties in Latvia. The
management team believes that this change will speed up the leasing process in
Latvia.
Expiry of the agreement with the main tenant in Upmalas Biroji BC and EMERGN's
decision to reduce their rented area in LNK Centre had a negative impact on the
property yields in Q3 and Q4 2023. The average direct property yield during Q4
2023 was 3.8% (Q3 2023: 4.3%). The net initial yield for the whole portfolio for
Q4 2023 was 4.5% (Q3 2023: 5.0%).
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
01.10.2023- 01.10.2022- 01.01.2023- 01.01.2022-
EUR '000 31.12.2023 31.12.2022 31.12.2023 31.12.2022
-------------------------------------------------------------------------------
Rental income 3,755 5,060 17,743 20,482
Service charge income 1,487 1,967 6,008 5,974
Cost of rental activities (2,348) (2,570) (9,134) (9,026)
-------------------------------------------------------------------------------
Net rental income 2,894 4,457 14,617 17,430
Administrative expenses (631) (996) (2,617) (3,133)
Other operating income 29 - 44 278
Losses on disposal of
investment properties (237) (423) (4,047) (423)
Valuation gains (losses) on
investment properties (7,250) (3,072) (21,876) (2,914)
-------------------------------------------------------------------------------
Operating profit (loss) (5,195) (34) (13,879) 11,238
-------------------------------------------------------------------------------
Financial income 29 - 104 1
Financial expenses (2,538) (1,849) (9,854) (6,312)
-------------------------------------------------------------------------------
Net financial expenses (2,509) (1,849) (9,750) (6,311)
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Profit (loss) before tax (7,704) (1,883) (23,629) 4,927
-------------------------------------------------------------------------------
Income tax charge (53) (310) 656 (983)
-------------------------------------------------------------------------------
Profit (loss) for the period (7,757) (2,193) (22,973) 3,944
-------------------------------------------------------------------------------
Other comprehensive income that is or may be
reclassified to profit or loss in subsequent periods
Net gain (loss) on cash flow
hedges (759) 142 (1,273) 2,746
Income tax relating to net
gain (loss) on cash flow
hedges 64 (19) 123 (236)
-------------------------------------------------------------------------------
Other comprehensive income
(expense), net of tax, that is
or may be reclassified to
profit or loss in subsequent
periods (695) 123 (1,150) 2,510
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Total comprehensive income
(expense) for the period, net
of tax (8,452) (2,070) (24,123) 6,454
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Basic and diluted earnings per
unit (EUR) (0.06) (0.02) (0.19) 0.03
-------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
EUR '000 31.12.2023 31.12.2022
----------------------------------------------------------------------
Non-current assets
Investment properties 250,385 333,123
Intangible assets 11 6
Property, plant and equipment 4 1
Derivative financial instruments 295 2,228
Other non-current assets 647 -
----------------------------------------------------------------------
Total non-current assets 251,342 335,358
----------------------------------------------------------------------
Current assets
Trade and other receivables 2,591 2,693
Prepayments 402 273
Derivative financial instruments 621 292
Cash and cash equivalents 6,182 5,347
----------------------------------------------------------------------
Total current assets 9,796 8,605
----------------------------------------------------------------------
Total assets 261,138 343,963
----------------------------------------------------------------------
Equity
Paid in capital 145,200 145,200
Cash flow hedge reserve 531 1,681
Retained earnings (36,199) (13,226)
----------------------------------------------------------------------
Total equity 109,532 133,655
----------------------------------------------------------------------
Non-current liabilities
Interest-bearing loans and borrowings 64,158 124,017
Deferred tax liabilities 2,774 7,490
Other non-current liabilities 1,079 1,240
----------------------------------------------------------------------
Total non-current liabilities 68,011 132,747
----------------------------------------------------------------------
Current liabilities
Interest-bearing loans and borrowings 79,584 71,094
Trade and other payables 3,343 5,644
Income tax payable 6 10
Other current liabilities 662 813
----------------------------------------------------------------------
Total current liabilities 83,595 77,561
----------------------------------------------------------------------
Total liabilities 151,606 210,308
----------------------------------------------------------------------
Total equity and liabilities 261,138 343,963
----------------------------------------------------------------------
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.
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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
22:10 EET on 15 February 2024.