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
Management interim statement or quarterly financial report
Unique data record identifier
5933
Attachments
Submission date and time
17.02.2017 18:30:00
Content of announcement in Estonian
Title
Baltic Horizon 2016 IV kvartali konsolideeritud auditeerimata tulemused
Message
Baltic Horizon Fund avaldab 2016 IV kvartali tulemused.
Fondi vara brutoväärtus aruandeperioodil kasvas, moodustades 31. detsembril
2016 154,9 miljonit eurot (30. september 2016: 133,7 miljonit eurot). Kasv
tulenes peamiselt Pirita ostukeskuse soetamisest ja teise avaliku pakkumise
tulemusel suurenenud rahalistest vahenditest.
Fondi vara puhasväärtus seisuga 31. detsember 2016 oli 76,8 miljonit eurot (30.
september 2016: 57,2 miljonit eurot). Puhasväärtuse kasv tulenes peamiselt
täiendavast kapitalist, mis teise avaliku pakkumise käigus kaasati (ligikaudu
19,5 miljonit peale märkimistasude maha arvamist), ja Fondi teenitud kasumist.
2016. aasta IV kvartalis teenis Fond 1,2 miljonit eurot puhaskasumit (2015.
aasta IV kvartal: 3,2 miljonit eurot), mis avaldas Fondi vara puhasväärtusele
positiivset mõju. Puhaskasumit toetasid kvartali lõpus teostatud Domus Pro
kinnisvarainvesteeringu ümberhindlus ja kinnisvarainvesteeringutelt teenitud
tulu. Kuna kinnisvarainvesteeringuid hinnati septembris, siis kogu Fondi
kinnisvaraportfelli aastalõpu seisuga ümber ei hinnatud. Järgmised hindamised
on kavandatud 2017. aasta juunisse. 2015. aasta IV kvartali puhaskasumit
suurendas kinnisvara ümberhindluse kasum.
Kontserni 2016. aasta IV kvartali puhas renditulu moodustas 2,3 miljonit eurot
(2016. aasta 12 kuud: 7,2 miljonit eurot), kujunedes kõrgemaks kui 2015.
aastal, mil IV kvartali puhas renditulu moodustas 1,6 miljonit eurot (2015.
aasta 12 kuud: 5,3 miljonit eurot). Puhta renditulu kasv eelmise aastaga
võrreldes tulenes peamiselt aruandeperioodil soetatud G4S peakorteri, Upmalas
Biroji büroohoone ja Pirita ostukeskuse lisandunud rendituludest.
KONSOLIDEERITUD KASUMI- JA MUU KOONDKASUMI ARUANNE
Tuhandetes eurodes Q4 Q4 2016 2015
2016 2015
--------------------------------------------------------------------------------
Renditulu 2 540 1 748 7 874 6 073
Kulude hüvitamise tulu 784 594 2 594 2 062
Renditegevuse kulud -1 014 -792 -3 315 -2 796
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Puhas renditulu 2 310 1 550 7 153 5 339
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Halduskulud -728 -363 -2 190 -984
Muud äritulud ja -kulud 2 1 97 267
Puhaskahjum kinnisvarainvesteeringute müügist - - - -10
Kinnisvarainvesteeringute ümberhindluse kasumid 201 2 886 2 562 2 886
ja kahjumid
Lõpetamata kinnisvarainvesteeringute 175 - 175 -
ümberhindluse kasumid ja kahjumid
Ärikasum 1 960 4 074 7 797 7 498
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Finantstulud 3 3 14 17
Finantskulud -413 -286 -1 253 -1 100
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Finantstulud ja –kulud kokku -410 -283 -1 239 -1 083
--------------------------------------------------------------------------------
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Maksueelne kasum 1 550 3 791 6 558 6 415
Tulumaksukulu -370 -602 -798 -890
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Perioodi kasum 1 180 3 189 5 760 5 525
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Tulevikus kasumisse või kahjumisse ümberliigitatav muu koondkasum/-kahjum
Rahavoogude riskimaandamise puhaskahjum/-kasum -48 -37 -113 -23
Rahavoogude riskimaandamise 19 7 18 18
puhaskahjumi/-kasumiga seotud tulumaks
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Tulevikus kasumisse või kahjumisse -29 -30 -95 -5
ümberliigitatav tulumaksujärgne muu
koondkahjum/-kasum
--------------------------------------------------------------------------------
Perioodi tulumaksujärgne koondkasum kokku 1 151 3 159 5 665 5 520
--------------------------------------------------------------------------------
KONSOLIDEERITUD FINANTSSEISUNDI ARUANNE
Tuhandetes eurodes 31.12.2016 31.12.2015
-----------------------------------------------------------
Põhivara
Kinnisvarainvesteeringud 141 740 86 810
Lõpetamata kinnisvarainvesteeringud 1 580 -
Muu põhivara 288 263
-----------------------------------------------------------
Põhivara kokku 143 608 87 073
-----------------------------------------------------------
-----------------------------------------------------------
Käibevara
Nõuded ostjate vastu ja muud nõuded 1 277 840
Ettemaksed 178 81
Raha ja raha ekvivalendid 9 883 1 677
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Käibevara kokku 11 338 2 598
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Varad kokku 154 946 89 671
-----------------------------------------------------------
-----------------------------------------------------------
Omakapital
Kapital 66 224 25 674
Rahavoogude riskimaandamise reserv -294 -199
Jaotamata kasum 10 887 6 218
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Omakapital kokku 76 817 31 693
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Pikaajalised kohustused
Intressikandvad laenukohustused 58 981 39 586
Edasilükkunud tulumaksukohustused 4 383 3 673
Tuletisinstrumendid 345 215
Muud pikaajalised kohustused 935 451
-----------------------------------------------------------
Pikaajalised kohustused kokku 64 644 43 925
-----------------------------------------------------------
-----------------------------------------------------------
Lühiajalised kohustused
Intressikandvad laenukohustused 10 191 11 608
Võlad tarnijatele ja muud võlad 2 876 2 036
Tulumaksukohustus 46 112
Tuletisinstrumendid - 17
Muud lühiajalised kohustused 372 280
-----------------------------------------------------------
Lühiajalised kohustused kokku 13 485 14 053
-----------------------------------------------------------
Kohustused kokku 78 129 57 978
-----------------------------------------------------------
Omakapital ja kohustused kokku 154 946 89 671
-----------------------------------------------------------
Lisainformatsioon:
Tarmo Karotam
Baltic Horizon Fund, fondijuht
E-mail [email protected]
www.baltichorizon.com
Avaldamine: GlobeNewswire, Nasdaq Tallinn, Nasdaq Stockholm,
www.baltichorizon.com
Käesolev teade sisaldab informatsiooni, mille Fondivalitseja on kohustatud
avaldama Euroopa Liidu turukurvitarvituse määruse kohaselt. Informatsioon
esitati avaldamiseks 17. veebruaril 2017 kell 14.59 Eesti aja järgi
ülalmainitud avaldamiskanalite esindajatele.
Content of announcement in English
Title
Baltic Horizon Fund consolidated un-audited results for Q4 2016
Message
Baltic Horizon Fund publishes consolidated un-audited financial results for Q4
2016.
As at 31 December 2016 the GAV of the Fund increased to EUR 154.9 million (EUR
133.7 million as at 30 September 2016). The increase is mainly related to the
acquisition of Pirita shopping centre and the increase in cash as a result of
the second public offering.
As of 31 December 2016, the Fund NAV was EUR 76.8 million, compared to EUR 57.2
million as at 30 September 2016. The increase in NAV is mainly related to the
new capital raised during the second public offering (approx. EUR 19.5 million
net of subscription fees) and the performance of the Fund.
During Q4 2016, the Fund recorded a net profit of EUR 1.2 million (EUR 3.2
million during Q4 2015) which had a positive effect on the Fund NAV. The net
result was positively affected by the quarter-end revaluation of Domus Pro and
the operational performance of the properties. Since the valuation of the
properties took place in September, the Fund did not commission new valuations
for the entire portfolio as of the year-end. The next valuations are planned to
be conducted in June 2017. Net profit in Q4 2015 was higher because of property
valuation gains.
In Q4 2016, the net rental operating income (NOI) earned by the Group amounted
to EUR 2.3 million (EUR 7.2 million during twelve months ended December 2016)
and was higher than in Q4 2015 when the Group earned EUR 1.6 million (EUR 5.3
million during twelve months ended December 2015). Compared to 2015, the
increase in NOI is mainly related to rental income earned by the new
acquisitions G4S Headquarters, Upmalas Biroji and Pirita shopping centre.
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
Euro ‘000 Q4 2016 Q4 2016 2015
2015
--------------------------------------------------------------------------------
Rental income 2,540 1,748 7,874 6,073
Expenses reimbursement revenue 784 594 2,594 2,062
Cost of rental activities (1,014) (792) (3,315) (2,796)
--------------------------------------------------------------------------------
Net rental income 2,310 1,550 7,153 5,339
--------------------------------------------------------------------------------
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Administrative expenses (728) (363) (2,190) (984)
Other operating income / (expenses) 2 1 97 267
Net loss on disposal of investment property - - - (10)
Valuation gains / (loss) on investment 201 2,886 2,562 2,886
properties
Valuation gains / (loss) on investment 175 - 175 -
property under construction
Operating profit 1,960 4,074 7,797 7,498
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Financial income 3 3 14 17
Financial expenses (413) (286) (1,253) (1,100)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net financing costs (410) (283) (1,239) (1,083)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Profit before tax 1,550 3,791 6,558 6,415
Income tax charge (370) (602) (798) (890)
--------------------------------------------------------------------------------
Profit for the period 1,180 3,189 5,760 5,525
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Other comprehensive income to be reclassified to profit or loss in subsequent
periods
Net gains (losses) on cash flow hedges (48) (37) (113) (23)
Income tax relating to net gains (losses) on 19 7 18 18
cash flow hedges
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Other comprehensive income/ (expense), net of (29) (30) (95) (5)
tax, to be reclassified to profit or loss in
subsequent periods
--------------------------------------------------------------------------------
Total comprehensive income/ (expense) for the 1,151 3,159 5,665 5,520
period, net of tax
--------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Euro ‘000 31.12.2016 31.12.2015
--------------------------------------------------------------
Non-current assets
Investment properties 141,740 86,810
Investment property under construction 1,580 -
Other non-current assets 288 263
--------------------------------------------------------------
Total non-current assets 143,608 87,073
--------------------------------------------------------------
--------------------------------------------------------------
Current assets
Trade and other receivables 1,277 840
Prepayments 178 81
Cash and cash equivalents 9,883 1,677
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Total current assets 11,338 2,598
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Total assets 154,946 89,671
--------------------------------------------------------------
--------------------------------------------------------------
Equity
Paid in capital 66,224 25,674
Cash flow hedge reserve (294) (199)
Retained earnings 10,887 6,218
--------------------------------------------------------------
Total equity 76,817 31,693
--------------------------------------------------------------
--------------------------------------------------------------
Non-current liabilities
Interest bearing loans and borrowings 58,981 39,586
Deferred tax liabilities 4,383 3,673
Derivative financial instruments 345 215
Other non-current liabilities 935 451
--------------------------------------------------------------
Total non-current liabilities 64,644 43,925
--------------------------------------------------------------
--------------------------------------------------------------
Current liabilities
Interest bearing loans and borrowings 10,191 11,608
Trade and other payables 2,876 2,036
Income tax payable 46 112
Derivative financial instruments - 17
Other current liabilities 372 280
--------------------------------------------------------------
Total current liabilities 13,485 14,053
--------------------------------------------------------------
Total liabilities 78,129 57,978
--------------------------------------------------------------
Total equity and liabilities 154,946 89,671
--------------------------------------------------------------
Additional information:
Tarmo Karotam
Baltic Horizon Fund manager
E-mail [email protected]
www.baltichorizon.com
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
14.59 EET on 17th February 2017.