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
6100
Attachments
Submission date and time
11.05.2017 18:30:00
Content of announcement in Estonian
Title
Baltic Horizon 2017 I kvartali konsolideeritud auditeerimata tulemused
Message
Fondi vara brutoväärtus aruandeperioodil kasvas, moodustades 31. märtsil 2017
169,0 miljonit eurot (31. detsembril 2016: 154,9 miljonit eurot). Kasv tulenes
peamiselt Duetto I büroohoone soetamise lõpuleviimisest 2017. aasta I
kvartalis.
Fondi vara puhasväärtus seisuga 31. märts 2017 oli 76,5 miljonit eurot (31.
detsember 2016: 76,8 miljonit eurot). Puhasväärtuse langus tulenes peamiselt
veebruaris investoritele tehtud väljamaksetest. Fondi kinnisvarainvesteeringute
portfelli tegelik keskmine täituvus oli 96,7% ning koos rendigarantiidega 97,6%
(2016. aasta I kvartal: 96,5%). Keskmine otsene tootlus I kvartalis oli 7,1%
(2016. aasta I kvartal: 7,0%). Tootluse tõus on seotud hoonete paranenud
äritegevusega ning rentide indekseerimisega.
2017. aasta I kvartalis teenis Fond 950 tuhat eurot puhaskasumit (2016. aasta I
kvartal: 864 tuhat eurot), mis avaldas Fondi vara puhasväärtusele positiivset
mõju. Puhaskasumit toetas kinnisvarainvesteeringutelt teenitud tulu. Teisalt
avaldas puhaskasumile negatiivset mõju Upmalas Biroji krundi ümberhindlusel
tekkinud edasilükkunud tulumaksukohustus, mida varasemates perioodides ei
kajastatud. Kontsern kajastas edasilükkunud tulumaksukohustuse ja vastava kulu
2017. aasta I kvartalis (negatiivne mõju 452 tuhat eurot). Juhtkond ei kavatse
lähitulevikus Upmalas Biroji kinnisvarainvesteeringut müüa, seega 2017. aasta I
kvartalis kajastatud edasilükkunud tulumaksukohustuse realiseerumist lähiajal
ei eeldata. Puhaskasumit mõjutasid negatiivselt ka Stockholmis korraldatud
teise avaliku pakkumisega seotud täiendavad kulud (I kvartal 2017: 202 tuhat
eurot). Need ühekordsed kulud olid valdavalt seotud Tallinna ja Stockholmi
börside vahel kauplemiseks vajaliku ühenduse loomisega läbi Rootsi
keskdepositooriumi Euroclear Sweden AB..
Kontserni 2017. aasta I kvartali puhas renditulu moodustas 2,5 miljonit eurot,
kujunedes kõrgemaks kui 2016. aasta I kvartalis, mil Kontserni puhas renditulu
moodustas 1,4 miljonit eurot. Puhta renditulu kasv eelmise aastaga võrreldes
tulenes eelkõige uutelt kinnisvarainvesteeringutelt teenitud renditulust ja
vähemal määral ka rendihindade indekseerimisest.
KONSOLIDEERITUD KASUMI- JA MUU KOONDKASUMI ARUANNE
Tuhandetes eurodes 01.01.2017-31 01.01.2016-31
.03.2017 .03.2016
--------------------------------------------------------------------------------
Renditulu 2 727 1 619
Teenustasutulu 924 621
Renditegevuse kulud -1 125 -803
--------------------------------------------------------------------------------
Puhas renditulu 2 526 1 437
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Halduskulud -730 -182
Muud äritulud ja -kulud 13 -
Ärikasum 1 809 1 255
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Finantstulud 41 4
Finantskulud -332 -280
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Finantstulud ja -kulud kokku -291 -276
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Maksueelne kasum 1 518 979
Tulumaksukulu -568 -115
--------------------------------------------------------------------------------
Perioodi kasum 950 864
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Tulevikus kasumisse või kahjumisse ümberliigitatav muu koondkasum/-kahjum
Rahavoogude riskimaandamise puhaskasum/-kahjum 138 -37
Rahavoogude riskimaandamise puhaskahjumiga seotud -17 7
tulumaks
--------------------------------------------------------------------------------
Tulevikus kasumisse või kahjumisse ümberliigitatav 121 -30
tulumaksujärgne muu koondkasum/-kahjum
--------------------------------------------------------------------------------
Perioodi tulumaksujärgne koondkasum kokku 1 071 834
--------------------------------------------------------------------------------
KONSOLIDEERITUD FINANTSSEISUNDI ARUANNE
Tuhandetes eurodes 31.03.2017 31.12.2016
-----------------------------------------------------------
Põhivara
Kinnisvarainvesteeringud 156 538 141 740
Lõpetamata kinnisvarainvesteeringud 2 218 1 580
Tuletisinstrumendid 22 -
Muu põhivara 82 288
-----------------------------------------------------------
Põhivara kokku 158 860 143 608
-----------------------------------------------------------
-----------------------------------------------------------
Käibevara
Nõuded ostjate vastu ja muud nõuded 1 282 1 269
Ettemaksed 235 178
Raha ja raha ekvivalendid 8 641 9 883
-----------------------------------------------------------
Käibevara kokku 10 158 11 330
-----------------------------------------------------------
Varad kokku 169 018 154 938
-----------------------------------------------------------
-----------------------------------------------------------
Omakapital
Sissemakstud kapital 66 216 66 224
Omaosakud - -8
Rahavoogude riskimaandamise reserv -173 -294
Jaotamata kasum 10 463 10 887
-----------------------------------------------------------
Omakapital kokku 76 506 76 809
-----------------------------------------------------------
-----------------------------------------------------------
Pikaajalised kohustused
Intressikandvad laenukohustused 50 662 58 981
Edasilükkunud tulumaksukohustused 5 001 4 383
Tuletisinstrumendid 153 345
Muud pikaajalised kohustused 996 935
-----------------------------------------------------------
Pikaajalised kohustused kokku 56 812 64 644
-----------------------------------------------------------
-----------------------------------------------------------
Lühiajalised kohustused
Intressikandvad laenukohustused 32 716 10 191
Võlad tarnijatele ja muud võlad 2 534 2 876
Tulumaksukohustus 12 46
Tuletisinstrumendid 76 -
Muud lühiajalised kohustused 362 372
-----------------------------------------------------------
Lühiajalised kohustused kokku 35 700 13 485
-----------------------------------------------------------
Kohustused kokku 92 512 78 129
-----------------------------------------------------------
Omakapital ja kohustused kokku 169 018 154 938
-----------------------------------------------------------
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 11. mail 2017 kell 15.30 Eesti aja järgi ülalmainitud
avaldamiskanalite esindajatele.
Content of announcement in English
Title
Baltic Horizon Fund consolidated un-audited results for Q1 2017
Message
As at 31 March 2017 the GAV of the Fund increased to EUR 169.0 million (EUR
154.9 million as at 31 December 2016). The increase is mainly related to the
closing of the acquisition of the Duetto I office building in Q1 2017.
As of 31 March 2017, the Fund NAV was EUR 76.5 million, compared to EUR 76.8
million as at 31 December 2016. The decrease in NAV is mainly related to a
distribution to investors made in February. The average actual occupancy of the
portfolio was 96.7% and with all rental guarantees 97,6% (96.5% during Q1
2016). Average Direct Property Yield during Q1 was 7.1% (7.0% during Q1 2016).
The uptick is mainly due to improved performance and rental indexations across
the portfolio.
During Q1 2017, the Fund recorded a net profit of EUR 950 thousand (EUR 864
thousand during Q1 2016) which had a positive effect on the Fund NAV. The net
result was positively affected by the operational performance of the
properties. On the other hand, the net profit was negatively affected by the
recognition of a deferred tax charge on the revaluation of the land plot of
Upmalas Biroji which was not recognized in prior periods. The Group recognized
the deferred tax liability during the first quarter of the year (negative
effect of EUR 452 thousand). Management is not considering to dispose of the
Upmalas Biroji property in a near future, therefore, the deferred tax charged
in Q1 2017 is not expected to materialize in the near term. Also, the net
profit was negatively affected by the additional costs charged for the second
public offering in Stockholm (EUR 202 thousand during Q1 2017). These one-off
costs were more specifically related to establishing the connection to allowing
trading between the Stockholm and the Tallinn stock exchanges through Swedish
central depositary, Euroclear Sweden AB.
In Q1 2017, the net rental operating income (NOI) earned by the Group amounted
to EUR 2.5 million and was higher than in Q1 2016 when the Group earned EUR 1.4
million. Compared to Q1 2016, the increase in NOI is related to rental income
earned on new acquisitions and, to a lesser extent, the indexation of rents.
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
Euro ‘000 01.01.2017-31.03.2017 01.01.2016-31.03.2016
--------------------------------------------------------------------------------
Rental income 2,727 1,619
Service charge income 924 621
Cost of rental activities (1,125) (803)
--------------------------------------------------------------------------------
Net rental income 2,526 1,437
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Administrative expenses (730) (182)
Other operating income / 13 -
(expenses)
Operating profit 1,809 1,255
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Financial income 41 4
Financial expenses (332) (280)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net financing costs (291) (276)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Profit before tax 1,518 979
Income tax charge (568) (115)
--------------------------------------------------------------------------------
Profit for the period 950 864
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Other comprehensive income to be reclassified to profit or loss in subsequent
periods
Net gains (losses) on cash flow 138 (37)
hedges
Income tax relating to net gains (17) 7
(losses) on cash flow hedges
--------------------------------------------------------------------------------
Other comprehensive income/ 121 (30)
(expense), net of tax, to be
reclassified to profit or loss in
subsequent periods
--------------------------------------------------------------------------------
Total comprehensive income/ 1,071 834
(expense) for the period, net of
tax
--------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Euro ‘000 31.03.2017 31.12.2016
--------------------------------------------------------------
Non-current assets
Investment properties 156,538 141,740
Investment property under construction 2,218 1,580
Derivative financial instruments 22 -
Other non-current assets 82 288
--------------------------------------------------------------
Total non-current assets 158,860 143,608
--------------------------------------------------------------
--------------------------------------------------------------
Current assets
Trade and other receivables 1,282 1,269
Prepayments 235 178
Cash and cash equivalents 8,641 9,883
--------------------------------------------------------------
Total current assets 10,158 11,330
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Total assets 169,018 154,938
--------------------------------------------------------------
--------------------------------------------------------------
Equity
Paid in capital 66,216 66,224
Own units - (8)
Cash flow hedge reserve (173) (294)
Retained earnings 10,463 10,887
--------------------------------------------------------------
Total equity 76,506 76,809
--------------------------------------------------------------
--------------------------------------------------------------
Non-current liabilities
Interest bearing loans and borrowings 50,662 58,981
Deferred tax liabilities 5,001 4,383
Derivative financial instruments 153 345
Other non-current liabilities 996 935
--------------------------------------------------------------
Total non-current liabilities 56,812 64,644
--------------------------------------------------------------
--------------------------------------------------------------
Current liabilities
Interest bearing loans and borrowings 32,716 10,191
Trade and other payables 2,534 2,876
Income tax payable 12 46
Derivative financial instruments 76 -
Other current liabilities 362 372
--------------------------------------------------------------
Total current liabilities 35,700 13,485
--------------------------------------------------------------
Total liabilities 92,512 78,129
--------------------------------------------------------------
Total equity and liabilities 169,018 154,938
--------------------------------------------------------------
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
15:30 EET on 11th May 2017.