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
6934
Attachments
Submission date and time
09.11.2018 18:15:00
Content of announcement in Estonian
Title
BALTIC HORIZON FONDI 2018. AASTA III KVARTALI KONSOLIDEERITUD AUDITEERIMATA MAJANDUSTULEMUSED
Message
Vara brutoväärtus (Gross Asset Value ehk GAV)
Seisuga 30. september 2018 oli vara brutoväärtus 248,6 miljonit eurot - pisut
kõrgem kui eelmise kvartali lõpus (seisuga 30. juuni 2018: 248,5 miljonit
eurot). 2018. aasta III kvartalis viis Kontsern lõpule LNK Centre ostu. Kuna
omandatud kinnisvarainvesteering ei ole laenuga koormatud, ei mõjutanud tehing
vara brutoväärtust.
Vara puhasväärtus (Net Asset Value ehk NAV)
2018. aasta III kvartalis Fondi vara puhasväärtus ei muutunud ning jäi tasemele
109,3 miljonit eurot. Omakapitalile avaldasid positiivset mõju Fondi III
kvartali majandustulemused, ent seda mõju vähendasid osakuomanikele tehtud
rahaline väljamakse summas 2,0 miljonit eurot (0,025 eurot osaku kohta) ja
omaosakute tagasiost.
Puhas renditulu (Net Operating Income ehk NOI) ja puhaskasum
Fond teenis 2018. aasta III kvartalis 3,8 miljonit eurot puhast renditulu (2017.
aasta III kvartal: 2,6 miljonit eurot). Fondi puhaskasum oli 2,2 miljonit eurot
(2017. aasta III kvartal: 1,7 miljonit eurot). Puhta renditulu ja puhaskasumi
kasvule avaldas positiivset mõju uute kinnisvarainvesteeringute omandamine
(Vainodes I büroohoone, Postimaja ostukeskus ja LNK Centre büroohoone).
Rahaline väljamakse (dividend)
Fond deklareeris osakuomanikele III kvartali 2018 tulemustest rahalise
väljamakse summas 2,058 miljonit eurot, mis on 0,026 eurot osaku kohta (II
kvartalis 2018 1,979 miljonit eurot või 0,025 eurot osaku kohta). III kvartalis
2018 kasvas Fondi Genereeritud Neto Rahavoog (GNR) 2,070 miljoni euroni, mis
teeb 0,026 eurot osaku kohta (II kvartalis 2018 2,267 miljonit eurot või 0,029
eurot osaku kohta).
Tabel 1: Kvartali peamised näitajad
Tuhandetes eurodes III kv 2018 III kv 2017 Muutus (%)
-------------------------------------------------------------------------------
Puhas renditulu 3 840 2 638 45,6%
Ärikasum 3 095 2 167 42,8%
Finantstulud ja -kulud -774 -346 123,7%
Maksueelne kasum 2 321 1 821 27,5%
Perioodi puhaskasum 2 195 1 675 31,0%
Ringluses olevate osakute kaalutud keskmine
arv 79 064 293* 60 006 856 31,8%
-------------------------------------------------------------------------------
Kasum osaku kohta (eurodes) 0,03 0,03 -%
-------------------------------------------------------------------------------
Tuhandetes eurodes 30.09.2018 31.12.2017 Muutus (%)
----------------------------------------------------------------------------
Kasutuses olevad kinnisvarainvesteeringud 243 497 189 317 28,6%
Vara brutoväärtus 248 586 215 785 15,2%
Intressikandvad laenukohustised 129 896 98 087 32,4%
Kohustised kokku 139 241 108 809 28,0%
Vara puhasväärtus 109 345 106 976 2,2%
----------------------------------------------------------------------------
Ringluses olevate osakute arv 78 878 692* 77 440 638 1,9%
Vara puhasväärtus osaku kohta (eurodes) 1,3862 1,3814 0,35%
Laenu tagatuse suhtarv 53,3% 51,8%
Keskmine sisemine intressimäär 2,3% 1,7%
----------------------------------------------------------------------------
* Esitatud osakute arv ei sisalda 278 402 osakut, mille Fond osakute tagasiostu
programmi raames tagasi ostis.
Ülevaade Fondi kinnisvarainvesteeringutest seisuga 30. september 2018
-------------------------------------------------------------------------------------
Raamatupidamis- Täitumuse
väärtus(1) Esmane määr
Kinnisvara- tuhandetes Renditav Otsene puhas- III kv
investeering Linn Riik eurodes netopind tootlus(2) tootlus(3) 2018
-------------------------------------------------------------------------------------
Duetto I Vilnius Leedu 16 240 8 327 7,7% 7,1% 100,0%(4)
Pirita
ostukeskus Tallinn Eesti 10 950 5 400 7,4% 8,2% 100,0%(4)
Upmalas
Biroji
bürookompleks Riia Läti 24 660 10 600 7,3% 7,0% 99,8%
G4S-i
peahoone Tallinn Eesti 16 900 8 363 7,7% 7,1% 100,0%
Europa
ostukeskus Vilnius Leedu 40 401 16 900 6,5% 6,0% 93,3%
Domus Pro
ostukeskus Vilnius Leedu 17 350 11 247 7,4% 6,6% 98,4%
Domus Pro
ärikeskus Vilnius Leedu 7 306 4 759 8,2% 7,2% 97,9%
Domus Pro maa Vilnius Leedu 1 670 - - - -
CC Plaza Tallinn Eesti 13 190 8 664 8,4% 7,6% 100,0%
Sky
supermarket Riia Läti 5 362 3 263 8,0% 7,4% 99,2%
Lincona Tallinn Eesti 16 810 10 859 7,6% 7,2% 93,8%
Vainodes I Riia Läti 21 610 8 052 7,0% 6,9% 100,0%
Postimaja Tallinn Eesti 33 980 9 141 4,8% 4,9% 96,0%
Ei ole
LNK Centre Riia Läti 17 068 7 455 6,6% asjakohane 100,0%
-------------------------------------------------------------------------------------
Portfell
kokku 243 497 113 030 6,9% 6,6% 97,8%
1. Põhineb viimasel, seisuga 30. juuni 2018 teostatud hindamisel. LNK Centre
esitatud väärtus põhineb soetusmaksumusel.
2. Kinnisvarainvesteeringu otsene tootlus saadakse puhta äritulu jagamisel
kinnisvarainvesteeringu soetusmaksumuse ja hilisemate kapitalikuludega
3. Esmane puhastootlus saadakse puhta äritulu jagamisel kinnisvarainvesteeringu
turuväärtusega.
Sisemine täitumuse määr on rendigarantii tõttu 100%.
KONSOLIDEERITUD KASUMI- JA MUU KOONDKASUMI ARUANNE
01.07.2017-30.09.2017 01.01.2017-30.09.2017
Tuhandetes eurodes 01.07.2018-30.09.2018 (korrigeeritud)* 01.01.2018-30.09.2018 (korrigeeritud)*
-------------------------------------------------------------------------------------------------------------------
Renditulu 4 012 2 955 11 576 8 622
Teenustasutulu 619 425 1 812 1 165
Renditegevuse kulud -791 -742 -2 513 -1 941
-------------------------------------------------------------------------------------------------------------------
Puhas renditulu 3 840 2 638 10 875 7 846
-------------------------------------------------------------------------------------------------------------------
Halduskulud -748 -535 -2 009 -1 935
Muud äritulud ja -kulud 3 64 48 77
Kinnisvarainvesteeringute
ümber-hindluse kasumid ja
kahjumid - - 480 339
-------------------------------------------------------------------------------------------------------------------
Ärikasum 3 095 2 167 9 394 6 327
-------------------------------------------------------------------------------------------------------------------
Finantstulud 2 2 6 45
Finantskulud -776 -348 -1 981 -1 123
-------------------------------------------------------------------------------------------------------------------
Finantstulud ja -kulud
kokku -774 -346 -1 975 -1 078
-------------------------------------------------------------------------------------------------------------------
Maksueelne kasum 2 321 1 821 7 419 5 249
Tulumaksukulu -126 -146 -964 -1 082
-------------------------------------------------------------------------------------------------------------------
Perioodi kasum 2 195 1 675 6 455 4 167
----------------------------------------------------------------------------------------------------------------------
Tulevikus kasumisse või kahjumisse ümberliigitatav muu koondkasum/-kahjum
Rahavoogude
riskimaandamise
puhaskasum/-kahjum 205 -94 -425 126
Intressimäära
vahetuslepingu lõpetamine - - - 57
Intressi ülemmäära
seadmise kulud - - -33 -
Rahavoogude
riskimaandamise
puhaskasumi/-kahjumiga
seotud tulumaks -37 8 42 -32
-------------------------------------------------------------------------------------------------------------------
Tulevikus kasumisse või
kahjumisse
ümberliigitatav
tulumaksujärgne muu
koondkasum/-kahjum 168 -86 -416 151
-------------------------------------------------------------------------------------------------------------------
Perioodi tulumaksujärgne
koondkasum kokku 2 363 1 589 6 039 4 318
-------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------
Tava- ja lahustatud kasum
osaku kohta (eurodes) 0,03 0,03 0,08 0,07
-------------------------------------------------------------------------------------------------------------------
*2018. aastal hakkas Kontsern rakendama standardit IFRS 15 ?Kliendilepingutest
saadav müügitulu", mis muutus kohustuslikuks alates 1. jaanuarist 2018. Selle
tulemusena korrigeeriti teenustasutulu ja renditegevuse kulude võrdlusandmeid.
Korrigeerimine ei avaldanud mõju Kontserni omakapitalile. Mõju on seotud
standardist IFRS 15 tingitud muutustega informatsiooni esitusviisis.
KONSOLIDEERITUD FINANTSSEISUNDI ARUANNE
Tuhandetes eurodes 30.09.2018 31.12.2017
----------------------------------------------------------------
Põhivara
Kinnisvarainvesteeringud 243 497 189 317
Tuletisinstrumendid 39 89
Muu põhivara 138 146
----------------------------------------------------------------
Põhivara kokku 243 674 189 552
----------------------------------------------------------------
Käibevara
Nõuded ostjate vastu ja muud nõuded 2 056 1 568
Ettemaksed 246 108
Raha ja raha ekvivalendid 2 610 24 557
----------------------------------------------------------------
Käibevara kokku 4 912 26 233
----------------------------------------------------------------
Varad kokku 248 586 215 785
----------------------------------------------------------------
Omakapital
Sissemakstud kapital 94 198 91 848
Omaosakud -362 -
Rahavoogude riskimaandamise reserv -472 -56
Jaotamata kasum 15 981 15 184
----------------------------------------------------------------
Omakapital kokku 109 345 106 976
----------------------------------------------------------------
Pikaajalised kohustised
Intressikandvad laenukohustised 129 790 96 497
Edasilükkunud tulumaksukohustised 5 641 5 206
Tuletisinstrumendid 512 88
Muud pikaajalised kohustised 966 859
----------------------------------------------------------------
Pikaajalised kohustised kokku 136 909 102 650
----------------------------------------------------------------
Lühiajalised kohustised
Intressikandvad laenukohustised 106 1 590
Võlad tarnijatele ja muud võlad 1 935 4 202
Tulumaksukohustis - 14
Tuletisinstrumendid - 15
Muud lühiajalised kohustised 291 338
----------------------------------------------------------------
Lühiajalised kohustised kokku 2 332 6 159
----------------------------------------------------------------
Kohustised kokku 139 241 108 809
----------------------------------------------------------------
Omakapital ja kohustised kokku 248 586 215 785
----------------------------------------------------------------
Lisainformatsioon:
Tarmo Karotam
Baltic Horizon Fund, fondijuht
E-mail [email protected]
www.baltichorizon.com (http://www.baltichorizon.com/)
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 (http://www.baltichorizon.com)
Käesolev teade sisaldab informatsiooni, mille Fondivalitseja on kohustatud
avaldama Euroopa Liidu turukurvitarvituse määruse kohaselt. Informatsioon
esitati avaldamiseks 09. novembril 2018 kell 17:40 Eesti aja järgi ülalmainitud
avaldamiskanalite esindajatele.
Manused
* BHF III kvartali vahearuanne 2018 (https://prlibrary-
eu.nasdaq.com/Resource/Download/9730b6cb-d717-4602-bcf8-6d155c6aef86)
* BHF quarterly report Q3 2018 (https://prlibrary-
eu.nasdaq.com/Resource/Download/bb3a2e3d-e9d3-4bbc-981d-f8de25d609c6)
Content of announcement in English
Title
Baltic Horizon Fund Consolidated Un-Audited Results for Q3 2018
Message
Gross Asset Value (GAV)
As at 30 September 2018, GAV was EUR 248.6 million, slightly higher than at the
end of the previous quarter (EUR 248.5 million as at 30 June 2018). During Q3
2018, the Fund completed the acquisition of LNK Centre. However, as the acquired
asset is not yet leveraged, the acquisition had no effect on GAV.
Net Asset Value (NAV)
In Q3 2018, the Fund's NAV remained unchanged at EUR 109.3 million. Equity was
positively affected by the Fund's operational performance over the quarter,
however, this was offset by a EUR 2.0 million cash distribution to unitholders
(EUR 0.025 per unit) and a buyback of own units.
Net Operating Income (NOI) and Net Profit
In Q3 2018, the Fund's NOI was EUR 3.8 million (EUR 2.6 million in in Q3 2017)
and net profit was EUR 2.2 million (EUR 1.7 million in Q3 2017). Growth in NOI
and net profit were positively affected by new property acquisitions (Vainodes I
office building, Postimaja shopping centre and LNK Centre).
Cash Distributions (dividends)
On 31 October 2018, the Fund declared a cash distribution of EUR 2,058 thousand
(EUR 0.026 per unit) to Fund unitholders for Q3 2018 results (EUR 1,979 thousand
or EUR 0.025 per unit for Q2 2018). During Q3 2018, the Generated Net Cash Flow
(GNCF) amounted to EUR 2,070 thousand or EUR 0.026 per unit (EUR 2,267 thousand
or EUR 0.029 per unit for Q2 2018).
Table 1: Quarterly Key Figures
Euro '000 Q3 2018 Q3 2017 Change (%)
-------------------------------------------------------------------------------
Net rental income 3,840 2,638 45.6%
Operating profit 3,095 2,167 42.8%
Net financing costs (774) (346) 123.7%
Profit before tax 2,321 1,821 27.5%
Net profit for the period 2,195 1,675 31.0%
Weighted average number of units outstanding 79,064,293* 60,006,856 31.8%
-------------------------------------------------------------------------------
Earnings per unit (EUR) 0.03 0.03 -%
-------------------------------------------------------------------------------
Euro '000 30.09.2018 31.12.2017 Change (%)
-------------------------------------------------------------------------------
Investment property in use 243,497 189,317 28.6%
Gross asset value (GAV) 248,586 215,785 15.2%
Interest bearing loans 129,896 98,087 32.4%
Total liabilities 139,241 108,809 28.0%
Net asset value (NAV) 109,345 106,976 2.2%
-------------------------------------------------------------------------------
Number of units outstanding 78,878,692* 77,440,638 1.9%
Net asset value (NAV) per unit (EUR) 1.3862 1.3814 0.35%
Loan-to-value ratio (LTV) 53.3% 51.8%
Average effective interest rate 2.3% 1.7%
-------------------------------------------------------------------------------
*The number of units excludes 278,402 units purchased by the Fund as part of the
units buy-back program.
Investment properties PERFORMANCE in Q3 2018
During Q3 2018, the average actual occupancy of the portfolio was 97.5% (Q2
2018: 97.3%). When all rental guarantees are considered, the effective occupancy
rate is 97.8% (Q2 2018: 97.6%). The average direct property yield during Q3
2018 was 6.9% (Q2 2018: 6.8%). The net initial yield for the whole portfolio for
Q3 2018 was 6.6% (Q2 2018: 6.5%).
-------------------------------------------------------------------------------
Book Direct Net Occupancy
value(1) property initial rate for
Property name City Country Euro'000 NLA yield(2) yield(3) Q3 2018
-------------------------------------------------------------------------------
Duetto I Vilnius Lithuania 16,240 8,327 7.7% 7.1% 100.0%(4)
Pirita SC Tallinn Estonia 10,950 5,400 7.4% 8.2% 100.0%(4)
Upmalas
Biroji BC Riga Latvia 24,660 10,600 7.3% 7.0% 99.8%
G4S
Headquarters Tallinn Estonia 16,900 8,363 7.7% 7.1% 100.0%
Europa SC Vilnius Lithuania 40,401 16,900 6.5% 6.0% 93.3%
Domus Pro
Retail Park Vilnius Lithuania 17,350 11,247 7.4% 6.6% 98.4%
Domus Pro
Office Vilnius Lithuania 7,306 4,759 8.2% 7.2% 97.9%
Domus Pro
Land Vilnius Lithuania 1,670 - - - -
CC Plaza Tallinn Estonia 13,190 8,664 8.4% 7.6% 100.0%
Sky SC Riga Latvia 5,362 3,263 8.0% 7.4% 99.2%
Lincona Tallinn Estonia 16,810 10,859 7.6% 7.2% 93.8%
Vainodes I Riga Latvia 21,610 8,052 7.0% 6.9% 100.0%
Postimaja Tallinn Estonia 33,980 9,141 4.8% 4.9% 96.0%
LNK Centre Riga Latvia 17,068 7,455 6.6% n/a 100.0%
-------------------------------------------------------------------------------
Total
portfolio 243,497 113,030 6.9% 6.6% 97.8%
1. Based on the latest valuation as of 30 June 2018; the marked value of LNK
Centre is based on the acquisition price.
2. Direct property yield (DPY) is calculated by dividing NOI by the acquisition
value and subsequent capital expenditure on the property.
3. The net initial yield (NIY) is calculated by dividing NOI by the market
value of the property.
4. Effective occupancy rate is 100% due to a rental guarantee.
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
01.07.2017-30.09.2017 01.01.2017-30.09.2017
Euro '000 01.07.2018-30.09.2018 (restated)* 01.01.2018-30.09.2018 (restated)*
-------------------------------------------------------------------------------------------------------
Rental income 4,012 2,955 11,576 8,622
Service charge
income 619 425 1,812 1,165
Cost of rental
activities (791) (742) (2,513) (1,941)
-------------------------------------------------------------------------------------------------------
Net rental
income 3,840 2,638 10,875 7,846
-------------------------------------------------------------------------------------------------------
Administrative
expenses (748) (535) (2,009) (1,935)
Other
operating
income /
(expenses) 3 64 48 77
Valuation
gains / (loss)
on investment
properties - - 480 339
-------------------------------------------------------------------------------------------------------
Operating
profit 3,095 2,167 9,394 6,327
-------------------------------------------------------------------------------------------------------
Financial
income 2 2 6 45
Financial
expenses (776) (348) (1,981) (1,123)
-------------------------------------------------------------------------------------------------------
Net financing
costs (774) (346) (1,975) (1,078)
-------------------------------------------------------------------------------------------------------
Profit before
tax 2,321 1,821 7,419 5,249
Income tax
charge (126) (146) (964) (1,082)
-------------------------------------------------------------------------------------------------------
Profit for the
period 2,195 1,675 6,455 4,167
-------------------------------------------------------------------------------------------------------
Other comprehensive income that is or may be reclassified to profit or loss in subsequent periods
Net gains
(losses) on
cash flow
hedges 205 (94) (425) 126
Termination of
interest rate
swap agreement - - - 57
Recognition of
initial
interest rate
cap costs - - (33) -
Income tax
relating to
net gains
(losses) on
cash flow
hedges (37) 8 42 (32)
-------------------------------------------------------------------------------------------------------
Other
comprehensive
income/
(expense), net
of tax, that
is or may be
reclassified
to profit or
loss in
subsequent
periods 168 (86) (416) 151
-------------------------------------------------------------------------------------------------------
Total
comprehensive
income for the
period, net of
tax 2,363 1,589 6,039 4,318
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
Basic and
diluted
earnings per
unit (Euro) 0.03 0.03 0.08 0.07
-------------------------------------------------------------------------------------------------------
*In 2018, the Group adopted IFRS 15 Revenue from Contracts with Customers,
effective 1 January 2018. As a result, the comparative figures for "service
charge income" and "cost of rental activities" were adjusted. The adjustment did
not have an impact on the Group's equity. The impact is related to presentation
changes in accordance with IFRS 15.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Euro '000 30.09.2018 31.12.2017
------------------------------------------------------------------
Non-current assets
Investment properties 243,497 189,317
Derivative financial instruments 39 89
Other non-current assets 138 146
------------------------------------------------------------------
Total non-current assets 243,674 189,552
------------------------------------------------------------------
Current assets
Trade and other receivables 2,056 1,568
Prepayments 246 108
Cash and cash equivalents 2,610 24,557
------------------------------------------------------------------
Total current assets 4,912 26,233
------------------------------------------------------------------
Total assets 248,586 215,785
------------------------------------------------------------------
Equity
Paid in capital 94,198 91,848
Own units (362) -
Cash flow hedge reserve (472) (56)
Retained earnings 15,981 15,184
------------------------------------------------------------------
Total equity 109,345 106,976
------------------------------------------------------------------
Non-current liabilities
Interest bearing loans and borrowings 129,790 96,497
Deferred tax liabilities 5,641 5,206
Derivative financial instruments 512 88
Other non-current liabilities 966 859
------------------------------------------------------------------
Total non-current liabilities 136,909 102,650
------------------------------------------------------------------
Current liabilities
Interest bearing loans and borrowings 106 1,590
Trade and other payables 1,935 4,202
Income tax payable - 14
Derivative financial instruments - 15
Other current liabilities 291 338
------------------------------------------------------------------
Total current liabilities 2,332 6,159
------------------------------------------------------------------
Total liabilities 139,241 108,809
------------------------------------------------------------------
Total equity and liabilities 248,586 215,785
------------------------------------------------------------------
Additional information:
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
managed by Alternative Investment Fund Manager license holder Northern Horizon
Capital AS.
Distribution: Nasdaq Tallinn, Nasdaq Stockholm, GlobeNewswire,
www.baltichorizon.com (http://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
17:40 EET on 9th of November 2018.
Attachment
* BHF quarterly report Q3 2018 (https://prlibrary-
eu.nasdaq.com/Resource/Download/bb3a2e3d-e9d3-4bbc-981d-f8de25d609c6)