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
7112
Attachments
Submission date and time
15.02.2019 15:00:00
Content of announcement in Estonian
Title
Baltic Horizon Fondi 2018. aasta IV kvartali konsolideeritud auditeerimata majandustulemused
Message
Vara brutoväärtus (Gross Asset Value ehk GAV)
Seisuga 31. detsember 2018 oli vara brutoväärtus 260,9 miljonit eurot (seisuga
30. september 2018: 248,6 miljonit eurot). 2018. aasta IV kvartalis viis
Kontsern lõpule täiendavate 5-aastaste tagamata võlakirjade märkimise mahus 10
miljonit eurot.
Vara puhasväärtus (Net Asset Value ehk NAV)
2018. aasta IV kvartalis kasvas Fondi vara puhasväärtus 109,3 miljonilt eurolt
109,8 miljoni euroni. Omakapitalile avaldasid positiivset mõju Fondi IV kvartali
majandustulemused, ent seda mõju vähendasid osakuomanikele tehtud rahaline
väljamakse summas 2,04 miljonit eurot (0,026 eurot osaku kohta) ja omaosakute
tagasiost.
Puhas renditulu (Net Operating Income ehk NOI) ja puhaskasum
Fond teenis 2018. aasta IV kvartalis 3,9 miljonit eurot puhast renditulu (2017.
aasta IV kvartal: 2,9 miljonit eurot). Fondi puhaskasum oli 3,5 miljonit eurot
(2017. aasta IV kvartal: 5,3 miljonit eurot). Puhta renditulu kasvule avaldas
positiivset mõju uute kinnisvarainvesteeringute omandamine (Vainodes I
büroohoone, Postimaja ostukeskus ja LNK Centre büroohoone). 2018. aasta IV
kvartalis kajastas Fond õiglase väärtuse muutusest tulenevat kasumit summas 1,5
miljonit eurot, ent 2017. aasta IV kvartalis summas 3,3 miljonit eurot.
Kvartali peamised näitajad
Tuhandetes eurodes IV kv 2018 IV kv 2017 Muutus (%)
-------------------------------------------------------------------------------
Puhas renditulu 3 929 2 922 34,5%
Kinnisvarainvesteeringute ümberhindluse
kasum 1 534 3 337 -54,0%
Ärikasum 4 685 5 357 -12,5%
Finantstulud ja -kulud -806 -403 100%
Maksueelne kasum 3 879 4 954 -21,7%
Perioodi puhaskasum 3 535 5 277 -33,0%
Ringluses olevate osakute kaalutud keskmine
arv 78 637 645* 69 011 121 13,9%
-------------------------------------------------------------------------------
Kasum osaku kohta (eurodes) 0,04 0,08 -50%
-------------------------------------------------------------------------------
Tuhandetes eurodes 31.12.2018 31.12.2017 Muutus (%)
----------------------------------------------------------------------------
Kasutuses olevad kinnisvarainvesteeringud 245 160 189 317 29,5%
Vara brutoväärtus 260 878 215 785 20,9%
Intressikandvad laenukohustised 140 507 98 087 43,2%
Kohustised kokku 151 073 108 809 38,8%
Vara puhasväärtus 109 805 106 976 2,6%
----------------------------------------------------------------------------
Ringluses olevate osakute arv 78 496 831* 77 440 638 1,4%
Vara puhasväärtus osaku kohta (eurodes) 1,3988 1,3814 1,3%
Laenu tagatuse suhtarv 57,3% 51,8%
Keskmine sisemine intressimäär 2,4% 1,7%
----------------------------------------------------------------------------
*Esitatud osakute arv ei sisalda 255 969 osakut, mille Fond osakute tagasiostu
programmi raames tagasi ostis.
Ülevaade Fondi kinnisvarainvesteeringutest seisuga 31. detsember 2018
-------------------------------------------------------------------------------------
Raamatupidamis- Täitumuse
väärtus(1) Esmane määr
Kinnisvara- tuhandetes Renditav Otsene puhas- IV kv
investeering Linn Riik eurodes netopind tootlus(2) tootlus(3) 2018
-------------------------------------------------------------------------------------
Duetto I Vilnius Leedu 16 320 8 498 6,7% 6,1% 100,0%(4)
Pirita
ostukeskus Tallinn Eesti 10 020 5 427 7,4% 9,0% 100,0%(4)
Upmalas
Biroji
bürookompleks Riia Läti 25 730 10 458 7,3% 6,7% 100,0%
G4S-i
peahoone Tallinn Eesti 17 240 9 179 7,7% 6,9% 100,0%
Europa
ostukeskus Vilnius Leedu 41 100 16 856 6,3% 5,7% 95,6%
Domus Pro
ostukeskus Vilnius Leedu 17 460 11 247 7,2% 6,5% 98,4%
Domus Pro
ärikeskus Vilnius Leedu 7 460 4 831 8,2% 7,1% 98,4%
Meraki Vilnius Leedu 1 670 - - - -
Sky
supermarket Riia Läti 5 390 3 254 8,1% 7,5% 99,4%
Lincona Tallinn Eesti 17 170 10 870 8,1% 7,4% 98,5%
Vainodes I Riia Läti 21 230 8 052 6,8% 6,8% 100,0%
Postimaja ja
CC Plaza
kompleks Tallinn Eesti 46 920 17 809 5,9% 5,8% 97,9%
LNK Centre Riia Läti 17 450 7 453 6,3% 6,3% 100,0%
-------------------------------------------------------------------------------------
Portfell
kokku 245 160 113 934 6,8% 6,5% 98,6%
1. Põhineb viimasel, seisuga 28. detsember 2018 teostatud hindamisel.
2. Kinnisvarainvesteeringu otsene tootlus saadakse puhta äritulu jagamisel
kinnisvarainvesteeringu soetusmaksumuse ja hilisemate kapitalikuludega
3. Esmane puhastootlus saadakse puhta äritulu jagamisel kinnisvarainvesteeringu
turuväärtusega.
4. Sisemine täitumuse määr on rendigarantii tõttu 100%.
KONSOLIDEERITUD KASUMI- JA MUU KOONDKASUMI ARUANNE
01.10.2017-31.12.2017 01.01.2017-31.12.2017
Tuhandetes eurodes 01.10.2018-31.12.2018 (korrigeeritud)* 01.01.2018-31.12.2018 (korrigeeritud)*
-------------------------------------------------------------------------------------------------------------------
Renditulu 4 284 3 217 15 860 11 839
Teenustasutulu 948 756 2 760 1 921
Renditegevuse kulud -1 303 -1 051 -3 816 -2 992
-------------------------------------------------------------------------------------------------------------------
Puhas renditulu 3 929 2 922 14 804 10 768
-------------------------------------------------------------------------------------------------------------------
Halduskulud -804 -839 -2 813 -2 774
Muud äritulud ja -kulud 26 -63 74 14
Kinnisvarainvesteeringute
ümberhindluse kasum 1 534 3 337 2 014 3 676
-------------------------------------------------------------------------------------------------------------------
Ärikasum 4 685 5 357 14 079 11 684
-------------------------------------------------------------------------------------------------------------------
Finantstulud 2 2 8 47
Finantskulud -808 -405 -2 789 -1 528
-------------------------------------------------------------------------------------------------------------------
Finantstulud ja -kulud
kokku -806 -403 -2 781 -1 481
-------------------------------------------------------------------------------------------------------------------
Maksueelne kasum 3 879 4 954 11 298 10 203
Tulumaksukulu -344 323 -1 308 -759
-------------------------------------------------------------------------------------------------------------------
Perioodi kasum 3 535 5 277 9 990 9 444
--------------------------------------------------------------------------------------------------------------------
Tulevikus kasumisse või kahjumisse ümberliigitatav muu koondkasum/-kahjum
Rahavoogude
riskimaandamise
puhaskasum/-kahjum -588 147 -1 013 273
Intressimäära
vahetuslepingu lõpetamine - - - 57
Intressi ülemmäära
seadmise kulud - -43 -33 -43
Rahavoogude
riskimaandamise
puhaskasumi/-kahjumiga
seotud tulumaks 55 -17 97 -49
-------------------------------------------------------------------------------------------------------------------
Tulevikus kasumisse või
kahjumisse
ümberliigitatav
tulumaksujärgne muu
koondkasum/-kahjum -533 87 -949 238
-------------------------------------------------------------------------------------------------------------------
Perioodi tulumaksujärgne
koondkasum kokku 3 002 5 364 9 041 9 682
-------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------
Tava- ja lahustatud kasum
osaku kohta (eurodes) 0,04 0,08 0,13 0,15
-------------------------------------------------------------------------------------------------------------------
*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 (lisa 4) tingitud muutustega informatsiooni esitusviisis.
KONSOLIDEERITUD FINANTSSEISUNDI ARUANNE
Tuhandetes eurodes 31.12.2018 31.12.2017
----------------------------------------------------------------
Põhivara
Kinnisvarainvesteeringud 245 160 189 317
Tuletisinstrumendid 9 89
Muu põhivara 596 146
----------------------------------------------------------------
Põhivara kokku 245 765 189 552
----------------------------------------------------------------
Käibevara
Nõuded ostjate vastu ja muud nõuded 2 734 1 568
Ettemaksed 154 108
Raha ja raha ekvivalendid 12 225 24 557
----------------------------------------------------------------
Käibevara kokku 15 113 26 233
----------------------------------------------------------------
Varad kokku 260 878 215 785
----------------------------------------------------------------
Omakapital
Sissemakstud kapital 93 673 91 848
Omaosakud -335 -
Rahavoogude riskimaandamise reserv -1 005 -56
Jaotamata kasum 17 472 15 184
----------------------------------------------------------------
Omakapital kokku 109 805 106 976
----------------------------------------------------------------
Pikaajalised kohustised
Intressikandvad laenukohustised 140 401 96 497
Edasilükkunud tulumaksukohustised 5 844 5 206
Tuletisinstrumendid 1 069 88
Muud pikaajalised kohustised 905 859
----------------------------------------------------------------
Pikaajalised kohustised kokku 148 219 102 650
----------------------------------------------------------------
Lühiajalised kohustised
Intressikandvad laenukohustised 106 1 590
Võlad tarnijatele ja muud võlad 2 397 4 202
Tulumaksukohustis - 14
Tuletisinstrumendid - 15
Muud lühiajalised kohustised 351 338
----------------------------------------------------------------
Lühiajalised kohustised kokku 2 854 6 159
----------------------------------------------------------------
Kohustised kokku 151 073 108 809
----------------------------------------------------------------
Omakapital ja kohustised kokku 260 878 215 785
----------------------------------------------------------------
Lisainformatsiooni saamiseks palume kontakteeruda:
Tarmo Karotam
Baltic Horizon Fond, fondijuht
E-mail [email protected]
www.baltichorizon.com (http://www.baltichorizon.com)
(https://www.globenewswire.com/Tracker?data=b3m46blAgVW1c08stUiNJ6CEYuP0f4V4PfDu
NZbSU1_VmtWCOFJIkx0_tYXdUGjpErQuPjdm4rBdC5mah0zM_wQU6OWhvnZOiWzS8cve8OWVnv-
MTBmLUZDbHTI_I4vau1o5ofaZkXgSJzHWK3Jtss377E3Tn_uMLH4R-P4dvAAZq2ADpfaCEoFHM4zuO-
iTRaIQ3AhaHdrgEoLjfz0jcNg2W7xusrIxfdoWjUBehcPlC8X2-
9Ob70PmHAy4rsfHWloIbBR3qYSup_nAfCfqig==)
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
(https://www.globenewswire.com/Tracker?data=b3m46blAgVW1c08stUiNJ6CEYuP0f4V4PfDu
NZbSU19TpeQ2pn6-
7wvrn7oUSeA8K9EdxhZu1qHQTTrFcIO6CoDqUWpdYNpYZGfAW3Ej7mqoMTdjZX8lJ6TsqDDfpCmvZfl-
q8UzYJgP0O3nYOqPPnJ2Mr9HQAZCSjzFnJtwERG3YFlx3RCv9rKccS5D8lNpkfYeGtgDu_9YNd2MnoF2
K1aNCTl3GPo5bDTWVdhmdddsUiHGxsJStEZg69Xaint06vFIGPdF6Xdq_RsRYsbZVw==)
Käesolev teade sisaldab informatsiooni, mille Fondivalitseja on kohustatud
avaldama Euroopa Liidu turukurvitarvituse määruse kohaselt. Informatsioon
esitati avaldamiseks 15.02.2019 kell 14:23 Eesti aja järgi ülalmainitud
avaldamiskanalite esindajatele.
Manused
* BHF IV kvartali vahearuanne 2018 (https://ml-
eu.globenewswire.com/Resource/Download/764a4687-4b63-4897-b723-b4eb77452bf5)
* BHF quarterly report Q4 2018 (https://ml-
eu.globenewswire.com/Resource/Download/430f6821-5881-49ab-ad4f-200393875a69)
Content of announcement in English
Title
Baltic Horizon Fund Consolidated Un-Audited Results for Q4 2018
Message
Gross Asset Value (GAV)
As at 31 December 2018, the GAV was EUR 260.9 million (EUR 248.6 million as at
30 September 2018). During Q4 2018, the Group completed subsequent subscription
for its 5-year unsecured notes (bonds) worth EUR 10 million.
Net Asset Value (NAV)
In Q4 2018, the Fund NAV increased from EUR 109.3 million to EUR 109.8 million.
Equity was positively affected by the Fund's operational performance over the
quarter, however, this was offset by a EUR 2.04 million cash distribution to its
unitholders (EUR 0.026 per unit) and a buy-back of own units.
Net Operating Income (NOI) and Net Profit
In Q4 2018, the Fund NOI was EUR 3.9 million (EUR 2.9 million in Q4 2017), net
profit was EUR 3.5 million (EUR 5.3 million in Q4 2017). Growth in NOI was
positively affected by the new property acquisitions (Vainodes I office
building, Postimaja shopping centre and LNK Centre). During the quarter, the
Fund recorded a fair value gain of EUR 1.5 million whereas the fair value gain
in Q4 2017 was EUR 3.3 million.
Cash Distributions (dividends)
On 13 February 2019, the Fund declared a cash distribution of EUR 2,119 thousand
(EUR 0.027 per unit) to the Fund unitholders for Q4 2018 results (EUR 2,044
thousand or EUR 0.026 per unit for Q3 2018). During Q4 2018, the Generated Net
Cash Flow (GNCF) amounted to EUR 2,204 thousand or EUR 0.028 per unit (EUR
2,067 thousand or EUR 0.026 per unit for Q3 2018).
Quarterly Key Figures
Euro '000 Q4 2018 Q4 2017 Change (%)
-------------------------------------------------------------------------------
Net rental income 3,929 2,922 34.5%
Valuation gains / (loss) on investment
properties 1,534 3,337 (54.0%)
Operating profit 4,685 5,357 (12.5%)
Net financing costs (806) (403) 100%
Profit before tax 3,879 4,954 (21.7%)
Net profit for the period 3,535 5,277 (33.0%)
Weighted average number of units outstanding 78,637,645* 69,011,121 13.9%
-------------------------------------------------------------------------------
Earnings per unit (EUR) 0.04 0.08 (50%)
-------------------------------------------------------------------------------
Euro '000 31.12.2018 31.12.2017 Change (%)
-------------------------------------------------------------------------------
Investment property in use 245,160 189,317 29.5%
Gross asset value (GAV) 260,878 215,785 20.9%
Interest bearing loans 140,507 98,087 43.2%
Total liabilities 151,073 108,809 38.8%
Net asset value (NAV) 109,805 106,976 2.6%
-------------------------------------------------------------------------------
Number of units outstanding 78,496,831* 77,440,638 1.4%
Net asset value (NAV) per unit (EUR) 1.3988 1.3814 1.3%
Loan-to-value ratio (LTV) 57.3% 51.8%
Average effective interest rate 2.4% 1.7%
-------------------------------------------------------------------------------
*The number of units excludes 255,969 units purchased by the Fund as part of
the units buy-back program.
Investment properties PERFORMANCE in Q4 2018
During Q4 2018, the average actual occupancy of the portfolio was 98.2% (Q3
2018: 97.5%). When all rental guarantees are considered, the effective occupancy
rate is 98.6% (Q3 2018: 97.8%). The average direct property yield during Q4
2018 was 6.8% (Q3 2018: 6.9%). The net initial yield for the whole portfolio for
Q4 2018 was 6.5% (Q3 2018: 6.6%).
-------------------------------------------------------------------------------
Book Direct Net Occupancy
value(1) property initial rate for
Property name City Country Euro'000 NLA yield(2) yield(3) Q4 2018
-------------------------------------------------------------------------------
Duetto I Vilnius Lithuania 16,320 8,498 6.7% 6.1% 100.0%(4)
Pirita SC Tallinn Estonia 10,020 5,427 7.4% 9.0% 100.0%(4)
Upmalas
Biroji BC Riga Latvia 25,730 10,458 7.3% 6.7% 100.0%
G4S
Headquarters Tallinn Estonia 17,240 9,179 7.7% 6.9% 100.0%
Europa SC Vilnius Lithuania 41,100 16,856 6.3% 5.7% 95.6%
Domus Pro
Retail Park Vilnius Lithuania 17,460 11,247 7.2% 6.5% 98.4%
Domus Pro
Office Vilnius Lithuania 7,460 4,831 8.2% 7.1% 98.4%
Meraki Vilnius Lithuania 1,670 - - - -
Sky SC Riga Latvia 5,390 3,254 8.1% 7.5% 99.4%
Lincona Tallinn Estonia 17,170 10,870 8.1% 7.4% 98.5%
Vainodes I Riga Latvia 21,230 8,052 6.8% 6.8% 100.0%
Postimaja &
CC Plaza
complex Tallinn Estonia 46,920 17,809 5.9% 5.8% 97.9%
LNK Centre Riga Latvia 17,450 7,453 6.3% 6.3% 100.0%
-------------------------------------------------------------------------------
Total
portfolio 245,160 113,934 6.8% 6.5% 98.6%
1. Based on the latest valuation as at 28 December 2018.
2. Direct property yield (DPY) is calculated by dividing NOI by the acquisition
value and subsequent capital expenditure of 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
01.10.2017-31.12.2017 01.01.2017-31.12.2017
Euro '000 01.10.2018-31.12.2018 (restated)* 01.01.2018-31.12.2018 (restated)*
-------------------------------------------------------------------------------------------------------
Rental income 4,284 3,217 15,860 11,839
Service charge
income 948 756 2,760 1,921
Cost of rental
activities (1,303) (1,051) (3,816) (2,992)
-------------------------------------------------------------------------------------------------------
Net rental
income 3,929 2,922 14,804 10,768
-------------------------------------------------------------------------------------------------------
Administrative
expenses (804) (839) (2,813) (2,774)
Other
operating
income /
(expenses) 26 (63) 74 14
Valuation
gains / (loss)
on investment
properties 1,534 3,337 2,014 3,676
-------------------------------------------------------------------------------------------------------
Operating
profit 4,685 5,357 14,079 11,684
-------------------------------------------------------------------------------------------------------
Financial
income 2 2 8 47
Financial
expenses (808) (405) (2,789) (1,528)
-------------------------------------------------------------------------------------------------------
Net financing
costs (806) (403) (2,781) (1,481)
-------------------------------------------------------------------------------------------------------
Profit before
tax 3,879 4,954 11,298 10,203
Income tax
charge (344) 323 (1,308) (759)
-------------------------------------------------------------------------------------------------------
Profit for the
period 3,535 5,277 9,990 9,444
-------------------------------------------------------------------------------------------------------
Other comprehensive income that is or may be reclassified to profit or loss in subsequent periods
Net gains
(losses) on
cash flow
hedges (588) 147 (1,013) 273
Termination of
interest rate
swap agreement - - - 57
Recognition of
initial
interest rate
cap costs - (43) (33) (43)
Income tax
relating to
net gains
(losses) on
cash flow
hedges 55 (17) 97 (49)
-------------------------------------------------------------------------------------------------------
Other
comprehensive
income/
(expense), net
of tax, that
is or may be
reclassified
to profit or
loss in
subsequent
periods (533) 87 (949) 238
-------------------------------------------------------------------------------------------------------
Total
comprehensive
income for the
period, net of
tax 3,002 5,364 9,041 9,682
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
Basic and
diluted
earnings per
unit (Euro) 0.04 0.08 0.13 0.15
-------------------------------------------------------------------------------------------------------
*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 31.12.2018 31.12.2017
------------------------------------------------------------------
Non-current assets
Investment properties 245,160 189,317
Derivative financial instruments 9 89
Other non-current assets 596 146
------------------------------------------------------------------
Total non-current assets 245,765 189,552
------------------------------------------------------------------
Current assets
Trade and other receivables 2,734 1,568
Prepayments 154 108
Cash and cash equivalents 12,225 24,557
------------------------------------------------------------------
Total current assets 15,113 26,233
------------------------------------------------------------------
Total assets 260,878 215,785
------------------------------------------------------------------
Equity
Paid in capital 93,673 91,848
Own units (335) -
Cash flow hedge reserve (1,005) (56)
Retained earnings 17,472 15,184
------------------------------------------------------------------
Total equity 109,805 106,976
------------------------------------------------------------------
Non-current liabilities
Interest bearing loans and borrowings 140,401 96,497
Deferred tax liabilities 5,844 5,206
Derivative financial instruments 1,069 88
Other non-current liabilities 905 859
------------------------------------------------------------------
Total non-current liabilities 148,219 102,650
------------------------------------------------------------------
Current liabilities
Interest bearing loans and borrowings 106 1,590
Trade and other payables 2,397 4,202
Income tax payable - 14
Derivative financial instruments - 15
Other current liabilities 351 338
------------------------------------------------------------------
Total current liabilities 2,854 6,159
------------------------------------------------------------------
Total liabilities 151,073 108,809
------------------------------------------------------------------
Total equity and liabilities 260,878 215,785
------------------------------------------------------------------
For additional information please contact:
Tarmo Karotam
Baltic Horizon Fund manager
E-mail [email protected]
www.baltichorizon.com
Baltic Horizon 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
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
14:23 EET on 15 February 2019.
Attachments
* BHF IV kvartali vahearuanne 2018 (https://ml-
eu.globenewswire.com/Resource/Download/68ffaa44-6d82-4a48-9ab1-11c3a462a526)
* BHF quarterly report Q4 2018 (https://ml-
eu.globenewswire.com/Resource/Download/9da05e36-bab4-43c3-b93d-739a6b385da9)