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
Annual financial report
Unique data record identifier
7174
Attachments
Submission date and time
15.03.2019 20:15:00
Content of announcement in Estonian
Title
BALTIC HORIZON FONDI 2018. AASTA KONSOLIDEERITUD NING AUDITEERITUD MAJANDUSTULEMUSED
Message
Northern Horizon Capital AS juhatus kinnitas Baltic Horizon Fundi (Fond)
auditeeritud 2018. majandusaasta aruande. Finantstulemused ei ole, võrreldes
15. veebruaril 2019 avaldatud esialgsete tulemustega, muutunud.
Vara brutoväärtus (Gross Asset Value ehk GAV)
2018. aastal suurenes vara brutoväärtus võrreldes 2017. aasta lõpuga 215,8
miljonilt eurolt 260,9 miljoni euroni. Vara brutoväärtus kasvas peamiselt tänu
aasta jooksul omandatud uutele kinnisvarainvesteeringutele ja detsembris
toimunud täiendava võlakirjaemissiooni tulemusena laekunud rahalistele
vahenditele. Fond viis lõpule Postimaja ostukeskuse, LNK Centre büroohoone ja
Meraki maatüki omandamise ning seega investeeris suurema osa täiendavast
kapitalist, mis 2018. aastal kaasati.
Vara puhasväärtus (Net Asset Value ehk NAV)
2018. aastal suurenes Fondi puhasväärtus 107 miljonilt eurolt 109,8 miljoni
euroni võrreldes 2017. aasta lõpuga. Kasv tulenes uuest kaasatud kapitalist ja
Kontserni 2018. aasta tulemustest. Fond kaasas veebruaris toimunud suunatud
pakkumisel 2,4 miljonit eurot netokapitali ja teenis peaaegu 10 miljonit eurot
puhaskasumit. Fondi vara puhasväärtuse kasvu vähendasid osakuomanikele tehtud
dividendide jaotus summas 7,7 miljonit eurot ja omaosakute tagasiost summas 0,9
miljonit eurot.
Puhas renditulu (Net Operating Income ehk NOI) ja puhaskasum
2018. aastal kasvas Kontserni puhaskasum 2017. aastaga võrreldes 9,4 miljonilt
eurolt 10 miljoni euroni. Aasta vältel kajastas Kontsern õiglase väärtuse
muutustest teenitud kasumi summas 2,0 miljonit eurot (2017: 3,7 miljonit eurot).
2018. aasta puhas renditulu kasvas 37,5% 14,8 miljoni euroni võrreldes 10,8
miljoni euroga 2017. aastal. Puhas renditulu suurenes tänu uutele
kinnisvarainvesteeringutele (Vainodes I büroohoone, Postimaja ostukeskus ja LNK
Centre büroohoone), mis omandati pärast täiendava kapitali kaasamist 2017. aasta
lõpus ja 2018. aasta alguses ning võlakirjade märkimist.
Aasta peamised näitajad
Tuhandetes eurodes 2018 2017 Muutus (%)
-------------------------------------------------------------------------------
Puhas renditulu 14 804 10 768 37,5%
Kinnisvarainvesteeringute ümberhindluse
kasum 2 014 3 676 -45,2%
Ärikasum 14 079 11 684 20,5%
Finantstulud ja -kulud -2 781 -1 481 87,8%
Maksueelne kasum 11 298 10 203 10,7%
-------------------------------------------------------------------------------
Perioodi puhaskasum 9 990 9 444 5,8%
-------------------------------------------------------------------------------
Ringluses olevate osakute kaalutud
keskmine arv 78 764 895(1) 62 270 694 26,5%
-------------------------------------------------------------------------------
Kasum osaku kohta (eurodes) 0,13 0,15 -13,3%
-------------------------------------------------------------------------------
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(1) 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%
------------------------------------------------------------------------------
1. Esitatud osakute arv ei sisalda 255 969 osakut, mille Fond osakute
tagasiostu programmi raames tagasi ostis.
Kinnisvarainvesteeringute tootlus
2018. aastal oli Fondi kinnisvarainvesteeringute portfelli rendipindade tegelik
keskmine täitumus 97,6% (2017: 96,6%). Kõiki rendigarantiisid arvesse võttes oli
sisemine täitumuse määr 98,0% (2017: 97,8%). Kinnisvarainvesteeringute keskmine
otsene tootlus oli 2018. aastal 6,8% (2017: 7,2%). Kinnisvarainvesteeringute
portfelli esmane puhastootlus oli samal perioodil 6,5% (2017: 6,8%). Languse
põhjuseks oli uute madalama tootlusega kinnisvarainvesteeringute omandamine.
-----------------------------------------------------------------------------------
2018. 2018.
Turuväärtus(1) aasta 2018. aasta aasta
Kinnisvara- Tuhandetes Renditav otsene esmane täitumuse
investeering Linn Riik eurodes netopind tootlus puhastootlus määr
-----------------------------------------------------------------------------------
Duetto I Vilnius Leedu 16 320 8 498 7,3% 6,7% 100,0%(2)
Pirita
ostukeskus Tallinn Eesti 10 020 5 427 7,3% 8,1% 100,0%(2)
Upmalas
Biroji
bürookompleks Riia Läti 25 730 10 458 7,2% 7,0% 100,0%
G4S-i
peahoone Tallinn Eesti 17 240 9 179 7,7% 7,1% 100,0%
Europa
ostukeskus Vilnius Leedu 41 100 16 856 6,3% 5,8% 94,8%
Domus Pro
ostukeskus Vilnius Leedu 17 460 11 247 7,4% 6,7% 98,4%
Domus Pro
ärikeskus Vilnius Leedu 7 460 4 831 7,7% 6,9% 95,9%
Meraki Vilnius Leedu 1 670 - - - -
Sky
supermarket Riia Läti 5 390 3 254 8,2% 7,5% 99,3%
Lincona Tallinn Eesti 17 170 10 870 7,7% 7,2% 94,6%(3)
Vainodes I Riia Läti 21 230 8 052 6,9% 6,7% 100,0%
Postimaja ja
CC Plaza
kompleks Tallinn Eesti 46 920 17 809 6,2% 5,9% 98,1%
LNK Centre Riia Läti 17 450 7 453 6,4% 6,4% 100,0%
-----------------------------------------------------------------------------------
Portfell
kokku 245 160 113 934 6,8% 6,5% 98,0%
-----------------------------------------------------------------------------------
1. Põhineb viimasel, seisuga 28. detsember 2018 teostatud hindamisel.
2. Sisemine täitumuse määr on rendigarantii tõttu 100%.
3. 2018. detsembri lõpu seisuga oli Lincona bürookompleks täitumus täielik.
KONSOLIDEERITUD KASUMI- JA MUU KOONDKASUMI ARUANNE
2017
Tuhandetes eurodes 2018 (korrigeeritud)*
-------------------------------------------------------------------------------
Renditulu 15 860 11 839
Teenustasutulu 2 760 1 921
Renditegevuse kulud -3 816 -2 992
-------------------------------------------------------------------------------
Puhas renditulu 14 804 10 768
-------------------------------------------------------------------------------
Halduskulud -2 813 -2 774
Muud äritulud ja -kulud 74 14
Kinnisvarainvesteeringute ümberhindluse kasum 2 014 3 676
-------------------------------------------------------------------------------
Ärikasum 14 079 11 684
-------------------------------------------------------------------------------
Finantstulud 8 47
Finantskulud -2 789 -1 528
-------------------------------------------------------------------------------
Finantstulud ja -kulud kokku -2 781 -1 481
-------------------------------------------------------------------------------
Maksueelne kasum 11 298 10 203
Tulumaksukulu -1 308 -759
-------------------------------------------------------------------------------
Perioodi kasum 9 990 9 444
-------------------------------------------------------------------------------
Tulevikus kasumisse või kahjumisse ümberliigitatav muu
koondkasum/-kahjum
Rahavoogude riskimaandamise puhaskasum/-kahjum -1 013 273
Kasumisse või kahjumisse ümberliigitatava
intressimäära vahetuslepingu lõpetamine - 57
Intressi ülemmäära seadmise kulud -33 -43
Rahavoogude riskimaandamise puhaskasumi/-kahjumiga
seotud tulumaks 97 -49
-------------------------------------------------------------------------------
Tulevikus kasumisse või kahjumisse ümberliigitatav
tulumaksujärgne muu koondkasum/-kahjum -949 238
-------------------------------------------------------------------------------
Perioodi tulumaksujärgne koondkasum kokku 9 041 9 682
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Tava- ja lahustatud kasum osaku kohta (eurodes) 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.
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
(https://www.globenewswire.com/Tracker?data=mTvfZNqTq8BDSx9dtyiIqAsYc4Ywf8Ki6-
OvxyuBlAVLS3UR-4a8Olf4KXfAKVcaDGFEUEYIvpdGk276AApeKAyC36XWz0PDeyWXO902WoA=)
(https://www.globenewswire.com/Tracker?data=LEUHvsb9US2eRuQNBuJ1i1K4Qg2RdejZg0p5
jVMcCv3eBKqiDmf4ZzaQUVFgHqfhgH-duDvWo-
0NCQ8tR8R_KmDLW2vg1mdDBCRK--XxrpTJkmoedP9XyZLG_BydBcn92pHguP9aDagZrjQc-OZF1at8QZ
QqSjJsMXVnQ0IlQ0eSLzoaFr-HSwttAHXaiwhndByoOTlajZb3P1H9X7ecTmYS4_KgsrOVrH_8s2bV2m
kEmz4SsUJr7KzjRauKhTXdpL6OGlHhoAS6RAUFL3N9WcKvFrlcVmUoMqwKHKu4kPCM1qJHOYdD1NbVEd
WmKjFDdu8xosboYT6OrPg4zH86bgqxnuIeU93RbLnAdkAq4XnXEnRVJuyssEpeVPoNtN0Qy024Ic0vHX
kb5U0X8emVE_r3ZltL5UttqWODP3NW-hxu2uJhjXR78g840VD7IkjdFh_5ftE8etRccK5Ya-ofOA==)
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)
(https://www.globenewswire.com/Tracker?data=mTvfZNqTq8BDSx9dtyiIqAsYc4Ywf8Ki6-
OvxyuBlAWgMQvSIumNPQ2_aq_2dOm5m2Jl_LtT1BoE_uevF4QKo4RZl7_pUoHkr0twoUoaVK5QSF6ELY
ztDsaeiBtckLE5g_ErhvyIwsr3DyGtzjU__THy5wVnKZy1l_MaPepji31t7zugIq5yN-
rSvzNmw8gVQOS9hmUDGJBZmvkp5HVC8DBfqtEK38jKtpWrN538VEg48Gtw2kELTF7KTJqZOtsKKJp5Oy
05jSgEf9XLQ7vPFbUDTApjtawfx76yajdz-5ZPesmePhfCDpDfsJR14KL5cjScQbm4urg-
POHy8C3bKAxpyfjfuFpy3E3WoRcqTOs7DBX3iEmeyasVuVALjsunZmJ_5tNO7b90WUpFJ718Cv2p-
pYTzD5rdix2OC8De3u0ZUNEvKDT_eVw44K_EHnnwpnQm4gtus2_IirmuM5Xbr5XT3D2fQvqHkbIL1SJZ
e0Wp2ciVf4q28TpDFRC0HP3)
Käesolev teade sisaldab informatsiooni, mille Fondivalitseja on kohustatud
avaldama Euroopa Liidu turukurvitarvituse määruse kohaselt. Informatsioon
esitati avaldamiseks 15.03.2019 kell 19:50 Eesti aja järgi ülalmainitud
avaldamiskanalite esindajatele.
Manused
* BHF aastaaruanne 2018 (https://ml-
eu.globenewswire.com/Resource/Download/de259d91-ae4e-4ae8-872b-45ff447d2f93)
* BHF annual report 2018 (https://ml-
eu.globenewswire.com/Resource/Download/cefb854c-8402-45ee-bc8a-a4d34a02983a)
Content of announcement in English
Title
Baltic Horizon Fund Consolidated Audited Results for 2018
Message
Management Board of Northern Horizon Capital AS has approved the audited
financial results of Baltic Horizon Fund (the Fund) for the year 2018. The
financial results remained unchanged compared to the preliminary disclosure on
15 February 2019.
Gross Asset Value (GAV)
In 2018, the GAV increased from EUR 215.8 million to EUR 260.9 million compared
to the end of 2017. The increase is mainly related to new acquisitions during
the year and the cash received from a subsequent bond issue in December. The
Fund completed the acquisitions of the Postimaja Shopping Centre, LNK Centre and
Meraki land plot and thus deployed most of the new capital raised in 2018.
Net Asset Value (NAV)
In 2018, the Fund NAV increased from EUR 107 million to EUR 109.8 million
compared to the end of 2017. The increase is related to new equity raised and
the Group's operational performance over the year. The Fund raised EUR 2.4
million net equity during the February private placement and generated almost
EUR 10.0 million in net profit. The Fund NAV increase was offset by a EUR 7.7
million dividend distribution to its unitholders and a EUR 0.9 million buy-back
of own units.
Net Rental Income and Net Profit
In 2018, the net profit of the Group increased from EUR 9.4 million to EUR 10.0
million as compared to 2017. During the year, the Group recorded a EUR 2.0
million fair value gain (EUR 3.7 million during 2017).
Net rental income for 2018 rose 37.5% to EUR 14.8 million, as compared to EUR
10.8 million in 2017. The increase is related to new acquisitions (Vainodes I
office building, Postimaja shopping centre and LNK Centre) that were made
following the capital raisings at the end of 2017 and at the start of 2018 and
bond subscriptions.
Annual Key Figures
Euro '000 2018 2017 Change (%)
-------------------------------------------------------------------------------
Net rental income 14,804 10,768 37.5%
Valuation gains/(loss) on investment
properties 2,014 3,676 (45.2%)
Operating profit 14,079 11,684 20.5%
Net financing costs (2,781) (1,481) 87.8%
Profit before tax 11,298 10,203 10.7%
-------------------------------------------------------------------------------
Net profit for the period 9,990 9,444 5.8%
-------------------------------------------------------------------------------
Weighted average number of units
outstanding 78,764,895(1) 62,270,694 26.5%
-------------------------------------------------------------------------------
Earnings per unit (EUR) 0.13 0.15 (13.3%)
-------------------------------------------------------------------------------
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(1) 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%
-------------------------------------------------------------------------
1. The number of units excludes 255,969 units acquired by the Fund as part of
the unit buy-back program.
Investment Properties Performance
During 2018, the average actual occupancy of the portfolio was 97.6% (2017:
96.6%). When all rental guarantees are considered, the effective occupancy rate
is 98.0% (2017: 97.8%). Average direct property yield during 2018 was 6.8%
(2017: 7.2%). The net initial yield for the whole portfolio for 2018 was 6.5%
(2017: 6.8%). The decrease is related to the acquisition of new properties with
lower yields.
-------------------------------------------------------------------------------
Direct Net
Market property initial Occupancy
value(1) yield for yield rate for
Property name City Country Euro'000 NLA 2018 for 2018 2018
-------------------------------------------------------------------------------
Duetto I Vilnius Lithuania 16,320 8,498 7.3% 6.7% 100.0%(2)
Pirita SC Tallinn Estonia 10,020 5,427 7.3% 8.1% 100.0%(2)
Upmalas
Biroji BC Riga Latvia 25,730 10,458 7.2% 7.0% 100.0%
G4S
Headquarters Tallinn Estonia 17,240 9,179 7.7% 7.1% 100.0%
Europa SC Vilnius Lithuania 41,100 16,856 6.3% 5.8% 94.8%
Domus Pro
Retail Park Vilnius Lithuania 17,460 11,247 7.4% 6.7% 98.4%
Domus Pro
Office Vilnius Lithuania 7,460 4,831 7.7% 6.9% 95.9%
Meraki Land Vilnius Lithuania 1,670 - - - -
Sky SC Riga Latvia 5,390 3,254 8.2% 7.5% 99.3%
Lincona Tallinn Estonia 17,170 10,870 7.7% 7.2% 94.6%(3)
Vainodes I Riga Latvia 21,230 8,052 6.9% 6.7% 100.0%
Postimaja &
CC Plaza
complex Tallinn Estonia 46,920 17,809 6.2% 5.9% 98.1%
LNK Centre Riga Latvia 17,450 7,453 6.4% 6.4% 100.0%
-------------------------------------------------------------------------------
Total
portfolio 245,160 113,934 6.8% 6.5% 98.0%
-------------------------------------------------------------------------------
1. Based on the latest valuation as at 28 December 2018.
2. Effective occupancy rate is 100% due to a rental guarantee.
3. Lincona Office Complex was fully occupied at the end of December 2018.
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
2017
Euro '000 2018 (restated)*
-------------------------------------------------------------------------------
Rental income 15,860 11,839
Service charge income 2,760 1,921
Cost of rental activities (3,816) (2,992)
-------------------------------------------------------------------------------
Net rental income 14,804 10,768
-------------------------------------------------------------------------------
Administrative expenses (2,813) (2,774)
Other operating income/(expenses) 74 14
Valuation gains/(loss) on investment properties 2,014 3,676
-------------------------------------------------------------------------------
Operating profit 14,079 11,684
-------------------------------------------------------------------------------
Financial income 8 47
Financial expenses (2,789) (1,528)
-------------------------------------------------------------------------------
Net financing costs (2,781) (1,481)
-------------------------------------------------------------------------------
Profit before tax 11,298 10,203
Income tax charge (1,308) (759)
-------------------------------------------------------------------------------
Profit for the period 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 (1,013) 273
Termination of interest rate swap agreement reclassified
to profit or loss - 57
Recognition of initial interest rate cap costs (33) (43)
Income tax relating to net gains (losses) on cash flow
hedges 97 (49)
-------------------------------------------------------------------------------
Other comprehensive income/(expense), net of tax, that is
or may be reclassified to profit or loss in subsequent
periods (949) 238
-------------------------------------------------------------------------------
Total comprehensive income/(expense) for the period, net
of tax 9,041 9,682
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Basic and diluted earnings per unit (Euro) 0.13 0.15
-------------------------------------------------------------------------------
*In 2018, the Group adopted IFRS 15 Revenue from Contracts with Customers,
effective from 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.
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
19:50 EET on 15 March 2019.
Attachments
* BHF aastaaruanne 2018 (https://ml-
eu.globenewswire.com/Resource/Download/087ebc9b-7122-45b5-8ef8-791c20266455)
* BHF annual report 2018 (https://ml-
eu.globenewswire.com/Resource/Download/3790c746-8693-4772-82d4-332d01175c29)